Payment and Obligations After Termination Sample Clauses

Payment and Obligations After Termination. If this Agreement is terminated by ANACOMP for cause or the Employment is terminated by EMPLOYEE'S resignation, EMPLOYEE shall be paid only that part of EMPLOYEE'S base salary accrued to the date of termination and EMPLOYEE shall not be entitled to any month-end or year-end bonus not already paid or fully earned except and to the extent required by law. If this Employment is terminated due to the death or total and permanent disability of EMPLOYEE, bonuses shall be paid on a pro rata basis computed through the date of termination. If the Employment is terminated without cause or as a result of a merger, consolidation or change in control, or the EMPLOYEE deems a termination to have occurred due to a demotion, transfer or reduction in compensation, EMPLOYEE shall be entitled to termination pay equal to EMPLOYEE'S previous twelve months' total cash compensation, including bonuses, payable in a lump sum or bi-weekly at EMPLOYEE'S option, and health benefits until other employment is secured or for twelve months, whichever is sooner, and all his existing options to acquire ANACOMP Common Stock shall immediately vest. All termination payments shall be made within forty-five (45) days after termination. All termination payments made pursuant to this Article VI or Article V shall be in full and complete payment of any and all claims EMPLOYEE may have regarding his employment or termination and EMPLOYEE hereby expressly waives all rights he may have to any other payments. EMPLOYEE agrees to return all property of ANACOMP, including, but not limited to details of equipment, prices, specifications, programs, customer and prospective customer lists, and any other proprietary data or objects acquired through the EMPLOYEE'S employment with ANACOMP, within seven (7) days upon the termination of employment, whether said termination be with or without cause.