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 JONATHAN M (Director, Vice Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-31	Common Stock	A	8665	—	Acquired	1187338	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-31	Stock Appreciation Rights	$56.53	A	10125	Acquired	2027-01-31	Common Stock (10125)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	47392	Indirect
Common Stock	17897	Indirect
Common Stock	32174	Indirect
Common Stock	8293	Indirect
Common Stock	121668	Indirect
Common Stock	32367	Indirect
Common Stock	32441	Indirect
Common Stock	8559	Indirect
Common Stock	257759	Indirect

Footnotes

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