n. [ F., fr. parer to ward off, guard + chute a fall. See Parry, and Chute, Chance. ] [ 1913 Webster ]

1. A device made of a piece of cloth, usually silk, attached to multiple chords fastened to a harness; when attached to a person or object falling through the air, it opens from a folded configuration into an umbrella-shaped form, thus slowing the rate of descent so that a safe descent and landing may be made through the air from an airplane, balloon, or other high point. It is commonly used for descending to the ground from a flying airplane, as for military operations (as of airborne troops) or in an emergency, or for sport. In the case of use as a sport, the descent from an airplane by parachute is called sky diving. Some older versions of parachute were more rigid, and were shaped somewhat in the form of an umbrella.

2. (Zool.) A web or fold of skin which extends between the legs of certain mammals, as the flying squirrels, colugo, and phalangister. [ 1913 Webster ]

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 ]

n. One who descends from a high altitude to the ground by means of a parachute, especially one who does so for sport or in a military operation. [ PJC ]