Severance Arrangement for Dr. Jan Lundberg with Eli Lilly and Company
This agreement outlines the severance terms for Dr. Jan Lundberg upon joining Eli Lilly and Company as Executive Vice President, Science and Technology, and President, Lilly Research Laboratories. If Dr. Lundberg was involuntarily terminated without cause within his first 24 months of employment, he would receive a cash payment equal to two years of his then-current salary plus his annual target bonus. This severance arrangement expired in December 2011.
Exhibit 10.13
Arrangement regarding severance for Dr. Jan Lundberg
Dr. Lundberg joined the company in January 2010 as Executive Vice President, Science and Technology and President, Lilly Research Laboratories, following a long career with AstraZeneca. In connection with his joining the company, it was agreed that if he were to be involuntarily terminated for reasons other than cause during the first 24 months of employment, he would receive a cash payment equal to two years of his then-current salary plus annual target bonus. This arrangement expired in December 2011.
