What's It Like To Be Fired? 15 years ago
Yes, this happens. I'm speaking anonymously here, so take my word for it if you care to, but I know of 2 specific instances in 2 YC companies where employees received 2-3 months severance. There is another recent case (non-yc company) where severance took the form of high single digit vested equity for a not-gelling founder.
Particularly with founder or near-founder departures, fair severance can be used to keep a company legally covered down the road. Consider if Cameron and Tyler Winklevoss had just been paid back in the day.