SEC Form 4

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 Estimated average burden 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).
	Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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) 11/30/2023
	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	11/30/2023		J(2)	V	148	A	$33.32(3)	12,985	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 June 1, 2023, through November 30, 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 November 30, 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	12/07/2023
	** Signature of Reporting Person	Date
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