Exhibit 4.3


 


(Face of Security)


 


3.700% NOTES DUE 2050


 


THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF
THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT
BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED,
IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO 3M COMPANY, OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.


 






     


     


    

 


	R-1
	CUSIP NO.: 88579Y BP5
	ISIN NO.:  US88579YBP51


 


3M COMPANY


 


3.700% NOTES DUE 2050


 


The following terms apply to this Security,
as and to the extent shown below:


 


	PRINCIPAL AMOUNT: $500,000,000	 	INTEREST RATE: 3.700% per annum
	 	 	 
	STATED MATURITY DATE: April 15, 2050	 	INTEREST PAYMENT DATES: April 15 and October 15 of each year, commencing October 15, 2020
	 	 	 
	SPECIFIED CURRENCY: U.S. dollars	 	OTHER TERMS: Optional-Make-Whole Redemption and Redemption at Par Prior to Maturity.  See Addendum attached hereto.
	 	 	 
	ORIGINAL ISSUE DATE: March 27, 2020	 	 
	 	 	 
	
        DEFEASANCE:

        þ 
        Full Defeasance: Applicable

        þ 
Covenant Defeasance: Applicable
 	 	 


Whenever used in this Security, the terms specified above that
apply to this Security have the meanings specified above, unless the context requires otherwise. Other terms used in this Security
that are not defined herein but that are defined in the Indenture referred to in Section 1 on the reverse of this Security are
used herein as defined therein.


 






     


     


    

 





3M Company, a corporation duly organized
and existing under the laws of the State of Delaware (hereinafter called the “Company”, which term includes
any successor Person under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns,
as principal the Principal Amount on the Stated Maturity Date and to pay interest thereon, at the Interest Rate shown above (computed
on the basis of a 360-day year of twelve 30-day months), semi-annually on each Interest Payment Date set forth above from and after
the date of this Security and at Maturity until payment of the principal amount hereof has been made or duly provided for. Each
payment of interest due on an Interest Payment Date or the date of Maturity will include interest accrued from and including the
last date to which interest has been paid, or made available for payment, or from the Original Issue Date if none has been paid,
or made available for payment, to but excluding the Interest Payment Date or the date of Maturity, as the case may be. Unless this
Security is a Security which has been issued upon transfer of, in exchange for, or in replacement of, a Predecessor Security, interest
on this Security shall accrue from the Original Issue Date indicated above. If this Security has been issued upon transfer of,
in exchange for, or in replacement of, a Predecessor Security, interest on this Security shall accrue from the last Interest Payment
Date to which interest was paid on such Predecessor Security or, if no interest was paid on such Predecessor Security, from the
Original Issue Date indicated above. Any premium and any such installment of interest that is overdue at any time shall also bear
interest (to the extent that the payment of such interest shall be legally enforceable), at the rate per annum at which the principal
then bears interest, from the date any such overdue amount first becomes due until it is paid or made available for payment. Notwithstanding
the foregoing, interest on any principal, premium or installment of interest that is overdue shall be payable on demand.


 


The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the 15th calendar day (whether
or not a Business Day, as such term is defined in Section 3(c) on the reverse hereof) next preceding such Interest Payment Date
(a “Regular Record Date”). If interest is due at Maturity but on a day that is not an Interest Payment Date,
interest will be paid to the Person entitled to receive the principal hereof. Any interest so payable, but not punctually paid
or duly provided for, on any Interest Payment Date will forthwith cease to be payable to the Holder on such Regular Record Date
and such Defaulted Interest either may be paid to the Person in whose name this Security (or one or more Predecessor Securities)
is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or may be
paid in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Security may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.


 


Currency of Payment


 


Payment of principal of (and premium, if
any) and interest on this Security will be made in the Specified Currency for such payment. The Specified Currency for any payment
shall be the currency specified as such on the face of this Security.


 






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Manner of Payment


 


Except as provided in the next paragraph,
payment of any amount payable on this Security will be made at the office or agency of the Company maintained for that purpose
in The City of New York (or at any other office or agency maintained by the Company for that purpose), against surrender of this
Security in the case of any payment due at the Maturity of the principal hereof (other than any payment of interest that first
becomes due on an Interest Payment Date); provided, however, that, at the option of the Company and subject to the
next paragraph, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register.


 


Payment of any amount payable on this Security
will be made by wire transfer of immediately available funds to an account maintained by the payee with a bank located in The City
of New York, if (i) the principal of this Security is at least $1,000,000 and (ii) the Holder entitled to receive such payment
transmits a written request for such payment to be made in such manner to the Paying Agent at its Corporate Trust Office, Attention:
Corporate Finance Group, The Bank of New York Mellon Trust Company, N.A., on or before the tenth day before the day on which such
payment is to be made; provided that, in the case of any such payment due at the Maturity of the principal hereof (other
than any payment of interest that first becomes due on an Interest Payment Date), this Security must be surrendered at the office
or agency of the Company maintained for that purpose in The City of New York (or at any other office or agency maintained by the
Company for that purpose) in time for the Paying Agent to make such payment in such funds in accordance with its normal procedures.
Any such request made with respect to any payment on this Security payable to a particular Holder will remain in effect for all
later payments on this Security payable to such Holder, unless such request is revoked on or before the tenth day before a payment
is to be made, in which case such revocation shall be effective for such and all later payments. In the case of any payment of
interest payable on an Interest Payment Date, such written request must be made by the Person who is the registered Holder of this
Security on the relevant Regular Record Date. If principal or another amount besides interest is due on this Security at Maturity,
the Company will pay the amount to the Holder of this Security against surrender hereof at a proper place of payment or, in the
case of a Global Security, as provided below in accordance with the applicable policies of the Depositary. The Company will pay
any administrative costs imposed by banks in connection with making payments by wire transfer with respect to this Security, but
any tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder of this Security and may
be deducted from the payment by the Company or the Paying Agent.


 


Manner of Payment - Global Securities


 


Notwithstanding any provision of this security
or the Indenture, if this Security is a Global Security, the Company may make any and all payments of principal, premium and interest
on this Security pursuant to the applicable policies of the Depositary for this Security as permitted in the Indenture.


 






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Payments Due on a Business Day


 


Unless otherwise specified on the face of
this Security, the following sentence shall apply to this Security. Notwithstanding any provision of this Security or the Indenture,
if any amount of principal, premium or interest would otherwise be due on this Security on a day (the “Specified Day”)
that is not a Business Day, such amount may be paid or made available for payment on the next succeeding Business Day with the
same force and effect as if such amount were paid on the Specified Day and no additional interest will accrue with respect to the
payment made on that next succeeding Business Day. The provisions of this paragraph shall apply to this Security in lieu of the
provisions of Section 113 of the Indenture.


 


Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.


 


Unless the certificate of authentication
hereon has been executed by the Trustee by manual or electronic signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.


 






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IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed.


 


	 	3M COMPANY
	 	 
	 	By	 
	 	 	Name:	 Nicholas C. Gangestad
	 	 	Title:	 Senior Vice President and Chief Financial Officer
	 	 
	 	By	 
	 	 	Name:	 Sarah M. Grauze
	 	 	Title:	 Vice President and Treasurer


 


This is one of the Securities of the series
designated herein and referred to in the Indenture.


 


Dated: March 27, 2020


 


	 	The Bank of New York Mellon Trust Company, N.A., as Trustee
	 	 
	 	By	 
	 	 	Authorized Signatory


 






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(Reverse of Security)


 


1.            Securities and Indenture.


 


This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series
under an Indenture, dated as of November 17, 2000 as amended or supplemented from time to time (herein called the “Indenture”,
which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon Trust
Company, N.A., as Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities
are, and are to be, authenticated and delivered.


 


2.            Series and Denominations.


 


This Security is one of the series designated
on the face hereof, limited to an aggregate principal amount not to exceed $650,000,000 (or the equivalent thereof in any other
currency or currencies or currency units), which amount may be increased at the option of the Company if in the future it determines
that it may wish to sell additional Securities of this series. References herein to “this series” mean the series
of securities designated on the face hereof.


 


The Company may create and issue additional
Securities with the same terms as this Security, so that the additional Securities will be considered as part of the same issuance
as the earlier issuance.


 


The Securities of this series are issuable
only in registered form without coupons in “Authorized Denominations”, which term shall have the following meaning.
Unless otherwise specified, for each Security of this series, the Authorized Denominations shall be $2,000 and integral multiples
of $1,000 in excess thereof.


 


3.            Interest Rate.


 


(a)          Calculation of Interest. Payments of interest hereon with respect to any Interest Payment Date
or at the Maturity of the principal hereof will include interest accrued to but excluding such Interest Payment Date or the date
of such Maturity, as the case may be.


 


All calculations to be made with respect to
this Security will be made by the Company. All percentages resulting from any calculation with respect to this Security will be
rounded upward or downward, as appropriate, to the next higher or lower one hundred-thousandth of a percentage point (e.g.,
9.876541% (or .09876541) being rounded down to 9.87654% (or .0987654) and 9.876545% (or .09876545) being rounded up to 9.87655%
(or .0987655) ). All amounts used in or resulting from any calculation with respect to this Security will be rounded upward or
downward, as appropriate, to the nearest cent, with one-half cent or more being rounded upward.


 






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(b)          Definitions of Terms. As used in this Security, the following terms have the meanings set forth
below:


 





“Business Day” means, for
this Security any day, other than a Saturday or Sunday or a day on which Federal or State banking institutions in the Borough of
Manhattan, The City of New York are authorized or required by law, regulation or executive order to close.


 


References in this Security to U.S. dollars
shall mean, as of any time, the coin or currency that is then legal tender for the payment of public and private debts in the United
States of America.


 


4.            Redemption at the Company’s Option.


 


This Security shall not be redeemable, except
for as set forth in the Addendum attached hereto.


 


5.            Transfer and Exchange.


 


As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of
this Security for registration of transfer at the office or agency of the Company at the corporate trust office of the Trustee
in the City of New York or at the office of the Paying Agent in New York, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his or her attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor and terms, of Authorized
Denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.


 


As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities
of this series and of like tenor of a different Authorized Denomination, as requested by the Holder surrendering the same.


 


No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.


 


Prior to due presentment of this Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company nor the Trustee nor any such agent shall be affected by notice to the contrary.


 


If this Security is a Global Security,
this Security shall be subject to the provisions of the Indenture relating to Global Securities, including the limitations in
Section 305 thereof on transfers and exchanges of Global Securities. In addition to the provisions of Section 305 of the
Indenture, if at any time an Event of Default has occurred and is continuing with respect to this Security and such Event of
Default has not been cured or waived pursuant to the provisions of the Indenture, the Company will execute, and the Trustee,
upon receipt of a Company Order for the authentication and delivery of definitive Securities, will authenticate and deliver,
Securities in definitive form and in an aggregate principal amount equal to the principal amount of the Global Security or
Securities in exchange for such Global Security or Securities.


 






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6.            Defeasance.


 


The Indenture contains provisions for defeasance
at any time of the entire indebtedness of this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case upon compliance with certain conditions set forth in the Indenture. If so specified on the face hereof,
either or both of such provisions are applicable to this Security, as so specified.


 


7.            Remedies.


 


If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.


 


No reference herein to the Indenture and no
provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of (and premium, if any) and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed.


 


8.            Modification and Waiver.


 


The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series
to be affected.


 


Under the Indenture, the Holders of a majority
in aggregate principal amount of the Outstanding Securities of this series or any other series of Outstanding Securities may, on
behalf of all Holders of that series, waive compliance by the Company with certain restrictive covenants of the Indenture, and
waive any past Event of Default under the Indenture, but in each case only with respect to that series, except an Event of Default
in the payment of the principal of or any premium or interest on and Securities of that series or an Event of Default under any
provision of the Indenture which itself cannot be modified or amended without the consent of the holders of each Outstanding Security
of that series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor
or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.


 


9.            Governing Law.


 


This Security and the Indenture shall be
governed by and construed in accordance with the laws of the State of New York.


 






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ABBREVIATIONS


 


The following abbreviations, when used in
the inscription on the face of this Security, shall be construed as though they were written out in full according to applicable
laws or regulations.


 


TEN COM - as tenants in common


 


TEN ENT - as tenants by the entireties


 


JT TEN - as joint tenants with
the right of survivorship and not as tenants in common


 


	 	UNIF GIFT MIN ACT - 	 	Custodian	 	 
	 	 	(Cust)	 	(Minor)	 
	 	 	under Uniform Gifts to Minors Act	 
	 	 	 	 
	 	 	(State)	 
	 	 	 	 
	 	 	Additional abbreviations may also be used though not in the above list.	 
	 	 	 	 


 






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ASSIGNMENT


 


	FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
	 
	 
	PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF 
	ASSIGNEE	 
	 
	 
	
        (Please Print or Typewrite Name
and Address

Including Postal Zip Code of Assignee)
 
	the attached Security and all rights thereunder, and hereby irrevocably constitutes and appoints
	 	to transfer said Security on the books of
	the Company, with full power of substitution in the premises.
	 
	Dated:	 	 	 
	 	 	 	 
	Signature Guaranteed	 	 
	 	 	 
	NOTICE: Signature must be guaranteed.	 	NOTICE: The signature to this assignment must correspond with the name of the Holder as written upon the face of the attached Security in every particular, without alteration or enlargement or any change whatever.


 






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ADDENDUM


 


Optional Make-Whole Redemption and Redemption
at Par Prior to Maturity


 


Prior to October 15, 2049 (six months prior
to the Stated Maturity Date of this Security), this Security will be redeemable at any time, in whole or from time to time in part,
at our option at a Redemption Price equal to the greater of


 


		·	100% of the principal amount of this Security to be redeemed, and



 


		·	as determined by the Quotation Agent (as defined below), the sum of the present values of the scheduled payments of interest
on this Security to be redeemed that would have been payable from the Redemption Date to October 15, 2049 (not including any portion
of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis assuming
a 360-day year consisting of twelve 30-day months at the Treasury Rate (defined below) plus 35 basis points



 


plus, in the case of both clauses above,
accrued and unpaid interest on this Security to be redeemed to the Redemption Date.


 


In addition, at any time on or
after October 15, 2049 (six months prior to the Stated Maturity Date of this Security), the Security will be redeemable, in whole,
but not in part, at our option, at a redemption price equal to 100% of the principal amount of the Security, plus accrued interest
thereon to the date of redemption.


 


“Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term
of this Security to be redeemed, as if this Security to be redeemed matured on October 15, 2049, that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of this Security.


 


“Comparable Treasury Price”
means, with respect to any Redemption Date, (i) the average of at least three Reference Treasury Dealer Quotations for that Redemption
Date, after excluding the highest and lowest of five or more Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains
fewer than five Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations so obtained.


 


“Quotation Agent”
means the reference treasury dealer appointed by the Company.


 


“Reference Treasury Dealer”
means each of (i) Citigroup Global Markets Inc., BofA Securities, Inc. and J.P. Morgan Securities LLC and their respective
successors; however, if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a
“Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer(s) selected by the Company.


 






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“Reference treasury dealer quotations”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding
the Redemption Date.


 


“Treasury Rate” means,
with respect to any Redemption Date, the annual rate equal to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, assuming a price of the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for that Redemption Date.


 


In the case of a partial redemption, selection
of this Security for redemption will be made pro rata, if commercially practicable in accordance with the procedures of DTC or
the relevant depositary, and if not, then by lot or such other method as required in accordance with the procedures of DTC or the
relevant depositary. This Security will be redeemed in denominations of $2,000 and integral multiples of $1,000 in excess thereof.
Notice of any redemption pursuant to this subsection will be delivered at least 10 days but not more than 60 days before the Redemption
Date to each Holder of this Security to be redeemed. If any Securities are to be redeemed in part only, the notice of redemption
that relates to the Security will state the portion of the Security to be redeemed and new Securities in principal amounts of at
least $2,000 equal to the unredeemed portion of this Security will be issued in the name of the Holder of this Security upon surrender
for cancellation of the original Security. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption
Date, interest will cease to accrue on this Security or the portions of this Security called for redemption.


 






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