Dawson Samuel G. 4

What Happened Samuel G. Dawson, a director of Cullen/Frost Bankers, Inc. (CFR), had 630 deferred stock units (DSUs) vest on April 29, 2026. The Form 4 reports an acquisition of 630 derivative securities at $0.00 (award/grant); the filing lists the transaction value as $0 because these are deferred units rather than a cash purchase. Per the filing, each DSU represents the right to receive one share of common stock, and the shares will be delivered to Dawson when he experiences a separation from service.

Key Details

• Transaction date: 2026-04-29; Transaction type: Award/Grant (derivative DSUs).
• Reported price: $0.00 per unit; reported acquisition amount: 630 units.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — each deferred stock unit equals the right to one share; F2 — the DSUs vested on April 29, 2026 and will be delivered upon separation from service.
• Filing timeliness: Form filed on 2026-05-27 for a 2026-04-29 vesting — this is later than the usual 2-business-day Form 4 filing window.

Context This was a compensation-related vesting of deferred stock units, not an open-market purchase or a sale. DSU vesting is routine for directors and does not by itself indicate a buy or sell signal; delivery of actual shares is deferred until separation from service. The late filing affects how timely investors receive this disclosure but does not change the nature of the award.