How many Western Alliance (WAL) share equivalents did Curley acquire?

Curley exercised cash-settled restricted stock units tied to 440 share equivalents. These derivative awards are payable solely in cash but are described as economically equivalent to Western Alliance common stock, giving him cash-based exposure that mirrors 440 underlying shares as part of his compensation package.

Western Alliance (WAL) banking chief exercises RSUs, holds 41,531 shares post-trade

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Banking Officer Stephen Russell Curley reported routine equity compensation activity. On April 15, 2026, he exercised cash-settled restricted stock units economically equivalent to 440 shares of common stock and returned 294 common shares to the issuer at $78.51 per share. Following these transactions, he directly holds 41,531 shares of Western Alliance common stock. Footnotes state these units vest monthly over multi-year periods and are payable solely in cash.

Insider Trade Summary

440 shares exercised/converted

Mixed 9 txns

Insider Curley Stephen Russell

Role Chief Banking Ofc.-NBL

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	165	$0.00	--
Exercise	Cash Settled Restricted Stock Units	129	$0.00	--
Exercise	Cash Settled Restricted Stock Units	146	$0.00	--
Exercise	Common Stock	165	$0.00	--
Disposition	Common Stock	165	$78.51	$13K
Exercise	Common Stock	129	$0.00	--
Disposition	Common Stock	129	$78.51	$10K
Exercise	Common Stock	146	$0.00	--
Disposition	Common Stock	0	$78.51	--

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,664 shares (Direct); Common Stock — 41,696 shares (Direct)

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

Derivative exercises: 440 share equivalents Shares disposed to issuer: 294 shares Disposition price: $78.51 per share +4 more

7 metrics

Derivative exercises 440 share equivalents Cash-settled RSUs exercised on April 15, 2026

Shares disposed to issuer 294 shares Common stock returned to issuer on April 15, 2026

Disposition price $78.51 per share Price for common shares disposed to issuer

Post-transaction holdings 41,531 shares Common stock directly owned after transactions

First RSU vesting schedule 36 months 1/36th monthly from March 2024 to February 2027

Second RSU vesting schedule 36 months 1/36th monthly from March 2025 to February 2028

Third RSU vesting schedule 36 months 1/36th monthly from March 2026 to February 2029

Key Terms

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

economic equivalent financial

"Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock."

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"

payable solely in cash financial

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

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 05:05 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^*

Curley Stephen Russell

(Last)

(First)

(Middle)

C/O WESTERN ALLIANCE BANCORPORATION

ONE E. WASHINGTON STREET, STE 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 Banking Ofc.-NBL

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)
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	04/15/2026		M		165⁽¹⁾	A	$0⁽²⁾	41,696	D
Common Stock	04/15/2026		D		165	D	$78.51	41,531	D
Common Stock	04/15/2026		M		129⁽³⁾	A	$0⁽²⁾	41,660	D
Common Stock	04/15/2026		D		129	D	$78.51	41,531	D
Common Stock	04/15/2026		M		146⁽⁴⁾	A	$0⁽²⁾	41,677	D
Common Stock	04/15/2026		D		0	D	$78.51	41,531	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⁾	04/15/2026		M			165	⁽¹⁾	⁽¹⁾	Common Stock	165	⁽²⁾	1,664	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			129	⁽³⁾	⁽³⁾	Common Stock	129	⁽²⁾	2,829	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			146	⁽⁴⁾	⁽⁴⁾	Common Stock	146	⁽²⁾	4,976	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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did WAL executive Stephen Curley report?

Stephen Curley reported routine equity compensation activity involving cash-settled restricted stock units and common stock. He exercised units tied to 440 share equivalents and returned 294 common shares to Western Alliance at $78.51 per share, reflecting standard compensation-related mechanics rather than open-market trading.

How many Western Alliance (WAL) shares did Curley dispose of in this filing?

Curley disposed of 294 common shares through issuer transactions coded as dispositions to the company at $78.51 per share. These were not open-market sales but shares returned directly to Western Alliance, consistent with mechanical adjustments linked to equity compensation exercises.

What are Curley’s Western Alliance (WAL) holdings after these transactions?

After the reported transactions, Curley directly owns 41,531 shares of Western Alliance common stock. This post-transaction balance, reported in the Form 4 data, shows he retains a substantial equity position following the routine exercise and disposition of compensation-related awards.

How do Curley’s cash-settled RSUs for WAL vest and pay out?

Footnotes state these units vest and are payable solely in cash, vesting 1/36th each month over separate 36‑month periods beginning in March 2024, March 2025, and March 2026. Each unit is described as the economic equivalent of one share of Western Alliance common stock.

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

No open-market buys or sells are reported. The Form 4 shows derivative exercises and dispositions to the issuer, not market trades. Codes indicate exercises of cash-settled units and shares returned to Western Alliance, reflecting compensation mechanics rather than discretionary stock purchases or sales.