This excerpt taken from the LLY DEF 14A filed Mar 5, 2007.
Potential Payments Upon Termination or Change in Control
The following table describes the potential payments and benefits under the companys compensation and benefit plans and arrangements to which the named executive officers would be entitled upon termination of employment. Except for (i) certain terminations following a change in control of the company, as described below, and (ii) certain pension arrangements as described under Pension Benefits above, there are no agreements, arrangements or plans that entitle executive officers to severance, perquisites, or other enhanced benefits upon termination of their employment. Any agreement to provide such payments or benefits to a terminating executive officer (other than following a change in control) would be in the discretion of the compensation committee.