Old man embarrassed getting peeled (5)
I believe the answer is:
pared
'peeled' is the definition.
('pare' can be a synonym of 'peel')
'old man embarrassed getting' is the wordplay.
'old man' becomes 'pa' (both can mean father).
'embarrassed' becomes 'red' (someone may blush or go red when embarrassed).
'getting' says to put letters next to each other.
'pa'+'red'='PARED'
(Other definitions for pared that I've seen before include "Trimmed like pencil." , "Peeled the outer surface" , "Of a fruit, peeled" , "Trimmed - peeled" , "Whittled as with pencil" .)