Eli Lilly (LLY) director Ralph Alvarez takes stock units instead of cash

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

ELI LILLY & Co director Ralph Alvarez increased his equity-based compensation exposure through a deferred stock award. He acquired 13.498 shares of common stock equivalent as a grant or award at $919.90 per share, electing to defer cash compensation into stock units under the Lilly Directors' Deferral Plan.

After this award, his directly held common stock totaled 55,614.713 shares, with an additional 758 shares held indirectly by a trust. The deferred stock units will be settled in shares of common stock following his separation from service, and he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Alvarez Ralph

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	13.498	$919.90	$12K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 55,614.713 shares (Direct, null); Common Stock — 758 shares (Indirect, By Trust)

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

Key Figures

Stock units granted: 13.498 shares Grant price: $919.90 per share Direct holdings after award: 55,614.713 shares +1 more

4 metrics

Stock units granted 13.498 shares Grant/award of common-share equivalents on 2026-04-20

Grant price $919.90 per share Price for the 13.498 common-share equivalents

Direct holdings after award 55,614.713 shares Total Eli Lilly common stock directly held post-transaction

Indirect holdings by trust 758 shares Eli Lilly common stock held indirectly by trust

Key Terms

Lilly Directors' Deferral Plan, stock units, pecuniary interest, indirect 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

"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 therein"

indirect ownership financial

"total_shares_following_transaction": "758.0000" ... "ownership_type": "indirect""

Form 4 Insider Transactions: What Each Field Means →

04/21/2026 - 04:14 PM

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)
04/20/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/20/2026		A		13.498⁽¹⁾	A	$919.9	55,614.713	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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	04/21/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Eli Lilly (LLY) director Ralph Alvarez report in this Form 4?

Ralph Alvarez reported an equity-based compensation award converting cash fees into stock units. The filing shows an acquisition of 13.498 common-share equivalents at $919.90 each, plus updated totals for his direct and indirect common stock holdings after the transaction.

How many Eli Lilly (LLY) shares did Ralph Alvarez acquire in this transaction?

He acquired 13.498 common-share equivalents as a grant or award. These represent deferred stock units tied to cash compensation, rather than an open-market purchase, and will ultimately be settled in Eli Lilly common stock after his separation from service.

What is Ralph Alvarez’s Eli Lilly (LLY) shareholding after this Form 4?

Following the reported grant, Ralph Alvarez directly holds 55,614.713 Eli Lilly common shares. The filing also shows 758 common shares held indirectly by a trust, reflecting both his direct and indirect ownership interests as of the transaction date.

How was the Eli Lilly (LLY) director’s award priced in this Form 4?

The grant or award was reported at a price of $919.90 per common-share equivalent. This price applies to the 13.498 stock units received in lieu of cash compensation under the Lilly Directors' Deferral Plan described in the Form 4 footnotes.

What is the Lilly Directors' Deferral Plan mentioned in Ralph Alvarez’s filing?

The plan allows the director to elect to defer cash compensation into stock units instead of receiving cash. Under the terms described, these deferred stock units will be settled in Eli Lilly common shares after the director’s separation from service from the company.

Does Ralph Alvarez fully own all Eli Lilly (LLY) securities reported in the Form 4?

The filing states he disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest. This qualification is especially relevant for shares held indirectly by a trust and for deferred stock units under the directors’ deferral plan.