[Form 4] IGC Pharma, Inc. Insider Trading Activity

Rhea-AI Filing Summary

IGC Pharma (IGC) reported an insider equity award. A director was granted 500,000 stock options at an exercise price of $0.35 per share on 10/17/2025.

The options vest equally over three years starting on March 31, 2026 and expire on March 31, 2038. The filing lists the holdings as direct ownership. This reflects routine equity-based compensation and does not involve an immediate cash transaction.

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

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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^*

LIERMAN TERRY L

(Last) (First) (Middle)

10224 FALLS ROAD

(Street)

POTOMAC MD 20854

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IGC Pharma, Inc. [ IGC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2025

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
Options	(1)	10/17/2025		A		500,000(1)		(1)	03/31/2038	Common Stock	500,000	$0.0	500,000(1)	D

Explanation of Responses:

1. The Reporting Person was granted 500,000 options exercisable at $0.35, equally vesting over the next three years starting in March 31st 2026.

	/s/ Terry L. Lierman	10/21/2025
	** 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).
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FAQ

What did IGC (IGC) disclose in this Form 4?

A director received 500,000 stock options at an exercise price of $0.35 per share on 10/17/2025.

What is the exercise price and vesting for the IGC options grant?

The options carry an exercise price of $0.35 and vest equally over three years starting on March 31, 2026.

When do the IGC options expire?

The options expire on March 31, 2038 as disclosed in the filing.

Who is the reporting person in the IGC Form 4?

The filing was signed by Terry L. Lierman, identified as a Director of IGC Pharma.

Is this Form 4 a purchase or a grant of options at IGC?

It is a grant of stock options, categorized as an acquisition of derivative securities.

How is ownership reported for this options award?

The filing indicates direct (D) ownership of the derivative securities.