Re: Amendment to Employment AgreementEmployment Agreement |
|
|
You are currently viewing: This Employment Agreement involves
3M CO. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Employment Agreement by:
Exhibit 10.18
August 14, 2006
George W. Buckley
President and Chief Executive Officer
Re: Amendment to Employment Agreement
Dear Mr. Buckley:
This letter will serve as an amendment to the Employment Agreement (hereinafter "Agreement") between 3M and you dated December 6, 2005.
Section 6.8 of the Agreement is revised to read as follows, effective immediately:
6.8 Relocation Expenses. The Company shall pay Executives reasonable expenses related to the relocation of his primary residence to the Minneapolis-St. Paul, Minnesota area, in accordance with Companys relocation policy applicable to senior executives, including expenses of periodic travel between Executives current primary residence and Minneapolis-St. Paul and reasonable temporary living expenses for the Executive and his family for a period beginning on the Commencement Date and ending on June 30, 2007; provided, however, that such policys requirement that the move be completed within 12 months shall be replaced with a requirement that the move be completed no later than June 30, 2007. The relocation payments shall also include provision for the Company to purchase one of Executives residences in Illinois and Minnesota as provided below. If any payment of relocation expenses (other than payments with respect to the purchase of one of Executives residences) is subject to Taxes, the Company shall pay Executive a Tax Gross-Up Payment with respect to such taxes. During the Employment Period, Executive shall have the one-time right to elect to h
