An agreement between a company and an employee, usually an executive, specifying that the employee will receive certain significant benefits if employment is terminated
An employment agreement that guarantees a key executive lucrative severance benefits if control of the company changes hands followed by management shifts
A golden parachute is an agreement to pay a large amount of money to a senior executive of a company if they are forced to leave. Golden parachutes entitle them to a full year's salary if they get booted out of the company. An employment agreement that guarantees a key executive lucrative severance benefits if control of the company changes hands followed by management shifts. part of a business person's contract which states that they will be paid a large amount of money if they lose their job, for example if the company is sold