And while it's no small change, the fee is pretty modest compared to what Chelsea tycoon Roman Abramovich is used to dishing out for his disposed-of managers.
Lampard's axing was the 14th managerial change of the Russian's tenure - and among the cheapest.
Of his predecessors, only interim bosses Rafael Benitez and Guus Hiddink, twice, walked away with less - having merely seen out the duration of their short-term contracts.
Even Avram Grant was due £5.2m in May 2008 - having staggeringly been offered a four-year contract the previous December.
He was sacked for merely reaching the Champions League final.