Cullen/Frost director granted 630 deferred units

Rummel Jeffrey M. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Rummel Jeffrey M. reported acquisition or exercise transactions in this Form 4 filing.

CULLEN/FROST BANKERS, INC. director Jeffrey M. Rummel received a grant of 630 Deferred Stock Units on April 29, 2026. Each unit represents the right to receive one share of common stock, and he now holds 630 deferred stock units directly.

The units vested on April 29, 2026. Actual shares of common stock will be delivered to Rummel when he experiences a separation from service with Cullen/Frost Bankers, Inc., making this a non-cash, compensation-related equity award tied to his future departure.

Insider Trade Summary

Grant/Award: 630 shares

Grant/Award 1 txn

Insider Rummel Jeffrey M.

Role Director

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

Holdings After Transaction: Deferred Stock Units — 630 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 Price per deferred unit: $0.0000 per unit Deferred units after transaction: 630 units +1 more

4 metrics

Deferred stock units granted 630 units Grant to director on April 29, 2026

Price per deferred unit $0.0000 per unit Non-cash grant on April 29, 2026

Deferred units after transaction 630 units Total deferred stock units held directly after grant

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

Key Terms

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

4 terms

Deferred Stock Units financial

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

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 to the reporting person on the date when the reporting person experiences a separation from service with Cullen/Frost Bankers, Inc."

vested financial

"The deferred stock units vested on April 29, 2026."

Grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

FAQ

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

What insider transaction did CFR director Jeffrey M. Rummel report on this Form 4?

Jeffrey M. Rummel reported receiving 630 Deferred Stock Units as a compensation-related equity grant. These units give him the right to receive an equal number of Cullen/Frost Bankers, Inc. common shares at a future date tied to his service.

How many deferred stock units did Jeffrey M. Rummel acquire from Cullen/Frost Bankers, Inc. (CFR)?

Rummel acquired 630 Deferred Stock Units in this transaction. Each unit corresponds to one share of Cullen/Frost Bankers, Inc. common stock, and following the grant he directly holds 630 deferred stock units under this award.

When did the Cullen/Frost Bankers, Inc. (CFR) deferred stock units vest for Jeffrey M. Rummel?

The deferred stock units vested on April 29, 2026. Vesting means Rummel’s right to receive the related common shares is earned, although the actual delivery of shares will occur later upon his separation from service with the company.

When will Jeffrey M. Rummel receive Cullen/Frost Bankers, Inc. (CFR) shares for these deferred stock units?

Shares for these deferred stock units will be delivered when Rummel experiences a separation from service with Cullen/Frost Bankers, Inc. Until that event, he holds deferred rights, not the underlying common shares themselves, for the 630 awarded units.

What does each Cullen/Frost Bankers, Inc. (CFR) deferred stock unit represent for Jeffrey M. Rummel?

Each deferred stock unit represents the right to receive one share of Cullen/Frost Bankers, Inc. common stock. For this award, 630 deferred stock units therefore correspond to a future right to 630 shares, delivered after his service with the company ends.

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

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Accepted by SEC EDGAR 05/27/2026 - 02:01 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^*

Rummel Jeffrey M.

(Last) (First) (Middle)

111 W. 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, $0.01 par value	630	$0	630	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 Jeffrey M. Rummel, by Kirsten T. 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)