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golden parachute |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.01 sec. |
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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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| As Neuhauser explains, many golden parachutes for departing executives are subject to a 20 percent excise tax. Consumers' desire for unrealistic high returns on their investments has been the driving force behind the push for more profits, outrageous salaries for chief executive officers, golden parachutes, bonus plans, stock options, etc. The only shot they have at getting final approval is significantly reducing the golden parachutes that executives will receive if the merger goes through,'' said Jerry Flanagan, lead health care advocate with the Foundation For Taxpayer and Consumer Rights in Santa Monica. |
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