Comparin Cynthia Jane 4

What Happened

Cynthia Jane Comparin, a director of Cullen/Frost Bankers, Inc. (CFR), was credited with 630 deferred stock units (DSUs) in a grant/award reported for the period ending April 29, 2026. The units were recorded at $0.00 per unit (no cash changed hands) and are derivative awards that represent the right to receive one share of Cullen/Frost common stock per unit. The DSUs vested on April 29, 2026, but actual shares will be delivered only when the reporting person separates from service with the company.

Key Details

• Transaction type: Award/Grant (Code A); derivative (deferred stock units).
• Transaction date (vesting): April 29, 2026; Form 4 filed May 27, 2026 (filing appears late relative to the standard two-business-day rule).
• Quantity: 630 deferred stock units; reported price per unit: $0.00.
• Value: No immediate cash value reported; units convertible to one share each upon separation.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1—each DSU equals the right to one share; F2—DSUs vested on April 29, 2026, but delivery is deferred until separation from service.

Context

Deferred stock units are a common director compensation tool that vests and then converts to shares (or cash equivalent) at a later date, typically to align pay with long-term ownership or to defer tax. Because delivery is contingent on separation, this vesting does not result in immediate share issuance or a market purchase/sale. The late filing reduces the timeliness of disclosure but does not change the nature of the award itself.