Cullen/Frost director granted 630 deferred stock units

CULLEN/FROST BANKERS, INC. director Esperanza Andrade received a grant of 630 Deferred Stock Units as equity compensation.

Rhea-AI Filing Summary

CULLEN/FROST BANKERS, INC. director Esperanza Andrade received a grant of 630 Deferred Stock Units as equity compensation. Each unit represents the right to receive one share of common stock. The units vested on April 29, 2026 and will convert into shares when she separates from service.

Following this award, Andrade holds a total of 2,087 Deferred Stock Units directly. This is a compensation-related acquisition, not an open‑market stock purchase or sale, and does not change the company’s overall share count by itself until shares are actually delivered.

Insider Trade Summary

Grant/Award: 630 shares

Grant/Award 1 txn

Insider Andrade Esperanza

Role Director

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

Holdings After Transaction: Deferred Stock Units — 2,087 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: 2,087 units Underlying common stock: 630 shares +1 more

4 metrics

Deferred Stock Units granted 630 units Grant to director Esperanza Andrade on April 29, 2026

Deferred Stock Units after grant 2,087 units Total Deferred Stock Units held directly after transaction

Underlying common stock 630 shares Each new Deferred Stock Unit represents one common share

Transaction price per unit $0.00 Compensation grant, no cash paid by the director

Key Terms

Deferred Stock Units, separation from service, Grant, award, or other acquisition, underlying security

4 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 ... when the reporting person experiences a separation from service"

Grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

underlying security financial

"underlying_security_title": "Common Stock""

FAQ

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

What insider transaction did CFR director Esperanza Andrade report?

Director Esperanza Andrade reported receiving 630 Deferred Stock Units in CULLEN/FROST BANKERS, INC. This is an equity compensation grant, not a market purchase, and increases her right to receive common shares in the future rather than changing current market float.

How many Cullen/Frost (CFR) deferred stock units does Andrade hold after this grant?

After the April 29, 2026 grant, Esperanza Andrade holds 2,087 Deferred Stock Units. Each unit is tied to one share of common stock, giving her deferred rights to receive that many shares upon a qualifying separation from service with the company.

What does each Deferred Stock Unit represent for Cullen/Frost (CFR) insiders?

Each Deferred Stock Unit represents the right to receive one share of Cullen/Frost common stock. Instead of immediate share delivery, the units convert into shares later, providing deferred compensation that aligns director incentives with long-term shareholder interests over their service period.

When will Esperanza Andrade receive shares from her CFR deferred stock units?

Shares tied to the Deferred Stock Units will be delivered when Esperanza Andrade experiences a separation from service with Cullen/Frost. The units vested on April 29, 2026, but actual share delivery is delayed until that future employment-related event occurs under the plan’s terms.

Was the Cullen/Frost (CFR) insider transaction a stock purchase or sale?

The reported transaction was not a stock purchase or sale in the open market. It was a grant of 630 Deferred Stock Units to director Esperanza Andrade as compensation, recorded with transaction code A for an award or other acquisition of derivative securities.

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

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Accepted by SEC EDGAR 05/27/2026 - 02:04 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^*

Andrade Esperanza

(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	2,087	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/ Esperanza Andrade by POA of Kirsten Irwin	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)