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TMCNet:  ILLINOIS TOOL WORKS INC FILES (8-K) Disclosing Change in Directors or Principal Officers

[March 25, 2014]

ILLINOIS TOOL WORKS INC FILES (8-K) Disclosing Change in Directors or Principal Officers

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 21, 2014, Illinois Tool Works Inc. ("ITW") granted performance restricted stock units ("PRSUs") for 8,358 shares of ITW common stock, and a nonqualified stock option to purchase 44,910 shares, to Craig A. Hindman, Executive Vice President of ITW and presently the Chief Executive Officer of ITW's Industrial Packaging Segment. The option and PRSUs were granted on the same terms and conditions as those granted to other executives of ITW; provided, however, that upon Mr. Hindman's retirement on the closing date of the divestiture of the Industrial Packaging Segment, the option shares will continue to vest 100% in accordance with the normal vesting schedule, and the PRSUs will vest on the scheduled vesting date three years from the grant date, subject to the certification of achievement of the relevant performance goal by the Compensation Committee.


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