Cullen/Frost director granted 630 deferred stock units

CULLEN/FROST BANKERS, INC. director Anthony R. Chase reported receiving a grant of deferred stock units as part of his compensation.

Rhea-AI Filing Summary

CULLEN/FROST BANKERS, INC. director Anthony R. Chase reported receiving a grant of deferred stock units as part of his compensation. The filing shows an acquisition of 630 deferred stock units, each representing the right to receive one share of Cullen/Frost common stock.

These deferred stock units vested on April 29, 2026, and the shares will be delivered when he experiences a separation from service with the company. Following this grant, his reported balance is 5,000 deferred stock units held directly, making this a routine, non-cash compensation award rather than an open-market trade.

Insider Trade Summary

Grant/Award: 630 shares

Grant/Award 1 txn

Insider CHASE ANTHONY R

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	630	$0.00	$0.00

Holdings After Transaction: Deferred Stock Units — 5,000 contracts (Direct)

Footnotes (2)

1. F1. Each deferred stock unit represents the right to receive one share of Cullen/Frost Bankers, Inc. common stock.
2. F2. The deferred stock units vested on April 29, 2026. Shares will be delivered to the reporting person on the date when the reporting person experiences a separation from service with Cullen/Frost Bankers, Inc.

Key Figures

Deferred stock units granted: 630 units Deferred stock units after grant: 5,000 units Grant price per unit: $0.00 +1 more

4 metrics

Deferred stock units granted 630 units Director grant on April 29, 2026

Deferred stock units after grant 5,000 units Total reported balance following transaction

Grant price per unit $0.00 Compensation grant, no cash paid per unit

Underlying common stock 630 shares Each deferred stock unit equals one common share

Key Terms

Deferred Stock Units, separation from service, Common Stock

3 terms

Deferred Stock Units financial

"Each deferred stock unit represents the right to receive one share"

Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.

separation from service financial

"Shares will be delivered on the date of separation from service"

Common Stock financial

"Right to receive one share of Cullen/Frost Bankers, Inc. common stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

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

What insider transaction did Cullen/Frost (CFR) report for Anthony R. Chase?

Cullen/Frost reported that director Anthony R. Chase received a grant of 630 deferred stock units. These units are a form of stock-based compensation, not a market purchase, and increase his total reported deferred stock unit holdings to 5,000 units.

How many deferred stock units did the Cullen/Frost (CFR) director receive?

The director was granted 630 deferred stock units. Each unit represents the right to receive one share of Cullen/Frost common stock, bringing his total reported deferred stock unit balance to 5,000 units after this compensation-related grant.

What does each deferred stock unit represent for Cullen/Frost (CFR)?

Each deferred stock unit represents the right to receive one share of Cullen/Frost common stock. This means the 630 units granted to the director correspond to 630 future shares, delivered according to the plan’s distribution rules.

When do the Cullen/Frost (CFR) deferred stock units vest and pay out?

The reported deferred stock units vested on April 29, 2026. However, the underlying shares will only be delivered to the director when he experiences a separation from service with Cullen/Frost Bankers, according to the filing footnotes.

Is the Cullen/Frost (CFR) Form 4 a stock purchase or sale?

The Form 4 reflects a grant of deferred stock units, not a stock purchase or sale. It is coded as a compensation-related acquisition (grant/award), with no open-market buying or selling of Cullen/Frost common shares disclosed.

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

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Accepted by SEC EDGAR 05/27/2026 - 02:06 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^*

CHASE ANTHONY R

(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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/29/2026

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

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
Deferred Stock Units	(1)	04/29/2026		A		630		(2)	(2)	Common Stock	630	$0	5,000	D

Explanation of Responses:

1. Each deferred stock unit represents the right to receive one share of Cullen/Frost Bankers, Inc. common stock.

2. The deferred stock units vested on April 29, 2026. Shares will be delivered to the reporting person on the date when the reporting person experiences a separation from service with Cullen/Frost Bankers, Inc.

Remarks:

	/s/ Anthony R. Chase, by Kirsten Irwin under POA	05/27/2026
	** 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)