Commerce Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Commerce Bancshares, Inc. on January 28, 2025. The filing discloses executive compensation decisions approved by the Compensation and Human Resources Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
Material Changes and Executive Compensation
On January 28, 2025, the Committee approved the following for Named Executive Officers (NEOs):
- 2025 Base Salary: Effective March 29, 2025.
- Cash Bonuses: Performance-based compensation under the Executive Incentive Compensation Plan.
- Restricted Stock Awards: Grants under the Equity Incentive Plan.
| Executive Officer | Title | 2024 Restricted Stock Awards (#) | 2025 Performance-Based Bonus ($) | 2025 Base Salary ($) |
|---|---|---|---|---|
| John W. Kemper | President & CEO | 43,931 | 1,964,441 | 1,050,000 |
| Charles G. Kim | Executive Vice President & CFO | 7,946 | 705,904 | 601,093 |
| Kevin G. Barth | Executive Vice President | 7,946 | 705,904 | 601,093 |
| Robert S. Holmes | Executive Vice President | 6,316 | 550,323 | 531,738 |
| John K. Handy | Executive Vice President | 7,845 | 409,386 | 531,738 |
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on business performance, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the total cash outlay for the 2025 performance-based bonuses totaling approximately $4.34 million for the listed NEOs.
- Confirm the market value of the restricted stock awards granted based on the share price on the grant date.
- Review the specific performance metrics tied to the Executive Incentive Compensation Plan to understand the conditions for the bonuses.
- Note that the 2025 base salary adjustments are effective March 29, 2025.