Illinois Tool Works (ITW) Form 4 ILLINOIS TOOL WORKS / Lei Zhang Schlitz ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Schlitz Lei Zhang

(Last) (First) (Middle)

155 HARLEM AVE.

(Street)

GLENVIEW IL 60025

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ILLINOIS TOOL WORKS INC [ ITW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2018

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/13/2018		M		1,356	A	$0	2,368	D
Common Stock	02/13/2018		F		421	D	$161.85	1,947	D
Common Stock								4,091	I	SEE FOOTNOTE(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$78.59							02/14/2015	02/14/2024	Common Stock	8,800		8,800	D
Employee Stock Option	$91.88							02/12/2017(2)	02/12/2026	Common Stock	13,736		13,736	D
Employee Stock Option	$63.25							02/15/2014	02/15/2023	Common Stock	13,564		13,564	D
Employee Stock Option	$98.26							02/13/2016(2)	02/13/2025	Common Stock	6,478		6,478	D
Employee Stock Option	$128							02/10/2018(2)	02/10/2027	Common Stock	18,635		18,635	D
Restricted Stock Unit (granted 02/13/15)(3)	$0.0	02/13/2018		M			1,356	(4)	(4)	Common Stock	1,356	$0	0	D
Performance Restricted Stock Unit (granted 2/12/2016)(3)	$0.0							(5)	(5)	Common Stock	2,993		2,993	D
Performance Share Units (granted 2/10/17)(3)	$0.0							(5)	(5)	Common Stock	1,990		1,990	D

Explanation of Responses:

1. Shares of common stock allocated to my account in the Illinois Tool Works Inc. Savings & Investment Plan--Information reported as of February 13, 2018.

2. Options vest in four (4) equal annual installments beginning one year from date of grant.

3. Each restricted stock unit (RSU), performance restricted stock unit (PRSU) and performance share unit (PSU) represents a contingent right to receive one share of the Company's common stock.

4. The RSU award became vested and payable on February 13, 2018.

5. Each PRSU and PSU vests 100% three years from date of grant if performance goals are met. In addition, PSU amounts above include accrue dividend equivalent rights payable upon vesting.

Remarks:

	Lei Zhang Schlitz, by Janet O. Love, Deputy General Counsel & Assistant Secretary, Attorney-In-Fact on File	02/15/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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