Common use of Effect on LTI/STI Rights Clause in Contracts

Effect on LTI/STI Rights. With respect to any long-term, short-term or any similar incentive program cycle in effect at the time of a Change in Control: (a) Employee will become fully and immediately vested in his or her incentive awards upon the occurrence of the Change in Control; and (b) such incentive awards will be payable at target levels (at the same time and in the same form that such awards would otherwise be payable in the absence of this Agreement), without regard to whether Employee remains employed by the Company and without regard to the performance of Employee during those incentive program cycles.