American Heritage® Dictionary of the English Language, Fourth Edition
- n. Slang An employment agreement that guarantees a key executive lucrative severance benefits if control of the company changes hands followed by management shifts.
- n. idiomatic, business An agreement between a company and an employee, usually an executive, specifying that the employee will receive certain significant benefits if employment is terminated.
GNU Webster's 1913
- v. a generous set of financial benefits, including severance pay, provided by contract to a high-level corporate employee in the event s/he is dismissed or his/her job is lost in a corporate takeover or merger; also, the contract providing for such benefits.
- n. giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeover
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