A "golden parachute" is a financial arrangement or benefit provided to executives or key employees of a company in the event of a merger, acquisition, or other significant corporate event. It typically involves generous severance pay, bonuses, stock options, or other valuable compensation packages that are designed to provide financial security and incentives for top-level personnel, even if their employment is terminated due to a change in ownership or control of the company. The term "golden parachute" symbolizes the lucrative nature of these arrangements, often allowing executives to "parachute" out of a company with a substantial financial cushion.