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golden parachute Definition

golden parachute

noun

Informal a large sum of money or other compensation given as severance pay to a top executive who is dismissed from a corporation as a result of its being acquired by another company

golden parachute Finance Definition
A large payment that is made to top corporate executives in the event that the executive’s job is somehow eliminated, perhaps because the company is taken over. The payment may include cash, stock options, or a bonus.