Eli Lilly and Co. reported an insider ownership change for Gabrielle Sulzberger on July 20, 2026, involving the company’s common stock. The Form 4 indicates that Sulzberger elected to defer compensation into Lilly stock units rather than receive cash compensation. According to the filing note, the shares acquired through the reported transaction were deferred “in lieu of cash compensation” under the Lilly Directors’ Deferral Plan. These deferred stock units will be settled in shares of Eli Lilly common stock after Sulzberger separates from service. This structure is commonly used for director compensation, allowing a board member to convert fees or other cash compensation into equity-linked units, aligning a portion of compensation with the company’s stock performance. The filing text provided does not disclose the number of shares or stock units acquired, the transaction price, a transaction code, or Sulzberger’s total beneficial ownership following the transaction. It also does not report an open-market purchase or sale. Instead, the action appears to be a compensation deferral into Lilly equity units under a director plan. The Form 4 was signed on Sulzberger’s behalf by Jonathan Groff pursuant to authorization on file and was filed on July 21, 2026.