Western Alliance (WAL) CBO exercises 415 RSUs and disposes matching shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation executive Tim R. Bruckner, CBO for Regional Banking, reported compensation-related transactions involving cash-settled restricted stock units that are each the economic equivalent of one common share. On April 15, 2026, he exercised 415 such units into common stock and disposed of an equal number of shares back to the issuer at $78.51 per share. Following these transactions, he holds 29,068 shares of common stock directly. The units vest monthly in small installments over multi-year periods and are payable solely in cash.

Insider Trade Summary

415 shares exercised/converted

Mixed 9 txns

Insider Bruckner Tim R

Role CBO for Regional Banking

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	158	$0.00	--
Exercise	Cash Settled Restricted Stock Units	115	$0.00	--
Exercise	Cash Settled Restricted Stock Units	142	$0.00	--
Exercise	Common Stock	158	$0.00	--
Disposition	Common Stock	158	$78.51	$12K
Exercise	Common Stock	115	$0.00	--
Disposition	Common Stock	115	$78.51	$9K
Exercise	Common Stock	142	$0.00	--
Disposition	Common Stock	142	$78.51	$11K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,587 shares (Direct); Common Stock — 29,226 shares (Direct)

Footnotes (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. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock. 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. 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.

Key Figures

RSUs exercised: 415 units Disposition price: $78.51 per share Post-transaction holdings: 29,068 shares +5 more

8 metrics

RSUs exercised 415 units Cash Settled Restricted Stock Units exercised on April 15, 2026

Disposition price $78.51 per share Price for 158, 115 and 142 share dispositions to issuer

Post-transaction holdings 29,068 shares Common stock directly held after April 15, 2026 transactions

RSU tranche 1 158 units Cash-settled RSUs exercised; economically equivalent common shares

RSU tranche 2 115 units Cash-settled RSUs exercised; economically equivalent common shares

RSU tranche 3 142 units Cash-settled RSUs exercised; economically equivalent common shares

Monthly vesting fraction 1/36th Units vest 1/36th on the 15th of each month

Vesting periods 36 months Vesting periods March 2024–February 2027, March 2025–February 2028, March 2026–February 2029

Key Terms

Cash Settled Restricted Stock Units, economic equivalent, Disposition to issuer, derivative exercise/conversion, +1 more

5 terms

Cash Settled Restricted Stock Units financial

"These units vest and are payable solely in cash as follows"

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.

economic equivalent financial

"Each unit is the economic equivalent of one share of Western Alliance"

Disposition to issuer financial

"transaction_code_description: "Disposition to issuer""

derivative exercise/conversion financial

"transaction_action: "derivative exercise/conversion""

vesting financial

"These units vest and are payable solely in cash as follows: 1/36th"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 05:05 PM

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^*

Bruckner Tim R

(Last)

(First)

(Middle)

ONE E WASHINGTON ST., 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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	CBO for Regional Banking

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/15/2026		M		158⁽¹⁾	A	$0⁽²⁾	29,226	D
Common Stock	04/15/2026		D		158	D	$78.51	29,068	D
Common Stock	04/15/2026		M		115⁽³⁾	A	$0⁽²⁾	29,183	D
Common Stock	04/15/2026		D		115	D	$78.51	29,068	D
Common Stock	04/15/2026		M		142⁽⁴⁾	A	$0⁽²⁾	29,210	D
Common Stock	04/15/2026		D		142	D	$78.51	29,068	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			158	⁽¹⁾	⁽¹⁾	Common Stock	158	⁽²⁾	1,587	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			115	⁽³⁾	⁽³⁾	Common Stock	115	⁽²⁾	2,528	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			142	⁽⁴⁾	⁽⁴⁾	Common Stock	142	⁽²⁾	4,819	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.

Remarks:

	/s/Jessica Jarvi (Attorney-in-fact)	04/17/2026
	** 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).
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

FAQ

What insider transactions did WAL executive Tim R. Bruckner report?

Tim R. Bruckner reported exercising 415 cash-settled restricted stock units into Western Alliance Bancorporation common stock and disposing 415 common shares back to the issuer at $78.51 per share, leaving him with 29,068 directly held common shares.

How many Western Alliance (WAL) RSUs did Bruckner exercise in this filing?

Bruckner exercised 415 cash-settled restricted stock units, split into tranches of 158, 115, and 142 units. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock, making the total economically equivalent to 415 common shares.

At what price were WAL shares disposed of in Bruckner’s Form 4?

Common shares were disposed of to the issuer at $78.51 per share. These dispositions matched the 158, 115, and 142-share exercises, so 415 shares in total were returned to Western Alliance Bancorporation at that $78.51 price level.

What are Bruckner’s holdings after these Western Alliance (WAL) transactions?

After the reported transactions, Bruckner directly holds 29,068 shares of Western Alliance Bancorporation common stock. This figure reflects his position after exercising 415 cash-settled restricted stock units and disposing of an equal number of shares back to the issuer.

How do Bruckner’s WAL cash-settled RSUs vest and pay out?

The cash-settled restricted stock units vest monthly in equal 1/36th installments on the 15th of each month over 36-month periods. According to the disclosure, these units are payable solely in cash, and each unit is economically equivalent to one common share.

What is the nature of the dispositions reported in Bruckner’s WAL Form 4?

The Form 4 characterizes the dispositions as transactions coded “D,” described as a disposition to the issuer. These events are tied to 158, 115, and 142 common shares, each block priced at $78.51 per share in the reported transactions.