Executive chair of Commerce (CBSH) logs 1,098-share stock disposal

Rhea-AI Filing Summary

Commerce Bancshares, Inc. (CBSH) executive chairman David W. Kemper reported a disposition of 1,098 shares of common stock on January 28, 2026 at a price of $52.66 per share under transaction code F. Following this, he directly beneficially owned 1,267,628 common shares.

He also reported indirect beneficial ownership of additional Commerce Bancshares common stock through various trusts and entities, including 42,866 shares via the CB Kemper Rev Trust, 42,487 shares via the EC Kemper Rev Trust, 26,156 shares via an Executive Compensation Plan, 51,618 shares via the JW Kemper Rev Trust, 284,092 shares via Tower Properties Co, 17,932 shares via the WL Kemper Irrevocable Trust, and 24,911 shares via the WL Kemper Rev Trust.

Insider Trade Summary

8 transactions reported

Mixed 8 txns

Insider KEMPER DAVID W

Role Executive Chairman

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	1,098	$52.66	$58K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 1,267,628 shares (Direct); Common Stock — 42,866 shares (Indirect, CB Kemper Rev Trust)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

KEMPER DAVID W

(Last) (First) (Middle)

1000 WALNUT ST., 7TH FLOOR

(Street)

KANSAS CITY MO 64106

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMERCE BANCSHARES INC /MO/ [ CBSH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

3. Date of Earliest Transaction (Month/Day/Year)
01/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/28/2026		F		1,098	D	$52.66	1,267,628	D
Common Stock								42,866	I	CB Kemper Rev Trust
Common Stock								42,487	I	EC Kemper Rev Trust
Common Stock								26,156	I	Exec Comp Plan
Common Stock								51,618	I	JW Kemper Rev Trust
Common Stock								284,092	I	Tower Properties Co
Common Stock								17,932	I	WL Kemper Irrev Trust
Common Stock								24,911	I	WL Kemper Rev Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	By: Paul A. Steiner For: David W. Kemper	01/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did CBSH executive chairman David W. Kemper report?

David W. Kemper reported disposing of 1,098 shares of Commerce Bancshares common stock. The transaction occurred on January 28, 2026 at a price of $52.66 per share and was coded F, leaving him with 1,267,628 directly owned shares.

How many Commerce Bancshares (CBSH) shares does David W. Kemper own directly after this Form 4?

After the reported transaction, David W. Kemper directly beneficially owned 1,267,628 shares of Commerce Bancshares common stock. This figure reflects his direct holdings following the January 28, 2026 disposition of 1,098 shares reported at $52.66 per share under code F.

What does transaction code F mean in David W. Kemper’s CBSH Form 4 filing?

The Form 4 lists transaction code F for David W. Kemper’s January 28, 2026 disposition of 1,098 Commerce Bancshares shares at $52.66 each. Code F is an SEC transaction code used in Form 4 reporting, as shown directly in the filing’s transaction table.

What indirect Commerce Bancshares (CBSH) holdings are reported for David W. Kemper?

The filing shows indirect beneficial ownership of Commerce Bancshares common stock through several entities, including CB Kemper Rev Trust, EC Kemper Rev Trust, an Executive Compensation Plan, JW Kemper Rev Trust, Tower Properties Co, WL Kemper Irrev Trust, and WL Kemper Rev Trust, each with separately listed share amounts.

Which trusts related to David W. Kemper hold CBSH shares according to this Form 4?

The Form 4 identifies multiple trusts holding Commerce Bancshares shares: CB Kemper Rev Trust, EC Kemper Rev Trust, JW Kemper Rev Trust, WL Kemper Irrev Trust, and WL Kemper Rev Trust. Each trust has its own reported total of indirectly beneficially owned common shares.

What role does David W. Kemper hold at Commerce Bancshares (CBSH) in this filing?

David W. Kemper is identified as both a director and an officer of Commerce Bancshares, serving as Executive Chairman. This role information appears in the relationship section of the Form 4, alongside the reported non-derivative common stock holdings and the January 28, 2026 transaction.