Elbit Systems (ESLT) CFO discloses vested and future option grants

Rhea-AI Filing Summary

ELBIT SYSTEMS LTD Executive Vice President and CFO Dr. Yaacov Shimon Kagan reported his existing employee stock option holdings. He holds options, indirectly through an employee benefit trust, over 12,000 underlying ordinary shares at an exercise price of 216.5300 per share expiring on December 14, 2027, and options over 60,000 underlying ordinary shares at 197.8200 per share expiring on December 19, 2028.

Footnotes explain that a net exercise mechanism applies, so the number of shares actually received upon exercise will reflect only the value above the exercise price and will likely be fewer than the total optioned shares. The options vest in tranches between September 2026 and September 2028, and are held in trust for Dr. Kagan as sole beneficiary.

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

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1. Name and Address of Reporting Person^*

Kagan Yaacov Shimon

(Last) (First) (Middle)

ADVANCED TECHNOLOGY CENTER PO BOX 539

AT ELBIT SYSTEMS LTD.

(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, CFO

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)	12/14/2027	Ordinary Shares	12,000(2)	$216.53	I(3)	Held in an employee benefit trust by IBI Trust Management
Employee Stock Option (right to buy)	(4)	12/19/2028	Ordinary Shares	60,000(2)	$197.82	I(3)	Held in an employee benefit trust by IBI Trust Management

Explanation of Responses:

1. Dr. Kagan received a grant of options on September 14, 2022, 60% of which has vested and become exercisable. The remaining 40% will vest in two tranches: 20% on September 14, 2026 and 20% on September 14, 2027.

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

3. Dr. Kagan's options are held in trust in accordance with the terms of his award agreement and the option plan under which they were granted. Dr. Kagan is the sole beneficiary of the options.

4. Dr. Kagan 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 Elbit Systems (ESLT) CFO Yaacov Kagan report on this Form 3?

Dr. Yaacov Shimon Kagan reports his existing employee stock option holdings in Elbit Systems. These options give him rights to acquire ordinary shares at preset exercise prices and future vesting dates, held indirectly through an employee benefit trust where he is the sole beneficiary.

How many Elbit Systems (ESLT) shares underlie Dr. Kagan’s reported options?

The filing shows options over 12,000 underlying ordinary shares at an exercise price of $216.53 and options over 60,000 underlying ordinary shares at $197.82. These are derivative positions, not currently owned shares, and they vest and become exercisable over several future dates.

How and when do the Elbit Systems (ESLT) options for Dr. Kagan vest?

One grant from September 14, 2022 is 60% vested, with 20% vesting on September 14, 2026 and 20% on September 14, 2027. A second grant from September 19, 2024 vests 40% on September 19, 2026, 30% on September 19, 2027, and 30% on September 19, 2028.

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

The options use a net exercise mechanism, meaning Dr. Kagan receives shares only for the value above the exercise price. The number of shares delivered is based on fair market value at exercise, so it will likely be fewer than the total optioned shares stated in the grants.

How are Dr. Kagan’s Elbit Systems (ESLT) options held according to the filing?

The options are held in an employee benefit trust managed by IBI Trust Management under the award agreement and option plan. Dr. Kagan is the sole beneficiary of these options, so the economic benefits from any exercise accrue to him despite the indirect legal holding structure.