COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2017

Jun 8, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2017-06-07

Reporting Person: Kellerhals Patricia R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-06-07	Common Stock	M	412	$32.1019	Acquired	5371	Direct
2017-06-07	Common Stock	M	304	$38.4494	Acquired	5675	Direct
2017-06-07	Common Stock	M	340	$38.0227	Acquired	6015	Direct
2017-06-07	Common Stock	M	408	$41.819	Acquired	6423	Direct
2017-06-07	Common Stock	F	145	$54.07	Disposed	6278	Direct
2017-06-07	Common Stock	D	1018	$54.07	Disposed	5260	Direct
2017-06-08	Common Stock	S	301	$54.28	Disposed	4959	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-06-07	Stock Appreciation Rights	$32.1019	M	412	Disposed	2023-04-17	Common Stock (412)	Direct
2017-06-07	Stock Appreciation Rights	$38.4494	M	304	Disposed	2024-03-05	Common Stock (304)	Direct
2017-06-07	Stock Appreciation Rights	$38.0227	M	340	Disposed	2025-03-03	Common Stock (340)	Direct
2017-06-07	Stock Appreciation Rights	$41.819	M	408	Disposed	2026-03-01	Common Stock (408)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18590	Indirect

Footnotes

F1: This stock appreciation right vests in four equal annual installments beginning on April 17, 2014.

F2: The stock appreciation rights vest in four equal annual installments beginning on March 5, 2015.

F3: The stock appreciation rights vest in four equal annual installments beginning on March 3, 2016.

F4: This stock appreciation right vests in four equal annual installments beginning on March 1, 2017.