Banovetz John Patrick 4

What Happened

• John Patrick Banovetz, Executive Vice President of 3M, exercised options on May 1, 2026, to acquire 13,420 shares at an exercise price of $142.50 per share for a gross amount of $1,912,350 (transaction code M). To cover tax and/or exercise obligations, 6,120 of those shares were surrendered/withheld valued at $872,100 (transaction code F). The filing also records a derivative conversion/settlement entry of 13,420 units at $0.00 associated with the exercise.

Key Details

• Transaction date: 2026-05-01. Form 4 filed: 2026-05-04 (filed within the SEC timeliness window).
• Exercise (M, acquired): 13,420 shares @ $142.50 = $1,912,350.
• Withholding/tax payment (F, disposed): 6,120 shares @ $142.50 = $872,100.
• Derivative conversion entry: 13,420 units @ $0.00 (reflects conversion/settlement of the derivative).
• Net shares retained (arithmetic): 13,420 exercised − 6,120 withheld = 7,300 shares retained.
• Shares owned after transaction: not stated in this filing.
• Relevant footnotes included in the filing:
  • F1: dividend share equivalents accrued under 3M's Deferred Compensation Plan.
  • F2: shares from the General Employee Stock Purchase Plan.
  • F3: shares from the Dividend Reinvestment Plan.
  • F4: each restricted stock unit (RSU) equals a contingent right to one share.
  • F5: RSUs vest 100% three years from grant date.
• Transaction codes: M = option exercise/conversion; F = payment of exercise price or tax withholding.

Context

• This was an options exercise with shares withheld to cover taxes/exercise amounts (a common, routine settlement method), not an open-market sale or purchase. Exercises convert derivative rights into stock; the withholding reduces the net shares delivered. Such filings are largely administrative and do not, by themselves, indicate the insider's view on the company’s stock.