Elevance Health (ELV) CAO reports new stock awards and option grant

Rhea-AI Filing Summary

Elevance Health chief accounting officer and controller Ronald W. Penczek reported several equity award changes. On March 2, 2026, he acquired common stock through grants and restricted share units, plus an employee stock option for 1,677 shares that vests in three annual installments starting on March 2, 2027. On March 2 and March 3, 2026, he disposed of small amounts of common stock through tax-withholding transactions tied to the vesting of previously granted restricted stock, rather than open-market sales. Footnotes show additional restricted share units with restrictions lapsing between 2027 and 2029, and participation in a dividend reinvestment plan in 2025.

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^*

Penczek Ronald W

(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)
	CAO & Controller

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		131(1)	D	$294.07	1,743(2)	D
Common Stock	03/02/2026		A		426(3)	A	$0	2,169	D
Common Stock	03/02/2026		A		1,701(4)	A	$0	3,870	D
Common Stock	03/02/2026		A		266(5)	A	$0	4,136	D
Common Stock	03/03/2026		F		37(1)	D	$284.03	4,099	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		1,677		(6)	03/02/2036	Common Stock	1,677	$0	1,677	D

Explanation of Responses:

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

2. Balance includes 7.06 shares acquired on March 25, 2025, 6.14 shares acquired on June 25, 2025, 7.18 shares acquired on September 25, 2025 and 6.85 shares acquired on December 19, 2025 through a dividend reinvestment plan.

3. Represents restricted share units. Restrictions lapse as follows: 142 shares on 3/2/2027, 3/2/2028 and 3/2/2029.

4. Represents restricted share units. Restrictions lapse as follows: 850 shares on 3/2/2027, and 851 shares on 3/2/2028.

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

6. The option represents a right to purchase a total of 1,677 shares, and is exercisable in three annual installments, each installment of 559 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.
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FAQ

What insider transactions did Elevance Health (ELV) report for Ronald W. Penczek?

Ronald W. Penczek reported equity award activity including grants of common stock, restricted share units, and an employee stock option, along with small tax-withholding share dispositions related to vesting of previously granted restricted stock, rather than open-market purchases or sales.

How many stock options did the Elevance Health CAO receive in this Form 4?

Ronald W. Penczek received an employee stock option covering 1,677 shares of Elevance Health common stock. The option is exercisable in three equal annual installments of 559 shares each, beginning on March 2, 2027, the one-year anniversary of the grant date.

Were the share dispositions by Elevance Health’s CAO open-market sales?

The reported share dispositions were tax-withholding transactions, not open-market sales. They reflect payment of tax liabilities by withholding common stock when previously granted restricted stock vested, as described in the Form 4 footnotes for the March 2 and March 3, 2026 transactions.

What restricted share units did Ronald W. Penczek of Elevance Health report?

He reported restricted share units with restrictions lapsing on 142 shares each year from March 2, 2027 through March 2, 2029, and additional restricted share units with 850 shares vesting on March 2, 2027 and 851 shares vesting on March 2, 2028, plus performance-based units that lapsed March 2, 2026.

Does the Elevance Health CAO participate in a dividend reinvestment plan?

Yes. A footnote states his share balance includes small fractional share amounts acquired through a dividend reinvestment plan on March 25, 2025, June 25, 2025, September 25, 2025, and December 19, 2025, indicating automatic reinvestment of cash dividends into additional Elevance Health shares.

What is the vesting schedule for the Elevance Health CAO’s new stock option?

The newly reported employee stock option for 1,677 shares vests in three equal installments. Each installment of 559 shares becomes exercisable annually, starting on March 2, 2027, which is the first anniversary of the option grant date disclosed in the Form 4.