Is the CVS Form 4 transaction related to open-market buying or selling?

No. The transaction reflects deferred stock units issued as part of non-employee director compensation under the 2017 Incentive Compensation Plan, not an open-market purchase or sale.

CVS Health non-employee director reports new deferred stock units

Q: When will the CVS deferred stock units reported be converted into common stock?

Each deferred stock unit converts into one share of CVS common stock and will be issued upon the reporting person’s retirement from the Board of Directors , as elected by the director.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

CVS Health Corp (CVS) reported a routine insider equity transaction by a non-employee director on a Form 4. On 11/20/2025, the director acquired 2,202.788 deferred stock units with a conversion price of $0 under the company’s 2017 Incentive Compensation Plan. These units were issued in connection with the deferral of a semi-annual retainer under the non-employee director compensation policy and are valued at the market price of $76.04 per underlying share of common stock. Each deferred stock unit will convert into one share of CVS common stock and will be issued when the director retires from the Board, as previously elected. Following this transaction, the director beneficially owns 8,080.2915 deferred stock units in direct form.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider ROBBINS LARRY

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	2,202.788	$76.04	$167K

Holdings After Transaction: Deferred Stock Units — 8,080.292 shares (Direct)

Footnotes (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 upon the Reporting Person's retirement from the Issuer's Board of Directors, as elected by the Reporting Person.

Form 4 Insider Transactions: What Each Field Means →

11/21/2025 - 05:45 PM

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^*

ROBBINS LARRY

(Last)

(First)

(Middle)

ONE CVS DRIVE

(Street)

WOONSOCKET

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Deferred Stock Units	$0	11/20/2025		A		2,202.788⁽¹⁾		⁽²⁾	⁽²⁾	Common Stock	2,202.788	$76.04	8,080.2915	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 upon the Reporting Person's retirement from the Issuer's Board of Directors, as elected by the Reporting Person.

	/s/ Larry M. Robbins	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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CVS (CVS) disclose in this Form 4?

The filing reports that a CVS non-employee director acquired 2,202.788 deferred stock units on 11/20/2025 under the company’s 2017 Incentive Compensation Plan.

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

After the reported transaction, the director beneficially owns 8,080.2915 deferred stock units, held in direct ownership form.

What is the conversion or exercise price of the CVS deferred stock units?

The deferred stock units reported in the Form 4 have a conversion or exercise price of $0, meaning no additional cash payment is required when they convert into common stock.

When will the CVS deferred stock units reported be converted into common stock?

Each deferred stock unit converts into one share of CVS common stock and will be issued upon the reporting person’s retirement from the Board of Directors, as elected by the director.

How was the value of the CVS deferred stock units determined in this Form 4?

The deferred stock units were issued for deferral of a semi-annual director retainer and were valued at the market price of CVS common stock, shown as $76.04 per share in the filing.