Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 10

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 10
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-performance philosophy seeks to align the interests and rewards of our named executive officers (“NEOs”) with the long-term interests of our shareholders and drives the achievement of our purpose, mission and strategy, while operating within our values.

Balanced mix of financial and operational measures. The Compensation and Talent Committee used a balanced scorecard for the AIP for our executive officers with a 50% weighting for Adjusted Net Income, a 20% weighting for Operating Revenue and a total of 30% weighting for operational performance measures, namely, Improving the Health of Humanity (10%), Star Ratings (10%) and Consumer Effort (10%). Our performance stock units (“PSUs”) granted under the Long-Term Incentive Plan in 2024 use Operating Revenue and Adjusted Net Income as performance measures. Please refer to the GAAP reconciliation table in Annex Afor information on Adjusted Net Income.

Reward long-term growth and sustained success. 78% of our CEO's target compensation and 71% of our other NEOs' target compensation is in equity awards, which encourages long-term growth and sustained success.

#### Primary Components of 2024 Target Compensation
The pay mix for our CEO and other NEOs during 2024 reflects our executive compensation philosophy that emphasizes performance-based compensation over fixed compensation. As reflected in the charts below, the mix of total target compensation granted in 2024 to our NEOs was heavily weighted toward performance-based and other long-term incentive compensation.

| CEO |     | Other NEOs |

#### 2025 Proxy Statement11
Corporate Governance

| PROPOSAL 1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
 Election of Directors                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |     |                                                                                                                                                       |
| We are asking our shareholders to elect Susan D. DeVore, Bahija Jallal and Ryan M. Schneider to the Board, each for a three-year term to expire at our 2028 Annual Meeting. Elizabeth E. Tallett will continue to serve as a director through the date of the Annual Meeting, but she is not eligible for re-election due to our mandatory retirement age policy. The Board thanks Ms. Tallett for her contributions and service to the Board and the Company.The Board has appointed Ramiro Peru as the incoming independent Chair of the Board beginning on the date of the 2025 Annual Meeting.Each of the nominees for director is presently a director, and each has consented to being named as a nominee in this Proxy Statement and has indicated a willingness to serve if elected