Form 4: CDW Officer Locy Receives Dividend Equivalent Shares

CDW Corporation's Senior Vice President, Controller, and Chief Accounting Officer, Peter R. Locy, acquired 6.94 shares of common stock as dividend equivalents.

Summary

• Peter R. Locy, Senior Vice President, Controller, and Chief Accounting Officer of CDW Corporation, acquired 6.94 shares of CDW common stock.
• The acquisition occurred on September 10, 2025, and was reported at a price of $0 per share.
• These shares represent dividend equivalents awarded under outstanding restricted stock unit awards from the CDW Corporation Long-Term Incentive Plan.
• Following this transaction, Mr. Locy directly beneficially owns 3,358.7 shares of CDW common stock.
• A Power of Attorney was granted by Peter R. Locy to several individuals, including Debra Wasserman, to handle SEC filings on his behalf, effective August 2025.

Sentiment

Score: 6

Explanation: The filing reports a routine, expected insider transaction (dividend equivalents) which is a neutral to slightly positive event as it indicates ongoing executive compensation and alignment with shareholder interests. No significant positive or negative news is present.

Positives

• The acquisition of dividend equivalent shares indicates the continued vesting and value accrual of previously granted restricted stock units, aligning management's interests with shareholders.
• The establishment of a Power of Attorney streamlines the process for timely and accurate SEC filings for the reporting person.

Risks

• The Power of Attorney explicitly states that the attorneys-in-fact and CDW Corporation are not assuming Peter R. Locy's responsibilities to comply with Section 16 of the Exchange Act or Rule 144, meaning ultimate compliance responsibility remains with Mr. Locy.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction, focusing instead on a routine insider transaction.

Management Comments

• Dividend equivalents awarded pursuant to outstanding restricted stock unit awards previously granted under the CDW Corporation Long-Term Incentive Plan.

Industry Context

This routine insider transaction, involving the award of dividend equivalents, is a standard component of executive compensation plans across many industries, particularly for companies utilizing restricted stock units to align executive incentives with long-term shareholder value. It does not indicate any specific industry trends or competitive shifts.

Comparison to Industry Standards

• NA

Corporate Governance

Stakeholder Impact

• Shareholders: The transaction is a routine part of executive compensation, aligning management's interests with shareholders through equity ownership. It has no direct material impact on current share value.
• Management: Peter R. Locy's equity stake increases slightly, reinforcing his financial interest in the company's performance. The Power of Attorney simplifies his compliance obligations.

Next Steps

• Peter R. Locy will continue to file Section 16 Reports as required by the Exchange Act for his equity securities in CDW Corporation.

Key Dates

Recommendation

This Form 4 filing reports a routine, non-cash acquisition of dividend equivalent shares by an executive, which is an expected part of executive compensation. It does not provide new information that would materially alter the investment thesis for CDW Corporation, nor does it signal any significant operational or financial changes. Therefore, a 'hold' recommendation is appropriate as the filing itself does not present a compelling reason to buy or sell the stock.

Keywords

CDW, Peter R. Locy, Form 4, Insider Transaction, Dividend Equivalents, Restricted Stock Units, Executive Compensation, SEC Filing, Corporate Governance, Power of Attorney