Western Alliance (NYSE: WAL) CLO reports cash-settled RSU exercises, neutral share impact

Rhea-AI Filing Summary

Western Alliance Bancorporation CLO & Secretary Jessica H. Jarvi reported routine equity-related transactions involving cash-settled restricted stock units and common stock on May 15, 2026. She exercised a total of 168 cash-settled restricted stock units, each economically equivalent to one share of common stock, in three blocks of 64, 46 and 58 units. Matching dispositions of 64, 46 and 58 common shares were made to the issuer at $74.42 per share, resulting in no net open-market buying or selling. After the transactions, Jarvi directly held 13,707 common shares and indirectly held 2,074 shares through a WAL 401(k) account, and continued to hold cash-settled units that vest monthly between March 2024 and February 2029.

Insights

Equity compensation analyst

Routine cash-settled RSU vesting with offsetting issuer dispositions, net neutral.

Jessica H. Jarvi’s Form 4 shows compensation-driven activity, not open-market trading. She exercised 168 cash-settled restricted stock units tied to Western Alliance Bancorporation common stock and disposed of corresponding shares back to the issuer at $74.42 per share.

The units are payable solely in cash and vest 1/36th monthly over multi‑year periods running from March 2024 through February 2029. This structure provides ongoing cash-based incentives linked to the stock price while limiting direct share issuance in these specific awards.

Post‑transaction, Jarvi held 13,707 common shares directly and 2,074 indirectly via a WAL 401(k), indicating a continuing equity stake. With no net share purchases or sales and no remaining derivative positions shown, the filing reflects standard executive compensation mechanics rather than a directional bet on the stock.

Insider Trade Summary

168 shares exercised/converted

Mixed 10 txns

Insider Jarvi Jessica H

Role CLO & Secretary

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	58	$0.00	--
Exercise	Cash Settled Restricted Stock Units	46	$0.00	--
Exercise	Cash Settled Restricted Stock Units	64	$0.00	--
Exercise	Common Stock	58	$0.00	--
Disposition	Common Stock	58	$74.42	$4K
Exercise	Common Stock	46	$0.00	--
Disposition	Common Stock	46	$74.42	$3K
Exercise	Common Stock	64	$0.00	--
Disposition	Common Stock	64	$74.42	$5K
holding	Common Stock	--	--	--

Holdings After Transaction: Cash Settled Restricted Stock Units — 505 shares (Direct, null); Common Stock — 13,765 shares (Direct, null); Common Stock — 2,074 shares (Indirect, WAL 401(k))

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. Reflects shares held in the 401K Plan to include employer match as of 5/14/2026.

Key Figures

Issuer disposition price: $74.42 per share Disposition shares (block 1): 64 shares Disposition shares (block 2): 46 shares +4 more

7 metrics

Issuer disposition price $74.42 per share Common stock dispositions to issuer on May 15, 2026

Disposition shares (block 1) 64 shares Common stock returned to issuer at $74.42

Disposition shares (block 2) 46 shares Common stock returned to issuer at $74.42

Disposition shares (block 3) 58 shares Common stock returned to issuer at $74.42

RSU exercises total 168 units Cash-settled restricted stock units exercised, economic equivalent of shares

Direct holdings post-transaction 13,707 shares Common stock directly owned after May 15, 2026 transactions

401(k) holdings 2,074 shares Indirect common stock via WAL 401(k) as of May 14, 2026

Key Terms

Cash Settled Restricted Stock Units, Disposition to issuer, economic equivalent of one share, WAL 401(k), +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.

Disposition to issuer financial

"transaction_code_description: Disposition to issuer"

economic equivalent of one share financial

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

WAL 401(k) financial

"Reflects shares held in the 401K Plan to include employer match as of 5/14/2026."

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

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^*

Jarvi Jessica H

(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)
	CLO & Secretary

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	05/15/2026		M		58(1)	A	$0(2)	13,765	D
Common Stock	05/15/2026		D		58	D	$74.42	13,707	D
Common Stock	05/15/2026		M		46(3)	A	$0(2)	13,753	D
Common Stock	05/15/2026		D		46	D	$74.42	13,707	D
Common Stock	05/15/2026		M		64(4)	A	$0(2)	13,771	D
Common Stock	05/15/2026		D		64	D	$74.42	13,707	D
Common Stock								2,074(5)	I	WAL 401(k)

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)	05/15/2026		M			58	(1)	(1)	Common Stock	58	(2)	505	D
Cash Settled Restricted Stock Units	(2)	05/15/2026		M			46	(3)	(3)	Common Stock	46	(2)	965	D
Cash Settled Restricted Stock Units	(2)	05/15/2026		M			64	(4)	(4)	Common Stock	64	(2)	2,113	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.

5. Reflects shares held in the 401K Plan to include employer match as of 5/14/2026.

Remarks:

	Jessica H. Jarvi	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)

FAQ

What insider transactions did WAL executive Jessica H. Jarvi report on this Form 4?

Jessica H. Jarvi reported exercises of cash-settled restricted stock units and related dispositions of Western Alliance Bancorporation common stock. She exercised 168 units in total and disposed of matching share amounts back to the issuer at $74.42 per share, resulting in no net open-market trades.

How many Western Alliance (WAL) shares does Jessica H. Jarvi hold after these transactions?

After the reported transactions, Jessica H. Jarvi directly held 13,707 shares of Western Alliance Bancorporation common stock. She also indirectly held 2,074 shares through a WAL 401(k) plan account, reflecting ongoing equity exposure alongside her cash-settled restricted stock unit awards.

What are cash-settled restricted stock units in the Western Alliance (WAL) filing?

The cash-settled restricted stock units are awards payable solely in cash, each economically equivalent to one Western Alliance Bancorporation common share. They do not deliver actual shares but track share value, and they vest 1/36th monthly over specified 36‑month periods described in the footnotes.

Were the WAL insider transactions open-market buys or sells of stock?

The filing shows no open-market purchases or sales. Instead, it reports exercises of cash-settled restricted stock units and corresponding dispositions of common shares to the issuer at $74.42 per share, leaving Jarvi’s net buy/sell share count neutral according to the transaction summary data.

What vesting schedule applies to Jessica H. Jarvi’s WAL cash-settled units?

The cash-settled units vest and are payable solely in cash as 1/36th installments on the 15th of each month. The schedules run over 36‑month periods beginning in March 2024, March 2025, and March 2026, and ending in February 2027, 2028, and 2029 respectively.

How many Western Alliance (WAL) units did Jarvi exercise in this Form 4?

Jarvi exercised 168 cash-settled restricted stock units tied to Western Alliance Bancorporation common stock. These were reported in three separate derivative transactions of 64, 46, and 58 units, each at a conversion price of $0.00 and each economically equivalent to one share of common stock.