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

Feb 1, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2017-01-30

Reporting Person: PETRIE MICHAEL J (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-01-30	Common Stock	F	355	$56.50	Disposed	16067	Direct
2017-01-31	Common Stock	S	542	$56.2978	Disposed	15525	Direct
2017-01-31	Common Stock	M	638	$38.4581	Acquired	16163	Direct
2017-01-31	Common Stock	M	761	$37.5048	Acquired	16924	Direct
2017-01-31	Common Stock	F	283	$56.53	Disposed	16641	Direct
2017-01-31	Common Stock	D	1445	$56.53	Disposed	15196	Direct
2017-01-31	Common Stock	M	767	$37.1701	Acquired	15963	Direct
2017-02-01	Common Stock	S	438	$56.97	Disposed	15525	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-01-31	Stock Appreciation Rights	$38.4581	M	638	Disposed	2024-01-27	Common Stock (638)	Direct
2017-01-31	Stock Appreciation Rights	$37.5048	M	761	Disposed	2026-01-27	Common Stock (761)	Direct
2017-01-31	Stock Appreciation Rights	$37.1701	M	767	Disposed	2025-01-27	Common Stock (767)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	25512	Indirect

Footnotes

F1: All stock holding balances were adjusted to include a 5% stock dividend (record date 12/2/16, payable 12/19/16).