golden parachute
📖 generalMeaning
A contract in an executive's employment agreement that guarantees substantial severance benefits if the executive is terminated as a result of a merger or takeover.
Literal Meaning
A parachute made of gold, implying a safe and rich landing after being forced out of a position.
Example
“The company's acquisition triggered the CEO's golden parachute, ensuring him a huge payout despite losing his job.”