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They said I’d have a severance offer sent to my personal email. What they sent is actually a Severance agreement and General release. Basically says if I don’t talk negatively about the company or take any legal action against them I will get severance package.
Did they say what the package was? If not, ask before signing.

Quote Quoting Racer33
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Not sure why they wouldn’t just lay me off and give me a severance. ?
That is exactly what they did. Or offered to do.

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Is this sort of agreement normal? Should I pay to have it looked at before signing?
You seem to understand what it says. Don't sign and you get nothing but unemployment if you apply. Sign and get whatever severance they offer you.