Western Alliance (NYSE: WAL) HR chief holds 10,332 shares after equity transactions

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Human Resources Officer Barbara Kennedy reported routine equity compensation activity involving cash-settled restricted stock units tied to common stock. On May 15, 2026, she exercised derivatives covering 257 units, with corresponding dispositions of matching common shares to the issuer at $74.42 per share. Following these transactions, she holds 10,332 common shares directly and 22,797 shares indirectly through the Kennedy Family Trust, plus outstanding cash-settled units that vest monthly through February 2029.

Insider Trade Summary

257 shares exercised/converted

Mixed 10 txns

Insider Kennedy Barbara

Role Chief Human Resources Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	101	$0.00	--
Exercise	Cash Settled Restricted Stock Units	74	$0.00	--
Exercise	Cash Settled Restricted Stock Units	82	$0.00	--
Exercise	Common Stock	101	$0.00	--
Disposition	Common Stock	101	$74.42	$8K
Exercise	Common Stock	74	$0.00	--
Disposition	Common Stock	74	$74.42	$6K
Exercise	Common Stock	82	$0.00	--
Disposition	Common Stock	82	$74.42	$6K
holding	Common Stock	--	--	--

Holdings After Transaction: Cash Settled Restricted Stock Units — 897 shares (Direct, null); Common Stock — 10,433 shares (Direct, null); Common Stock — 22,797 shares (Indirect, Barbara and Ted Kennedy TTEE Kennedy Family Trust)

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: 257 shares Disposition price: $74.42 per share Direct common shares: 10,332 shares +4 more

7 metrics

Derivative exercises 257 shares Common stock underlying cash-settled restricted stock units exercised on May 15, 2026

Disposition price $74.42 per share Price for dispositions of common stock to issuer on May 15, 2026

Direct common shares 10,332 shares Direct Western Alliance common stock holdings after transactions

Indirect common shares 22,797 shares Indirect holdings via Kennedy Family Trust after transactions

Cash-settled units grant 1 2,717 units Cash-settled restricted stock units outstanding in one grant after May 15, 2026

Cash-settled units grant 2 1,539 units Cash-settled restricted stock units outstanding in second grant after May 15, 2026

Cash-settled units grant 3 897 units Cash-settled restricted stock units outstanding in third grant after May 15, 2026

Key Terms

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

5 terms

Cash Settled Restricted Stock Units financial

"security_title: Cash Settled Restricted Stock Units; units vest and are payable solely in cash"

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.

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"

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^*

Kennedy Barbara

(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)
	Chief Human Resources Officer

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		101⁽¹⁾	A	$0⁽²⁾	10,433	D
Common Stock	05/15/2026		D		101	D	$74.42	10,332	D
Common Stock	05/15/2026		M		74⁽³⁾	A	$0⁽²⁾	10,406	D
Common Stock	05/15/2026		D		74	D	$74.42	10,332	D
Common Stock	05/15/2026		M		82⁽⁴⁾	A	$0⁽²⁾	10,414	D
Common Stock	05/15/2026		D		82	D	$74.42	10,332	D
Common Stock								22,797	I	Barbara and Ted Kennedy TTEE Kennedy Family Trust

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			101	⁽¹⁾	⁽¹⁾	Common Stock	101	⁽²⁾	897	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			74	⁽³⁾	⁽³⁾	Common Stock	74	⁽²⁾	1,539	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			82	⁽⁴⁾	⁽⁴⁾	Common Stock	82	⁽²⁾	2,717	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 Barbara Kennedy report on May 15, 2026?

Barbara Kennedy reported exercises of 257 cash-settled restricted stock units and matching dispositions of common stock to the issuer at $74.42 per share. These transactions reflect routine equity compensation activity rather than open-market buying or selling of Western Alliance Bancorporation common stock.

How many Western Alliance (WAL) shares does Barbara Kennedy hold after these Form 4 transactions?

After the reported transactions, Barbara Kennedy holds 10,332 Western Alliance common shares directly and 22,797 shares indirectly via the Kennedy Family Trust. These figures show her total reported equity position in WAL common stock at the close of the May 15, 2026 activity.

What are cash-settled restricted stock units in the WAL Form 4 for Barbara Kennedy?

The cash-settled restricted stock units are awards that pay out only in cash and are economically equivalent to one share of Western Alliance common stock each. They track the stock’s value but do not deliver actual shares upon vesting or settlement to the reporting person.

What vesting schedule applies to Barbara Kennedy’s Western Alliance cash-settled units?

The units vest and are payable solely in cash in equal monthly installments. Different grants vest 1/36th each month over 36-month periods beginning March 2024, March 2025, and March 2026, ending in February 2027, February 2028, and February 2029 respectively.

Were Barbara Kennedy’s May 2026 WAL transactions open-market stock sales or purchases?

The Form 4 shows derivative exercises and dispositions to the issuer, not open-market trades. Transaction codes M and D indicate derivative exercises and issuer dispositions, so no open-market buying or selling of Western Alliance common stock is reported in these entries.

How many cash-settled units remain outstanding for Barbara Kennedy after these WAL transactions?

After the May 15, 2026 transactions, Barbara Kennedy has 2,717, 1,539, and 897 cash-settled restricted stock units outstanding in separate grants. Each unit is economically equivalent to one Western Alliance common share and will vest monthly within its respective 36-month schedule.