1.NounA gift given to someone who is leaving; a leaving present.
2.NounAn offering given, usually as a consolation prize, to a person who is not the ultimate winner of a contest. Often used in a game show for contestants who are not the grand prize winner.
"Like a game show contestant with a parting gift. I could not believe my eyes. - Blues Traveler, Runaround"
3.NounA final attack or insult by a departing enemy.