CHASE ANTHONY R 4

What Happened

• Anthony R. Chase, a director of Cullen/Frost Bankers, Inc. (CFR), was credited with 630 deferred stock units (an award/acquisition) that vested on April 29, 2026. The transaction shows an acquisition of 630 derivative units at $0.00 (no cash paid). These units represent the right to receive one share of common stock per unit; actual shares will be delivered only if and when the reporting person separates from service.

Key Details

• Transaction date: April 29, 2026; reported on Form 4 filed May 27, 2026.
• Amount: 630 deferred stock units; reported price $0.00 (derivative award).
• Shares owned after transaction: Not provided in the supplied filing excerpt.
• Footnotes: F1—each deferred stock unit equals the right to one share; F2—units vested on April 29, 2026 and shares will be delivered upon the reporting person’s separation from service.
• Filing timeliness: Form 4 was filed about four weeks after the vesting date; Form 4s are generally due within two business days of the transaction, so this filing appears later than the typical reporting window.

Context

• This was an award/vesting of deferred stock units (compensation), not an open‑market purchase or sale. Such vesting events are common compensation mechanics for executives and directors and do not by themselves indicate buying or selling sentiment. The units convert to shares only upon separation from service, so no new shares were issued to the director at the time of vesting.