COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2023

Feb 3, 2023

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2023-02-01

Reporting Person: Kemper John W (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2023-02-01	Common Stock	A	31274	—	Acquired	192077	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2023-02-01	Stock Appreciation Rights	$66.04	A	29184	Acquired	2033-02-01	Common Stock (29184)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	245410	Indirect

Footnotes

F1: The stock appreciation right vests in four equal annual installments beginning February 1, 2024.