EDWARDS CRAWFORD H 4

What Happened

• Crawford H. Edwards, a director of Cullen/Frost Bankers, Inc. (CFR), had 630 deferred stock units (a derivative award) vest on April 29, 2026. The Form 4 reports an acquisition of 630 units at $0.00 (award/vest).
• This was an award vesting event (not an open-market purchase or sale); no cash changed hands on vesting and the units represent the right to receive one share each in the future.

Key Details

• Transaction date: April 29, 2026 — 630 deferred stock units vested; reported price: $0.00 (derivative award).
• Filing date: May 27, 2026 — the Form 4 was filed later than the transaction date (late filing noted).
• Shares owned after transaction: Not specified in the provided report.
• Footnotes: F1 — each deferred stock unit equals the right to one share; F2 — the units vested on 4/29/2026 and shares will be delivered only when the reporting person separates from service.
• Transaction type code: A (award/grant/acquisition of derivative units).

Context

• These were deferred stock units (not immediately issued common shares). Although vested, the units remain payable in shares upon the director’s separation from service, so there is no immediate change in tradable share count.
• This is routine compensation for a director and should not be interpreted as a buy or sell signal. The late filing may reflect administrative delay; it does not by itself indicate trading intent.