Severance pay status after acquisition and refusal to accept retention agreement

[m_as77]

As a salaried employee in NY, I have a signed contract that offers severance pay - for four months - if my employer X terminates my employment without cause. Contract also include two months of notice if either party decided to terminate employment. My X employer has been acquired by employer Y that's based in CA and Y has offered me retention agreement - for nine months - that's not favorable - overall compensation is lower. Y informed I would remain X employee during retention. My preference is to move on; however, I would like to know my options.

Is my contract with X still legally binding and enforceable?
Could I refuse to accept Y's offer?
Do I still have to serve two months of notice?
Would this be ground for termination?
Would I get severance pay?

[Amethyst]

Are you in the US ? If so, you'll likely need to find a US based forum as we're in the U.K.

[m_as77]

Yes, I am in the US and apologies for not realizing that forum was limited to UK only.