Elanco (ELAN) officer granted 56.63 deferred stock units in Form 4

Rhea-AI Filing Summary

Elanco Animal Health reported that officer Rajeev A. Modi acquired a grant of 56.6301 deferred stock units on Company stock, valued at $24.98 per unit. After this award, his direct holdings in these deferred stock units total 7,651.0914 units.

Each deferred stock unit represents the right to receive either one share of Elanco common stock or the cash equivalent. According to the company’s Executive Deferral and Stock Match Plan, these units are scheduled to settle in cash or shares after employment ends or in a specified future year.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Modi Rajeev A.

(Last) (First) (Middle)

C/O ELANCO ANIMAL HEALTH INCORPORATED

450 ELANCO CIRCLE

(Street)

INDIANAPOLIS IN 46221

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Elanco Animal Health Inc [ ELAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SEE REMARKS

3. Date of Earliest Transaction (Month/Day/Year)
02/20/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	02/20/2026		A		56.6301		(2)	(2)	Common Stock	56.6301	$24.98	7,651.0914	D

Explanation of Responses:

1. Each deferred stock unit represents the right to receive one share of Company common stock or the cash equivalent.

2. Deferred stock units settle in cash or shares of Company common stock following termination of employment or during a specified future year in accordance with Executive Deferral and Stock Match Plan.

Remarks:

Executive Vice President U.S. Pet Health and Global Digital Transformation

	/s/ Amy C. Seidel, as Attorney-in-Fact for Rajeev A. Modi	02/24/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did Elanco (ELAN) report for Rajeev A. Modi?

Elanco reported that officer Rajeev A. Modi received a grant of 56.6301 deferred stock units. These units are tied to Elanco common stock and increase his direct deferred holdings to 7,651.0914 units under the company’s Executive Deferral and Stock Match Plan.

How many deferred stock units does Rajeev A. Modi hold after this Elanco (ELAN) Form 4?

After the reported grant, Rajeev A. Modi directly holds 7,651.0914 deferred stock units. This total includes the new 56.6301-unit award and reflects his accumulated deferred compensation interest linked to Elanco common stock under the company’s executive deferral program.

What does each deferred stock unit represent for Elanco (ELAN) insiders?

Each deferred stock unit represents the right to receive one share of Elanco common stock or its cash equivalent. This structure ties executive compensation to the company’s equity value while allowing eventual settlement either in shares or cash, depending on plan terms and elections.

When do Elanco (ELAN) deferred stock units for Rajeev A. Modi settle?

The deferred stock units settle in cash or Elanco common shares after employment termination or during a specified future year. Settlement timing follows the company’s Executive Deferral and Stock Match Plan, which governs when executives actually receive value from these deferred awards.

Was the Elanco (ELAN) Form 4 transaction a market purchase or sale?

The Form 4 reports an acquisition through a grant of deferred stock units, not an open-market purchase or sale. The transaction is coded as a grant or award, meaning it represents compensation awarded to the officer rather than trading in Elanco shares on the market.

How is the value of Rajeev A. Modi’s new Elanco (ELAN) deferred units determined?

The 56.6301 deferred stock units are valued at $24.98 per unit for this grant. That price reflects the reference value used to calculate the size of the award, aligning the deferred compensation with Elanco’s common stock price at the time of the grant.