Bobby Berman - 29 Oct 2023 Form 4 Insider Report for CULLEN/FROST BANKERS, INC. (CFR)

Role: GEVP Research & Strategy
Signature: /s/ Bobby Berman, by Susan Murr under POA
Issuer symbol: CFR
Transactions as of: 29 Oct 2023
Net transactions value: -$28,963
Form type: 4
Filing time: 30 Oct 2023, 15:14:28 UTC
Previous filing: 26 Oct 2023
Next filing: 07 Mar 2024
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	+1,330	+5%	$0.000000	27,992	29 Oct 2023	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	$28,963	-323	-1.2%	$89.67	27,669	29 Oct 2023	Direct
holding	CFR	Common Stock, $0.01 par value						16,678	29 Oct 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	-1,330	-100%	$0.000000^*	0	29 Oct 2023	Common Stock	1,330		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 10-29-2019.