Carol Jean Severyn - 01 Feb 2023 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP and Chief Risk Officer
Signature: /s/ Carol J. Severyn, by Susan Murr under POA
Issuer symbol: CFR
Transactions as of: 01 Feb 2023
Net transactions value: -$19,384
Form type: 4
Filing time: 03 Feb 2023, 11:54:49 UTC
Previous filing: 27 Oct 2022
Next filing: 09 Mar 2023
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	+508	+20%	$0.000000	3,017	01 Feb 2023	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$19,384	-150	-5%	$129.23	2,867	01 Feb 2023	Direct
holding	CFR	Common Stock, $0.01 par value						8,689	01 Feb 2023	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	+508		$0.000000^*	0	01 Feb 2023	Common Stock	508		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 02-01-2019.