Elevance CEO gets stock awards, tax share withholding

Elevance Health President and CEO Gail Boudreaux reported a mix of equity grants and tax-related share dispositions.

Rhea-AI Filing Summary

Elevance Health President and CEO Gail Boudreaux reported a mix of equity grants and tax-related share dispositions. She received a grant of 63,818 employee stock options exercisable in three annual installments beginning on 3/2/2027. She was also awarded 16,153 and 10,527 common shares as restricted share unit and performance-based restricted share unit grants. To cover tax liabilities upon vesting of previously granted restricted stock, 1,736 common shares at $284.03 per share and 6,713 shares at $294.07 per share were withheld. After these transactions, she held 169,251 common shares directly, and 60 additional shares were reported as held indirectly in her spouse's revocable trust.

Insider Trade Summary

6 transactions reported

Mixed 6 txns

Insider BOUDREAUX GAIL

Role President and CEO

Type	Security	Shares	Price	Value
Exercise Price or Tax Liability	Common Stock	1,736	$284.03	$493K
Grant/Award	Employee Stock Option (Right to Buy)	63,818	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	6,713	$294.07	$1.97M
Grant/Award	Common Stock	16,153	$0.00	$0.00
Grant/Award	Common Stock	10,527	$0.00	$0.00
holding	Common Stock	--	--	--

Holdings After Transaction: Employee Stock Option (Right to Buy) — 63,818 contracts (Direct); Common Stock — 169,251 shares (Direct); Common Stock — 60 shares (Indirect, Shares Held in Spouse's Revocable Trust)

Footnotes (4)

1. F1. PAYMENT OF TAX LIABILITY BY WITHHOLDING STOCK INCIDENT TO THE VESTING OF PREVIOUSLY GRANTED RESTRICTED STOCK.
2. F2. Represents restricted share units. Restrictions lapse as follows: 5,384 shares each on 3/2/2027 and 3/2/2028 and 5,385 shares on 3/2/2029.
3. F3. Represents performance based restricted share units. Restrictions lapsed on 3/2/2026.
4. F4. The option represents a right to purchase a total of 63,818 shares, and is exercisable in three annual installments, with one installment of 21,272 shares and two installments of 21,273 shares each, beginning on 3/2/2027, which is the one-year anniversary of the option grant date.

FAQ

What insider transactions did ELV CEO Gail Boudreaux report on this Form 4?

Gail Boudreaux reported equity grants and tax-related share dispositions. She received stock options and restricted share units, while shares were withheld to cover tax liabilities tied to vesting restricted stock awards.

How many Elevance Health (ELV) stock options were granted to Gail Boudreaux?

She received 63,818 employee stock options. According to the filing, these options become exercisable in three annual installments starting on March 2, 2027, with one installment of 21,272 shares and two installments of 21,273 shares each.

What restricted share units did ELV grant to CEO Gail Boudreaux?

The filing shows grants of 16,153 restricted share units and 10,527 performance-based restricted share units. The time-based units lapse in equal portions in 2027, 2028, and 2029, while restrictions on the performance-based units lapsed on March 2, 2026.

Why were some Elevance Health (ELV) shares disposed of in this Form 4?

Shares were disposed of solely for tax withholding. The filing states 1,736 shares at $284.03 and 6,713 shares at $294.07 per share were withheld to satisfy tax liabilities upon vesting of previously granted restricted stock.

How many Elevance Health (ELV) shares does Gail Boudreaux hold after these transactions?

After the reported transactions, she directly held 169,251 common shares. The filing also notes 60 additional common shares held indirectly through her spouse's revocable trust, reflecting both direct and indirect ownership positions.

When do Gail Boudreaux’s new Elevance Health (ELV) options become exercisable?

The 63,818-share option grant begins vesting on March 2, 2027. It becomes exercisable in three annual installments: one of 21,272 shares and two installments of 21,273 shares each, tied to the one-year anniversary of the grant date.

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Accepted by SEC EDGAR 03/04/2026 - 04:56 PM Learn about SEC filing dates

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^*

BOUDREAUX GAIL

(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)

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

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		6,713(1)	D	$294.07	144,307	D
Common Stock	03/02/2026		A		16,153(2)	A	$0	160,460	D
Common Stock	03/02/2026		A		10,527(3)	A	$0	170,987	D
Common Stock	03/03/2026		F		1,736(1)	D	$284.03	169,251	D
Common Stock								60	I	Shares Held in Spouse's Revocable Trust

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		63,818		(4)	03/02/2036	Common Stock	63,818	$0	63,818	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: 5,384 shares each on 3/2/2027 and 3/2/2028 and 5,385 shares on 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 63,818 shares, and is exercisable in three annual installments, with one installment of 21,272 shares and two installments of 21,273 shares each, 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).
** 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.
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