Western Alliance (NYSE: WAL) exec settles 415 cash-settled RSUs in March

Rhea-AI Filing Summary

Western Alliance Bancorporation executive Tim R. Bruckner exercised cash-settled restricted stock units linked to 415 shares of common stock on March 15 2026. These awards are payable solely in cash, with each unit economically equivalent to one share of Western Alliance common stock.

The Form 4 shows three derivative exercises of cash-settled units and matching non-derivative entries for 158, 115 and 142 common shares, followed by dispositions of the same share amounts back to the issuer at $67.97 per share. After these transactions, Bruckner directly holds 29,068 shares of common stock.

The footnotes state that the units vest monthly over 36-month schedules beginning in March 2024, March 2025 and March 2026, and are settled only in cash, indicating these are routine compensation-related settlements rather than open-market trading.

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	$67.97	$11K
Exercise	Common Stock	115	$0.00	--
Disposition	Common Stock	115	$67.97	$8K
Exercise	Common Stock	142	$0.00	--
Disposition	Common Stock	142	$67.97	$10K

Holdings After Transaction: Cash Settled Restricted Stock Units — 1,745 shares (Direct); Common Stock — 29,226 shares (Direct)

Footnotes (1)

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.

Form 4 Insider Transactions: What Each Field Means →

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 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)
	CBO for Regional Banking

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		158(1)	A	$0(2)	29,226	D
Common Stock	03/15/2026		D		158	D	$67.97	29,068	D
Common Stock	03/15/2026		M		115(3)	A	$0(2)	29,183	D
Common Stock	03/15/2026		D		115	D	$67.97	29,068	D
Common Stock	03/15/2026		M		142(4)	A	$0(2)	29,210	D
Common Stock	03/15/2026		D		142	D	$67.97	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			158	(1)	(1)	Common Stock	158	(2)	1,745	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			115	(3)	(3)	Common Stock	115	(2)	2,643	D
Cash Settled Restricted Stock Units	(2)	03/15/2026		M			142	(4)	(4)	Common Stock	142	(2)	4,961	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.
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FAQ

What insider transactions did Tim R. Bruckner report for WESTERN ALLIANCE BANCORPORATION (WAL)?

Tim R. Bruckner reported exercising cash-settled restricted stock units tied to 415 common shares on March 15 2026. Matching entries show those 415 shares disposed back to the issuer at $67.97 per share, reflecting cash settlement of compensation awards rather than open-market trades.

Are Tim R. Bruckner’s reported transactions in WAL stock open-market purchases or sales?

The transactions are not open-market trades. They involve cash-settled restricted stock units whose value tracks Western Alliance common stock, with the resulting common share entries disposed back to the issuer at $67.97 per share as part of cash settlement of compensation awards.

How many WESTERN ALLIANCE BANCORPORATION shares does Tim R. Bruckner hold after these Form 4 transactions?

After the reported transactions, Tim R. Bruckner directly holds 29,068 shares of Western Alliance Bancorporation common stock. This figure appears in the Form 4 as the total shares following the final disposition entry dated March 15 2026, providing context for his remaining equity position.

What are the terms of the cash-settled restricted stock units reported by WAL’s Tim R. Bruckner?

The units vest and are payable solely in cash, not stock. Footnotes state each unit equals one share economically and vest 1/36th monthly over 36 months starting in March 2024, March 2025, and March 2026, ending in February 2027, February 2028, and February 2029 respectively.

How many cash-settled RSUs did Tim R. Bruckner exercise in this WAL Form 4?

He exercised cash-settled restricted stock units linked to 415 underlying common shares. The Form 4 lists three derivative transactions for 158, 115 and 142 units, all at a conversion price of $0.00, consistent with vesting and settlement of stock-based compensation payable in cash.

What transaction codes are used in Tim R. Bruckner’s WAL Form 4 and what do they mean?

The filing uses code M for exercise or conversion of derivative securities and code D for disposition to the issuer. Code M appears on the cash-settled RSUs and related common stock entries, while code D shows the issuer dispositions at $67.97 per share linked to cash settlement of those awards.