Phebe Novakovic exercises options and sells 129,090 GD shares at ~$313–$314

Rhea-AI Filing Summary

General Dynamics (GD) director and CEO Phebe N. Novakovic reported option exercises and share sales on 08/18/2025. She exercised a total of 129,090 stock options at an exercise price of $167.61, producing 129,090 shares. Concurrently, she sold two blocks totaling 129,090 shares at reported sale-price ranges of $313.15–$314.564. After these transactions she beneficially owned 769,607 shares directly and additional indirect holdings including 5,850.328 shares via an LLC and other plan/LLC interests. Some shares reflect 401(k) plan activity and shares held for her children’s trusts.

Positive

• Substantial retained ownership: Reporting person continues to beneficially own 769,607 shares directly, indicating alignment with shareholders.
• Transparency: Filing provides sale-price ranges and offers to provide detailed per-price allocations upon request.

Negative

• Large insider sale: Sold 129,090 shares at prices around $313–$314.56, a material liquidity event that could be perceived negatively by some investors.

Insights

Corporate Governance Expert

TL;DR: Insider exercised options then sold an equal number of shares; routine liquidity event by an executive with significant remaining holdings.

Ms. Novakovic exercised 129,090 options and sold the same number of shares on 08/18/2025 at prices in the low-$300s, realizing the spread over the $167.61 strike. This is a common managerial liquidity action rather than a governance change. She retains substantial beneficial ownership (769,607 shares direct plus indirect holdings), which aligns her interests with shareholders. The filing discloses sale-price ranges and indirect holdings via an LLC and 401(k) plan; full per-price allocation is available upon request.

Securities Analyst

TL;DR: Material by dollar value but not necessarily a signal of deteriorating fundamentals; monitor insider ownership concentration.

The transactions involved 129,090 shares sold at roughly $313–$314.56 after exercising options at $167.61, implying meaningful cash proceeds and tax/liquidity motives. The reporting person still holds a large stake, indicating retained exposure to GD’s performance. Investors may note the timing and size relative to outstanding shares, but the filing contains no operational or financial performance information to alter valuation analysis.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

NOVAKOVIC PHEBE N

(Last) (First) (Middle)

C/O GENERAL DYNAMICS CORPORATION

11011 SUNSET HILLS ROAD

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GENERAL DYNAMICS CORP [ GD ]

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

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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

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 Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/18/2025		M		10,517	A	$167.61	780,124	D
Common Stock	08/18/2025		S		10,517	D	$314.43(1)	769,607	D
Common Stock	08/18/2025		M		118,573	A	$167.61	888,180	D
Common Stock	08/18/2025		S		118,573	D	$313.498(2)	769,607	D
Common Stock								5,850.328(3)	I	401(k) Plan
Common Stock								30,000(5)	I	By LLC

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$167.61	08/18/2025		M			10,517	(4)	03/05/2029	Common Stock	10,517	$0	118,573	D
Stock Options	$167.61	08/18/2025		M			118,573	(4)	03/05/2029	Common Stock	118,573	$0	0	D

Explanation of Responses:

1. Sale prices ranged from $314.341 to $314.564. Reporting Person will provide, upon request by the Commission staff, General Dynamics, or a General Dynamics shareholder, full information regarding the number of shares sold at each separate sales price.

2. Sale prices ranged from $313.15 to $313.91. Reporting Person will provide, upon request by the Commission staff, General Dynamics, or a General Dynamics shareholder, full information regarding the number of shares sold at each separate sales price.

3. Includes share activity under General Dynamics 401(k) plan since date of Reporting Person's last ownership report.

4. Fifty percent became exercisable on 03/06/2021, and the remaining fifty percent became exercisable on 03/06/2022.

5. Represents shares held by a limited liability company for which the Reporting Person serves as a manager and the members of which are trusts for the benefit of the Reporting Person's children.

	Nicholas R. Barnaby, by Power of Attorney	08/20/2025
	** 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 4 (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.

FAQ

What transactions did Phebe Novakovic report on Form 4 for GD?

She exercised 129,090 stock options at $167.61 and sold 129,090 shares on 08/18/2025 with sale-price ranges disclosed in the filing.

How many shares does Novakovic beneficially own after the reported transactions?

She beneficially owns 769,607 shares directly, plus indirect interests including shares held via an LLC and 401(k) activity.

What were the sale prices disclosed in the Form 4?

Sale-price ranges were $314.341–$314.564 and $313.15–$313.91; exact allocation by price is available upon request to the issuer or the SEC staff.

Do the filings indicate why the shares were sold?

No specific reason is given; the Form 4 documents the exercises and sales but does not state motivations.

Are any holdings indirect or held for family/beneficiaries?

Yes. The filing shows shares held by an LLC for which the reporting person is manager and trusts for her children, and activity under the General Dynamics 401(k) plan.