And if your parachute doesn't open...you get the Golden Coffen.

With outrageous and undeserved pay packages gaining unprecedented attention at shareholder meetings this year, some activist investors are taking on one of the most egregious perks of the executive suite: "golden coffin" payments made to the estates of executives who die.

Nabors Industries (NYSE: NBR), for example pays the estate of their 78-year old chairman $263 million for his finial promotion. Quick disclaimer, I own and buy NBR.

Some activist investors and pension funds are taking on these death benefits this proxy season.

Corporate directors are predictably defending golden coffins as an important part of attracting talent, but it seems like most would be easier to lure in with money they can spend while they're on this planet.