Michael M. Larsen - 14 Feb 2023 Form 4 Insider Report for ILLINOIS TOOL WORKS INC (ITW)

Role: SVP & CFO
Signature: /s/ Irene Song, Attorney-in-Fact for Michael M. Larsen
Issuer symbol: ITW
Transactions as of: 14 Feb 2023
Net transactions value: -$564,655
Form type: 4
Filing time: 16 Feb 2023, 15:46:04 UTC
Previous filing: 14 Feb 2023
Next filing: 09 Mar 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		+5,353	+15%		41,955	14 Feb 2023	Direct	F1, F2, F3
transaction	ITW	Common Stock	Tax liability	$564,655	-2,372	-5.7%	$238.05	39,583	14 Feb 2023	Direct	F3

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	-5,353	-100%	$0.000000^*	0	14 Feb 2023	Common Stock	5,353		Direct	F2, F4

* 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	Held jointly with spouse.
F4	PSUs vested and became payable on February 14, 2023.