Western Alliance CRO reports RSU-related stock moves

Western Alliance Bancorporation Chief Risk Officer Emily Nachlas reported multiple insider transactions dated July 15, 2026 involving Common Stock and cash-settled restricted stock units (RSUs).

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Risk Officer Emily Nachlas reported multiple insider transactions dated July 15, 2026 involving Common Stock and cash-settled restricted stock units (RSUs). She exercised or converted 189 RSU units into corresponding common stock entries and recorded offsetting issuer dispositions of common stock, including blocks of 72, 53, and 64 shares at $81.79 per share. The data show no net change in her directly held common stock position, which is reported at 16,575 shares. Footnotes state the RSUs are payable solely in cash, with each unit the economic equivalent of one common share, and they vest monthly in 36 installments over periods running from March 2024–February 2027, March 2025–February 2028, and March 2026–February 2029.

Insider Trade Summary

189 shares exercised/converted

Exercise 9 txns

Insider Nachlas Emily

Role Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units F2, F1	72	--	--
Exercise	Cash Settled Restricted Stock Units F2, F3	53	--	--
Exercise	Cash Settled Restricted Stock Units F2, F4	64	--	--
Exercise	Common Stock F1, F2	72	$0.00	$0.00
Disposition	Common Stock	72	$81.79	$6K
Exercise	Common Stock F3, F2	53	$0.00	$0.00
Disposition	Common Stock	53	$81.79	$4K
Exercise	Common Stock F4, F2	64	$0.00	$0.00
Disposition	Common Stock	64	$81.79	$5K

Holdings After Transaction: Cash Settled Restricted Stock Units — 3,488 contracts (Direct); Common Stock — 16,575 shares (Direct)

Footnotes (4)

1. F1. 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. F2. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock.
3. F3. 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. F4. 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.

Key Figures

RSU units exercised: 189 units Common stock disposition block: 72 shares at $81.79 per share Common stock disposition block: 53 shares at $81.79 per share +5 more

8 metrics

RSU units exercised 189 units Total derivative shares exercised across three M-coded transactions on July 15, 2026

Common stock disposition block 72 shares at $81.79 per share One D-coded issuer disposition of common stock on July 15, 2026

Common stock disposition block 53 shares at $81.79 per share One D-coded issuer disposition of common stock on July 15, 2026

Common stock disposition block 64 shares at $81.79 per share One D-coded issuer disposition of common stock on July 15, 2026

Direct common stock holdings 16,575 shares Amount of Western Alliance common stock beneficially owned following reported transactions

Remaining RSU award F1 501 units Cash-settled RSUs vesting March 2024–February 2027 after M-coded transaction

Remaining RSU award F3 1,002 units Cash-settled RSUs vesting March 2025–February 2028 after M-coded transaction

Remaining RSU award F4 1,985 units Cash-settled RSUs vesting March 2026–February 2029 after M-coded transaction

Key Terms

Cash Settled Restricted Stock Units, Disposition to issuer, Exercise or conversion of derivative security, economic equivalent of one share

4 terms

Cash Settled Restricted Stock Units financial

"The security title includes Cash Settled Restricted Stock Units with underlying common stock."

Cash-settled restricted stock units are employee compensation promises that mirror the value of company shares but pay out in cash instead of delivering actual stock once the units vest. Think of them as a future paycheck tied to the company’s share price that is paid after time or performance conditions are met. Investors watch them because they create future cash obligations for the company and avoid share dilution, both of which can affect earnings, cash flow and per-share metrics.

Disposition to issuer financial

"Transaction code D is described as Disposition to issuer for common stock."

Exercise or conversion of derivative security financial

"Transaction code M is described as Exercise or conversion of derivative security."

economic equivalent of one share financial

"Each unit is the economic equivalent of one share of common stock."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did Western Alliance (WAL) report for Emily Nachlas on July 15, 2026?

Emily Nachlas reported issuer dispositions of common stock and exercises of 189 cash-settled RSU units. The common stock dispositions included blocks of 72, 53, and 64 shares at $81.79 per share, offsetting the RSU-related acquisitions.

How many Western Alliance (WAL) shares does Emily Nachlas hold after these Form 4 transactions?

After the reported transactions, Emily Nachlas is shown holding 16,575 shares of Western Alliance common stock directly. The filing’s transaction rows list this figure as the amount of securities beneficially owned following the reported issuer dispositions.

What price was used for Emily Nachlas’s Western Alliance (WAL) common stock dispositions?

The reported issuer dispositions of Western Alliance common stock by Emily Nachlas used a per-share price of $81.79. This price applies to each of the three disposition entries involving 64, 53, and 72 shares of common stock on July 15, 2026.

What are the terms of the cash-settled RSUs reported by Emily Nachlas at Western Alliance (WAL)?

The RSUs are payable solely in cash and each unit is the economic equivalent of one common share. Vesting occurs monthly, 1/36th on the 15th of each month, over 36-month periods ending between February 2027 and February 2029.

Did the July 2026 Form 4 for Western Alliance (WAL) indicate a net change in Emily Nachlas’s share ownership?

The summarized data show no net change in buy or sell shares for common stock. Although there were both acquisitions and dispositions tied to RSU activity, net buy/sell shares for the period are reported as zero, with direct holdings at 16,575 shares.

How many cash-settled RSU units remain outstanding for Emily Nachlas at Western Alliance (WAL)?

Post-transaction entries list remaining RSU units of 1,985, 1,002, and 501 in three separate cash-settled RSU awards. Each award vests monthly over a 36-month schedule, with final vesting dates between February 2027 and February 2029.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/17/2026 - 05:11 PM Learn about SEC filing dates

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 ARIZONA 85004

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	07/15/2026		M		72(1)	A	$0(2)	16,647	D
Common Stock	07/15/2026		D		72	D	$81.79	16,575	D
Common Stock	07/15/2026		M		53(3)	A	$0(2)	16,628	D
Common Stock	07/15/2026		D		53	D	$81.79	16,575	D
Common Stock	07/15/2026		M		64(4)	A	$0(2)	16,639	D
Common Stock	07/15/2026		D		64	D	$81.79	16,575	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)	07/15/2026		M			72	(1)	(1)	Common Stock	72	(2)	501	D
Cash Settled Restricted Stock Units	(2)	07/15/2026		M			53	(3)	(3)	Common Stock	53	(2)	1,002	D
Cash Settled Restricted Stock Units	(2)	07/15/2026		M			64	(4)	(4)	Common Stock	64	(2)	1,985	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)	07/17/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)