Question about severance agreement. I am 52 y.o. and being laid off from a management job that is being relacted to another state

You can refuse, and try to negotiate a better package, but it doesn't look to me as if you have much leverage.  What would be the basis of your suit?  Do you have an employment contract which is being breached?  Are you being discriminated against due to your age, race, religion, etc.?  Do you have claims for unpaid wages or unused accrued vacation time? Absent a contract which provides for it, you have no inherent right to severance pay.  Presumably the new company is willing to pay you severance in exchange for something (as well as maintaining a good relationship with its labor force.)  It may have agreed with the prior owners to provide severance.  It will certainly want your release of any claims you may have against your employer.  Based on your age (the same as mine), your new employer may be worried about an age discrimination claim.  Based on your question, however, in which that all employees, young and old, are being let go if they won't relocate, it doesn't seem to me that you have a very good claim.