Eli Lilly 2011 Annual Report Download - page 129

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PROXY STATEMENT
Executive Compensation
Summary Compensation Table
Name and Principal Position Year Salary
($) Bonus
($)
Stock
Awards
($) 3
Option
Awards
($)
Non-Equity
Incentive Plan
Compensation
($) 4
Change
in Pension
Value
($) 5
All Other
Compensation
($) 6
Total
Compensation
($)
John C. Lechleiter, Ph.D. 12011 $1,500,000 $ 0 $ 5,625,000 $0 $2,625,000 $6,530,094 $90,000 $16,370,094
Chairman, President, and
Chief Executive Officer
2010 $1,500,000 $ 0 $ 8,175,000 $0 $2,982,000 $3,757,545 $90,000 $16,504,545
2009 $1,483,333 $ 0 $11,250,000 $0 $3,551,100 $4,553,125 $90,091 $20,927,649
Derica W. Rice 2011 $ 984,167 $ 0 $ 2,850,000 $0 $1,107,188 $ 940,589 $59,050 $5,940,993
Executive Vice President, Global
Services and Chief Financial Officer
2010 $ 955,000 $ 0 $ 3,270,000 $0 $1,220,490 $ 996,723 $57,300 $6,499,513
2009 $ 892,500 $ 0 $ 4,500,000 $0 $1,220,940 $ 977,741 $54,838 $7,646,019
Bryce D. Carmine 2011 $ 951,700 $ 0 $ 2,250,000 $0 $1,070,663 $2,243,789 $57,102 $6,573,254
Retired Executive Vice President and
President, Lilly Bio-Medicines
2010 $ 947,083 $ 0 $ 3,270,000 $0 $1,210,373 $2,252,560 $56,825 $7,736,841
2009 $ 916,667 $ 0 $ 4,500,000 $0 $1,410,750 $1,776,537 $57,001 $8,660,955
Jan M. Lundberg, Ph.D. 2011 $ 973,750 $ 0 $ 2,062,500 $0 $1,095,469 $ 232,128 $58,425 $4,422,272
Executive Vice President, Science and
Technology and President, Lilly
Research Laboratories
2010 $ 946,401 $1,000,0002$ 6,225,0002$0 $1,209,501 $ 83,150 $87,833 $9,551,885
Robert A. Armitage 2011 $ 840,900 $ 0 $ 1,500,000 $0 $840,900 $ 595,293 $50,454 $3,827,547
Senior Vice President and
General Counsel
2010 $ 836,817 $ 0 $ 2,180,000 $0 $950,624 $ 521,237 $50,209 $4,538,886
2009 $ 811,167 $ 0 $ 3,000,000 $0 $1,109,676 $ 775,287 $49,902 $5,746,032
1Supplement to the Summary Compensation Table. In 2009, we granted both a one-year and a two-year PA as part of
our transition to a two-year award, which was implemented in response to shareholder feedback. The two grants in
2009 provided the opportunity for participants to receive one and only one PA payout each year—without skipping a
year. In 2010, we returned to our regular grant cycle and granted a single two-year PA. As a result, the amount in
the “Stock Awards” column decreased. The 2010-2011 PA and the 2011-2012 PA grant values shown respectively in
2010 and 2011 in this column are based on the probable payout outcome anticipated at the time of grant. For
purposes of comparison, the supplemental table below shows target compensation for Dr. Lechleiter (with one
rather than two PA grants in 2009), approved by the compensation committee, given target company performance.
Name Year
Annualized
Salary
Target Stock
Awards
Target Cash
Incentive Bonus Total
John C. Lechleiter, Ph.D. 2011 $1,500,000 $7,500,000 $2,100,000 $11,100,000
2010 $1,500,000 $7,500,000 $2,100,000 $11,100,000
2009 $1,500,000 $7,500,000 $2,100,000 $11,100,000
2The one-time bonus compensation Dr. Lundberg received upon joining the company in January 2010 included a
signing bonus and an award of restricted stock units.
3This column shows the grant date fair value of awards computed in accordance with stock-based compensation
accounting rules (FASB ASC Topic 718). Values for awards subject to performance conditions (PAs) are computed
based upon the probable outcome of the performance condition as of the grant date. (See the “Target Grant Values”
table above for target grant values for the 2010 and 2011 equity awards.) A discussion of assumptions used in
calculating award values may be found in Note 9 to our 2011 audited financial statements in our Form 10-K.
The table below shows the minimum, target, and maximum payouts for the 2011-2012 PA grant included in this
column of the Summary Compensation Table.
Name Payout Date Minimum Payout Target Payout Maximum Payout
Dr. Lechleiter January 2013 $0 $3,750,000 $5,625,000
Mr. Rice January 2013 $0 $1,900,000 $2,850,000
Mr. Carmine January 2013 $0 $1,500,000 $2,250,000
Dr. Lundberg January 2013 $0 $1,375,000 $2,062,500
Mr. Armitage January 2013 $0 $1,000,000 $1,500,000
39