Paddock David 4

What Happened

• David Paddock, Vice President of General Dynamics (GD), received multiple equity awards on 2026-03-04: 1,994 shares, 1,440 shares of restricted stock, and 12,150 derivative shares (all reported as acquisitions at $0.00). To satisfy tax withholding on the PSU/share release, 879 shares were withheld/disposed at $362.35 each, generating roughly $318,506 in tax withholding value.
• The awards include performance stock units (PSUs) that vested based on performance (settled in shares) and service‑based restricted stock; some awards are derivative/option-like with future exercisability dates.

Key Details

• Transaction date: 2026-03-04; filing date: 2026-03-06 (timely — Form 4 filed within standard window).
• Withholding sale: 879 shares withheld at $362.35 per share → roughly $318,506 to cover taxes.
• Awards received (all shown at $0.00 acquisition price): 1,994 shares; 1,440 restricted shares; 12,150 derivative shares.
• Shares owned after transaction: not specified in the provided summary (see the full Form 4 for exact beneficial ownership).
• Notable footnotes:
  • F1: PSUs originally granted in 2023 — additional units issued upon achieving performance criteria; settled in shares with accrued dividend equivalents; no further service vesting required.
  • F3: Withholding of shares to satisfy tax withholding on PSU release.
  • F4: 1,440 shares are restricted stock subject to three years of service-based vesting.
  • F5: The 12,150 derivative shares have a staged exercisability (50% 03/04/2028; 50% 03/04/2029).
  • F2: Filing includes a correction of a prior ownership reporting error.

Context

• This filing reflects award settlements and routine tax-withholding (not an open‑market sale). The withheld shares were retained by the company to satisfy tax obligations on vested PSUs rather than an independent sale signaling intent.
• The 12,150 derivative shares appear subject to future vesting/exercise dates (see F5); they are not immediate open‑market purchases or sales.