Enterprise Financial (EFSC) insider ESPP stock purchase on Dec. 31, 2025

Rhea-AI Filing Summary

Enterprise Financial Services Corp executive Douglas Bauche, SEVP and Chief Credit Officer, reported a small share purchase through an employee plan. On December 31, 2025, he acquired 19 shares of common stock under the company’s 2018 Employee Stock Purchase Plan at a price of $45.90 per share, based on 85% of that day’s closing price. After this transaction, he directly holds 24,344 common shares and indirectly holds 3,282 common shares through the company’s 401(k) plan.

He also reports existing derivative holdings, including non-qualified stock options on 4,730, 5,081, 5,105, 7,786 and 4,100 shares of common stock with exercise prices ranging from $39.50 to $57.17 and expirations between 2028 and 2035. In addition, he holds restricted stock units covering 1,043, 1,487, 1,371 and 6,652 shares, granted under the 2018 Stock Incentive Plan, which vest in the first quarters of 2026, 2027 and 2028, and in installments across February 24, 2024, 2026 and 2028, all subject to continued employment.

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

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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^*

BAUCHE DOUGLAS

(Last) (First) (Middle)

150 N. MERAMEC

(Street)

CLAYTON MO 63105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE FINANCIAL SERVICES CORP [ EFSC ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SEVP, Chief Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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	12/31/2025		J(1)	V	19	A	$45.9(2)	24,344	D
Common Stock								3,282	I	401(K) Plan(3)

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
Non Qualified Stock Option (Right to Buy)	$43.81							02/06/2024	02/25/2031	Common Stock	4,730		4,730	D
Non Qualified Stock Option (Right to Buy)	$48.34							02/03/2025	02/24/2032	Common Stock	5,081		5,081	D
Non Qualified Stock Option (Right to Buy)	$54.46							(4)	02/28/2033	Common Stock	5,105		5,105	D
Non Qualified Stock Option (Right to Buy)	$39.5							(5)	02/28/2034	Common Stock	7,786		7,786	D
Non Qualified Stock Option (Right to Buy)	$57.17							(6)	03/04/2035	Common Stock	4,100		4,100	D
Restricted Share Units	(7)							(8)	(8)	Common Stock	1,043		1,043	D
Restricted Share Units	(7)							(9)	(9)	Common Stock	1,487		1,487	D
Restricted Share Units	(7)							(10)	(10)	Common Stock	1,371		1,371	D
Restricted Share Units	(7)							(11)	(11)	Common Stock	6,652		6,652	D

Explanation of Responses:

1. The reporting person is voluntarily reporting the acquisition of shares of the Issuer's common stock pursuant to the Issuer's 2018 Employee Stock Purchase Plan ("ESPP") for the ESPP purchase period of July 1, 2025, through December 31, 2025. This transaction is exempt under Section 16b-3(c).

2. In accordance with the terms of the ESPP, the reported shares were acquired based on 85% of the closing price of the Issuer's common stock on December 31, 2025.

3. These securities are represented by units held in a unitized stock fund through the Company's 401(k) Plan. The unitized stock fund consists of cash and common stock in amounts that vary from time to time.

4. This option becomes exercisable in the first quarter of 2026, subject to continued employment by the reporting person.

5. This option becomes exercisable in the first quarter of 2027, subject to continued employment by the reporting person.

6. The option becomes exercisable in the first quarter of 2028, subject to continued employment by the reporting person.

7. The RSU's were granted pursuant to the Company's 2018 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement.

8. The RSU vest 100% in the first quarter of 2026, subject to continued employment by the reporting person.

9. The RSU's vest 100% in the first quarter of 2027, subject to continued employment by the reporting person.

10. The RSU's vest 100% in the first quarter of 2028, subject to continued employment by the reporting person.

11. The RSUs vest over six years in one-third installments on each of February 24, 2024, February 24, 2026, and February 24, 2028. Vesting is subject to continued employment of the reporting person. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.

	/s/ Douglas Bauche	01/09/2026
	** Signature of Reporting Person	Date
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FAQ

What insider transaction did EFSC executive Douglas Bauche report?

Douglas Bauche, SEVP and Chief Credit Officer of Enterprise Financial Services Corp (EFSC), reported acquiring 19 shares of common stock on December 31, 2025 under the company’s 2018 Employee Stock Purchase Plan.

At what price did Douglas Bauche acquire EFSC shares through the ESPP?

The 19 EFSC common shares were acquired at $45.90 per share, calculated as 85% of the closing price of the company’s common stock on December 31, 2025, in line with the ESPP terms.

How many EFSC common shares does Douglas Bauche own after this Form 4 transaction?

Following the reported ESPP purchase, Douglas Bauche beneficially owns 24,344 EFSC common shares directly and 3,282 common shares indirectly through the company’s 401(k) plan.

What stock options does Douglas Bauche hold in Enterprise Financial Services Corp?

He holds several non-qualified stock options on EFSC common stock: 4,730 shares at $43.81, 5,081 shares at $48.34, 5,105 shares at $54.46, 7,786 shares at $39.50 and 4,100 shares at $57.17, with exercisability beginning in the first quarters of 2026, 2027 and 2028 and expirations from 2028 through 2035, subject to continued employment.

What restricted stock units (RSUs) does Douglas Bauche hold at EFSC and when do they vest?

Douglas Bauche holds RSUs granted under the 2018 Stock Incentive Plan covering 1,043, 1,487, 1,371 and 6,652 shares of EFSC common stock. Certain RSUs vest 100% in the first quarter of 2026, 2027 and 2028, while others vest over six years in one-third installments on February 24, 2024, 2026 and 2028, all contingent on continued employment.

How are Douglas Bauche’s EFSC holdings through the 401(k) plan structured?

The indirect holdings of 3,282 EFSC common shares are represented by units in a unitized stock fund within the company’s 401(k) plan, which consists of both cash and EFSC common stock in proportions that can change over time.