IGC Pharma CEO exercises options and RSUs

IGC Pharma, Inc. CEO Mukunda Ram reported multiple equity award exercises on April 1, 2026.

Rhea-AI Filing Summary

IGC Pharma, Inc. CEO Mukunda Ram reported multiple equity award exercises on April 1, 2026. He exercised restricted stock units and stock options to acquire a total of 706,409 shares of common stock, including shares held indirectly through his spouse, with no open-market sales.

Following these transactions, Ram directly holds 4,649,088 shares of IGC Pharma common stock, while his spouse holds an additional 910,751 shares reported as indirect ownership. The filing reflects routine compensation-related vesting and option exercises rather than discretionary buying or selling.

Insider Trade Summary

706,409 shares exercised/converted

Exercise 8 txns

Insider Mukunda Ram

Role CEO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	333,333	$0.00	$0.00
Exercise	Options	323,077	$0.00	$0.00
Exercise	Restricted Stock Units	16,667	$0.00	$0.00
Exercise	Restricted Stock Units	33,332	$0.00	$0.00
Exercise	Common Stock	333,333	$0.00	$0.00
Exercise	Common Stock	323,077	$0.26	$84K
Exercise	Common Stock	16,667	$0.00	$0.00
Exercise	Common Stock	33,332	$0.00	$0.00

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Options — 676,925 contracts (Direct); Restricted Stock Units — 33,334 contracts (Indirect, BY SPOUSE); Common Stock — 4,649,088 shares (Direct); Common Stock — 910,751 shares (Indirect, BY SPOUSE)

Footnotes (5)

1. F1. On June 20, 2023, the Reporting Person was granted RSUs subject to vesting equally over three years starting on March 31, 2024.
2. F2. On March 13, 2024, the Reporting Person was granted options exercisable at $0.26, vesting over three years starting in March 2025.
3. F3. On June 26, 2025, the Reporting Person's spouse was granted RSUs.
4. F4. On February 3, 2026, the Reporting Person's spouse was granted RSUs.
5. F5. Each restricted stock unit represents a right to receive one share of IGC common stock.

Key Figures

Total shares acquired: 706,409 shares RSU conversion: 333,333 shares Options exercised: 323,077 shares at $0.26 +3 more

6 metrics

Total shares acquired 706,409 shares Common stock received from equity award exercises on April 1, 2026

RSU conversion 333,333 shares Common stock from vested restricted stock units, direct holding

Options exercised 323,077 shares at $0.26 Options on common stock exercised; grant dated March 13, 2024

Direct holdings after 4,649,088 shares CEO’s direct IGC Pharma common stock position post-transactions

Indirect holdings after 910,751 shares Common stock held indirectly through spouse after exercises

Derivative exercises 706,409 shares Aggregate underlying shares from four derivative exercises

Key Terms

Restricted Stock Units, conversion or exercise price, indirect ownership, Exercise or conversion of derivative security, +1 more

5 terms

Restricted Stock Units financial

"security_title": "Restricted Stock Units""

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

conversion or exercise price financial

""conversion_or_exercise_price": "0.2600""

indirect ownership financial

""ownership_type": "indirect", "nature_of_ownership": "BY SPOUSE""

Exercise or conversion of derivative security financial

""transaction_code_description": "Exercise or conversion of derivative security""

vesting financial

"RSUs subject to vesting equally over three years starting on March 31, 2024"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/06/2026 - 04:02 PM EDT Learn about SEC filing dates

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^*

Mukunda Ram

(Last) (First) (Middle)

10224 FALLS ROAD

(Street)

POTOMAC MARYLAND 20854

(City) (State) (Zip)

UNITED STATES

(Country)

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
X	Officer (give title below)		Other (specify below)
	CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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
Common Stock	04/01/2026		M		333,333(1)	A	$0.0	4,326,011	D
Common Stock	04/01/2026		M		323,077(2)	A	$0.26	4,649,088	D
Common Stock	04/01/2026		M		16,667(3)	A	$0.0	877,419	I	BY SPOUSE
Common Stock	04/01/2026		M		33,332(4)	A	$0.0	910,751	I	BY SPOUSE

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
Restricted Stock Units	(5)	04/01/2026		M			333,333(1)	(1)	(1)	Common Stock	333,333	$0.0	0	D
Options	$0.26	04/01/2026		M			323,077(2)	(2)	03/12/2034	Common Stock	323,077	$0.0	676,925	D
Restricted Stock Units	(5)	04/01/2026		M			16,667(3)	(3)	(3)	Common Stock	16,667	$0.0	0	I	BY SPOUSE
Restricted Stock Units	(5)	04/01/2026		M			33,332(4)	(4)	(4)	Common Stock	33,332	$0.0	33,334	I	BY SPOUSE

Explanation of Responses:

1. On June 20, 2023, the Reporting Person was granted RSUs subject to vesting equally over three years starting on March 31, 2024.

2. On March 13, 2024, the Reporting Person was granted options exercisable at $0.26, vesting over three years starting in March 2025.

3. On June 26, 2025, the Reporting Person's spouse was granted RSUs.

4. On February 3, 2026, the Reporting Person's spouse was granted RSUs.

5. Each restricted stock unit represents a right to receive one share of IGC common stock.

	/s/ Ram Mukunda	04/06/2026
	** 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.
* Form 4: SEC 1474 (03-26)