Western Alliance (NYSE: WAL) CCO settles RSUs, keeps 1,880 shares

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Credit Officer Lynne Herndon reported routine equity compensation activity involving cash settled restricted stock units and common stock on March 15, 2026. She exercised derivative awards covering 35, 22 and 27 cash settled restricted stock units, each economically equivalent to one share of common stock.

Matching dispositions of 35, 22 and 27 common shares back to the issuer at $67.97 per share resulted in no net change in share count from these settlements. After all transactions, Herndon directly owned 1,880 shares of Western Alliance common stock as reported. Footnotes state these units vest monthly in 1/36th installments and are payable solely in cash.

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 AZ 85004

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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

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

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

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	03/15/2026		M		35(1)	A	$0(2)	1,915	D
Common Stock	03/15/2026		D		35	D	$67.97	1,880	D
Common Stock	03/15/2026		M		22(3)	A	$0(2)	1,902	D
Common Stock	03/15/2026		D		22	D	$67.97	1,880	D
Common Stock	03/15/2026		M		27(4)	A	$0(2)	1,907	D
Common Stock	03/15/2026		D		27	D	$67.97	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)	03/15/2026		M			35	(1)	(1)	Common Stock	35	(2)	367	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			22	(3)	(3)	Common Stock	22	(2)	508	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			27	(4)	(4)	Common Stock	27	(2)	960	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)	03/17/2026
	** 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.

FAQ

What did WAL Chief Credit Officer Lynne Herndon report in this Form 4?

She reported routine compensation-related activity, exercising cash settled restricted stock units that are economically equivalent to common stock, and offsetting dispositions of the same number of shares back to Western Alliance at $67.97 per share, leaving her overall share count unchanged from these actions.

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

After the reported transactions, Lynne Herndon directly holds 1,880 shares of Western Alliance common stock. This figure reflects her position following the exercises of cash settled units and corresponding dispositions to the issuer recorded on March 15, 2026.

Were Lynne Herndon’s WAL transactions open-market buys or sells?

No. The Form 4 shows derivative exercises (code M) of cash settled restricted stock units and dispositions to the issuer (code D), not open-market purchases or sales. These entries reflect structured equity compensation and related issuer transactions rather than trading on the open market.

How many Western Alliance RSU-equivalent units were exercised in this WAL filing?

The filing reports exercises of 35, 22 and 27 cash settled restricted stock units, totaling 84 units. Each unit is described as the economic equivalent of one Western Alliance common share, with activity tied to the vesting of these compensation awards.

How do Lynne Herndon’s WAL cash settled units vest and pay out?

Footnotes explain that specified units vest and are payable solely in cash, with 1/36th of each grant vesting on the 15th of each month over separate 36-month periods beginning in March 2024, March 2025, and March 2026, respectively.