David B. Speer held significant stock options at Illinois Tool Works (ITW), many of which were tied to performance metrics. In 2009, he had sizeable vested stock options valued at around $4.5 million. By 2012, just before his passing, the...

David B. Speer held significant stock options at Illinois Tool Works (ITW), many of which were tied to performance metrics. In 2009, he had sizeable vested stock options valued at around $4.5 million. By 2012, just before his passing, the company recognized his many years of service by extending the exercise period of his options, allowing him to benefit from approximately $1 million more in pension benefits. This adjustment highlighted his contributions to ITW, especially as he neared retirement. His stock options were all structured to encourage long-term planning and align with company success, ensuring that his financial interests were closely tied to ITW’s performance. At the time of his death, he had a significant amount of unexercised options, valued heavily in the millions by the time of their extension.