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

Feb 2, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2017-01-31

Reporting Person: KEMPER DAVID W (Director, Chairman of the Board, CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-31	Common Stock	A	29837	—	Acquired	1283483	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-31	Stock Appreciation Rights	$56.53	A	36337	Acquired	2027-01-31	Common Stock (36337)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	11569	Indirect
Common Stock	17083	Indirect
Common Stock	11569	Indirect
Common Stock	17083	Indirect
Common Stock	14468	Indirect
Common Stock	17082	Indirect
Common Stock	19681	Indirect
Common Stock	257759	Indirect
Common Stock	11562	Indirect
Common Stock	17076	Indirect

Footnotes

F1: The stock appreciation right vests in four equal annual installments beginning January 31, 2018.