Cullen/Frost director granted 630 deferred stock units

Engates John T reported acquisition or exercise transactions in this Form 4 filing.

Accepted by SEC EDGAR 05/27/2026 - 02:02 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Engates John T reported acquisition or exercise transactions in this Form 4 filing.

Director John T. Engates received a grant of 630 deferred stock units tied to CULLEN/FROST BANKERS, INC. common stock. Each unit represents one share of common stock and vested on April 29, 2026. Following this award, Engates holds 1,360 deferred stock units, which will be settled in shares after his separation from service.

Insider Trade Summary

Grant/Award: 630 shares

Grant/Award 1 txn

Insider Engates John T

Role Director

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

Holdings After Transaction: Deferred Stock Units — 1,360 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 Total deferred stock units after grant: 1,360 units Exercise/conversion price: $0.00 per unit +1 more

4 metrics

Deferred stock units granted 630 units Award on April 29, 2026

Total deferred stock units after grant 1,360 units Holdings following reported transaction

Exercise/conversion price $0.00 per unit Deferred stock unit grant price

Vesting date April 29, 2026 Deferred stock units vested

Key Terms

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

3 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."

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 John T. Engates report?

John T. Engates reported receiving 630 deferred stock units in Cullen/Frost Bankers, Inc. stock. These units are a form of equity compensation that convert into common shares, aligning his interests with shareholders over the long term.

How many Cullen/Frost (CFR) deferred stock units does Engates hold after this Form 4?

After this grant, Engates holds 1,360 deferred stock units linked to Cullen/Frost common stock. This figure includes the newly awarded 630 units, reflecting his total deferred equity-based compensation position as of the reported transaction date.

When do John T. Engates’ Cullen/Frost deferred stock units vest and settle?

The 630 deferred stock units vested on April 29, 2026. Actual Cullen/Frost common shares will be delivered to Engates only when he experiences a separation from service with the company, making this a long-term, deferred compensation arrangement.

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 Bankers, Inc. common stock. This 1:1 relationship means Engates’ 1,360 units correspond to an eventual delivery of 1,360 common shares, subject to the settlement conditions.

Is Engates’ Form 4 transaction in CFR a market buy or sell?

The transaction is a grant of 630 deferred stock units, not an open-market buy or sell. It is classified as an acquisition under code A, reflecting equity compensation awarded by Cullen/Frost rather than a discretionary trade in the public market.

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

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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^*

Engates John T

(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	1,360	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/ John T. Engates 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)