Paul Bracher - 14 Feb 2023 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: President of CFR
Signature: /s/ Paul Bracher, by Susan Murr under POA
Issuer symbol: CFR
Transactions as of: 14 Feb 2023
Net transactions value: -$189,081
Form type: 4
Filing time: 15 Feb 2023, 10:58:31 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	$576,831	+8,080	+8.9%	$71.39	98,682	14 Feb 2023	Direct
transaction	CFR	Common Stock, $0.01 par value	Sale	$765,913	-5,848	-5.9%	$130.97	92,834	14 Feb 2023	Direct	F1

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	Employee Stock Option (right to buy)	Options Exercise	$0	+8,080		$0.000000^*	0	14 Feb 2023	Common Stock	8,080	$71.39	Direct

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

Explanation of Responses:

Id	Content
F1	The price in Column 4 is based on a weighted average price. The shares were sold based on a price range from $130.79 to $131.10. The reporting person will provide to the issuer, any security holder of the issuer, or the SEC staff, upon request, information regarding the number of shares sold at each price within the range.