Orf David L 4

What Happened
David L. Orf, Executive Vice President & Chief Compliance Officer of Commerce Bancshares (CBSH), disposed of 964 shares on 2026-02-02 at $53.23 per share for a total of $51,314. The filing lists the disposition under code F, indicating the shares were used to pay an exercise price or tax liability (tax withholding) rather than a market sale driven by investment view.

Key Details

• Transaction date: 2026-02-02; reported on Form 4 filed 2026-02-04 (timely).
• Shares disposed: 964 at $53.23 each; total value $51,314.
• Transaction code: F — payment of exercise price or tax liability (commonly a share-withhold to cover taxes after option exercise).
• Shares owned after transaction: not specified in the provided excerpt.
• Footnote: All holding balances in the filing were adjusted for a 5% stock dividend (record date 12/2/2025, payable 12/16/2025).

Context
This appears to be a routine tax-withholding disposition tied to an option exercise or similar event—common for executives and typically not interpreted as a directional bet on the stock. The 5% stock dividend noted in the filing adjusted reported balances and does not change the basic nature of this withholding transaction.