Engates John T 4

What Happened

• John T. Engates, a director of Cullen/Frost Bankers, Inc. (CFR), was credited with 630 deferred stock units (a derivative award) that vested on April 29, 2026. The Form 4 reports an acquisition of 630 units at $0.00 (no cash paid). These units represent the right to receive one share of common stock per unit but will only be delivered if/when Engates separates from service.

Key Details

• Transaction date: April 29, 2026
• Report filed: May 27, 2026 (the filing occurred about four weeks after the transaction)
• Instrument: 630 deferred stock units (derivative award) acquired at $0.00
• Shares delivered: Not delivered at vesting; units convert to one common share each upon the reporting person's separation from service (per footnote)
• Footnotes: F1 — each deferred stock unit equals the right to one share; F2 — the units vested on 4/29/2026 and will be delivered only upon separation from service
• Shares owned after transaction: Not specified in the filing

Context

• This was an award/vesting of deferred compensation, not an open-market buy or sale. Deferred stock units are common for director compensation and do not result in immediate stock ownership or proceeds; they convert to shares (or cash) only under the plan's terms (here, upon separation). Such awards are routine compensation and should not be interpreted as a contemporaneous buy/sell signal.