KEMPER DAVID W 4

What Happened

• David W. Kemper, Executive Chairman and Director of Commerce Bancshares (CBSH), had 1,098 shares disposed on January 28, 2026. The shares were disposed at $52.66 per share for a total value of $57,821.
• The filing lists the transaction code "F" — payment of exercise price or tax liability — indicating these shares were surrendered or withheld to satisfy tax obligations tied to an equity award or option exercise. This type of disposal is typically a routine tax-withholding event rather than an open-market sale for investment reasons.

Key Details

• Transaction date: 2026-01-28
• Price per share: $52.66
• Shares disposed: 1,098
• Total value: $57,821
• Transaction code: F (payment of exercise price or tax liability — shares withheld/surrendered)
• Shares owned after transaction: Not specified in the filing
• Filing timeliness: Filing date (accession 0000022356-26-000004) appears timely (filed Jan 30, 2026), within the usual Form 4 reporting window

Context

• Code F usually means the company withheld or surrendered shares to cover tax withholding from a prior grant or option exercise. This is a routine administrative step and does not necessarily indicate a change in the insider's view of the company.
• For retail investors, purchases signal stronger insider conviction than tax-withholding disposals; treat this transaction as administrative rather than a directional bet.