William L. Perotti - Sep 6, 2022 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and Chief Credit Officer
Signature: /s/ William L. Perotti, by power of attorney
Stock symbol: CFR
Transactions as of: Sep 6, 2022
Transactions value $: -$819,479
Form type: 4
Date filed: 9/7/2022, 09:54 AM
Previous filing: Mar 10, 2022
Next filing: Oct 25, 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	+10.71%	$54.56	108K	Sep 6, 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Sale	-$1.39M	-10.5K	-9.68%	$132.68	97.9K	Sep 6, 2022	Direct	F1
holding	CFR	Common Stock, $0.01 par value						42.3K	Sep 6, 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	Sep 6, 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 shares were sold based on a price range from $132.62 to $132.7. 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 set forth in footnote 1 to this form.