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

Jan 26, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2016-01-22

Reporting Person: KEMPER JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-01-22	Common Stock	M	58636	$31.8927	Acquired	1419143	Direct
2016-01-22	Common Stock	F	3876	$39.22	Disposed	1415267	Direct
2016-01-22	Common Stock	D	47682	$39.22	Disposed	1367585	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-01-22	Stock Appreciation Rights	$31.8927	M	58636	Disposed	2016-02-17	Common Stock (58636)	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 February 17, 2007.