The Collaborative International Dictionary of English v.0.48:

parachute \par"a*chute\, v. i.
   TO descend to th ground from an airplane or other high place
   using a parachute; as, when the plane stalled, he parachuted
   safely to the ground.
   [PJC]

   golden parachute a generous set of financial benefits,
      including severance pay, provided by contract to a
      high-level corporate employee in the event s/he is
      dismissed or his/her job is lost in a corporate takeover
      or merger; also, the contract providing for such benefits.


   drogue parachute a small parachute that is first released
      and opened in order to more reliably deploy a larger
      parachute. Also called drogue.
      [PJC] parachuter

WordNet (r) 3.0 (2006):

golden parachute
    n 1: giving top executives lucrative benefits that must be paid
         by the acquirer if they are discharged after a takeover