Summary
3M Company filed an 8-K on March 3, 2010, reporting on the compensatory arrangements for its executives. The key information for investors revolves around the "Form of 3M 2010 Performance Share Award" made effective March 1, 2010. These awards are part of the 3M 2008 Long-Term Incentive Plan and are designed to provide long-term incentive compensation to executives.
Key Highlights
- 13M granted Performance Share awards to executives effective March 1, 2010.
- 2These awards fall under the 3M 2008 Long-Term Incentive Plan.
- 3The purpose of these awards is to provide long-term incentive compensation.
- 4Executive compensation is tied to the Company's attainment of performance criteria.
- 5The performance period for these awards concludes on December 31, 2012.
- 6Actual issuance of 3M common stock may occur after the performance period ends.
- 7The filing includes the form of the award letter as an exhibit (Exhibit 10.1).
Frequently Asked Questions
This 8-K filing primarily serves to disclose the details of Performance Share awards granted to 3M's executives under the 2008 Long-Term Incentive Plan, effective March 1, 2010. It outlines the structure and performance-based nature of this executive compensation.
These awards are designed as long-term incentives. Their value and the potential issuance of 3M common stock depend on the company achieving specific performance criteria set by the Compensation Committee of the Board of Directors. The performance period for these awards runs through December 31, 2012.
The actual issuance of 3M common stock, if any, related to these Performance Share awards is contingent upon the successful completion of the performance period, which ends on December 31, 2012, and the company's achievement of the defined performance criteria.
The detailed terms and conditions of the 3M 2010 Performance Share Awards are provided in Exhibit 10.1 to this 8-K filing, which is the 'Form of 3M 2010 Performance Share Award' letter.