RTX EVP Maharajh Ramsaran Exercises SARs, Sells 20,069 Shares

What Happened
Maharajh Ramsaran, Executive Vice President and General Counsel of RTX (RTX), exercised Stock Appreciation Rights (SARs) that resulted in the acquisition of 20,069 shares on 2026-08-18. All 20,069 shares were immediately disposed of: 6,414 shares were surrendered to the issuer to satisfy the exercise consideration, and 13,655 shares were sold in the open market. Proceeds reported from the dispositions total about $4.49 million (6,414 shares × $224.07 = $1,437,185; 13,655 shares × $223.92 = $3,057,563). The SAR exercise is reported as an acquisition of 20,069 shares at an exercise price of $71.62 per share (total $1,437,342).

Key Details

• Transaction date: 2026-08-18 (filed 2026-08-19 — appears timely).
• Acquired: 20,069 shares via SAR exercise at $71.62 (total reported $1,437,342).
• Disposed: 6,414 shares to issuer at $224.07 (total $1,437,185) and 13,655 shares sold open market at a weighted average ~$223.92 (total $3,057,563). Combined sale proceeds ≈ $4.49M.
• Footnote: sale price is a weighted average of same‑day transactions ranging $223.86–$224.09. (Footnote F1)
• Footnote: SARs were settled in shares and, for reporting, the exercise is treated as acquiring the underlying shares at the exercise price and simultaneously selling a number of shares back to the issuer equal in value to the exercise cost. (Footnote F2)
• Shares owned after the transactions: not specified in the filing.

Context

• This was effectively a cashless SAR exercise: the award was settled in shares and a portion was immediately surrendered to cover the exercise cost while the remainder was sold in the open market. Cashless exercises and simultaneous sales are common for executives to realize gains or cover tax/exercise costs and do not by themselves indicate a change in long‑term view.
• The filing shows an executive converting a derivative award into stock and selling the resulting shares the same day; purchases (holdings increases) are generally more informative about bullish insider sentiment, but here the net result was proceeds realization.