Commerce Bancshares, Inc. (NASDAQ:CBSH) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(e) On January 23, 2019, the Compensation and Human Resources Committee of the Board of Directors of Commerce Bancshares, Inc. (the Company) approved the base salary for 2019 (effective April 1, 2019) and the payment of cash bonuses to the Company’s CEO and its other named executive officers, as listed in the table below. The cash bonuses include performance-based compensation in accordance with the Company’s Executive Incentive Compensation Plan. The Committee also approved the grant to those individuals of restricted stock awards and stock appreciation rights under the Company’s 2005 Equity Incentive Plan.
|
Restricted |
Stock |
||||
|
Performance- |
Stock |
Appreciation |
|||
|
Salary |
Based Bonus |
Awards |
Rights |
||
|
Executive Officer |
Title |
$ |
$ |
# |
# |
|
John W. Kemper |
President & CEO |
925,500 |
1,123,229 |
24,491 |
34,097 |
|
David W. Kemper |
Executive Chairman |
400,000 |
1,312,000 |
18,642 |
21,311 |
|
Charles G. Kim |
Executive Vice President & CFO |
501,000 |
469,368 |
6,527 |
7,139 |
|
Kevin G. Barth |
Executive Vice President |
501,000 |
469,368 |
6,527 |
7,139 |
|
Jonathan M. Kemper |
Vice Chairman* |
275,000 |
320,555 |
3,581 |
4,262 |
*Jonathan M. Kemper resigned from his position as Vice Chairman of the Company effective July 31, 2018.
About Commerce Bancshares, Inc. (NASDAQ:CBSH)
Commerce Bancshares, Inc. is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in general banking business, providing a range of retail, corporate, investment, trust and asset management products and services to individuals and businesses. The Company operates through three segments: Consumer, Commercial and Wealth. Its Consumer segment includes the retail branch network, consumer installment lending, personal mortgage banking, and consumer debit and credit bank card activities. Its Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, international services, and business, government deposit, and related commercial cash management services, as well as merchant and commercial bank card products. Its Wealth segment provides traditional trust and estate tax planning, advisory and discretionary investment management, and brokerage services.