Cullen/Frost’s Rhodes exercises 3,685-share award

Each restricted stock unit represented a right to receive one common share, with cliff vesting three years from its grant date.

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. (CFR) Group EVP General Counsel/Sec Coolidge E. Rhodes Jr. reported exercising 3,685 restricted stock units into 3,685 common shares on October 24, 2026. Each unit represents the right to receive one common share and cliff vested three years from the grant date. On that date, 1,451 shares were delivered or withheld for payment of exercise price or tax liability, at a reported $157.05 per share. The report also lists 944.196 common shares held indirectly through the 401(k) Plan.

Insider Trade Summary

3,685 shares exercised/converted

Exercise 4 txns

Insider Rhodes Coolidge E JR

Role Group EVP General Counsel/Sec

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F1, F2	3,685	$0.00	$0.00
Exercise	Common Stock, $0.01 par value	3,685	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock, $0.01 par value	1,451	$157.05	$228K
holding	Common Stock, $0.01 par value	--	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock, $0.01 par value — 6,844 shares (Direct); Common Stock, $0.01 par value — 944.196 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: 3,685 units Common shares acquired: 3,685 shares Shares delivered or withheld: 1,451 shares +2 more

5 metrics

Restricted stock units exercised 3,685 units October 24, 2026

Common shares acquired 3,685 shares Upon exercise of restricted stock units on October 24, 2026

Shares delivered or withheld 1,451 shares For payment of exercise price or tax liability on October 24, 2026

Per-share price $157.05 per share Reported for the 1,451-share delivery or withholding transaction on October 24, 2026

Indirect common shares held 944.196 shares Through the 401(k) Plan

Key Terms

Restricted Stock Units, Cliff vested, 401(k) Plan

3 terms

Restricted Stock Units technical

"3,685 Restricted Stock Units"

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 technical

"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 shares did CFR's Group EVP exercise on October 24, 2026?

Coolidge E. Rhodes Jr., Group EVP General Counsel/Sec, exercised 3,685 restricted stock units into 3,685 common shares. He also delivered or had withheld 1,451 shares for payment of exercise price or tax liability at a reported $157.05 per share.

What were the vesting terms for CFR's restricted stock units?

Each restricted stock unit represented the right to receive one Cullen/Frost common share. The units cliff vested three years from the date of grant.

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

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Available on EDGAR 10/26/2026 - 05:26 PM EDT Accepted by SEC EDGAR 10/26/2026 - 05:25 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^*

Rhodes Coolidge E JR

(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)
	Group EVP General Counsel/Sec

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		3,685	A	$0	8,295	D
Common Stock, $0.01 par value	10/24/2026		F		1,451	D	$157.05	6,844	D
Common Stock, $0.01 par value								944.196	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			3,685	(2)	(2)	Common Stock, $0.01 par value	3,685	$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/ Coolidge E. Rhodes, Jr. 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)