Insider Filing: Rajeev Modi Receives 6,735 DSUs at Elanco (ELAN)

Rhea-AI Filing Summary

This Form 4, filed for Elanco Animal Health Inc. (ELAN), reports that Rajeev A. Modi, Executive Vice President U.S. Pet Health and Global Digital Transformation, had a transaction dated 08/08/2025. The filing shows acquisition of deferred stock units with a recorded amount of 6,735.3051 (displayed in the form) and a price field showing $16.67. The form notes each deferred stock unit represents the right to receive one share of common stock or the cash equivalent and that units settle in cash or shares following termination of employment or during a specified future year under the Executive Deferral and Stock Match Plan. The filing was signed by Amy C. Seidel as attorney-in-fact on 08/12/2025 and was filed by one reporting person.

Insights

Financial Analyst

TL;DR: Insider report shows acquisition of deferred stock units equal to 6,735.3051 units on 08/08/2025; settlement may be cash or shares.

The Form 4 documents an acquisition of deferred stock units by Rajeev Modi, with the form explicitly listing 6,735.3051 units and a $16.67 price field. The disclosure clarifies these units convert to one share each or a cash equivalent and settle under the company's Executive Deferral and Stock Match Plan after employment termination or in a specified future year. This is a routine executive compensation deferral disclosure rather than an immediate open-market purchase or sale.

Corporate Governance Expert

TL;DR: Reported deferred stock units reflect executive compensation arrangements; settlement terms are governed by the company's deferral plan.

The filing names the reporting person and role, specifies the transaction date 08/08/2025, and provides plan-based settlement terms that expressly allow cash or share settlement. The document is signed by an attorney-in-fact, indicating a formal filing process. There is no disclosure in this Form 4 of a sale, accelerated vesting without plan terms, or other atypical governance actions.

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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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

2500 INNOVATION WAY

(Street)

GREENFIELD IN 46140

(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)
08/08/2025

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)	08/08/2025		A		84.8602		(2)	(2)	Common Stock	84.8602	$16.67	6,735.3051	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	08/12/2025
	** 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 A. Modi report on the Form 4 for ELAN?

The Form 4 reports an acquisition of deferred stock units with an entry showing 6,735.3051 units and a $16.67 price field, dated 08/08/2025.

How do the deferred stock units reported on the ELAN Form 4 settle?

The filing states each deferred stock unit represents the right to one share or the cash equivalent, and units settle in cash or shares under the Executive Deferral and Stock Match Plan.

What is Rajeev Modi’s role at Elanco as listed on the Form 4?

The filing lists Rajeev A. Modi as Executive Vice President U.S. Pet Health and Global Digital Transformation.

When was the Form 4 signed and filed?

The filing shows the transaction date 08/08/2025 and is signed by Amy C. Seidel as attorney-in-fact on 08/12/2025.

Was this Form 4 filed by more than one reporting person?

No. The form indicates it was filed by one reporting person.