Western Alliance (NYSE: WAL) HR chief settles cash RSUs, keeps substantial stake

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation’s Chief Human Resources Officer, Barbara Kennedy, reported routine compensation-related transactions involving cash-settled restricted stock units on March 15, 2026. She exercised units economically equivalent to 101, 74 and 82 shares of common stock, then returned the same numbers of shares to the issuer at $67.97 per share, resulting in no net open-market buying or selling. Following these transactions, she holds 10,332 shares of common stock directly and 22,797 shares indirectly through the Kennedy Family Trust.

Insider Trade Summary

257 shares exercised/converted

Mixed 10 txns

Insider Kennedy Barbara

Role Chief Human Resources Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	101	$0.00	--
Exercise	Cash Settled Restricted Stock Units	74	$0.00	--
Exercise	Cash Settled Restricted Stock Units	82	$0.00	--
Exercise	Common Stock	101	$0.00	--
Disposition	Common Stock	101	$67.97	$7K
Exercise	Common Stock	74	$0.00	--
Disposition	Common Stock	74	$67.97	$5K
Exercise	Common Stock	82	$0.00	--
Disposition	Common Stock	82	$67.97	$6K
holding	Common Stock	--	--	--

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,099 shares (Direct); Common Stock — 10,433 shares (Direct); Common Stock — 22,797 shares (Indirect, Barbara and Ted Kennedy TTEE Kennedy Family Trust)

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.

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Form 4 Insider Transactions: What Each Field Means →

03/17/2026 - 04:25 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^*

Kennedy Barbara

(Last)

(First)

(Middle)

ONE E. WASHINGTON ST., SUITE 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 Human Resources Officer

3. Date of Earliest Transaction (Month/Day/Year)
03/15/2026

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)
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	03/15/2026		M		101⁽¹⁾	A	$0⁽²⁾	10,433	D
Common Stock	03/15/2026		D		101	D	$67.97	10,332	D
Common Stock	03/15/2026		M		74⁽³⁾	A	$0⁽²⁾	10,406	D
Common Stock	03/15/2026		D		74	D	$67.97	10,332	D
Common Stock	03/15/2026		M		82⁽⁴⁾	A	$0⁽²⁾	10,414	D
Common Stock	03/15/2026		D		82	D	$67.97	10,332	D
Common Stock								22,797	I	Barbara and Ted Kennedy TTEE Kennedy Family Trust

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⁾	03/15/2026		M			101	⁽¹⁾	⁽¹⁾	Common Stock	101	⁽²⁾	1,099	D
Cash Settled Restricted Stock Units	⁽²⁾	03/15/2026		M			74	⁽³⁾	⁽³⁾	Common Stock	74	⁽²⁾	1,687	D
Cash Settled Restricted Stock Units	⁽²⁾	03/15/2026		M			82	⁽⁴⁾	⁽⁴⁾	Common Stock	82	⁽²⁾	2,881	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)	03/17/2026
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What did WAL executive Barbara Kennedy report in this Form 4?

Barbara Kennedy reported routine transactions tied to compensation. She exercised cash-settled restricted stock units economically equivalent to common shares and then disposed of equivalent shares to the issuer, with no open-market purchases or sales. These actions reflect internal settlement of equity-based awards.

How many Western Alliance (WAL) shares does Barbara Kennedy now hold directly?

After the reported transactions, Barbara Kennedy directly holds 10,332 shares of Western Alliance common stock. This figure reflects her direct ownership position following the exercise and disposition of shares associated with cash-settled restricted stock units recorded in the Form 4 filing.

What indirect WAL holdings does Barbara Kennedy report in this filing?

The filing shows 22,797 Western Alliance common shares held indirectly through the "Barbara and Ted Kennedy TTEE Kennedy Family Trust." These shares are classified as indirect ownership, separate from her direct holdings, and provide additional context for her overall economic exposure to the company.

Were any of Barbara Kennedy’s Western Alliance transactions open-market buys or sells?

No open-market purchases or sales are reported. The Form 4 describes exercises of cash-settled restricted stock units and corresponding dispositions of shares to the issuer at $67.97 per share, indicating internal settlement of awards rather than trading in the public market.

What are cash-settled restricted stock units in the WAL Form 4?

The cash-settled restricted stock units are awards payable solely in cash, with each unit economically equivalent to one share of Western Alliance common stock. They vest in monthly installments over multi-year periods, as detailed in the footnotes of the Form 4 filing.