How did the 5% stock dividend affect the CBSH share balances reported?

The share balances in the Form 4 were adjusted to include a 5% stock dividend for CBSH. The dividend had a record date of December 2, 2025, and was payable December 16, 2025, ensuring the reported holdings fully reflect the additional shares from that stock dividend.

CBSH director awarded 735 shares of common stock

COMMERCE BANCSHARES INC director Benjamin F. Rassieur III reported an acquisition of common stock through an award.

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Rhea-AI Filing Summary

COMMERCE BANCSHARES INC director Benjamin F. Rassieur III reported an acquisition of common stock through an award. On this Form 4, he received 735 shares of common stock at a value of $50.99 per share as a grant or award. Following this transaction, his directly held ownership increased to 42,946 common shares. The reported balances were adjusted to reflect a 5% stock dividend with a record date of December 2, 2025 and payable on December 16, 2025.

Insider Trade Summary

Grant/Award: 735 shares

Grant/Award 1 txn

Insider RASSIEUR BENJAMIN F III

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	735	$50.99	$37K

Holdings After Transaction: Common Stock — 42,946 shares (Direct)

Footnotes (1)

F1. All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/2/2025, payable 12/16/2025.

FAQ

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What insider transaction did CBSH director Benjamin F. Rassieur III report?

Benjamin F. Rassieur III reported acquiring 735 shares of COMMERCE BANCSHARES INC common stock as a grant or award. This Form 4 shows a non-derivative acquisition rather than an open-market purchase, classified under code A for grants, awards, or other acquisitions.

At what price was the CBSH stock award valued on the Form 4?

The stock award to Benjamin F. Rassieur III was valued at $50.99 per CBSH common share. This price is used in the Form 4 to describe the value of the 735 awarded shares, even though it was reported as a grant or award acquisition.

How many CBSH shares does Benjamin F. Rassieur III own after this transaction?

After the reported award, Benjamin F. Rassieur III directly owns 42,946 shares of COMMERCE BANCSHARES INC common stock. This total reflects his holdings following the 735-share acquisition and includes adjustments for the 5% stock dividend described in the filing footnote.

What does transaction code A mean in this CBSH Form 4 filing?

Transaction code A in this CBSH Form 4 indicates a grant, award, or other acquisition of securities, not an open-market trade. Here, it describes the 735-share common stock award to director Benjamin F. Rassieur III, categorized as a non-derivative acquisition.

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Accepted by SEC EDGAR 03/03/2026 - 04:30 PM EST

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^*

RASSIEUR BENJAMIN F III

(Last)

(First)

(Middle)

1000 WALNUT ST., 7TH FLOOR

(Street)

KANSAS CITY

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
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/28/2026		A		735	A	$50.99	42,946⁽¹⁾	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/2/2025, payable 12/16/2025.

	By: Paul A. Steiner For: Benjamin F. Rassieur III	03/02/2026
	** 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.

Source: View Original Filing on SEC EDGAR