An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.]
golden parachute. An employment-contract provision that grants an upper-level executive lucrative severance benefits — including long-term salary guarantees or bonuses — if control of the company changes hands (as by a merger). Cf. TIN PARACHUTE. [Cases: Corporations 308(3). C.J.S. Corporations §§ 532–533, 536.] “Key executives may be provided with significant employment contract clauses that are
golden parachute (美俚)金色降落伞 用以指公司管理层变动时保护原高层管理人员利益的解职协议。这种协议一般为离开原公司或退出管理层的高层管理人员和某些董事提供优厚的津贴和其它福利。对这种津贴要课以特种税收。