Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 50

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 50
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 individual performance modifier, the Committee increased Mr. Kendrick’s AIP award to 50% of target in recognition of his performance as our Executive Vice President and President of Commercial and Specialty Health Benefits. Under Mr. Kendrick's leadership, our Commercial business delivered strong results in 2024, highlighted by a repricing initiative to align operating margins to our target range, resulting in a meaningful improvement in our Commercial business from post-pandemic lows. Additionally, our Commercial business exceeded its operating gain plan for the year across most business areas and achieved significant growth in the Individual market by adding approximately 275,000 consumers. No individual performance modifications were made to the other NEOs’ awards.

#### 2025 AIP
For the 2025 AIP, the Committee has retained the same financial performance measures and weightings. The Committee replaced the non-financial performance measures with a Strategic Initiatives measure, which will measure the outcome of key transformation initiatives focused on improving the member, provider and associate experience. Each performance measure will continue to have a threshold payout of 30%, a target payout of 100% and a maximum payout of 200%. The Committee will continue to measure our Adjusted Net Income growth and Total Revenue growth against our Peer Modifier Group, and may adjust the relative Peer Modifier at its discretion based on relative changes in the price-to-earnings ratio of Elevance Health and the other companies in the Peer Modifier Group.

#### Long-Term Incentive Plan Awards
The Committee makes annual grants of long-term, equity-based incentives to focus executives on the Company’s longer-term financial and strategic objectives and to align the interests of executives with those of our shareholders. These awards are made under the terms and conditions of the Long-Term Incentive Plan. With the assistance of its independent compensation consultant, the Committee establishes the LTIP target opportunity and allocation among the different types of LTIP awards for each NEO based on such factors as competitive practice at companies in our comparator groups, the NEO’s position and scope of responsibility, the importance of retaining the services of the NEO, internal equity and the NEO’s opportunity to drive Company performance and contribute to the long-term success of the Company. Our 2024 LTIP awards consist of a combination of PSUs, stock options and RSUs, as described below, which did not change from 2023:

| Award Type |     | Weighting |     | Key Features and Performance Measures |

#### Performance Stock Units
Focus on sustained performance and profitable growth

• Opportunity to earn from 0% to