Common use of Pay in lieu Clause in Contracts

Pay in lieu. On either party serving notice for any reason to terminate the Employment or at any time during the currency of such notice, the Company may elect (but shall not be obliged) to terminate the Employment with immediate effect by notifying the Executive in writing that the Employment is being terminated pursuant to this Clause and undertaking to pay to the Executive a sum equivalent to the Executive’s basic salary and contractual benefits for the unexpired portion of the Executive’s contractual notice entitlement. The Company will pay the salary and contractual benefits due and payable under this sub-clause (subject to deduction of tax and national insurance contributions at source) at the next available pay period after the Termination Date.

Pay in lieu. On either party serving notice for any reason to terminate the Employment or at any time during the currency of such notice, the Company may elect (but shall not be obliged) to terminate the Employment with immediate effect by notifying the Executive in writing that the Employment is being terminated pursuant to this Clause and undertaking to pay to the Executive a sum equivalent to the Executive’s basic salary and contractual benefits for the unexpired portion of the Executive’s contractual notice entitlement. The Company will pay the salary and contractual benefits due and payable under this sub-clause (subject to deduction of tax and national insurance contributions at source) at the next available pay period after the Termination Date. For the avoidance of doubt no holiday entitlement will accrue during period which would have been the notice period had the Company not paid in lieu of notice.