William L. Perotti - Oct 24, 2021 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and Chief Credit Officer
Signature: /s/ William L. Perotti
Stock symbol: CFR
Transactions as of: Oct 24, 2021
Transactions value $: -$84,826
Form type: 4
Date filed: 10/26/2021, 03:52 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	+1.64K	+1.72%	$0.00	97K	Oct 24, 2021	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$84.8K	-646	-0.67%	$131.31	96.3K	Oct 24, 2021	Direct
holding	CFR	Common Stock, $0.01 par value						45.1K	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	-1.64K	-100%	$0.00^*	0	Oct 24, 2021	Common Stock	1.64K		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.