Arrangement Regarding Retirement Benefits for Robert A. Armitage
Contract Categories:
Human Resources
›
Retirement Agreements
Summary
This agreement between Eli Lilly and Company and Robert A. Armitage outlines special retirement benefits for Mr. Armitage. When he joined the company in 1999, Lilly agreed to provide him with an early retirement benefit if he worked until at least age 60. Upon his retirement at age 64, he was credited with additional years of service for benefit calculation purposes, resulting in a retirement benefit based on his earnings and total credited service.
EX-10.11 2 lly-20121231x10kexhibit1011.htm ARRANGEMENT REGARDING RETIREMENT BENEFITS FOR ROBERT A. ARMITAGE LLY-2012.12.31-10K Exhibit 10.11
Exhibit 10.11 Arrangement Regarding Retirement Benefits for Robert A. Armitage
When Mr. Armitage joined the company in 1999, he would not have been eligible to receive a retirement benefit from The Lilly Retirement Plan until age 65. Therefore, Lilly agreed to offer him an early retirement benefit based on his earnings and actual years of service provided he worked until at least age 60. Since he reached age 60 with 9.75 years of service, for purposes of determining eligibility and calculating his early retirement reduction percentage, he was given an additional 10.25 years of service.
Mr. Armitage retired on December 31, 2012 at age 64. His retirement benefit is based on his earnings and actual years of service.
