Takeda (NYSE: TAK) director Jean Luc Butel details equity awards

Rhea-AI Filing Summary

Takeda Pharmaceutical director Jean Luc Butel filed an initial ownership report showing his current equity-related interests in the company. He holds 7,600 American Depositary Shares and 9,700 Ordinary Shares directly. The filing also lists several incentive awards tied to Takeda’s stock.

These include Tax Obligation Awards economically equivalent to 1,152, 1,192, and 1,180 Ordinary Shares, each with a 0 exercise price and expirations in 2026, 2027, and 2028, which will be settled in cash mainly to cover tax obligations. A Cash Settled Retirement Award references 6,532 Ordinary Shares and pays cash equal to share value when the director retires. Footnotes describe additional restricted stock units that convert into Ordinary Shares and then ADS upon vesting on June 1, 2026, 2027, and 2028.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

BUTEL JEAN LUC

(Last) (First) (Middle)

235 ARCADIA ROAD

#10-03

(Street)

SINGAPORE 289843

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
TAKEDA PHARMACEUTICAL CO LTD [ TAK ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
American Depositary Shares	7,600	D
Ordinary Shares	9,700(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Tax Obligation Award	06/01/2026	06/01/2026	Ordinary Shares	1,152	(2)	D
Tax Obligation Award	06/01/2027	06/01/2027	Ordinary Shares	1,192	(2)	D
Tax Obligation Award	06/01/2028	06/01/2028	Ordinary Shares	1,180	(2)	D
Cash Settled Retirement Award	(3)	(3)	Ordinary Shares	6,532	(3)	D

Explanation of Responses:

1. Represents an award of restricted stock units (RSU). Each RSU represents a contingent right to receive one Ordinary Share, which will be converted into an equivalent number of American Depositary Shares following vest. The RSUs vest on the following schedule: June 1, 2026 (3,100 ordinary shares), June 1, 2027 (3,400 ordinary shares) and June 1, 2028 (3,200 ordinary shares).

2. Each Tax Obligation Award is the economic equivalent of one Ordinary Share that, upon vest, will be converted to a cash payment primarily to cover tax obligations at the then-current market price of the Ordinary Shares.

3. Represents an award of restricted stock units (RSUs). Each RSU represents a contingent right to receive a cash amount equivalent to the value of one Ordinary Share at the time of vest. The RSUs vest upon the director's retirement from the board.

Remarks:

Exhibit 24 Power of Attorney

	/s/ Max Heuer, by power of attorney, for Jean Luc Butel	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

FAQ

What does Jean Luc Butel’s Form 3 for Takeda (TAK) report?

The Form 3 reports Jean Luc Butel’s initial equity interests in Takeda, including direct holdings of American Depositary Shares and Ordinary Shares plus multiple stock-based awards referencing Ordinary Shares, some of which are cash-settled and tied to future vesting or retirement conditions.

How many Takeda American Depositary Shares does Jean Luc Butel hold?

Jean Luc Butel directly holds 7,600 Takeda American Depositary Shares. This position is reported alongside his Ordinary Share holdings and equity awards, giving a consolidated view of his ADS exposure as part of his overall economic interest in Takeda Pharmaceutical.

What Ordinary Share holdings are disclosed for Jean Luc Butel in Takeda (TAK)?

The filing shows Jean Luc Butel directly holding 9,700 Ordinary Shares of Takeda. In addition, several awards are economically linked to Ordinary Shares, including Tax Obligation Awards and a Cash Settled Retirement Award, which reference specific Ordinary Share amounts but are primarily settled in cash.

What are the Tax Obligation Awards reported by Jean Luc Butel?

The Tax Obligation Awards are instruments economically equivalent to Ordinary Shares that convert into cash at vesting, primarily to cover tax obligations. They reference 1,152, 1,192, and 1,180 underlying Ordinary Shares, each with a zero exercise price and expirations in 2026, 2027, and 2028.

How does Jean Luc Butel’s Cash Settled Retirement Award in Takeda work?

The Cash Settled Retirement Award represents restricted stock units linked to 6,532 Ordinary Shares. Instead of delivering shares, it pays a cash amount equal to the value of one Ordinary Share per unit, vesting upon the director’s retirement from Takeda’s board of directors.

What future vesting schedule is disclosed for Jean Luc Butel’s Takeda RSUs?

One RSU award vests in tranches tied to Ordinary Shares: 3,100 on June 1, 2026, 3,400 on June 1, 2027, and 3,200 on June 1, 2028. After vesting, these Ordinary Shares are converted into an equivalent number of American Depositary Shares for settlement.