Jerry Salinas - 24 Oct 2021 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and CFO
Signature: /s/ Jerry Salinas
Issuer symbol: CFR
Transactions as of: 24 Oct 2021
Net transactions value: $0
Form type: 4
Filing time: 26 Oct 2021, 15:54:18 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	+2,275	+10%	$0.000000	25,040	24 Oct 2021	Direct
holding	CFR	Common Stock, $0.01 par value						21	24 Oct 2021	By Daughter	F1
holding	CFR	Common Stock, $0.01 par value						25,135	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	-2,275	-100%	$0.000000^*	0	24 Oct 2021	Common Stock	2,275		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Mr. Salinas disclaims beneficial ownership of these shares.
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.