CVS director granted deferred stock units

CVS Health director Douglas H. Shulman received a grant of 1,447.5039 deferred stock units as compensation.

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Form Type

Rhea-AI Filing Summary

CVS Health director Douglas H. Shulman received a grant of 1,447.5039 deferred stock units as compensation. The award represents deferral of a semi-annual director retainer under CVS Health’s 2017 Incentive Compensation Plan and is valued at $97.15 per unit. Each deferred stock unit is scheduled to convert into one share of CVS common stock and be issued in the future, according to the timing Mr. Shulman has elected. This is a compensation-related, non‑market transaction rather than an open‑market purchase or sale.

Insider Trade Summary

Grant/Award: 1,447.5039 shares

Grant/Award 1 txn

Insider Shulman Douglas H.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	1,447.5039	$97.15	$141K

Holdings After Transaction: Deferred Stock Units — 1,447.5039 contracts (Direct)

Footnotes (2)

F1. Consists of deferred stock units issued for deferral of a semi-annual retainer in connection with the Issuer's non-employee director compensation policy, valued at the market price, pursuant to the Issuer's 2017 Incentive Compensation Plan.
F2. Consists of deferred stock units, each to be converted into one share of common stock and issued in the future, as elected by the Reporting Person.

Key Figures

Deferred stock units granted: 1,447.5039 units Grant valuation price: $97.15 per unit Deferred units after transaction: 1,447.5039 units +1 more

4 metrics

Deferred stock units granted 1,447.5039 units Grant to Douglas H. Shulman on May 14, 2026

Grant valuation price $97.15 per unit Value used for semi-annual retainer deferral

Deferred units after transaction 1,447.5039 units Total deferred stock units held following this grant

Underlying common shares 1,447.5039 shares Each deferred unit converts into one CVS common share

Key Terms

Deferred Stock Units, semi-annual retainer, non-employee director compensation policy, 2017 Incentive Compensation Plan, +1 more

5 terms

Deferred Stock Units financial

"Consists of deferred stock units issued for deferral of a semi-annual retainer"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

semi-annual retainer financial

"issued for deferral of a semi-annual retainer in connection with the Issuer's non-employee director compensation policy"

non-employee director compensation policy financial

"in connection with the Issuer's non-employee director compensation policy, valued at the market price"

2017 Incentive Compensation Plan financial

"pursuant to the Issuer's 2017 Incentive Compensation Plan"

deferred stock units financial

"Consists of deferred stock units, each to be converted into one share of common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did CVS (CVS) director Douglas H. Shulman report on this Form 4?

Douglas H. Shulman reported receiving 1,447.5039 deferred stock units as director compensation. The grant relates to a semi-annual retainer and is issued under CVS Health’s 2017 Incentive Compensation Plan, not through an open-market stock purchase or sale.

How many CVS deferred stock units did Douglas H. Shulman receive?

He received 1,447.5039 deferred stock units tied to CVS common stock. These units were granted as part of his non-employee director compensation and will later convert into the same number of CVS common shares, based on his elected distribution timing.

At what value were Douglas H. Shulman’s CVS deferred stock units recorded?

The deferred stock units were valued at $97.15 per unit. This value reflects the market price used to calculate the semi-annual retainer deferral under CVS Health’s 2017 Incentive Compensation Plan for non-employee directors.

Are Douglas H. Shulman’s CVS deferred stock units immediately issued shares?

No, they are not immediately issued shares. Each deferred stock unit will be converted into one share of CVS common stock and issued at a future date, in line with the distribution schedule Mr. Shulman has elected.

Did this CVS Form 4 show any open-market buying or selling by Douglas H. Shulman?

No open-market buying or selling was reported. The filing shows an acquisition coded as a grant or award of deferred stock units, which is part of routine non-employee director compensation rather than a discretionary market trade.

What plan governs Douglas H. Shulman’s CVS deferred stock unit grant?

The grant is made under CVS Health’s 2017 Incentive Compensation Plan. It reflects the company’s non-employee director compensation policy, where a semi-annual retainer can be deferred into deferred stock units valued at the prevailing market price.

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Accepted by SEC EDGAR 05/15/2026 - 05:06 PM EDT

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shulman Douglas H.

(Last)

(First)

(Middle)

ONE CVS DRIVE

(Street)

WOONSOCKET

RHODE ISLAND

02895

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CVS HEALTH Corp [ CVS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Deferred Stock Units	$0	05/14/2026		A⁽¹⁾		1,447.5039		⁽²⁾	⁽²⁾	Common Stock	1,447.5039	$97.15	1,447.5039	D

Explanation of Responses:

1. Consists of deferred stock units issued for deferral of a semi-annual retainer in connection with the Issuer's non-employee director compensation policy, valued at the market price, pursuant to the Issuer's 2017 Incentive Compensation Plan.

2. Consists of deferred stock units, each to be converted into one share of common stock and issued in the future, as elected by the Reporting Person.

	/s/ Douglas H. Shulman	05/15/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR