Symetra Financial announced June 11 that its former CEO Randall Talbot will receive a $2.6 million severance payment and stay on as a $20,000-per-month consultant for one year. The Bellevue-based insurance company abruptly replaced him on June 7, naming Thomas Marra as its new chief executive.

Talbot will also receive a $525,000 bonus payment for his work this year, and his 131,358 shares of restricted stock are vested – although he won’t be able to do anything with them until February 2011.

The terms come as part of a separation agreement between Symetra and Talbot, who agreed not to “criticize, denigrate or disparage” each other. Talbot also agreed to release the company from any legal claims he might have against it.

Marra will receive a base pay equivalent to $525,000 annually, and will be eligible for a bonus of up to twice that amount based on performance for him and the company. He will also get restricted stock and performance units with a target value of $2.5 million, and options on 1.25 million Symetra shares.