Anand Kapila K 4

What Happened

• Anand Kapila K, a member of Elanco's Board of Directors, received 600.71 deferred stock units (DSUs) on March 31, 2026. The DSUs were credited as part of her election to defer director cash retainer fees and were recorded at a grant price of $23.93 per share, representing $14,375 in value. The filing shows an acquisition via award/deferral (transaction code "A").

Key Details

• Transaction date and price: March 31, 2026; grant price $23.93 per share.
• Quantity and value: 600.71 DSUs, total economic value ~$14,375.
• Shares owned after transaction: not specified in the filing.
• Footnotes: (1) DSUs were issued under the Directors' Deferral Plan as the economic equivalent of one share each; (2) DSUs will be settled in stock when the reporting person leaves the Board; (3) number issued equals deferred cash divided by the closing price ($23.93) on the grant date.
• Filing timeliness: Form 4 was filed April 2, 2026 for a March 31 transaction, which appears to be timely.

Context

• These are deferred stock units (derivative awards), not an open-market purchase. DSUs simply convert deferred cash retainer fees into a right to receive shares later (upon separation from the board), so they reflect compensation structuring rather than an immediate bullish purchase of shares.
• For investors, such routine director deferrals are common and primarily administrative; they do not by themselves signal trading intent.