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How to Minimize Taxes on Severance Pay Investopedia. An employee being asked to sign a Severance Agreement must assess all circumstances before signing a Severance Agreement An employee being asked to. Before you sign The skinny on non-competes and severance. Then the employee must be given 7 days after signing the agreement to revoke their acceptance The OWBPA also imposes other. The employee must also be allowed a certain period of time to consider signing the waiver and a period of time to revoke the waiver after it is signed Some claims. Though they cannot leave or should not leave without signing the Agreement.