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 February 8, 2021, reporting events occurring on February 2, 2021. The filing addresses executive compensation decisions made by the Compensation and Human Resources Committee of the Board of Directors.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
Material Changes and Executive Compensation
On February 2, 2021, the Committee approved 2021 base salaries (effective April 1, 2021), 2020 performance-based cash bonuses, restricted stock awards, and stock appreciation rights for named executive officers. The compensation breakdown is as follows:
| Executive Officer | Title | 2021 Base Salary | 2020 Performance Bonus | Restricted Stock Awards | Stock Appreciation Rights |
|---|---|---|---|---|---|
| John W. Kemper | President & CEO | $974,725 | $664,144 | 31,717 | — |
| David W. Kemper | Executive Chairman | $400,000 | $200,000 | 9,299 | — |
| Charles G. Kim | Executive Vice President & CFO | $527,647 | $233,688 | 6,847 | 5,515 |
| Kevin G. Barth | Executive Vice President | $527,647 | $233,688 | 7,580 | 5,515 |
| John K. Handy | Executive Vice President | $435,501 | $336,963 | 5,249 | — |
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, or discussion of risks and contingencies. The cash bonuses are noted as being in accordance with the Company's Executive Incentive Compensation Plan, and equity awards were granted under the 2005 Equity Incentive Plan.
Key Facts for Investor Verification
- Verify the effective date of the new base salaries (April 1, 2021) against the company's fiscal calendar.
- Confirm the performance metrics used to calculate the 2020 performance-based bonuses.
- Review the vesting schedules and terms for the restricted stock awards and stock appreciation rights granted.
- Check subsequent filings for any changes to the Executive Incentive Compensation Plan or the 2005 Equity Incentive Plan.