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tin parachute

an employment agreement guaranteeing a worker compensation, especially in the form of bonuses and benefits, in the event of dismissal as a result of a merger or takeover.
Origin of tin parachute
First recorded in 1985-90 Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2018.
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Slang definitions & phrases for tin parachute

tin parachute

noun phrase

: A novel type of severance pay that adds a new wrinkle to the takeover game and advances the art of the takeover defense is called the ''tin parachute.'' A play on the term ''golden parachute,'' which guarantees fat payments to key executives (1980s+)

The Dictionary of American Slang, Fourth Edition by Barbara Ann Kipfer, PhD. and Robert L. Chapman, Ph.D.
Copyright (C) 2007 by HarperCollins Publishers.
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