[Form 4] CULLEN/FROST BANKERS, INC. Insider Trading Activity

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Cullen/Frost Bankers, Inc. (CFR)

On 10/25/2025, 2,621 shares of common stock were acquired at $0 upon RSU vesting (Code M). Also on 10/25/2025, 1,031 shares were disposed of at $124.86 (Code F). Following these transactions, the officer held 16,608 shares directly and 3,897.927 shares indirectly through a 401(k) plan.

The filing notes each RSU equals one share and the award cliff vested three years from the grant date of 10/25/2022. The derivative balance related to this RSU award was reduced to 0 after settlement.

Cullen/Frost Bankers, Inc. (CFR)) ha reso noto un modulo Form 4 per un dirigente (GEVP Chief Consumer Banking) che riflette l'attività di unità di azioni limitate e le relative ritenute fiscali.
Il 25/10/2025, 2.621 azioni ordinarie sono state acquisite per $0 al vesting dell'RSU (Codice M). Sempre il 25/10/2025, 1.031 azioni sono state dispose al $124,86 (Codice F). Dopo queste operazioni, l'ufficiale deteneva direttamente 16.608 azioni e indirettamente tramite un piano 401(k) 3.897,927 azioni.
La nota del deposito indica che ogni RSU equivale a un'azione e che l'assegnazione con cliff è maturata tre anni dalla data di concessione del 25/10/2022. Il saldo derivato relativo a questa assegnazione RSU è stato ridotto a 0 dopo la liquidazione.

Cullen/Frost Bankers, Inc. (CFR)) divulgó un Formulario 4 para un funcionario (GEVP Chief Consumer Banking) que refleja la actividad de unidades de acciones restringidas y la retención de impuestos relacionada.
El 25/10/2025, se adquirieron 2,621 acciones ordinarias por $0 al vesting de la RSU (Código M). También el 25/10/2025, se dispusieron 1,031 acciones a un precio de $124.86 (Código F). Tras estas operaciones, el funcionario poseía directamente 16,608 acciones y indirectamente a través de un plan 401(k) 3,897.927 acciones.
La presentación indica que cada RSU equivale a una acción y que la adjudicación con vesting en cliff venció tres años desde la fecha de concesión del 25/10/2022. El saldo derivado relacionado con esta adjudicación RSU se redujo a 0 tras el acuerdo.

Cullen/Frost Bankers, Inc. (CFR))은 임원(GEVP Chief Consumer Banking)을 위한 Form 4를 공개했으며 제한 주식 단위(RSU) 활동 및 관련 세금 원천징수를 반영합니다.
2025/10/25에 2,621주가 RSU의 vesting으로 $0에 취득되었습니다(Code M). 또한 같은 날 1,031주는 $124.86(Code F)로 처분되었습니다. 이 거래들 이후 임원은 직접 보유 16,608주와 401(k) 플랜을 통한 간접 보유 3,897.927주를 보유하게 되었습니다.
filing은 각 RSU가 한 주와 같으며 보상은 2022/10/25의 부여일로부터 3년 간 cliff vest가 적용되었다고 명시합니다. 이 RSU 보상과 관련된 파생 잔액은 정산 후 0으로 줄었습니다.

Cullen/Frost Bankers, Inc. (CFR)) a divulgué un formulaire Form 4 pour un dirigeant (GEVP Chief Consumer Banking) reflétant l'activité des unités d'actions restreintes et la retenue d'impôt associée.
Le 25/10/2025, 2 621 actions ordinaires ont été acquises à $0 lors du vesting de l'RSU (Code M). Également le 25/10/2025, 1 031 actions ont été disséminées à $124,86 (Code F). À la suite de ces transactions, l'officier détenait directement 16 608 actions et indirectement via un plan 401(k) 3 897,927 actions.
Le dépôt précise que chaque RSU équivaut à une action et que l'acquisition par vesting en cliff a été atteinte trois ans après la date de concession du 25/10/2022. Le solde dérivé lié à cette attribution RSU a été réduit à 0 après règlement.

Cullen/Frost Bankers, Inc. (CFR)) gab ein Form 4 für einen Offizier (GEVP Chief Consumer Banking) bekannt, das die RSU-Aktivität und die damit verbundenen Steuerabzüge widerspiegelt.
Am 25.10.2025 wurden 2.621 Stammaktien bei Vesting der RSU zu einem Preis von $0 erworben (Code M). Ebenfalls am 25.10.2025 wurden 1.031 Aktien zu $124,86 (Code F) veräußert. Nach diesen Transaktionen hielt der Offizier direkt 16.608 Aktien und indirekt über einen 401(k)-Plan 3.897,927 Aktien.
Die Einreichung vermerkt, dass jede RSU einer Aktie entspricht und das Cliff-Vesting drei Jahre ab dem Ausgabedatum des 25.10.2022 erfolgt ist. Der derivative Saldo in Bezug auf diese RSU-Verleihung wurde nach der Abwicklung auf 0 reduziert.

Cullen/Frost Bankers, Inc. (CFR)) كشفت عن نموذج Form 4 لمسؤول (GEVP Chief Consumer Banking) يعكس نشاط وحدات الأسهم المقيدة وخصم الضرائب المرتبط بها.
في 25/10/2025، تم شراء 2,621 سهماً عادياً بسعر $0 عند استحقاق RSU (الرمز M). كما في 25/10/2025، تم التخلص من 1,031 سهماً بسعر $124.86 (الرمز F). بعد هذه المعاملات، كان لدى الضابط 16,608 سهماً بشكل مباشر و3,897.927 سهماً بشكل غير مباشر من خلال خطة 401(k).
تشير الأوراق إلى أن كل RSU تساوي سهماً وأن الترشيح cliff vest تم في ثلاث سنوات من تاريخ المنح 25/10/2022. تم تقليل الرصيد المشتق المرتبط بهذه المنحة RSU إلى 0 بعد التسوية.

Positive

None.

Negative

None.

10/27/2025 - 12:41 PM

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^*
Stead Jimmy

(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)

GEVP Chief Consumer Banking

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 2,621 A $0 17,639 D

Common Stock, $0.01 par value 10/25/2025 F 1,031 D $124.86 16,608 D

Common Stock, $0.01 par value 3,897.927 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 2,621 ⁽²⁾ ⁽²⁾ Common Stock 2,621 $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/ Jimmy Stead, 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.

Source: View Original Filing on SEC EDGAR

[Form 4] CULLEN/FROST BANKERS, INC. Insider Trading Activity

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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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, $0.01 par value	10/25/2025		M		2,621	A	$0	17,639	D
Common Stock, $0.01 par value	10/25/2025		F		1,031	D	$124.86	16,608	D
Common Stock, $0.01 par value								3,897.927	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽¹⁾	10/25/2025		M			2,621	⁽²⁾	⁽²⁾	Common Stock	2,621	$0	0	D

	/s/ Jimmy Stead, 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.

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[Form 4] CULLEN/FROST BANKERS, INC. Insider Trading Activity

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