Commerce Bancshares SVP sells 666 shares after SARs
COMMERCE BANCSHARES INC (CBSH) reported that Senior Vice President Douglas D. Neff exercised previously granted stock appreciation rights and adjusted his common stock holdings.
Rhea-AI Filing Summary
COMMERCE BANCSHARES INC (CBSH) reported that Senior Vice President Douglas D. Neff exercised previously granted stock appreciation rights and adjusted his common stock holdings. On 2026-08-27 he exercised stock appreciation rights for 1,393 shares at an exercise price of $37.9094 per share and 1,396 shares at $39.1416 per share, receiving an equivalent number of common shares. In connection with these exercises, 273 common shares at $58.10 per share were delivered or withheld for payment of exercise price or tax liability, and 1,850 common shares at $58.10 per share were disposed of to the issuer. Neff also sold 666 common shares at $58.145 per share. Following these transactions, he reported indirect ownership of 722 common shares through a 401(k) account. Footnotes state that the stock appreciation rights vest in four equal annual installments beginning March 2, 2018 and March 1, 2019, respectively.
Positive
- None.
Negative
- None.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
8 txns
Insider
Neff Douglas D
Role
Senior Vice President
Sold
666 shs ($39K)
Approx. gross sale proceeds
$39K
Approx. exercise cost
$107K
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Stock Appreciation Rights F1 | 1,393 | $0.00 | $0.00 |
| Exercise | Stock Appreciation Rights F2 | 1,396 | $0.00 | $0.00 |
| Exercise | Common Stock | 1,393 | $37.9094 | $53K |
| Exercise | Common Stock | 1,396 | $39.1416 | $55K |
| Exercise Price or Tax Liability | Common Stock | 273 | $58.10 | $16K |
| Disposition | Common Stock | 1,850 | $58.10 | $107K |
| Sale | Common Stock | 666 | $58.145 | $39K |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Stock Appreciation Rights — 0 contracts (Direct);
Common Stock — 11,746 shares (Direct);
Common Stock — 722 shares (Indirect, 401(k))
Footnotes (2)
- F1. The stock appreciation right vests in four equal annual installments beginning March 2, 2018.
- F2. The stock appreciation right vests in four equal annual installments beginning March 1, 2019.
Key Figures
Stock appreciation rights exercised (first grant): 1,393 shares at $37.9094 per share
Stock appreciation rights exercised (second grant): 1,396 shares at $39.1416 per share
Shares withheld or delivered for exercise price or tax liability: 273 shares at $58.10 per share
+5 more
8 metrics
Stock appreciation rights exercised (first grant)
1,393 shares at $37.9094 per share
Exercise of stock appreciation rights into common stock on 2026-08-27
Stock appreciation rights exercised (second grant)
1,396 shares at $39.1416 per share
Exercise of stock appreciation rights into common stock on 2026-08-27
Shares withheld or delivered for exercise price or tax liability
273 shares at $58.10 per share
Code F transaction on 2026-08-27
Shares disposed to issuer
1,850 shares at $58.10 per share
Code D disposition to issuer on 2026-08-27
Open-market or private sale
666 shares at $58.145 per share
Code S sale of common stock on 2026-08-27
Indirect holdings after transaction
722 shares
Common stock held indirectly through 401(k) account after transactions
Total derivative shares exercised
2,789 shares
Sum of stock appreciation right exercises (1,393 + 1,396) on 2026-08-27
Stock appreciation right expiration dates
March 2, 2027 and March 1, 2028
Expiration dates of exercised stock appreciation rights
Key Terms
Stock Appreciation Rights, Exercise or conversion of derivative security, Payment of exercise price or tax liability by delivering or withholding securities, Disposition to issuer, +2 more
6 terms
Stock Appreciation Rights financial
"security_title": "Stock Appreciation Rights""
Stock appreciation rights (SARs) are a form of employee compensation that give the holder the right to receive the increase in a company's stock price over a set baseline, paid in cash or shares, without having to buy the stock. For investors, SARs matter because they can create future cash outflows or share dilution and signal how a company rewards and motivates executives — similar to giving a bonus tied directly to how well the company’s stock performs.
Exercise or conversion of derivative security financial
"transaction_code_description": "Exercise or conversion of derivative security""
Payment of exercise price or tax liability by delivering or withholding securities financial
"transaction_code_description": "Payment of exercise price or tax liability by delivering or withholding"
Disposition to issuer financial
"transaction_code_description": "Disposition to issuer""
Rule 10b5-1 regulatory
"Rule 10b5-1 trading plans or pre-arranged trading arrangements"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
401(k) financial
"nature_of_ownership": "401(k)""
A 401(k) is a type of retirement savings plan offered by employers that allows workers to set aside a portion of their paycheck before taxes are taken out. The money saved in a 401(k) can grow over time through investments, helping individuals build funds for their future retirement. It matters to investors because it provides a tax-advantaged way to save and invest for long-term financial security.
FAQ
What did CBSH executive Douglas D. Neff report in this Form 4?
Douglas D. Neff reported exercising 2,789 stock appreciation right shares into common stock on 2026-08-27, with related share withholdings and dispositions, including an open-market sale of 666 common shares and a disposition of 1,850 shares to COMMERCE BANCSHARES INC.
What stock appreciation rights did Neff exercise in this CBSH Form 4?
Neff exercised two stock appreciation rights positions: 1,393 underlying shares at an exercise price of $37.9094 per share (grant vesting in four installments beginning March 2, 2018) and 1,396 underlying shares at $39.1416 per share (vesting beginning March 1, 2019).
What CBSH holdings did Neff report after these transactions?
After these transactions, Neff reported indirect ownership of 722 COMMERCE BANCSHARES INC common shares through a 401(k) account. The filing does not state a total direct common share balance following the transactions.
Were Neff’s CBSH transactions reported as made under a Rule 10b5-1 plan?
The filing’s Rule 10b5-1 checkbox is not marked as affirmative (aff_10b5_one is false), so the transactions are not identified there as being made pursuant to a Rule 10b5-1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
