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 JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-27	Common Stock	A	9447	—	Acquired	1377032	Direct
2016-01-27	Common Stock	A	2810	—	Acquired	1379842	Direct
2016-01-28	Common Stock	F	2585	$40.06	Disposed	1377257	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-27	Stock Appreciation Rights	$39.38	A	17546	Acquired	2026-01-27	Common Stock (17546)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	43812	Indirect
Common Stock	17045	Indirect
Common Stock	38241	Indirect
Common Stock	30642	Indirect
Common Stock	7899	Indirect
Common Stock	91829	Indirect
Common Stock	53386	Indirect
Common Stock	68035	Indirect
Common Stock	30897	Indirect
Common Stock	8152	Indirect
Common Stock	245485	Indirect

Footnotes

F1: The stock appreciation right vests in four equal annual installments beginning on January 27, 2017.