Western Alliance (WAL) officer discloses November 15 Form 4 activity

Q: What insider activity did WAL report on this Form 4?

The Form 4 reports that a Western Alliance Bancorporation (WAL) officer executed multiple transactions in common stock on 11/15/2025 , including exercises of equity awards (coded “M”) and same‑day sales of the resulting shares.

Q: At what price were the WAL shares sold in the reported Form 4?

The reported sales of WAL common stock on 11/15/2025 were executed at a price of $78.17 per share for both the 165-share and 129-share sale transactions.

Q: How do the WAL cash-settled RSUs vest according to the Form 4?

One RSU award vests at 1/36th per month on the 15th from March 2024 through February 2027 , and another vests at 1/36th per month from March 2025 through February 2028 , with all units payable solely in cash.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation (WAL) officer, listed as Chief Banking Officer – NBL, reported several transactions in company stock on 11/15/2025. The filing shows exercises of equity awards (coded “M”) followed by same‑day sales. One set involved 165 shares acquired at an exercise price of $0 and then sold at $78.17, leaving 37,739 common shares directly owned. A second set involved 129 shares acquired at $0 and sold at $78.17, with the direct common share balance again reported as 37,739.

The officer also holds cash-settled restricted stock units, each economically equivalent to one WAL share. After the reported transactions, the filing lists 2,489 and 3,474 such units. One RSU grant vests monthly from March 2024 through February 2027, and another vests monthly from March 2025 through February 2028, with all units payable solely in cash rather than stock.

Insider Trade Summary

294 shares exercised/converted

Mixed 6 txns

Insider Curley Stephen Russell

Role Chief Banking Ofc.-NBL

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	165	$0.00	--
Exercise	Cash Settled Restricted Stock Units	129	$0.00	--
Exercise	Common Stock	165	$0.00	--
Disposition	Common Stock	165	$78.17	$13K
Exercise	Common Stock	129	$0.00	--
Disposition	Common Stock	129	$78.17	$10K

Holdings After Transaction: Cash Settled Restricted Stock Units — 2,489 shares (Direct); Common Stock — 37,904 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.

Form 4 Insider Transactions: What Each Field Means →

11/18/2025 - 04:15 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^*

Curley Stephen Russell

(Last)

(First)

(Middle)

C/O WESTERN ALLIANCE BANCORPORATION

ONE E. WASHINGTON STREET, STE 1400

(Street)

PHOENIX

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 Banking Ofc.-NBL

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

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)
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	11/15/2025		M		165⁽¹⁾	A	$0⁽²⁾	37,904	D
Common Stock	11/15/2025		D		165	D	$78.17	37,739	D
Common Stock	11/15/2025		M		129⁽³⁾	A	$0⁽²⁾	37,868	D
Common Stock	11/15/2025		D		129	D	$78.17	37,739	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⁾	11/15/2025		M			165	⁽¹⁾	⁽¹⁾	Common Stock	165	⁽²⁾	2,489	D
Cash Settled Restricted Stock Units	⁽²⁾	11/15/2025		M			129	⁽³⁾	⁽³⁾	Common Stock	129	⁽²⁾	3,474	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)	11/18/2025
	** 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.
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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider activity did WAL report on this Form 4?

The Form 4 reports that a Western Alliance Bancorporation (WAL) officer executed multiple transactions in common stock on 11/15/2025, including exercises of equity awards (coded “M”) and same‑day sales of the resulting shares.

How many WAL shares did the insider transact on November 15, 2025?

The filing shows two main sets of transactions: one involving 165 shares of WAL common stock and another involving 129 shares, each set consisting of an acquisition at $0 exercise price followed by a sale.

At what price were the WAL shares sold in the reported Form 4?

The reported sales of WAL common stock on 11/15/2025 were executed at a price of $78.17 per share for both the 165-share and 129-share sale transactions.

How many WAL common shares does the insider own after these transactions?

Following the reported trades, the Form 4 lists the officer as directly owning 37,739 shares of Western Alliance Bancorporation common stock.

What cash-settled restricted stock units does the WAL insider hold?

The officer holds cash-settled restricted stock units that are each the economic equivalent of one WAL share, with 2,489 units and 3,474 units shown as beneficially owned after the transactions.

How do the WAL cash-settled RSUs vest according to the Form 4?

One RSU award vests at 1/36th per month on the 15th from March 2024 through February 2027, and another vests at 1/36th per month from March 2025 through February 2028, with all units payable solely in cash.

Are the WAL restricted stock units settled in stock or cash?

The Form 4 specifies that the reported restricted stock units are cash settled and are payable solely in cash, although each unit is the economic equivalent of one share of WAL common stock.