Comerica (CMA) CFO exercises options; sells 15,821 shares at $78.89

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.

Insider Trade Summary

18,271 shares exercised/converted

Exercise 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	$0.00
Exercise	Employee Stock Option (right to buy)	2,495	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	4,060	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	5,655	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	3,172	$0.00	$0.00
Exercise	Employee Stock Option (right to buy)	1,977	$0.00	$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
Exercise Price or Tax Liability	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) — 16,071 contracts for 6,965 underlying shares (Direct); Common Stock — 35,832 shares (Direct); Common Stock — 28,838 shares (Indirect, Herzog Living Trust)

Footnotes (3)

1. F1. 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.
2. F2. Reflects aggregate shares withheld for payment of exercise price and to satisfy tax withholding obligations.
3. F3. The options vest in four equal annual installments (based on the original grant amount) beginning on the date indicated in this column.

FAQ

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

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.

How many shares did the CMA CFO sell or have withheld?

He reported a disposition of 15,821 shares at $78.89, reflecting shares withheld for exercise price and tax obligations.

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).

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

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Accepted by SEC EDGAR 11/12/2025 - 05:11 PM Learn about SEC filing dates

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^*

Herzog James J

(Last) (First) (Middle)

1717 MAIN STREET

MC 6500

(Street)

DALLAS TX 75201

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMERICA INC [ CMA ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Senior EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/07/2025		M		912	A	$67.66	34,294(1)	D
Common Stock	11/07/2025		M		2,495	A	$63.15	36,789(1)	D
Common Stock	11/07/2025		M		4,060	A	$56.79	40,849(1)	D
Common Stock	11/07/2025		M		5,655	A	$60.12	46,504(1)	D
Common Stock	11/07/2025		M		3,172	A	$71.16	49,676(1)	D
Common Stock	11/07/2025		M		1,977	A	$53.96	51,653(1)	D
Common Stock	11/07/2025		F		15,821(2)	D	$78.89	35,832(1)	D
Common Stock								28,838(1)	I	Herzog Living Trust

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$67.66	11/07/2025		M			912	01/24/2018(3)	01/24/2027	Common Stock	912	$0	0	D
Employee Stock Option (right to buy)	$63.15	11/07/2025		M			2,495	01/28/2021(3)	01/28/2030	Common Stock	2,495	$0	0	D
Employee Stock Option (right to buy)	$56.79	11/07/2025		M			4,060	02/25/2021(3)	02/25/2030	Common Stock	4,060	$0	0	D
Employee Stock Option (right to buy)	$60.12	11/07/2025		M			5,655	01/26/2022(3)	01/26/2031	Common Stock	5,655	$0	0	D
Employee Stock Option (right to buy)	$71.16	11/07/2025		M			3,172	01/24/2024(3)	01/24/2033	Common Stock	3,172	$0	3,173	D
Employee Stock Option (right to buy)	$53.96	11/07/2025		M			1,977	01/23/2025(3)	01/23/2034	Common Stock	1,977	$0	5,933	D
Employee Stock Option (right to buy)	$95.25							01/23/2019(3)	01/23/2028	Common Stock	905		905	D
Employee Stock Option (right to buy)	$80.17							01/22/2020(3)	01/22/2029	Common Stock	1,240		1,240	D
Employee Stock Option (right to buy)	$92.58							01/25/2023(3)	01/25/2032	Common Stock	4,820		4,820	D

Explanation of Responses:

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.

2. Reflects aggregate shares withheld for payment of exercise price and to satisfy tax withholding obligations.

3. The options vest in four equal annual installments (based on the original grant amount) beginning on the date indicated in this column.

Remarks:

	/s/ Steven Franklin, on behalf of James J. Herzog through Power of Attorney	11/12/2025
	** 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.