Commerce Bancshares (CBSH) SVP Douglas Neff Exercises SARs and Sells Shares

What Happened

• Douglas D. Neff, Senior Vice President of Commerce Bancshares (CBSH), exercised stock appreciation rights (SARs) on 2026-08-27 for a total of 2,789 shares and immediately disposed of all 2,789 shares via withholding, surrender to the issuer, and an open-market sale.
• Exercise details reported: 1,393 shares at $37.91 (value $52,808) and 1,396 shares at $39.14 (value $54,642), for total reported acquisition value of $107,450. All 2,789 shares were then disposed: 273 shares withheld for taxes at $58.10 ($15,861), 1,850 shares surrendered to the issuer at $58.10 ($107,485), and 666 shares sold in the open market at $58.15 ($38,725). The three disposal components sum to about $162,071.

Key Details

• Transaction date: 2026-08-27 (Form 4 filed 2026-08-31; filing appears timely).
• Exercise prices reported: $37.91 (1,393 shares) and $39.14 (1,396 shares); two derivative lines also listed at $0.00 reflecting the SAR conversion/settlement.
• Dispositions: 273 shares withheld for taxes (F), 1,850 shares surrendered to issuer (D), 666 shares sold in open market (S).
• Shares owned after the transaction: not disclosed in the provided filing.
• Footnotes: F1/F2 indicate these SARs vest in four equal annual installments beginning 3/2/2018 and 3/1/2019 (i.e., vested awards being settled).

Context

• This was a cashless (net) exercise/settlement of SARs — shares acquired on exercise were immediately used to cover taxes and issuer surrender, with a small portion sold on the open market. Such transactions are routine for executives settling equity awards and do not by themselves indicate a change in company outlook.
• For retail investors: the filing documents an exercise and immediate disposition (not a straightforward buy), so it’s not a fresh bullish purchase signal.