Commerce Bancshares CFO Charles G. Kim Exercises SARs, Sells Shares

What Happened

• Charles G. Kim, Executive Vice President and Chief Financial Officer of Commerce Bancshares (CBSH), exercised derivative awards and sold shares on July 27, 2026. The filing shows an exercise/conversion entry for 9,662 shares (exercise price $36.44) valued at $352,081 and multiple share dispositions: 1,646 shares withheld for tax ($59.43, $97,822), 5,925 shares surrendered to the issuer ($59.43, $352,123), and an open-market sale of 19,771 shares at an average near $59.18 for $1,170,028. The report also lists a derivative disposition entry (9,662 shares @ $0), reflecting the conversion/settlement of the derivative award.

Key Details

• Transaction date: July 27, 2026; Form 4 filed July 29, 2026 (appears timely).
• Exercise details: 9,662 shares exercised at $36.44 (total $352,081).
• Sales/dispositions: 19,771 shares sold open market (~$59.045–$59.375 per footnote; reported $59.18 average) for ~$1.17M; 1,646 shares withheld for taxes ($59.43, $97,822); 5,925 shares surrendered to issuer ($59.43, $352,123).
• Footnotes: F1 — sale prices ranged $59.045–$59.375. F2 — the award is a stock appreciation right (SAR) that vests in four equal annual installments beginning Jan 31, 2018.
• Shares owned after the transactions: not specified in the provided summary — check the full Form 4 for post-transaction holdings.
• No indication in the filing of a 10b5-1 plan or late filing in the provided data.

Context

• This appears to be a typical exercise/settlement of stock appreciation rights with immediate share sales and share withholding to cover taxes and/or exercise obligations (a cashless-type settlement). Routine tax withholding and issuer-surrendered shares are common in such transactions and do not by themselves indicate the insider’s view of the company’s prospects. For full details and exact post-transaction holdings, consult the complete Form 4 filing (Accession: 0000022356-26-000181).