Western Alliance (NYSE: WAL) CRO Nachlas records 125-share insider sale

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Risk Officer Emily Nachlas reported Form 4 insider transactions involving common stock and cash-settled restricted stock units. On January 15, 2026, Nachlas exercised 72 cash-settled restricted stock units and separately 53 similar units, each at an exercise price of $0 per unit, with each unit economically equivalent to one share of common stock.

On the same date, she acquired and then disposed of matching amounts of Western Alliance Bancorporation common stock, selling 72 shares and 53 shares at a price of $89.83 per share. Following these transactions, Nachlas directly owned 14,671 shares of Western Alliance Bancorporation common stock.

Insider Trade Summary

125 shares exercised/converted

Mixed 6 txns

Insider Nachlas Emily

Role Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	72	$0.00	--
Exercise	Cash Settled Restricted Stock Units	53	$0.00	--
Exercise	Common Stock	72	$0.00	--
Disposition	Common Stock	72	$89.83	$6K
Exercise	Common Stock	53	$0.00	--
Disposition	Common Stock	53	$89.83	$5K

Holdings After Transaction: Cash Settled Restricted Stock Units — 933 shares (Direct); Common Stock — 14,743 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.

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^*

Nachlas Emily

(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 Risk Officer

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		72(1)	A	$0(2)	14,743	D
Common Stock	01/15/2026		D		72	D	$89.83	14,671	D
Common Stock	01/15/2026		M		53(3)	A	$0(2)	14,724	D
Common Stock	01/15/2026		D		53	D	$89.83	14,671	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			72	(1)	(1)	Common Stock	72	(2)	933	D
Cash Settled Restricted Stock Units	(2)	01/15/2026		M			53	(3)	(3)	Common Stock	53	(2)	1,320	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 in this Western Alliance Bancorporation (WAL) Form 4 filing?

The insider is Emily Nachlas, who serves as Chief Risk Officer of Western Alliance Bancorporation.

What type of securities did Emily Nachlas transact in for WAL on January 15, 2026?

She transacted in Western Alliance Bancorporation common stock and in cash-settled restricted stock units that are economically equivalent to common shares.

How many Western Alliance (WAL) shares did Emily Nachlas sell in this Form 4?

On January 15, 2026, Emily Nachlas sold 72 shares and 53 shares of Western Alliance Bancorporation common stock, for a total of 125 shares, at a sale price of $89.83 per share.

What cash-settled restricted stock unit activity did WAL’s Chief Risk Officer report?

She reported exercises of 72 and 53 cash-settled restricted stock units on January 15, 2026, each at an exercise price of $0 per unit. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.

How many Western Alliance Bancorporation (WAL) shares does Emily Nachlas own after these transactions?

After the reported transactions, Emily Nachlas directly owned 14,671 shares of Western Alliance Bancorporation common stock.

How do the WAL cash-settled restricted stock units vest for Emily Nachlas?

One grant vests and is payable solely in cash at 1/36th each month from March 2024 through February 2027, and another vests at 1/36th each month from March 2025 through February 2028, with each vested unit economically equivalent to one WAL common share.