Mukunda Ram 4

What Happened

Mukunda Ram, CEO and a director of IGC Pharma (IGC), exercised or converted 50,000 derivative instruments into 50,000 shares on February 3, 2026 (reported as code M) at an exercise/conversion price of $0.00. On the same day, RSU awards totaling 83,333 restricted stock units (two grant lines of 16,667 and 66,666) were reported as acquired (code A) for the reporting person’s spouse. All reported transactions show $0.00 per share, so the reported cash value for these transactions is $0.

Key Details

• Transaction date: February 3, 2026; Form 4 filed February 4, 2026 (appears timely).
• Derivative conversion/exercise: 50,000 shares at $0.00 (code M).
• RSU grants: 16,667 and 66,666 units (total 83,333 RSUs) at $0.00 (code A).
• Total newly acquired/awarded shares/units reported: 133,333 (50,000 + 83,333). Reported cash consideration: $0.00.
• Shares owned after the transaction: not specified in the provided filing.
• Footnotes: the RSUs were granted to the reporting person’s spouse; footnotes indicate some RSUs vested immediately, some vest on March 31, 2026, and some vest equally over two years beginning March 31, 2026. Each RSU represents a right to receive one share of IGC common stock.

Context

• The M code indicates an exercise or conversion of a derivative (e.g., option or warrant) rather than an open-market purchase; the $0.00 price suggests a non-cash conversion or zero-exercise-cost instrument.
• The RSU awards were granted to the spouse and include immediate and time-based vesting tranches; awards to family members are disclosures required by insider rules and do not necessarily indicate personal trading intent.
• These transactions are acquisitions/awards (not sales), which retail investors often view as more informative than routine sales, but filings alone do not reveal the insider’s motivation.