Petersen Paula S 4

What Happened Paula S. Petersen, Senior Vice President of Commerce Bancshares (CBSH), exercised 1,957 stock appreciation rights (SARs) on 2026-02-11, resulting in 1,957 common shares credited to her (exercise value reported $52,755). To cover tax and exercise obligations, 299 shares were withheld for tax withholding (F) and 963 shares were surrendered/disposed back to the issuer (D), both at $54.80 per share (total value of withheld/surrendered shares = $69,157). Net shares retained after the transactions: 695 shares. These dispositions appear to be routine withholding/surrender related to the exercise, not an open-market sale.

Key Details

• Transaction date: 2026-02-11; Form filed: 2026-02-13 (timely).
• Exercise/conversion (code M): 1,957 shares @ $26.96 — $52,755 (acquired).
• Tax withholding (code F): 299 shares @ $54.80 — $16,385 (disposed).
• Disposition to issuer (code D): 963 shares @ $54.80 — $52,772 (disposed).
• Net shares retained: 1,957 acquired − 1,262 disposed = 695 shares.
• Footnote: SAR vests in four equal annual installments beginning March 1, 2017 (F1).
• Filing timeliness: Not marked late; appears filed within the standard reporting window.

Context This was an exercise of SARs with shares withheld/surrendered to cover taxes and/or the settlement, a common “cashless” style outcome that does not necessarily signal a change in insider sentiment. The form shows conversion of a derivative into shares (M) and routine withholding (F) and surrender to issuer (D) rather than an open-market sale (S).