Company: ELV
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001193125-25-199226
Chunk: 21

Company: Elevance Health, Inc.
Filing Date: 2025-09-09
Form: 424B3
Chunk 21
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 from the date of the public notice of an arrangement that could reasonably be expected to result in a Change of Control until the end of the 60-dayperiod following public notice of the occurrence of the Change of Control (which 60-dayperiod shall be extended so long as the rating of the notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided, however, thata Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control Triggering Event (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at our request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event). “ Change of Control” means the occurrence of any of the following: (1) direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of Elevance Health and its subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to Elevance Health or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of Elevance Health’s voting stock; or (3) the first day on which a majority of the members of Elevance Health’s Board of Directors are not Continuing Directors; provided, however, thata transaction will not S-14

be deemed to involve a Change of Control if we become a wholly owned subsidiary of a holding company and the holders of the voting stock of such holding company immediately following that
transaction are substantially the same as the holders of our voting stock immediately prior to that transaction. For purposes of this definition,