Carol Jean Severyn - 24 Oct 2021 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and Chief Risk Officer
Signature: /s/ Carol J. Severyn
Issuer symbol: CFR
Transactions as of: 24 Oct 2021
Net transactions value: -$22,585
Form type: 4
Filing time: 26 Oct 2021, 15:56:51 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	+708	+80%	$0.000000	1,593	24 Oct 2021	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$22,585	-172	-11%	$131.31	1,421	24 Oct 2021	Direct
holding	CFR	Common Stock, $0.01 par value						8,560	24 Oct 2021	Through 401(k)

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	-708	-100%	$0.000000^*	0	24 Oct 2021	Common Stock	708		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.