Patrick B. Frost - Feb 4, 2022 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role
President of Frost Bank, Director
Signature
/s/ Patrick B. Frost
Stock symbol
CFR
Transactions as of
Feb 4, 2022
Transactions value $
-$347,383
Form type
4
Date filed
2/8/2022, 11:44 AM
Previous filing
Oct 28, 2021
Next filing
Mar 10, 2022

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 $572K +10.5K +7.71% $54.56 147K Feb 4, 2022 Direct
transaction CFR Common Stock, $0.01 par value Sale -$920K -6.6K -4.5% $139.33 140K Feb 4, 2022 Direct F1
holding CFR Common Stock, $0.01 par value 348K Feb 4, 2022 Through Trust F2
holding CFR Common Stock, $0.01 par value 42.4K Feb 4, 2022 Through Trust F3
holding CFR Common Stock, $0.01 par value 16.9K Feb 4, 2022 Through Trust F4
holding CFR Common Stock, $0.01 par value 46.6K Feb 4, 2022 Through Trust F5
holding CFR Common Stock, $0.01 par value 630 Feb 4, 2022 By Spouse F6
holding CFR Common Stock, $0.01 par value 2.7K Feb 4, 2022 Through Trust F7
holding CFR Common Stock, $0.01 par value 121K Feb 4, 2022 Through Trust F8
holding CFR Common Stock, $0.01 par value 1.49K Feb 4, 2022 Through Limited Liability Company F9
holding CFR Common Stock, $0.01 par value 334K Feb 4, 2022 Through Trust F10
holding CFR Common Stock, $0.01 par value 41K Feb 4, 2022 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 Employee Stock Option (right to buy) Options Exercise $0 -10.5K -100% $0.00* 0 Feb 4, 2022 Common Stock 10.5K $54.56 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The price in Column 4 is based on a weighted average price. The prices actually paid range from $139.13 to $139.545. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.
F2 Reflects Common Stock and limited partnership interests held by a trust, established under the will of Mr. Frost's late father, of which Mr. Frost is the sole trustee and Mr. Frost's mother is the sole beneficiary. The number of shares reported assumes that each limited partnership interest represents a proportionate interest in the shares of Common Stock in which the limited partnership has a pecuniary interest.
F3 Reflects limited partnership interests held by a trust, established under the will of Mr. Frost's late father, of which Mr. Frost is the sole trustee and Mr. Frost's mother and Mr. Frost, his siblings, and the descendants of Mr. Frost and his siblings are beneficiaries. The number of shares reported assumes that each limited partnership interest represents a proportionate interest in the shares of Common Stock in which the limited partnership has a pecuniary interest.
F4 Reflects interests in a limited partnership and its general partner held by a trust of which Mr. Frost is the sole trustee and Mr. Frost's mother is sole beneficiary. The number of shares reported assumes that each interest represents a proportionate interest in the shares of Common Stock in which the limited partnership has a pecuniary interest.
F5 Reflects limited partnership interests held by a trust of which Mr. Frost is the sole trustee and Mr. Frost and his children are beneficiaries. The number of shares reported assumes that each limited partnership interest represents a proportionate interest in the shares of Common Stock in which the limited partnership has a pecuniary interest.
F6 Mr. Frost disclaims beneficial ownership of these shares.
F7 Reflects shares of Common Stock held by separate trusts of which Mr. Frost is the sole trustee and Mr. Frost's children are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares.
F8 Reflects limited partnership interests held by a trust of which Mr. Frost is the sole trustee and Mr. Frost is a beneficiary. The number of shares reported assumes that each limited partnership interest represents a proportionate interest in the shares of Common Stock in which the limited partnership has a pecuniary interest. Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F9 Reflects interests in a limited liability company of which Mr. Frost is the manager. The number of shares reported assumes each limited liability company interest represents a proportionate interest in the shares of Common Stock in which the limited liability company has a pecuniary interest.
F10 Mr. Frost and his three brothers are co-trustees of this trust of which Mr. Frost's mother is sole beneficiary. Mr. Frost disclaims beneficial ownership of these shares.