Western Alliance (NYSE: WAL) director granted 2,580 deferred stock units

Rhea-AI Filing Summary

Western Alliance Bancorporation director granted deferred stock units

Director Michael Papay received a grant of 2,580 Deferred Stock Units on February 5, 2026 under Western Alliance Bancorporation’s stock incentive program. These units vest on February 5, 2027 and are credited under the company’s Director Deferral Plan.

After Papay’s separation from service, the deferred stock units will be settled in shares of Western Alliance common stock issued under the stock incentive plan. The filing shows 2,580 derivative securities beneficially owned directly following the grant.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Papay Michael

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Deferred Stock Units	2,580	$0.00	--

Holdings After Transaction: Deferred Stock Units — 2,580 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

Papay Michael

(Last) (First) (Middle)

C/O WESTERN ALLIANCE BANCORPORATION

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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

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

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
Deferred Stock Units	(1)	02/05/2026		A		2,580		(1)	(1)	Common Stock	2,580	$0	2,580	D

Explanation of Responses:

1. Represents the grant of Deferred Stock Units under the Issuer's Stock Incentive Plan and credited under the Issuer's Director Deferral Plan, vesting on February 5, 2027. Deferred Stock Units are paid in shares of Common Stock issued under the Issuer's Stock Incentive Plan after a separation from service pursuant to the Director Deferral Plan

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).
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 director Michael Papay report on February 5, 2026?

Director Michael Papay reported receiving 2,580 Deferred Stock Units on February 5, 2026. The grant was made under Western Alliance Bancorporation’s Stock Incentive Plan and is credited under its Director Deferral Plan, with settlement in common stock after separation from service.

How many Western Alliance (WAL) deferred stock units were granted to Michael Papay?

Michael Papay was granted 2,580 Deferred Stock Units. These derivative securities are shown as directly beneficially owned after the transaction and will ultimately be paid in Western Alliance common stock under the company’s Stock Incentive Plan, following the Director Deferral Plan terms.

When do Michael Papay’s Western Alliance (WAL) deferred stock units vest?

The 2,580 Deferred Stock Units granted to Michael Papay vest on February 5, 2027. Vesting means he earns the right to receive the underlying Western Alliance common shares later, subject to settlement rules under the company’s Director Deferral Plan.

How will Michael Papay’s WAL deferred stock units be settled?

Papay’s Deferred Stock Units will be paid in shares of Western Alliance common stock. Settlement occurs after his separation from service, with shares issued under the company’s Stock Incentive Plan pursuant to the Director Deferral Plan provisions described in the Form 4 footnote.

Is the Papay Form 4 transaction a purchase or an award of WAL securities?

The Form 4 shows an award, not a market purchase, coded as an “A” transaction. It represents a grant of 2,580 Deferred Stock Units under Western Alliance Bancorporation’s Stock Incentive Plan, rather than shares bought or sold on the open market.