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: Kellerhals Patricia R (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-31	Common Stock	A	1250	—	Acquired	7154	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-31	Stock Appreciation Rights	$56.53	A	1020	Acquired	2027-01-31	Common Stock (1020)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	18700	Indirect

Footnotes

F1: All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/2/2016 and payable 12/19/16.

F2: The stock appreciation right vests in four equal annual installments beginning January 31, 2018.