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

Feb 21, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2017-02-16

Reporting Person: Kellerhals Patricia R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-16	Common Stock	M	607	$38.4494	Acquired	7761	Direct
2017-02-16	Common Stock	M	339	$38.0227	Acquired	8100	Direct
2017-02-16	Common Stock	F	125	$58.72	Disposed	7975	Direct
2017-02-16	Common Stock	D	618	$58.72	Disposed	7357	Direct
2017-02-17	Common Stock	S	269	$58.13	Disposed	7088	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-02-16	Stock Appreciation Rights	$38.4494	M	607	Disposed	2024-03-05	Common Stock (607)	Direct
2017-02-16	Stock Appreciation Rights	$38.0227	M	339	Disposed	2025-03-03	Common Stock (339)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18700	Indirect

Footnotes

F1: The stock appreciation rights vest in four equal annual installments beginning on March 5, 2015.

F2: The stock appreciation rights vest in four equal annual installments beginning on March 3, 2016.