DEF 14A of Cullen/Frost Bankers, Inc., Mar 20, 2026

DEF 14A of Cullen/Frost Bankers, Inc.

Filed Mar 20, 2026 · FY20250000039263-26-000023

Open on EDGAR

  1. Board Skills and Experience of Director Nominees

    Board Skills and Experience of Director Nominees The Board of Directors of Cullen/Frost (the "Board") believes that it has the right mix of qualifications, skills, experience, and perspectives that allow it to fulfill its responsibilities, including overseeing management’s execution of our corporate strategy, which is designed to create long-term shareholder value. The information below shows how the Board’s collective qualifications, skills, and experience relate to the Company’s culture and corporate strategy. For biographical information regarding each of our directors and their individual qualifications, skills, and experience see, "Election of Directors (Proposal No. 1)."

  2. Board Skills and Experience of Director Nominees

    | Audit and Finance | Experience in corporate finance and audit matters. | Human Capital Management | Experience in managing people and related employment issues including, but not limited to, compensation. | | Corporate Governance | Experience in corporate governance and regulatory matters. | Leadership | Experience as a CEO, senior executive or leader of significant operations. | | Culture | Has values and reputation that align with the Frost core values. | Risk Management | Experience in identifying, analyzing, or mitigating operational, regulatory, or other business-related risks. |

  3. Director Nominees Snapshot

    Director Nominees Snapshot Our director nominees include fourteen current Board members.

  4. Director Nominees

    Director Nominees

  5. Director Nominees

    | Name | Age | Director Since | Independent | Occupation | | Hope Andrade | 75 | 2024 | Yes | Partner, Go Rio San Antonio River Cruises | | Anthony R. Chase | 71 | 2020 | Yes | Former Chairman and CEO, ChaseSource LP | | Cynthia J. Comparin | 67 | 2018 | Yes | Founder and Former CEO, Animato Technologies Corp. | | Samuel G. Dawson | 65 | 2017 | Yes | CEO and Co-Owner, Pape-Dawson | | Crawford H. Edwards | 67 | 2005 | Yes | President, Cassco Development Co., Inc. | | John T. Engates | 54 | 2025 | Yes | Former Field Chief Technology Officer, Cloudflare, Inc. | | Phillip D. Green | 71 | 2016 | No | Chairman of the Board and CEO of Cullen/Frost and Frost Bank | | David J. Haemisegger | 72 | 2008 | Yes | President, NorthPark Management Company | | Charles W. Matthews | 81 | 2010 | Yes | Former Vice President, General Counsel, Exxon Mobil Corporation | | Joseph A. Pierce | 57 | 2022 | Yes | Senior Vice President and General Counsel, AMB Sports & Entertainment | | Jeffrey M. Rummel | 60 | 2026 | Yes | Former San Antonio Office Managing Partner, Ernst & Young | | Linda B. Rutherford | 59 | 2022 | Yes | Former Chief Administration Officer, Southwest Airlines | | Marsha M. Shields | 71 | 2026 | Yes | CEO and Managing Partner, McCombs Enterprises | | Jack Willome | 79 | 2023 | Yes | Former President, Ellison Industries |

  6. GENERAL INFORMATION ABOUT THE BOARD OF DIRECTORS

    GENERAL INFORMATION ABOUT THE BOARD OF DIRECTORS

  7. Director Refreshment and Board Evaluation Process

    Director Refreshment and Board Evaluation Process The Corporate Governance and Nominating Committee identifies and recommends new directors using the following process:

  8. Director Refreshment and Board Evaluation Process

    | Evaluation of Board Composition | The Corporate Governance and Nominating Committee evaluates the Board composition regularly and identifies skills, experience, and capabilities desirable for new directors in light of our business and strategy. | | Determine Candidate Pool | In identifying director candidates, the Corporate Governance and Nominating Committee may seek input from management and from current members of the Board. The Corporate Governance Committee will also consider candidates recommended by shareholders. | | Review Recommendations | In evaluating director candidates, the Corporate Governance and Nominating Committee initially considers the Board's need for additional or replacement directors. It also considers the criteria approved by the Board and set forth in our Corporate Governance Guidelines, which include, among other things: •The candidate's personal qualities (in light of our core values and mission statement); •Accomplishments and reputation in the business community; •The fit of the candidate's skills and personality with those of other directors and candidates; •The ability of the candidate to commit adequate time to Board and committee matters; and •The candidate's contribution to the Board’s overall mix of viewpoints, background, experience and other attributes. The objective is to maintain a Board that is effective, collegial and responsive to our needs. In addition, considerable emphasis is also given to our mission statement and core values, statutory and regulatory requirements, and the Board’s goal of having a majority of independent directors. | | Make Recommendations to the Board | In considering whether candidates satisfy the criteria described above, the Committee initially utilizes the information it receives with any recommendation and other information it otherwise possesses. If it determines, in consultation with other Board members, including the Chairman, that more information is needed, such information will be sought, including by conducting interviews. | | Outcome | In April 2025, one new independent director joined our Board with significant information technology and cybersecurity expertise. In January 2026, two new independent directors joined our Board with significant experience with financial matters and managing risk as well as knowledge of the communities in which we serve. | | Onboarding | We conduct a comprehensive onboarding process to ensure that each new director has a full understanding of the business and to allow the director to make meaningful contributions quickly, which includes a combination of one-on-one sessions with management, written materials, and training. |

  9. 2025 Director Compensation

    2025 Director Compensation

  10. Director Compensation Table

    Director Compensation Table

  11. Director Compensation Table

    | Name(1) | Fees Earned or Paid in Cash ($)(2) | Stock Awards ($)(3) | Total ($) | | Hope Andrade | 100,000 | 85,023 | 185,023 | | Chris M. Avery | 98,750 | 85,023 | 183,773 | | Anthony R. Chase | 102,500 | 85,023 | 187,523 | | Cynthia J. Comparin | 110,000 | 85,023 | 195,023 | | Samuel G. Dawson | 107,500 | 85,023 | 192,523 | | Crawford H. Edwards | 100,000 | 85,023 | 185,023 | | John T. Engates | 63,334 | 85,023 | 148,357 | | David J. Haemisegger | 100,000 | 85,023 | 185,023 | | Charles W. Matthews | 190,000 | 85,023 | 275,023 | | Joseph A. Pierce | 107,500 | 85,023 | 192,523 | | Linda B. Rutherford | 107,500 | 85,023 | 192,523 | | Jack Willome | 102,500 | 85,023 | 187,523 |

  12. Director Compensation Table

    (1)Mr. Engates joined the Board on April 30, 2025 and Mr. Rummel and Mrs. Shields joined the Board on January 28, 2026. Mr. Green is not included in this table because he is an executive officer of the Company and receives no compensation for his service as a director. For further information on the compensation paid to Mr. Green, as well as his holdings of stock awards, see the Compensation Discussion and Analysis section in this proxy statement. (2)Amounts shown as Fees Earned or Paid in Cash represent fees paid for serving on the Boards of Directors of both Cullen/Frost and Frost Bank. (3)Amounts shown represent the grant date fair value of deferred stock units granted to the non-employee directors determined in accordance with Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) Topic 718. On April 30, 2025, each non-employee director was granted 730 deferred stock units. The closing price of our stock on that day was $116.47. The following information indicates the aggregate number of deferred stock units previously awarded and outstanding for the directors as of December 31, 2025:

  13. Director Compensation Table

    | Name | Deferred Stock Units Outstanding (#) | | Hope Andrade | 1,457 | | Chris M. Avery | 6,553 | | Anthony R. Chase | 4,370 | | Cynthia J. Comparin | 4,954 | | Samuel G. Dawson | 5,921 | | Crawford H. Edwards | 10,839 | | John T. Engates | 730 | | David J. Haemisegger | 10,294 | | Charles W. Matthews | 9,133 | | Joseph A. Pierce | 2,230 | | Linda B. Rutherford | 2,828 | | Jack Willome | 2,230 |

  14. Director Compensation Table

    Non-employee directors receive an annual cash retainer as well as cash retainer fees for service on Committees either as a committee chair or a committee member. In addition, non-employee directors receive an annual equity grant in the form of deferred stock units. The deferred stock units are fully vested upon grant and entitle the holders to receive equivalent dividend payments at the time such dividends are declared on our common stock. Each deferred stock unit held by a non-employee director is settled in one share of our common stock upon retirement from the Board. The Compensation and Benefits Committee (the "Committee") has the authority to review and make recommendations to the Board with respect to the components and amount of Board compensation. Annually, the Committee directs its compensation consultant to provide an independent assessment of the Board's compensation program. The consultant analyzes and compares our Board compensation program against the same peer group used to benchmark executive officer compensation. The Committee targets total Board compensation levels at a competitive range of peer group total Board compensation. The Committee considers total aggregate Board compensation and other factors when making recommendations to the Board for approval. As a result of this review, the Committee made the following changes to director compensation effective April 29, 2026: •Increase the annual cash retainer from $75,000 to $80,000; •Increase the annual equity grant from $85,000 to $90,000; •Increase the Corporate Governance and Nominating Committee member retainer from $7,500 to $10,000; and •Increase the Lead Director retainer from $40,000 to $45,000. The following is the 2026 compensation structure for non-employee directors effective April 29, 2026:

  15. Director Compensation Table

    | Fees | ($) | | Annual Retainer: | | | Annual Cash Retainer | 80,000 | | Lead Director Retainer | 45,000 | | Committee Retainer Fees: | | | Audit Chair | 30,000 | | Audit Member | 15,000 | | Compensation and Benefits Chair | 20,000 | | Compensation and Benefits Member | 10,000 | | Corporate Governance and Nominating Chair | 20,000 | | Corporate Governance and Nominating Member | 10,000 | | Risk Chair | 20,000 | | Risk Member | 10,000 | | Technology and Cybersecurity Chair | 10,000 | | Technology and Cybersecurity Member | 5,000 | | Equity Grant: | | | Deferred Stock Units Target Value | 90,000 |

  16. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS Set forth below are each of the director nominees for the Annual Meeting. The nominees listed below have been nominated to serve for a one-year term expiring in 2027. If any nominee is unable to serve, the individuals named as proxies on the enclosed proxy card will vote the shares to elect the remaining nominees and any substitute nominee or nominees designated by the Board. There are no arrangements or understandings between any director nominee of the Company and any other person regarding such nominee's election.

  17. ELECTION OF DIRECTORS

    | HOPE ANDRADE | | | | | PARTNER | Committee Membership: | | | GO RIO SAN ANTONIO RIVER CRUISES | | | | Age: 75 | Audit | | | Director Since: 2024 | Risk | | | Independent | | | Qualifications: | | | | Significant experience in the operation and marketing of a small business as well as extensive leadership in governmental and regulatory matters and knowledge of the communities that we serve. | | | | Biographical Information: | | | | Ms. Andrade is a partner with Go Rio San Antonio River Cruises and is the co-founder and partner of Andrade-Van de Putte & Associates which is a bipartisan consulting firm focused on bridging the gap between government entities and the business community. She is also the CEO and President of Alamo Trust which oversees the daily operations at the Alamo. She served as Texas' 107th Secretary of State from 2008 to 2012 as well as the Commissioner Representing Employers for the Texas Workforce Commission from 2013 to 2015 and the Commissioner and Chair of the Texas Department of Transportation from 2003 to 2008. Ms. Andrade is a board member of the Alamo Trust, the Great Springs Project, and the Southwest Research Institute. She is also an investor and on the board of Missions Baseball Club. | | |

  18. ELECTION OF DIRECTORS

    | ANTHONY ("TONY") R. CHASE | | | | | FORMER CHAIRMAN AND CEO | Committee Membership: | | | CHASESOURCE, LP | | | | Age: 71 | Compensation and Benefits | | | Director Since: 2020 | Corporate Governance and Nominating | | | Independent | Risk | | Qualifications: | | | | Considerable experience in corporate governance, banking, regulatory, and real estate matters. | | | | Biographical Information: | | | | Mr. Anthony R. Chase is the former Chairman and CEO of ChaseSource, LP, a staffing, facilities management, and real estate development firm. Mr. Chase has started and sold multiple ventures including, Chase Radio Partners, Cricket Wireless, a nationwide cell phone service provider that he started together with Qualcomm in 1993 and ChaseCom, a company that built and operated call centers in the United States and India which he sold to AT&T Corporation in 2007. He is also a principal owner of the Marriott Hotel at George Bush Intercontinental Airport in Houston and the Principal Auto Toyota dealership in greater Memphis, TN. Mr. Chase serves on several non-profit boards in Houston: Greater Houston Partnership, Texas Medical Center, MD Anderson Board of Visitors, and the Greater Houston Community Foundation. Mr. Chase previously served as Deputy Chairman of the Federal Reserve Bank of Dallas and the Chairman of the Greater Houston Partnership. He is also a member of the Council on Foreign Relations. Mr. Chase serves on the boards of LyondellBasell Industries N.V., Nabors Industries Ltd., and National Energy Services Reunited Corp. He previously served on the Boards of Par Pacific Holdings, Inc. until 2024 and Heritage Crystal Clean, Inc. until 2022. Mr. Chase is a Professor of Law Emeritus at the University of Houston Law Center. | | |

  19. ELECTION OF DIRECTORS

    | CYNTHIA J. COMPARIN | | | | | FOUNDER AND FORMER CEO | Committee Membership: | | | ANIMATO TECHNOLOGIES CORP. | | | | Age: 67 | Audit | | | Director Since: 2018 | Technology and Cybersecurity | | | Independent | | | Qualifications: | | | | Considerable leadership experience as a former CEO and as a board member, knowledge and experience in the technology industry, including cybersecurity and extending technology to customers, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Ms. Cynthia J. Comparin is the founder and retired CEO of Animato Technologies Corp., a private company providing business and technology solutions to enterprise clients. She held various senior executive positions in multibillion-dollar global technology corporations throughout her career. Prior to establishing Animato, Ms. Comparin created and was president of Alltel’s Enterprise Network Services Division, providing consulting, integration, and operations services to worldwide customers. Before Alltel, Ms. Comparin was Vice President and General Manager for Nortel's Network Transformation Services Division, general manager of Latin America for Recognition International, a global technology company, and spent 10 years in various U.S.-based and international management positions at EDS, which was later acquired by HP. Ms. Comparin is an independent director of Universal Display Corporation, where she is the Chair of the Audit/Cybersecurity Committee and a member of the Nominating & Governance Committee and Environmental & Social Governance Committee. She is a National Association for Corporate Directors fellow and Board member of Latino Corporate Directors Association. Ms. Comparin also holds a certificate of Systemic Cyber Risk Governance for Corporate Directors and is one of the Company's Audit Committee financial experts. | | |

  20. ELECTION OF DIRECTORS

    | SAMUEL G. DAWSON | | | | | CEO | Committee Membership: | | | PAPE-DAWSON | | | | Age: 65 | Audit | | | Director Since: 2017 | Compensation and Benefits | | | Independent | Corporate Governance and Nominating | | Qualifications: | | | | Significant experience in business operations and management skills, familiarity with issues related to human resources, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. Samuel G. Dawson is the Chief Executive Officer, director, and co-owner of Pape-Dawson, an industry-leading provider of civil engineering, surveying, planning, and landscape architecture services. Mr. Dawson is a recognized corporate and civic leader, philanthropist, engineer, and visionary. Under his guidance, Pape-Dawson has evolved from a Texas-based civil engineering firm to a national team of multidisciplinary professionals. Mr. Dawson graduated from The University of Texas at Austin with a B.S. in Civil Engineering. Mr. Dawson is the past Chairman of the Chancellor’s Council Executive Committee of the UT System and is currently a board member at the Southwest Research Institute, one of the oldest and largest independent, non-profit, research and development organizations in the country. He also serves on the boards of Haven for Hope and The Tobin Center for the Performing Arts. | | |

  21. ELECTION OF DIRECTORS

    | CRAWFORD H. EDWARDS | | | | | PRESIDENT | Committee Membership: | | | CASSCO DEVELOPMENT CO. | | | | Age: 67 | Risk | | | Director Since: 2005 | Technology and Cybersecurity | | | Independent | | | Qualifications: | | | | Extensive experience in business operations, management, and real estate, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. Crawford H. Edwards is President of Cassco Development Co., Inc. A native of Fort Worth, Mr. Edwards is the fifth generation of his family involved in managing his family’s ranching business. Since 2005, he has been engaged in the investing in and managing of commercial real estate. After graduating with a bachelor of general studies degree from Texas Christian University and the TCU Ranch Management program, he worked as a petroleum landman in Midland, Texas. Mr. Edwards serves on the board of directors of the following organizations: Texas and Southwestern Cattle Raisers Association, the Southwestern Exposition Livestock Show, and the National Finance Credit Corporation. He is a past board member of All Saints Episcopal School, Big Brothers Big Sisters, North Texas Community Foundation, and Visit Fort Worth. | | |

  22. ELECTION OF DIRECTORS

    | JOHN T. ENGATES | | | | | FORMER FIELD CHIEF TECHNOLOGY OFFICER | Committee Membership: | | | CLOUDFLARE, INC. | | | | Age: 54 | Risk | | | Director Since: 2025 | Technology and Cybersecurity | | | Independent | | | Qualifications: | | | | Extensive experience in information technology, including cybersecurity and cloud technology, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. Engates served as the Vice President and Field Chief Technology Officer at Cloudflare, Inc. from 2021 to July 2025 where he founded and led the company's Field CTO organization, advising global enterprises and public sector institutions on cybersecurity, digital transformation, and emerging technologies including AI and quantum readiness. Prior to Cloudflare, he was the Client Chief Technology Officer at NTT Global Networks from 2018 to 2020 and the Global Chief Technology Officer for Rackspace from 2002 to 2018. He holds a Bachelor of Business Administration from the University of Texas San Antonio. Mr. Engates is a founding member of the UTSA College of Sciences Advancement Council and is the President of the San Antonio Chapter of the Society for Information Management (SIM). He also currently serves as a director of James Avery Craftsman, Inc. | | |

  23. ELECTION OF DIRECTORS

    | PHILLIP D. GREEN | | | | | CHAIRMAN AND CEO | Committee Membership: | | | CULLEN/FROST AND FROST BANK | | | | Age: 71 | Executive | | | Director Since: 2016 | Risk | | Qualifications: | | | | Over 45 years of financial services experience at Cullen/Frost, including significant leadership experience and critical insight on Cullen/Frost's business and operations, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. Phillip D. Green serves as Chairman and Chief Executive Officer of Cullen/Frost Bankers, Inc., and Frost Bank. Mr. Green joined the Cullen/Frost organization in July 1980 and served in a number of managerial positions in the Company’s financial division before being named Chief Financial Officer in 1995, a position he held until 2015 when he was named President of Cullen/Frost. He became Chairman and CEO in 2016. During Mr. Green’s tenure at Frost, the Company has become one of the nation’s 50 largest banks and has increased its common stock dividend for 30 consecutive years. Mr. Green launched a significant multi-year expansion of the Company's physical locations in major Texas markets representing a significant commitment to organic growth. At the same time, Frost has won numerous accolades for excellence and customer service, receiving the highest ranking in customer satisfaction in Texas in the J.D. Power U.S. Retail Banking Satisfaction Study for 16 consecutive years, and earning the most Greenwich Excellence Awards for service to business clients among banks nationwide for eight consecutive years. Frost has also ranked highly in the American Banker/Reputation Institute Survey of Bank Reputations and Forbes magazine’s list of America’s 100 Best Banks. Mr. Green serves as the Vice Chairman of the Board of Directors of the Southwest Research Institute and chairs the Investment Committee. He serves on the University of Texas at Austin Chancellor’s Council Executive Committee, McCombs School of Business Advisory Council, and the McCombs Scholars Program committee. Mr. Green and his wife, Sandy, are members of the McCombs School of Business Cornerstone Society and he was inducted into the McCombs School of Business Hall of Fame in November of 2023. Mr. Green is on the Board of Directors of The Tobin Center for the Performing Arts, where he has served as board chair and is a past chair of the Greater San Antonio Chamber of Commerce. He is currently serving on the Federal Reserve Board’s Federal Advisory Council serving the Fed’s 11th District. Mr. Green graduated with honors from the University of Texas at Austin in 1977, earning a bachelor’s degree in accounting. Prior to joining Frost, he spent three years in public accounting with Ernst & Ernst. Mr. Green and his wife, Sandy, have been married for 49 years and have six grown children. | | |

  24. ELECTION OF DIRECTORS

    | DAVID J. HAEMISEGGER | | | | | PRESIDENT | Committee Membership: | | | NORTHPARK MANAGEMENT COMPANY | | | | Age: 72 | Audit | | | Director Since: 2008 | Risk | | | Independent | | | Qualifications: | | | | Experience in banking, business operations, and real estate, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. David J. Haemisegger is President of the NorthPark Management Company, which manages NorthPark Center, a major shopping mall in Dallas, Texas. After graduating with a B.A. degree from Princeton University in his native New Jersey, he earned an MBA degree from the Wharton School at the University of Pennsylvania. He was President and Chief Operating Officer of the Raymond D. Nasher Company until 1995, when he became President of NorthPark Management Company. Mr. Haemisegger is Chairman of the Board of Trustees at both the Nasher Foundation and the Nasher Sculpture Center. Mr. Haemisegger is a member of the Princeton University Art Museum Advisory Council, the Duke University Art Museum Board of Advisors, the Dallas Museum of Art Board of Trustees, and the Director's Council of the Harvard Art Museums. Mr. Haemisegger is a former member of the board of directors and the Audit, Loan and Executive Committees of NorthPark National Bank. | | |

  25. ELECTION OF DIRECTORS

    | CHARLES W. MATTHEWS | | | | | FORMER GENERAL COUNSEL | Committee Membership: | | | EXXON MOBIL CORPORATION | | | | | Audit | | | Age: 81 | Compensation and Benefits | | | Director Since: 2010 | Corporate Governance and Nominating | | | Lead Independent Director | Executive | | | | Risk | | | | Technology and Cybersecurity | | Qualifications: | | | | Experience in corporate governance, regulatory compliance, and in-depth knowledge of the opportunities and challenges facing energy companies, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mr. Charles W. Matthews, formerly General Counsel of Exxon Mobil Corporation, spent his entire career at Exxon, the world’s largest energy company. A native of Houston, he graduated from The University of Texas at Austin with a B.A. degree in government. He also earned a J.D. degree from the University of Houston and joined Humble Oil, now known as Exxon-Mobil, upon graduation. He rose in the law department to become Vice President and General Counsel of Exxon Mobil. He was responsible for coordinating the legal and regulatory efforts to facilitate the merger between Exxon Corporation and Mobil Corporation. As General Counsel, Mr. Matthews oversaw the company's law department, consisting of more than 460 lawyers with offices in 40 countries. He is a former member of the advisory board and past Chairman of the University of Houston Law Foundation. Mr. Matthews is also past Chairman and past President of the University of Texas Ex-Students Association and past-member of the Texas Exes Scholarship Foundation and member of the Board of the University of Texas Foundation. Within the last five years, he served on the board of Trinity Industries Inc. Mr. Matthews is past Chairman of Texas Cultural Trust where he continues to serve on the Board. | | |

  26. ELECTION OF DIRECTORS

    | JOSEPH A. PIERCE | | | | | SENIOR VICE PRESIDENT AND GENERAL COUNSEL | Committee Membership: | | | AMB SPORTS & ENTERTAINMENT | | | | Age: 57 | Audit | | | Director Since: 2022 | Compensation and Benefits | | | Independent | Corporate Governance and Nominating | | Qualifications: | | | | Experience working in the financial services industry as well as risk management, legal, and marketing expertise. | | | | Biographical Information: | | | | Mr. Joseph A. Pierce has served as the Senior Vice President and General Counsel for AMB Sports & Entertainment since December 2020. He previously served as the Senior Vice President and Chief Legal Officer of the Charlotte Hornets from October 2019 to December 2020 and the Vice President and General Counsel from October 2014 until October 2019. Prior to joining the Hornets organization, Mr. Pierce was Senior Vice President and Associate General Counsel of Global Marketing and Corporate Affairs at Bank of America. Mr. Pierce is a native San Antonian and holds a Bachelor of Science degree in finance from Georgetown University and dual Juris Doctorate and Master of Business Administration degrees from the University of Pennsylvania Law School and the Wharton School of Business. Mr. Pierce currently serves as a member of the Board of Directors of Enterprise Mobility. | | |

  27. ELECTION OF DIRECTORS

    | JEFFREY M. RUMMEL | | | | | FORMER SAN ANTONIO OFFICE MANAGING PARTNER | Committee Membership: | | | ERNST & YOUNG | | | | Age: 60 | Audit | | | Director Since: January 2026 | Risk | | | Independent | | | Qualifications: | | | | Significant experience auditing and overseeing risk of large, complex financial institutions and knowledge of the communities that we serve. | | | | Biographical Information: | | | | Mr. Jeffrey M. Rummel served as the San Antonio Office Managing Partner of Ernst & Young (“EY”) from 2020 to June 2025. He served as the lead audit partner on a number of publicly traded companies in the financial services sector as well as various leadership roles at EY for over 37 years. Mr. Rummel's leadership roles included Market Segment Leader of the Southwest Region of Financial Services Office from 2015 to 2018. the BCM Southwest Regional Practice Leader from 2013 to 2015, and the Regional Bank Audit Practice Leader of the Southwest Region from 2009 to 2013. Mr. Rummel has significant experience auditing and assessing risk at large complex financial institutions. Mr. Rummel is a board member of the Alamo Bowl. Mr. Rummel holds a Bachelor's Degree from the University of Texas and is a retired certified public accountant. | | |

  28. ELECTION OF DIRECTORS

    | LINDA B. RUTHERFORD | | | | | FORMER CHIEF ADMINISTRATION OFFICER | Committee Membership: | | | SOUTHWEST AIRLINES CO. | | | | Age: 59 | Audit | | | Director Since: 2022 | Compensation and Benefits | | | Independent | Corporate Governance and Nominating | | Qualifications: | | | | Significant business operations and management skills, familiarity with issues related to human capital management, organizational culture, and technology, as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Ms. Rutherford is an Executive Advisor and the former Chief Administration Officer at Dallas-based Southwest Airlines, the nation's largest airline in terms of domestic customer boardings. She is known for creating and leading powerful teams that equip, empower, and engage the business to serve its people and customers. In her role as CAO, she provided executive leadership for Culture & Communications, Diversity, Equity, Inclusion & Belonging, Internal Audit, People (Human Resources), Talent and Leadership Development, Total Rewards, Technology, Southwest Airlines University, and Artificial Intelligence & Data Transformation. She has worked for Southwest since 1992 and held several leadership positions, including Chief Administration and Communications Officer, Executive Vice President People & Communications, Senior Vice President & Chief Communications Officer, Vice President and Chief Communications Officer, and Vice President Communications and Strategic Outreach. Prior to joining Southwest, she began her career with Newsweek magazine in New York and was a journalist in the Dallas area, including working for the Dallas Times Herald. Ms. Rutherford serves on several local and national nonprofit and community outreach boards. She has a Bachelor of Arts degree in journalism from Texas Tech University. She is married to Michael, and together they are proud parents to Allison and Matthew. | | |

  29. ELECTION OF DIRECTORS

    | MARSHA M. SHIELDS | | | | | CEO AND MANAGING PARTNER | Committee Membership: | | | MCCOMBS ENTERPRISES | | | | Age: 71 | Audit | | | Director Since: January 2026 | Risk | | | Independent | | | Qualifications: | | | | Significant business operations and management skills as well as knowledge of the communities we serve. | | | | Biographical Information: | | | | Mrs. Marsha M. Shields is the CEO and Managing Partner of McCombs Enterprises and oversees the Red McCombs family’s core businesses including Red McCombs Automotive Group, McCombs Energy Ltd. and McCombs Family Partners Ltd. She is also the President and Director of the McCombs Foundation Inc.; a Trustee of the Texas Biomedical Research Institute; and a member of the Board of Visitors of the University of Texas MD Anderson Cancer Center. Mrs. Shields holds a Bachelor’s Degree from Duke University and also completed an executive education program in accounting, finance, and business management from the University of Texas at Austin. | | |

  30. ELECTION OF DIRECTORS

    | JACK WILLOME | | | | | FORMER PRESIDENT | Committee Membership: | | | ELLISON INDUSTRIES | | | | Age: 79 | Compensation and Benefits | | | Director Since: 2023 | Corporate Governance and Nominating | | | Independent | Risk | | Qualifications: | | | | Financial, accounting, and real estate experience as well as experience as a board member of other banks and knowledge of the communities that we serve. Mr. Willome was instrumental in helping Frost produce our Frost philosophy in written form, known as the Frost Blue Book. | | | | Biographical Information: | | | | Mr. Willome was the President of Ellison Industries, a leading home builder in San Antonio, from 1979 until the company's sale in 1996 and prior to that was the Chief Financial Officer from 1975 to 1978. Mr. Willome is a consultant and facilitator, helping numerous organizations, families and individuals develop clarity around strategy and governance. He previously served as a director on the boards of Texas Commerce Bank-San Antonio, Guaranty Federal Bank, and GPM Life Insurance and is currently a director at James Avery Craftsman, Inc. | | |

  31. ELECTION OF DIRECTORS

    | The Board recommends that you vote “FOR” each nominee. |

  32. Key 2025 Company Performance Outcomes

    | 2025 Compensation Actions During 2025, taking into account our strong financial performance, our management team’s performance and demonstrated leadership in alignment with our culture, and to help ensure our executive team’s compensation remains competitive with our peer group, the following decisions were made concerning compensation of the Named Executive Officers. | | We believe that our executive compensation programs successfully balance elements of fixed compensation, short-term and long-term incentives and benefit programs consistent with our core values of integrity, caring and excellence. | | • | Increases to base salary approximating 4.3% on average effective January 1, 2026; | | | • | Annual incentive payments for 2025 performance paid in 2026 at 122% of target; and | | | • | Long-term incentive award grants consisting of 25% performance stock units and 75% restricted stock units. | |

  33. Benchmarking and Peer Companies

    Benchmarking and Peer Companies Under the direction of the Committee, the Company, together with Meridian, typically conducts an annual competitiveness review of base salary, annual incentive pay, and long-term incentive pay. The competitiveness of other forms of pay is reviewed on a periodic basis, as determined by the Committee. During the 2025 review, the Committee continued to focus on the importance of refining the peer group to serve as true peer banks. In assessing the peer group, the Committee continued to look at not only asset size, but also market capitalization and business focus. In addition, the Committee believes there should be a limited set of larger aspirational peers included in the peer group. In reviewing a range of banks of comparable size and scope and including aspirational peers, the Committee considered banks one-half times to a range of four times of our asset size. Market capitalization was also considered as a secondary reference point in addition to asset size. Following the Committee's review with Meridian, the Committee established a peer group of the following 29 companies in 2025 to make compensation decisions for 2026. The peer group is largely comprised of the same peers as the prior year but with the addition of Bank OZK and United Bankshares, Inc.. The final peer group is comprised of 25 peers and four aspirational peers. Cullen/Frost is at the 44th percentile of this peer group in terms of asset size. Additionally, Cullen/Frost is at the 65th percentile for revenue and the 78th percentile for market cap. External market data for the peer group was provided by Meridian.

  34. Benchmarking and Peer Companies

    | Aspirational Peers: | | | | Flagstar Bank | KeyCorp | | | Huntington Bancshares Incorporated | Regions Financial Corporation | | | Peers: | | | | Associated Banc-Corp | First Horizon Corporation | UMB Financial Corporation | | Bank OZK | First Interstate Bancsystem, Inc. | United Bankshares, Inc. | | Bank United, Inc. | F.N.B. Corporation | Valley National Bancorp | | BOK Financial Corporation | Hancock Whitney Corporation | Webster Financial Corporation | | Cadence Bank | Old National Bancorp | Western Alliance Bancorporation | | Columbia Banking System, Inc. | Pinnacle Financial Partners, Inc. | Wintrust Financial Corporation | | Comerica Incorporated | Prosperity Bancshares, Inc. | Zions Bancorporation, NA | | Commerce Bancshares, Inc. | SouthState Corporation | | | East West Bancorp, Inc. | Synovus Financial Corporation | |

  35. Benchmarking and Peer Companies

    Market data is typically collected by Meridian from multiple published survey sources representing national financial institutions of a similar asset size to us. The Committee believes that the combination of peer company data and survey data is appropriate in light of our external market for business and executive talent. Accordingly, the Committee uses both of these sources when comparing our executive target aggregate compensation to the external market. The Committee does not utilize any stated weighting of external market data relative to other factors to determine compensation levels of the Named Executive Officers. Instead, the Committee, in consultation with Meridian evaluates the market data, along with the other factors listed previously to determine the appropriate compensation levels of the Named Executive Officers on an individual basis.

  36. Elements of Compensation: The 2025 Compensation Program Detail and Key 2026 Actions

    | Base Salary Base salary is an important element of executive compensation because it provides executives with a fixed amount of monthly income. Internal and external equity, performance, experience, and other factors are considered when establishing base salary. The Committee does not assign a specific weighting to these factors when making compensation decisions. Base salary changes are generally approved in October of each year and are effective January 1st of the following year. No specific weighting is targeted for base salaries as a percentage of total compensation. | | | Annual Incentive Compensation Annual incentive compensation is provided to Named Executive Officers to recognize achievement of annual financial targets and is paid in accordance with the quantitative and qualitative terms of the Annual Incentive Plan for the Chief Executive Officer and the Executive Management Bonus Plan, which covers the other Named Executive Officers. This award is paid in the form of cash, following the completion of the performance year to which it relates. | | | Long-Term Incentive Compensation Long-term incentive compensation in the form of equity-based awards is awarded to the Named Executive Officers in an effort to align management and shareholder interests, ensure our future performance, enhance stock ownership opportunities, and increase shareholder value, in each case, over the longer term. Our long-term incentive awards provide for a three-year performance period for performance stock units and a three-year cliff vesting period for time-based restricted stock units. | | | Benefits and Perquisites We provide an employee benefits package, including retirement benefits, along with health and welfare benefits, to remain competitive with the market and to help meet the health and retirement security needs of our employees, including the Named Executive Officers. Limited perquisites are provided in an effort to remain competitive and to provide certain conveniences that we believe are reasonable. We do not pay tax gross-ups on perquisites. | |

  37. Annual Incentive Pay

    Annual Incentive Pay

  38. Philosophy and Practice

    Philosophy and Practice Annual incentive pay for our Named Executive Officers is paid under two different plans: • Mr. Green participates in the Annual Incentive Plan for the Chief Executive Officer; and • The remaining Named Executive Officers participate in the Executive Management Bonus Plan. The primary focus for both plans continues to be based on achievement of budgeted expectations. Our net income budget for a given year typically represents a meaningful increase in earnings per share over the previous year. In finalizing a budget, the current economic, regulatory and interest rate environments are considered, as well as market expectations. The budget must be ratified by the Board. The structure of the two plans are detailed below: Annual Incentive Plan for the CEO In addition to achievement of budgeted expectations, the Annual Incentive Plan for the CEO is based on the following qualitative measures:

  39. Philosophy and Practice

    | Performance Measures | Description | | Operating Results | Provides direction so that we meet our financial goals, both in terms of achieving budgetary results and in its commitment to performance compared to its peers. | | Leadership | Leads Cullen/Frost, setting a philosophy—based on the corporate culture, and grounded in our core working values—that is well understood, widely supported, consistently applied, and effectively implemented. | | Strategic Planning | Establishes clear objectives and develops strategic policies to support growth in our core business and expansion through organic growth and when appropriate acquisitions. Is committed to the utilization of advanced technology applications to support these growth goals, and maintains the long-term interest of Cullen/Frost in all actions. | | Human Capital Management and Development | Helps to ensure the effective recruitment of a talented, culturally aligned workforce, consistent retention of key employees, and the ongoing motivation of all staff. Offers personal involvement in the recruiting process of key employees and provides feedback. | | Communications | Serves as our chief spokesperson, communicating effectively with all of our stakeholders. | | External Relations | Establishes and maintains relationships with the investment community to keep them informed on our progress. Serves in a leadership role in civic, professional and community organizations. Reinforces key customer relationships through regular market visits and customer contacts. | | Board Relations | Works closely with the Board to keep it fully informed on all important aspects of the status and development of Cullen/Frost. Facilitates the Board’s composition and committee structure, as well as its governance and any regulatory agency relations. |

  40. Philosophy and Practice

    Executive Management Bonus Plan The remaining Named Executive Officers participate in the Executive Management Bonus Plan. Annually, an incentive pool is generated based on our financial performance as compared to the budgeted expectations for the year. The incentive pool is funded at target if our financial performance meets our budgeted net income goal and is funded below target if our financial performance falls below budget. The incentive pool may be funded above target if we achieve financial performance above budget. A minimum percentage of budgeted net income must be achieved before the annual incentive pool is funded, and no incentive payments are made unless we attain this minimum threshold. The Committee approves the corporate and individual objectives as well as the payment targets, which are expressed as a percentage of the executives’ base salary earnings for the year. There is not a stated cap on this plan; however, over the past decade, the most paid to any Named Executive Officer was 30% above the executive’s pre-established annual incentive target for the applicable year. Individual target levels are established annually. The individual targets are not formula-driven and no specific weighting is targeted for annual incentive pay as a percentage of total compensation. For each of the Named Executive Officers in the Executive Management Bonus Plan, the targets are set at the discretion of the CEO and are approved by the Committee. The incentive targets are based on external market data provided by Meridian, internal equity considerations, and strategic objectives for corporate performance. The individual targets for the next year are reviewed annually at the fall meeting of the Committee and adjusted as deemed appropriate. Payment amounts for the Named Executive Officers participating in this plan are made based on recommendations of the CEO and approval of the Committee. Annual incentive amounts in excess of, or below, target may be paid at the discretion of the CEO with the approval of the Committee. Before the CEO makes recommendations to the Committee regarding annual incentive payments for the other Named Executive Officers, such recommendations are discussed with Meridian. The Committee has the discretion to approve, disapprove or adjust the CEO's recommendations. The primary criterion for annual incentive payments for the Named Executive Officers (other than the CEO) is the measurement of actual net income versus budgeted net income.

  41. Determination of Target Levels and Payout Levels

    Determination of Target Levels and Payout Levels In its fall meeting, the Committee generally reviews the competitiveness of the Named Executive Officers' annual cash incentive target levels. Reviewing market data and discussing internal equity as well as strategic objectives, the Committee makes determinations concerning target levels for the upcoming year. At its January meeting, the Committee generally reviews performance of the previous year to determine payout of the Annual Cash Incentives. Payouts for Mr. Green are determined by the Committee without Mr. Green present and are presented to the Board for ratification. Payouts for the remaining Named Executive Officers are recommended to the Committee by Mr. Green and are discussed and determined by the Committee.

  42. Determination of 2025 Target Level and Payout for the CEO

    Determination of 2025 Target Level and Payout for the CEO At its October 2024 meeting, the Committee elected to set Mr. Green's annual incentive target for 2025 at 135% of his base salary earnings. For 2025, the Company’s budgeted level for net income was $527 million. Actual performance for 2025 exceeded this level as the Company realized actual net income available to common shareholders of approximately $642 million. In light of these factors, and taking into account the Board's assessment of Mr. Green's very effective leadership, the Committee determined to award an annual incentive to Mr. Green at 122% of target, or $2,075,220. This decision was ratified by the Board and is shown in the Summary Compensation Table.

  43. Determination of 2025 Target Level and Payout for the Named Executive Officers (other than the CEO)

    Determination of 2025 Target Level and Payout for the Named Executive Officers (other than the CEO) For 2025, the Committee set the following individual targets as a percentage of 2025 base salary for the Named Executive Officers in the Executive Management Bonus Plan:

  44. Determination of 2025 Target Level and Payout for the Named Executive Officers (other than the CEO)

    | Named Executive Officer | 2025 Incentive Target | | Daniel J. Geddes | 80% | | Paul H. Bracher | 90% | | Jimmy Stead | 90% | | Coolidge E. Rhodes, Jr. | 90% |

  45. Determination of 2025 Target Level and Payout for the Named Executive Officers (other than the CEO)

    As previously stated, our 2025 net income results exceeded budget expectations. As a result, the CEO recommended, and the Committee approved, annual incentive payments to the other Named Executive Officers at 122% of target for 2025. The 2025 annual incentives were paid in March 2026 and are shown in the Summary Compensation Table.

  46. Long-Term Incentive Pay

    Long-Term Incentive Pay

  47. Philosophy and Grant Practices

    Philosophy and Grant Practices In October of 2025, the Committee determined to maintain the previously used weighting of twenty-five percent performance stock units and seventy-five percent restricted stock units. The Committee believed that in this time of interest rate volatility, coupled with our expansion strategy, this allows our rewards program to better align executive interests with long-term shareholder value creation. The value of the long-term incentive grant is determined by the Committee, taking into account a variety of factors, including the value of prior year grants when made, external market data, internal equity considerations, individual and Company performance, overall share usage, shareholder dilution and cost. No specific weighting is targeted for long-term incentive pay as a percentage of total compensation.

  48. Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information

    Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information Historically, the Committee has generally approved and granted long-term incentive awards to the Named Executive Officers and other designated employees at its fall meeting. In response to Item 402(x)(1) of Regulation S-K, we do not currently grant new awards of stock options, stock appreciation rights or similar option-like instruments. Accordingly, we do not maintain a policy, whether official or unofficial, for timing of the granting of stock options or other equity-based awards in advance of the release of material nonpublic information, although practice has been to grant long-term incentive awards on the date of the fall Committee meeting.

  49. Determination of 2025 Long-Term Incentive Awards

    Determination of 2025 Long-Term Incentive Awards Consideration of Award Opportunity and Mix During its October 2025 meeting, the Committee discussed the competitiveness of the long-term incentive program for the Named Executive Officers. In reviewing external market data provided by Meridian, the Committee observed that the long-term incentive opportunities for our Named Executive Officers were somewhat lower than the external market in some instances. In light of this comparison, the Committee determined that the long-term incentive opportunities for our Named Executive Officers should be increased to maintain market competitiveness and continue the strong alignment of executive team and shareholder interests. In its review, the Committee determined that it was critical to continue placing a strong emphasis on future financial performance and increasing shareholder value, while offering a competitive total compensation package overall. The Committee took into account the change in the market value of Company stock as compared to the prior year, along with the Committee's desire to maintain a competitive posture as it relates to award value, and, in its discretion, awarded long-term incentives to the Named Executive Officers at increased levels over the prior year grants. For long-term incentives granted in 2025, the Committee elected to utilize a mix of 25% performance stock units and 75% restricted stock units, based on the estimated economic value of the awards at the time of grant. The awards granted in 2025 are shown in the Summary Compensation Table and the 2025 Grants of Plan-Based Awards Table. The Committee believes that the Company’s use of performance stock units and restricted stock units continues to create a strong alignment of executive team and shareholder interests. •Restricted stock units create an immediate link to shareholder interests, enhance ownership opportunities and help maintain a stable executive team. •Performance stock units align management and shareholder interests and reward executives with shareholder value creation. 2025 Restricted Stock Unit Grant. The awards granted in 2025 are scheduled to cliff vest three years after the date of the grant. This vesting schedule is aligned with peer and market practice and encourages long-term value creation. 2025 Performance Stock Unit Grant. The awards granted in 2025 include a three-year performance period beginning January 1, 2026 and ending December 31, 2028, and will be earned based on our return on average assets over the performance period relative to our peer group's achievement of return on average assets over the performance period. The vesting of the performance stock units (PSUs) is subject to Committee certification and the exercise of discretion. The performance metric and vesting schedule were structured to align the Named Executive Officers with long-term shareholder value creation, to be competitive, and to enhance our retention efforts. On October 28, 2025, the Committee granted PSUs based on the grant date fair value of $111.95 per share, which was the discounted market price of our common stock on the date of grant. The market price is discounted by the present value of the dividends expected to be paid on our common stock during the service period of the award as dividend equivalent payments on PSUs are deferred until such time that the units vest and shares are issued. For further information on the 2025 PSUs, including detailed information on the performance metrics, see Exhibit 10.14 of our Annual Report on Form 10-K for the year ended December 31, 2025. The PSUs granted in 2025 have the following payout metrics:

  50. Determination of 2025 Long-Term Incentive Awards

    | Return on Assets Performance Level Achieved Relative to Peer Group | Award Payout Percentage | | <25th Percentile | 0% of Target | | 25th Percentile | 50% of Target | | 50th Percentile | 100% of Target | | 75th Percentile or greater | 150% of Target |

  51. Determination of 2025 Long-Term Incentive Awards

    Achievement between the 25th and 75th percentiles listed above will be determined based on straight-line interpolation as determined by the Committee in its discretion. Performance and Payout of 2022 Performance Stock Units. The PSUs granted to the Named Executive Officers on October 25, 2022 were earned based on performance over a three-year performance period that began on January 1, 2023 and ended on December 31, 2025 with vesting opportunities ranging from 0% to a maximum of 150% of target. The performance criteria established by the Committee to determine the vesting of the PSUs was growth in Average Pre-Provision Net Revenue adjusted by Net Charge-Offs1.

  52. Determination of 2025 Long-Term Incentive Awards

    | Pre-Provision Net Revenue Calculation | | Taxable-equivalent Net Interest Income (excluding the effects of Paycheck Protection Program (PPP) Lending) | | plus | | Non-Interest Income | | less | | Non-Interest Expense (excluding the effects of PPP Lending) | | less | | Net Charge-offs |

  53. Determination of 2025 Long-Term Incentive Awards

    | 2022 Pre-Provision Net Revenue less Net Loan Charge-offs (Base Year) | | Taxable-equivalent Net Interest Income (excluding the effects of PPP Lending) | | plus | | Non-Interest Income | | less | | Non-Interest Expense | | less | | 0.30% of Average Total Loans for 2022 |

  54. Determination of 2025 Long-Term Incentive Awards

    The Committee reviewed the growth of the Company's Average Pre-Provision Net Revenue over the performance period and certified that the Company achieved 16.2% growth resulting in a payout to the Named Executive Officers of approximately 77% of target. 1 Pre-Provision Net Revenue is a non-GAAP financial measure, which the Company defines as Taxable-equivalent Net Interest Income excluding the effects of PPP Lending plus Non-Interest Income less Non-Interest Expense excluding the effects of PPP Lending less Net Charge-offs. Please refer to the GAAP reconciliation in Appendix A.

  55. Change-in Control-Severance Plan

    Change-in Control-Severance Plan We maintain a Change-in-Control Severance Plan (the "Change in Control Plan") that applies to our Named Executive Officers as well as certain other key employees. Under the Change in Control Plan: •Mr. Green would be eligible for severance payments of three times base salary and target annual incentive compensation plus a prorated annual incentive payment for the year of termination. •The remaining Named Executive Officers would be eligible for severance payments of two times base salary and target annual incentive compensation plus a prorated annual incentive payment for the year of termination. The Committee established the change in control benefits at their current level to be competitive, with a primary intent to: •Help executives evaluate objectively whether a potential change in control is in the best interests of shareholders; •Help protect against the departure of executives, thus assuring continuity of management, in the event of an actual or threatened merger or change in control; and •Provide compensation and benefit protection following a change in control that is comparable to the protections available from competing employers. Benefits under the Change in Control Plan would become available if within two years following a change in control the Named Executive Officer's employment is terminated (i) other than for cause or (ii) for good reason. Cause is generally defined in the Change in Control Plan as an executive's: (1) willful and continued failure to substantially perform his duties after delivery of a written demand for substantial performance; (2) willful engagement in conduct materially injurious to us; or (3) conviction of a felony. Good reason is generally defined as the occurrence of one or more of the following (without the executive's consent): (1) a significant change or reduction in the executive’s responsibilities; (2) an involuntary transfer of the executive to a location that is 50 miles farther than the distance between the executive’s current residence and our headquarters; (3) a significant reduction in the executive’s current compensation; (4) the failure of any successor to us to assume the executive's participation in the Change in Control Plan; or (5) any termination of the executive’s employment that is not effected pursuant to a written notice which indicates the reasons for the termination. Change in Control is generally defined to be: •An acquisition of beneficial ownership of 20% or more of our common stock by an individual, corporation, partnership, group, association or other person; •Certain changes in the composition of a majority of the Board; or •Certain other events involving a merger or consolidation of us or a sale of substantially all of our assets. The Change in Control Plan also provides for a continuation of the welfare benefits of health care, life and accidental death and dismemberment, and disability insurance coverage for three years for Mr. Green, and two years for the remaining Named Executive Officers following termination of employment without cause or for good reason. The Change in Control Plan does not provide for any tax gross-up payments. Instead, the Change in Control Plan contains a "net-better" cutback provision, meaning that an executive’s severance and other change in control benefits would be cut back to the level that eliminates the excise taxes due to excess parachute payments if such a cutback would put the executive in a better after-tax position than receiving the severance and other change in control benefits and paying the corresponding excise tax. Under the Change in Control Plan, if the executive becomes entitled to the severance benefits described above, all the vesting restrictions would lapse on all outstanding restricted stock units. Additionally, the performance metric on any outstanding performance stock units would be determined to have been earned as of the change in control date, but the award itself would continue to be subject to the time-based vesting for the remainder of the performance period. The 2024 Equity Incentive Plan and the 2015 Omnibus Incentive Plan provide for "double-trigger" vesting of equity-based awards following a change in control. Under the Change in Control Plan, a change in control would have no impact on benefits available to Named Executive Officers under the frozen retirement and retirement restoration plans. The Committee believes that the Change in Control Plan is consistent with our objective to remain competitive as compared to the external marketplace and with our executive compensation program. The Change in Control Plan does not affect decisions to be made regarding other elements of compensation. For detailed estimated payments upon a qualifying termination following a change in control, please see the Change in Control Payments Table below. We do not maintain any other severance policies or employment contracts for our Named Executive Officers.

  56. 2025 Summary Compensation Table

    2025 Summary Compensation Table The Table below gives information on compensation for the Named Executive Officers:

  57. 2025 Summary Compensation Table

    | Name and Principal Position | Year | Salary ($) | Bonus ($)(1) | Stock Awards ($)(2) | Non Equity Incentive Plan Compensation ($)(3) | Change in Pension Value and Nonqualified Deferred Compensation ($)(4) | All Other Compensation ($)(5) | Total ($) | | Phillip D. Green | 2025 | 1,260,000 | 9,692 | 4,000,081 | 2,075,220 | 6,399 | 274,582 | 7,625,974 | | Chairman of the Board and CEO of Cullen/Frost and Frost Bank | 2024 | 1,225,000 | | 3,520,010 | 1,819,125 | — | 168,275 | 6,732,410 | | | 2023 | 1,200,000 | | 3,400,043 | 1,458,000 | — | 429,811 | 6,487,854 | | Daniel J. Geddes(6) | 2025 | 500,000 | 3,846 | 650,484 | 488,000 | 1,308 | 57,310 | 1,700,948 | | Group Executive Vice President and CFO of Cullen/Frost and Frost Bank | | | | | | | | | | Paul H. Bracher | 2025 | 690,000 | 5,308 | 950,474 | 757,620 | 5,469 | 57,069 | 2,465,940 | | President, Group Executive Vice President and Chief Banking Officer of Cullen/Frost and Frost Bank | 2024 | 670,000 | | 855,083 | 663,300 | — | 51,557 | 2,239,940 | | | 2023 | 650,000 | | 827,053 | 497,250 | — | 63,019 | 2,037,322 | | Jimmy Stead | 2025 | 655,000 | 5,038 | 900,005 | 719,190 | 714 | 50,110 | 2,330,057 | | Group Executive Vice President and Chief Consumer Banking and Technology Officer of Cullen/Frost and Frost Bank | 2024 | 640,000 | | 818,013 | 633,600 | — | 43,748 | 2,135,361 | | | 2023 | 625,000 | | 785,027 | 478,125 | 563 | 54,498 | 1,943,213 | | Coolidge E. Rhodes, Jr. | 2025 | 640,000 | 4,923 | 699,980 | 702,720 | — | 54,933 | 2,102,556 | | Group Executive Vice President and General Counsel and Corporate Secretary of Cullen/Frost and Frost Bank | 2024 | 620,000 | | 640,009 | 613,800 | — | 41,872 | 1,915,681 | | | 2023 | 605,000 | | 625,037 | 462,825 | — | 40,851 | 1,733,713 |

  58. 2025 Summary Compensation Table

    (1)Amounts shown in the Bonus Column represent a two-day payroll transitional bonus paid to all employees during 2025 to aid in the payroll transition moving from paying current to paying in arrears. (2)Amounts shown in the Stock Awards column represent the FASB ASC Topic 718 grant date fair value of PSUs and restricted stock units granted during 2025. See Note 10 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the associated assumptions used in the valuation of stock-based compensation awards. Amounts shown in the Stock Awards column for 2023 and 2024 similarly represent the grant date fair value of PSUs and restricted stock units granted during those years. The maximum payout for PSUs is 150% of PSUs granted. The table below shows the grant date fair value of PSUs granted in 2023, 2024, and 2025 at the maximum performance and payout level:

  59. 2025 Summary Compensation Table

    | Named Executive Officer | 2023 ($) | 2024 ($) | 2025 ($) | | Phillip D. Green | 2,550,039 | 1,319,927 | 1,500,074 | | Daniel J. Geddes | — | — | 243,827 | | Paul H. Bracher | 620,280 | 320,686 | 356,169 | | Jimmy Stead | 588,790 | 306,744 | 337,529 | | Coolidge E. Rhodes, Jr. | 468,768 | 240,068 | 262,467 |

  60. 2025 Summary Compensation Table

    See the relevant Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the years ended December 31, 2023 and 2024 respectively, for a discussion of the associated assumptions used in the valuation of stock-based compensation awards for those years. (3)Amounts shown represent payments under the Annual Incentive Plan for the CEO (with respect to Mr. Green) and the Executive Management Bonus Plan (with respect to the other Named Executive Officers). (4)Amounts shown represent the combined change in actuarial present value for both the Retirement Plan and the Restoration Retirement Plan, both of which were frozen on December 31, 2001. See note 10 to the Consolidated Financial Statements in Cullen/Frost's Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the associated assumptions used in the valuation of these benefits. There were no above-market or preferential earnings on compensation that is deferred on a basis that is not tax-qualified. (5)This column includes other compensation not properly reported elsewhere in this table. The All Other Compensation Table that follows provides additional detail regarding the amounts in this column. (6)Mr. Geddes was appointed Group Executive Vice President and CFO effective January 1, 2025.

  61. 2025 Grants of Plan-Based Awards

    2025 Grants of Plan-Based Awards The following table provides information concerning non-equity awards for 2025 paid in March of 2026 under the Annual Incentive Plan for the CEO (with respect to Mr. Green) and the Executive Management Bonus Plan (with respect to the other Named Executive Officers) and each grant of an equity award made to a Named Executive Officer in 2025 under the 2024 Equity Incentive Plan.

  62. 2025 Grants of Plan-Based Awards

    | | | | | | | | | All Other | Grant | | | | | | | | | | | Stock | Date Fair | | | | | | | | Estimated Future Payments Under | | | Awards: | Value of | Grant Date | | | | Estimated Future Payments Under | | | Equity Incentive Plan Awards(2) | | | Number | All Other | Fair Value | | | | Non-Equity Incentive Plan Awards(1) | | | Threshold | Target | Maximum | of Shares | Stock | of Stock | | | | Threshold | Target | Maximum | Shares | Shares | Shares | or Units | Awards(3) | Awards | | Name | Grant Date | ($) | ($) | ($) | (#) | (#) | (#) | (#) | ($) | ($) | | Phillip D. Green | 10/28/2025 | 0 | 1,701,000 | — | 4,467 | 8,933 | 13,400 | 24,343 | 3,000,031 | 4,000,081 | | Daniel J. Geddes | 10/28/2025 | 0 | 400,000 | — | 726 | 1,452 | 2,178 | 3,956 | 487,537 | 650,089 | | Paul H. Bracher | 10/28/2025 | 0 | 621,000 | — | 1,061 | 2,121 | 3,182 | 5,781 | 712,450 | 949,896 | | Jimmy Stead | 10/28/2025 | 0 | 589,500 | — | 1,005 | 2,010 | 3,015 | 5,477 | 674,985 | 900,005 | | Coolidge E. Rhodes, Jr. | 10/28/2025 | 0 | 576,000 | — | 782 | 1,563 | 2,345 | 4,260 | 525,002 | 699,980 |

  63. 2025 Grants of Plan-Based Awards

    (1) Amounts shown represent the target annual bonus for 2025. (2) Amounts shown represent the number of PSUs granted on October 28, 2025, which are earned over a three-year performance period beginning January 1, 2026 and ending December 31, 2028. The grant date fair value was $111.95 per share, which was the discounted market price of our common stock on the date of grant. The market price is discounted by the present value of the dividends expected to be paid on our common stock during the service period of the award because dividend equivalent payments on PSUs are deferred until such time that the units vest and shares are issued. At the time awards are issued, the Named Executive Officers will be eligible to receive a dividend equivalent payment in an amount equal to the dividends that would have been paid during the performance period but only to the extent the underlying award vests. (3) Amounts shown represent the grant date fair value of restricted stock unit awards granted on October 28, 2025, which fully vest on the third anniversary of their grant date. The grant date fair value was $123.24 per share of restricted stock unit, which was the closing price of our common stock on the date of grant. Dividend equivalent payments are paid on awards of restricted stock units at the same rate as dividends paid to shareholders generally, which was $0.95 per share in the first quarter of 2025 and $1.00 per share for the remaining quarters of 2025.

  64. 2025 Option Exercises and Stock Vested

    2025 Option Exercises and Stock Vested The following table sets forth the value realized by each of our Named Executive Officers as a result of the exercise of options, the vesting of restricted stock units, and the vesting of performance stock units in 2025. The Named Executive Officers did not defer receipt of any amount on exercise or vesting of awards.

  65. 2025 Option Exercises and Stock Vested

    | | Option Awards | | Stock Awards | | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($) | | Phillip D. Green | — | — | RSU | 11,097 | 1,385,571 | | | | | PSU | 17,907 | 2,526,320 | | Daniel J. Geddes (1) | — | — | RSU | 1,049 | 130,978 | | | | | — | — | — | | Paul H. Bracher | 11,500 | 854,970 | RSU | 2,796 | 349,109 | | | | | PSU | 3,828 | 540,054 | | Jimmy Stead | — | — | RSU | 2,621 | 327,258 | | | | | PSU | 3,705 | 522,701 | | Coolidge E. Rhodes, Jr. | — | — | RSU | 2,097 | 261,831 | | | | | PSU | 2,625 | 370,335 |

  66. 2025 Option Exercises and Stock Vested

    (1)Mr. Geddes was appointed CFO on January 1, 2025 and did not receive a PSU award in 2021.

  67. 2025 Post-Employment Benefits

    2025 Post-Employment Benefits The following table details the defined benefit pension plans in which Messrs. Green, Geddes, Bracher and Stead participated in 2025:

  68. 2025 Post-Employment Benefits

    | Name | Plan Name | Number of Years of Credited Service(2) | Present Value of Accumulated Benefits(3) | Payments During Last Fiscal Year(4) | | Phillip D. Green | Retirement Plan for Employees of Cullen/Frost Bankers, Inc. and Its Affiliates (as amended and restated)(1) | 21.4167 | 577,415 | 45,075 | | Daniel J. Geddes | | 4.9167 | 11,719 | — | | Paul H. Bracher | | 20.3334 | 566,414 | 43,172 | | Jimmy Stead | | 2.6667 | 6,181 | — | | Phillip D. Green | Restoration of Retirement Income Plan for Participants in the Retirement Plan for Employees of Cullen/Frost Bankers, Inc. and Its Affiliates (as amended and restated)(1) | 21.4167 | 788,779 | 61,575 | | Daniel J. Geddes | | 4.9167 | — | — | | Paul H. Bracher | | 20.3334 | 330,388 | 25,182 | | Jimmy Stead | | 2.6667 | — | — |

  69. 2025 Post-Employment Benefits

    (1)The Retirement Plan was frozen for new participants and benefit accrual for existing participants on December 31, 2001. Mr. Rhodes is not a participant in either plan as his employment with the Company commenced in 2021. Under the terms of the Retirement Plan and the Retirement Restoration Plan, Messrs. Green and Bracher are eligible for retirement. Eligibility for early retirement is defined as age 55 or older with five years of service. Retirement is defined as age 65 with five years of service. Messrs. Geddes and Stead are not yet eligible for early retirement or for retirement. (2)Because both the Retirement Plan and the Retirement Restoration Plan were frozen as of December 31, 2001, the number of years of credited service shown above for each Named Executive Officer is also as of that date. At the time these plans were frozen, we adopted a defined contribution Profit Sharing Plan (which was subsequently merged with and into the 401(k) plan) and an accompanying nonqualified Restoration Profit Sharing Plan. (3)See Note 10 to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for a discussion of the associated assumptions used in the calculation of the present value of the accumulated benefits. (4)During 2019, Mr. Green attained the age of 65, thereby becoming eligible to commence an in-service benefit under both the Retirement Plan and the Restoration of Retirement Income Plan. At that time, Mr. Green elected to begin receiving his in-service benefit and to use those funds to serve as a force for good for both our employees and the communities we serve. Mr. Green is using the benefit in its entirety to fund a Donor Advised Fund through a third-party administrator. The purpose of the fund is to allow the Company’s employees to play an active role in showing generosity to local charities operating in the communities we serve. Employees are given the opportunity to participate in determining which charities will receive the donated funds. Mr. Green does not participate in the process to determine recipients of the donated funds. During 2022, Mr. Bracher attained the age of 65 thereby becoming eligible to commence an in-service benefit under both the Retirement Plan and the Restoration of Retirement Income Plan. Mr. Bracher elected to begin receiving his in-service benefit at the time of his eligibility.

  70. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control As discussed in the Compensation Discussion and Analysis section of this proxy statement, under the Change in Control Plan, each Named Executive Officer would receive severance payments representing a multiple of base salary and target annual incentive compensation plus a prorated annual incentive payment for the year of termination if the Named Executive Officer was terminated by us without cause or by the Named Executive Officer for good reason within two years following a change in control. Multiples are shown below:

  71. Potential Payments Upon Termination or Change in Control

    | Name | Change in Control Multiple | | Phillip D. Green | Three Times | | Daniel J. Geddes | Two Times | | Paul H. Bracher | Two Times | | Jimmy Stead | Two Times | | Coolidge E. Rhodes, Jr. | Two Times |

  72. Potential Payments Upon Termination or Change in Control

    The severance payment would be made in a lump sum. In addition, the plan calls for a continuation of welfare benefits for either two or three years as discussed in the Compensation Discussion and Analysis. Where applicable, any potential payments under the Change in Control Plan would be made in compliance with Section 409A of the Internal Revenue Code, which may require certain payments made on separation of service to be deferred for six months. The plan does not provide for a tax gross-up payment. Instead, it includes a "net-better" benefit as previously discussed. Messrs. Stead and Rhodes would have triggered an excise tax under the scenario modeled in the Change in Control table as of December 31, 2025. However, under the "net-better" provision, Mr. Stead would have his benefits under the plan cut back while Mr. Rhodes would receive full plan benefits and be subject to the excise tax of $685,738. Please see the Change in Control table following this discussion. There are no other severance policies or employment contracts in place for the Named Executive Officers and, generally, vesting of unvested restricted stock unit awards will not accelerate upon termination of employment other than in certain circumstances following retirement of the Named Executive Officer after attaining the age of 65 (i.e. retirement-eligibility). All outstanding equity awards held by the Named Executive Officers as of December 31, 2025, are subject to double-trigger change in control vesting. For calculation purposes, the change in control and termination of employment are assumed to have occurred on December 31, 2025. The closing price of the stock on December 31, 2025, $126.63 was used to calculate the value of the unvested restricted stock units and unvested performance stock units. In the event of retirement of a Named Executive Officer, potential payments would consist of: • Restricted stock units that would vest on their original schedule; • Performance stock units that would vest on their original schedule; • Any retirement benefits commenced by the Named Executive Officer under the: a. Retirement Plan for Employees of Cullen/Frost Bankers, Inc. and its affiliates; b. Cullen/Frost Bankers, Inc. Restoration Plan; For more detail concerning these potential payments at the time of retirement, see the 2025 Grants of Plan-Based Awards Table, the Outstanding Equity Awards at Fiscal Year-End Table, the Pension Benefits Table and the 2025 Post-Employment Benefits discussion above.

  73. Pay Versus Performance

    Pay Versus Performance We are providing the following information about the relationship between "compensation actually paid" to our Named Executive Officers and certain financial performance measures of the Company. For further information about how we align executive compensation with the Company's performance, see the "Compensation Discussion and Analysis" section. The Committee did not take into account this pay versus performance information while making compensation decisions described in the Compensation Discussion and Analysis section. Further, the amounts in the table below are calculated pursuant to SEC rules, but do not represent amounts actually earned or realized by the NEOs, including with respect to restricted stock units and performance stock units. For further discussion of equity compensation and values actually realized, see the 2025 Option Exercises and Stock Vested table above. The table below provides the following information: (i) the total compensation of our CEO and the average of the total compensation of our other Named Executive Officers as reported in the Summary Compensation Table for the past five fiscal years, (ii) the compensation actually paid to our CEO and the average of the compensation actually paid to our other Named Executive Officers for the past five fiscal years, and (iii) certain Company performance measures, in each case required by SEC rules.

  74. Pay Versus Performance

    | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | | | Summary of Compensation Table for CEO ($)(1) | Compensation Actually Paid to CEO ($)(2) | Average Summary Compensation Table Total for non-CEO NEOs ($) (3) | Average Compensation Actually Paid to non-CEO NEOs ($)(4) | Total Shareholder Return ($)(5) | Peer Group Total Shareholder Return ($)(6) | TSR Measurement Period (Years) | Net Income ($)(7) | Actual Performance Compared to Budgeted Expectations (%)(8) | | 2025 | 7,625,974 | 7,440,465 | 2,149,875 | 2,133,621 | 168.00 | 224.55 | 5 | 641,882 | 122% | | 2024 | 6,732,410 | 7,725,111 | 2,112,628 | 2,286,486 | 159.77 | 144.74 | 4 | 575,867 | 108% | | 2023 | 6,487,854 | 6,841,615 | 1,933,388 | 1,990,443 | 124.95 | 104.72 | 3 | 591,298 | 83% | | 2022 | 6,368,096 | 7,630,315 | 1,970,575 | 2,185,699 | 148.86 | 94.38 | 2 | 579,150 | 158% | | 2021 | 5,186,313 | 8,145,636 | 1,548,976 | 2,097,431 | 137.05 | 116.82 | 1 | 443,079 | 136% |

  75. Pay Versus Performance

    (1)The amounts shown above represent Total Compensation reported for Mr. Green for each corresponding year in the "Total" column of the Summary Compensation Table. (2)The amounts shown above represent "compensation actually paid" to Mr. Green for each corresponding year. In accordance with the requirements of Item 402(v) of Regulation S-K, we calculated Mr. Green's compensation actually paid by making certain required adjustments to Mr. Green's total compensation as reported in the Summary Compensation Table as shown in the table below. The amounts reported above do not reflect the actual amount of compensation earned by or paid to Mr. Green during the applicable year. The fair values of outstanding performance stock units are based on the same methodology used to account for such awards in our financial statements under generally accepted accounting principals and consider the probable outcomes of the underlying performance conditions.

  76. Pay Versus Performance

    | | 2025 ($) | 2024 ($) | 2023 ($) | 2022 ($) | 2021 ($) | | Total Compensation from Summary Compensation Table | 7,625,974 | 6,732,410 | 6,487,854 | 6,368,096 | 5,186,313 | | Pension Value from Summary Compensation Table | (6,399) | — | — | — | — | | Grant Date Fair Value of Equity Awards Granted in Covered Year | (4,000,081) | (3,520,010) | (3,400,043) | (3,174,997) | (2,900,022) | | Year-End Fair Value of Equity Awards Granted in Covered Year | 4,112,350 | 3,643,368 | 4,407,402 | 2,958,436 | 2,801,782 | | Dividends Paid on Unvested Equity Awards | 216,604 | 214,032 | 190,389 | 166,151 | 145,416 | | Change in Fair Value as of Prior Year-End to Covered Year-End of Unvested Equity Awards Granted in Prior Years | (526,087) | 219,593 | (462,099) | 1,177,256 | 2,248,950 | | Change in Fair Value as of Prior Year-End to Vesting Date of Equity Awards Vested in Covered Year | 18,104 | 546,045 | (381,888) | 273,265 | 703,672 | | Prior Year-End Fair Value of Awards Forfeited During Covered Year | — | (110,327) | — | (137,892) | (40,475) | | Compensation Actually Paid | 7,440,465 | 7,725,111 | 6,841,615 | 7,630,315 | 8,145,636 |

  77. Pay Versus Performance

    (3)The amounts shown above represent the average of the amounts reported for the Other Named Executive Officers in the "Total" column of the Summary Compensation Table for each applicable year. The names of each Other Named Executive Officer whose compensation was included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2025, Daniel J. Geddes, Paul H. Bracher, Jimmy Stead and Coolidge E. Rhodes, Jr., (ii) for 2024, 2023 and 2022, Jerry Salinas, Paul H. Bracher, Jimmy Stead and Coolidge E. Rhodes, Jr., and (iii) for 2021, Jerry Salinas, Paul H. Bracher, Jimmy Stead and Patrick B. Frost. Messrs. Salinas and Frost are former Named Executive Officers. (4)The amounts shown above represent the average of the "compensation actually paid" to the Other Named Executive Officers, for each covered year. In accordance with the requirements of Item 402(v) of Regulation S-K, we calculated the average of the compensation actually paid by making certain required adjustments to the Other Named Executive Officers’ average total compensation as reported in the Summary Compensation Table as shown in the table below. The amounts reported above do not reflect the actual amount of compensation earned by or paid to the Other Named Executive Officers during the applicable year. The fair values of outstanding performance stock units are based on the same methodology used to account for such awards in our financial statements under generally accepted accounting principals and consider the probable outcomes of the underlying performance conditions.

  78. Pay Versus Performance

    | | 2025 ($) | 2024 ($) | 2023 ($) | 2022 ($) | 2021 ($) | | Total Compensation from Summary Compensation Table | 2,149,875 | 2,112,628 | 1,933,388 | 1,970,575 | 1,548,976 | | Pension Value from Summary Compensation Table | (1,873) | — | (5,049) | — | (1,193) | | Grant Date Fair Value of Equity Awards Granted in Covered Year | (800,236) | (783,256) | (764,274) | (735,002) | (558,740) | | Year-End Fair Value of Equity Awards Granted in Covered Year | 822,446 | 810,705 | 990,712 | 684,869 | 539,812 | | Dividends Paid on Unvested Equity Awards | 42,239 | 43,361 | 33,933 | 25,972 | 26,723 | | Change in Fair Value as of Prior Year-End to Covered Year-End of Unvested Equity Awards Granted in Prior Years | (76,073) | 30,732 | (145,237) | 220,521 | 402,519 | | Change in Fair Value as of Prior Year-End to Vesting Date of Equity Awards Vested in Covered Year | (2,757) | 87,629 | (53,030) | 37,818 | 147,854 | | Prior Year-End Fair Value of Awards Forfeited During Covered Year | — | (15,313) | — | (19,054) | (8,520) | | Compensation Actually Paid | 2,133,621 | 2,286,486 | 1,990,443 | 2,185,699 | 2,097,431 |

  79. Pay Versus Performance

    (5)The amounts shown above represent the Company’s cumulative TSR on an assumed investment of $100 in shares of our common stock over the indicated measurement period. The cumulative TSR reported above is calculated by dividing the sum of the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and the difference between our share price at the end and the beginning of the indicated measurement period by our share price at the beginning of the measurement period. (6)The amounts shown above represent the cumulative peer group TSR on an assumed investment of $100 on December 31, 2020, weighted according to the respective peer group companies’ stock market capitalization at the beginning of each period for which a return is indicated. The peer group used for this purpose is the S&P500 Bank Index included in our Annual Report on Form 10-K. (7)The amounts shown above represent the amount of net income reflected in our audited financial statements for the covered year. (8)The amounts shown above representing Actual Performance Compared to Budgeted Expectations is comprised of Net Income Available to Common Shareholders compared to Budgeted Net Income Available to Common Shareholders which is a GAAP measure used by the Company. While we use numerous financial and nonfinancial performance measures for the purpose of evaluating performance for our compensation programs, we have determined that Actual Performance Compared to Budgeted Expectations is the financial performance measure that, in our reasonable best assessment, represents the most important performance measure used by us to link "compensation actually paid" to the CEO and Other Named Executive Officers, for the most recently completed fiscal year, to our performance.

  80. Description of the Relationship Between Compensation Actually Paid and Company Performance

    Description of the Relationship Between Compensation Actually Paid and Company Performance The graph below shows the relationship between compensation actually paid to our CEO and the average of the compensation actually paid to our other Named Executive Officers and our net income over the five fiscal years ending December 31, 2025. The graph below shows the relationship between compensation actually paid to our CEO and the average of the compensation actually paid to our other Named Executive Officers and our cumulative total shareholder return over the five fiscal years ending December 31, 2025. In addition, the table below shows the relationship between our cumulative total shareholder return and our peer group total shareholder return over that same period. The graph below shows the relationship between compensation actually paid to our CEO and the average of the compensation actually paid to our other Named Executive Officers and our Actual Performance Compared to Budgeted Expectations over the five fiscal years ending December 31, 2025.

  81. Pay Ratio

    Pay Ratio The SEC requires disclosure of the CEO to median employee pay ratio. As shown in the Summary Compensation Table, Mr. Green received total annual compensation in 2025 of $7,625,974. Our median employee’s total annual compensation was $76,993. As a result, the ratio of Mr. Green’s compensation to that of our median employee was approximately 99:1. To identify our median employee, we used our entire workforce population as of December 31, 2025 and measured compensation based on IRS reportable wages. After identifying our median employee, we calculated 2025 annual total compensation for our median employee using the same methodology that we used to determine our CEO’s 2025 annual total compensation for the Summary Compensation Table.