Commerce Bancshares exceeded executives' earnings targets last year, and that led to a 39 percent increase in total compensation for Chief Executive David Kemper.
Kemper's pay totaled $3.9 million in 2011, according to a filed March 13. That included a salary of $878,501 and a bonus of $1.4 million, which was 164 percent of the target amount. Kemper also got $1.3 million worth of stock and was credited with a $189,893 increase in pension value. His perquisites, worth $1,195, included club dues, long-term care insurance and personal use of a company plane.
Kemper is entitled to collected $12.06 million if he leaves Commerce after a takeover. That includes $5.1 million in salary and bonus, $2.0 million in retirement benefits and $3.8 million worth of unvested stock awards.
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Commerce's earnings per share increased 18 percent last year, before unusual items, and its stock price rose less than 1 percent.
At Commerce's annual meeting on April 18, a shareholder is submitting a proposal that calls for annual election of all directors. Commerce board members now serve staggered three-year terms.
