Elbit Systems (ESLT) EVP reports indirect employee stock option holdings

Rhea-AI Filing Summary

Elbit Systems Ltd Executive Vice President Oren Yaacov Sabag filed an initial ownership report showing indirect holdings of employee stock options held in an employee benefit trust managed by IBI Trust Management.

He holds options over 10,000 ordinary shares with an exercise price of $134.34 expiring on July 7, 2027, and options over 45,000 ordinary shares with an exercise price of $197.82 expiring on December 19, 2028.

Footnotes explain that a 2021 option grant is 80% vested, with the remaining 20% vesting on April 7, 2026, and that exercises use a net exercise mechanism so the actual shares received will be fewer than the underlying amounts. A 2024 grant vests in three tranches: 40% on September 19, 2026, 30% on September 19, 2027, and 30% on September 19, 2028. Mr. Sabag is the sole beneficiary of these options.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Sabag Oren Yaacov

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) — 10,000 shares (Indirect, Held in an employee benefit trust by IBI Trust Management)

Footnotes (1)

1. Mr. Sabag 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. Sabag 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. Sabag following any exercise of options will likely be fewer than the number of shares subject to the options. Mr. Sabag'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. Sabag is the sole beneficiary of the options. Mr. Sabag 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^*

Sabag Oren Yaacov

(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	10,000(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	45,000(2)	$197.82	I(3)	Held in an employee benefit trust by IBI Trust Management

Explanation of Responses:

1. Mr. Sabag 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. Sabag 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. Sabag following any exercise of options will likely be fewer than the number of shares subject to the options.

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

4. Mr. Sabag 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 filing disclose for Oren Sabag?

The Form 3 shows Executive Vice President Oren Yaacov Sabag’s initial beneficial ownership of employee stock options, all held in an employee benefit trust. It details option quantities, exercise prices, expiration dates, and vesting schedules for his 2021 and 2024 option grants.

How many Elbit Systems options does Oren Sabag report in this Form 3?

Oren Sabag reports employee stock options over 10,000 ordinary shares at an exercise price of $134.34 and over 45,000 ordinary shares at $197.82. Both positions are held indirectly through an employee benefit trust managed by IBI Trust Management.

What are the vesting terms of Oren Sabag’s 2021 Elbit Systems option grant?

The 2021 grant vested 80% and became exercisable before this filing, with the remaining 20% scheduled to vest and become exercisable on April 7, 2026. These options are subject to a net exercise mechanism that typically results in fewer shares than the underlying option amount.

How do Oren Sabag’s 2024 Elbit Systems options vest according to the Form 3?

The 2024 option grant vests in three stages: 40% on September 19, 2026, 30% on September 19, 2027, and 30% on September 19, 2028. Each tranche becomes exercisable as it vests, according to the grant description in the filing footnotes.

What is the net exercise mechanism described in Oren Sabag’s Elbit Systems options?

The net exercise mechanism lets Oren Sabag exercise options only for the value above the exercise price, based on fair market value at exercise. As a result, the number of shares actually delivered will generally be smaller than the total shares underlying the option grant.

Are Oren Sabag’s Elbit Systems options held directly or through a trust?

The options are held indirectly in an employee benefit trust managed by IBI Trust Management under the terms of his award agreements and the option plan. The filing states that Oren Sabag is the sole beneficiary of these options held in trust.