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

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2021-02-01

Reporting Person: Kellerhals Patricia R (Senior Vice President)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-01	Common Stock	M	527	$55.0204	Acquired	8367	Direct
2021-02-01	Common Stock	M	311	$46.5074	Acquired	8678	Direct
2021-02-01	Common Stock	M	428	$50.9232	Acquired	9106	Direct
2021-02-01	Common Stock	F	103	$67.02	Disposed	9003	Direct
2021-02-01	Common Stock	D	975	$67.02	Disposed	8028	Direct
2021-02-01	Common Stock	F	284	$67.91	Disposed	7744	Direct
2021-02-01	Common Stock	S	188	$67.01	Disposed	7556	Direct
2021-02-02	Common Stock	S	524	$68.65	Disposed	7032	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-01	Stock Appreciation Rights	$55.0204	M	527	Disposed	2029-01-23	Common Stock (527)	Direct
2021-02-01	Stock Appreciation Rights	$46.5074	M	311	Disposed	2027-01-31	Common Stock (311)	Direct
2021-02-01	Stock Appreciation Rights	$50.9232	M	428	Disposed	2028-01-24	Common Stock (428)	Direct

Security	Shares	Ownership
Common Stock	25963	Indirect

F1: All stock holding balances adjusted to include a 5% stock dividend. Record date 12/2/2020, payable 12/18/2020.

F2: The stock appreciation right vests in four equal annual installments beginning January 23, 2020.

F3: The stock appreciation right vests in four equal annual installments beginning January 31, 2018.

F4: The stock appreciation right vests in four equal annual installments beginning January 24, 2019.