Western Alliance CCO nets zero on 84-share RSU deal

Chief Credit Officer Lynne Herndon settled 84 cash-settled RSUs tied to WAL stock value, with equivalent shares exercised and returned to the issuer at $79.03 per share.

Rhea-AI Filing Summary

WESTERN ALLIANCE BANCORPORATION (WAL) reported that Chief Credit Officer Lynne Herndon settled cash-settled restricted stock units on September 15, 2026. The filing shows exercises of units economically equivalent to 84 shares of common stock and corresponding dispositions of those equivalent shares back to the issuer at $79.03 per share, resulting in no net change in reported share ownership.

The units vest and are payable solely in cash in equal monthly installments over separate 36‑month schedules beginning in March 2024, March 2025, and March 2026, and no Rule 10b5‑1 trading plan is reported.

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 F2, F1	35	--	--
Exercise	Cash Settled Restricted Stock Units F2, F3	22	--	--
Exercise	Cash Settled Restricted Stock Units F2, F4	27	--	--
Exercise	Common Stock F1, F2	35	$0.00	$0.00
Disposition	Common Stock	35	$79.03	$3K
Exercise	Common Stock F3, F2	22	$0.00	$0.00
Disposition	Common Stock	22	$79.03	$2K
Exercise	Common Stock F4, F2	27	$0.00	$0.00
Disposition	Common Stock	27	$79.03	$2K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,331 contracts (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 equivalents exercised: 84 units (economic equivalent of 84 shares) Disposition price per share: $79.03 per share RSU vesting schedule (2024 grant): 1/36th monthly from March 2024 to February 2027 +3 more

6 metrics

RSU equivalents exercised 84 units (economic equivalent of 84 shares) Cash-settled restricted stock units tied to Western Alliance common stock

Disposition price per share $79.03 per share Shares equivalent to RSUs disposed to issuer on September 15, 2026

RSU vesting schedule (2024 grant) 1/36th monthly from March 2024 to February 2027 Cash-settled RSUs vest and are payable solely in cash

RSU vesting schedule (2025 grant) 1/36th monthly from March 2025 to February 2028 Second tranche of cash-settled RSUs

RSU vesting schedule (2026 grant) 1/36th monthly from March 2026 to February 2029 Third tranche of cash-settled RSUs

Derivative exercises reported 3 transactions, 84 units Exercise or conversion of cash-settled RSUs on September 15, 2026

Key Terms

Cash Settled Restricted Stock Units, economic equivalent, Disposition to issuer, vest and are payable solely in cash

4 terms

Cash Settled Restricted Stock Units financial

"The filing reports transactions in 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.

economic equivalent financial

"Each unit is the economic equivalent of one share of common stock"

Disposition to issuer financial

"Common Stock entries show a Disposition to issuer at $79.03 per share"

vest and are payable solely in cash financial

"These units vest and are payable solely in cash as follows"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did WAL’s Chief Credit Officer report on this Form 4?

The Chief Credit Officer, Lynne Herndon, reported settlement activity for cash-settled restricted stock units equivalent to 84 shares of Western Alliance Bancorporation common stock on September 15, 2026, with equivalent shares exercised and then disposed back to the issuer.

How many Western Alliance (WAL) RSUs were involved and what are they worth in share terms?

The Form 4 reports 84 cash-settled restricted stock units, each described as the economic equivalent of one share of Western Alliance Bancorporation common stock, effectively tying their value to 84 shares.

At what price were the WAL share equivalents disposed in this Form 4?

The share equivalents tied to the RSUs were reported as disposed to Western Alliance Bancorporation at a price of $79.03 per share on September 15, 2026.

Did this Form 4 show a net change in WAL share ownership for the insider?

No. The filing shows exercises of units equivalent to 84 shares and matching dispositions of 84 shares back to the issuer, so there is no net change in reported share ownership from these transactions.

How do the WAL cash-settled RSUs vest for Lynne Herndon?

The RSUs vest and are payable solely in cash, with 1/36th vesting on the 15th day of each month over 36 months beginning in March 2024, March 2025, and March 2026 for three separate award tranches.

Was a Rule 10b5-1 trading plan involved in these WAL transactions?

No. The filing indicates no Rule 10b5-1 plan is reported for these cash-settled restricted stock unit transactions by the Chief Credit Officer.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/17/2026 - 05:02 PM Accepted by SEC EDGAR 09/17/2026 - 05:01 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)
09/15/2026

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	09/15/2026		M		35(1)	A	$0(2)	1,915	D
Common Stock	09/15/2026		D		35	D	$79.03	1,880	D
Common Stock	09/15/2026		M		22(3)	A	$0(2)	1,902	D
Common Stock	09/15/2026		D		22	D	$79.03	1,880	D
Common Stock	09/15/2026		M		27(4)	A	$0(2)	1,907	D
Common Stock	09/15/2026		D		27	D	$79.03	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)	09/15/2026		M			35	(1)	(1)	Common Stock	35	(2)	157	D
Cash Settled Restricted Stock Units	(2)	09/15/2026		M			22	(3)	(3)	Common Stock	22	(2)	376	D
Cash Settled Restricted Stock Units	(2)	09/15/2026		M			27	(4)	(4)	Common Stock	27	(2)	798	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)	09/17/2026
	** 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)