Exhibit 10.1
Description of Changes to Non-Employee Director Compensation
On August 8, 2005, the 3M Company (the “Company”) Board of Directors, on the recommendation of the Nominating and Governance Committee, approved changes in the non-employees directors’ compensation effective July 1, 2005. The changes provide that the cash portion of the annual retainer increases from $55,000 to $75,000 and the additional annual retainer paid to committee chairs increases from $7,000 to 15,000. The portion of the annual retainer payable only in the Company’s common stock remains at $95,000. These changes are intended to keep the directors’ compensation competitive. Other elements of directors’ compensation remain unchanged.
The following table shows compensation payable to non-employee directors before and after this increase:
|
|
|
Before |
|
After |
|
|||
|
Portion of the Annual Retainer Payable in Cash |
|
$ |
55,000 |
|
$ |
75,000 |
|
|
|
Portion of the Annual Retainer Payable Only in Common Stock |
|
$ |
95,000 |
|
$ |
95,000 |
|
|
|
Total Annual Retainer |
|
$ |
150,000 |
|
$ |
170,000 |
|
|
|
|
|
|
|
|
|
|||
|
Additional Annual Retainer for Committee Chairs |
|
$ |
7,000 |
|
$ |
15,000 |
|
|