golden parachute

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golden parachute

The Columbia Encyclopedia, Sixth Edition | 2008 | The Columbia Encyclopedia, Sixth Edition. Copyright 2008 Columbia University Press. (Hide copyright information) Copyright

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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golden parachute

A Dictionary of Business and Management | 2006 | © A Dictionary of Business and Management 2006, originally published by Oxford University Press 2006. (Hide copyright information) Copyright

golden parachute A clause in an employment contract, usually of a senior executive, that provides for financial and other benefits if this person is sacked or decides to leave as the result of a takeover or change of ownership.
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The impact of golden parachutes on Fortune 500 stock returns: a reexamination of the evidence.
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