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Western Alliance (NYSE: WAL) credit chief reports cash-settled RSU vesting and issuer dispositions

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Credit Officer Lynne Herndon reported routine compensation-related transactions involving cash-settled restricted stock units (RSUs) economically equivalent to common shares. On April 15, 2026, RSUs covering 84 units were exercised or converted, each representing the economic value of one common share.

Related entries show corresponding dispositions of 35, 22, and 27 common shares back to the issuer at $78.51 per share, reflecting issuer dispositions rather than open-market sales. After these transactions, Herndon directly held 1,880 shares of Western Alliance common stock.

Footnotes explain that the RSUs vest monthly in 1/36th increments over 36-month periods beginning in March 2024, March 2025, and March 2026, and are payable solely in cash, aligning these transactions with ongoing compensation vesting rather than discretionary trading activity.

Positive

  • None.

Negative

  • None.

Insights

Routine cash-settled RSU vesting with no open-market trades, modest net impact.

The transactions for Lynne Herndon primarily reflect the monthly vesting of cash-settled restricted stock units that are economically equivalent to Western Alliance common shares. Code M entries show exercises/conversions of 84 RSU units into equivalent common stock value.

Matching code D entries at $78.51 per share record dispositions of 35, 22, and 27 common shares to the issuer, consistent with cash settlement mechanics rather than market sales. This is typical for cash-settled awards, where value is delivered in cash instead of increasing share ownership.

Following these movements, Herndon’s direct common stock position is 1,880 shares, indicating a relatively small-scale, compensation-driven adjustment rather than a directional bet on the stock. The footnoted 36‑month vesting schedules across three grant years further support that these are ongoing, scheduled vesting events.

Insider Herndon Lynne
Role Chief Credit Officer
Type Security Shares Price Value
Exercise Cash Settled Restricted Stock Units 35 $0.00 --
Exercise Cash Settled Restricted Stock Units 22 $0.00 --
Exercise Cash Settled Restricted Stock Units 27 $0.00 --
Exercise Common Stock 35 $0.00 --
Disposition Common Stock 35 $78.51 $3K
Exercise Common Stock 22 $0.00 --
Disposition Common Stock 22 $78.51 $2K
Exercise Common Stock 27 $0.00 --
Disposition Common Stock 27 $78.51 $2K
Holdings After Transaction: Cash Settled Restricted Stock Units — 332 shares (Direct); Common Stock — 1,915 shares (Direct)
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
RSU units exercised 84 units Total derivative exercises on April 15, 2026
Disposition batch 1 35 shares at $78.51 Issuer disposition of common stock
Disposition batch 2 22 shares at $78.51 Issuer disposition of common stock
Disposition batch 3 27 shares at $78.51 Issuer disposition of common stock
Shares held after transactions 1,880 shares Direct common stock holdings after April 15, 2026
RSU vesting schedule 1 1/36 monthly From March 2024 to February 2027, cash-settled units
RSU vesting schedule 2 1/36 monthly From March 2025 to February 2028, cash-settled units
RSU vesting schedule 3 1/36 monthly From March 2026 to February 2029, cash-settled units
Cash Settled Restricted Stock Units financial
"security_title: "Cash Settled Restricted Stock Units""
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.
Exercise or conversion of derivative security financial
"transaction_code_description: "Exercise or conversion of derivative security""
Disposition to issuer financial
"transaction_code_description: "Disposition to issuer""
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"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Herndon Lynne
(Last)(First)(Middle)
1 E. WASHINGTON STREET
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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Credit Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Stock04/15/2026M35(1)A$0(2)1,915D
Common Stock04/15/2026D35D$78.511,880D
Common Stock04/15/2026M22(3)A$0(2)1,902D
Common Stock04/15/2026D22D$78.511,880D
Common Stock04/15/2026M27(4)A$0(2)1,907D
Common Stock04/15/2026D27D$78.511,880D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Cash Settled Restricted Stock Units(2)04/15/2026M35 (1) (1)Common Stock35(2)332D
Cash Settled Restricted Stock Units(2)04/15/2026M22 (3) (3)Common Stock22(2)486D
Cash Settled Restricted Stock Units(2)04/15/2026M27 (4) (4)Common Stock27(2)933D
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)04/17/2026
** Signature of Reporting PersonDate
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 Chief Credit Officer Lynne Herndon report?

Lynne Herndon reported exercises of cash-settled restricted stock units and related dispositions to the issuer. On April 15, 2026, RSUs representing 84 units were converted, with corresponding issuer dispositions of 35, 22, and 27 common shares at $78.51 per share.

Were there any open-market stock sales by Lynne Herndon in this WAL Form 4?

The reported dispositions use transaction code D, described as a disposition to the issuer at $78.51 per share. This indicates shares were returned to Western Alliance rather than sold in open-market transactions, aligning with cash settlement of compensation awards.

How many Western Alliance (WAL) shares does Lynne Herndon hold after these transactions?

After the reported April 15, 2026 transactions, Lynne Herndon directly holds 1,880 shares of Western Alliance common stock. This figure reflects her remaining direct non-derivative equity position after the issuer dispositions tied to the cash-settled RSU exercises.

What are cash-settled restricted stock units reported in the WAL filing?

The cash-settled restricted stock units are compensation awards that vest monthly and are payable solely in cash. Each unit is the economic equivalent of one Western Alliance common share, meaning the holder receives cash based on share value rather than additional stock.

What is the vesting schedule for Lynne Herndon’s WAL cash-settled RSUs?

Footnotes state that the RSUs vest in 1/36th increments on the 15th of each month. Separate grants vest over 36‑month periods beginning March 2024, March 2025, and March 2026, ending in February 2027, February 2028, and February 2029, respectively.

How many RSU units were exercised or converted in this WAL Form 4?

The transaction summary shows three derivative exercises totaling 84 units. Individual entries reflect 35, 22, and 27 cash-settled restricted stock units converted on April 15, 2026, each unit being economically equivalent to one share of Western Alliance common stock.