Bobby Berman, Group Executive Vice President of Research and Strategy at Cullen/Frost Bankers, Inc., filed a Form 4 on October 26, 2026, reporting the vesting and partial share withholding of restricted stock units transacted on October 24, 2026.

Key Highlights

  • RSU vesting: 2,741 restricted stock units converted to common shares on October 24, 2026, at a conversion price of $0, with each unit representing the right to receive one share of Cullen/Frost common stock.
  • Shares withheld for taxes: 1,079 shares were disposed of (transaction code F) at $157.05 per share on October 24, 2026.
  • Direct holdings after transactions: Berman directly beneficially owns 30,812 shares of common stock, $0.01 par value, following the reported transactions.
  • Indirect holdings: An additional 20,051.067 shares are held indirectly through a 401(k) Plan.
  • Cliff vesting schedule: According to the filing, the restricted stock units "cliff vested three years from the date of grant."
  • Reporting person role: Berman is identified as an officer with the title GEVP Research and Strategy; the form was signed by Kirsten Irwin under power of attorney.

Cullen/Frost GEVP Berman Reports RSU Vesting and Tax Withholding Transaction

According to the Form 4 filed with the SEC on October 26, 2026, Bobby Berman, an officer of Cullen/Frost Bankers, Inc. (NYSE:CFR) serving as Group Executive Vice President of Research and Strategy, reported two transactions in common stock occurring on October 24, 2026. The first was the vesting of 2,741 restricted stock units (transaction code M), acquired at a price of $0. The filing notes that each restricted stock unit represents the right to receive one share of Cullen/Frost common stock, and that the units "cliff vested three years from the date of grant."

The second transaction involved the disposition of 1,079 shares (transaction code F) at a per-share price of $157.05, a common mechanism associated with share withholding to satisfy tax obligations upon vesting. Following both transactions, the filing reports that Berman directly holds 30,812 shares of common stock, $0.01 par value. In addition to those direct holdings, Berman indirectly holds 20,051.067 shares through a 401(k) Plan, as disclosed in Table I of the filing.

The derivative securities table shows that the 2,741 restricted stock units that vested on October 24, 2026, have been fully converted, leaving zero RSUs remaining in Berman's direct beneficial ownership. The Form 4 was filed as an individual report by one reporting person and was signed by Kirsten Irwin under a power of attorney on behalf of Bobby Berman.

What Was Disclosed

Cullen/Frost Bankers officer Bobby Berman disclosed the cliff vesting of 2,741 RSUs and the withholding of 1,079 shares at $157.05 on October 24, 2026, resulting in direct ownership of 30,812 shares and indirect ownership of 20,051.067 shares via a 401(k) Plan.