Form 4: Elanco EVP Acquires Deferred Stock Units

Elanco Animal Health Inc. Executive Vice President Rajeev A. Modi acquired 68.5378 deferred stock units on October 3, 2025.

Summary

• Rajeev A. Modi, Executive Vice President U.S. Pet Health and Global Digital Transformation at Elanco Animal Health Inc. (ELAN), acquired 68.5378 Deferred Stock Units (DSUs).
• The transaction occurred on October 3, 2025.
• Each DSU represents the right to receive one share of Company common stock or its cash equivalent.
• The DSUs were acquired at an implied value of $20.64 per unit.
• Following this transaction, Rajeev A. Modi beneficially owns a total of 7,033.2623 DSUs directly.
• These DSUs are scheduled to settle in cash or shares of common stock upon termination of employment or during a specified future year, as per the Executive Deferral and Stock Match Plan.

Sentiment

Score: 6

Explanation: The acquisition of deferred stock units by an executive is a routine compensation event, generally neutral, but can be seen as a minor positive signal of continued insider alignment and confidence.

Positives

• An executive acquiring additional equity, even if compensation-related, can signal continued alignment with shareholder interests and confidence in the company's future.

Future Outlook

Deferred Stock Units are expected to settle in cash or shares of Company common stock following termination of employment or during a specified future year, in accordance with the Executive Deferral and Stock Match Plan.

Industry Context

This filing represents a routine insider compensation event and does not provide specific insights into broader industry trends or competitive positioning within the animal health sector.

Stakeholder Impact

• Shareholders: The transaction indicates continued equity alignment between an executive and the company, which can be viewed positively.

Next Steps

• Settlement of the Deferred Stock Units in cash or common stock upon termination of employment or during a specified future year.

Key Dates

Recommendation

This Form 4 filing details a routine, relatively small acquisition of deferred stock units by an executive as part of a compensation plan. While it signals continued insider alignment, it does not provide new material information or a significant change in the executive's overall holdings that would warrant a change in investment recommendation based solely on this filing. Investors should consider broader financial performance and strategic updates for investment decisions.

Keywords

Elanco Animal Health, ELAN, Rajeev A. Modi, Deferred Stock Units, DSU, Insider Transaction, SEC Form 4, Executive Compensation, Equity Acquisition