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

Role: GEVP and Chief Risk Officer
Signature: /s/ Carol J. Severyn
Stock symbol: CFR
Transactions as of: Oct 24, 2021
Transactions value $: -$22,585
Form type: 4
Date filed: 10/26/2021, 03:56 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	+708	+80%	$0.00	1.59K	Oct 24, 2021	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$22.6K	-172	-10.8%	$131.31	1.42K	Oct 24, 2021	Direct
holding	CFR	Common Stock, $0.01 par value						8.56K	Oct 24, 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%	$0.00^*	0	Oct 24, 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.