Elevance (NYSE: ELV) EVP awarded options and stock units

Rhea-AI Filing Summary

Elevance Health EVP & President, Commercial, Kendrick Charles Morgan Jr. reported routine equity compensation changes. On March 2, 2026, he received 15,870 employee stock options exercisable in three equal annual installments starting on March 2, 2027, plus 6,549 common shares through restricted and performance-based stock unit awards. On March 2 and 3, 2026, a total of 1,678 common shares were disposed of at prices around $294.07 and $284.03, respectively, solely to cover tax liabilities upon vesting, leaving direct ownership of common stock.

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

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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^*

Kendrick Charles Morgan JR

(Last) (First) (Middle)

220 VIRGINIA AVE

(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 & President, Commercial

3. Date of Earliest Transaction (Month/Day/Year)
03/02/2026

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	03/02/2026		F		1,211(1)	D	$294.07	8,905	D
Common Stock	03/02/2026		A		4,017(2)	A	$0	12,922	D
Common Stock	03/02/2026		A		2,532(3)	A	$0	15,454	D
Common Stock	03/03/2026		F		467(1)	D	$284.03	14,987	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)	$294.07	03/02/2026		A		15,870		(4)	03/02/2036	Common Stock	15,870	$0	15,870	D

Explanation of Responses:

1. PAYMENT OF TAX LIABILITY BY WITHHOLDING STOCK INCIDENT TO THE VESTING OF PREVIOUSLY GRANTED RESTRICTED STOCK.

2. Represents restricted share units. Restrictions lapse as follows: 1,339 shares on 3/2/2027, 3/2/2028 and 3/2/2029.

3. Represents performance based restricted share units. Restrictions lapsed on 3/2/2026.

4. The option represents a right to purchase a total of 15,870 shares, and is exercisable in three annual installments, each installment of 5,290 shares, beginning on 3/2/2027, which is the one-year anniversary of the option grant date.

Remarks:

	/s/ Kathleen S. Kiefer, Attorney in fact	03/04/2026
	** 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).
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FAQ

What did Elevance Health (ELV) executive Kendrick Morgan report on this Form 4?

Kendrick Charles Morgan Jr. reported routine equity compensation activity, including new stock option and stock unit grants, plus share dispositions used only to cover tax liabilities on vesting. No open-market purchases or sales were disclosed in these transactions.

How many Elevance Health stock options were granted to Kendrick Morgan?

He was granted employee stock options for 15,870 shares of Elevance Health common stock. According to the disclosure, the option becomes exercisable in three equal annual installments of 5,290 shares each, beginning on March 2, 2027, one year after the grant date.

When do Kendrick Morgan’s new Elevance Health options become exercisable?

The 15,870-share option grant becomes exercisable in three annual installments. Each installment covers 5,290 shares, starting on March 2, 2027, which is the one-year anniversary of the option grant date, and continuing in subsequent years until fully vested.

What restricted stock units did Kendrick Morgan receive from Elevance Health?

The filing shows grants tied to restricted share units and performance-based restricted share units. Restrictions on 1,339 shares lapse on March 2, 2027, 2028, and 2029, while restrictions on certain performance-based units already lapsed on March 2, 2026, delivering common shares.

Were Kendrick Morgan’s disposed Elevance Health shares open-market sales?

No. The reported dispositions on March 2 and March 3, 2026 were coded as tax-withholding transactions. Shares were withheld to satisfy tax liabilities linked to vesting restricted stock, not sold as discretionary open-market trades by the executive.

At what prices were Elevance Health shares withheld for Kendrick Morgan’s taxes?

Shares were withheld at approximately $294.07 per share on March 2, 2026 and $284.03 per share on March 3, 2026. These prices apply to the tax-withholding dispositions used to cover liabilities from vesting restricted stock awards.