COMMERCE BANCSHARES INC /MO/ — Director's Dealing 2025

Jan 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: COMMERCE BANCSHARES INC /MO/ (CBSH)
CIK: 0000022356
Period of Report: 2025-01-24

Reporting Person: BARTH KEVIN G (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-01-24	Common Stock	M	9202	$38.2618	Acquired	74611	Direct
2025-01-24	Common Stock	M	9336	$41.8947	Acquired	83947	Direct
2025-01-24	Common Stock	F	1261	$65.8542	Disposed	82686	Direct
2025-01-24	Common Stock	F	1022	$65.895	Disposed	81664	Direct
2025-01-24	Common Stock	D	5347	$65.8542	Disposed	76317	Direct
2025-01-24	Common Stock	D	5936	$65.895	Disposed	70381	Direct
2025-01-24	Common Stock	S	24870	$66.0616	Disposed	45511	Direct
2025-01-27	Common Stock	S	1222	$66.6123	Disposed	44289	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-01-24	Stock Appreciation Rights	$38.2618	M	9202	Disposed	2027-01-31	Common Stock (9202)	Direct
2025-01-24	Stock Appreciation Rights	$41.8947	M	9336	Disposed	2028-01-24	Common Stock (9336)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	14774	Indirect
Common Stock	22442	Indirect
Common Stock	46149	Indirect

Footnotes

F1: Sale prices ranged from $66.00 to $66.43.

F2: Sale prices ranged from $66.14 to $67.20.

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.