Western Alliance (NYSE: WAL) CEO settles cash RSUs, keeps 463,178 shares

Rhea-AI Filing Summary

Western Alliance Bancorporation President and CEO Kenneth Vecchione reported routine equity compensation activity involving cash-settled restricted stock units and common stock. On March 15, 2026, he exercised derivative awards covering 1,571 cash-settled restricted stock units that are economically equivalent to common shares. Matching amounts of common stock were acquired at a stated price of $0.00 per share and then disposed of back to the issuer at $67.97 per share, resulting in no net change to his direct common stock holdings, which remain at 463,178 shares. The filing also shows indirect holdings of 1,950 shares in a 401(k) plan, including employer match as of March 5, 2026, and 750 shares held for a daughter under a UTMA arrangement.

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^*

Vecchione Kenneth

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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	03/15/2026		M		539(1)	A	$0(2)	463,717	D
Common Stock	03/15/2026		D		539	D	$67.97	463,178	D
Common Stock	03/15/2026		M		437(3)	A	$0(2)	463,615	D
Common Stock	03/15/2026		D		437	D	$67.97	463,178	D
Common Stock	03/15/2026		M		595(4)	A	$0(2)	463,773	D
Common Stock	03/15/2026		D		595	D	$67.97	463,178	D
Common Stock								1,950(5)	I	401K Plan
Common Stock								750	I	Darcy Vecchione UTMA (daughter)

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)	03/15/2026		M			539	(1)	(1)	Common Stock	539	(2)	5,941	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			437	(3)	(3)	Common Stock	437	(2)	10,045	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			595	(4)	(4)	Common Stock	595	(2)	20,807	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.

4. 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.

5. Reflects shares held in the 401K Plan to include employer match as of 3/5/2026.

Remarks:

	/s/Jessica Jarvi (Attorney-in-fact)	03/17/2026
	** 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 CEO Kenneth Vecchione report in this Form 4?

Kenneth Vecchione reported exercises of cash-settled restricted stock units and related common stock dispositions back to Western Alliance. He exercised 1,571 units economically equivalent to common shares and then returned the same number of shares to the issuer, leaving his direct holdings unchanged at 463,178 shares.

Did the WAL CEO buy or sell Western Alliance stock on the open market?

No open-market purchases or sales were reported. The Form 4 shows derivative exercises and dispositions coded as transfers back to the issuer at $67.97 per share, which are compensation-related events rather than discretionary market trades in Western Alliance common stock.

How are the WAL CEO’s cash-settled restricted stock units structured and paid?

The restricted stock units are payable solely in cash and each unit is economically equivalent to one share of Western Alliance common stock. They vest monthly, with 1/36th vesting on the 15th of each month over 36-month periods beginning in March 2024, March 2025, and March 2026.

What are Kenneth Vecchione’s direct and indirect WAL share holdings after these transactions?

After the reported transactions, he directly holds 463,178 Western Alliance common shares. Indirectly, he has 1,950 shares in a 401(k) plan, including employer match as of March 5, 2026, and 750 shares held for his daughter in a UTMA account.

Are the WAL CEO’s reported transactions primarily acquisitions or dispositions?

The filing shows a mix of acquisitions and dispositions. He acquired common stock through derivative exercises and then disposed of the same number of shares back to the issuer. This pattern reflects settlement of compensation awards rather than a net increase or decrease in his share position.

How do the vesting schedules affect future WAL compensation for the CEO?

The units vest in equal monthly installments over three-year schedules beginning in March 2024, March 2025, and March 2026. As tranches vest, they become payable in cash based on Western Alliance’s share value, forming an ongoing component of the CEO’s incentive compensation.