A large payment or other financial compensation guaranteed to a company executive should the executive be dismissed as a result of a merger or takeover.
- Money could reach into the billions, given the oversized options, bonuses, and golden parachutes granted in recent years.
- Rumours are spread about CEOs who get golden parachutes and entrepreneurs who leave with pockets stuffed full of cash.
- But these fired CEOs are walking away with golden parachutes paying them more money for being fired than most Americans earn in a lifetime.
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Syllabification: gold·en par·a·chute
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