My experience has been that companies will either terminate effective immediately with some sort of severance, or they'll give a notice, where you're on the "bo

My experience has been that companies will either terminate effective immediately with some sort of severance, or they'll give a notice, where you're on the "books" with them as far as employment goes, but you'd surrender all work hardware and your account would be locked out. You're effectively laid off while you find another job. Your severance in that situation is the fact you're still on payroll for however long your severance period would be.