Elanco (NYSE: ELAN) EVP Modi receives 57.98 deferred stock units in Form 4

Rhea-AI Filing Summary

Elanco Animal Health executive Rajeev A. Modi reported a routine equity compensation transaction. On 01/23/2026, he was awarded 57.9762 deferred stock units at a reference price of $24.4 per unit, increasing his beneficial holdings of these units to 7,538.3256, held directly.

The deferred stock units each represent the right to receive either one share of Elanco common stock or the cash equivalent. They will settle in cash or shares after termination of employment or in a specified future year under the company’s Executive Deferral and Stock Match Plan.

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

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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)
01/23/2026

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)	01/23/2026		A		57.9762		(2)	(2)	Common Stock	57.9762	$24.4	7,538.3256	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	01/27/2026
	** 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 ELAN executive Rajeev A. Modi report?

Rajeev A. Modi reported receiving 57.9762 deferred stock units on January 23, 2026. These units are a form of equity-linked compensation that increase his total deferred stock unit holdings to 7,538.3256, all reported as directly owned under Elanco’s compensation arrangements.

What are the terms of the deferred stock units reported for ELAN?

Each deferred stock unit represents the right to receive one share of Elanco common stock or the cash equivalent. The units settle after employment terminates or in a specified future year, consistent with Elanco’s Executive Deferral and Stock Match Plan for eligible executives.

At what price were the ELAN deferred stock units valued in this Form 4?

The 57.9762 deferred stock units granted to Rajeev A. Modi were valued at a reference price of $24.4 per unit. This price is used for reporting purposes and helps quantify the size of the equity-based award disclosed in the filing.

How many deferred stock units does Rajeev A. Modi hold after this ELAN grant?

After the January 23, 2026 grant, Rajeev A. Modi beneficially owns 7,538.3256 deferred stock units. All are listed as directly held, reflecting his accumulated equity-based compensation under Elanco’s executive deferral and stock match programs over time.

When will the reported ELAN deferred stock units be settled?

The deferred stock units will settle in cash or Elanco common shares following termination of employment or during a specified future year. Settlement timing follows the company’s Executive Deferral and Stock Match Plan, which governs how and when participating executives receive these benefits.