Commerce Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Commerce Bancshares Inc. on February 5, 2008, covering events that occurred on February 1, 2008. The filing primarily addresses executive compensation approvals and a new share repurchase authorization.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, margin, debt, or liquidity figures for the company. The financial data presented is limited to executive compensation amounts and share repurchase volumes.
Material Changes and Executive Compensation
On February 1, 2008, the Board of Directors approved 2008 base salaries (effective April 1, 2008), cash bonuses, stock appreciation rights (SARs), and restricted stock awards for named executive officers. The approved compensation details are as follows:
| Executive Officer | Title | 2008 Salary ($) | 2007 Cash Bonus ($) | SARs (#) | Restricted Stock (#) |
|---|---|---|---|---|---|
| David W. Kemper | Chairman, President & CEO | 848,500 | 516,500 | 97,750 | 4,104 |
| Jonathan M. Kemper | Vice Chairman | 437,500 | 192,500 | 41,400 | 1,486 |
| Seth M. Leadbeater | Vice Chairman | 345,000 | 140,000 | 20,700 | 1,070 |
| Charles G. Kim | Executive Vice President | 345,000 | 142,000 | 19,550 | 994 |
| Kevin G. Barth | Executive Vice President | 345,000 | 142,000 | 19,550 | 994 |
| A. Bayard Clark | Executive Vice President & CFO | 265,500 | 90,000 | 16,100 | 720 |
Share Repurchase Authorization
The Board approved an additional purchase of up to 1,579,156 shares of company stock. Combined with remaining shares from a prior authorization, the company now has authority to repurchase a total of 3,000,000 shares.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of executive compensation and capital allocation actions.
Key Facts for Investor Verification
- Verify the total number of shares remaining under the 3,000,000 share repurchase authorization.
- Confirm the effective date of the new base salaries (April 1, 2008) and the vesting terms for the granted stock awards.
- Review the company's most recent 10-K or 10-Q for actual financial performance metrics, as this 8-K does not report revenue or earnings.
- Check subsequent filings for the actual execution of the share repurchase program.