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

Jan 29, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2016-01-27

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-27	Common Stock	A	29145	—	Acquired	1362948	Direct
2016-01-27	Common Stock	A	8382	—	Acquired	1371330	Direct
2016-01-28	Common Stock	F	4642	$40.06	Disposed	1366688	Direct
2016-01-29	Common Stock	S	12210	$40.4921	Disposed	1354478	Direct
2016-01-28	Common Stock	J	652	$40.06	Acquired	20405	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-27	Stock Appreciation Rights	$39.38	A	54129	Acquired	2026-01-27	Common Stock (54129)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11019	Indirect
Common Stock	16270	Indirect
Common Stock	11019	Indirect
Common Stock	16270	Indirect
Common Stock	13533	Indirect
Common Stock	16269	Indirect
Common Stock	245485	Indirect
Common Stock	11012	Indirect
Common Stock	16263	Indirect

Footnotes

F1: Sale prices ranged from $40.38 to $40.55.

F2: Vesting of a restricted stock award.

F3: The stock appreciation right vests in four equal annual installments beginning January 27, 2017.