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This excerpt taken from the MMM 8-K filed Jul 1, 2005. Compensation and Benefits. Consistent with the terms of Section 8.01 of
the Employment Agreement, 3M will pay you immediately after the Termination
Date (or as soon thereafter as reasonably possible) your accrued but unpaid
base salary, any accrued but unused vacation benefits and personal holidays,
and your earned profit sharing under the Executive Profit Sharing Plan for the
quarter ending June 30, 2005. Your
participation in 3M’s employee benefit plans will end as of the Date of
Termination in accordance with the provisions of such plans, although the
termination will have no impact on any benefits in which you shall have become
vested prior to such Date of Termination.
All of your unvested employee benefits, including but not limited to
your qualified and nonqualified pension benefits and the supplemental
retirement benefits provided for in Article VII of the Employment Agreement,
will be forfeited as of the Date of Termination in accordance with the terms of
the respective employee benefit plans and the Employment Agreement. You will also be reimbursed for any incurred
but unreimbursed business expenses in accordance with 3M’s procedures upon
presentation of documentation and 3M will make any unpaid payments that are due
for benefits for the period of your employment. You expressly acknowledge and agree that
you are not entitled to receive any severance pay or severance benefits of any
kind whatsoever from 3M or any of its affiliates as a result of the termination
of your employment.
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