Definitely have a lawyer look it over.
When I was let go from my job of 12 years, I only got one week per year of service. The severance package is pretty generous.
The things I would look for in the agreement are...
1. Non-compete: This is a deal breaker. It could stop you from working in your field for some period of months or years. If there is a non-compete clause, do not sign.
2. Any admission of dismissal for cause: This could stop you from receiving unemployment benefits. This would be unlikely, since they are offering a severance package, but look for this in any case.
Get a lawyer before you sign anything and good luck. Use the severance period to aggressively look for a new job and if you’re lucky, you’ll have several months of double pay.
Whatever you do, make sure you work every contact you have while looking for a new job. When I was laid off in 2009, it took personal contacts in my new company to get me the interview. Online job searches are OK, but from my experience, it’s only the person to person contact that will close the deal.
Great advice. I truly appreciate it.