Western Alliance (NYSE: WAL) CAO exercises awards and returns 235 shares

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Administration Officer Timothy W. Boothe reported a series of compensation-related equity transactions in common stock on May 15, 2026. He exercised derivative awards for a total of 235 shares of common stock and disposed of an equal number of shares back to the issuer at $74.42 per share, resulting in no net change in his direct share count. After these transactions he holds 65,417 shares directly and 325 shares indirectly through his spouse. Related cash-settled restricted stock units, each economically equivalent to one share, continue to vest monthly and are payable solely in cash.

Insights

Equity compensation analyst

Boothe’s Form 4 shows routine equity award exercises offset by issuer dispositions.

The filing details paired transactions where Timothy W. Boothe exercised derivative awards for 235 common shares and disposed of the same number to the issuer at $74.42 per share. This creates an exercise-and-return pattern rather than open-market buying or selling.

Following these moves, Boothe holds 65,417 common shares directly and 325 indirectly via his spouse. The filing also lists cash-settled restricted stock units that are economically equivalent to shares but vest monthly and pay out solely in cash, providing ongoing compensation without additional share issuance.

Insider Trade Summary

235 shares exercised/converted

Mixed 10 txns

Insider Boothe Timothy W

Role Chief Administration Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	97	$0.00	--
Exercise	Cash Settled Restricted Stock Units	69	$0.00	--
Exercise	Cash Settled Restricted Stock Units	69	$0.00	--
Exercise	Common Stock	97	$0.00	--
Disposition	Common Stock	97	$74.42	$7K
Exercise	Common Stock	69	$0.00	--
Disposition	Common Stock	69	$74.42	$5K
Exercise	Common Stock	69	$0.00	--
Disposition	Common Stock	69	$74.42	$5K
holding	Common Stock	--	--	--

Holdings After Transaction: Cash Settled Restricted Stock Units — 876 shares (Direct, null); Common Stock — 65,514 shares (Direct, null); Common Stock — 325 shares (Indirect, Alvina Boothe (spouse))

Footnotes (1)

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

Shares exercised: 235 shares Disposition price: $74.42 per share Direct holdings after transaction: 65,417 shares +4 more

7 metrics

Shares exercised 235 shares Total common shares from derivative exercises on May 15, 2026

Disposition price $74.42 per share Price for dispositions to issuer coded D

Direct holdings after transaction 65,417 shares Common stock held directly following reported activity

Indirect holdings after transaction 325 shares Common stock held indirectly via spouse

RSUs remaining grant 1 2,262 units Cash-settled RSUs after transaction, vesting through February 2027

RSUs remaining grant 2 1,448 units Cash-settled RSUs vesting March 2025 to February 2028

RSUs remaining grant 3 876 units Cash-settled RSUs vesting March 2026 to February 2029

Key Terms

Disposition to issuer, Cash Settled Restricted Stock Units, economic equivalent of one share, vest and are payable solely in cash, +1 more

5 terms

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer" for code D entries"

Cash Settled Restricted Stock Units financial

"security_title: "Cash Settled Restricted Stock Units" in derivative transactions"

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 of one share financial

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

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..."

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion" for code M entries"

Form 4 Insider Transactions: What Each Field Means →

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^*

Boothe Timothy W

(Last) (First) (Middle)

ONE E. WASHINGTON ST., SUITE 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 Administration Officer

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/15/2026		M		97(1)	A	$0(2)	65,514	D
Common Stock	05/15/2026		D		97	D	$74.42	65,417	D
Common Stock	05/15/2026		M		69(3)	A	$0(2)	65,486	D
Common Stock	05/15/2026		D		69	D	$74.42	65,417	D
Common Stock	05/15/2026		M		69(4)	A	$0(2)	65,486	D
Common Stock	05/15/2026		D		69	D	$74.42	65,417	D
Common Stock								325	I	Alvina Boothe (spouse)

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	05/15/2026		M			97	(1)	(1)	Common Stock	97	(2)	876	D
Cash Settled Restricted Stock Units	(2)	05/15/2026		M			69	(3)	(3)	Common Stock	69	(2)	1,448	D
Cash Settled Restricted Stock Units	(2)	05/15/2026		M			69	(4)	(4)	Common Stock	69	(2)	2,262	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)

FAQ

What did Western Alliance (WAL) officer Timothy Boothe report in this Form 4?

Timothy W. Boothe reported exercising derivative awards for 235 Western Alliance common shares and disposing of an equal 235 shares back to the issuer at $74.42 each, leaving his direct holdings essentially unchanged at 65,417 shares plus 325 indirectly through his spouse.

How many Western Alliance (WAL) shares does Timothy Boothe hold after these transactions?

After the reported transactions, Timothy W. Boothe holds 65,417 Western Alliance common shares directly and 325 shares indirectly through his spouse. These figures reflect his ownership position following the exercise-and-disposition activity on May 15, 2026 disclosed in the Form 4.

Were Timothy Boothe’s Western Alliance (WAL) trades open-market buys or sells?

The Form 4 shows no open-market purchases or sales. Instead, it reports derivative exercises coded “M” and dispositions to the issuer coded “D.” Shares were returned to Western Alliance at $74.42 per share rather than being traded on the open market.

What do the cash-settled restricted stock units in the Western Alliance (WAL) filing mean?

The cash-settled restricted stock units are compensation awards that are economically equivalent to one Western Alliance share each. They vest monthly in 1/36th increments and are payable solely in cash, providing value tied to the stock price without issuing additional shares.

How many Western Alliance (WAL) shares were involved in Timothy Boothe’s derivative exercises?

The transaction summary shows derivative exercises covering 235 Western Alliance common shares. These were matched by issuer dispositions of 235 shares at $74.42 per share, resulting in no net increase or decrease in Boothe’s reported common share holdings after the transactions.

What is the price associated with Timothy Boothe’s Western Alliance (WAL) share dispositions?

The dispositions to the issuer were reported at a transaction price of $74.42 per Western Alliance common share. This price applied to the 235 shares disposed, which corresponded to the same number of shares acquired through derivative exercises on May 15, 2026.