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What is a severance?

What is a severance? Here are some definitions.

Noun
  1. The act of severing or the state of being severed.
  2. A separation.
  3. A severance payment.
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Examples
When she left her last job, she was offered a token 300 pesos severance pay.
The offer of severance was merely a retractable promise to pay severance with an explanation of how it would be computed.
There was nothing to show that the severance of that relationship would have on-going traumatic effects for the child.
Jobs at the council have already been slashed through voluntary severance packages.
When he was finally exposed and booted, Dunlap had the nerve to demand severance pay and insist that the board reprice his stock options.
Taylor believes that the severance of understanding and attunement resulted in superior understanding at least of physical nature.

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