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.
The study looked at the results of newly required shareholder advisory votes called Say on Golden Parachutes (SOGP), which relate to management payouts that would be triggered by a corporate change-in-control.
The NCUA's proposal to limit golden parachutes and indemnification payments is overbroad and would place unnecessary restrictions on credit union boards, according to comment letters filed by CUNA and NAFCU.
In their discussion of the loss disallowance rules, the built-in loss rules, and numerous other rules (from the special rules relating to groups including life insurance companies to the depreciation deduction to the safe harbor leases and golden parachute payments), the authors provide much needed assistance.
Subsequent to this event, fourteen members of senior management would be entitled to immediately resign their employment and receive substantial golden parachute payments, ranging up to 3x annual salary, upon Mr.