Payment in Lieu of Notice Sample Clauses

Payment in Lieu of Notice. 13.1 Notwithstanding clause 2.1, the Company may, in its sole and absolute discretion, terminate the Appointment at any time and with immediate effect by notifying the Employee that the Company is exercising its right under this clause 13 and that it will make within 28 days a payment in lieu of notice (Payment in Lieu), or the first instalment of any Payment in Lieu, to the Employee. This Payment in Lieu will be equal to the basic salary (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 2.1 (or, if notice has already been given, during the remainder of the notice period) less income tax and National Insurance contributions. For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to: a) any bonus or commission payments that might otherwise have been due during the period for which the Payment in Lieu is made; b) 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 c) any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in Lieu is made. 13.2 The Company may pay any sums due under clause 13.1 in equal monthly instalments until the date on which the notice period referred to in clause 2.1 would have expired if notice had been given. The Employee shall be obliged to seek alternative income during this period and to notify the Company of any income so received. The instalment payments shall then be reduced by the amount of such income. 13.3 The Employee shall have no right to receive a Payment in Lieu unless the Company has exercised its discretion in clause 13.1. Nothing in this clause 13 shall prevent the Company from terminating the Appointment for breach. 13.4 Notwithstanding clause 13.1 the Employee shall not be entitled to any Payment in Lieu if the Company would otherwise have been entitled to terminate the Appointment without notice in accordance with clause 14. In that case the Company shall also be entitled to recover from the Employee any Payment in Lieu (or instalments thereof) already made.

Payment in Lieu of Notice. 3.3.1 The Company shall be entitled, at its sole discretion, to terminate the Employment immediately at any time by giving the Executive notice in writing. In these circumstances, subject to the terms of Clause 3.3.2, the Company will subsequently make a payment to the Executive in lieu of notice, calculated in accordance with the provisions of Clauses 3.3.3 and 3.3.4 (the payment being referred to as a "Notice Payment"). 3.3.2 For the avoidance of doubt, the Company is not obliged to make a Notice Payment so long as it continues to employ the Executive throughout the notice period. If the Company shall decide not to make a Notice Payment, the Executive shall not be entitled to enforce that payment as a contractual debt nor as liquidated damages. 3.3.3 The Notice Payment will be paid less all deductions that are required or permitted by law to be made, including in respect of income tax, national insurance contributions and any sums due to the Company or any Group Company. 3.3.4 Subject to the terms of Clause 3.4, the Notice Payment will consist of a sum equivalent to the Basic Salary, pensions contributions and any other benefits which the Executive would have received in respect of any notice period outstanding on the Termination Date, but will exclude any bonus, commission and share of profit (including any benefits derived from any Share Incentives) that he would have received or would have accrued to him during that period. 3.3.5 The Notice Payment is in full and final settlement of all and any rights and claims that the Executive may have against the Company arising out of the termination of his employment (including both contractual and statutory employment claims but excluding claims in respect of Basic Salary accrued to the Termination Date and bonus entitlement, if applicable). The Executive agrees to waive, release and discharge any and all such rights and claims and acknowledges that it is a condition of the payment of the Notice Payment that he will execute a settlement agreement (and any other documents reasonably required by the Company) in a form reasonably acceptable to the Company in order to give effect to the release and waiver in this Clause 3.3.

Payment in Lieu of Notice. The Company may, at its absolute discretion, when terminating the Executive’s employment without Cause pursuant to Sections 4(a)(iv), elect to notify the Executive in writing that it is exercising its right to dismiss the Executive with immediate effect and that it will be making a payment to the Executive in lieu of notice. The Company’s payment in lieu of notice shall be equivalent to the Base Salary which would have been payable or have accrued during the Executive’s notice period.

Payment in Lieu of Notice. In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) his Annual Base Salary and annual benefits as described in Schedule I ; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Section 6(f) Termination Date or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

Payment in Lieu of Notice. Company reserves the right (but is not obligated) to make a payment in lieu of any notice of termination of employment which Company or Employee is required to give.

Payment in Lieu of Notice. Without regard to whether Executive executes or revokes the Release, the Company will pay Executive an amount equal to $__________, which equals thirty (30) days of base salary, in lieu of the Company’s obligation to provide notice of termination pursuant to Section 3(c) of the Employment Agreement, less applicable tax withholding and normal deductions. Such amount will be paid to Executive on the Company’s next regular payroll date after the Termination Date.

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. Any time that notice of termination is required by any party under this Agreement, the Company may, in its sole discretion and at its option, relieve the Executive of his duties immediately and pay the Executive his regular base salary during the notice period.

Payment in Lieu of Notice. The Employer may, at any time in its absolute discretion elect to terminate the Employment and this Agreement by paying to the Executive, in lieu of the notice period referred to in Clause 1.3 or any part thereof, an amount equivalent to the basic salary for such period or part period. Such a payment shall be subject to such deductions for tax and national insurance as are required by law and to any other authorised deductions.

Payment in Lieu of Notice. The Employer may, at any time in its absolute discretion elect to terminate the Employment and this Agreement with immediate effect by summary written notice to the Executive by paying to the Executive, in lieu of the notice period referred to in Clause 1.3 or any part thereof, an amount equivalent to the basic salary for such period or part period. Such payment may either be made in accordance with Clause 11.7 or, in the Employer’s absolute discretion, in a lump sum for the outstanding basic salary in lieu of notice. Such a payment or payments shall be subject to such deductions for tax and national insurance as are required by law and to any other authorised deductions.