Commerce Bancshares exec sells 642 shares after SARs

Q: What did CBSH executive David L. Orf report on this Form 4 filing?

David L. Orf reported exercising 2,547 Stock Appreciation Rights into common stock and several same-day dispositions, including a sale of 642 shares and shares delivered or returned to the issuer, all dated August 14, 2026.

Q: How many Stock Appreciation Rights did David L. Orf exercise in CBSH shares?

He exercised a total of 2,547 Stock Appreciation Rights, comprising 1,194 rights at $37.9094 and 1,353 rights at $39.1416 per share, receiving the same number of CBSH common shares on August 14, 2026.

Q: How many CBSH shares did David L. Orf sell and at what price?

He sold 642 shares of COMMERCE BANCSHARES INC common stock at a price of $60.35 per share on August 14, 2026, in a transaction reported with code S for a sale in open market or private transaction.

Q: What does the code F transaction mean in David L. Orf’s CBSH Form 4?

The code F transaction shows 275 shares of CBSH common stock were delivered or withheld at $60.31 per share to pay the exercise price or tax liability related to the option exercise on August 14, 2026.

Q: How many CBSH shares did David L. Orf return to the issuer?

He reported a code D disposition of 1,630 shares of COMMERCE BANCSHARES INC common stock to the issuer at $60.31 per share on August 14, 2026, categorized as a disposition to the issuer.

Q: What CBSH holdings did David L. Orf report through his 401(k) plan?

He reported indirect ownership of 24,982 shares of COMMERCE BANCSHARES INC common stock held through a 401(k) plan, listed as indirect ownership with nature of ownership specified as “401(K)” after the reported transactions.

COMMERCE BANCSHARES INC (CBSH) executive David L. Orf reported multiple equity transactions on August 14, 2026.

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Filing Sentiment

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Form Type

Rhea-AI Filing Summary

COMMERCE BANCSHARES INC (CBSH) executive David L. Orf reported multiple equity transactions on August 14, 2026. He exercised 2,547 Stock Appreciation Rights (1,194 at an exercise price of $37.9094 and 1,353 at $39.1416), receiving the same number of common shares. On the same date, he disposed of common stock through several mechanisms: 642 shares were sold at $60.35 per share, 275 shares were delivered or withheld for payment of exercise price or tax liability at $60.31 per share, and 1,630 shares were returned to the issuer at $60.31 per share. Following these transactions, he also reported 24,982 shares of common stock held indirectly through a 401(k) plan.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 8 txns

Insider Orf David L

Role Exec. Vice President & CCO

Sold 642 shs ($39K)

Approx. gross sale proceeds $39K

Approx. exercise cost $98K

Type	Security	Shares	Price	Value
Exercise	Stock Appreciation Rights ^F1	1,194	$0.00	$0.00
Exercise	Stock Appreciation Rights ^F2	1,353	$0.00	$0.00
Exercise	Common Stock	1,194	$37.9094	$45K
Exercise	Common Stock	1,353	$39.1416	$53K
Exercise Price or Tax Liability	Common Stock	275	$60.31	$17K
Disposition	Common Stock	1,630	$60.31	$98K
Sale	Common Stock	642	$60.35	$39K
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Appreciation Rights — 0 contracts (Direct); Common Stock — 24,962 shares (Direct); Common Stock — 24,982 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: 2,547 shares Exercise price (SAR block 1): $37.9094 per share Exercise price (SAR block 2): $39.1416 per share +5 more

8 metrics

Stock Appreciation Rights exercised 2,547 shares Total SARs exercised into common stock on August 14, 2026

Exercise price (SAR block 1) $37.9094 per share Exercise price for 1,194 Stock Appreciation Rights into common stock

Exercise price (SAR block 2) $39.1416 per share Exercise price for 1,353 Stock Appreciation Rights into common stock

Shares sold 642 shares Common stock sold at $60.35 per share on August 14, 2026

Sale price $60.35 per share Price for 642 common shares sold (code S)

Shares delivered/withheld (code F) 275 shares Common shares delivered or withheld at $60.31 per share for exercise price or tax liability

Shares returned to issuer (code D) 1,630 shares Common shares disposed to issuer at $60.31 per share

Indirect 401(k) holdings 24,982 shares Common stock held indirectly through 401(k) plan after reported transactions

Key Terms

Stock Appreciation Rights, Payment of exercise price or tax liability by delivering or withholding securities, Disposition to issuer, indirect ownership

4 terms

Stock Appreciation Rights financial

"The stock appreciation right vests in four equal annual installments"

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.

Payment of exercise price or tax liability by delivering or withholding securities financial

"transaction_code_description: Payment of exercise price or tax liability"

Disposition to issuer financial

"transaction_code_description: Disposition to issuer"

indirect ownership financial

"ownership_type: indirect, nature_of_ownership: 401(K)"

FAQ

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

What did CBSH executive David L. Orf report on this Form 4 filing?

David L. Orf reported exercising 2,547 Stock Appreciation Rights into common stock and several same-day dispositions, including a sale of 642 shares and shares delivered or returned to the issuer, all dated August 14, 2026.

How many Stock Appreciation Rights did David L. Orf exercise in CBSH shares?

He exercised a total of 2,547 Stock Appreciation Rights, comprising 1,194 rights at $37.9094 and 1,353 rights at $39.1416 per share, receiving the same number of CBSH common shares on August 14, 2026.

How many CBSH shares did David L. Orf sell and at what price?

He sold 642 shares of COMMERCE BANCSHARES INC common stock at a price of $60.35 per share on August 14, 2026, in a transaction reported with code S for a sale in open market or private transaction.

What does the code F transaction mean in David L. Orf’s CBSH Form 4?

The code F transaction shows 275 shares of CBSH common stock were delivered or withheld at $60.31 per share to pay the exercise price or tax liability related to the option exercise on August 14, 2026.

How many CBSH shares did David L. Orf return to the issuer?

He reported a code D disposition of 1,630 shares of COMMERCE BANCSHARES INC common stock to the issuer at $60.31 per share on August 14, 2026, categorized as a disposition to the issuer.

What CBSH holdings did David L. Orf report through his 401(k) plan?

He reported indirect ownership of 24,982 shares of COMMERCE BANCSHARES INC common stock held through a 401(k) plan, listed as indirect ownership with nature of ownership specified as “401(K)” after the reported transactions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/18/2026 - 02:44 PM Accepted by SEC EDGAR 08/18/2026 - 02:43 PM

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^*

Orf David L

(Last)

(First)

(Middle)

1000 WALNUT ST.

(Street)

KANSAS CITY

MISSOURI

64106

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
COMMERCE BANCSHARES INC /MO/ [ CBSH ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Exec. Vice President & CCO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

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)
Common Stock	08/14/2026		M		1,194	A	$37.9094	26,156	D
Common Stock	08/14/2026		M		1,353	A	$39.1416	27,509	D
Common Stock	08/14/2026		F		275	D	$60.31	27,234	D
Common Stock	08/14/2026		D		1,630	D	$60.31	25,604	D
Common Stock	08/14/2026		S		642	D	$60.35	24,962	D
Common Stock								24,982	I	401(K)

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)
Stock Appreciation Rights	$37.9094	08/14/2026		M			1,194	03/02/2018⁽¹⁾	03/02/2027	Common Stock	1,194	$0	0	D
Stock Appreciation Rights	$39.1416	08/14/2026		M			1,353	03/01/2019⁽²⁾	03/01/2028	Common Stock	1,353	$0	0	D

Explanation of Responses:

1. The stock appreciation right vests in four equal annual installments beginning March 2, 2018.

2. The stock appreciation right vests in four equal annual installments beginning March 1, 2019.

	/s/ Steven A. Brandjord for David L. Orf	08/18/2026
	** 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