RANDALL J. SCHEUNEMAN - 14 Feb 2023 Form 4 Insider Report for ILLINOIS TOOL WORKS INC (ITW)

Role: VP & Chief Accounting Officer
Signature: /s/ Irene Song, Attorney-in-Fact for Randall J. Scheuneman
Issuer symbol: ITW
Transactions as of: 14 Feb 2023
Net transactions value: -$49,752
Form type: 4
Filing time: 16 Feb 2023, 15:51:29 UTC
Previous filing: 14 Feb 2023
Next filing: 14 Jun 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ITW	Common Stock	Options Exercise		+713	+8.5%		9,079	14 Feb 2023	Direct	F1, F2
transaction	ITW	Common Stock	Tax liability	$49,752	-209	-2.3%	$238.05	8,870	14 Feb 2023	Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	ITW	Performance Share Units (granted 2/14/20)	Options Exercise	$0	-713	-100%	$0.000000^*	0	14 Feb 2023	Common Stock	713		Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Common stock acquired upon vesting of Performance Share Units (PSUs) and accrued dividends thereon, following certification of performance metrics.
F2	Each performance share unit (PSU) represents a contingent right to receive one share of the Company's common stock.
F3	PSUs vested and became payable on February 14, 2023.