Golden Parachute

Golden Parachute - (adjective + noun)

Definition

This refers to benefits given to an employee, usually a top executive, in the event that he or she loses his or her job if the company is taken over by another company. These benefits may include stock options, cash bonuses and severance pay.

Extra

Source: Adapted from Investopedia
Example of Use: The company decided not to proceed with the takeover as they felt that the golden parachute payments they would have to pay were too high.