Eli Lilly 2008 Annual Report Download - page 104

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PROXY STATEMENT
102102
4
These rows show performance award grants. The dollar amount recognized as expense by the company for
these performance awards is shown in the Summary Compensation Table in the column titled “Stock Awards”
and their valuation assumptions are referenced in footnote 2 to that table. Performance award payouts range
from zero to 200 percent of target. The 2008 performance award payout was made in January 2009 and is shown
in more detail below.
5 These rows show SVA grants. SVA payouts range from zero to 140 percent of target. The payout for the 2008
shareholder value award will be determined in January 2011.
Our performance awards granted in 2008 paid out in January 2009, and the named executive offi cers received
the following shares or restricted share units:
Name Performance Awards Value on December 31, 2008
Mr. Taurel 136,665 $5,503,514
Dr. Lechleiter 111,041 $4,471,605
Dr. Paul 51,249 $2,063,797
Mr. Carmine 51,249 $2,063,797
Mr. Rice 40,999 $1,651,030
Mr. Armitage 29,213 $1,176,408
For 2008 performance, payouts were 175 percent of target. In order to receive a performance award payout,
a participant must have remained employed with the company through December 31, 2008 (except in the case of
death, disability, or retirement). In addition, an executive who was an executive offi cer at the time of grant and at
the time of payout received payment in restricted share units. Non-preferential dividends are accrued during the
one-year restriction period and paid upon vesting. Each executive was awarded the share units identifi ed above,
and the units will remain restricted (and subject to forfeiture if the executive resigns) until February 2010, at which
time the units will be paid out in the form of shares. Mr. Taurel’s shares vested upon his retirement from the com-
pany on December 31, 2008.
Our shareholder value awards granted in 2008 will pay out at the end of the three-year performance period
according to the grid shown on page 95 of the “Compensation Discussion and Analysis.”