View the 2018 Proxy Statement

Table of contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to §240.14a-12 Commerce Bancshares, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: Fee paid previously with preliminary materials. Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party 4) Date Filed: Persons who are to respond to the collection of information contained in this form are not SEC 1913 (02-02) required to respond unless the form displays a currently valid OMB control number. Table of contents March 8, 2019 Dear Shareholder: You are cordially invited to attend the Annual Meeting of the Shareholders of Commerce Bancshares, Inc. The meeting will be held at 9:30 a.m. on April 17, 2019, in the Auditorium on the 15th Floor of the Commerce Trust Building at 922 Walnut Street, Kansas City, Missouri. We are again utilizing the Securities and Exchange Commission rule allowing companies to furnish proxy materials to their stockholders over the Internet. This process allows us to expedite receipt of materials, lower the costs of distribution, and reduce the environmental impact. The accompanying Notice of Annual Meeting of Shareholders and Proxy Statement describe the items to be considered and acted upon by the shareholders. If you own shares of record, you may vote your shares online, by telephone, or you may request materials by following the instructions on the Notice. Whether or not you plan to attend this meeting, please vote as soon as possible so that your shares can be voted at the meeting in accordance with your instructions. You can revoke your proxy anytime before the Annual Meeting and issue a new proxy as you deem appropriate. You will find the procedures to follow if you wish to change or revoke your proxy on page 3 of this Proxy Statement. Your vote is very important. I look forward to seeing you at the meeting. Sincerely, DAVID W. KEMPER Executive Chairman Table of contents (This page intentionally left blank) Table of contents Notice of Annual Meeting of Shareholders of Commerce Bancshares, Inc. Date: April 17, 2019 Time: 9:30 a.m., Central Daylight Time Place: The Auditorium on the 15th Floor of the Commerce Trust Building at 922 Walnut Street, Kansas City, Missouri Purposes: 1. To elect four directors to the 2022 Class for a term of three years; 2. To ratify the selection of KPMG LLP as the Company's independent registered public accounting firm for 2019; 3. Advisory approval of the Company's executive compensation (“Say on Pay”); 4. Approve the Amendment of the Company's Articles of Incorporation to Increase the Number of Shares of Authorized Common Stock; 5. To transact such other business as may properly come before the meeting or any adjournment or postponement thereof. Who Can Vote: Shareholders at the close of business on February 15, 2019 are entitled to vote at the meeting. If your shares are registered in the name of a bank or brokerage firm, such procedures are described on the voting form sent to you. How You Can Vote: You may vote your proxy over the Internet or by telephone; or you may request materials to vote by mail. The Notice of Internet Availability of Materials ("Notice") contains instructions on how to access our Proxy and Annual Report online and has instructions for requesting such materials by mail. By Authorization of the Board of Directors, THOMAS J. NOACK Secretary March 8, 2019 Important Notice regarding the availability of proxy materials for the Shareholder Meeting to be held on April 17, 2019 The Proxy Statement and Annual Report to Shareholders are available at www.edocumentview.com/CBSH The Proxy Statement and Annual Report to Shareholders are also available on the Company’s website at www.commercebank.com/ir Your Vote Is Important. Whether You Own One Share or Many, Your Prompt Cooperation in Voting Your Proxy Is Greatly Appreciated. Table of contents (This page intentionally left blank) Table of contents TABLE OF CONTENTS SOLICITATION . 1 VOTING INFORMATION . 1 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT . 5 PROPOSAL ONE — ELECTION OF THE 2022 CLASS OF DIRECTORS . 7 Composition of the Board . 7 Nominees for Election to the 2022 Class of Directors . 7 CORPORATE GOVERNANCE . 13 Corporate Governance Guidelines . 13 Shareholder Communications . 13 Director Independence . 13 Board Meetings . 13 Board Leadership Structure and Risk Oversight . 13 Committees of the Board . 14 Shareholder Proposals and Nominations . 16 Transactions with Related Persons. 16 Section 16(a) Beneficial Ownership Reporting Compliance . 17 Director Compensation . 18 COMPENSATION DISCUSSION AND ANALYSIS . 20 Introduction . 20 Our Compensation Philosophy. 20 Compensation and Human Resources Committee Processes . 20 Elements of Compensation. 23 Severance Agreements . 27 Stock Ownership Guidelines . 27 Impact of Accounting and Tax Treatment . 27 Recoupment Policy . 27 Other Policies . 28 Incentive Compensation Risk Assessment. 28 COMPENSATION AND HUMAN RESOURCES COMMITTEE REPORT . 28 EXECUTIVE COMPENSATION . 29 Summary Compensation Table . 29 CEO Pay Ratio . 30 Grants of Plan-Based Awards . 31 Outstanding Equity Awards at Fiscal Year-End . 32 Option Exercises and Stock Vested . 33 Pension Benefits . 34 Pension Benefits Narrative. 34 Nonqualified Deferred Compensation . 35 Nonqualified Deferred Compensation Narrative . ..

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