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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 28, 2011
 
Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
         
Missouri   0-2989   43-0889454
         
(State of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
         
1000 Walnut,
Kansas City, MO
      64106
         
(Address of principal executive offices)       (Zip Code)
(816) 234-2000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
     On January 28, 2011 the Company’s Board of Directors approved the recommendations of the Compensation and Human Resources Committee with respect to the base salary for 2011 (effective April 1, 2011) and the payment of cash bonuses to the Company’s CEO and its other named executive officers. The cash bonuses include performance-based compensation in accordance with the Company’s Executive Incentive Compensation Plan. They also include discretionary bonuses outside of the EICP that are not intended to qualify as performance-based. The Board also approved the Committee’s recommendations for the grant to those individuals of restricted stock awards under the Company’s 2005 Equity Incentive Plan.
                                                 
                    2010     2010     Total     Restricted  
            2011     Performance-     Discretionary     2010 Cash     Stock  
            Salary     Based Bonus     Bonus     Bonus     Awards  
Executive Officer   Title     $     $     $     $     #  
             
David W. Kemper
  Chairman, President & CEO     882,779       792,554             792,554       31,207  
Jonathan M. Kemper
  Vice Chairman     455,430       295,304             295,304       14,567  
Seth M. Leadbeater
  Vice Chairman     362,100       205,891             205,891       7,644  
Charles G. Kim
  Executive Vice President & CFO     400,000       235,043             235,043       9,177  
Kevin G. Barth
  Executive Vice President     375,000       216,728       20,000       236,728       9,144  
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
     On January 28, 2011, the Board of Directors of Commerce Bancshares, Inc. adopted amendments to Article III, Section 2 of the Company’s Bylaws. The amendment removes an obsolete provision with respect to a former director and clarifies the majority voting requirement for uncontested director elections by requiring candidates who do not receive a majority of the votes cast in an uncontested election to tender their resignations for board consideration. The amendments became effective on the date of their adoption. A copy of the Bylaws, as amended, is attached as Exhibit 3(ii) to this Form 8-K.
Item 9.01 Financial Statements and Exhibits
     (c) Exhibits
          3(ii) Bylaws of Commerce Bancshares, Inc. amended as of January 28, 2011

 


 

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  COMMERCE BANCSHARES, INC.
 
 
  By:   /s/ Jeffery D. Aberdeen    
    Jeffery D. Aberdeen   
    Controller
(Chief Accounting Officer) 
 
Date: February 3, 2011