<SEC-DOCUMENT>0001628908-22-000131.txt : 20220926
<SEC-HEADER>0001628908-22-000131.hdr.sgml : 20220926
<ACCEPTANCE-DATETIME>20220926163724
ACCESSION NUMBER:		0001628908-22-000131
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20220915
FILED AS OF DATE:		20220926
DATE AS OF CHANGE:		20220926

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			McCarthy Daniel Joseph
		CENTRAL INDEX KEY:			0001946147

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37415
		FILM NUMBER:		221266185

	MAIL ADDRESS:	
		STREET 1:		800 N GLEBE ROAD
		STREET 2:		SUITE 500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Evolent Health, Inc.
		CENTRAL INDEX KEY:			0001628908
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				320454912
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		800 NORTH GLEBE RD, SUITE 500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
		BUSINESS PHONE:		571-389-6000

	MAIL ADDRESS:	
		STREET 1:		800 NORTH GLEBE RD, SUITE 500
		CITY:			ARLINGTON
		STATE:			VA
		ZIP:			22203
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>wf-form3_166422462808887.xml
<DESCRIPTION>FORM 3
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2022-09-15</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001628908</issuerCik>
        <issuerName>Evolent Health, Inc.</issuerName>
        <issuerTradingSymbol>EVH</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001946147</rptOwnerCik>
            <rptOwnerName>McCarthy Daniel Joseph</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O EVOLENT HEALTH, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>800 NORTH GLEBE ROAD, SUITE 500</rptOwnerStreet2>
            <rptOwnerCity>ARLINGTON</rptOwnerCity>
            <rptOwnerState>VA</rptOwnerState>
            <rptOwnerZipCode>22203</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>PRESIDENT</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class A Common Stock</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>167881</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Common Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>10.65</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2025-05-12</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3000.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Common Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>18.25</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-02-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>3064.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Common Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>24.75</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2027-08-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>4550.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Common Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.95</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F5"/>
            </exerciseDate>
            <expirationDate>
                <value>2028-02-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>16835.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
        <derivativeHolding>
            <securityTitle>
                <value>Class A Common Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.29</value>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F6"/>
            </exerciseDate>
            <expirationDate>
                <value>2029-03-01</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class A Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>14368.0</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Includes restricted stock units granted to Mr. McCarthy pursuant to the Evolent Health, Inc. Omnibus Incentive Compensation Plan.</footnote>
        <footnote id="F2">12,000 options were granted on May 12, 2015 and vested and became exercisable ratably in four annual installments beginning on May 1, 2016. Prior to the date of the event requiring the filing of this Form 3, 3,000 of these options remain outstanding and have vested.</footnote>
        <footnote id="F3">3,064 options were granted on February 1, 2017 and vested and became exercisable ratably in four annual installments beginning on February 1, 2018.</footnote>
        <footnote id="F4">4,550 options were granted on August 1, 2017 and vested and became exercisable ratably in four annual installments beginning on August 1, 2018.</footnote>
        <footnote id="F5">16,835 options were granted on February 1, 2018 and vested and became exercisable ratably in four annual installments beginning on February 1, 2019.</footnote>
        <footnote id="F6">14,368 options were granted on March 1, 2019 and vest and become exercisable ratably in four annual installments beginning on March 1, 2020. Prior to the date of the event requiring the filing of this Form 3, 10,776 of these options had vested.</footnote>
    </footnotes>

    <remarks>See Exhibit 24.1 - Power of Attorney</remarks>

    <ownerSignature>
        <signatureName>/s/ Jonathan Weinberg, Attorney-in-fact</signatureName>
        <signatureDate>2022-09-26</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>2
<FILENAME>powerofattorneydanielmccar.htm
<DESCRIPTION>POWER OF ATTORNEY-DANIEL J MCCARTHY
<TEXT>
<!-- Document created using Workiva -->
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<body>
<pre>
Power of Attorney

The undersigned hereby constitutes and appoints Jonathan Weinberg, the undersigned's true and lawful attorney-in-fact to execute for and on behalf of the undersigned, in the undersigned's capacity as an officer and/or director of Evolent Health, Inc. (the "Company"), Form ID - Uniform Application for Access Codes to File on EDGAR, Forms 3, 4 and 5 and any other forms required to be filed in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder (a "Form").

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of the undersigned, is not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934.

This Power of Attorney shall remain in full force and effect until the undersigned is no longer required to file any Forms pursuant to Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder, with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to the foregoing attorney-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of this 1st day of September 2022.


/s/ Daniel McCarthy_____________________________
Name: Daniel McCarthy
Title: President
</pre>
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