[Form 4] Enterprise Financial Services Corporation Insider Trading Activity

Rhea-AI Filing Summary

Enterprise Financial Services Corp (EFSC) director Lars C. Anderson reported receipt of 1,790 phantom shares under the companys Non-Management Director Stock Plan on 08/22/2025. Each phantom share represents the right to receive one share of common stock upon distribution from the directors deferred compensation account. The filing states the shares were issued at $0 under the Plan and will be distributed on January 3, 2028, the deferral date specified by the director. Following the transaction Anderson beneficially owns 1,790 common shares related to these phantom units, held directly. The Form 4 is signed and dated 08/26/2025.

Insights

Corporate Governance Expert

TL;DR: This is a routine director deferred-compensation credit under the non-management director plan with no immediate cash or market impact.

The reported transaction credits 1,790 phantom shares to a directors deferred compensation account, convertible to common stock on a specified future date. Such awards are standard for non-employee directors to align long-term interests with shareholders and to defer taxation and receipt of shares. Because the units are phantom (no immediate issuance or sale) and are scheduled for distribution in 2028, there is limited near-term dilution or liquidity impact. Disclosure appears complete for the specific transaction dates, amounts, and distribution schedule.

Securities Analyst

TL;DR: Non-derivative phantom share grant of 1,790 units is immaterial to capital structure today; monitor future distribution date for potential share issuance.

The Form 4 shows an award of 1,790 phantom shares with an effective issue price of $0 and direct beneficial ownership recorded. From a securities perspective, these units represent a contingent claim to common stock at distribution rather than a current market sale or purchase. The transaction does not reflect trading activity by the director and does not change outstanding common shares immediately. Investors may note the scheduled distribution date (01/03/2028) when assessing potential future share issuance, but the filing itself does not present material near-term valuation impact.

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

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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^*

ANDERSON LARS C

(Last) (First) (Middle)

150 N. MERAMEC

(Street)

ST. LOUIS 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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

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
Phantom Stock	(1)	08/22/2025		A		1,790		(2)	(2)	Common Stock	1,790	$0(3)	1,790	D

Explanation of Responses:

1. Each phantom share represents the right to receive one share of common stock upon distribution from the Non-Management Director Stock Plan deferred compensation account.

2. Shares of common stock will be distributed on January 3, 2028 the deferral date identified by the director in accordance with the terms of the Plan.

3. Represents shares issued under the Non-Management Director Stock Plan.

	/s/ Lars C. Anderson	08/26/2025
	** 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.

FAQ

What did EFSC director Lars C. Anderson report on Form 4?

He reported receipt of 1,790 phantom shares under the Non-Management Director Stock Plan on 08/22/2025, with distribution set for 01/03/2028.

Do the phantom shares immediately increase EFSC common shares outstanding?

No. The phantom shares are rights to receive common stock upon distribution and do not represent immediate issuance or sale of EFSC common stock.

How many shares will be distributed and when for EFSC filing (EFSC)?

1,790 shares will be distributed on January 3, 2028, per the directors deferral election under the Plan.

Was there any cash paid or price for the transaction reported on EFSC Form 4?

The filing states the shares were issued under the Plan at $0, indicating no cash purchase price was paid by the director for these phantom units.

Does this Form 4 indicate insider trading activity by Lars Anderson in EFSC stock?

No. The filing reflects a Plan award/deferral (phantom shares) rather than a purchase or sale of EFSC stock in the open market.