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An employee-protection plan that guarantees severance pay, outplacement assistance, and health and life insurance benefits to all employees who lose their jobs because of a corporate takeover. A generous tin parachute serves to make a takeover more expensive and less likely.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.