Western Alliance (WAL) insider updates holdings after RSU activity

Rhea-AI Filing Summary

Western Alliance Bancorporation’s chief human resources officer reported routine equity movements in a Form 4. On 11/15/2025, the insider exercised cash-settled restricted stock units equivalent to 101 shares and separately 74 shares of common stock at an exercise price of $0, then disposed of the same numbers of common shares at a sale price of $78.17 per share. After these transactions, the insider directly beneficially owned 8,753 shares of Western Alliance common stock and indirectly held an additional 22,797 shares through the Kennedy Family Trust. The filing also shows remaining holdings of 1,503 and 1,983 cash-settled restricted stock units that continue to vest monthly through February 2027 and February 2028, respectively.

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^*

Kennedy Barbara

(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)
	Chief Human Resources Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/15/2025

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	11/15/2025		M		101(1)	A	$0(2)	8,854	D
Common Stock	11/15/2025		D		101	D	$78.17	8,753	D
Common Stock	11/15/2025		M		74(3)	A	$0(2)	8,827	D
Common Stock	11/15/2025		D		74	D	$78.17	8,753	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Restricted Stock Units	(2)	11/15/2025		M			101	(1)	(1)	Common Stock	101	(2)	1,503	D
Cash Settled Restricted Stock Units	(2)	11/15/2025		M			74	(3)	(3)	Common Stock	74	(2)	1,983	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)	11/18/2025
	** 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

What insider activity did WAL report in this Form 4?

The chief human resources officer of Western Alliance Bancorporation (WAL) reported exercising cash-settled restricted stock units equivalent to 101 and 74 shares on 11/15/2025 and selling the same numbers of common shares at $78.17 per share.

How many WAL shares does the reporting person own after the 11/15/2025 transactions?

Following the reported transactions, the insider directly beneficially owned 8,753 shares of Western Alliance Bancorporation common stock and indirectly owned 22,797 shares through the Kennedy Family Trust.

What were the prices involved in the WAL insider transactions?

The cash-settled restricted stock units were exercised at an effective price of $0 per unit, and the related common stock was sold at $78.17 per share.

What derivative securities are reported in the WAL Form 4?

The filing lists cash-settled restricted stock units that are each economically equivalent to one share of Western Alliance common stock, including remaining positions of 1,503 and 1,983 units after the reported transactions.

How do the WAL restricted stock units vest according to the Form 4?

One grant of units vests 1/36th each month from March 2024 through February 2027, and another vests 1/36th each month from March 2025 through February 2028, with both payable solely in cash.

Are the WAL restricted stock units settled in stock or cash?

The reported restricted stock units are described as cash settled and are payable solely in cash, with each unit being the economic equivalent of one share of Western Alliance Bancorporation common stock.