ELAN Form 4: Modi Adds 68.5378 Deferred Stock Units at $20.64

Rhea-AI Filing Summary

Rajeev A. Modi, Executive Vice President U.S. Pet Health and Global Digital Transformation at Elanco Animal Health Inc. (ELAN), reported a Section 16 transaction dated 10/03/2025. He acquired 68.5378 deferred stock units under the company's deferral plan at a reported price of $20.64 per share equivalent. Following the reported transaction, the filing shows 7,033.2623 shares of common stock beneficially owned. The deferred stock units represent the right to receive one share of common stock or the cash equivalent and will settle in cash or shares after termination of employment or in a specified future year under the Executive Deferral and Stock Match Plan.

Positive

• Acquisition of 68.5378 deferred stock units indicates continued executive alignment with shareholder interests
• Post-transaction beneficial ownership of 7,033.2623 shares shows meaningful insider stake

Negative

• Deferred stock units may settle in cash, which can reduce direct long-term share alignment depending on settlement choice

Insights

Compensation & Corporate Governance Analyst

Insider received deferred equity that aligns pay with future shareholder outcomes, but may settle in cash.

The reporting shows an acquisition of 68.5378 deferred stock units that convert to one share each or a cash equivalent, and a post-transaction beneficial ownership of 7,033.2623 shares. Equity-based deferrals are commonly used to retain executives and link long-term pay to company stock performance.

Because the plan allows cash settlement, the immediate dilution impact on outstanding shares is uncertain; cash settlement preserves share count but may increase near-term cash obligations. Monitor future filings for settlement elections and any changes to total beneficial ownership reported in periodic Section 16 filings within the next 12 months.

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
Estimated average burden
hours per response:			0.5

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)
10/03/2025

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)	10/03/2025		A		68.5378		(2)	(2)	Common Stock	68.5378	$20.64	7,033.2623	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	10/07/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Rajeev Modi report on Form 4 for Elanco (ELAN)?

He acquired 68.5378 deferred stock units on 10/03/2025, and the filing shows 7,033.2623 shares beneficially owned following the transaction.

What is a deferred stock unit in this filing for ELAN?

Each deferred stock unit represents the right to receive one share of common stock or the cash equivalent under the Executive Deferral and Stock Match Plan.

At what price were the deferred stock units reported?

The filing lists a price of $20.64 per share equivalent for the reported deferred stock units.

When do the deferred stock units settle?

The units settle in cash or shares following termination of employment or during a specified future year as provided by the plan.

What is Rajeev Modi's role at Elanco?

The filing identifies him as Executive Vice President U.S. Pet Health and Global Digital Transformation.