This excerpt taken from the VZ DEF 14A filed Mar 23, 2009.
(a) Notwithstanding any contrary terms, conditions, or provisions of the Plan or any Award, upon a Change in Control, all then-outstanding Awards (determined on the basis of the assumption that the relevant performance targets have been achieved) under the Plan shall become immediately nonforfeitable and payable at the normal payment date established by the Committee before the Change in Control, and any provision requiring a Participant to be employed on the last day of the Plan Year in order to receive an Award shall be waived. If the Participants Award is based on a performance percentage, his Award for the Plan Year in which a Change in Control occurs and for any earlier Plan Year for which the Participants Award has not been determined at the time the Change in Control occurs shall be determined by using a performance percentage that is not less than the Participants target Award under the Plan for the Plan Year immediately preceding the year in which the Change in Control occurs.
(b) Upon or after a Change in Control, the Committee may not under any circumstances change any determination of the basis on which any previously granted Awards shall be measured or paid or change any other terms, conditions or provisions affecting any previously granted Awards, if the change would reduce or adversely affect the Award or the Participants rights thereto.
Any such action by the Committee shall be conclusive and binding on the Company, Participants, beneficiaries, and all other parties.