Longman Dictionary of Contemporary English
The Collaborative International Dictionary
parachute \par"a*chute\, v. i. TO descend to th ground from an airplane or other high place using a parachute; as, when the plane stalled, he parachuted safely to the ground.
golden parachute a generous set of financial benefits, including severance pay, provided by contract to a high-level corporate employee in the event s/he is dismissed or his/her job is lost in a corporate takeover or merger; also, the contract providing for such benefits.
drogue parachute a small parachute that is first released and opened in order to more reliably deploy a larger parachute. Also called drogue.
Wiktionary
n. (context idiomatic business management English) An agreement between a company and an employee, usually an executive, specifying that the employee will receive certain significant benefits if employment is terminated.
WordNet
n. giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeover
Wikipedia
A golden parachute is an agreement between a company and an employee (usually upper executive) specifying that the employee will receive certain significant benefits if employment is terminated. Most definitions specify the employment termination is as a result of a merger or takeover, also known as "Change-in-control benefits", but more recently the term has been used to describe perceived excessive CFO (and other executives) severance packages unrelated to change in ownership (also known as a golden handshake). The benefits may include severance pay, cash bonuses, stock options, or other benefits.
"Golden Parachute" is the first episode of the first season of the American crime drama CSI: Miami. The episode first aired on September 23, 2002. This was the first of only 10 episodes featuring Kim Delaney as Megan Donner.
Usage examples of "golden parachute".
You want to build that golden parachute, you're better off leaving those questions alone.
I'll let you enjoy the office and the perks for a few months, and then out you go, my boy, on your golden parachute.
Vanquished Port of Miami chief Carmen Lunetta will receive a golden parachute of $328,501 cash, in addition to his $113,000-a-year pension.
The bad news: Vanquished Port of Miami chief Carmen Lunetta will receive a golden parachute of $328,501 cash, in addition to his $113,000-a-year pension.
My point bein', all Bush did was give Saddam a goddamn golden parachute!
He was the cheerful, healthy type, probably a CEO enjoying a golden parachute.
Apparently the board of Bannister Foods wants a younger chairman-CEO and has been making overtures about offering him a golden parachute.
The more you pay them, the more they want, and when the company goes down the tubes they float down on their golden parachute and look for another corporation to sink.