golden parachute, a contract given to top executives of a corporation to provide benefits in case of job loss due to a takeover by another firm or a merger. The unusually generous benefits may include substantial severance pay, a one-time bonus payment when employment ends, or stock options.
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Publication information: Article title: golden parachute. Encyclopedia title: The Columbia Encyclopedia, 6th ed.. © 2012 The Columbia Electronic Encyclopedia © 2012, Columbia University Press. Licensed from Columbia University Press. Used with the permission of Columbia University Press. All Rights Reserved. Publisher: The Columbia University Press. Place of publication: Not available. Publication year: 2013.