Western Alliance (NYSE: WAL) banking chief reports 440-share exercise and disposition with holdings steady

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Banking Officer Stephen Russell Curley reported routine equity transactions involving company stock and cash-settled units. On May 15, 2026, he exercised derivative rights for a total of 440 shares of common stock and disposed the same number back to the issuer in issuer dispositions, leaving him with 41,531 common shares directly owned.

He also reported activity in cash-settled restricted stock units, which are each the economic equivalent of one common share and are payable solely in cash. Footnotes state that these units vest in equal 1/36th monthly installments over separate 36‑month periods beginning March 2024, March 2025, and March 2026, running through February 2027, February 2028, and February 2029, respectively.

Insider Trade Summary

440 shares exercised/converted

Mixed 9 txns

Insider Curley Stephen Russell

Role Chief Banking Ofc.-NBL

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	165	$0.00	--
Exercise	Cash Settled Restricted Stock Units	129	$0.00	--
Exercise	Cash Settled Restricted Stock Units	146	$0.00	--
Exercise	Common Stock	165	$0.00	--
Disposition	Common Stock	165	$74.42	$12K
Exercise	Common Stock	129	$0.00	--
Disposition	Common Stock	129	$74.42	$10K
Exercise	Common Stock	146	$0.00	--
Disposition	Common Stock	146	$74.42	$11K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,499 shares (Direct, null); Common Stock — 41,696 shares (Direct, null)

Footnotes (1)

These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2024 and ending February 2027. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2025 and ending February 2028. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2026 and ending February 2029.

Key Figures

Common shares exercised: 440 shares Common shares disposed: 440 shares Shares held after transactions: 41,531 shares +5 more

8 metrics

Common shares exercised 440 shares Total common stock acquired via derivative exercises on May 15, 2026

Common shares disposed 440 shares Total common stock disposed to issuer on May 15, 2026

Shares held after transactions 41,531 shares Directly owned Western Alliance common stock after reported activity

RSUs exercised (146-grant) 146 units Cash-settled RSUs economically equivalent to 146 common shares

RSUs exercised (129-grant) 129 units Cash-settled RSUs economically equivalent to 129 common shares

RSUs exercised (165-grant) 165 units Cash-settled RSUs economically equivalent to 165 common shares

RSUs remaining (March 2024 grant) 4,830 units Cash-settled restricted stock units still outstanding after vesting activity

Net buy/sell shares 0 shares transactionSummary netBuySellShares across reported transactions

Key Terms

Cash Settled Restricted Stock Units, economic equivalent, Disposition to issuer, Exercise or conversion of derivative security, +1 more

5 terms

Cash Settled Restricted Stock Units financial

"The filing lists transactions in "Cash Settled Restricted Stock Units" as derivative securities."

Cash-settled restricted stock units are employee compensation promises that mirror the value of company shares but pay out in cash instead of delivering actual stock once the units vest. Think of them as a future paycheck tied to the company’s share price that is paid after time or performance conditions are met. Investors watch them because they create future cash obligations for the company and avoid share dilution, both of which can affect earnings, cash flow and per-share metrics.

economic equivalent financial

"Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock."

Disposition to issuer financial

"Transactions coded "D" are described as a Disposition to issuer of common stock."

Exercise or conversion of derivative security financial

"Transactions coded "M" are described as Exercise or conversion of derivative security."

vest and are payable solely in cash financial

"These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month."

Form 4 Insider Transactions: What Each Field Means →

05/19/2026 - 04:05 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Curley Stephen Russell

(Last)

(First)

(Middle)

C/O WESTERN ALLIANCE BANCORPORATION

ONE E. WASHINGTON STREET, STE 1400

(Street)

PHOENIX

ARIZONA

85004

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
WESTERN ALLIANCE BANCORPORATION [ WAL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Banking Ofc.-NBL

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/15/2026		M		165⁽¹⁾	A	$0⁽²⁾	41,696	D
Common Stock	05/15/2026		D		165	D	$74.42	41,531	D
Common Stock	05/15/2026		M		129⁽³⁾	A	$0⁽²⁾	41,660	D
Common Stock	05/15/2026		D		129	D	$74.42	41,531	D
Common Stock	05/15/2026		M		146⁽⁴⁾	A	$0⁽²⁾	41,677	D
Common Stock	05/15/2026		D		146	D	$74.42	41,531	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			165	⁽¹⁾	⁽¹⁾	Common Stock	165	⁽²⁾	1,499	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			129	⁽³⁾	⁽³⁾	Common Stock	129	⁽²⁾	2,700	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			146	⁽⁴⁾	⁽⁴⁾	Common Stock	146	⁽²⁾	4,830	D

Explanation of Responses:

1. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2024 and ending February 2027.

2. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.

3. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2025 and ending February 2028.

4. These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month during the 36-month period beginning March 2026 and ending February 2029.

Remarks:

	/s/Jessica Jarvi (Attorney-in-fact)	05/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did WAL executive Stephen Curley report?

Stephen Curley reported exercising rights to acquire 440 shares of Western Alliance Bancorporation common stock and disposing the same number back to the issuer. These non‑market transactions left his direct holdings at 41,531 common shares after the reported activity.

How many Western Alliance (WAL) shares does Stephen Curley hold after these Form 4 transactions?

After the reported transactions, Stephen Curley directly holds 41,531 shares of Western Alliance Bancorporation common stock. This figure reflects his position following the combination of derivative exercises and issuer dispositions reported for May 15, 2026.

What are the cash-settled restricted stock units reported by WAL’s Curley?

The cash-settled restricted stock units are awards payable solely in cash, each economically equivalent to one Western Alliance Bancorporation common share. They do not deliver actual shares but track share value, providing cash payments based on the company’s stock performance.

How do Stephen Curley’s WAL cash-settled units vest over time?

The units vest in equal 1/36th monthly installments. One grant vests from March 2024 to February 2027, another from March 2025 to February 2028, and a third from March 2026 to February 2029, spreading compensation over several years.

Did Stephen Curley buy or sell WAL stock on the open market?

The filing shows issuer dispositions and derivative exercises, not open‑market purchases or sales. Transactions coded as derivative exercises and dispositions to the issuer indicate internal equity and compensation adjustments rather than public market trading.

What does netBuySellShares equal in this WAL Form 4 filing?

The transaction summary shows netBuySellShares of 0, meaning shares acquired through exercises equaled shares disposed. This indicates no net change in Curley’s share count from open‑market buying or selling in the reported period.