Western Alliance (WAL) Insider: RSU Cash Settlements and Stock Sales Reported

Rhea-AI Filing Summary

Insider transactions by Tim R. Bruckner, CBO for Regional Banking at Western Alliance Bancorporation (WAL). The Form 4 shows multiple transactions on 08/15/2025 involving common stock and cash-settled restricted stock units (RSUs). The filing reports cash-settled RSUs being recognized as acquisitions (158 and 115 units) that are economically equivalent to shares and vest monthly through February 2027 and February 2028 respectively. Reported open-market disposals occurred at a sale price of $82.55, reducing the reported direct holdings to 24,759 shares after the trades. The form is signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Transparent disclosure of RSU vesting schedules and corresponding transactions
• Specific price reported for share disposals ($82.55) and resulting post-transaction ownership (24,759 shares)

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Insider disclosed scheduled cash-settled RSU vesting and concurrent sales, indicating routine compensation vesting and liquidity actions.

The Form 4 details planned vesting schedules for two separate RSU grants that convert economically to common shares and are paid in cash monthly through early 2027 and 2028. The reporting person sold common stock at $82.55 on the same date, with beneficial ownership reported at 24,759 shares post-transactions. These entries align with compensation vesting and personal disposition rather than an extraordinary corporate event.

Compensation & Securities Analyst

TL;DR: Compensation-related vesting events were recorded; cash settlement and monthly vesting cadence are specified.

The filing specifies two RSU grants with different vesting windows: one beginning March 2024 vesting through February 2027 and another beginning March 2025 vesting through February 2028, each paid in cash and treated as economic equivalents of common shares. The filing reports acquisition entries coded as M (likely conversion/vesting) and sale entries coded as D at $82.55, leaving a stable direct ownership position after the transactions.

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

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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 AZ 85004

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	08/15/2025		M		158(1)	A	$0(2)	24,917	D
Common Stock	08/15/2025		D		158	D	$82.55	24,759	D
Common Stock	08/15/2025		M		115(3)	A	$0(2)	24,874	D
Common Stock	08/15/2025		D		115	D	$82.55	24,759	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	08/15/2025		M			158	(1)	(1)	Common Stock	158	(2)	2,851	D
Cash Settled Restricted Stock Units	(2)	08/15/2025		M			115	(3)	(3)	Common Stock	115	(2)	3,448	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.

Remarks:

	/s/Jessica Jarvi (Attorney-in-fact)	08/18/2025
	** 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.
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FAQ

What transactions did Tim R. Bruckner report on Form 4 for WAL?

The Form 4 reports cash-settled RSU vesting entries and open-market sales of common stock on 08/15/2025, with sales at $82.55 and post-transaction ownership of 24,759 shares.

How many RSU units vested or were recognized on 08/15/2025?

The filing lists 158 units from one grant and 115 units from another as recognized on 08/15/2025, corresponding to 2,851 and 3,448 underlying shares reported in derivatives table entries.

Are the RSUs paid in stock or cash?

The RSUs are cash-settled and are described as the economic equivalent of one share each, payable in cash according to the stated monthly vesting schedules.

What are the vesting schedules for the RSU grants?

One grant vests 1/36th monthly from March 2024 through February 2027; the other vests 1/36th monthly from March 2025 through February 2028.

Who signed the Form 4 and when?

The Form 4 was signed by Jessica Jarvi as attorney-in-fact on behalf of the reporting person on 08/18/2025.