tin parachute

noun

1. 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.

Word History and Origins

Origin of tin parachute¹

First recorded in 1985–90

Example Sentences

Imagine a fallen angel wearing white shoes and opening her kimono, as she descends on her tin parachute to give a cuff quote to a white knight.

From New York Times