Form 4: CDW Officer Kulevich Acquires Shares via RSU Dividends

CDW Corporation's Chief Legal Officer, Frederick J. Kulevich, acquired 34.13 shares of common stock through dividend equivalents on previously granted restricted stock units.

Summary

• Frederick J. Kulevich, CDW's Chief Legal Officer, Executive Vice President, Risk and Compliance, and Corporate Secretary, acquired 34.13 shares of CDW common stock.
• The acquisition occurred on December 10, 2025, at a price of $149.54 per share.
• These shares were dividend equivalents awarded on outstanding restricted stock unit awards under the CDW Corporation Long-Term Incentive Plan.
• Following this transaction, Kulevich beneficially owns 35,884.08 shares of CDW common stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 6

Explanation: A slightly positive sentiment due to increased insider ownership, albeit through a routine compensation mechanism. It indicates stability in executive compensation and alignment of interests.

Positives

• Insider ownership increased, aligning management interests with shareholders.
• The acquisition is a routine award of dividend equivalents on existing restricted stock units, indicating ongoing participation in the company's long-term incentive plan.

Future Outlook

The filing indicates ongoing participation in the CDW Corporation Long-Term Incentive Plan through outstanding restricted stock unit awards, but provides no explicit forward-looking statements or guidance regarding future company performance or strategy.

Industry Context

This is a routine insider transaction reflecting standard executive compensation practices within the technology and IT solutions industry. Many companies in this sector utilize restricted stock units and dividend equivalents as part of their long-term incentive plans to align executive interests with shareholder value.

Comparison to Industry Standards

• The practice of awarding dividend equivalents on restricted stock units is a common component of executive compensation packages across various industries, including technology and IT services. Companies like Microsoft, Apple, and Google often include similar RSU-based compensation structures for their executives, where dividends or dividend equivalents are paid out in additional shares or cash.

Corporate Governance

Related Party Transactions

• The acquisition of shares by Frederick J. Kulevich, an officer of CDW Corporation, through dividend equivalents on restricted stock units, constitutes a related party transaction as it involves compensation from the company to an executive.

Stakeholder Impact

• Shareholders: A slight positive impact due to increased insider ownership, which generally aligns management's financial interests with those of shareholders.
• Employees: No direct impact on general employees is indicated by this specific transaction.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of shares by an insider through dividend equivalents on restricted stock units, a standard part of executive compensation. It does not indicate any new strategic developments, financial performance changes, or market-moving events that would warrant a change in investment recommendation. The transaction reflects ongoing executive participation in the company's long-term incentive plan, which is generally a neutral to slightly positive signal for long-term alignment.

Keywords

CDW, Frederick Kulevich, Insider Transaction, Form 4, Stock Acquisition, Restricted Stock Units, Dividend Equivalents, Executive Compensation, CDW Corporation