Patrick B. Frost - Mar 7, 2023 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: President of Frost Bank, Director
Signature: /s/ Patrick B. Frost, by Susan Murr under POA
Stock symbol: CFR
Transactions as of: Mar 7, 2023
Transactions value $: -$59,390
Form type: 4
Date filed: 3/9/2023, 12:03 PM
Previous filing: Oct 27, 2022
Next filing: May 18, 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	Award	$0	+1.91K	+0.92%	$0.00	210K	Mar 7, 2023	Direct	F1
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$59.4K	-465	-0.22%	$127.72	209K	Mar 7, 2023	Direct
holding	CFR	Common Stock, $0.01 par value						251K	Mar 7, 2023	Through Trust	F2
holding	CFR	Common Stock, $0.01 par value						10.6K	Mar 7, 2023	Through Trust	F3
holding	CFR	Common Stock, $0.01 par value						16.9K	Mar 7, 2023	Through Estate	F4
holding	CFR	Common Stock, $0.01 par value						46.6K	Mar 7, 2023	Through Trust	F3
holding	CFR	Common Stock, $0.01 par value						630	Mar 7, 2023	By Spouse	F5
holding	CFR	Common Stock, $0.01 par value						2.7K	Mar 7, 2023	Through Trust	F6
holding	CFR	Common Stock, $0.01 par value						121K	Mar 7, 2023	Through Trust	F7
holding	CFR	Common Stock, $0.01 par value						1.49K	Mar 7, 2023	Through Limited Liability Company	F8
holding	CFR	Common Stock, $0.01 par value						42.3K	Mar 7, 2023	Through 401(k) Plan

Showing 1 to 11 of 11 entries

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

Explanation of Responses:

Id	Content
F1	Represents shares earned for the performance stock units (PSUs) granted in 2019 for the three-year performance period ending December 31, 2022 as approved by the Compensation and Benefits Committee of the Board of Directors on March 7, 2023.
F2	Reflects shares of Common Stock by a trust of which Mr. Frost is the sole trustee and Mr. Frost and his siblings are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F3	Reflects shares of Common Stock held through a trust of which Mr. Frost is the sole trustee and Mr. Frost and his children are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F4	Reflects shares of Common Stock held through an estate of which Mr. Frost is the executor and a beneficiary. Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F5	Mr. Frost disclaims beneficial ownership of these shares.
F6	Reflects shares of Common Stock held by separate trusts of which Mr. Frost is the sole trustee and Mr. Frost's children are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares.
F7	Reflects shares of Common Stock held through a trust of which Mr. Frost is the sole trustee and Mr. Frost and his siblings are beneficiaries. Mr. Frost disclaims beneficial ownership of these shares except to the extent of his pecuniary interest.
F8	Reflects shares of Common Stock held through a limited liability company of which Mr. Frost is the manager.