3M 2015 Annual Report Download - page 138

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oftaxesrequiredbylaw,andtotakesuchotheractionasmaybenecessaryintheopinionoftheCompanyanditsAffiliatestosatisfy
allobligationsforthewithholdingandpaymentofsuchtaxes.
(d) TheprovisionsofthisPlanandthedocumentsevidencingAwardsgrantedunderthisPlanshallbeconstruedand
interpretedaccordingtothelawsoftheStateofDelaware.
(e)IncaseanyprovisionofthisPlanshallberuledordeclaredinvalidforanyreason,saidillegalityorinvalidity
shallnotaffecttheremainingprovisions,andtheremainderofthePlanshallbeconstruedandenforcedasifsuchillegalorinvalid
provisionhadneverbeenincludedherein.
(f)TotheextentpermittedbytheCommittee,eachParticipantshallhavetherightatanytimetodesignateanyperson,
personsorentityasthebeneficiaryorbeneficiariestowhompaymentoftheParticipant’soutstandingAwardsshallbemadeinthe
eventoftheParticipant’sdeath.AnydesignationfiledunderthePlanmayberevokedorchangedbywritteninstrumentsosigned
andfiledpriortotheParticipant’sdeath.IfaParticipantdesignatesmorethanonebeneficiarytoreceivesuchParticipant’s
outstandingAwardsandanybeneficiaryshallpredeceasetheParticipant,theCompanyshallpaythedeceasedbeneficiary’sshareto
thesurvivingbeneficiaryorbeneficiariesproportionately,astheportiondesignatedbytheParticipantforeachbearstothetotal
portiondesignatedforallsurvivingbeneficiaries.
(g)ThisPlanisintendedtocomplyandshallbeadministeredinamannerthatisintendedtocomplywiththerequirements
ofSection409AoftheCode(includingtheTreasuryDepartmentguidanceandregulationsissuedthereunder),andshallbeconstrued
andinterpretedinaccordancewithsuchintent.IftheCommitteedeterminesthatanAward,Awarddocument,payment,transaction
oranyotheractionorarrangementcontemplatedbytheprovisionsofthisPlanwould,ifundertaken,causeaParticipanttobecome
subjecttoanyadditionaltaxesorotherpenaltiesunderSection409AoftheCode,thenunlesstheCommitteespecificallyprovides
otherwise,suchAward,Awarddocument,payment,transactionorotheractionorarrangementshallnotbegiveneffecttotheextent
itcausessuchresultandtherelatedprovisionsofthePlanand/orAwarddocumentswillbedeemedmodifiedor,ifnecessary,
suspendedinordertocomplywiththerequirementsofSection409AoftheCodetotheextentdeterminedappropriatebythe
Committee,ineachcasewithouttheconsentofornoticetotheParticipant.
(h)AlthoughtheCompanyanditsAffiliatesmayendeavortostructureanAwardorpaymenthereundersothatit(i)
qualifiesforfavorableU.S.orforeigntaxtreatment,or(ii)avoidsadversetaxtreatment,neithertheCompanynoranyAffiliate
makesanyrepresentationtothateffectandexpresslydisavowsanycommitmentorobligationtomaintainfavorableoravoid
unfavorabletaxtreatmentforanyParticipant.
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