[Form 4] Elevance Health, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Erin M. Wessling, Executive Vice President and Chief Legal Officer of Elevance Health, acquired equity awards in the issuer. The Form 4 reports receipt of 931 restricted stock units at no cash cost and an employee stock option to purchase 3,541 shares at an exercise price of $322.33. The RSUs vest in three annual tranches (310, 310 and 311 shares) and the option vests in three annual installments (1,180; 1,180; 1,181 shares) beginning one year after grant, with the option exercisable through its stated expiration. The reported holdings after the transactions are 5,172 shares and 3,541 option shares, each held directly.

Positive

• Alignment with shareholders through equity compensation (931 RSUs and an option for 3,541 shares)
• Time‑based vesting promotes retention: RSUs vest in three annual tranches and the option vests in three annual installments
• Direct ownership of shares and options, simplifying beneficial ownership reporting

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received equity awards aligning pay with shareholder value; modest in absolute size for a large public company.

The reported awards—931 RSUs and an option for 3,541 shares at $322.33—signal standard executive compensation practices to retain and incentivize senior management. The RSU tranche schedule and multi-year option vesting promote retention. The transaction values and share counts should be evaluated relative to Elevance Health's outstanding shares and executive compensation disclosures to assess materiality, but the Form 4 itself shows direct ownership and standard vesting mechanics without transfers or sales.

Corporate Governance Expert

TL;DR: Governance signals are routine: time‑based vesting aligns executive incentives; no atypical features disclosed.

The vesting schedules described—annual tranches for both RSUs and the option—are time‑based and intended to retain the officer. The direct ownership form indicates no indirect holding arrangements. The filing does not disclose performance conditions or accelerated vesting triggers. From a governance standpoint, these are conventional grants that create long‑term alignment but provide no immediate liquidity events or departures from standard practices.

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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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^*

Wessling Erin M

(Last) (First) (Middle)

220 VIRGINIA AVENUE

(Street)

INDIANAPOLIS IN 46204

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Elevance Health, Inc. [ ELV ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		A		931(1)	A	$0	5,172	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
Employee Stock Option (Right to Buy)	$322.33	09/02/2025		A		3,541		(2)	09/02/2035	Common Stock	3,541	$0	3,541	D

Explanation of Responses:

1. Represents restricted share units. Restrictions lapse as follows: 310 shares each on 9/2/2026 and 9/2/2027, and 311 on 9/2/2028.

2. The option represents a right to purchase a total of 3,541 shares, and is exercisable in three annual installments, with two installments of 1,180 shares each and one installment of 1,181 shares, beginning on 9/2/2026, which is the one-year anniversary of the option grant date.

Remarks:

	/s/ Kathleen S. Kiefer, Attorney in fact	09/04/2025
	** 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 ELV insider Erin M. Wessling acquire?

The Form 4 shows acquisition of 931 restricted stock units and an employee stock option for 3,541 shares with a $322.33 exercise price.

How do the RSUs granted to the ELV officer vest?

The RSUs vest in three annual tranches: 310 shares, 310 shares, and 311 shares over three years.

What is the vesting schedule for the ELV stock option?

The option for 3,541 shares vests in three annual installments: two of 1,180 shares and one of 1,181 shares, starting one year after grant.

How many shares does the reporting person beneficially own after the transactions?

The filing reports 5,172 shares beneficially owned and 3,541 option shares beneficially owned following the reported transactions.

What is the exercise price and expiration for the ELV option?

The option has an exercise price of $322.33 and an expiration date reflected in the filing (the option shows exercisability beginning in the stated schedule and an expiration date as reported).