Elbit Systems (ESLT) EVP discloses option and share stakes
Rhea-AI Filing Summary
Elbit Systems Ltd Executive Vice President Yoram Shmuely has filed an initial statement of holdings showing both options and shares in the company. He holds employee stock options held in an employee benefit trust by IBI Trust Management over 9,000 underlying ordinary shares at an exercise price of 134.34 and 50,000 underlying ordinary shares at an exercise price of 197.82, expiring in 2027 and 2028. Footnotes explain that the 2021 option grant is mostly vested, with the remainder vesting in 2026, and that the 2024 grant vests in stages from 2026 to 2028. A net exercise mechanism means the actual shares received on exercise will likely be fewer than the optioned amounts. He also directly owns 50 ordinary shares.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Shmuely Yoram
Role
Executive Vice President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Ordinary shares, par value 1.00 NIS per share | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 59,000 shares (Indirect, Held in an employee benefit trust by IBI Trust Management);
Ordinary shares, par value 1.00 NIS per share — 50 shares (Direct)
Footnotes (4)
- F1. Mr. Shmuely received a grant of options on April 7, 2021, 80% of which has vested and become exercisable. The remaining 20% will vest and become exercisable on April 7, 2026.
- F2. Unless otherwise determined by the option plans' administrators, a net exercise mechanism will be used with respect to the options, which entitles Mr. Shmuely to exercise the options for a number of shares determined based on the excess, if any, of the fair market value of the shares underlying such options minus the exercise price of such options, calculated based on the date of exercise. Therefore, the number of shares actually received by Mr. Shmuely following any exercise of options will likely be fewer than the number of shares subject to the options.
- F3. Mr. Shmuely's options are held in trust in accordance with the terms of his award agreement and the option plan under which they were granted. Mr. Shmuely is the sole beneficiary of the options.
- F4. Mr. Shmuely received a grant of options on September 19, 2024, which vests and becomes exercisable in three tranches: 40% on September 19, 2026, 30% on September 19, 2027, and 30% on September 19, 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What does the Elbit Systems (ESLT) Form 3 filing by Yoram Shmuely show?
The Form 3 shows Executive Vice President Yoram Shmuely’s initial beneficial holdings in Elbit Systems. It lists indirect employee stock options held in trust and a small direct holding of 50 ordinary shares, outlining strike prices, expirations, and vesting schedules for the option grants.
How do Yoram Shmuely’s Elbit Systems (ESLT) option grants vest over time?
One grant from April 7, 2021 has 80% already vested and exercisable, with the remaining 20% vesting on April 7, 2026. A second grant from September 19, 2024 vests in three tranches: 40% in 2026, 30% in 2027, and 30% in 2028.
What is the net exercise mechanism described in the Elbit Systems (ESLT) Form 3?
The net exercise mechanism lets Yoram Shmuely receive only the value of the options above the exercise price. The number of ordinary shares delivered on exercise is based on fair market value minus strike price, so it will likely be fewer than the total shares subject to the options.
How are Yoram Shmuely’s Elbit Systems (ESLT) options held according to the Form 3?
The options are held in trust by IBI Trust Management under the terms of his award agreement and the relevant option plan. The filing states that Yoram Shmuely is the sole beneficiary of these options, clarifying his beneficial interest despite the indirect trust structure.