Common use of Payment in lieu of notice Clause in Contracts

Payment in lieu of notice. Notwithstanding anything contained in this Agreement, the Employer may, in its sole and absolute discretion, terminate this Agreement at any time after the probation period for any reasonable cause and with immediate effect by notifying the Employee that the Employer is exercising its right under this clause and that it will make within 30 days from the date of termination of employment of the Employee, a payment in lieu of notice (Payment in Lieu). This Payment in Lieu will be based on the Annual fixed compensation (as at the date of termination) which the Employee would have been entitled to receive under this Agreement during the notice period referred to in Clause 23 (or, if notice has already been given, during the remainder of the notice period) less withholding taxes. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to: i. Any bonus, stock options or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made; ii. Any payment in respect of benefits which the Employee would have been entitled to receive during the period for which the Payment in Lieu is made; and iii. Any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made.

Payment in lieu of notice. 22.1 Notwithstanding anything contained in this AgreementClauses 20 and 21, the Employer Company may, in its sole and absolute discretion, terminate this Agreement the Appointment at any time after the probation period for any reasonable cause and with immediate effect by notifying the Employee Executive that the Employer Company is exercising its right under this clause Clause 22.1 and that it will make within 30 days from the date of termination of employment of the Employee, a payment in lieu of notice (Payment in Lieu)) to the Executive. This Payment in Lieu will be based on equal to the Annual fixed compensation basic salary (as at the date of termination) which the Employee Executive would have been entitled to receive under this Agreement during the notice period referred to in at Clause 23 20 (or, if notice has already been given, during the remainder of the notice period) less withholding taxes. income tax and National Insurance contributions. 22.2 For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to: i. Any bonus, stock options (a) any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made; ii. Any (b) any payment in respect of any benefits (including, without limitation, company car allowance or Company pension contributions) which the Employee Executive would have been entitled to receive during the period for which the Payment in Lieu is made; and iii. Any (c) any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made. 22.3 The Executive shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in Clause 22.