COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2021

Feb 10, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2021-02-09

Reporting Person: Orf David L (Exec. Vice President & CCO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-09	Common Stock	M	1141	$31.6325	Acquired	14375	Direct
2021-02-09	Common Stock	M	1703	$31.2813	Acquired	16078	Direct
2021-02-09	Common Stock	F	577	$73.53	Disposed	15501	Direct
2021-02-09	Common Stock	D	1216	$73.53	Disposed	14285	Direct
2021-02-09	Common Stock	S	2021	$73.3854	Disposed	12264	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-09	Stock Appreciation Rights	$31.6325	M	1141	Disposed	2024-03-05	Common Stock (1141)	Direct
2021-02-09	Stock Appreciation Rights	$31.2813	M	1703	Disposed	2025-03-03	Common Stock (1703)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	13734	Indirect

Footnotes

F1: Sale prices ranged from $73.37 to $73.47.

F2: The stock appreciation rights vest in four equal annual installments beginning March 5, 2015.

F3: The stock appreciation rights vest in four equal annual installments beginning March 3, 2016.