M. Annette Alonzo - Oct 24, 2021 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: Group Executive Vice President
Signature: /s/ Annette M. Alonzo
Stock symbol: CFR
Transactions as of: Oct 24, 2021
Transactions value $: -$44,383
Form type: 4
Date filed: 10/26/2021, 03:48 PM
Next filing: Oct 28, 2021

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	$0	+1.39K	+20.8%	$0.00	8.07K	Oct 24, 2021	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$44.4K	-338	-4.19%	$131.31	7.73K	Oct 24, 2021	Direct
holding	CFR	Common Stock, $0.01 par value						12.6K	Oct 24, 2021	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	Restricted Stock Units	Options Exercise	$0	-1.39K	-100%	$0.00^*	0	Oct 24, 2021	Common Stock	1.39K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
F2	Generally vest after four years from grant date of 10-24-2017.