3M 2015 Annual Report Download - page 147
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Please find page 147 of the 2015 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.(d) For purposes of this Section 14, a Change in Control of the Company shall be deemed to have occurred only if a
“changeintheownership”ora“changeineffectivecontrol”and/ora“changeintheownershipofasubstantialportionoftheassets”
oftheCompany has taken place(as those termsaredefined in TreasuryRegulations §1.409A-3(i)(5) orsuchother regulation or
guidanceissuedundersection409AoftheCode).
(e) In the event that the provisions of this Section 14 result in "payments" that are finally determined to be subject to the
excisetaximposedbysection4999oftheCode,theCompanyshallpaytoeachParticipantanadditionalamountsufficienttofully
satisfysuchexcisetaxandanyadditionalfederal,state,andlocalincometaxespayableontheadditionalamount.Paymentofthis
additionalamountshallbemadeassoonasadministrativelyfeasible,butnolaterthantwoandone-halfmonthsfollowingtheendof
theParticipant’staxableyearinwhichtheamountoftheexcisetaxpayablehasbeendetermined.
(f) The Company shall pay to each Participant the amount of all reasonable legal and accounting fees and expenses incurred
bysuchParticipantinseekingtoobtainorenforcehisorherrightsunderthisSection14,orinconnectionwithanyincometaxaudit
orproceedingtotheextentattributabletotheapplicationofsection4999oftheCodetothepaymentsmadepursuanttothisSection
14, unless a lawsuit commenced by the Participant for such purposes is dismissed by the court as being frivolous or otherwise
improperunderapplicablecourtrules.TheCompanyshallalsopaytoeachParticipanttheamountofallreasonabletaxandfinancial
planningfeesandexpensesincurredbysuchParticipantinconnectionwithsuchParticipant'sreceiptofpaymentspursuanttothis
Section14.Paymentoftheselegalandaccountingfeesandexpenses,aswellasthesetaxandfinancialplanningfeesandexpenses,
shallbemadeassoonasadministrativelyfeasible,butnolaterthantwoandone-halfmonthsfollowingtheendoftheParticipant’s
taxableyearinwhichsuchfeesandexpenseshavebeenincurred.
SECTION15MISCELLANEOUS
(a) Unless otherwise specifically determined by the Committee, settlements of Awards received by Participants under the
2005ProgramshallnotbedeemedapartofanyParticipant'scompensationforpurposesofdeterminingsuchParticipant’spayments
orbenefitsunderanyCompanybenefitplan,severanceprogram,orseverancepaylawofanycountry.Nothinginthis2005Program
shallpreventtheCompanyfromadoptingotheroradditionalcompensationprograms,plans,orarrangementsasitdeemsappropriate
ornecessary.
(b) The 2005 Program shall be unfunded. The Company does not intend to create any trust or separate fund in connection
withthe2005Program.TheCompanyshallnothaveanyobligationtosetasidefundsorsegregateassetstoensurethepaymentof
anyAward.The 2005 Programshallnot establish anyfiduciary relationship betweentheCompany and anyParticipantor other
person. To the extent anyperson holds any rights by virtue of an Award under the2005 Program, such right (unless otherwise
determinedbytheCommittee)shallbenogreaterthantherightofanunsecuredgeneralcreditoroftheCompany.
(c) No person shall have any claim or right to be granted an Award under the 2005 Program, and the Participants shall have
norights against the Company exceptas mayotherwise be specifically providedherein. Nothingin this2005 Program shall be
deemedtogiveanyParticipanttherighttoberetainedintheemployoftheCompany,ortointerferewiththerightoftheCompany
todisciplineordischargesuchParticipantatanytimeforanyreasonwhatsoever.
(d) The provisions of this 2005 Program and the documents evidencing Awards granted under this 2005 Program shall be
construedandinterpretedaccordingtothelawsoftheStateofMinnesota.
(e) In case any provision of this 2005 Program shall be ruled or declared invalid for any reason, said illegality or
invalidityshallnotaffecttheremainingprovisions,andtheremainderofthe2005Programshallbeconstruedandenforcedasifsuch
illegalorinvalidprovisionhadneverbeenincludedherein.
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