Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 70

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 70
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 |     | the division of the board of directors into three classes serving staggered terms of office of three years; |

| • |     | provisions limiting the maximum number of directors to 19 and requiring that any increase in the number of 
 directors then in effect must be approved by a majority of continuing directors;                           |

| • |     | provisions requiring that, except in certain limited circumstances, the filling of any vacancy on the board of 
 directors must be approved by a majority of continuing directors;                                              |

| • |     | permitting a special meeting of shareholders to be called only by the board of directors, the Chair of the Board,                                                                  
 the Lead Director, the Chief Executive Officer, the President, or upon the written demand of any one or more shareholders owning at least 20% of our outstanding common stock; and |

| • |     | requirements for advance notice for raising business or making nominations at shareholders’ meetings. |

Our bylaws provide that if the requirement for a classified board structure set forth in our licenses with the BCBSA is eliminated or otherwise no longer applicable to the Company, the board of directors will take all necessary actions to implement the elimination of the classified board structure and the annual election of all directors, which shall be phased in over a three-year period commencing with the first annual meeting of shareholders occurring at least 90 days after the board of directors determines that such requirement is eliminated or is otherwise no longer applicable to the Company. Our bylaws establish an advance notice procedure with regard to business to be brought before an annual or special meeting of shareholders and advance notice and proxy access procedures with regard to the nomination of candidates for election as directors, other than by or at the direction of the board of directors, including nominations made in accordance with Rule 14a-19promulgated under the Exchange Act. Although our bylaws do not give the board of directors any power to approve or disapprove shareholder nominations for the election of directors or proposals for action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if the established procedures are not followed, and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of directors or to approve its proposal without regard to whether consideration of those nominees or proposals might be harmful or beneficial to us and our shareholders. In addition, our bylaws provide that, unless we consent in writing to the selection of an alternative forum, the sole and exclusive forum for (a) any