Cullen/Frost's Bobby Berman acquires 2,741 shares

The restricted stock units cliff vested three years from their grant date.

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. executive Bobby Berman, GEVP Research & Strategy, exercised 2,741 restricted stock units on October 24, 2026, acquiring 2,741 common shares. On the same date, 1,079 shares were delivered or withheld for payment of exercise price or tax liability. Berman also reported 20,051 shares held indirectly through the 401(k) Plan.

Insider Trade Summary

2,741 shares exercised/converted

Exercise 4 txns

Insider Berman Bobby

Role GEVP Research & Strategy

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F1, F2	2,741	$0.00	$0.00
Exercise	Common Stock, $0.01 par value	2,741	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, $0.01 par value	1,079	$157.05	$169K
holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock, $0.01 par value — 30,812 shares (Direct); Common Stock, $0.01 par value — 20,051.067 shares (Indirect, Through 401(k) Plan)

Footnotes (2)

1. F1. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.
2. F2. Cliff vested three years from the date of grant.

Key Figures

Restricted stock units exercised: 2,741 units Common shares acquired: 2,741 shares Shares delivered or withheld: 1,079 shares +1 more

4 metrics

Restricted stock units exercised 2,741 units October 24, 2026

Common shares acquired 2,741 shares October 24, 2026

Shares delivered or withheld 1,079 shares For payment of exercise price or tax liability on October 24, 2026

Indirect 401(k) Plan holdings 20,051 shares Reported October 24, 2026

Key Terms

restricted stock units, cliff vested, 401(k) Plan

3 terms

restricted stock units financial

"Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

cliff vested financial

"Cliff vested three years from the date of grant."

401(k) Plan financial

"Through 401(k) Plan"

A 401(k) plan is a workplace retirement account that lets employees set aside part of their pay into a tax-advantaged savings pot, often with employers adding matching contributions — like a workplace piggy bank for future income. It matters to investors because the amount people save and how employers fund these plans influence consumer spending, corporate payroll costs and the flow of money into financial markets, which can affect stock prices and company valuations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many CFR shares did Bobby Berman acquire from restricted stock units?

Bobby Berman acquired 2,741 common shares through the exercise of 2,741 restricted stock units on October 24, 2026.

How many CFR shares were delivered or withheld in Bobby Berman’s transaction?

1,079 shares were delivered or withheld for payment of exercise price or tax liability on October 24, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/26/2026 - 05:24 PM EDT Accepted by SEC EDGAR 10/26/2026 - 05:23 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Berman Bobby

(Last) (First) (Middle)

111 WEST HOUSTON STREET

(Street)

SAN ANTONIO TEXAS 78205

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CULLEN/FROST BANKERS, INC. [ CFR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	GEVP Research & Strategy

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/24/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value	10/24/2026		M		2,741	A	$0	31,891	D
Common Stock, $0.01 par value	10/24/2026		F		1,079	D	$157.05	30,812	D
Common Stock, $0.01 par value								20,051.067	I	Through 401(k) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0(1)	10/24/2026		M			2,741	(2)	(2)	Common Stock, $0.01 par value	2,741	$0	0	D

Explanation of Responses:

1. Each restricted stock unit represents the right to receive one share of Cullen/Frost common stock.

2. Cliff vested three years from the date of grant.

Remarks:

	/s/ Bobby Berman, by Kirsten Irwin under POA	10/26/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)