Western Alliance (NYSE: WAL) CBO reports routine equity award exercises and issuer share dispositions

Q: Were there open-market purchases or sales in Tim R. Bruckner’s latest WAL Form 4?

The filing shows no open-market purchases or sales . Transactions are coded as derivative exercises (M) and dispositions to the issuer (D), meaning shares were acquired through awards and returned to Western Alliance rather than traded on the open market.

Q: What derivative awards are involved in Tim R. Bruckner’s WAL Form 4?

The filing lists cash-settled restricted stock units that are economically equivalent to Western Alliance common stock. These units vest monthly over multi‑year periods and are payable solely in cash, with each unit tied in value to one share of common stock.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation’s CBO for Regional Banking, Tim R. Bruckner, reported routine equity compensation activity involving common stock and cash-settled restricted stock units. On May 15, 2026, he exercised derivative awards and disposed of an equal number of common shares back to the issuer.

In total, 415 shares of common stock were returned to the company at $74.42 per share in issuer dispositions, matched by 415 shares acquired through exercises coded as derivative conversions. After these transactions, Bruckner directly owns 29,068 shares of common stock, indicating only a minor adjustment to his overall equity position.

Insider Trade Summary

415 shares exercised/converted

Mixed 9 txns

Insider Bruckner Tim R

Role CBO for Regional Banking

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	158	$0.00	--
Exercise	Cash Settled Restricted Stock Units	115	$0.00	--
Exercise	Cash Settled Restricted Stock Units	142	$0.00	--
Exercise	Common Stock	158	$0.00	--
Disposition	Common Stock	158	$74.42	$12K
Exercise	Common Stock	115	$0.00	--
Disposition	Common Stock	115	$74.42	$9K
Exercise	Common Stock	142	$0.00	--
Disposition	Common Stock	142	$74.42	$11K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,429 shares (Direct, null); Common Stock — 29,226 shares (Direct, null)

Footnotes (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.

Key Figures

Shares disposed to issuer: 415 shares Disposition price: $74.42 per share Shares following transaction: 29,068 shares +3 more

6 metrics

Shares disposed to issuer 415 shares Total common shares coded D on May 15, 2026

Disposition price $74.42 per share Issuer dispositions of common stock

Shares following transaction 29,068 shares Direct common stock holdings after transactions

Derivative exercises 415 shares Common shares acquired via derivative exercises (M code)

Exercise transactions 3 transactions Exercise or conversion of derivative securities

Disposition transactions 3 transactions Issuer dispositions of common stock

Key Terms

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

5 terms

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer""

Exercise or conversion of derivative security financial

"transaction_code_description: "Exercise or conversion of derivative security""

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.

economic equivalent 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 →

05/19/2026 - 04:05 PM

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^*

Bruckner Tim R

(Last)

(First)

(Middle)

ONE E WASHINGTON ST., 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)
	CBO for Regional Banking

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/15/2026		M		158⁽¹⁾	A	$0⁽²⁾	29,226	D
Common Stock	05/15/2026		D		158	D	$74.42	29,068	D
Common Stock	05/15/2026		M		115⁽³⁾	A	$0⁽²⁾	29,183	D
Common Stock	05/15/2026		D		115	D	$74.42	29,068	D
Common Stock	05/15/2026		M		142⁽⁴⁾	A	$0⁽²⁾	29,210	D
Common Stock	05/15/2026		D		142	D	$74.42	29,068	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			158	⁽¹⁾	⁽¹⁾	Common Stock	158	⁽²⁾	1,429	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			115	⁽³⁾	⁽³⁾	Common Stock	115	⁽²⁾	2,413	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			142	⁽⁴⁾	⁽⁴⁾	Common Stock	142	⁽²⁾	4,677	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)	05/19/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did WAL executive Tim R. Bruckner report?

Tim R. Bruckner reported matched exercises and dispositions involving 415 Western Alliance Bancorporation common shares. He exercised derivative awards and returned the same number of shares to the issuer at a stated price, reflecting routine equity compensation activity rather than open-market buying or selling.

How many Western Alliance (WAL) shares does Tim R. Bruckner hold after these Form 4 transactions?

After the reported transactions, Tim R. Bruckner directly holds 29,068 shares of Western Alliance common stock. This figure reflects his position following the May 15, 2026 exercises and issuer dispositions, indicating only a small change relative to his total reported holdings.

Were there open-market purchases or sales in Tim R. Bruckner’s latest WAL Form 4?

The filing shows no open-market purchases or sales. Transactions are coded as derivative exercises (M) and dispositions to the issuer (D), meaning shares were acquired through awards and returned to Western Alliance rather than traded on the open market.

What price was used for Tim R. Bruckner’s issuer dispositions of WAL stock?

The dispositions to the issuer were reported at $74.42 per share. This price applies to the three disposition entries covering a combined 415 Western Alliance common shares, matching the number of shares acquired through derivative exercises on the same date.

What derivative awards are involved in Tim R. Bruckner’s WAL Form 4?

The filing lists cash-settled restricted stock units that are economically equivalent to Western Alliance common stock. These units vest monthly over multi‑year periods and are payable solely in cash, with each unit tied in value to one share of common stock.