Phillip D. Green - 23 Oct 2022 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: Chairman and CEO, Director
Signature: /s/ Phillip D. Green
Issuer symbol: CFR
Transactions as of: 23 Oct 2022
Net transactions value: -$633,819
Form type: 4
Filing time: 25 Oct 2022, 14:53:07 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	+11,338	+12%	$0.000000	103,766	23 Oct 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$633,819	-4,461	-4.3%	$142.08	99,305	23 Oct 2022	Direct	F1
holding	CFR	Common Stock, $0.01 par value						1,100	23 Oct 2022	By Spouse
holding	CFR	Common Stock, $0.01 par value						27,260	23 Oct 2022	Trusts for Children	F2

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	-11,338	-100%	$0.000000^*	0	23 Oct 2022	Common Stock	11,338		Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Includes 49,415 shares transferred from 401(k) Plan.
F2	Some of Mr. Green's children are beneficiaries of trusts of which Mr. Green is a trustee.
F3	Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
F4	Cliff vested four years from grant date of 10-23-2018.