Bobby Berman's Stock Transactions in Cullen/Frost Bankers, Inc.

On October 25, 2025, Bobby Berman, the GEVP of Research & Strategy at Cullen/Frost Bankers, Inc., engaged in several transactions involving the company's common stock and restricted stock units. Berman acquired 1,573 shares of common stock at $0 per share, increasing his total holdings to 29,856 shares. On the same day, he disposed of 616 shares at $124.86 per share, reducing his holdings to 29,240 shares. Additionally, Berman disposed of 1,573 restricted stock units, which were converted into common stock. These transactions were reported in a Form 4 filing with the SEC. Berman also holds 18,902.66 shares indirectly through a 401(k) plan.