Commerce Bancshares Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Commerce Bancshares, Inc. on February 6, 2024, covering events reported as of January 31, 2024. The filing discloses executive compensation decisions approved by the Compensation and Human Resources Committee of the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation arrangements.
Material Changes and Executive Compensation
On January 31, 2024, the Committee approved the following for Named Executive Officers (NEOs):
- 2024 Base Salary: Effective April 1, 2024.
- 2023 Performance-Based Cash Bonuses: Paid in accordance with the Executive Incentive Compensation Plan.
- Equity Grants: Restricted stock awards and stock appreciation rights under the Equity Incentive Plan.
| Executive Officer | Title | 2024 Base Salary ($) | 2023 Cash Bonus ($) | Restricted Stock (#) | Stock Appreciation Rights (#) |
|---|---|---|---|---|---|
| John W. Kemper | President & CEO | 1,041,591 | 905,559 | 43,949 | 40,634 |
| Charles G. Kim | Executive Vice President & CFO | 583,585 | 360,359 | 9,775 | — |
| Kevin G. Barth | Executive Vice President | 583,585 | 327,599 | 9,775 | — |
| Robert S. Holmes | Executive Vice President | 516,250 | 269,100 | 7,885 | — |
| John K. Handy | Executive Vice President | 516,250 | 319,350 | 9,731 | — |
Guidance, Outlook, and Risks
The filing text does not provide a clear value for financial guidance, outlook, management commentary on operations, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the total cash and equity compensation awarded to the CEO and other NEOs against the company's historical compensation trends.
- Confirm the performance metrics used to calculate the 2023 performance-based bonuses.
- Review the terms of the 2024 base salary increase effective April 1, 2024.
- Check the vesting schedules and terms for the newly granted restricted stock awards and stock appreciation rights.