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

Role: GEVP Research & Strategy
Signature: /s/ Bobby Berman, by Susan Murr under POA
Stock symbol: CFR
Transactions as of: Oct 29, 2023
Transactions value $: -$28,963
Form type: 4
Date filed: 10/30/2023, 03:14 PM
Previous filing: Oct 26, 2023
Next filing: Mar 7, 2024

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	+1.33K	+4.99%	$0.00	28K	Oct 29, 2023	Direct
transaction	CFR	Common Stock, $0.01 par value	Tax liability	-$29K	-323	-1.15%	$89.67	27.7K	Oct 29, 2023	Direct
holding	CFR	Common Stock, $0.01 par value						16.7K	Oct 29, 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	-1.33K	-100%	$0.00^*	0	Oct 29, 2023	Common Stock	1.33K		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.