CDW CCO Elizabeth Connelly Exercises Options, Sells 26,695 Shares

What Happened
Elizabeth H. Connelly, Chief Commercial Officer and Executive Vice President of CDW Corp (CDW), exercised stock options on Aug 7, 2026 and immediately sold the underlying shares. She exercised 11,795 options at $95.57 (cost $1,127,248) and 14,900 options at $98.21 (cost $1,463,329), acquiring a total of 26,695 shares at a combined exercise cost of $2,590,577. Those 26,695 shares were sold in the open market the same day for total proceeds of $3,673,766 (weighted average sale price $137.62).

Key Details

• Transaction date: Aug 7, 2026; Form 4 filed Aug 11, 2026 (timely — filed within required business days).
• Exercises (code M): 11,795 shares @ $95.57 and 14,900 shares @ $98.21 (total exercise cost $2,590,577).
• Sale (code S): 26,695 shares sold at weighted average $137.62 for $3,673,766; sale prices ranged $137.345–$137.978 (footnote F1).
• Vesting: 11,795-options grant vested in thirds on Feb 25 of 2020–2022 (F2); 14,900-options grant vested in thirds on Mar 9 of 2021–2023 (F3).
• Shares owned after the transaction: not specified in the Form 4 filing.
• Transaction types: M = option exercise, S = open-market sale. The filing shows the exercised derivative shares were disposed of (cashless-style sale).

Context
This is a routine exercise-and-sell (cashless) transaction: the insider exercised vested options and sold the resulting shares the same day, a common way to cover exercise costs and tax withholding. The filing is informational and does not by itself indicate the insider’s forward view on the company.