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

Feb 7, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2020-02-06

Reporting Person: KEMPER DAVID W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-06	Common Stock	M	16450	$32.3981	Acquired	1221226	Direct
2020-02-06	Common Stock	F	3506	$70.69	Disposed	1217720	Direct
2020-02-06	Common Stock	D	7540	$70.69	Disposed	1210180	Direct
2020-02-06	Common Stock	S	5404	$70.496	Disposed	1204776	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-06	Stock Appreciation Rights	$32.3981	M	16450	Disposed	2026-01-27	Common Stock (16450)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	13391	Indirect
Common Stock	19774	Indirect
Common Stock	13391	Indirect
Common Stock	19614	Indirect
Common Stock	17556	Indirect
Common Stock	52941	Indirect
Common Stock	211996	Indirect
Common Stock	13384	Indirect
Common Stock	19766	Indirect

Footnotes

F1: The stock appreciation right vests in four equal annual installments beginning January 27, 2017.