[Form 4] WESTERN ALLIANCE BANCORPORATION Insider Trading Activity

Rhea-AI Filing Summary

Insider transactions by Lynne Herndon, Chief Credit Officer at Western Alliance Bancorporation (WAL). The Form 4 discloses multiple transactions on 09/15/2025: Herndon acquired cash-settled restricted stock units (RSUs) that are economically equivalent to shares and sold common stock in two separate dispositions at $89.05 per share. After the reported activity, Herndon beneficially owned 1,359 shares. The RSUs vest monthly over multi-year schedules: one series vests 1/36th monthly from March 2024 to February 2027 and another vests 1/36th monthly from March 2025 to February 2028. The Form is signed by an attorney-in-fact on 09/17/2025.

Positive

• Transparent reporting of RSU vesting schedules and sales consistent with Section 16 requirements
• RSUs are explicitly described as economic equivalents of common stock with clear monthly vesting cadence

Negative

• Insider sold common shares on 09/15/2025 at $89.05, reducing beneficial ownership to 1,359 shares
• RSUs are cash-settled, so vesting does not increase share count outstanding

Insights

Securities Analyst

TL;DR: Routine mixed insider activity—scheduled RSU vesting plus sales; no clear material signal to valuation.

The filing reports scheduled cash-settled RSU vesting and contemporaneous small sales at $89.05. The net ownership after transactions is 1,359 shares, indicating these were modest, likely routine transactions tied to compensation vesting and partial dispersals. Transaction codes include M (exercise/settlement of RSUs) and D (dispositions). Given the limited scale versus a public bank's outstanding float, these moves appear non-material for shareholder value but are relevant for insider ownership tracking.

Corporate Governance Expert

TL;DR: Governance shows standard compensation settlement and transparent reporting; timing aligns with vesting schedules.

The disclosure details cash-settled RSUs that vest monthly under two staggered schedules and corresponding sales of common stock. The clear explanation of vesting cadence and the use of an attorney-in-fact signature demonstrates compliance with Section 16 reporting. No indication of atypical acceleration or special arrangements is present in the form text provided.

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
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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^*

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)
09/15/2025

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	09/15/2025		M		35(1)	A	$0(2)	1,394	D
Common Stock	09/15/2025		D		35	D	$89.05	1,359	D
Common Stock	09/15/2025		M		22(3)	A	$0(2)	1,381	D
Common Stock	09/15/2025		D		22	D	$89.05	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)	09/15/2025		M			35	(1)	(1)	Common Stock	35	(2)	577	D
Cash Settled Restricted Stock Units	(2)	09/15/2025		M			22	(3)	(3)	Common Stock	22	(2)	640	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)	09/17/2025
	** 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 transactions did Lynne Herndon report on Form 4 for WAL?

The Form 4 reports acquisitions of cash-settled RSUs and dispositions of common stock on 09/15/2025, with sales at $89.05 per share.

How many shares did Lynne Herndon own after the reported transactions?

After the reported activity, Lynne Herndon beneficially owned 1,359 shares.

What are the vesting schedules for the reported RSUs?

One RSU series vests 1/36th monthly from March 2024 to February 2027 and the other vests 1/36th monthly from March 2025 to February 2028.

Are the RSUs paid in stock or cash in this filing?

The units are cash-settled and described as the economic equivalent of one share each.

Who signed the Form 4 and when?

The Form 4 was signed by Jessica Jarvi (Attorney-in-fact) on 09/17/2025.