Andrade Esperanza 4

What Happened
Esperanza Andrade, a director of Cullen/Frost Bankers, Inc. (CFR), had 630 deferred stock units (DSUs) vest on April 29, 2026. The Form 4 reports an award/ acquisition of 630 derivative shares at $0.00 (no cash paid). These DSUs represent rights to receive one share each and will be delivered to Andrade when she experiences a separation from service with the company.

Key Details

• Transaction date: April 29, 2026 (vesting event).
• Reported on Form 4 filed May 27, 2026 (28 days after the vesting). This is later than the typical 2-business-day reporting window for Form 4s.
• Amount: 630 deferred stock units; reported acquisition price: $0.00 (award/derivative).
• Shares owned after transaction: not specified in this filing.
• Footnotes: F1 — each DSU equals one share; F2 — DSUs vested on April 29, 2026 and shares will be delivered upon the reporting person’s separation from service.
• No indication in this filing of a 10b5‑1 plan, immediate sale, or tax-withholding share forfeiture.

Context
Deferred stock units are a common form of non-cash compensation for directors and are different from open-market purchases or sales. Because the units are merely vested rights to future delivery of shares (not an immediate purchase or sale), this event should not be read as a direct market sentiment signal. The late filing is a reporting/timing matter to note for compliance tracking; it does not change the nature of the award itself.