This is no longer available but here is the old information. An independent mercenary is a mercenary who retires from a player's company after reaching level 100. Any mercenary that reaches level 100, has obtained the level 100 heroic mercenary upgrade and is below the age of 50 can become independent at the will of the player. Simply talk to Fugger near Madrid to start the independence process. It is unknown at this time whether the mercenary's Might upon release has any effect upon gifts or requests, but current data seems to indicate it is not the case.