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| The Columbia Encyclopedia, Sixth Edition. 2001-07. |
| golden parachute |
| a contract given to top executives of a corporation to provide benefits in case of job loss due to a takeover by another firm or a merger. The unusually generous benefits may include substantial severance pay, a one-time bonus payment when employment ends, or stock options. |
| The Columbia Encyclopedia, Sixth Edition. Copyright © 2007 Columbia University Press. |
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