COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2019

Oct 25, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2019-10-18

Reporting Person: KEMPER DAVID W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-10-18	Common Stock	G	41	—	Disposed	1178656	Direct
2019-10-23	Common Stock	M	46992	$34.018	Acquired	1225648	Direct
2019-10-23	Common Stock	F	8715	$64.34	Disposed	1216933	Direct
2019-10-23	Common Stock	D	24846	$64.34	Disposed	1192087	Direct
2019-10-23	Common Stock	S	13431	$64.2462	Disposed	1178656	Direct
2019-10-23	Common Stock	J	10041	$64.2418	Disposed	50606	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-10-23	Stock Appreciation Rights	$34.018	M	46992	Disposed	2026-01-27	Common Stock (46992)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	12754	Indirect
Common Stock	18833	Indirect
Common Stock	12754	Indirect
Common Stock	18680	Indirect
Common Stock	16660	Indirect
Common Stock	201901	Indirect
Common Stock	12747	Indirect
Common Stock	18825	Indirect

Footnotes

F1: Sale prices ranged from $64.20 to $64.35.

F2: Sale of common stock.

F3: The stock appreciation right vests in four equal annual installments beginning January 27, 2017.