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Western Alliance (WAL) risk chief settles 189 RSU equivalents, keeps 16,575 shares

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

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Risk Officer Emily Nachlas reported routine equity-compensation activity. On March 15, she exercised cash-settled restricted stock units economically equivalent to 189 shares of common stock in three tranches, then returned an equal 189 shares to the issuer at $67.97 per share. Her direct common stock holdings remained 16,575 shares afterward, so her overall equity stake did not change. The footnotes clarify these units vest monthly from March 2024 through February 2029 and are payable solely in cash, indicating the filing reflects compensation vesting rather than open-market trading.

Positive

  • None.

Negative

  • None.

Insights

Routine cash-settled RSU vesting with no change in equity stake.

Chief Risk Officer Emily Nachlas exercised cash-settled restricted stock units tied to 189 Western Alliance common shares and simultaneously disposed of the same number of shares back to the issuer at $67.97 per share.

The transactions are coded as derivative exercises and dispositions to the issuer, with no open‑market buys or sells and netBuySellShares reported as neutral. Her direct holdings stayed at 16,575 shares, so her effective equity exposure did not change.

Footnotes show these units vest monthly between March 2024 and February 2029 and are payable solely in cash, underscoring that these are compensation-related settlements rather than discretionary trading in Western Alliance stock.

Insider Nachlas Emily
Role Chief Risk Officer
Type Security Shares Price Value
Exercise Cash Settled Restricted Stock Units 72 $0.00 --
Exercise Cash Settled Restricted Stock Units 53 $0.00 --
Exercise Cash Settled Restricted Stock Units 64 $0.00 --
Exercise Common Stock 72 $0.00 --
Disposition Common Stock 72 $67.97 $5K
Exercise Common Stock 53 $0.00 --
Disposition Common Stock 53 $67.97 $4K
Exercise Common Stock 64 $0.00 --
Disposition Common Stock 64 $67.97 $4K
Holdings After Transaction: Cash Settled Restricted Stock Units — 789 shares (Direct); Common Stock — 16,647 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.
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*
Nachlas Emily
(Last) (First) (Middle)
C/O WESTERN ALLIANCE BANCORPORATION
ONE E. WASHINGTON STREET, STE 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 Risk 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 72(1) A $0(2) 16,647 D
Common Stock 03/15/2026 D 72 D $67.97 16,575 D
Common Stock 03/15/2026 M 53(3) A $0(2) 16,628 D
Common Stock 03/15/2026 D 53 D $67.97 16,575 D
Common Stock 03/15/2026 M 64(4) A $0(2) 16,639 D
Common Stock 03/15/2026 D 64 D $67.97 16,575 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 72 (1) (1) Common Stock 72 (2) 789 D
Cash Settled Restricted Stock Units (2) 03/15/2026 M 53 (3) (3) Common Stock 53 (2) 1,214 D
Cash Settled Restricted Stock Units (2) 03/15/2026 M 64 (4) (4) Common Stock 64 (2) 2,241 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did Western Alliance (WAL) report for Emily Nachlas?

Western Alliance reported that Chief Risk Officer Emily Nachlas exercised cash-settled restricted stock units linked to 189 common shares, then returned an equal 189 shares to the issuer. Her direct holdings remained 16,575 shares, so her overall equity stake in Western Alliance did not change.

Did Emily Nachlas buy or sell Western Alliance (WAL) stock on the market?

No open-market trades occurred. The filing shows exercises of cash-settled restricted stock units and matching dispositions of shares back to Western Alliance at $67.97 per share. These are compensation-related issuer transactions, not discretionary market purchases or sales of WAL stock.

How many Western Alliance shares does Emily Nachlas hold after the Form 4?

After the reported transactions, Chief Risk Officer Emily Nachlas directly holds 16,575 shares of Western Alliance common stock. The combination of derivative exercises and equal dispositions to the issuer left her net ownership position unchanged compared with before these compensation-related settlements.

What are the terms of Nachlas’s cash-settled restricted stock units at Western Alliance (WAL)?

Her cash-settled restricted stock units are each economically equivalent to one Western Alliance common share and vest 1/36th monthly. Different grants vest from March 2024 through February 2027, March 2025 through February 2028, and March 2026 through February 2029, and are payable solely in cash.

Does the Form 4 for Western Alliance (WAL) indicate a change in insider sentiment?

The filing mainly reflects routine vesting and settlement of cash-settled restricted stock units for Chief Risk Officer Emily Nachlas. Because the 189 exercised equivalents were offset by returning 189 shares to the issuer, her 16,575-share holding stayed constant, offering limited insight into sentiment.

What transaction codes appear in the Western Alliance (WAL) Form 4 for Nachlas?

The Form 4 shows code M for exercise or conversion of derivative securities and code D for disposition to the issuer. These codes apply to cash-settled restricted stock units and corresponding common shares, highlighting compensation-related activity rather than open-market purchases or sales of WAL stock.