Roller David L. 4

What Happened

• David L. Roller, Senior Vice President of Commerce Bankshares (CBSH), disposed of stock in early February 2026. He sold 2,092 shares in an open-market sale on Feb 3, 2026 at $53.32 per share for $111,554. In addition, on Feb 2–3 he had 1,582 shares (1,094 + 488) withheld/used to pay option exercise price or tax liabilities (codes F) at $53.23 and $53.59, valued at $58,234 and $26,152 respectively.
• Total shares disposed across these actions: 3,674 shares for aggregate consideration of about $195,940. These were sales/withholdings (not purchases) and are typically considered routine liquidity/tax-related transactions rather than a buy signal.

Key Details

• Transaction dates and prices:
  • 2026-02-02: 1,094 shares withheld at $53.23 = $58,234 (payment of exercise price/tax liability, code F)
  • 2026-02-03: 488 shares withheld at $53.59 = $26,152 (payment of exercise price/tax liability, code F)
  • 2026-02-03: 2,092 shares sold open market at $53.32 = $111,554 (sale, code S)
• Total withheld shares: 1,582; total sold open-market: 2,092; total disposed ≈ 3,674 shares (~$195,940).
• Ownership after the transactions was not specified in the excerpt of the filing.
• Filing: Form 4 filed 2026-02-04 covering transactions on Feb 2–3, 2026 (filed within the normal 2-business-day window).
• Footnote: All stock holding balances in the report were adjusted to reflect a 5% stock dividend (record date 12/2/2025, payable 12/16/2025).

Context

• The withheld shares (code F) indicate shares were used to satisfy option exercise costs or tax withholding—this is effectively a cashless or net settlement portion of an exercise, not a purchase signal.
• The open-market sale (code S) represents a liquidation of shares; sales by insiders are common and don’t necessarily indicate negative company outlook.