IGC Pharma (IGC) director gains 130K shares from RSU conversions

Rhea-AI Filing Summary

IGC Pharma director James P. Moran reported routine equity compensation activity involving restricted stock units (RSUs). On April 1, 2026, he exercised 80,000 RSUs and 50,000 RSUs, each RSU converting into one share of IGC common stock at a $0.00 exercise price. These RSUs stem from grants made on June 20, 2023 and March 13, 2024 that vest in equal annual installments over three years. Following the conversions, Moran directly owns 1,235,735 shares of IGC Pharma common stock, with no open‑market sales disclosed in this filing.

Insider Trade Summary

130,000 shares exercised/converted

Mixed 4 txns

Insider Moran James P

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	80,000	$0.00	--
Exercise	Restricted Stock Units	50,000	$0.00	--
Exercise	Common Stock	80,000	$0.00	--
Exercise	Common Stock	50,000	$0.00	--

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct); Common Stock — 1,185,735 shares (Direct)

Footnotes (1)

1. On June 20, 2023, the Reporting Person was granted RSUs subject to vesting equally over three years starting on March 31, 2024. On March 13, 2024, the Reporting Person was granted RSUs subject to vesting equally over three years starting March 2025. Each restricted stock unit represents a right to receive one share of IGC common stock.

Key Figures

RSUs exercised (grant 1): 80,000 RSUs RSUs exercised (grant 2): 50,000 RSUs Total RSUs exercised: 130,000 RSUs +5 more

8 metrics

RSUs exercised (grant 1) 80,000 RSUs Converted to common stock on April 1, 2026

RSUs exercised (grant 2) 50,000 RSUs Converted to common stock on April 1, 2026

Total RSUs exercised 130,000 RSUs Derivative exercises (code M) on April 1, 2026

Exercise price per RSU $0.00 per share Conversion of restricted stock units to common stock

Shares after first common stock entry 1,185,735 shares Total shares following one common stock transaction

Final direct holdings 1,235,735 shares Total shares following all April 1, 2026 transactions

RSU vesting start (2023 grant) March 31, 2024 Three-year equal vesting for June 20, 2023 grant

RSU vesting start (2024 grant) March 2025 Three-year equal vesting for March 13, 2024 grant

Key Terms

Restricted Stock Units, derivative exercise/conversion, total shares following transaction, vesting equally over three years, +1 more

5 terms

Restricted Stock Units financial

"The security title for the derivative transactions is listed as "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.

derivative exercise/conversion financial

"The transaction action is described as "derivative exercise/conversion" for the RSU transactions."

total shares following transaction financial

"Each transaction line includes a "total_shares_following_transaction" share count."

vesting equally over three years financial

"RSU grants are described as "vesting equally over three years" starting on specified dates."

restricted stock unit financial

"A footnote states, "Each restricted stock unit represents a right to receive one share of IGC common stock.""

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

Form 4 Insider Transactions: What Each Field Means →

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^*

Moran James P

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

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		80,000(1)	A	$0.0	1,185,735	D
Common Stock	04/01/2026		M		50,000(2)	A	$0.0	1,235,735	D

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	(3)	04/01/2026		M			80,000(1)	(1)	(1)	Common Stock	80,000	$0.0	0	D
Restricted Stock Units	(3)	04/01/2026		M			50,000(2)	(2)	(2)	Common Stock	50,000	$0.0	50,000	D

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 RSUs subject to vesting equally over three years starting March 2025.

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

	/s/ James Moran	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)

FAQ

What insider activity did IGC (IGC) report for director James P. Moran?

IGC reported that director James P. Moran exercised restricted stock units into common shares. On April 1, 2026, he converted a total of 130,000 RSUs into IGC Pharma common stock as part of his equity compensation, with no sales reported in this filing.

How many IGC Pharma RSUs did James P. Moran convert into common stock?

James P. Moran converted 130,000 RSUs into IGC Pharma common stock. This included 80,000 RSUs from one grant and 50,000 RSUs from another, with each restricted stock unit representing the right to receive one share of IGC common stock upon vesting and settlement.

What are the vesting terms of James P. Moran’s IGC Pharma RSU grants?

Moran’s June 20, 2023 RSU grant vests equally over three years starting March 31, 2024. His March 13, 2024 RSU grant vests equally over three years starting March 2025, providing a structured schedule for additional RSUs to convert into IGC common stock over time.

How many IGC Pharma shares does James P. Moran hold after these RSU exercises?

After these RSU exercises, James P. Moran directly holds 1,235,735 shares of IGC Pharma common stock. This figure reflects the addition of 130,000 shares received from the conversion of restricted stock units disclosed in the April 1, 2026 transactions reported in the Form 4.

Did James P. Moran sell any IGC Pharma shares in this Form 4 filing?

No, the Form 4 shows only acquisitions through derivative exercises, not sales. All reported transactions use code M for derivative exercise or conversion, indicating RSUs converting into common stock, with no open‑market sales or dispositions disclosed in this particular filing.

What does each IGC Pharma restricted stock unit (RSU) represent for James P. Moran?

Each IGC Pharma restricted stock unit represents the right to receive one share of common stock. Once the RSUs vest according to their three‑year schedules, they can be settled into an equivalent number of IGC common shares, as reflected in Moran’s April 1, 2026 conversions.