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

Role: Chairman and CEO, Director
Signature: /s/ Phillip D. Green
Stock symbol: CFR
Transactions as of: Oct 23, 2022
Transactions value $: -$633,819
Form type: 4
Date filed: 10/25/2022, 02:53 PM
Previous filing: Mar 10, 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	+11.3K	+12.27%	$0.00	104K	Oct 23, 2022	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$634K	-4.46K	-4.3%	$142.08	99.3K	Oct 23, 2022	Direct	F1
holding	CFR	Common Stock, $0.01 par value						1.1K	Oct 23, 2022	By Spouse
holding	CFR	Common Stock, $0.01 par value						27.3K	Oct 23, 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	-11.3K	-100%	$0.00^*	0	Oct 23, 2022	Common Stock	11.3K		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.