Using your Class Ability (even while the weapon is stowed) grants you 'Slice' for 8 seconds. While 'Slice' is active, damaging non-Severed targets Severs them, grants a stack of Slice, and refreshes the buff duration. (Hitting immune targets also triggers this.) Reaching 5 stacks immediately removes the buff. If the Severing hit kills the target, the perk will not trigger and you will not gain a stack.
Every weapon whose perk pool includes Slice, exotics first.
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