William L. Perotti - Oct 23, 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
Stock symbol: CFR
Transactions as of: Oct 23, 2022
Transactions value $: -$103,150
Form type: 4
Date filed: 10/25/2022, 02:02 PM
Previous filing: Sep 7, 2022
Next filing: Oct 27, 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	$0	+1.85K	+1.89%	$0.00	99.8K	Oct 23, 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$103K	-726	-0.73%	$142.08	99K	Oct 23, 2022	Direct
holding	CFR	Common Stock, $0.01 par value						46.5K	Oct 23, 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	-1.85K	-100%	$0.00^*	0	Oct 23, 2022	Common Stock	1.85K		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.