Form 4: Commerce Bancshares SVP Acquires Shares and Stock Appreciation Rights

David L. Roller, Senior Vice President of Commerce Bancshares, reports acquisition of common stock and stock appreciation rights.

Summary

• David L. Roller, a Senior Vice President at Commerce Bancshares Inc, filed a Form 4 detailing changes in beneficial ownership.
• On January 28, 2025, Roller acquired 3,494 shares of common stock.
• Following the transaction, Roller directly owns 35,990 shares of common stock and indirectly owns 2,011 shares through a 401(k).
• Roller also acquired 2,417 stock appreciation rights (SARs) with an exercise price of $66.61, vesting in four equal annual installments beginning January 28, 2026, and expiring on January 28, 2035.
• The SARs are based on 2,417 shares of Commerce Bancshares common stock.
• The reported stock holding balances were adjusted to include a 5% stock dividend with a record date of December 3, 2024, and payable on December 18, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The acquisition of shares by an executive suggests confidence, but it's a routine filing.

Positives

• The acquisition of shares and stock appreciation rights by a senior executive could be seen as a positive signal, indicating confidence in the company's future performance.

Future Outlook

The document does not contain explicit forward-looking statements, but the vesting schedule of the stock appreciation rights suggests a multi-year incentive plan for the executive.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The acquisition of shares and SARs is a common form of executive compensation.

Comparison to Industry Standards

• Stock appreciation rights are a common form of equity compensation, often used by companies like JP Morgan Chase, Bank of America, and Wells Fargo to align executive incentives with shareholder value.
• The vesting schedule of four equal annual installments is a standard practice, similar to plans offered by Goldman Sachs and Morgan Stanley.

Stakeholder Impact

• The transaction could have a minor positive impact on shareholder sentiment, as it signals confidence from a company insider.

Key Dates