His total compensation was $17,184,365 for the year that ended Dec. 31.
Total compensation: $17,184,365 for the year ended Dec. 31
Salary: $1,392,560
Non-equity incentive pay: $3,500,000
Other compensation: $613,617
Exercised stock options: $4,902,346
Value realized on vesting shares: $6,775,842
New stock options: 206,168
Total 2014 shareholder return: 20.0 percent
Note: Thulin's compensation went from $9 million in 2013 to $17.2 million in 2014.
Much of the increase came from performance-based restricted shares granted in 2012 that vested last year. 3M met or exceeded goals for organic sales growth and return on invested capital but fell just short of goals for revenue from new products. Combined, it meant executives earned 83.5 percent of the targeted goals for that three-year period, but those restricted shares were worth more than the value of the awards when granted because 3M's stock had a total return of 116 percent from 2012 to 2014.
Thulin's bonus for 2014 increased 43.3 percent to $3.5 million as 3M exceeded its financial goals for 2014.
At 3M's annual meeting on May 14, 2014, 97 percent of shares voted to approve, on an advisory basis, 3M's executive compensation plan.
Patrick Kennedy
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