WAWROSKI JUDITH I 4

What Happened
Judith I. Wawroski, Treasurer/PAO of International Bancshares Corp (IBOC), exercised stock options on Feb 6, 2026 to acquire a total of 1,175 common shares. She exercised 875 options at a $38.30 exercise price (cost ~$33,513) and 300 options at a $16.84 exercise price (cost ~$5,052), for a combined outlay of about $38,565. The filing shows the underlying derivative awards were converted into shares (derivative instruments disposed upon exercise).

Key Details

• Transaction date: 2026-02-06 (reported on Form 4 filed 2026-02-10). Filing appears within the typical 2-business-day reporting window.
• Options exercised: 875 shares @ $38.30 (≈ $33,513) and 300 shares @ $16.84 (≈ $5,052); total shares acquired = 1,175; total consideration ≈ $38,565.
• Derivative disposition: Corresponding derivative instruments were reported as disposed (code M) at $0.00 reflecting conversion/exercise.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes: Two option grants referenced — granted 4/2/2018 (F1) and 3/20/2020 (F2), each with 10-year vesting schedules (progressive vesting percentages noted in the filing).

Context

• Transaction code M indicates an option exercise. This was a cash exercise (the reporting shows payment at the exercise prices), not an immediate sale of the acquired shares (no sale proceeds reported).
• Exercises increase insider share ownership and are treated as purchases for disclosure purposes; they do not necessarily signal a near-term change in market sentiment.
• This filing involves an officer (Treasurer), not a 10% owner or institutional holder.