David L. Orf, Executive Vice President and Chief Compliance Officer of Commerce Bancshares Inc /MO/ (NASDAQ:CBSH), filed a Form 4 on August 18, 2026, disclosing multiple transactions in the company's common stock dated August 14, 2026.

Key Highlights

  • Stock appreciation rights exercised: Orf exercised 1,194 stock appreciation rights at a conversion price of $37.9094 and 1,353 rights at $39.1416, both on August 14, 2026.
  • Shares acquired via exercise: The two M-coded transactions added 1,194 and 1,353 shares of common stock, respectively, to his direct holdings.
  • Tax withholding disposition: 275 shares were disposed of at $60.31 per share via an F-coded transaction on August 14, 2026.
  • Additional disposition: 1,630 shares were disposed of at $60.31 per share via a D-coded transaction on the same date.
  • Open-market sale: 642 shares were sold at $60.35 per share in an S-coded transaction on August 14, 2026.
  • Resulting direct ownership: Following all reported transactions, Orf directly beneficially owned 24,962 shares of common stock.
  • Indirect holdings: Orf also holds 24,982 shares indirectly through a 401(k) plan, according to the filing.

Details of David Orf's August 2026 Transactions in Commerce Bancshares Common Stock

According to the filing, Orf exercised two tranches of stock appreciation rights on August 14, 2026. The first tranche covered 1,194 rights with a conversion price of $37.9094, originally exercisable beginning March 2, 2018, and expiring March 2, 2027. The second tranche covered 1,353 rights at a conversion price of $39.1416, exercisable beginning March 1, 2019, and expiring March 1, 2028. Both tranches were described as vesting in four equal annual installments from their respective start dates. Following each exercise, the filing reported the derivative position was reduced to zero.

The filing further disclosed three disposal transactions on the same date. An F-coded transaction disposed of 275 shares at $60.31, and a D-coded transaction disposed of an additional 1,630 shares, also at $60.31. An S-coded open-market sale covered 642 shares at $60.35 per share. The filing does not indicate that any transaction was made pursuant to a Rule 10b5-1 plan, as the corresponding checkbox was not checked.

After all transactions settled, the filing reported Orf's direct beneficial ownership at 24,962 shares of Commerce Bancshares common stock. In addition, the filing listed 24,982 shares held indirectly through a 401(k) plan. The Form 4 was signed by Steven A. Brandjord on behalf of David L. Orf and filed on August 18, 2026.

What Was Disclosed

The filing reported the exercise of two stock appreciation right tranches, three share disposals, and one open-market sale by Commerce Bancshares EVP and CCO David L. Orf, all dated August 14, 2026, resulting in direct ownership of 24,962 shares.