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silver parachute

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Silver Parachute
A form of severance that is paid to employees of a company should the company be taken over by another.

Notes:
Like golden parachutes--which are received by the top executives in the corporation--silver parachutes include severance pay, stock options and bonuses but are offered to a larger number of employees.

silver parachute
An agreement for employee severance benefits in the event control of the firm changes hands. A silver parachute is less lucrative and is extended to more employees than is a golden parachute.
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