[Form 4] WEST BANCORPORATION INC Insider Trading Activity

Rhea-AI Filing Summary

West Bancorporation Inc. CEO David D. Nelson used company stock to cover taxes on vested restricted stock units. On March 25, 2026, 6,811 shares of common stock were withheld at $23.71 per share to pay payroll taxes due at vesting.

After this tax-withholding disposition, Nelson held 117,340 shares directly. He also had indirect ownership of 107,457 shares through the Katherine A. Nelson Revocable Trust and 31,695 shares through a 401(k) plan, reflecting a substantial continuing stake in the company.

Insights

Insider transactions analyst

Routine tax-withholding using shares; no open-market trading.

CEO David D. Nelson had 6,811 shares of West Bancorporation Inc. common stock withheld at $23.71 per share on March 25, 2026. The footnote explains this covered payroll taxes due when restricted stock units vested and shares were issued.

This F-code event is a tax-withholding disposition, not an open-market sale, so it carries little signaling value about his view of the stock. Following the transaction, he still directly held 117,340 shares, plus indirect holdings of 107,457 shares via a revocable trust and 31,695 shares in a 401(k) plan, indicating a large remaining position.

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^*

NELSON DAVID D

(Last) (First) (Middle)

8050 HEATHER BOW

(Street)

JOHNSTON IOWA 50131

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
WEST BANCORPORATION INC [ WTBA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & PRESIDENT

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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	03/25/2026		F		6,811(1)	D	$23.71	117,340(2)	D
COMMON STOCK								107,457	I	By Katherine A. Nelson Rev Trust
COMMON STOCK								31,695	I	By 401(k) Plan

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

Explanation of Responses:

1. Restricted stock units withheld to pay payroll taxes due upon vesting and issuance of restricted stock units shares on March 25, 2026.

2. 815 shares of previously reported performance stock units did not vest because the applicable performance conditions were not met.

Remarks:

	/s/ Melissa L. Gillespie, By Power of Attorney	03/26/2026
	** 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)

FAQ

What did WTBA CEO David D. Nelson do with his West Bancorporation shares?

David D. Nelson had 6,811 WTBA shares withheld to pay taxes. These common shares were used to satisfy payroll taxes owed when restricted stock units vested, rather than being sold in the open market.

Was the West Bancorporation (WTBA) Form 4 a stock sale by the CEO?

No, the Form 4 reflects tax withholding, not an open-market sale. Code F shows 6,811 shares were delivered at $23.71 per share to pay payroll taxes on vested restricted stock units.

How many WTBA shares does CEO David D. Nelson hold after this transaction?

After the transaction, Nelson directly holds 117,340 WTBA shares. He also indirectly owns 107,457 shares through the Katherine A. Nelson Revocable Trust and 31,695 shares through a 401(k) plan, showing a significant ongoing ownership stake.

What triggered the share withholding reported in West Bancorporation’s Form 4?

The withholding was triggered by vesting of restricted stock units. When these units vested on March 25, 2026, some resulting shares were withheld to cover payroll taxes, and 815 performance stock units did not vest because performance conditions were not met.

What does the 815 non-vested performance stock units mean for WTBA’s CEO?

Nelson lost 815 performance stock units that failed to vest. The filing notes these units did not vest because performance conditions were not achieved, reducing his potential share-based compensation from that particular award.

Are any of David D. Nelson’s WTBA shares held indirectly through other entities?

Yes, Nelson has substantial indirect holdings in WTBA. The Form 4 shows 107,457 shares held by the Katherine A. Nelson Revocable Trust and 31,695 shares held through a 401(k) plan, in addition to his direct holdings.