[Form 4] Elanco Animal Health Incorporated Insider Trading Activity

Rhea-AI Filing Summary

Elanco Animal Health insider transaction: The Form 4 reports that Rajeev A. Modi, Executive Vice President U.S. Pet Health and Global Digital Transformation, was granted 78.9849 deferred stock units on 08/22/2025. Each deferred stock unit represents the right to receive one share of Elanco common stock or a cash equivalent. The filing shows an exercise/reference price of $17.91 and indicates Mr. Modi beneficially owns 6,814.29 shares (or units) following the reported transaction. The deferred units will settle in cash or shares following termination of employment or in a specified future year under the company’s Executive Deferral and Stock Match Plan.

Positive

• Grant aligns executive pay with shareholder outcomes via deferred stock units that convert to shares or cash
• Clear disclosure of transaction date (08/22/2025), number of units (78.9849), price reference ($17.91), and post-transaction beneficial ownership (6,814.29)

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received ~79 deferred stock units, modestly increasing beneficial holdings to 6,814.29 units at a reference price of $17.91.

The grant of 78.9849 deferred stock units to a senior executive is a routine compensation event reflecting long-term incentive design rather than open-market buying or selling. The units convert to one share each (or cash) and expand the reporting person’s beneficial position to 6,814.29 units. From a shareholder perspective, this is an administrative equity-based compensation action tied to the Executive Deferral and Stock Match Plan and does not represent immediate dilution from an open-market issuance disclosed here.

Corporate Governance Expert

TL;DR: This is a standard deferred compensation grant under an executive plan; it signals alignment with long-term pay practices.

The filing documents a deferred stock unit award that will settle in cash or shares per plan terms, which is consistent with common executive compensation frameworks that defer immediate equity delivery. The disclosure is clear about settlement mechanics and reporting the post-transaction beneficial ownership. No departures from standard governance disclosure practices are evident in the filing itself.

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

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)
08/22/2025

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)	08/22/2025		A		78.9849		(2)	(2)	Common Stock	78.9849	$17.91	6,814.29	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	08/26/2025
	** 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 insider transaction did Rajeev A. Modi report on Form 4 for ELAN?

The Form 4 reports a grant of 78.9849 deferred stock units on 08/22/2025, increasing beneficial holdings to 6,814.29.

What does each deferred stock unit represent in the ELAN filing?

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

At what reference price are the deferred stock units reported?

The deferred stock units are reported with a price of $17.91 in the filing.

When will the deferred stock units settle according to the Form 4?

The units will settle in cash or shares following termination of employment or during a specified future year under the Executive Deferral and Stock Match Plan.

What is Rajeev A. Modi’s role at Elanco as stated in the filing?

The Form 4 lists him as Executive Vice President U.S. Pet Health and Global Digital Transformation.