Generous compensation packages guaranteed to top executives if they are terminated following a corporate takeover or merger. These agreements typically include large cash payments, stock options, and benefits designed to provide financial security and potentially discourage hostile takeovers.
Coined in the 1960s American business world, combining 'golden' (valuable) with 'parachute' (safety device for falling). The metaphor suggests executives get a soft, luxurious landing when 'pushed out' of a corporate aircraft, contrasting with ordinary employees who might crash without protection.
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