Common use of Pay in Lieu of Notice Clause in Contracts

Pay in Lieu of Notice. The Company shall have the discretion to terminate Employee’s employment lawfully without any notice (or part thereof), and in circumstances where such discretion is exercised it shall pay to Employee a sum equal to, but no more than, the Base Compensation in respect of that part of the period of notice which Employee has not worked less any appropriate tax and other statutory deductions. The Company shall give Employee written notice of any termination under this Section 7.3 and such notice shall include confirmation of when the termination of Employee’s employment shall be effective. The payment shall be made to Employee within one month of the date upon which Employee’s employment terminates. Any such payment in lieu of notice shall be in full and final settlement of all and any claims which Employee has or may have arising from or in connection with his employment and/or its termination. Employee shall not be entitled to any holiday pay which may otherwise have accrued during what would have been the notice period. If the Company terminates Employee’s employment in accordance with this Section 7.3, all of Employee’s post termination obligations contained in this Agreement shall remain in force.

Pay in Lieu of Notice. The Company shall have has the discretion to terminate Employee’s employment lawfully without any notice (or part thereof), and in circumstances where such discretion is exercised exercised, it shall will pay to Employee a sum equal to, but no more than, the Base Compensation in respect of that part of the period of notice which Employee has not worked worked, less any appropriate tax and other statutory deductions. The Company shall give Employee written notice of any termination under this Section 7.3 and such notice shall include confirmation of when the termination of Employee’s employment shall be effective. The payment shall be made to Employee within one month of the date upon which Employee’s employment terminates. Any such payment in lieu of notice shall be in full and final settlement of all and any claims which Employee has or may have arising from or in connection with his employment and/or its termination. Employee shall not be entitled to any holiday pay which may otherwise have accrued during what would have been the notice period. If the Company terminates Employee’s employment in accordance with this Section 7.3, all of Employee’s post termination obligations contained in this Agreement shall remain in force.