William L. Perotti - 23 Oct 2022 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and Chief Credit Officer
Signature: /s/ William L. Perotti, by Susan Murr under POA
Issuer symbol: CFR
Transactions as of: 23 Oct 2022
Net transactions value: -$103,150
Form type: 4
Filing time: 25 Oct 2022, 14:02:35 UTC
Previous filing: 07 Sep 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	+1,846	+1.9%	$0.000000	99,775	23 Oct 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$103,150	-726	-0.73%	$142.08	99,049	23 Oct 2022	Direct
holding	CFR	Common Stock, $0.01 par value						46,547	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	-1,846	-100%	$0.000000^*	0	23 Oct 2022	Common Stock	1,846		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.