X0306 4 2020-02-06 0000022356 COMMERCE BANCSHARES INC /MO/ CBSH 0000924750 KEMPER DAVID W 1000 WALNUT ST., 7TH FLOOR KANSAS CITY MO 64106 1 Common Stock 2020-02-06 4 M 0 16450 32.3981 A 1221226 D Common Stock 2020-02-06 4 F 0 3506 70.69 D 1217720 D Common Stock 2020-02-06 4 D 0 7540 70.69 D 1210180 D Common Stock 2020-02-06 4 S 0 5404 70.496 D 1204776 D Common Stock 13391 I CB Kemper Irrev Trust Common Stock 19774 I CB Kemper Rev Trust Common Stock 13391 I EC Kemper Irrev Trust Common Stock 19614 I EC Kemper Rev Trust Common Stock 17556 I Exec Comp Plan Common Stock 52941 I JW Kemper Rev Trust Common Stock 211996 I Tower Properties Co Common Stock 13384 I WL Kemper Irrev Trust Common Stock 19766 I WL Kemper Rev Trust Stock Appreciation Rights 32.3981 2020-02-06 4 M 0 16450 0 D 2017-01-27 2026-01-27 Common Stock 16450 0 D The stock appreciation right vests in four equal annual installments beginning January 27, 2017. By: Paul A. Steiner For: David W. Kemper 2020-02-07