This happened in 2001 but was even worse. Prior to 2001 everybody received Corporate Compensation. It was an extra 10% bonus at the end of the year. everybody got it- from the janitors all the way up to the VPs. Taurel cut thee CC and froze all raises in 2001 and minimal raises in 2002. It was pretty much cutting payroll by 10% across the whole company. He then issued options at over $70 to all of us. By the time the date wast set to exercise the options, the price was well below water. I left many years ago and I have done quite well financially. If I would have stayed, it would have cost me even more money. There is no loyalty gem management at Lilly! If you can make more money someplace else you should consider doing so. Good luck to all of you and remember that the light at the end of the tunnel is probably an approaching freight train.