Judith Wawroski - Sep 5, 2025 Form 4 Insider Report for INTERNATIONAL BANCSHARES CORP (IBOC)

Role: TREASURER/PAO
Signature: /s/ Judith Wawroski
Stock symbol: IBOC
Transactions as of: Sep 5, 2025
Transactions value $: $23,598
Form type: 4
Date filed: 9/9/2025, 07:00 PM
Previous filing: Jun 6, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
WAWROSKI JUDITH I	TREASURER/PAO	1200 SAN BERNARDO, LAREDO	/s/ Judith Wawroski	2025-09-09	0001730982

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	IBOC	Common Stock	Options Exercise	$23.6K	+600	+5.37%	$39.33	11.8K	Sep 5, 2025	Direct	F1
transaction	IBOC	Common Stock	Disposed to Issuer	-$42.9K	-600	-5.1%	$71.58	11.2K	Sep 5, 2025	Direct	F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	IBOC	STOCK APPRECIATION RIGHTS	Options Exercise	$42.9K	+600	+21.43%	$71.58	3.4K	Sep 5, 2025	COMMON STOCK	600	$39.33	Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These stock appreciation rights (these "SARs") became vested and payable as of July 14, 2025. In accordance with the rules for filing a Form 4, the settlement of cash-settled SARs is treated as the simultaneous purchase of the number of shares of common stock the SARs represent and the sale of the same number of shares of common stock. Upon vesting, the SARs were only payable in cash and the reporting person did not receive any shares of the common stock, par value $1.00 per share (the "Common Stock"), of International Bancshares Corporation (the "Company").
F2	Represents the closing price of the Company's Common Stock on September 5, 2025, the date the SARs were exercised (the "Exercise Date").
F3	These SARs represent the right to receive, upon exercise, a cash amount equal to the number of shares of the Company's Common Stock underlying the SARs being exercised multiplied by the excess of the fair market value of one share of Common Stock on (i) the Exercise Date, and (ii) July 14, 2022, the date the SARs were granted (the "Grant Date").
F4	These SARs are subject to a seven-year vesting schedule and become exercisable in six percentage installments, vesting 5% on the second anniversary of the Grant Date, and 10%, 15%, 20%, 25%, and 25% on each respective anniversary of the Grant Date thereafter.