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Western Alliance (NYSE: WAL) credit chief exercises RSUs and shifts stake

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

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Credit Officer Lynne Herndon reported routine equity compensation activity involving small share amounts. On May 15, 2026, Herndon exercised derivative awards and disposed of corresponding common shares back to the issuer, including 27, 22 and 35 shares of common stock at $74.42 per share in issuer dispositions.

Following these transactions, Herndon directly held 1,880 shares of Western Alliance common stock. The filing also shows multiple transactions in cash-settled restricted stock units that are economically equivalent to one share of common stock each and vest in monthly installments through periods ending in February 2027, February 2028 and February 2029, payable solely in cash.

Positive

  • None.

Negative

  • None.
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 $74.42 $3K
Exercise Common Stock 22 $0.00 $0.00
Disposition Common Stock 22 $74.42 $2K
Exercise Common Stock 27 $0.00 $0.00
Disposition Common Stock 27 $74.42 $2K
Holdings After Transaction: Cash Settled Restricted Stock Units — 1,667 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
Issuer disposition 1 27 shares at $74.42 Common Stock disposition to issuer on May 15, 2026
Issuer disposition 2 22 shares at $74.42 Common Stock disposition to issuer on May 15, 2026
Issuer disposition 3 35 shares at $74.42 Common Stock disposition to issuer on May 15, 2026
Shares held after transactions 1,880 shares Direct common stock ownership following transactions
Total exercised shares 84 shares Exercise or conversion of derivative securities reported in summary
Cash Settled Restricted Stock Units financial
"The filing also shows multiple transactions in 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
"including 27, 22 and 35 shares of common stock at $74.42 per share in issuer dispositions."
Exercise or conversion of derivative security financial
"Herndon exercised derivative awards and disposed of corresponding common shares back to the issuer..."
economic equivalent financial
"each economically equivalent to one share of Western Alliance common stock..."

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

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Form 4 Insider Transactions: What Each Field Means →

FAQ

What insider transactions did WAL Chief Credit Officer Lynne Herndon report?
Lynne Herndon reported exercising derivative awards and disposing of small amounts of common stock back to Western Alliance. The transactions included 27, 22 and 35 shares at $74.42 per share, plus related movements in cash-settled restricted stock units.

How many Western Alliance (WAL) shares does Lynne Herndon hold after these Form 4 transactions?
After the reported transactions, Lynne Herndon directly holds 1,880 shares of Western Alliance common stock. This reflects the net position after exercising derivative awards and returning small share amounts to the issuer on May 15, 2026.

Were Lynne Herndon’s WAL transactions open-market buys or sales?
The filing describes issuer dispositions and derivative exercises, not open-market trades. Herndon disposed of shares to the issuer at $74.42 per share and exercised derivative awards, a pattern typical of compensation-related activity rather than discretionary market buying or selling.

What are the cash settled restricted stock units reported for Western Alliance (WAL)?
The filing shows cash settled restricted stock units, each economically equivalent to one WAL common share. These units vest and are payable solely in cash, with 1/36th vesting monthly over 36-month periods beginning March 2024, March 2025 and March 2026, through February 2029.

Does Lynne Herndon still hold derivative awards tied to Western Alliance stock?
Yes. The Form 4 indicates ongoing positions in cash settled restricted stock units that vest monthly and are payable in cash. Each unit represents the economic equivalent of one share of Western Alliance common stock, with vesting schedules extending into 2027, 2028 and 2029.
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)
05/15/2026		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 Stock05/15/2026M35(1)A$0(2)1,915D
Common Stock05/15/2026D35D$74.421,880D
Common Stock05/15/2026M22(3)A$0(2)1,902D
Common Stock05/15/2026D22D$74.421,880D
Common Stock05/15/2026M27(4)A$0(2)1,907D
Common Stock05/15/2026D27D$74.421,880D
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)05/15/2026M35 (1) (1)Common Stock35(2)297D
Cash Settled Restricted Stock Units(2)05/15/2026M22 (3) (3)Common Stock22(2)464D
Cash Settled Restricted Stock Units(2)05/15/2026M27 (4) (4)Common Stock27(2)906D
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)05/19/2026
** 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