Annette M. Alonzo - 23 Oct 2022 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP Chief HR Officer
Signature: /s/ Annette M. Alonzo, by Susan Murr under POA
Issuer symbol: CFR
Transactions as of: 23 Oct 2022
Net transactions value: -$52,854
Form type: 4
Filing time: 25 Oct 2022, 13:54:32 UTC
Previous filing: 10 Mar 2022
Next filing: 27 Oct 2022
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	+1,529	+17%	$0.000000	10,439	23 Oct 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$52,854	-372	-3.6%	$142.08	10,067	23 Oct 2022	Direct
holding	CFR	Common Stock, $0.01 par value						13,177	23 Oct 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	Restricted Stock Units	Options Exercise	$0	-1,529	-100%	$0.000000^*	0	23 Oct 2022	Common Stock	1,529		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	Cliff vested four years from grant date of 10-23-2018.