ENTERPRISE FINANCIAL SERVICES CORP — Director's Dealing 2012

May 7, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ENTERPRISE FINANCIAL SERVICES CORP (EFSC)
CIK: 0001025835
Period of Report: 2012-05-03

Reporting Person: LEUCK RICHARD C (Chief Operating Officer)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-03	Restricted Share Units	$	A	8992	Acquired		Common Stock (9514)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	861	Direct
Common Stock	42149	Indirect
Common Stock	7000	Indirect
Common Stock	10500	Indirect
Common Stock	18664	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Incentive Stock Option (Right to Buy)	$10.00	2012-08-28	Common Stock (8000)	8000	Direct
Incentive Stock Option (Right to Buy)	$13.40	2013-05-13	Common Stock (12500)	12500	Direct
Stock Settled Stock Appreciation Rights	$20.63	2018-06-13	Common Stock (5000)	5000	Direct

Footnotes

F1: These shares are held jointly with spouse.

F2: The RSUs were granted pursuant to the Company's 2002 Stock Incentive Plan. Each RSU represents the right to receive one share of Common Stock, subject to adjustment as provided in the Grant Agreement.

F3: The RSUs vest at a rate of 20% annually over five years, subject to continued employment of the reporting person. Vesting occurs on December 15 of each year, commencing in the calendar year of the grant. On each vesting date, for each RSU vesting on such date, the reporting person will receive one share of Common Stock.

F4: Each SSAR consists of the right to receive an amount, in common stock, equal to the excess of the fair market value of a share of common stock on the date of exercise over the exercise price of the SSAR. The SSARs vest at a rate of 20% annually over five years, subject to continued employment of the reporting person. Vesting occurs on December 15 of each year, commencing December 15, 2008.