Western Alliance Bancorporation (NYSE: WAL) insider details stock sales, RSU activity

Rhea-AI Filing Summary

Western Alliance Bancorporation’s chief credit officer reported transactions in company common stock and cash-settled restricted stock units on December 15, 2025. The activity includes exercises of units that are economically equivalent to common shares, followed by open-market sales of 35 and 22 common shares at a price of $86.18 per share.

After these trades, the officer directly owned 1,359 shares of Western Alliance common stock. The reported cash-settled restricted stock units vest 1/36th each month from March 2024 through February 2027 for one award and from March 2025 through February 2028 for another, and are payable solely in cash, with each unit equal in value to one share of Western Alliance common stock.

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^*

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)
12/15/2025

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	12/15/2025		M		35(1)	A	$0(2)	1,394	D
Common Stock	12/15/2025		D		35	D	$86.18	1,359	D
Common Stock	12/15/2025		M		22(3)	A	$0(2)	1,381	D
Common Stock	12/15/2025		D		22	D	$86.18	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)	12/15/2025		M			35	(1)	(1)	Common Stock	35	(2)	472	D
Cash Settled Restricted Stock Units	(2)	12/15/2025		M			22	(3)	(3)	Common Stock	22	(2)	574	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)	12/16/2025
	** 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.
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FAQ

What insider activity did Western Alliance Bancorporation (WAL) report in this Form 4?

The chief credit officer reported exercises of cash-settled restricted stock units that are economically equivalent to common shares, and same-day open-market sales of 35 and 22 shares of Western Alliance Bancorporation common stock at a stated per-share price.

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

Following the reported transactions, the officer directly owned 1,359 shares of Western Alliance Bancorporation common stock.

At what price were Western Alliance Bancorporation (WAL) shares sold in the reported trades?

The filing shows sales of Western Alliance Bancorporation common stock on December 15, 2025 at a price of $86.18 per share.

What are the cash-settled restricted stock units reported for Western Alliance (WAL)?

The filing lists cash-settled restricted stock units, each of which is the economic equivalent of one share of Western Alliance Bancorporation common stock and is payable solely in cash rather than delivering actual shares.

How do the Western Alliance (WAL) restricted stock units reported in this Form 4 vest?

One grant vests and is payable solely in cash in 1/36th monthly installments from March 2024 through February 2027, and another vests in 1/36th monthly installments from March 2025 through February 2028, with each unit tied to the value of one share of common stock.

What role does the reporting person hold at Western Alliance Bancorporation (WAL)?

The reporting person is identified as an officer of Western Alliance Bancorporation, serving as the company’s Chief Credit Officer.