CompUSA 2011 Annual Report Download - page 88
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20
Payment in lieu of notice
20.1
Notwithstanding clause 2, the Company may, in its sole and absolute discretion, terminate the Appointment at any time and with
immediate effect by paying a sum in lieu of notice ( Payment in lieu
) equal to the basic salary referred to at clause 7.1 which the
Employee would have been entitled to receive under this agreement during the notice period referred to at clause 2 (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:
20.1.1
any bonus or commission payments that might otherwise have been due during the period for which the Payment in
lieu is made;
20.1.2
any payment or benefit in relation to share options or restricted stock which have not yet vested;
20.1.3
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
20.1.4
any payment in respect of any holiday entitlement that would have accrued during the period for which the Payment in
lieu is made.
20.2
The Company may pay any sums due under clause 20.1 in equal monthly instalments until the date end of the period for which the
notice period referred to at clause 2 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.
20.3
The Employee shall have no right to receive a Payment in lieu unless the Company has exercised its discretion in clause 20.1.
Nothing in this clause 20 shall prevent the Company from terminating the Appointment in breach.
21
Termination without notice
21.1
The Company may also terminate the Appointment with immediate effect without notice and with no liability to make any further
payment to the Employee (other than in respect of amounts accrued due at the date of Termination) if the Employee:
21.1.1
dies; or
21.1.2
is disqualified from acting as a director or resigns as a director from the Company or any Group Company without the
prior written approval of the Board; or
21.1.3
is guilty of any gross misconduct affecting the business of the Company or any Group Company; or
21.1.4 commits any serious or repeated breach or non-
observance of any of the provisions of this agreement or refuses or
neglects to comply with any reasonable and lawful directions of the Company; or
21.1.5
is, in the reasonable opinion of the Company, negligent and incompetent in the performance of his duties; or
21.1.6
is declared bankrupt or makes any arrangement with or for the benefit of his creditors or has a county court
administration order made against him under the County Court Act 1984; or