Eli Lilly director Alvarez granted 10.6591 shares

Lilly director Ralph Alvarez received a small deferred stock award, bringing his reported direct holdings to about 55.8 thousand LLY shares.

Rhea-AI Filing Summary

ELI LILLY & Co (symbol: LLY) is the issuer of record for a Form 4 filing submitted to the SEC. Alvarez Ralph reported acquisition or exercise transactions in this Form 4 filing.

ELI LILLY & Co (LLY) director Ralph Alvarez reported an automatic grant of 10.6591 shares of common stock on September 21, 2026, valued at $1,164.89 per share. At Mr. Alvarez’s election, this award was deferred as stock units under the Lilly Directors' Deferral Plan, to be settled in shares after his separation from service. Following this grant, he holds 55,838.2192 shares directly and 758 shares indirectly through a trust, for which he disclaims beneficial ownership except for his pecuniary interest.

Insider Trade Summary

Grant/Award: 10.6591 shares

Grant/Award 2 txns

Insider Alvarez Ralph

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	10.6591	$1,164.89	$12K
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 55,838.2192 shares (Direct); Common Stock — 758 shares (Indirect, By Trust)

Footnotes (2)

1. F1. At the election of the reporting person, the shares acquired pursuant to this filing have been deferred in lieu of cash compensation as stock units under the Lilly Directors' Deferral Plan and will be settled in shares of common stock following the reporting person's separation from service.
2. F2. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Key Figures

Shares granted: 10.6591 shares Grant value per share: $1,164.89 per share Direct holdings after transaction: 55,838.2192 shares +2 more

5 metrics

Shares granted 10.6591 shares Common stock grant to Ralph Alvarez on September 21, 2026

Grant value per share $1,164.89 per share Value assigned to the September 21, 2026 director stock award

Direct holdings after transaction 55,838.2192 shares Direct Eli Lilly common stock held by Ralph Alvarez after the award

Indirect holdings by trust 758 shares Eli Lilly common stock held indirectly by trust with pecuniary-interest disclaimer

Transaction type Grant, award, or other acquisition SEC transaction code A for September 21, 2026 entry

Key Terms

Lilly Directors' Deferral Plan, stock units, pecuniary interest

3 terms

Lilly Directors' Deferral Plan financial

"deferred in lieu of cash compensation as stock units under the Lilly Directors' Deferral Plan"

stock units financial

"deferred in lieu of cash compensation as stock units under the Lilly Directors' Deferral Plan"

Stock units are individual pieces of ownership in a company, like slices of a pie that together make up the whole business. They matter to investors because each unit represents a claim on the company’s assets, profits and sometimes voting power, and changes in the number or value of these units affect ownership percentages, potential dividends and share dilution — all of which influence an investment’s worth.

pecuniary interest financial

"disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did LLY director Ralph Alvarez report on this Form 4?

He reported an automatic grant of 10.6591 shares of Eli Lilly common stock on September 21, 2026, treated as a grant or award rather than an open-market purchase or sale.

At what value was Ralph Alvarez’s new LLY stock award recorded?

The 10.6591-share award was recorded at $1,164.89 per share. According to the disclosure, the shares were acquired as a grant and deferred as stock units under the Lilly Directors' Deferral Plan.

How many Eli Lilly (LLY) shares does Ralph Alvarez hold after this transaction?

After the reported award, Ralph Alvarez holds 55,838.2192 LLY shares directly. He also has 758 shares held indirectly by a trust, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

Were the new LLY shares for Ralph Alvarez deferred under a plan?

Yes. The filing states that, at his election, the shares acquired have been deferred as stock units under the Lilly Directors' Deferral Plan and will be settled in common stock after his separation from service.

Does this Form 4 indicate a Rule 10b5-1 trading plan for LLY shares?

No. The Rule 10b5-1 checkbox is not marked as affirmative, and the footnotes do not describe a trading plan. The reported acquisition is a director compensation grant rather than a planned trading program.

What does the trust-related disclosure mean for Alvarez’s indirect LLY holdings?

The filing shows 758 LLY shares held indirectly "By Trust" and notes that the reporting person disclaims beneficial ownership except for his pecuniary interest, clarifying that economic benefit may differ from full voting or investment control.

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

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Available on EDGAR 09/22/2026 - 04:12 PM Accepted by SEC EDGAR 09/22/2026 - 04:11 PM 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^*

Alvarez Ralph

(Last) (First) (Middle)

LILLY CORPORATE CENTER

(Street)

INDIANAPOLIS INDIANA 46285

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ELI LILLY & Co [ LLY ]

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)
09/21/2026

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	09/21/2026		A		10.6591(1)	A	$1,164.89	55,838.2192	D
Common Stock								758	I	By Trust(2)

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

Explanation of Responses:

1. At the election of the reporting person, the shares acquired pursuant to this filing have been deferred in lieu of cash compensation as stock units under the Lilly Directors' Deferral Plan and will be settled in shares of common stock following the reporting person's separation from service.

2. The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Remarks:

	/s/ Christopher Anderson for Ralph Alvarez, pursuant to authorization on file	09/22/2026
	** 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)