Rhodes Kevin H 4

What Happened

• Kevin H. Rhodes, Executive Vice President and Chief Legal Officer & Secretary of 3M, exercised 7,669 derivative units (options) on 2026-07-22 at $154.69 per share (total exercise cost $1,186,318) and immediately sold those 7,669 shares in an open-market sale at $171.20 per share for gross proceeds of $1,312,933.
• The filing also lists a related derivative conversion/disposition of 7,669 units at $0, reported separately in the Form 4.
• This sequence (exercise followed by immediate sale) is effectively a cashless exercise and disposition; the transactions realized a pre-tax difference of about $126,615.

Key Details

• Transaction date: 2026-07-22; Form 4 filed 2026-07-23 (appears timely).
• Exercise price/amount acquired: 7,669 shares at $154.69 = $1,186,318.
• Sale: 7,669 shares at $171.20 = $1,312,933.
• Net proceeds (sale minus exercise cost): approximately $126,615 (before taxes and fees).
• Shares owned after the transaction: not specified in the provided excerpt.
• Footnote: F1 notes inclusion of dividend share equivalents accrued under 3M’s Deferred Compensation Plan.
• No 10b5-1 plan or tax-withholding method was disclosed in the provided details.

Context

• For retail investors: this was an option exercise immediately followed by a sale (cashless exercise), which is a common way for executives to monetize vested equity; it doesn’t necessarily signal a change in view on the company.
• The Form 4 lists both the exercise (derivative conversion) and the open-market sale; taxes, broker fees, or share withholding (if any) are not shown in the summarized lines.