Sounds standard. If you have no grounds to sue (discrimination) which it sounds like you don't I would take the cash. You should still get unemployment, you can in NY. Someone mentioned it but if there is a non compete clause you may want to strike it out (simply draw a line through it and write a notation by it). I imagine if there is one its barely enforceable or that your company would bother enforcing it, but you can't be to safe.
Im not a CA lawyer though (I am one in NY) so you might benefit from an employment specialist who is.
Im not a CA lawyer though (I am one in NY) so you might benefit from an employment specialist who is.