Form 4: Comerica CFO Exercises Options, Adjusts Holdings
Insider Transaction Report
Comerica's Senior EVP and CFO, James J. Herzog, exercised multiple employee stock options and adjusted his common stock holdings on November 7, 2025.
Summary
- James J. Herzog, Senior EVP and CFO of Comerica Inc. (CMA), reported multiple transactions on November 7, 2025.
- Herzog exercised employee stock options to acquire a total of 18,271 shares of Comerica Common Stock at various prices ranging from $53.96 to $71.16 per share.
- Concurrently, 15,821 shares were disposed of at $78.89 per share to cover the exercise price and satisfy tax withholding obligations.
- Following these transactions, Herzog's direct beneficial ownership of Common Stock increased to 35,832 shares.
- Herzog also holds 28,838 shares indirectly through the Herzog Living Trust.
- Remaining unexercised employee stock options include 3,173 shares with an exercise price of $71.16, 5,933 shares with an exercise price of $53.96, 905 shares at $95.25, 1,240 shares at $80.17, and 4,820 shares at $92.58.
Sentiment
Score: 7
Explanation: The exercise of stock options by a senior executive generally indicates confidence in the company's future performance, although a portion of shares were sold to cover taxes and exercise costs.
Positives
- The Senior EVP and CFO exercised a significant number of employee stock options, indicating a positive outlook on the company's future performance.
- Direct beneficial ownership of Common Stock increased to 35,832 shares after the reported transactions.
Negatives
- 15,821 shares were disposed of to cover the exercise price and tax withholding obligations, which reduced the overall increase in direct holdings from the option exercises.
Future Outlook
NA
Industry Context
NA
Related Party Transactions
- James J. Herzog holds 28,838 shares indirectly through the Herzog Living Trust.
Stakeholder Impact
- Shareholders may view the executive's increased direct beneficial ownership positively, as it aligns management's interests with shareholder value.
- The filing provides transparency into the executive compensation structure, specifically regarding employee stock options.
Key Dates
| Date | Description |
|---|---|
| 01/24/2018 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $67.66. |
| 01/23/2019 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $95.25. |
| 01/22/2020 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $80.17. |
| 01/28/2021 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $63.15. |
| 02/25/2021 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $56.79. |
| 01/26/2022 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $60.12. |
| 01/25/2023 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $92.58. |
| 01/24/2024 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $71.16. |
| 01/23/2025 | Vesting start date for Employee Stock Option (right to buy) with an exercise price of $53.96. |
| 11/07/2025 | Date of earliest transaction, including multiple option exercises and share disposition. |
| 11/12/2025 | Signature date of the reporting person. |
| 01/24/2027 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $67.66. |
| 01/23/2028 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $95.25. |
| 01/22/2029 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $80.17. |
| 01/28/2030 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $63.15. |
| 02/25/2030 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $56.79. |
| 01/26/2031 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $60.12. |
| 01/25/2032 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $92.58. |
| 01/24/2033 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $71.16. |
| 01/23/2034 | Expiration date for Employee Stock Option (right to buy) with an exercise price of $53.96. |
Recommendation
holdThis Form 4 filing details routine insider transactions involving the exercise of employee stock options and subsequent share adjustments for tax purposes. While the executive increased direct beneficial ownership, the nature of these transactions does not provide new fundamental information to warrant a change in investment recommendation.
Keywords
Comerica, CMA, Form 4, Insider Trading, Stock Options, Beneficial Ownership, CFO, Executive Compensation
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