Company: ELV
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001156039-25-000046
Chunk: 40

Company: Elevance Health, Inc.
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 40
---
 mix of variable and fixed compensation that is heavily weighted toward variable, long-term performance-based compensation, with caps on AIP and PSU payouts |
|            |     | Include a combination of financial, non-financial and operational goals in our AIP to provide a holistic picture of enterprise performance                                                                                  |
|            |     | Significant director and executive stock ownership requirements and holding restrictions                                                                                                                                    |
|            |     | Clawback policy for executive officers’ incentive compensation, including for reputational harm                                                                                                                             |
|            |     | Double-trigger change-in-control provisions                                                                                                                                                                                 |
|            |     | No dividends paid on stock units until they vest                                                                                                                                                                            |
|            |     | Limited executive perquisites                                                                                                                                                                                               |

| What We Do Not Do |     |                                                                                                                                           |
|                   |     | No backdating, re-pricing, discounting, reloading or replacing of stock options or stock appreciation rights without shareholder approval |
|                   |     | No change-in-control excise tax gross-ups                                                                                                 |
|                   |     | No short sales, hedging or pledging of our stock is permitted by any director or executive officer                                        |
|                   |     | No compensation plans which encourage excessive risk-taking                                                                               |

### Shareholder Engagement and Recent Say-on-Pay Results
We have a longstanding practice of engaging with our shareholders on executive compensation matters. During 2024, our management engaged with our largest shareholders, representing a majority of our outstanding shares of common stock, and offered to and did discuss a broad range of topics, including executive compensation. The Committee considers comments and input provided by shareholders when determining the compensation of our NEOs.

| At the 2024 Annual Meeting of Shareholders, approximately 92% of votes cast were voted in favor of the proposal on the advisory vote on the compensation of our NEOs, commonly referred to as the “Say-on-Pay” vote. |

When determining how often to hold Say-on-Pay votes, the Board took into account the strong preference for an annual vote expressed by our shareholders at our 2023 Annual Meeting. Accordingly, the Board determined that we will continue to hold annual Say-on-Pay votes until the next say-on-pay frequency vote, which will be held at our 2029 Annual Meeting of Shareholders.

In addition, the Committee annually reviews reports from our independent compensation consultant regarding:

• market trends relating to the design of our Total Rewards program;

• outcomes from recent Say-on-Pay voting results and proxy advisor policy changes; and

• other market factors impacting executive compensation.