3M elects to pay $1B cash for earplug settlement; participation exceeds 98% threshold

3M CO

3M amends settlement to irrevocably elect cash for the $1 billion payment option, instead of stock.
Claimant participation on track to exceed 98% threshold by final registration date March 25, 2024.
Total settlement remains $6.0 billion, payable 2023-2029; over 250,000 eligible claimants participating.
Amendment revises payment time periods subject to 98% participation condition.
MDL court ordered dismissals expected to resolve >99% of claims by registration deadline.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

3M CO amended Amendment with Aearo Technologies LLC (together with certain of its related entities, the "Aearo Entities") valued at $1 billion (effective 2024-01-26).

Action: amendment
Agreement: settlement
Counterparty: Aearo Technologies LLC (together with certain of its related entities, the "Aearo Entities")
Value: $1 billion
Effective: 2024-01-26

Exact text from the filing

On January 26, 2024, 3M and the Aearo Entities entered into an amendment (the “Amendment”) to the settlement arrangement pursuant to which 3M has irrevocably elected to pay cash for the $1 billion in payments that, under the Settlement, could have been paid either in cash or in stock at its sole discretion.

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Source: SEC EDGAR

accession 0000066740-24-000007

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