Commerce Bancshares Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K was filed on February 2, 2016, by Commerce Bancshares, Inc., a Missouri corporation. The report discloses events occurring on January 27, 2016, regarding executive compensation approvals by the Compensation and Human Resources Committee.
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 27, 2016, the Committee approved the following for Named Executive Officers (NEOs):
- Base Salary: Approved for 2016, effective April 1, 2016.
- Cash Bonuses: Performance-based payments under the Executive Incentive Compensation Plan (EICP).
- Equity Awards: Grants of restricted stock and stock appreciation rights under the 2005 Equity Incentive Plan.
| Executive Officer | Title | 2016 Salary | 2015 Performance Bonus | Restricted Stock Awards | Stock Appreciation Rights |
|---|---|---|---|---|---|
| David W. Kemper | Chairman & CEO | $965,000 | $941,279 | 37,527 | 54,129 |
| Jonathan M. Kemper | Vice Chairman | $497,800 | $315,642 | 12,257 | 17,546 |
| John W. Kemper | President & COO | $591,600 | $432,825 | 13,497 | 19,454 |
| Charles G. Kim | Executive VP & CFO | $450,000 | $261,812 | 8,145 | 10,798 |
| Kevin G. Barth | Executive VP | $450,000 | $261,812 | 8,145 | 10,798 |
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, or discussion of risks and contingencies beyond the standard disclosure of compensation arrangements.
Key Facts for Investor Verification
- Verify the performance metrics used to calculate the 2015 cash bonuses under the EICP.
- Review the vesting schedules and terms for the restricted stock and stock appreciation rights granted.
- Confirm the effective date of the 2016 base salary adjustments (April 1, 2016).
- Check subsequent filings for the actual payout of the approved bonuses and the issuance of equity awards.