golden handshake(redirected from Golden Umbrellas)
Also found in: Dictionary, Thesaurus, Encyclopedia.
Related to Golden Umbrellas: golden parachute
A large payment to a senior employee who is forced into retirement or fired as a result of a takeover or similar development.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.
A clause in a high-ranking executive's hiring contract describing a lucrative severance package once the executive leaves the company. The package often includes cash and stock options worth millions of dollars, as well equity in the company. The executive is normally eligible for a golden handshake regardless of the circumstances under which he/she left the company, whether retirement, redundancy brought about from a merger or acquisition, or termination for mismanagement. Controversy surrounding the practice tends to increase in times of increased mergers, as well as in economic downturns.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
golden handshakea generous severance payment made to an employee as an inducement to leave an organization. The phrase is also sometimes used to describe payments made to retiring employees as a sign of gratitude for their services. See REDUNDANCY.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
golden handshakea generous severance payment made to a director or worker of a company who is dismissed prior to the expiry of his or her service contract.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005