golden parachute
An agreement between a company and its top executive providing lucrative benefits in the event employment is terminated, usually due to a change in company ownership.
Definition from Nolo’s Plain-English Law Dictionary
An agreement by a corporation with an executive to provide substantial payments to the executive in the event of a change in ownership or early retirement.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm
