Never signed employee contract for 5 years. Now what?

I work for a Low cap engineering firm for 5 years now.

What should I look out for. The only things in the poorly gpt written document that doesn't look right is the severance part. They want to give me the MB minimum which isn't that 2 days per year worked? Everyone here says 4 weeks...

I don't plan on leaving but I do find it odd that only now they give me a contract. Their is no foul play at hand here, very healthy employee/employer relationship. Do I have to sign anything? Would they let me go for not signing it?

Can anyone offer me some help?