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Form 4 ENTERPRISE FINANCIAL For: May 31 Filed by: BAUCHE DOUGLAS

June 7, 2023 3:10 PM EDT
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: December 31, 2014
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hours per response: 0.5
  
 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
BAUCHE DOUGLAS
(Last) (First) (Middle)
150 N. MERAMEC
(Street)
CLAYTON MO 63105
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
ENTERPRISE FINANCIAL SERVICES CORP [ EFSC ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
SEVP, Chief Credit Officer
3. Date of Earliest Transaction (Month/Day/Year)
05/31/2023
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               2,693 I 401(K) Plan (1)
Common Stock 05/31/2023   J (2) V 525 A $ 34.53 (3) 12,837 D  
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non Qualified Stock Option (Right to Buy) $ 43.81               (4) 02/25/2031 Common Stock 4,730   4,730 D  
Non Qualified Stock Option (Right to Buy) $ 48.34               (5) 02/24/2032 Common Stock 5,081   5,081 D  
Non Qualified Stock Option (Right to Buy) $ 54.46               (6) 02/28/2033 Common Stock 5,105   5,105 D  
Restricted Share Units (7)               (8)   (8) Common Stock 897   897 D  
Restricted Share Units (7)               (9)   (9) Common Stock 898   898 D  
Restricted Share Units (7)               (10)   (10) Common Stock 1,043   1,043 D  
Restricted Share Units (7)               (11)   (11) Common Stock 9,978   9,978 D  
Explanation of Responses:
1. These securities are represented by units held in a unitized stock fund through the Company's 401(k) Plan. The unitized stock fund consists of cash and common stock in amounts that vary from time to time. The Reporting Person has 5,508 units in the 401(k) Plan, which units consisted of 2,693 shares of common stock.
2. The reporting person is voluntarily reporting the acquisition of shares of the Issuer's common stock pursuant to the Issuer's 2018 Employee Stock Purchase Plan ("ESPP") for the ESPP purchase period of December 1, 2022 through May 31, 2023. This transaction is exempt under Section 16b-3(c).
3. In accordance with the terms of the ESPP, the reported shares were acquired based on 85% of the closing price of the Issuer's common stock on May 31, 2023.
4. This option becomes exercisable after a three year period on 2/25/24.
5. This option becomes exercisable after a three year period on 2/24/25.
6. The option becomes exercisable after a three year period on 2/28/26.
7. The RSU's were granted pursuant to the Company's 2018 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement.
8. The RSU's vest 100% in the first quarter of 2024, subject to continued employment by the reporting person.
9. The RSU's vest 100% in the first quarter of 2025, subject to continued employment by the reporting person.
10. The RSU vest 100% in the first quarter of 2026, subject to continued employment by the reporting person.
11. The RSUs vest over six years in one-third installments on each of February 24, 2024, February 24, 2026, and February 24, 2028. Vesting is subject to continued employment of the reporting person. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.
/s/ Douglas Bauche 06/07/2023
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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