3M 2015 Annual Report Download - page 131
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wholeorinpartinsharesofCommonStock,pursuanttosuchtermsandconditionsasmaybeestablishedfromtimetotimebythe
Committee.IfpaymentismadeinsharesofCommonStock,suchsharesshallbevaluedattheirFairMarketValueonthedaythe
ParticipantexercisestheOptionor,asregardsawithholdingtax,onthedatewhenthetaxobligationbecomesdue.AParticipant
neednotsurrendersharesofalreadyownedCommonStockaspayment,andtheCompanymay,uponthegivingofsatisfactory
evidenceofownershipofsuchsharesbytheParticipant,delivertheappropriatenumberofadditionalsharesofCommonStock
reducedbythenumberofsharesrequiredtopaytheexercisepriceandanyrequiredwithholdingtaxes.Suchformofevidenceshall
bedeterminedbytheCommitteeinitsdiscretion.
InnoeventwilltheCompanyberequiredtodeliveranyfractionalshareofCommonStockinconnectionwithanyAward.Inthe
eventthataParticipantshallbeentitledtoreceiveafractionofashareofCommonStockinconnectionwithanAwardgrantedunder
thePlan,theCompanyshallpayincash,inlieuthereof,theFairMarketValueofsuchfractionalshare.
7.TerminationofAwards.
IfaParticipant’semploymentwiththeCompanyoranAffiliateisterminatedforanyreasonotherthan(i)aDisqualifying
Termination,(ii)Retirement,(iii)aterminationinconnectionwithwhichtheParticipantexecutesawrittenreleaseofemployment-
relatedclaimsinfavoroftheCompanythatprovides(withtheapprovaloftheCompany)forthenonforfeitureofOptionsandStock
AppreciationRights,(iv)aphysicalormentaldisabilityasrecognizedunderabenefitplanmaintainedbytheParticipant’semployer,
or(v)death,andpriortothedateofterminationtheParticipanthasnotfullyexercisedanOptionorStockAppreciationRight
grantedunderthisPlan,suchParticipantmayexercisetheOptionorStockAppreciationRightwithinninety(90)daysfollowingthe
dateoftermination(butnotbeyondtheexpirationdateofsuchOptionorRight)forthenumberofshareswhichtheParticipantcould
havepurchasedorreceivedapaymentonthedateoftermination.UnlessthedocumentsevidencingsuchAwardsorthetermsofthis
Section7provideotherwise,alloftheParticipant’sOptionsandStockAppreciationRightsshallautomaticallybeforfeitedatthe
conclusionoftheninety(90)-dayperiodfollowingthedateoftheParticipant’sterminationofemploymentandallofthe
Participant’sotherAwardsshallautomaticallybeforfeitedatthetimeofhisorherterminationofemployment.
IfaParticipantRetires,terminatesemploymentwiththeCompanyoranAffiliateandinconnectionwithsuchterminationthe
Participantexecutesawrittenreleaseofemployment-relatedclaimsinfavoroftheCompanythatprovides(withtheapprovalofthe
Company)forthenonforfeitureofOptionsandStockAppreciationRights,orchangesemploymentstatusasaresultofaphysicalor
mentaldisabilityasrecognizedunderabenefitplanmaintainedbytheParticipant’semployer,withouthavingfullyexercisedan
OptionorStockAppreciationRight,theParticipantshallbeentitled,withintheremainingtermoftheOptionorStockAppreciation
Right(butnotbeyondtheexpirationdateofsuchOptionorRight),toexercisesuchOptionorStockAppreciationRight(provided,
however,thatintheeventofaterminationinconnectionwithwhichtheParticipantexecutesawrittenreleaseofemployment-related
claimsinfavoroftheCompanythatprovides(withtheapprovaloftheCompany)forthenonforfeitureofOptionsandStock
AppreciationRights,theadditionaltimetoexerciseOptionsandStockAppreciationRightsshallapplyonlytothoseOptionsand
StockAppreciationRightswhichhavevestedpriortothedateofterminationofemployment).IfaParticipantwhohasthusRetired
dies,withouthavingfullyexercisedanOptionorStockAppreciationRight,theOptionorStockAppreciationRight(includingany
portionthereofnotalreadyexercisableatthetimeoftheParticipant’sdeath)maybeexercisedwithintwoyearsafterthedateofhis
orherdeath(butnotbeyondtheexpirationdateofsuchOptionorRight)bytheParticipant'sestateorbyapersonwhoacquiredthe
righttoexercisesuchOptionorStockAppreciationRightbybequestorinheritanceorbyreasonofthedeathoftheParticipant.
IfaParticipant,priortoRetirement,dieswithouthavingfullyexercisedanOptionorStockAppreciationRight,theOptionorStock
AppreciationRight(includinganyportionthereofnotalreadyexercisableatthetimeoftheParticipant’sdeath)maybeexercised
withintwoyearsfollowinghisorherdeath(butnotbeyondtheexpirationdateofsuchOptionorRight)bytheParticipant'sestateor
byapersonwhoacquiredtherighttoexercisesuchOptionorStockAppreciationRightbybequestorinheritanceorbyreasonofthe
deathoftheParticipant.
NotwithstandingtherestofthisSection7,ifaParticipant’semploymentwiththeCompanyoranAffiliateisterminatedbeforeheor
shehasfullyexercisedanOptionorStockAppreciationRightundercircumstanceswhichtheCommitteebelievestowarrantspecial
considerationandtheCommitteehasdeterminedthattheParticipant'srightsshouldnotbeforfeitedatthetimeortimesspecified
above,theOptionorStockAppreciationRight(includinganyportionthereofnot
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