Elbit Systems (ESLT) EVP details 49,000 share stock option grants

Rhea-AI Filing Summary

Elbit Systems Ltd Executive Vice President Ariel Jonathan has filed an initial ownership report showing indirect holdings of employee stock options held in an employee benefit trust managed by IBI Trust Management. These options relate to ordinary shares of Elbit Systems.

The filing lists options over 9,000 underlying shares at an exercise price of 134.3400 per share expiring on July 7, 2027, and options over 40,000 underlying shares at 197.8200 per share expiring on December 19, 2028. Footnotes explain that the 2021 grant is largely vested, the remainder vesting on April 7, 2026, while the 2024 grant vests in stages from September 19, 2026 through September 19, 2028, and that a net exercise mechanism will generally reduce the number of shares actually received upon exercise.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Ariel Jonathan

Role Executive Vice President

Type	Security	Shares	Price	Value
holding	Employee Stock Option (right to buy)	--	--	--
holding	Employee Stock Option (right to buy)	--	--	--

Holdings After Transaction: Employee Stock Option (right to buy) — 9,000 shares (Indirect, Held in an employee benefit trust by IBI Trust Management)

Footnotes (1)

1. Mr. Ariel 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. Unless otherwise determined by the option plans' administrators, a net exercise mechanism will be used with respect to the options, which entitles Mr. Ariel 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. Ariel following any exercise of options will likely be fewer than the number of shares subject to the options. Mr. Ariel'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. Ariel is the sole beneficiary of the options. Mr. Ariel 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.

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SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Ariel Jonathan

(Last) (First) (Middle)

ADVANCED TECHNOLOGY CENTER PO BOX 539

(Street)

HAIFA 3100401

(City) (State) (Zip)

ISRAEL

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
ELBIT SYSTEMS LTD [ ESLT ]

3a. Foreign Trading Symbol
[ESLT]

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

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

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

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	(1)	07/07/2027	Ordinary Shares	9,000(2)	$134.34	I(3)	Held in an employee benefit trust by IBI Trust Management
Employee Stock Option (right to buy)	(4)	12/19/2028	Ordinary Shares	40,000(2)	$197.82	I(3)	Held in an employee benefit trust by IBI Trust Management

Explanation of Responses:

1. Mr. Ariel 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.

2. Unless otherwise determined by the option plans' administrators, a net exercise mechanism will be used with respect to the options, which entitles Mr. Ariel 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. Ariel following any exercise of options will likely be fewer than the number of shares subject to the options.

3. Mr. Ariel'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. Ariel is the sole beneficiary of the options.

4. Mr. Ariel 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.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Adi Pinchas Confino, Attorney-in-Fact	03/18/2026
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Elbit Systems (ESLT) Form 3 for Ariel Jonathan report?

The Form 3 reports Executive Vice President Ariel Jonathan’s initial beneficial ownership of employee stock options linked to Elbit Systems ordinary shares, all held indirectly in an employee benefit trust, without showing any recent purchases or sales of shares or options.

How many Elbit Systems (ESLT) shares underlie Ariel Jonathan’s reported options?

The filing lists options over 9,000 underlying ordinary shares at an exercise price of $134.34 and options over 40,000 underlying ordinary shares at an exercise price of $197.82, together representing 49,000 underlying shares held indirectly through an employee benefit trust.

What are the vesting schedules for Ariel Jonathan’s Elbit Systems (ESLT) option grants?

The 2021 option grant is 80% vested and exercisable, with the remaining 20% vesting on April 7, 2026. The 2024 grant vests in three tranches: 40% on September 19, 2026, 30% on September 19, 2027, and 30% on September 19, 2028.

How are Ariel Jonathan’s Elbit Systems (ESLT) options held according to the Form 3?

The options are held indirectly in an employee benefit trust managed by IBI Trust Management. Footnotes state they are held in trust under his award agreement and option plan, and that Mr. Ariel is the sole beneficiary of the options reported in the filing.

What is the net exercise mechanism described in the Elbit Systems (ESLT) Form 3?

The net exercise mechanism allows exercising only the in-the-money value of options, delivering shares equal to the excess of market price over exercise price. As a result, Mr. Ariel will typically receive fewer shares than the full number subject to the options.

Does the Elbit Systems (ESLT) Form 3 show any option exercises or share sales?

No. The Form 3 functions as an initial ownership statement, listing existing option holdings and terms. The transaction summary shows no buys, sells, exercises, gifts, or tax withholdings, only holding entries for the reported employee stock options.