Director at Rani Therapeutics (RANI) receives 123,600 stock options as compensation award

Rhea-AI Filing Summary

Rani Therapeutics Holdings director Jean Luc Butel received a grant of stock options covering 123,600 shares of Class A common stock. The options have an exercise price of $0.9515 per share and expire on May 27, 2036.

The options were awarded as compensation, not purchased in the open market. According to the award terms, the options vest in full on the first anniversary of the May 28, 2026 grant date, provided the director maintains Continuous Service. They may vest earlier if the company holds its next annual stockholder meeting or undergoes a Change in Control while the director remains in service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider BUTEL JEAN LUC

Role null

Type	Security	Shares	Price	Value
Grant/Award	Director Stock Option (Right to Buy)	123,600	$0.00	--

Holdings After Transaction: Director Stock Option (Right to Buy) — 123,600 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Option grant size: 123,600 shares Exercise price: $0.9515 per share Expiration date: May 27, 2036 +2 more

5 metrics

Option grant size 123,600 shares Director stock option covering Class A common stock

Exercise price $0.9515 per share Strike price for director stock option grant

Expiration date May 27, 2036 Final exercise date for the option grant

Shares held after grant 123,600 option shares Total derivative position following this transaction

Grant date May 28, 2026 Date of director stock option award

Key Terms

Director Stock Option (Right to Buy), Continuous Service, 2021 Equity Incentive Plan, Change in Control

4 terms

Director Stock Option (Right to Buy) financial

"security_title: Director Stock Option (Right to Buy)"

Continuous Service financial

"subject to the Reporting Person's Continuous Service through such vesting date"

2021 Equity Incentive Plan financial

"as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")"

Change in Control financial

"upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

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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^*

BUTEL JEAN LUC

(Last) (First) (Middle)

C/O RANI THERAPEUTICS LLC

2051 RINGWOOD AVE

(Street)

SAN JOSE CALIFORNIA 95131

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Rani Therapeutics Holdings, Inc. [ RANI ]

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)
05/28/2026

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

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
Director Stock Option (Right to Buy)	$0.9515	05/28/2026		A		123,600		(1)	05/27/2036	Class A Common Stock	123,600	$0	123,600	D

Explanation of Responses:

1. The shares subject to the option vest in full on the first anniversary of the date of grant, subject to the Reporting Person's Continuous Service (as defined in the Company's 2021 Equity Incentive Plan (the "2021 Plan")) through such vesting date; provided that, if earlier, the shares subject to the option will vest in full upon the occurrence of either of the following events: the Company's next annual stockholder meeting or a Change in Control (as defined in the 2021 Plan), each subject to the Reporting Person's Continuous Service through such date.

	/s/ Svai Sanford, Attorney-in-Fact	06/01/2026
	** 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 did Rani Therapeutics (RANI) director Jean Luc Butel report on this Form 4?

Jean Luc Butel reported receiving a grant of stock options for 123,600 shares of Rani Therapeutics Class A common stock. These options are a compensation award rather than an open-market purchase and are exercisable at $0.9515 per share if vesting conditions are met.

How many Rani Therapeutics (RANI) shares are covered by the new stock options?

The new director stock option grant covers 123,600 underlying shares of Rani Therapeutics Class A common stock. This full amount is shown as held after the transaction, reflecting the total option position from this grant as of the reported date.

What is the exercise price and expiration date of the RANI director stock options?

The options granted to director Jean Luc Butel carry an exercise price of $0.9515 per share and expire on May 27, 2036. This defines the cost to acquire shares and the final date the options can be exercised.

When do Jean Luc Butel’s Rani Therapeutics (RANI) options vest?

The options vest in full on the first anniversary of the May 28, 2026 grant date, subject to Continuous Service. They can vest earlier if the next annual stockholder meeting occurs or a Change in Control happens while the director remains in service.

Is this Rani Therapeutics (RANI) Form 4 a market purchase or a compensation award?

This Form 4 reflects a compensation award, not a market trade. The transaction code "A" and zero purchase price indicate a grant of stock options to the director, with value realized only if the options vest and are later exercised.