General Dynamics (GD) Director Robert K. Steel Exercises Options, Sells Shares

What Happened

• Robert K. Steel, a director of General Dynamics (GD), exercised stock options and sold the resulting shares on 2026-09-23. He exercised a total of 7,440 shares (four option lots) at weighted exercise prices of $168.56, $232.90, $227.58 and $274.51, paying $1,574,211 in aggregate. He then sold the 7,440 shares in the open market for gross proceeds of $2,574,620 (sales priced ~ $345.97–$346.12). The difference between gross sale proceeds and exercise cost is about $1,000,409 before taxes, fees or other withholdings.

Key Details

• Transaction date: 2026-09-23; Form 4 filed 2026-09-25 (timely filing).
• Option exercises (M): 2,770 @ $168.56 ($466,911); 2,190 @ $232.90 ($510,051); 1,780 @ $227.58 ($405,092); 700 @ $274.51 ($192,157).
• Open-market sales (S): 2,770 @ $346.08 ($958,644); 2,190 @ $346.12 ($758,001); 1,780 @ $346.01 ($615,898); 700 @ $345.82 ($242,077). Footnote F1 notes sale prices ranged $345.97–$346.01 and full breakdown available on request.
• Derivative disposition lines at $0 reflect cancellation/conversion of the option awards upon exercise.
• Vesting/option background: footnotes show these option tranches vested in installments between 03/03/2023 and 03/06/2027 (F2–F5).
• Shares owned after the transaction are not provided in the summary data here.

Context

• This was effectively a cashless exercise: options were exercised and the resulting shares were sold the same day. That pattern is common for covering exercise costs and taxes rather than signaling a buy conviction.
• No 10b5-1 plan or other trading plan is indicated in the provided data; no inference should be made about motivation.