CVS (CVS) Form 4 shows director paid retainer in shares, DSUs

Rhea-AI Filing Summary

CVS Health director equity activity: A CVS Health Corp director reported routine equity compensation on a Form 4 for 11/20/2025. The director acquired 591 shares of common stock at $76.04 per share, which were issued as payment of a semi-annual cash retainer under the company’s 2017 Incentive Compensation Plan.

The filing also shows an award of 1,775.3814 deferred stock units, representing deferral of a semi-annual retainer under the non-employee director compensation policy. After this transaction, the director holds 16,530.0615 deferred stock units, each convertible into one share of CVS common stock to be issued in the future as elected by the director.

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

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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^*

Finucane Anne A.

(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
Common Stock	11/20/2025		A		591(1)	A	$76.04	591	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
Deferred Stock Units	$0	11/20/2025		A		1,775.3814(2)		(3)	(3)	Common Stock	1,775.3814	$76.04	16,530.0615	D

Explanation of Responses:

1. Consists of common stock issued in payment of a semi-annual retainer, at the market price, pursuant to the Issuer's 2017 Incentive Compensation Plan.

2. 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.

3. 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/ Anne M. Finucane	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 did the CVS (CVS) director report on this Form 4?

The director reported receiving 591 shares of CVS common stock at $76.04 per share and 1,775.3814 deferred stock units as part of non-employee director compensation.

Why did the CVS director receive 591 shares of common stock?

The 591 shares of CVS common stock were issued as payment of a semi-annual retainer at market price under CVS Health’s 2017 Incentive Compensation Plan.

What are the deferred stock units disclosed for the CVS (CVS) director?

The director received 1,775.3814 deferred stock units for deferral of a semi-annual retainer. Each deferred stock unit will convert into one share of CVS common stock and be issued in the future as elected by the director.

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

Following the reported transaction, the director beneficially owns 16,530.0615 deferred stock units, all held directly and each representing one future CVS common share.

Is this CVS Form 4 related to a purchase on the open market?

No. The common stock and deferred stock units were issued as compensation for a semi-annual director retainer under CVS Health’s compensation and incentive plans, not reported as open-market purchases.

What is the relationship of the reporting person to CVS Health Corp (CVS)?

The reporting person is identified as a Director of CVS Health Corp and filed the Form 4 as a single reporting person.