Commerce Bancshares (NASDAQ: CBSH) exec trades stock after exercising 2,547 SARs
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.
Positive
- None.
Negative
- None.
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 shares (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
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.
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.
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.
