Phillip D. Green - 24 Oct 2021 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: Chairman and CEO, Director
Signature: /s/ Phillip D. Green
Issuer symbol: CFR
Transactions as of: 24 Oct 2021
Net transactions value: -$444,090
Form type: 4
Filing time: 26 Oct 2021, 15:51:39 UTC
Next filing: 28 Oct 2021
SEC: View on sec.gov

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	+8,595	+15%	$0.000000	64,318	24 Oct 2021	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$444,090	-3,382	-5.3%	$131.31	60,936	24 Oct 2021	Direct
holding	CFR	Common Stock, $0.01 par value						1,100	24 Oct 2021	By Spouse
holding	CFR	Common Stock, $0.01 par value						26,985	24 Oct 2021	Trusts for Children	F1
holding	CFR	Common Stock, $0.01 par value						48,544	24 Oct 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	-8,595	-100%	$0.000000^*	0	24 Oct 2021	Common Stock	8,595		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Some of Mr. Green's children are beneficiaries of trusts of which Mr. Green is a trustee.
F2	Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
F3	Generally vest after four years from grant date of 10-24-2017.