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golden parachute

   Also found in: Dictionary/thesaurus, Legal, Financial, Idioms, Wikipedia, Hutchinson 0.04 sec.
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.

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And should Mayor Antonio Villaraigosa ultimately gain control of the district and fire him, Brewer is guaranteed a golden parachute.
Executive's $400 million golden parachute and when companies' yearly net profits outdo even Wal-Mart.
The FDIC's regulations on golden parachute agreements are found in 12 CFR 359 and are discussed in this manual section.
 
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