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 John W (Director, President and COO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-27	Common Stock	A	10474	—	Acquired	99186	Direct
2016-01-27	Common Stock	A	3023	—	Acquired	102209	Direct
2016-01-28	Common Stock	F	410	$40.06	Disposed	101799	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-27	Stock Appreciation Rights	$39.38	A	19454	Acquired	2026-01-27	Common Stock (19454)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	245485	Indirect

Footnotes

F1: All stock holdings were adjusted to include a 5% stock dividend (record date 11/27/15 and payable 12/14/15).

F2: The stock appreciation right vests in four equal annual installments beginning on January 27, 2017.