COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2014

Jan 28, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2014-01-26

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-01-26	Common Stock	J	2043	$44.52	Acquired	31326	Indirect
2014-01-27	Common Stock	A	17357	—	Acquired	1228628	Direct
2014-01-27	Common Stock	A	10067	—	Acquired	1238695	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-01-27	Stock Appreciation Rights	$44.52	A	27693	Acquired	2024-01-27	Common Stock (27693)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1996	Indirect
Common Stock	14758	Indirect
Common Stock	14759	Indirect
Common Stock	0	Indirect
Common Stock	14758	Indirect
Common Stock	14759	Indirect
Common Stock	11830	Indirect
Common Stock	0	Indirect
Common Stock	0	Indirect
Common Stock	222663	Indirect
Common Stock	29503	Indirect

Footnotes

F1: Represents shares transferred to a trust over which Mr. Kemper is attributed indirect beneficial ownership.

F2: The stock appreciation rights vest in four equal annual installments beginning January 27, 2015.