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.