Blomquist Denise L. 4

What Happened

• Denise L. Blomquist, Medtronic’s Chief Accounting Officer, had performance-vesting share units converted to common stock on May 26, 2026. The filing shows 1,712 shares were acquired on conversion and 1,621 shares were disposed (both reported at $0 per share in the Form 4), for a net increase of 91 shares. The Form 4 reports $0 price because these were conversions/settlements of performance units rather than open-market trades.

Key Details

• Transaction date: May 26, 2026. Form filed May 28, 2026 (filed within the typical two-business-day window).
• Acquired: 1,712 shares via conversion/settlement of performance-vesting share units (derivative transaction code M).
• Disposed: 1,621 shares (reported as derivative disposition, $0 per share).
• Net change: +91 shares.
• Footnotes from the filing:
  • These shares were issued upon settlement of performance-vesting share units granted July 31, 2023, after performance was certified on May 26, 2026 (F1).
  • Each performance share unit (PSU) represents a contingent right to one share of Medtronic common stock (F2).
  • The PSUs vested on April 24, 2026 (F3).
  • The filing notes that 1,027 of the issued shares will be delivered to the reporting person when her employment with the company ends (F1).
• Shares owned after the transaction: not disclosed in this filing.

Context

• These were not open-market purchases or sales but the settlement/conversion of earned performance share units into common stock. The reported disposals are commonly related to tax withholding or other settlement mechanics for vested awards (the filing does not specify the exact reason).
• Because this is the conversion/settlement of compensation awards (not a buy/sell signaling a market opinion), it is routine insider compensation activity rather than an independent investment decision.