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

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.

Insights

Equity compensation analyst

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 Trade Summary

84 shares exercised/converted

Exercise 9 txns

Insider Herndon Lynne

Role Chief Credit Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	35	$0.00	$0.00
Exercise	Cash Settled Restricted Stock Units	22	$0.00	$0.00
Exercise	Cash Settled Restricted Stock Units	27	$0.00	$0.00
Exercise	Common Stock	35	$0.00	$0.00
Disposition	Common Stock	35	$78.51	$3K
Exercise	Common Stock	22	$0.00	$0.00
Disposition	Common Stock	22	$78.51	$2K
Exercise	Common Stock	27	$0.00	$0.00
Disposition	Common Stock	27	$78.51	$2K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,751 shares (Direct); Common Stock — 1,880 shares (Direct)

Footnotes (4)

1. F1. 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. F2. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.
3. F3. 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. F4. 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

RSU units exercised: 84 units Disposition batch 1: 35 shares at $78.51 Disposition batch 2: 22 shares at $78.51 +5 more

8 metrics

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

Key Terms

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

5 terms

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"

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.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/17/2026 - 05:05 PM Learn about SEC filing dates

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^*

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)

	Director		10% Owner
X	Officer (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)

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	04/15/2026		M		35(1)	A	$0(2)	1,915	D
Common Stock	04/15/2026		D		35	D	$78.51	1,880	D
Common Stock	04/15/2026		M		22(3)	A	$0(2)	1,902	D
Common Stock	04/15/2026		D		22	D	$78.51	1,880	D
Common Stock	04/15/2026		M		27(4)	A	$0(2)	1,907	D
Common Stock	04/15/2026		D		27	D	$78.51	1,880	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	04/15/2026		M			35	(1)	(1)	Common Stock	35	(2)	332	D
Cash Settled Restricted Stock Units	(2)	04/15/2026		M			22	(3)	(3)	Common Stock	22	(2)	486	D
Cash Settled Restricted Stock Units	(2)	04/15/2026		M			27	(4)	(4)	Common Stock	27	(2)	933	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)	04/17/2026
	** 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)