COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2011

Jan 19, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2011-01-18

Reporting Person: LEADBEATER SETH M (Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-18	Common Stock	M	26367	$27.3313	Acquired	87802	Direct
2011-01-18	Common Stock	S	26367	$42.1588	Disposed	61435	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-18	Non-qualified Stock Option (Right to Buy)	$27.3313	M	26367	Disposed	2012-03-07	Common Stock (26367)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5806	Indirect

Footnotes

F1: Stock holdings adjusted to include 5% stock dividend - record date 12/6/10; payable 12/20/10.

F2: Range of sales prices is $42.03 to $42.37 per share.