[Form 4] Western Alliance Bancorporation Insider Trading Activity

Rhea-AI Filing Summary

Stephen Russell Curley, Chief Banking Officer at Western Alliance Bancorporation (WAL), reported trades on 08/15/2025 reflecting routine vesting and partial sale of equity-linked compensation. Several cash-settled restricted stock units (RSUs) vested and were reported as acquisitions at $0 per unit because they are compensation awards, while separate sale transactions were executed at $82.55 per share.

The filing shows monthly-vesting cash-settled RSUs from two grant schedules: one that began March 2024 and vests monthly through February 2027, and another that began March 2025 and vests monthly through February 2028. After the reported transactions the beneficial ownership of common stock is shown as 37,739 shares (direct ownership). The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 08/18/2025.

Insights

Securities Analyst

TL;DR: Officer reported routine vesting of cash-settled RSUs and contemporaneous sales at $82.55, leaving ~37.7k shares owned.

The report reflects non-discretionary compensation vesting and subsequent dispositions rather than opportunistic market trades. Cash-settled RSUs are recorded as economic equivalents of common shares and vest monthly under two multi-year schedules, which spreads taxable events over time. The reported sales at $82.55 likely represent partial liquidity to cover tax obligations from vested awards or routine portfolio management; the filing does not state purpose. The net direct beneficial ownership is reported as 37,739 shares, which is the figure investors can use to assess insider exposure.

Corporate Governance Expert

TL;DR: This Form 4 documents standard compensation vesting and related dispositions, with no indicated governance concerns.

Entries include acquisitions of RSUs recorded at $0 (compensation) and matching disposition entries at $82.55. The RSUs are cash-settled and vest monthly under two distinct schedules (Mar 2024–Feb 2027 and Mar 2025–Feb 2028). The filing was executed by an attorney-in-fact and contains explicit vesting schedules in the explanatory section. There are no disclosures here of loans, pledges, or related-party transactions that would raise governance flags.

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

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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)
08/15/2025

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	08/15/2025		M		165(1)	A	$0(2)	37,904	D
Common Stock	08/15/2025		D		165	D	$82.55	37,739	D
Common Stock	08/15/2025		M		129(3)	A	$0(2)	37,868	D
Common Stock	08/15/2025		D		129	D	$82.55	37,739	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)	08/15/2025		M			165	(1)	(1)	Common Stock	165	(2)	2,984	D
Cash Settled Restricted Stock Units	(2)	08/15/2025		M			129	(3)	(3)	Common Stock	129	(2)	3,861	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)	08/18/2025
	** 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).
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