Elanco Officer Rajeev Modi Adds 6.5k Total DSUs in Routine Grant

Rhea-AI Filing Summary

On 27 June 2025, Elanco Animal Health Inc. (ELAN) disclosed in a Form 4 that Executive Vice President of U.S. Pet Health & Global Digital Transformation Rajeev A. Modi received 98.9937 deferred stock units (DSUs) at a reference price of $14.29 under the company’s Executive Deferral and Stock Match Plan. Each DSU converts into one common share or its cash equivalent upon settlement after employment ends or in a predetermined future year. The award is classified as transaction code “A,” meaning it is a compensation grant rather than an open-market purchase. Modi now directly holds 6,460.6903 DSUs; no shares were sold or otherwise disposed. The grant is small—worth roughly $1.4 thousand—and does not materially alter insider ownership or the company’s share count, but it marginally reinforces management-shareholder alignment.

Insights

Securities Analyst

TL;DR: Minor compensation grant; negligible market impact, neutral for valuation.

The Form 4 shows a routine equity-linked compensation grant of 99 DSUs to EVP Rajeev Modi, lifting his beneficial holdings to about 6.5 k units. The economic value (~$1.4 k) is immaterial relative to Elanco’s market cap, and the award settles in the future, so there is no immediate cash cost to the company or insider. Because the transaction is coded “A,” it does not signal open-market insider conviction. From an investor standpoint, the filing is largely non-impactful; it neither changes supply-demand dynamics nor conveys fresh information about operations or strategy. It simply documents ongoing executive compensation mechanics.

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

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)
06/27/2025

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)	06/27/2025		A		98.9937		(2)	(2)	Common Stock	98.9937	$14.29	6,460.6903	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	06/30/2025
	** Signature of Reporting Person	Date
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