This excerpt taken from the ELN 6-K filed Apr 11, 2005.
Except as set out below, there are no service contracts in existence between any of the directors and Elan:
Mr. Martin has received additional option grants consistent with our annual option grant practices.
The agreement continues until 31 December 2005 and can be extended for a further year on each anniversary of that date thereafter unless Mr. Martin or we give 90 days notice prior to the applicable anniversary date. In general, if Mr. Martins employment is involuntarily terminated (other than for cause or disability) or Mr. Martin leaves for good reason, we will continue to pay his salary and target bonus for the following two years and his outstanding options will immediately accelerate and remain outstanding for the following two years.
Mr. Martin is eligible to participate in the pension, medical, disability and life insurance plans applicable to senior executives in accordance with the terms of those plans. He may also receive financial planning and tax support and advice from the provider of his choice at a reasonable and customary annual cost.