I see. Thank you for clarifying the situation for me, Erin.
Since they have not provided the documents for your review, it sounds as though there have been some unexpected delays that the company does not wish to share with you. Whether you would be entitled to receive a severance or not would be purely a matter of contract law typically since there is no statutory requirement that an employer pay severance to an employee upon departure.
I would try to inquire from HR as to what the delay is in providing the paperwork to the affected employees so the employees can review it and make their decision. It is possible that the restructuring will not take place at all and in that case, you would likely remain in your current position and not be entitled to a severance package if you decide to leave the company unless you have a contract indicating that you are entitled to severance.
The employer's assertions that the restructuring would be taking place soon and these options would be given to the affected employees would not typically constitute a contract at this point, so the employer does not have an obligation to pay severance and may change the terms of its restructuring. In other words, if you wish to elect the severance, it will be necessary to wait until the employer actually provides a firm offer before there would be an opportunity to accept it (and thereby enter into an enforceable contract at that point) since there is no "offer" on the table yet--just the expectation of an offer, which is not legally enforceable.
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