COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2020

Nov 18, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2020-11-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-16	Common Stock	M	824	$57.7714	Acquired	14113	Direct
2020-11-16	Common Stock	F	45	$70.55	Disposed	14068	Direct
2020-11-16	Common Stock	D	675	$70.55	Disposed	13393	Direct
2020-11-16	Common Stock	M	2361	$48.8328	Acquired	15754	Direct
2020-11-16	Common Stock	M	1609	$53.4694	Acquired	17363	Direct
2020-11-16	Common Stock	F	272	$70.63	Disposed	17091	Direct
2020-11-16	Common Stock	D	2852	$70.63	Disposed	14239	Direct
2020-11-16	Common Stock	S	950	$70.418	Disposed	13289	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-16	Stock Appreciation Rights	$57.7714	M	824	Disposed	2029-01-23	Common Stock (824)	Direct
2020-11-16	Stock Appreciation Rights	$48.8328	M	2361	Disposed	2027-01-31	Common Stock (2361)	Direct
2020-11-16	Stock Appreciation Rights	$53.4694	M	1609	Disposed	2028-01-24	Common Stock (1609)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	2268	Indirect
Common Stock	360	Indirect

Footnotes

F1: The stock appreciation right vests in four equal annual installments beginning January 23, 2020.

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

F3: The stock appreciation right vests in four equal annual installments beginning January 24, 2019.