Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 51

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 51
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 200% of target PSUs based on achievement of pre-established three-year (2024-2026) cumulative Adjusted Net Income (weighted 60%) and cumulative Operating Revenue (weighted 40%)

• Threshold, target and maximum performance goals are anchored on the Company’s long-term strategic plan and are critically important for driving long-term success by rewarding both top-line and bottom-line growth

• Cash dividend equivalents accrue during the vesting period but are only paid when the underlying PSUs vest and are distributed. Dividend equivalents are cancelled if the underlying units do not vest

• Actual payout level to be determined by the Committee following completion of the 2024-2026 performance period. Any shares earned vest on the third anniversary of the grant date

| 52 |

#### Executive Compensation
| Award Type |     | Weighting |     | Key Features and Performance Measures |

#### Stock Options
Focus on sustained stock price appreciation

• Provide value only when our stock price increases over the exercise price (closing price of our common stock on the pre-established grant date)

• Have a term of 10 years

• Vest in three equal annual installments, beginning on the first anniversary of the grant date

#### Restricted Stock Options
Focus on stock value and executive retention

• Enable executives to build levels of stock ownership

• Vest in three equal annual installments, beginning on the first anniversary of the grant date

• Cash dividend equivalents accrue during the vesting period but are only paid when the underlying RSUs vest and are distributed. Dividend equivalents are cancelled if the underlying units do not vest

Generally, the Committee grants LTIP awards to associates, including the NEOs, on the first business day of March, which occurs after the release of our final earnings for the prior year. This permits material information regarding the Company’s performance for the prior fiscal year to have been disclosed to the public before equity-based awards are granted and provides a pre-established grant date each year.

The total grant date fair value of LTIP awards granted in 2024 to each NEO is shown in the following table:

| Name            |     | 2024-2026 PSU Target Award Grant Date Fair Value |     |   |           |     |   |           | Annual Stock Options Grant Date Fair Value |     |   |           | Annual RSU 
 Grant Date 
 Fair Value | Total 2024 
 LTIP       
 Granted    |     |   |            |
|:----------------|:----|:-------------------------------------------------|:----|:--