[Form 4] Evolent Health, Inc Insider Trading Activity

Rhea-AI Filing Summary

Cushman & Wakefield plc (CWK) Form 4: Non-employee director Timothy H. Wennes was granted 11,873 restricted stock units (RSUs) on 01-Aug-2025 under the company’s 2018 Omnibus Non-Employee Director Share and Cash Incentive Plan. Each RSU converts 1-for-1 into ordinary shares.

The RSUs carry a $0 exercise price and will vest and settle on the first anniversary of the grant date, provided Wennes remains on the board. After this transaction he holds 11,873 derivative securities; no open-market purchase or sale occurred, so cash outlay and immediate dilution are zero.

The filing reflects routine director compensation intended to align board and shareholder interests. Because it does not represent a discretionary insider buy or material share issuance, the near-term market impact is considered neutral.

Positive

• 11,873 RSUs granted to a board member, modestly increasing potential insider ownership.
• One-year vesting encourages director retention and long-term alignment with shareholders.

Negative

• Grant is not a cash purchase; therefore it lacks the confidence signal of insider buying and has no immediate capital inflow to the company.

Insights

Corporate Governance Analyst

TL;DR: Routine RSU grant; aligns incentives, minimal investor impact.

The Form 4 shows Cushman & Wakefield awarding 11,873 RSUs to director Timothy H. Wennes. The award vests in 12 months, reinforcing board retention and share-price alignment. No cash changed hands and shares are not issued until vesting, so dilution is negligible against the company’s large float. Such scheduled grants are standard practice and do not carry the bullish signal of an open-market purchase. Accordingly, the disclosure is governance-neutral and unlikely to influence valuation or trading volumes.

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^*

Shams Aammaad

(Last) (First) (Middle)

C/O EVOLENT HEALTH, INC.

1812 N. MOORE ST., STE. 1705

(Street)

ARLINGTON VA 22209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Evolent Health, Inc. [ EVH ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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
Class A Common Stock	08/01/2025		F		2,567(1)	D	$9.98	72,899(2)	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

Explanation of Responses:

1. This number represents shares of Class A Common Stock withheld to satisfy the tax withholding obligation due upon vesting of restricted stock units.

2. Includes restricted stock units granted under awards reported on Table 1 of Form 4s previously filed with the Securities and Exchange Commission.

Remarks:

	/s/ Jonathan Weinberg, Attorney-in-fact	08/05/2025
	** 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

How many RSUs did Timothy H. Wennes receive according to CWK's Form 4?

The filing reports a grant of 11,873 restricted stock units.

When do the RSUs granted to CWK director Wennes vest?

They vest and settle one year after the 01-Aug-2025 grant date, subject to continued board service.

Did the director purchase CWK shares with cash?

No. The transaction is an equity grant at $0 cost, not an open-market purchase.

What is the conversion ratio for the RSUs reported in the Form 4?

Each RSU converts on a 1-for-1 basis into an ordinary share of Cushman & Wakefield.

Does this Form 4 indicate a significant change in insider ownership at CWK?

No material change; the grant adds potential future shares but is routine director compensation.