The version of it that McKinnon and his agent are peddling is that zero compensation, cut ties as you please did indeed go both ways.
We will never know, but not a chance he would have just accepted a cheerio if we were sacking him.
Admittedly the tribunal were not 100% explicit on this but if you look at the part I just quoted, here is the money shot (emphasis mine again). The tribunal, quoting (or at least paraphrasing) Sherry:
For example, Mr Sherry stated ‘it is my understanding that the agreement reached was that there was to be a one year contract. This was not expected to be a fixed term contract. It was agreed that there would be no compensation or notice due by or to either party in the event that Ray wished to leave, given the fact that the discussions had been around a three year plan and only a one year contract was being offered’.
Now, it could be that he simply phrased the bold part this way because Ray did leave and they were talking about the ramifications of that. But it could also be phrased that way because he believed this was the situation: that if Ray wanted out, he was allowed to go for nothing. But if Morton wanted Ray gone, you can be damn sure that the part in italics would have come into play, and they'd want the remainder of their one-year deal paid off.
They wanted to have their cake and eat it too; instead Sherry has football pie all over his shirt. Sad!