Cullen/Frost (CFR) President reports 2,796 RSUs, 1,100 withheld

Cullen/Frost Bankers, Inc. reported an insider equity transaction.

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. reported an insider equity transaction. On 10/25/2025, the company’s President executed a restricted stock unit vesting and related share withholding. A total of 2,796 RSUs converted to common stock (transaction code M) at $0. To cover taxes, 1,100 shares were disposed of at $124.86 (code F).

Following these transactions, direct beneficial ownership was 106,964 common shares. In addition, 50,916.769 shares were held indirectly through a 401(k) plan. The RSUs represented one share per unit and cliff vested three years from the 10/25/2022 grant date.

Insider Trade Summary

2,796 shares exercised/converted

Exercise 4 txns

Insider Bracher Paul

Role President of CFR

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	2,796	$0.00	$0.00
Exercise	Common Stock, $0.01 par value	2,796	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, $0.01 par value	1,100	$124.86	$137K
holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock, $0.01 par value — 106,964 shares (Direct); Common Stock, $0.01 par value — 50,916.769 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 grant date of 10/25/2022.

FAQ

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

What did CFR’s President report on Form 4?

Conversion of 2,796 RSUs to common stock (code M) and withholding of 1,100 shares for taxes (code F) on 10/25/2025.

How many restricted stock units vested for CFR (CFR)?

2,796 RSUs vested and converted to common stock at a price of $0.

At what price were shares withheld for taxes?

A total of 1,100 shares were disposed at $124.86 per share under transaction code F.

What are the insider’s holdings after the transactions?

Direct holdings are 106,964 shares; indirect holdings are 50,916.769 shares through a 401(k) plan.

When did the RSUs vest for CFR’s President?

They cliff vested three years from the grant date of 10/25/2022.

Who is the reporting person’s role at CFR (CFR)?

The reporting person is an Officer, serving as President of CFR.

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

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Accepted by SEC EDGAR 10/27/2025 - 12:37 PM 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^*

Bracher Paul

(Last) (First) (Middle)

111 WEST HOUSTON STREET

(Street)

SAN ANTONIO TX 78205

(City) (State) (Zip)

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)
	President of CFR

3. Date of Earliest Transaction (Month/Day/Year)
10/25/2025

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

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

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

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	10/25/2025		M		2,796	A	$0	108,064	D
Common Stock, $0.01 par value	10/25/2025		F		1,100	D	$124.86	106,964	D
Common Stock, $0.01 par value								50,916.769	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	(1)	10/25/2025		M			2,796	(2)	(2)	Common Stock	2,796	$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 grant date of 10/25/2022.

Remarks:

	/s/ Paul Bracher, by Kirsten Irwin under POA	10/27/2025
	** 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.