LDOS Insider Hull Exercises Options and Sells Shares; Beneficial Ownership Falls

Rhea-AI Filing Summary

Stephen Edward Hull, Sector President at Leidos Holdings, Inc. (LDOS), reported multiple transactions on Form 4. On 09/02/2025 he exercised stock options totaling 11,526 options across four option grants at exercise prices of $89.08, $105.08, $96.95 and $129.79, resulting in incremental beneficial ownership increases to 37,895.9809 shares by 09/02/2025. On 09/04/2025 he exercised an additional option for 2,827 shares and simultaneously sold 12,497 shares at a weighted-average price of $178.14, reducing his beneficial ownership to 25,816.9809 shares. The filing corrects a prior clerical error and discloses shares withheld to cover option exercise costs.

Insights

Securities Analyst

TL;DR Insider exercised multiple option grants and conducted a large sale, materially reducing direct holdings.

The reporting person exercised several stock options on 09/02/2025 and 09/04/2025, acquiring a total of 14,353 underlying shares via option exercises across four grant vintages. A sale of 12,497 shares on 09/04/2025 at a weighted-average price of $178.14 materially lowered reported beneficial ownership to 25,816.9809 shares. The filing includes a correction to a prior Form 4 and notes shares withheld to satisfy exercise obligations. For investors, this is a mixed signal: option exercises increase stake concentration before the sale, but the subsequent sizable disposition is an outright reduction in reported holdings.

Corporate Governance Expert

TL;DR Disclosure is thorough; correction and withholding are properly explained, but the large sale is notable for governance review.

The Form 4 documents timely disclosure of option exercises and an associated sale, including an explicit correction to a clerical error on an earlier filing. The filing explains that some shares were withheld to cover exercise price and fees and that the sale was executed in multiple transactions priced between $177.64 and $178.545. From a governance perspective, the form meets reporting standards and provides requisite explanations for withholding and pricing ranges, allowing stakeholders to verify compliance with Section 16 reporting obligations.

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
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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^*

Hull Stephen Edward

(Last) (First) (Middle)

1750 PRESIDENTS STREET

(Street)

RESTON VA 20190

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Leidos Holdings, Inc. [ LDOS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		M		4,264	A	$89.08	30,633.9809	D
Common Stock	09/02/2025		M		3,572	A	$105.08	34,205.9809	D
Common Stock	09/02/2025		M		3,690	A	$96.95	37,895.9809	D
Common Stock	09/04/2025		M		2,827	A	$129.79	40,722.9809	D
Common Stock	09/04/2025		F(1)		2,409	D	$177.71	38,313.9809	D
Common Stock	09/04/2025		S		12,497	D	$178.14(2)	25,816.9809	D

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 Option (Right to Buy)	$89.08	09/02/2025		M			4,264	03/05/2022	03/04/2028	Common Stock	4,264	$0	0(3)	D
Stock Option (Right to Buy)	$105.08	09/02/2025		M			3,572	03/04/2023	03/03/2029	Common Stock	3,572	$0	1,191	D
Stock Option (Right to Buy)	$96.95	09/02/2025		M			3,690	03/03/2024	03/02/2030	Common Stock	3,690	$0	1,816	D
Stock Option (Right to Buy)	$129.79	09/04/2025		M			2,827	03/08/2025	03/07/2031	Common Stock	2,827	$0	5,485	D

Explanation of Responses:

1. Represents shares of common stock withheld by the issuer in connection with the option exercise to cover the exercise price and associated fees.

2. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices from $177.64 to $178.545 inclusive. The reporting person undertakes to providing to Leidos Holdings, Inc., any security holder of Leidos Holdings, Inc., or the staff of the Securities Exchange Commission upon request, full information regarding the number of shares sold at each separate price within the aforementioned range.

3. This filing corrects a clerical error on the reporting person's Form 4 filed on August 19, 2025. On that Form 4, a stock option exercise of 1,421 options was timely and correctly reported. However, the amount shown in Column 9 was inadvertently stated as 2,843. The correct amount for Column 9 on that date was 4,264.

Remarks:

	/s/ Henrique B. Canarim by PoA of Stephen Edward Hull	09/04/2025
	** Signature of Reporting Person	Date
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