HAEMISEGGER DAVID J 4

What Happened David J. Haemisegger, a director of Cullen/Frost Bankers, Inc. (CFR), was granted/awarded 630 deferred stock units (DSUs) that vested on April 29, 2026. The Form 4 reports an acquisition of 630 units at $0.00 (derivative award) — these DSUs each represent the right to receive one share of common stock. Shares will be delivered to Haemisegger only when he experiences a separation from service, so no immediate share transfer to his brokerage account occurred.

Key Details

• Transaction date: April 29, 2026; reported on Form 4 filed May 27, 2026 (filing appears late — ~28 days after vesting).
• Transaction type/code: Award/Grant (A); 630 deferred stock units @ $0.00 (derivative).
• Footnotes: F1 — each DSU equals the right to one share; F2 — DSUs vested 4/29/2026 and will be delivered upon separation from service.
• Shares owned after transaction: Not specified on the filing.
• Implication for investors: This is compensation vesting (not a market purchase or sale) and does not indicate an immediate buy/sell decision.

Context Deferred stock units are a form of equity compensation that convert into company shares (or are paid out) at a later date or upon certain conditions (here, separation from service). Because delivery is deferred, this transaction is routine compensation-related activity rather than an immediate bullish or bearish trade by the insider. The late filing reduces the timeliness of disclosure for investors; Form 4 amendments or SEC follow-up can occur if the tardiness is significant.