Elbit Systems (ESLT) EVP details indirect stock option holdings

Q: What does the Elbit Systems (ESLT) Form 3 filing by Vered Yehuda show?

The Form 3 shows Executive Vice President Vered Yehuda holding indirect employee stock options over 9,000 and 50,000 Elbit Systems ordinary shares. These options have exercise prices of 134.3400 and 197.8200 and expire in 2027 and 2028 , respectively.

Q: What are the vesting terms of Vered Yehuda’s Elbit Systems 2021 option grant?

The 2021 option grant to Vered Yehuda vested 80% and became exercisable already, with the remaining 20% scheduled to vest and become exercisable on April 7, 2026 . These options relate to ordinary shares and are held in trust under the award agreement.

Q: How does the 2024 Elbit Systems option grant to Vered Yehuda vest?

The 2024 option grant to Vered Yehuda vests in three tranches: 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 terms.

Q: What is the net exercise mechanism mentioned in Vered Yehuda’s Elbit Systems options?

The options use a net exercise mechanism. This lets Vered Yehuda receive only the value above the exercise price, calculated on the exercise date. As a result, the number of ordinary shares actually issued will likely be lower than the total underlying option shares.

Q: How are Vered Yehuda’s Elbit Systems options held according to the Form 3?

The options are held indirectly in an employee benefit trust managed by IBI Trust Management, in accordance with the award agreement and option plan. Vered Yehuda is stated as the sole beneficiary of these options under the disclosed trust arrangement.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Elbit Systems Ltd Executive Vice President Vered Yehuda filed an initial ownership report showing indirect employee stock option holdings. The filing lists options over 9,000 ordinary shares at an exercise price of 134.3400 per share expiring on July 7, 2027, and options over 50,000 ordinary shares at an exercise price of 197.8200 per share expiring on December 19, 2028.

The 2021 grant is 80% vested, with the remaining 20% vesting on April 7, 2026. The 2024 grant vests in tranches from 2026 to 2028. All options are held in an employee benefit trust, with Yehuda as sole beneficiary, and use a net exercise mechanism, so the shares ultimately received will be fewer than the underlying option amounts.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Vered Yehuda

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)

Mr. Vered 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. Vered 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. Vered following any exercise of options will likely be fewer than the number of shares subject to the options. Mr. Vered'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. Vered is the sole beneficiary of the options. Mr. Vered 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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Accepted by SEC EDGAR 03/18/2026 - 01:34 PM

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^*

Vered Yehuda

(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)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	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)
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	50,000⁽²⁾	$197.82	I⁽³⁾	Held in an employee benefit trust by IBI Trust Management

Explanation of Responses:

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

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

4. Mr. Vered 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)

Source: View Original Filing on SEC EDGAR

FAQ

What does the Elbit Systems (ESLT) Form 3 filing by Vered Yehuda show?

The Form 3 shows Executive Vice President Vered Yehuda holding indirect employee stock options over 9,000 and 50,000 Elbit Systems ordinary shares. These options have exercise prices of 134.3400 and 197.8200 and expire in 2027 and 2028, respectively.

How many Elbit Systems options does Vered Yehuda indirectly hold?

Vered Yehuda indirectly holds employee stock options tied to 9,000 ordinary shares at an exercise price of 134.3400 and 50,000 ordinary shares at an exercise price of 197.8200. All are held in an employee benefit trust with Yehuda as sole beneficiary.

What are the vesting terms of Vered Yehuda’s Elbit Systems 2021 option grant?

The 2021 option grant to Vered Yehuda vested 80% and became exercisable already, with the remaining 20% scheduled to vest and become exercisable on April 7, 2026. These options relate to ordinary shares and are held in trust under the award agreement.

How does the 2024 Elbit Systems option grant to Vered Yehuda vest?

The 2024 option grant to Vered Yehuda vests in three tranches: 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 terms.

What is the net exercise mechanism mentioned in Vered Yehuda’s Elbit Systems options?

The options use a net exercise mechanism. This lets Vered Yehuda receive only the value above the exercise price, calculated on the exercise date. As a result, the number of ordinary shares actually issued will likely be lower than the total underlying option shares.

How are Vered Yehuda’s Elbit Systems options held according to the Form 3?

The options are held indirectly in an employee benefit trust managed by IBI Trust Management, in accordance with the award agreement and option plan. Vered Yehuda is stated as the sole beneficiary of these options under the disclosed trust arrangement.