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LSDefine

Simple English definitions for legal terms

tin parachute

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A quick definition of tin parachute:

A tin parachute is a type of employment contract that provides severance benefits to a corporate employee, usually below the executive level, in the event of a takeover. These benefits are not as valuable as those provided under a golden parachute. It is also known as a silver parachute.

A more thorough explanation:

Definition: A tin parachute is a provision in an employment contract that provides severance benefits to a corporate employee, especially those below the executive level, in case of a takeover. These benefits are usually less generous than those provided under a golden parachute. It is also known as a silver parachute.

  • When the company was acquired by a larger corporation, the employees with a tin parachute received a few months' salary as severance pay.
  • John's employment contract included a tin parachute clause that ensured he would receive some compensation if the company was taken over.

These examples illustrate how a tin parachute works. In the event of a takeover, employees with a tin parachute clause in their contract will receive some form of compensation, although it may not be as generous as the benefits provided under a golden parachute. This provision is designed to protect employees from sudden job loss and provide them with some financial security during a period of transition.

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13:11
berk today will be Huge if it happens
2big2fail
13:12
i think berkeley next wave will be in december
13:13
that is probable i just have a funny where i say “berk today” every single day
2big2fail
13:13
makes sense
@JumpySubsequentDolphin: TODAY IS OUR DAY also 1pm est or pst?
JumpySubsequentDolphin
13:14
YEAHHH SPLITTY. also PST
yo mama jokes will never not be funny
everyone trying to YM each other but no JM... damn :/
AHAHAHAAH
i'm lying in wait dw
if no gtown today i'm crashing out so bad yall don't even know
i will not be racist or say slurs tho unlike Some people
how bad on a scale of wild- evol bunny
HAHAHAH
BulbasaurNoLikeCardio
13:20
Evol bunny said they are dropping out and done with LS, they are too good for it so likely will never see the melt downs again
Dkk
13:20
@SplitterusClitterus: 11:22:24 PST, so in about an hour.
Dkk
13:21
Adios EvolBunny then
yall saw the shit at gtown rn w the pregnant 2l
Dkk
13:22
@HopefullyInLawSchool: Lol
babycat
13:22
we have one local rep who didn’t get reelected bc she went on a podcast and said some crazy shit about jewish people
insane
13:22
@HopefullyInLawSchool: that is so unfair its insane that people have to go through that
theres a student that is literally having a baby and the admin denied her request for a test extension, and told her to come in the day after she gave birth to take the exam w her baby
come in the DAY AFTER SHE GIVES BIRTH
W HER BABY
13:23
saw that, crazy that she cant just hold the fucker in for a day longer
LMFAO
babycat
13:23
gulc going to hell I’m so serious
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