COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2016

May 23, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2016-05-20

Reporting Person: ABERDEEN JEFFERY D (Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-20	Common Stock	M	5890	$31.8179	Acquired	42649	Direct
2016-05-20	Common Stock	F	680	$48.07	Disposed	41969	Direct
2016-05-20	Common Stock	D	3899	$48.07	Disposed	38070	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-20	Stock Appreciation Rights	$31.8179	M	5890	Disposed	2017-03-01	Common Stock (5890)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	21024	Indirect
Common Stock	2047	Indirect

Footnotes

F1: The stock appreciation rights vest in four equal annual installments beginning March 1, 2008.