Ann: Appendix 3Y - Siegfried Konig, page-82

no mate, that's not my understanding.
"12 months notice" means if either party wants to break the service contract for whatever reason, then that party must give the other party 12 mths prior notice.
so if say, LWP wants SK to leave for whatever reason, then LWP has to serve him notice to leave, and then wait 12mths.
OR it can serve him the notice, and pay him out his 12mths pay in lieu of notice, and then he goes straight away. and the reverse applies. If SK wants to leave, he has to give LWP 12 mths prior notice.
of course, LWP would have to pay out any other bonuses, LSL, share rights etc which might be due.
I only had a really brief look , but LWP would not have to pay 3yrs, just 12mths.
There are usually other conditions of the contract in which that 12 mths payment might not apply.
DYOR - all just imho.
cheers