Eli Lilly director granted deferred stock units

Alvarez Ralph reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Alvarez Ralph reported acquisition or exercise transactions in this Form 4 filing.

ELI LILLY & Co director Ralph Alvarez received an award of 10.8263 common shares on 2026-07-20, valued at $1146.9000 per share. At his election, the award was deferred as stock units under the Lilly Directors' Deferral Plan, to be settled in shares after separation from service. Following this grant, he holds 55734.2935 shares directly and 758.0000 shares indirectly through a trust, for which he disclaims beneficial ownership beyond his pecuniary interest. The report indicates the transaction was not made under a Rule 10b5-1 trading plan.

Insider Trade Summary

Grant/Award: 10.8263 shares

Grant/Award 2 txns

Insider Alvarez Ralph

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock F1	10.8263	$1,146.90	$12K
holding	Common Stock F2	--	--	--

Holdings After Transaction: Common Stock — 55,734.2935 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

Deferred stock units granted: 10.8263 shares Grant valuation price: $1146.9000 per share Direct holdings after grant: 55734.2935 shares +1 more

4 metrics

Deferred stock units granted 10.8263 shares Common stock award to director on 2026-07-20, deferred as stock units

Grant valuation price $1146.9000 per share Per-share value used for the 10.8263-share award on 2026-07-20

Direct holdings after grant 55734.2935 shares Eli Lilly common stock held directly by Ralph Alvarez after the reported award

Indirect trust holdings 758.0000 shares Shares held indirectly by trust, with beneficial ownership disclaimed beyond pecuniary interest

Key Terms

Lilly Directors' Deferral Plan, stock units, pecuniary interest, beneficial ownership

4 terms

Lilly Directors' Deferral Plan financial

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

stock units financial

"shares acquired pursuant to this filing have been deferred in lieu of cash compensation as stock units"

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 therein"

beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of the reported securities except to the extent"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

FAQ

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

What did Eli Lilly (LLY) director Ralph Alvarez acquire in this report?

Ralph Alvarez received an award of 10.8263 Eli Lilly common shares on 2026-07-20 at $1146.9000 per share. He elected to defer this grant into stock units under the Lilly Directors' Deferral Plan, to be settled in shares after his service ends.

How many Eli Lilly (LLY) shares does Ralph Alvarez hold after the grant?

After the grant, Ralph Alvarez holds 55734.2935 Eli Lilly common shares directly. An additional 758.0000 shares are held indirectly through a trust, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.

Are Ralph Alvarez's Eli Lilly (LLY) transactions under a Rule 10b5-1 plan?

The transaction was not reported as made under a Rule 10b5-1 trading plan. The 10b5-1 checkbox is marked negative, and no footnote states that the award or related holdings are executed pursuant to such a pre-arranged trading plan.

What is the Lilly Directors' Deferral Plan mentioned for Eli Lilly (LLY)?

The Lilly Directors' Deferral Plan lets directors elect to receive fees as stock units instead of cash. In this case, Alvarez deferred the awarded shares, which will be settled in Eli Lilly common stock after he separates from board service.

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

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Accepted by SEC EDGAR 07/21/2026 - 04:37 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)
07/20/2026

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	07/20/2026		A		10.8263(1)	A	$1,146.9	55,734.2935	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/ Jonathan Groff for Ralph Alvarez, pursuant to authorization on file	07/21/2026
	** 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)