I just spoke with an attorney and wanted to pass along the comments. Please remember this was just a discussion and my write up is likely not as accurate as I hope it is. This is just food for thought, not solid legal advice.
Texas is a right to work state: neither is Fossil legally obligated to offer you any severance package, nor are they obligated to pay you for accrued, unused PTO. Be sure to ask for it.
First, these conversations with management are contract negotiations. Your old employment contract is being broken and a new termination contract is being created in its place. What Fossil wants to do is be completely rid of you and not have to worry you’ll come back at some future date with a law suit.
You cannot be compelled to sign anything “right now.” You must be given an opportunity to review all document with legal counsel. Expect the documents to be standard paper relinquishing your right to sue on the basis of age, racial, sexual, religious, or other discrimination.
Look out for any non-compete clauses that would limit your ability to look for and accept a new position.
The question of unemployment benefits eligibility if you decline an opportunity to work for Infosys is sort of murky. Personally, I’ll take my chances, as I don’t see the Infosys environment being very congenial if you’re not Indian. That’s not racism, that’s just a statement of fact (and borne out by comments in the news from others who have gone through this same outsourcing.)
Summary: Don’t expect to be offered much. Do ask for your PTO if not offered. Don’t sign anything if you’re not sure exactly what it means. Do ask an attorney for help if you’re unsure what you’re signing away. Don’t trust Fossil to have your best interests at heart (they obviously don’t).