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

Investopedia Says:
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.

Related Terms:
Golden Parachute
Shark Repellent
Takeover

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