Coolidge E. Rhodes Jr., Group EVP General Counsel and Secretary of Cullen/Frost Bankers, Inc., filed a Form 4 on October 26, 2026, reporting transactions in company common stock on October 24, 2026.

Key Highlights

  • RSU vesting: 3,685 restricted stock units converted to common shares on October 24, 2026, at a price of $0, via transaction code M.
  • Shares withheld for taxes: 1,451 shares were disposed of at $157.05 per share on the same date, via transaction code F.
  • Direct ownership after transactions: Rhodes directly holds 6,844 shares of common stock following the reported transactions.
  • Indirect ownership: An additional 944.196 shares are held indirectly through a 401(k) Plan.
  • RSU structure: Each restricted stock unit represented the right to receive one share of Cullen/Frost common stock and cliff vested three years from the date of grant.
  • Remaining derivative securities: Zero restricted stock units remain beneficially owned following the vesting transaction.

Rhodes Reports RSU Cliff Vesting and Share Withholding at Cullen/Frost

According to the Form 4 filed with the SEC on October 26, 2026, Coolidge E. Rhodes Jr., serving as Group EVP General Counsel and Secretary at Cullen/Frost Bankers, Inc. (NYSE:CFR), reported two transactions in the company's common stock ($0.01 par value) dated October 24, 2026. The filing was signed by Kirsten Irwin under power of attorney on behalf of Rhodes.

The first transaction, coded M, reflects the vesting of 3,685 restricted stock units that converted into 3,685 shares of common stock at a price of $0. The filing explains that each restricted stock unit represented the right to receive one share of Cullen/Frost common stock, and that these units "cliff vested three years from the date of grant." Following this acquisition, Rhodes held 8,295 shares directly before the second transaction was applied. The second transaction, coded F, shows 1,451 shares disposed of at a price of $157.05 per share, a transaction type typically used to report shares withheld by the issuer to cover tax obligations upon vesting.

After both transactions, Rhodes directly holds 6,844 shares of common stock, according to the filing. In addition, Rhodes indirectly holds 944.196 shares through a 401(k) Plan. The filing confirms that following the M-coded transaction, no restricted stock units remain beneficially owned by the reporting person.

What Was Disclosed

The filing discloses the cliff vesting of 3,685 restricted stock units into common shares and the disposition of 1,451 shares at $157.05 each on October 24, 2026, resulting in direct beneficial ownership of 6,844 shares and indirect ownership of 944.196 shares through a 401(k) Plan.