David Kemper earned $2.47 million as chief executive of Commerce Bancshares last year, including a 3.7 percent salary increase and a bonus that was 50 percent of his target award. Commerce’s proxy statement discloses, however, that executive salaries are frozen this year.

Kemper’s pay package last year included a salary of $841,250 and incentive pay of $381,825. The company’s bonus formula would have paid out only 30 percent of Kemper’s target amount, but the board increased his bonus by $147,003 “in recognition of the Company outperforming its peers and other banks as a whole during 2008.” Other executives also got additional bonuses.

The tally sheet also credits Kemper with options valued at $787,669, stock worth $189,076 and an increase in pension value of $169,852. The stock and options figures are the accounting cost of awards that the CEO received in 2008 and previous years. During 2008, he got new stock valued at $186,568 and options valued at $863,074. (The options have an exercise price of $43.30 and, with Commerce shares trading at $31.66, are currently underwater.)

Commerce’s earnings per share fell 14 percent last year, and its share price has fallen 20 percent in the past year.

Kemper’s pay also included $6,619 worth of perquisites, including club dues and personal use of the company plane.

Kemper is entitled to $8.2 million if he’s fired after a change in control. That includes $4.8 million of salary and bonus and $1.6 million of retirement benefits, plus accelerated vesting of stock and options awards.

At Commerce’s annual meeting on April 15, shareholders will vote on a proposal to have all directors elected annually. Currently, only one-third of the board is up for election each year. Commerce’s board opposes the proposal. Last year, a similar proposal failed with 43 percent of shares voted in favor and 55 percent opposed.