What was the per-share value used for the CBSH stock grant to the director?

The stock grant to director Blackford F. Brauer used a per-share value of $50.99 for Commerce Bancshares common stock. This value helps quantify the overall size of the non-cash award disclosed in the Form 4, although no open-market purchase or sale occurred.

Commerce Bancshares director granted 736 shares

BRAUER BLACKFORD F reported acquisition or exercise transactions in this Form 4 filing.

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Rhea-AI Filing Summary

BRAUER BLACKFORD F reported acquisition or exercise transactions in this Form 4 filing.

Commerce Bancshares Inc. director Blackford F. Brauer received a grant of 736 shares of common stock at $50.99 per share. After this award, his directly held stake increased to 46,223 shares. A footnote states all stock balances were adjusted for a 5% stock dividend with a record date of 12/2/2025 and payable on 12/16/2025.

Insider Trade Summary

Grant/Award: 736 shares

Grant/Award 1 txn

Insider BRAUER BLACKFORD F

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	736	$50.99	$38K

Holdings After Transaction: Common Stock — 46,223 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CBSH director Blackford Brauer report on this Form 4?

Director Blackford F. Brauer reported acquiring 736 shares of Commerce Bancshares common stock as a grant or award at $50.99 per share. This non-derivative transaction increased his directly held ownership position as disclosed in the filing’s post-transaction holdings figure.

How many Commerce Bancshares (CBSH) shares does the director hold after the reported grant?

Following the reported stock grant, director Blackford F. Brauer holds 46,223 shares of Commerce Bancshares common stock directly. This total reflects the newly awarded 736 shares and incorporates prior adjustments related to a previously declared stock dividend described in the footnote.

How is the 5% stock dividend reflected in the CBSH director’s reported holdings?

The filing notes all stock holding balances were adjusted for a 5% stock dividend with a 12/2/2025 record date and 12/16/2025 payment. This means the reported post-transaction holdings already incorporate the effects of that dividend adjustment.

Was the CBSH director’s Form 4 transaction an open-market buy or a grant?

The Form 4 identifies the transaction code as an award or other acquisition, indicating a grant of 736 shares rather than an open-market purchase. The description lists this as a non-derivative grant or award acquisition of Commerce Bancshares common stock.

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Accepted by SEC EDGAR 03/03/2026 - 04:22 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^*

BRAUER BLACKFORD F

(Last)

(First)

(Middle)

1000 WALNUT ST.

(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		736	A	$50.99	46,223⁽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: Blackford F. Brauer	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