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

Jan 30, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2019-01-28

Reporting Person: Callahan Daniel D. (Exec. Vice President & CCO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-01-28	Common Stock	F	1398	$61.11	Disposed	25848	Direct
2019-01-28	Common Stock	M	1375	$33.7144	Acquired	27223	Direct
2019-01-28	Common Stock	F	427	$60.875	Disposed	26796	Direct
2019-01-28	Common Stock	M	1366	$34.018	Acquired	28162	Direct
2019-01-28	Common Stock	D	1525	$60.875	Disposed	26637	Direct
2019-01-28	Common Stock	S	787	$60.742	Disposed	25850	Direct
2019-01-29	Common Stock	S	3231	$61.5199	Disposed	22619	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-01-28	Stock Appreciation Rights	$33.7144	M	1375	Disposed	2025-01-27	Common Stock (1375)	Direct
2019-01-28	Stock Appreciation Rights	$34.018	M	1366	Disposed	2026-01-27	Common Stock (1366)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7719	Indirect
Common Stock	332	Indirect

Footnotes

F1: The stock appreciation rights vest in four equal annual installments beginning January 27, 2016.

F2: The stock appreciation right vests in four equal annual installments beginning January 27, 2017.