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  4. [Form 4] WESTERN ALLIANCE BANCORPORATION Insider Trading Activity

Western Alliance (NYSE: WAL) CCO reports RSU-linked share transactions

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Credit Officer Lynne Herndon reported a series of small, compensation-related transactions in common stock and cash-settled restricted stock units on June 15, 2026.

Herndon exercised derivative awards tied to common stock and recorded matching dispositions of 27, 22, and 35 common shares back to the issuer at $81.81 per share. These movements are associated with cash-settled restricted stock units, each unit being the economic equivalent of one share of common stock and vesting monthly in 36 installments between March 2024 and February 2029.

Following these transactions, Herndon directly holds 1,880 common shares, while remaining cash-settled units continue to vest and pay out in cash over the disclosed schedules.

Positive

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Negative

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Insider Herndon Lynne
Role Chief Credit Officer
Type Security Shares Price Value
Exercise Cash Settled Restricted Stock Units 35 $0.00 $0.00
Exercise Cash Settled Restricted Stock Units 22 $0.00 $0.00
Exercise Cash Settled Restricted Stock Units 27 $0.00 $0.00
Exercise Common Stock 35 $0.00 $0.00
Disposition Common Stock 35 $81.81 $3K
Exercise Common Stock 22 $0.00 $0.00
Disposition Common Stock 22 $81.81 $2K
Exercise Common Stock 27 $0.00 $0.00
Disposition Common Stock 27 $81.81 $2K
Holdings After Transaction: Cash Settled Restricted Stock Units — 1,583 shares (Direct); Common Stock — 1,880 shares (Direct)
Footnotes (4)
  1. F1. 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. F2. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.
  3. F3. 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. F4. 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
Common shares disposed to issuer 27 shares at $81.81 Disposition to issuer on June 15, 2026
Additional issuer dispositions 22 shares at $81.81 Disposition to issuer on June 15, 2026
Further issuer dispositions 35 shares at $81.81 Disposition to issuer on June 15, 2026
Derivative exercises (common stock) 84 shares Exercise or conversion of derivative securities
Shares held after transactions 1,880 shares Direct common stock holdings post June 15, 2026
RSUs remaining after 2024 grant activity 879 units Cash-settled RSUs vesting Mar 2024–Feb 2027
RSUs remaining after 2025 grant activity 442 units Cash-settled RSUs vesting Mar 2025–Feb 2028
RSUs remaining after 2026 grant activity 262 units Cash-settled RSUs vesting Mar 2026–Feb 2029
Cash Settled Restricted Stock Units financial
"security_title: "Cash Settled Restricted Stock Units""
Cash-settled restricted stock units are employee compensation promises that mirror the value of company shares but pay out in cash instead of delivering actual stock once the units vest. Think of them as a future paycheck tied to the company’s share price that is paid after time or performance conditions are met. Investors watch them because they create future cash obligations for the company and avoid share dilution, both of which can affect earnings, cash flow and per-share metrics.
Disposition to issuer financial
"transaction_code_description: "Disposition to issuer""
Exercise or conversion of derivative security financial
"transaction_code_description: "Exercise or conversion of derivative security""
economic equivalent of one share financial
"Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock."
vest and are payable solely in cash financial
"These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month..."

FAQ

What insider transactions did WAL’s Chief Credit Officer report?
Lynne Herndon reported small issuer-related transactions in Western Alliance common stock. They involved exercising derivative awards and matching dispositions of 27, 22, and 35 shares at $81.81 per share, tied to cash-settled restricted stock units granted as compensation.

How many Western Alliance (WAL) shares does Lynne Herndon hold after these transactions?
After the reported transactions, Lynne Herndon directly holds 1,880 shares of Western Alliance Bancorporation common stock. This figure reflects her position following the exercise of derivative awards and related dispositions back to the issuer on June 15, 2026.

What are the cash-settled restricted stock units reported by WAL’s CCO?
The cash-settled restricted stock units are compensation awards payable solely in cash. Each unit is economically equivalent to one share of Western Alliance common stock, providing the same value exposure without issuing additional shares directly to the insider.

How do the WAL restricted stock units vest for the Chief Credit Officer?
The units vest monthly, with 1/36th vesting on the 15th of each month over 36 months. Different grants run from March 2024–February 2027, March 2025–February 2028, and March 2026–February 2029, creating staggered vesting schedules for the awards.

Were the WAL insider transactions open-market buys or sales?
No open-market purchases or sales were reported. The Form 4 lists exercises of derivative awards and dispositions to the issuer, rather than open-market trading, all tied to compensation arrangements and cash-settled restricted stock unit vesting.

What does the Form 4 reveal about net share changes for WAL’s CCO?
The transaction summary shows neutral net buy-sell activity, with netBuySellShares reported as zero. This indicates that, despite exercises and dispositions, the transactions did not materially change the overall net number of shares held through open-market activity.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Herndon Lynne
(Last)(First)(Middle)
1 E. WASHINGTON STREET
SUITE 1400
(Street)
PHOENIX ARIZONA 85004
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
WESTERN ALLIANCE BANCORPORATION [ WAL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Credit Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(A) or (D)Price
Common Stock06/15/2026M35(1)A$0(2)1,915D
Common Stock06/15/2026D35D$81.811,880D
Common Stock06/15/2026M22(3)A$0(2)1,902D
Common Stock06/15/2026D22D$81.811,880D
Common Stock06/15/2026M27(4)A$0(2)1,907D
Common Stock06/15/2026D27D$81.811,880D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Cash Settled Restricted Stock Units(2)06/15/2026M35 (1) (1)Common Stock35(2)262D
Cash Settled Restricted Stock Units(2)06/15/2026M22 (3) (3)Common Stock22(2)442D
Cash Settled Restricted Stock Units(2)06/15/2026M27 (4) (4)Common Stock27(2)879D
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
Remarks:
/s/Jessica Jarvi (Attorney-in-fact)06/17/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR