Western Alliance (NYSE: WAL) officer reports RSU conversions and stock sales

Rhea-AI Filing Summary

Western Alliance Bancorporation officer reports RSU conversions and stock sales. On 01/15/2026, Chief Banking Officer – NBL Stephen Russell Curley converted cash-settled restricted stock units into Western Alliance common stock and sold the resulting shares the same day.

Two blocks of cash-settled RSUs, one for 165 units and another for 129 units, were exercised at an exercise price of $0 per unit, each unit being the economic equivalent of one share of Western Alliance common stock. Matching amounts of 165 shares and 129 shares of common stock were then disposed of in open market sales at a reported price of $89.83 per share. After these transactions, Curley directly beneficially owned 37,739 shares of common stock, 2,159 cash-settled RSUs from a 36‑month grant beginning March 2024, and 3,216 cash-settled RSUs from a 36‑month grant beginning March 2025, all of which vest monthly and are payable solely in cash.

Insights

Equity compensation and insider-trading analyst

Routine RSU-to-stock conversions with same-day sales and modest remaining holdings.

Stephen Russell Curley, Chief Banking Officer – NBL of Western Alliance Bancorporation, reported routine equity compensation activity on 01/15/2026. Cash-settled restricted stock units convertible into common stock were exercised at an exercise price of $0 per unit, followed by same‑day sales of the corresponding common shares at a reported price of $89.83 per share. This pattern is typical of compensation-related transactions where units or options are converted and immediately sold.

Following the activity, Curley directly held 37,739 shares of common stock, along with 2,159 and 3,216 cash‑settled restricted stock units from grants that vest 1/36th each month over 36‑month periods starting in March 2024 and March 2025, respectively. Because the RSUs are payable solely in cash and sized in the hundreds to low thousands of units, and the filing provides no broader company performance data, this appears as routine compensation management rather than a thesis‑changing event. Overall impact is neutral for long‑term investors, with future Form 4 filings likely to reflect ongoing monthly vesting and related settlements.

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 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 Banking Ofc.-NBL

3. Date of Earliest Transaction (Month/Day/Year)
01/15/2026

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	01/15/2026		M		165(1)	A	$0(2)	37,904	D
Common Stock	01/15/2026		D		165	D	$89.83	37,739	D
Common Stock	01/15/2026		M		129(3)	A	$0(2)	37,868	D
Common Stock	01/15/2026		D		129	D	$89.83	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	01/15/2026		M			165	(1)	(1)	Common Stock	165	(2)	2,159	D
Cash Settled Restricted Stock Units	(2)	01/15/2026		M			129	(3)	(3)	Common Stock	129	(2)	3,216	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)	01/20/2026
	** 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.

FAQ

Who is the insider reporting this Form 4 transaction for WAL?

The reporting person is Stephen Russell Curley, who serves as Chief Banking Officer – NBL of Western Alliance Bancorporation.

What type of securities did Stephen Russell Curley transact in for Western Alliance Bancorporation (WAL)?

He transacted in cash-settled restricted stock units, which are the economic equivalent of Western Alliance common stock, and in common stock itself after converting those units.

What happened to the cash-settled restricted stock units reported in this WAL Form 4?

On 01/15/2026, blocks of 165 and 129 cash-settled restricted stock units were exercised at an exercise price of $0 per unit and converted into equivalent numbers of Western Alliance common shares.

At what price were Western Alliance Bancorporation (WAL) shares sold in this insider transaction?

The Form 4 reports that after conversion, 165 and 129 shares of Western Alliance common stock were disposed of in open market sales at a price of $89.83 per share.

How many Western Alliance (WAL) shares does the insider own after these transactions?

After the reported transactions, Stephen Russell Curley directly beneficially owned 37,739 shares of Western Alliance common stock.

How many cash-settled restricted stock units related to WAL does the insider still hold and how do they vest?

He held 2,159 cash-settled RSUs from a grant vesting 1/36th monthly from March 2024 to February 2027 and 3,216 cash-settled RSUs from a grant vesting 1/36th monthly from March 2025 to February 2028, all payable solely in cash.

Are the reported Western Alliance Bancorporation RSUs settled in stock or cash?

The Form 4 states that these restricted stock units vest and are payable solely in cash, with each unit being the economic equivalent of one share of Western Alliance Bancorporation common stock.