[Form 4] WESTERN ALLIANCE BANCORPORATION Insider Trading Activity

Rhea-AI Filing Summary

Barbara Kennedy, Chief Human Resources Officer of Western Alliance Bancorporation (WAL), reported changes in her holdings on 09/15/2025. The filing shows cash‑settled restricted stock units (RSUs) that vest monthly: 101 units from a March 2024 award and 74 units from a March 2025 award. On 09/15/2025 she had acquisitions reflected as vesting of those RSUs and matching disposals of common stock at $89.05 per share. After the transactions she directly beneficially owned 8,753 shares and indirectly held 22,797 shares through the Kennedy Family Trust.

Positive

• Disclosure of scheduled compensation vesting via cash‑settled RSUs provides transparency into insider remuneration
• Clear ownership breakdown showing direct (8,753 shares) and indirect (22,797 shares) holdings through the Kennedy Family Trust

Negative

• Reported dispositions of 101 and 74 common shares at $89.05 on 09/15/2025 (as recorded on the Form 4)

Insights

Securities Analyst

Routine insider compensation vesting and small disposals; limited market impact.

The Form 4 documents scheduled vesting of cash‑settled RSUs and corresponding reported dispositions at $89.05 on 09/15/2025. The transactions reflect compensation plan mechanics rather than open market purchases intended to change ownership materially. Direct ownership remains 8,753 shares with an indirect position of 22,797 shares via a family trust, which clarifies current insider exposure.

Corporate Governance Expert

Compensation delivery via cash‑settled RSUs is disclosed; governance oversight appears standard.

The filing indicates two RSU schedules with monthly vesting: one from March 2024 over 36 months and one from March 2025 over 36 months, both payable in cash and economically equivalent to common shares. Dispositions recorded at $89.05 coincide with vesting events and do not show additional open market purchases or sales by the reporting person on the form.

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)
09/15/2025

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	09/15/2025		M		101(1)	A	$0(2)	8,854	D
Common Stock	09/15/2025		D		101	D	$89.05	8,753	D
Common Stock	09/15/2025		M		74(3)	A	$0(2)	8,827	D
Common Stock	09/15/2025		D		74	D	$89.05	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)	09/15/2025		M			101	(1)	(1)	Common Stock	101	(2)	1,705	D
Cash Settled Restricted Stock Units	(2)	09/15/2025		M			74	(3)	(3)	Common Stock	74	(2)	2,131	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)	09/17/2025
	** 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 transactions did Barbara Kennedy report on the WAL Form 4 dated 09/15/2025?

The filing reports vesting (acquisitions) of cash‑settled RSUs and corresponding dispositions of common stock recorded at $89.05 on 09/15/2025.

How many WAL shares does Barbara Kennedy beneficially own after the reported transactions?

She directly beneficially owns 8,753 shares and indirectly owns 22,797 shares through the Kennedy Family Trust.

What are the vesting schedules for the RSUs disclosed in the Form 4?

One RSU grant vests 1/36th monthly from March 2024 to February 2027; another vests 1/36th monthly from March 2025 to February 2028.

Were the RSUs payable in stock or cash according to the filing?

The units are cash‑settled and are the economic equivalent of one share of WAL common stock.

What price was recorded for the dispositions on the Form 4?

Dispositions are recorded at $89.05 per share for the reported sales on 09/15/2025.