Zale Corporation has announced the severance payments it is giving to two of the top executives who resigned last month.

Former chief executive officer Neal Goldberg will receive severance pay of $500,000, payable in one lump sum installment, plus $100,000 in one lump sum on the first business day following July 31, 2010.

All vested stock options granted to Goldberg will remain exercisable for a period of 90 days following the end of his employment, and he will be eligible to continue medical insurance coverage at employee rates for the next year. In addition, Goldberg has agreed to certain non-solicitation provisions for a period of two years.

William Acevedo, the company’s former chief stores officer, will receive severance pay of $337,500, payable in one lump sum installment, and be eligible for medical insurance coverage for the next nine months. In addition, Acevedo has agreed to certain non-competition and non-solicitation provisions for nine months.

JCK