Golden parachute
A golden parachute is a corporate provision that grants key executives large payments when management of the company changes. This is a defense against hostile takeovers in that it makes them costly and can result in loss of key management personnel.
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Expanded Definition
Golden parachute is also used to refer in general to the super-cushy severance packages executives get when they leave a company. Investors should be upset when ill-performing execs resign with a multimillion-dollar golden parachute to soften their "unemployment."
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