Western Alliance (NYSE: WAL) CRO exercises equity awards and returns shares to issuer

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Risk Officer Emily Nachlas reported routine equity compensation activity. On May 15, 2026, she exercised a total of 189 shares worth of awards and disposed of the same number of common shares back to the issuer at $74.42 per share, leaving her with 16,575 common shares held directly. The filing also shows cash-settled restricted stock units that vest monthly through periods ending between February 2027 and February 2029, each unit being the economic equivalent of one common share but payable solely in cash.

Insider Trade Summary

189 shares exercised/converted

Mixed 9 txns

Insider Nachlas Emily

Role Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	72	$0.00	--
Exercise	Cash Settled Restricted Stock Units	53	$0.00	--
Exercise	Cash Settled Restricted Stock Units	64	$0.00	--
Exercise	Common Stock	72	$0.00	--
Disposition	Common Stock	72	$74.42	$5K
Exercise	Common Stock	53	$0.00	--
Disposition	Common Stock	53	$74.42	$4K
Exercise	Common Stock	64	$0.00	--
Disposition	Common Stock	64	$74.42	$5K

Holdings After Transaction: Cash Settled Restricted Stock Units — 645 shares (Direct, null); Common Stock — 16,647 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 exercised: 189 shares Disposition price: $74.42 per share Shares held after: 16,575 shares +3 more

6 metrics

Shares exercised 189 shares Total derivative exercises on May 15, 2026

Disposition price $74.42 per share Issuer dispositions of common stock on May 15, 2026

Shares held after 16,575 shares Direct common stock ownership following transactions

RSUs remaining (first grant) 2,113 units Cash-settled restricted stock units after 64-unit conversion

RSUs remaining (second grant) 1,108 units Cash-settled restricted stock units after 53-unit conversion

RSUs remaining (third grant) 645 units Cash-settled restricted stock units after 72-unit conversion

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""

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^*

Nachlas Emily

(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 Risk 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		72⁽¹⁾	A	$0⁽²⁾	16,647	D
Common Stock	05/15/2026		D		72	D	$74.42	16,575	D
Common Stock	05/15/2026		M		53⁽³⁾	A	$0⁽²⁾	16,628	D
Common Stock	05/15/2026		D		53	D	$74.42	16,575	D
Common Stock	05/15/2026		M		64⁽⁴⁾	A	$0⁽²⁾	16,639	D
Common Stock	05/15/2026		D		64	D	$74.42	16,575	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			72	⁽¹⁾	⁽¹⁾	Common Stock	72	⁽²⁾	645	D
Cash Settled Restricted Stock Units	⁽²⁾	05/15/2026		M			53	⁽³⁾	⁽³⁾	Common Stock	53	⁽²⁾	1,108	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.

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 Western Alliance (WAL) report for Emily Nachlas?

Western Alliance’s Chief Risk Officer Emily Nachlas exercised equity awards tied to 189 shares and returned the same number of common shares to the issuer. These transactions reflect routine compensation-related movements rather than open-market buying or selling activity.

How many Western Alliance (WAL) shares does Emily Nachlas hold after the Form 4?

After the reported transactions, Emily Nachlas directly holds 16,575 shares of Western Alliance common stock. This figure represents her post-transaction equity position as disclosed, showing that the compensation-related movements did not materially change her overall share ownership.

Were there any open-market stock purchases or sales by Emily Nachlas in this filing?

The filing shows exercises of equity awards and dispositions of shares back to the issuer, not open-market purchases or sales. Transactions are coded as derivative exercises and issuer dispositions, indicating compensation-related activity rather than trading on public markets.

What are cash-settled restricted stock units reported for Western Alliance (WAL)?

The cash-settled restricted stock units are compensation awards that vest monthly and are payable solely in cash. Each unit is the economic equivalent of one share of Western Alliance common stock, providing share-linked value without issuing additional shares upon settlement.

Over what period do Emily Nachlas’s Western Alliance cash-settled RSUs vest?

The cash-settled RSUs vest in equal monthly installments over 36-month periods starting in March 2024, March 2025, and March 2026. These schedules run through February 2027, February 2028, and February 2029, creating a steady stream of vesting compensation.