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: KEMPER DAVID W (Director, Chairman of the Board, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-18	Common Stock	M	113905	$35.1915	Acquired	1251196	Direct
2011-01-18	Common Stock	F	94118	$42.59	Disposed	1157078	Direct
2011-01-18	Common Stock	F	5303	$42.59	Disposed	1151775	Direct
2011-01-19	Common Stock	S	14484	$42.3989	Disposed	1137291	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-18	Non-qualified Stock Option (Right to Buy)	$35.1915	M	113905	Disposed	2015-01-28	Common Stock (113905)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	4565	Indirect
Common Stock	12751	Indirect
Common Stock	12750	Indirect
Common Stock	12751	Indirect
Common Stock	12750	Indirect
Common Stock	9165	Indirect
Common Stock	25357	Indirect
Common Stock	53462	Indirect
Common Stock	192345	Indirect
Common Stock	25487	Indirect

Footnotes

F1: Sale price range is $42.2616 to $42.5700 per share.