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golden parachute in Conditions of employment topic

From Longman Dictionary of Contemporary Englishgolden parachuteˌgolden ˈparachute noun [countable] informal  BECpart 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
Examples from the Corpus
golden parachuteHe bailed out at just the right time and floated the short distance to earth in a golden parachute.Mr deVries says it was never clear the exact terms of Mr Homburg's golden parachute or his priority shares.