[Form 4] IGC Pharma, Inc. Insider Trading Activity

Rhea-AI Filing Summary

IGC Pharma (IGC) reported insider activity on a Form 4. CEO and Director Ram Mukunda was granted stock options and made a share gift on 10/17/2025.

Grants include 3,000,000 options with a $0.35 exercise price, vesting equally over three years starting March 31, 2026, and 1,500,000 options with a $0.35 exercise price that vest upon Board‑set milestones. He also reported a gift of 100,000 shares of common stock. Following these transactions, he beneficially owned 3,992,678 shares, held directly.

Insights

Governance & Equity Compensation Analyst

Routine Form 4: option grants and a share gift; neutral impact.

IGC Pharma disclosed option grants to its CEO: one tranche of 3,000,000 options at $0.35 vesting evenly from March 31, 2026, and another 1,500,000 options at $0.35 that vest on milestone achievement. These are standard equity comp mechanics aligning awards with time and performance criteria.

The filing also records a 100,000-share gift of common stock, coded “G,” to children outside the reporting person’s household. Beneficial ownership after the transactions is 3,992,678 shares, held directly. Market impact depends on future vesting and exercise; no cash flow to the issuer occurs at grant.

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
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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^*

Mukunda Ram

(Last) (First) (Middle)

10224 FALLS ROAD

(Street)

POTOMAC MD 20854

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
IGC Pharma, Inc. [ IGC ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
10/17/2025

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

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 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	10/17/2025		G		100,000(3)	D	$0.0	3,992,678(3)	D

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
Options	(1)	10/17/2025		A		3,000,000(1)		(1)	03/31/2038	Common Stock	3,000,000	$0.0	3,000,000(1)	D
Options	(2)	10/17/2025		A		1,500,000(2)		(2)	03/31/2036	Common Stock	1,500,000	$0.0	1,500,000(2)	D

Explanation of Responses:

1. The Reporting Person was granted options exercisable at $0.35, vesting equally over the next three years starting on March 31, 2026.

2. The Reporting Person was granted Options subject to vesting according to specific milestones set by the Company's Board of Directors. The Options vest when milestones are achieved. The exercise price is $0.35.

3. Gift of shares of the Company's common stock to the reporting person's children who do not share the reporting person's household.

	/s/ Ram Mukunda	10/17/2025
	** 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.

FAQ

What did IGC (IGC) report on this Form 4?

The CEO and Director, Ram Mukunda, reported two stock option grants and a gift of common shares on 10/17/2025.

How many options were granted to IGC’s CEO and at what price?

Two grants: 3,000,000 options at an exercise price of $0.35 and 1,500,000 options at $0.35.

What are the vesting terms for the IGC CEO’s options?

The 3,000,000 options vest equally over three years starting March 31, 2026. The 1,500,000 options vest upon Board‑defined milestones.

What share transfer did the IGC CEO report?

A gift of 100,000 common shares to his children who do not share his household (transaction code G).

What is Ram Mukunda’s beneficial ownership after the transactions?

He beneficially owned 3,992,678 shares, held directly.

What roles does the reporting person hold at IGC Pharma?

He is a Director and an Officer (CEO).