Golden Parachute

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Dictionary Says

Definition of 'Golden Parachute'

Lucrative benefits given to top executives in the event that a company is taken over by another firm, resulting in the loss of their job. Benefits include items such as stock options, bonuses, severance pay, etc.
Investopedia Says

Investopedia explains 'Golden Parachute'

A golden parachute can be used as a measure to discourage an unwanted takeover attempt.

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