from The American Heritage® Dictionary of the English Language, 4th 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.
from Wiktionary, Creative Commons Attribution/Share-Alike License
- n. An agreement between a company and an employee, usually an executive, specifying that the employee will receive certain significant benefits if employment is terminated.
from the GNU version of the Collaborative International Dictionary of English
- intransitive 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.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
- n. giving top executives lucrative benefits that must be paid by the acquirer if they are discharged after a takeover
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