Western Alliance (WAL) insider RSU exercise and stock sale reported

Rhea-AI Filing Summary

Western Alliance Bancorporation reported insider activity by its Chief Credit Officer on a Form 4 for transactions dated 11/15/2025. The officer exercised cash-settled restricted stock units economically equivalent to 35 and 22 shares of common stock at an exercise price of $0, then disposed of 35 and 22 common shares at $78.17 per share. Following these transactions, the officer beneficially owned 1,359 shares of Western Alliance common stock directly. The filing also notes remaining cash-settled restricted stock units, which vest monthly on the 15th day from March 2024 through February 2027 and from March 2025 through February 2028.

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^*

Herndon Lynne

(Last) (First) (Middle)

1 E. WASHINGTON STREET

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)
	Chief Credit Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

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	11/15/2025		M		35(1)	A	$0(2)	1,394	D
Common Stock	11/15/2025		D		35	D	$78.17	1,359	D
Common Stock	11/15/2025		M		22(3)	A	$0(2)	1,381	D
Common Stock	11/15/2025		D		22	D	$78.17	1,359	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)	11/15/2025		M			35	(1)	(1)	Common Stock	35	(2)	507	D
Cash Settled Restricted Stock Units	(2)	11/15/2025		M			22	(3)	(3)	Common Stock	22	(2)	596	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)	11/18/2025
	** 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.
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.

FAQ

What insider transaction did WAL disclose in this Form 4?

The Form 4 shows the Chief Credit Officer of Western Alliance Bancorporation (WAL) exercised cash-settled restricted stock units and sold the corresponding 35 and 22 common shares on 11/15/2025.

How many Western Alliance (WAL) shares does the insider own after the transactions?

After the reported transactions on 11/15/2025, the Chief Credit Officer beneficially owned 1,359 shares of Western Alliance Bancorporation common stock directly.

At what price were Western Alliance (WAL) shares sold by the insider?

The Form 4 reports that the insider disposed of 35 and 22 shares of Western Alliance common stock at a sale price of $78.17 per share on 11/15/2025.

What are the terms of the Western Alliance cash-settled restricted stock units reported?

The filing states that each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock and is payable solely in cash.

How do the Western Alliance (WAL) restricted stock units vest for this insider?

For one grant, units vest 1/36th on the 15th of each month from March 2024 through February 2027. For another grant, they vest 1/36th monthly from March 2025 through February 2028.

What derivative securities are reported in the WAL Form 4?

The Form 4 lists cash-settled restricted stock units, each economically equivalent to one share of Western Alliance common stock, with remaining holdings of 507 and 596 units after the reported transactions.