Western Alliance (NYSE: WAL) CRO awarded shares and cash units

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Risk Officer Emily Nachlas reported new equity-linked awards. On February 5, 2026, she acquired 1,537 shares of common stock at $0 per share, bringing her directly held stake to 16,208 shares.

She was also granted 2,305 cash-settled restricted stock units, each economically equivalent to one common share. These units vest and are paid solely in cash, with 1/36th vesting on the 15th of each month from March 2026 through February 2029.

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

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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^*

Nachlas Emily

(Last) (First) (Middle)

C/O WESTERN ALLIANCE BANCORPORATION

ONE E. WASHINGTON STREET, STE 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 Risk Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/05/2026

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	02/05/2026		A		1,537	A	$0	16,208	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	(1)	02/05/2026		A		2,305		(2)	(2)	Common Stock	2,305	(1)	2,305	D

Explanation of Responses:

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

2. 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)	02/09/2026
	** 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).
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FAQ

What insider transactions did WAL Chief Risk Officer Emily Nachlas report?

Emily Nachlas reported acquiring 1,537 shares of Western Alliance common stock at $0 per share and receiving 2,305 cash-settled restricted stock units, each equal in value to one share, according to a Form 4 dated February 5, 2026.

How many Western Alliance (WAL) shares does the CRO hold after this Form 4?

After the reported transaction, Chief Risk Officer Emily Nachlas directly beneficially owns 16,208 shares of Western Alliance Bancorporation common stock. This figure reflects her holdings immediately following the February 5, 2026 acquisition of 1,537 additional shares at $0 per share.

What are the terms of the cash-settled restricted stock units reported by WAL’s CRO?

Nachlas received 2,305 cash-settled restricted stock units, each economically equivalent to one Western Alliance common share. These units vest and are payable solely in cash, with 1/36th vesting monthly on the 15th from March 2026 through February 2029.

Are the restricted stock units reported by WAL’s CRO settled in stock or cash?

The restricted stock units are settled solely in cash, not in stock. Each of the 2,305 units is the economic equivalent of one Western Alliance common share, but the payout is made in cash following the specified monthly vesting schedule.

On what date were the WAL insider transactions by the CRO executed?

Both the acquisition of 1,537 Western Alliance common shares and the grant of 2,305 cash-settled restricted stock units to Chief Risk Officer Emily Nachlas were executed on February 5, 2026, as disclosed in the Form 4 insider trading report.