Paul Bracher - 16 Feb 2024 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Signature
/s/ Susan Murr by POA from Paul Bracher
Issuer symbol
CFR
Transactions as of
16 Feb 2024
Net transactions value
-$299,314
Form type
4
Filing time
20 Feb 2024, 14:41:29 UTC
Previous filing
30 Oct 2023
Next filing
07 Mar 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CFR Common Stock, $0.01 par value Options Exercise $774,994 +9,820 +10% $78.92 106,200 16 Feb 2024 Direct
transaction CFR Common Stock, $0.01 par value Sale $1,074,308 -9,820 -9.2% $109.40 96,380 16 Feb 2024 Direct F1
holding CFR Common Stock, $0.01 par value 47,074 16 Feb 2024 Through 401(k) Plan

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CFR Employee Stock Option (right to buy) Options Exercise $0 -9,820 -100% $0.000000* 0 16 Feb 2024 Common Stock 9,820 $78.92 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

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).

Explanation of Responses:

Id Content
F1 The price in Column 4 is based on a weighted average price. The prices actually paid range from $109.01 to $110.13. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.