Banovetz John Patrick 4

What Happened
John Patrick Banovetz, Executive Vice President of 3M (MMM), exercised stock options on Feb 6, 2026 to acquire 4,818 shares at an exercise price of $172.65 per share, a gross value of $831,828. The company withheld 1,362 shares to cover the exercise price/tax liability (reported as a disposition valued at $235,149). After withholding, he received a net 3,456 shares (net value at the exercise price ≈ $596,679). One line in the filing shows the derivative converted/terminated in the exercise (reported as disposed at $0).

Key Details

• Transaction date: 2026-02-06; Form 4 filed: 2026-02-09.
• Exercise details (code M): 4,818 shares @ $172.65 = $831,828 (acquired).
• Tax/exercise withholding (code F): 1,362 shares @ $172.65 = $235,149 (disposed to cover liability).
• Net new shares to insider: 3,456 shares (4,818 − 1,362); net value at exercise price ≈ $596,679.
• Footnotes: F denotes tax/exercise withholding; other footnotes in the filing describe deferred comp, ESPP, and RSU vesting but are not directly tied to this exercise.
• Filing timeliness: filed three days after the transaction (no indication in provided data that the filing was late).

Context
This was an option exercise (code M) with a share-withholding to cover taxes/exercise costs (a common "sell/withhold to cover" practice), not a market sale of remaining shares. Such exercises are routine for executives exercising vested options and do not, by themselves, indicate a clear buy/sell signal about the insider's view of the stock.