From Longman Dictionary of Contemporary Englishgolden parachuteˌgolden ˈparachute noun [countable] informal BECpart of a business person’s contract which states that they will be paid a large amount of money if they lose their job, for example if the company is sold
Examples from the Corpus
golden parachute• He bailed out at just the right time and floated the short distance to earth in a golden parachute.• Mr deVries says it was never clear the exact terms of Mr Homburg's golden parachute or his priority shares.From Longman Business Dictionarygolden parachuteˌgolden ˈparachute noun [countable]HUMAN RESOURCES an arrangement in which a senior employee of a company will be paid a large amount of money if they lose their job, for example if the company is soldThe golden parachutes were in place to give the top people a big pay-off should the company be taken over. 