CVS Health director reports new deferred stock unit grant on Form 4

Rhea-AI Filing Summary

CVS Health Corp director reports deferred stock unit grant. A CVS Health Corp non-employee director filed a Form 4 reporting receipt of 2,021.9621 deferred stock units on 11/20/2025 under the company’s 2017 Incentive Compensation Plan. These units were issued in connection with the deferral of a semi-annual director retainer and valued at the market price of $76.04 per deferred stock unit.

Each deferred stock unit is to be converted into one share of CVS common stock and issued in the future, as elected by the reporting person. After this transaction, the director beneficially owns 4,613.3964 deferred stock units in direct form, reflecting accumulated deferred equity compensation rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Mahoney Michael F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	2,021.962	$76.04	$154K

Holdings After Transaction: Deferred Stock Units — 4,613.396 shares (Direct)

Footnotes (1)

1. Consists of deferred stock units issued for deferral of a semi-annual retainer in connection with the Issuer's non-employee director compensation policy, valued at the market price, pursuant to the Issuer's 2017 Incentive Compensation Plan. Consists of deferred stock units, each to be converted into one share of common stock and issued in the future, as elected by the Reporting Person.

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^*

Mahoney Michael F

(Last) (First) (Middle)

ONE CVS DRIVE

(Street)

WOONSOCKET RI 02895

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CVS HEALTH Corp [ CVS ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
11/20/2025

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

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
Deferred Stock Units	$0	11/20/2025		A		2,021.9621(1)		(2)	(2)	Common Stock	2,021.9621	$76.04	4,613.3964	D

Explanation of Responses:

1. Consists of deferred stock units issued for deferral of a semi-annual retainer in connection with the Issuer's non-employee director compensation policy, valued at the market price, pursuant to the Issuer's 2017 Incentive Compensation Plan.

2. Consists of deferred stock units, each to be converted into one share of common stock and issued in the future, as elected by the Reporting Person.

	/s/ Michael F. Mahoney	11/21/2025
	** 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 insider transaction did CVS (CVS) disclose in this Form 4?

A CVS Health Corp non-employee director reported receiving 2,021.9621 deferred stock units on 11/20/2025 as part of deferred director compensation.

At what price were the CVS deferred stock units valued in this filing?

The deferred stock units were valued at a market price of $76.04 per unit when issued under CVS Health Corp’s 2017 Incentive Compensation Plan.

How many CVS deferred stock units does the director own after this transaction?

Following the reported transaction, the director beneficially owns 4,613.3964 deferred stock units directly.

What is the nature of the deferred stock units reported by CVS (CVS)?

Deferred stock units are equity-based awards that will each convert into one share of CVS common stock and be issued in the future, as elected by the reporting person.

Under which plan were the CVS deferred stock units granted?

The deferred stock units were granted pursuant to CVS Health Corp’s 2017 Incentive Compensation Plan, tied to a deferred semi-annual director retainer.

Is this CVS Form 4 transaction a market purchase or sale of shares?

No. The Form 4 reflects deferred stock units issued as compensation, not an open-market purchase or sale of CVS common stock.