Western Alliance (WAL) executive settles 440 cash-settled RSUs, keeps 41,531 shares

Rhea-AI Filing Summary

Western Alliance Bancorporation executive Stephen Russell Curley reported routine equity compensation activity tied to cash-settled restricted stock units. On 2026-03-15, 440 cash-settled restricted stock units, each economically equivalent to one share of common stock, were exercised or converted. Related entries show matching acquisitions and dispositions of 165, 129, and 146 common shares back to the issuer at $67.97 per share, reflecting settlement mechanics rather than open‑market trading. After these transactions, Curley directly holds 41,531 shares of Western Alliance common stock.

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

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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)
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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/15/2026		M		165(1)	A	$0(2)	41,696	D
Common Stock	03/15/2026		D		165	D	$67.97	41,531	D
Common Stock	03/15/2026		M		129(3)	A	$0(2)	41,660	D
Common Stock	03/15/2026		D		129	D	$67.97	41,531	D
Common Stock	03/15/2026		M		146(4)	A	$0(2)	41,677	D
Common Stock	03/15/2026		D		146	D	$67.97	41,531	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)	03/15/2026		M			165	(1)	(1)	Common Stock	165	(2)	1,829	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			129	(3)	(3)	Common Stock	129	(2)	2,958	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			146	(4)	(4)	Common Stock	146	(2)	5,122	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).
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FAQ

What insider transactions did Western Alliance (WAL) report for Stephen Russell Curley?

Western Alliance reported that executive Stephen Russell Curley settled 440 cash-settled restricted stock units on March 15, 2026. Related bookkeeping entries show matched acquisitions and dispositions of common shares back to the issuer at $67.97 per share, not open-market trades.

Did the Western Alliance (WAL) officer buy or sell common stock on the market?

No, the Form 4 shows no open-market purchases or sales. The dispositions coded "D" are transfers back to Western Alliance at $67.97 per share as part of settling cash-settled restricted stock units, rather than sales to public investors.

How many cash-settled restricted stock units vested for the Western Alliance (WAL) executive?

A total of 440 cash-settled restricted stock units vested or were exercised for Stephen Russell Curley. These units are economically equivalent to Western Alliance common shares but are payable solely in cash according to the disclosed vesting schedules in the filing footnotes.

What is Stephen Russell Curley’s Western Alliance (WAL) shareholding after these transactions?

Following the March 15, 2026 transactions, Stephen Russell Curley directly holds 41,531 shares of Western Alliance common stock. This figure reflects his position after the exercise and issuer disposition entries tied to his cash-settled restricted stock units.

How do the Western Alliance (WAL) cash-settled restricted stock units work?

The units vest monthly over 36-month periods and are payable solely in cash, not stock. Each unit is economically equivalent to one Western Alliance common share, so their value tracks the share price even though settlement occurs in cash rather than issuing new shares.

Were the Western Alliance (WAL) insider transactions mainly acquisitions or dispositions?

The filing shows both acquisitions and dispositions. Curley exercised or converted 440 derivative units into common stock entries and then disposed of matching share amounts back to Western Alliance, resulting in no net open-market buying or selling activity.