CMA Form 4: CFO option exercises on 11/07/2025 with share withholding
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Comerica Inc. (CMA) disclosed insider activity: Senior EVP and CFO James J. Herzog executed multiple employee stock option exercises on 11/07/2025 (transaction code M), acquiring common stock in lots of 912 at $67.66, 2,495 at $63.15, 4,060 at $56.79, 5,655 at $60.12, 3,172 at $71.16, and 1,977 at $53.96.
He reported a disposition of 15,821 shares at $78.89 (transaction code F), which the filing explains reflects aggregate shares withheld for payment of the exercise price and to satisfy tax withholding obligations.
Following these transactions, his direct beneficial ownership stood at 35,832 common shares, with an additional 28,838 shares held indirectly via the Herzog Living Trust.
Positive
- None.
Negative
- None.
Insider Trade Summary
18,271 shares exercised/converted
Mixed
17 txns
Insider
Herzog James J
Role
Senior EVP and CFO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (right to buy) | 912 | $0.00 | -- |
| Exercise | Employee Stock Option (right to buy) | 2,495 | $0.00 | -- |
| Exercise | Employee Stock Option (right to buy) | 4,060 | $0.00 | -- |
| Exercise | Employee Stock Option (right to buy) | 5,655 | $0.00 | -- |
| Exercise | Employee Stock Option (right to buy) | 3,172 | $0.00 | -- |
| Exercise | Employee Stock Option (right to buy) | 1,977 | $0.00 | -- |
| Exercise | Common Stock | 912 | $67.66 | $62K |
| Exercise | Common Stock | 2,495 | $63.15 | $158K |
| Exercise | Common Stock | 4,060 | $56.79 | $231K |
| Exercise | Common Stock | 5,655 | $60.12 | $340K |
| Exercise | Common Stock | 3,172 | $71.16 | $226K |
| Exercise | Common Stock | 1,977 | $53.96 | $107K |
| Tax Withholding | Common Stock | 15,821 | $78.89 | $1.25M |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Employee Stock Option (right to buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (right to buy) — 0 shares (Direct);
Common Stock — 34,294 shares (Direct);
Common Stock — 28,838 shares (Indirect, Herzog Living Trust)
Footnotes (1)
- Includes shares acquired through employee stock plans, shares purchased with reinvested dividends, restricted stock units and stock units held pursuant to a deferred compensation plan as of November 7, 2025. Reflects aggregate shares withheld for payment of exercise price and to satisfy tax withholding obligations. The options vest in four equal annual installments (based on the original grant amount) beginning on the date indicated in this column.
FAQ
What did CMA’s CFO report on Form 4?
He exercised multiple employee stock options on 11/07/2025 and reported a share disposition to cover exercise price and taxes.
What are the option exercise amounts and prices disclosed by CMA (CFO)?
Exercises included 912 at $67.66, 2,495 at $63.15, 4,060 at $56.79, 5,655 at $60.12, 3,172 at $71.16, and 1,977 at $53.96.
What are the CMA CFO’s holdings after the transactions?
He reported 35,832 shares held directly and 28,838 shares held indirectly via the Herzog Living Trust.
Who is the reporting person and role at CMA?
The reporting person is James J. Herzog, Senior EVP and CFO of Comerica Inc.
Were these transactions part of routine equity compensation activity?
Yes. The filing lists multiple option exercises (code M) and a tax/exercise-price share withholding disposition (code F).