Modi Rajeev A. 4

What Happened
Rajeev A. Modi, Executive Vice President U.S. Pet Health and Global Digital Transformation at Elanco Animal Health (ELAN), received a grant of 56.63 deferred stock units on Feb 20, 2026. The units were recorded at $24.98 each for a notional value of about $1,415. The transaction is reported as an award/grant (derivative acquisition), not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-02-20; Report filed: 2026-02-24 (filed within the Form 4 two-business-day window).
• Award: 56.63 deferred stock units at $24.98 each; total notional value ≈ $1,415.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes:
  • F1 — Each deferred stock unit (DSU) represents the right to receive one share of common stock or the cash equivalent.
  • F2 — DSUs settle in cash or shares following termination of employment or during a specified future year under the Executive Deferral and Stock Match Plan.
• Transaction type code: A (award/grant, derivative).

Context: This was a compensation award (deferred stock units) rather than an outright stock purchase or sale. DSUs increase the insider’s potential future economic exposure to Elanco shares but may not convert to shares immediately; settlement depends on plan rules (cash or stock, often upon termination or at a scheduled time). This filing is informational and does not itself indicate the insider’s trading intent.