Company: ELV
Filing Date: 2025-09-08
Form Type: 424B3
Source: 0001193125-25-197796
Chunk: 68

Company: Elevance Health, Inc.
Filing Date: 2025-09-08
Form: 424B3
Chunk 68
---
. Limitations on Ownership of Our Common Stock in Articles of Incorporation As required under our licenses with the Blue Cross and Blue Shield Association (“BCBSA”), our articles of incorporation contain certain limitations on the ownership of our common stock. Our articles of incorporation provide that no person may beneficially own shares of voting capital stock in excess of specified ownership limits, except with the prior approval of a majority of the “continuing directors.” The ownership limits, which may not be exceeded without the prior approval of the BCBSA, are the following:

| • |     | for any institutional investor (as defined in our articles of incorporation), one share less than 10% of our 
 outstanding voting securities;                                                                               |

| • |     | for any non-institutional investor (as defined in our articles of                
 incorporation), one share less than 5% of our outstanding voting securities; and |

| • |     | for any person, one share less than the number of shares of our common stock or other equity securities (or a 
 combination thereof) representing a 20% ownership interest in us.                                             |

Any transfer of stock that would result in any person beneficially owning shares of capital stock in excess of any ownership limit will result in the intended transferee acquiring no rights in the shares exceeding such ownership limit (with certain exceptions) and the person’s excess shares will be deemed transferred to an escrow agent to be held until the shares are transferred to a person whose ownership of the shares will not violate the ownership limit. 20

Certain Other Provisions of Our Articles of Incorporation and Bylaws Certain other provisions of our articles of incorporation and bylaws may delay or make more difficult unsolicited acquisitions or changes of control of us. These provisions could have the effect of discouraging third parties from making proposals involving an unsolicited acquisition or change in control of us, although these proposals, if made, might be considered desirable by a majority of our shareholders. These provisions may also have the effect of making it more difficult for third parties to cause the replacement of the current management without the concurrence of the board of directors. These provisions include:

| • |     | 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