Xerox set up ‘golden parachutes’ for 18 managers.

The Stamford, Conn.-based electronics company has set up a plan for its top officers to receive special severance benefits if they lose their jobs in a takeover of the company. Under the plan, 18 officers would get lump-sum payments of 2.99 times their annual pay for the last five years. Xerox Vice President Eunice M. Filter denied that Xerox took these steps because of any takeover discussions. She said many top companies are arranging for “golden parachutes” to retain key people in a takeover environment.