Concept information
Preferred term
golden parachutes
Definition
- A golden parachute is a provision in an employment contract that grants lucrative severance benefits to an executive if control of the company changes hands, as by a merger. Most definitions offered by legal authorities stress three elements: (1) a lucrative or attractive severance package, (2) available to a few selected senior executives, (3) in a change of control situation for the company. [Source: Encyclopedia of Business Ethics and Society; Golden Parachutes]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/golden_parachutes
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