Western Alliance (WAL) risk chief logs 189 RSU equivalents, keeps 16,575 shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Western Alliance Bancorporation Chief Risk Officer Emily Nachlas reported routine equity compensation activity. On April 15, 2026, she exercised cash-settled restricted stock units economically equivalent to 189 shares of common stock and recorded corresponding issuer dispositions of 189 shares at $78.51 per share.

The units vest and are payable solely in cash, with 1/36th installments each month over separate 36‑month periods beginning in March 2024, March 2025, and March 2026. Following these transactions, Nachlas directly held 16,575 shares of common stock.

Insider Trade Summary

189 shares exercised/converted

Mixed 9 txns

Insider Nachlas Emily

Role Chief Risk Officer

Type	Security	Shares	Price	Value
Exercise	Cash Settled Restricted Stock Units	72	$0.00	--
Exercise	Cash Settled Restricted Stock Units	53	$0.00	--
Exercise	Cash Settled Restricted Stock Units	64	$0.00	--
Exercise	Common Stock	72	$0.00	--
Disposition	Common Stock	72	$78.51	$6K
Exercise	Common Stock	53	$0.00	--
Disposition	Common Stock	53	$78.51	$4K
Exercise	Common Stock	64	$0.00	--
Disposition	Common Stock	64	$78.51	$5K

Holdings After Transaction: Cash Settled Restricted Stock Units — 717 shares (Direct); Common Stock — 16,647 shares (Direct)

Footnotes (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. Each unit is the economic equivalent of one share of Western Alliance Bancorporation common stock. 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. 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 equivalents exercised: 189 units Disposition price: $78.51 per share Shares after transactions: 16,575 shares +3 more

6 metrics

RSU equivalents exercised 189 units Cash settled restricted stock units converted on April 15, 2026

Disposition price $78.51 per share Price for issuer dispositions of 72, 53 and 64 shares

Shares after transactions 16,575 shares Common stock directly held by Nachlas following April 15, 2026 entries

First cash-settled RSU vesting window 36 months 1/36th monthly from March 2024 to February 2027

Second cash-settled RSU vesting window 36 months 1/36th monthly from March 2025 to February 2028

Third cash-settled RSU vesting window 36 months 1/36th monthly from March 2026 to February 2029

Key Terms

Cash Settled Restricted Stock Units, disposition to issuer, economic equivalent, vesting

4 terms

Cash Settled Restricted Stock Units financial

"security_title: "Cash Settled Restricted Stock Units""

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_description: "Disposition to issuer""

economic equivalent financial

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

vesting financial

"These units vest and are payable solely in cash as follows: 1/36th on the 15th day of each month..."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

Form 4 Insider Transactions: What Each Field Means →

04/17/2026 - 05:05 PM

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)
04/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	04/15/2026		M		72⁽¹⁾	A	$0⁽²⁾	16,647	D
Common Stock	04/15/2026		D		72	D	$78.51	16,575	D
Common Stock	04/15/2026		M		53⁽³⁾	A	$0⁽²⁾	16,628	D
Common Stock	04/15/2026		D		53	D	$78.51	16,575	D
Common Stock	04/15/2026		M		64⁽⁴⁾	A	$0⁽²⁾	16,639	D
Common Stock	04/15/2026		D		64	D	$78.51	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			72	⁽¹⁾	⁽¹⁾	Common Stock	72	⁽²⁾	717	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			53	⁽³⁾	⁽³⁾	Common Stock	53	⁽²⁾	1,161	D
Cash Settled Restricted Stock Units	⁽²⁾	04/15/2026		M			64	⁽⁴⁾	⁽⁴⁾	Common Stock	64	⁽²⁾	2,177	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)	04/17/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What did Western Alliance (WAL) executive Emily Nachlas report in this Form 4?

Emily Nachlas reported routine equity compensation activity involving cash-settled restricted stock units. She exercised units economically equivalent to 189 shares of common stock and recorded matching dispositions of 189 shares back to the issuer at $78.51 per share.

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

After the reported transactions, Emily Nachlas directly holds 16,575 shares of Western Alliance common stock. This figure reflects her position following the derivative exercises and corresponding issuer dispositions recorded on April 15, 2026 in the Form 4 filing.

What type of securities did Emily Nachlas exercise in the Western Alliance (WAL) Form 4?

She exercised cash settled restricted stock units that are the economic equivalent of Western Alliance common stock. These units are equity-linked compensation instruments that track the stock’s value but are payable in cash according to specified vesting schedules.

At what price were the Western Alliance (WAL) issuer dispositions recorded for Nachlas?

The issuer dispositions of Western Alliance common stock associated with the exercises were recorded at $78.51 per share. Three separate disposition entries, each at this price, matched the 72, 53, and 64 share equivalents exercised from the cash-settled units.

How do the Western Alliance (WAL) cash-settled RSUs vest for Emily Nachlas?

The cash-settled restricted stock units vest and are payable solely in cash in monthly installments. For each grant, 1/36th of the units vest on the 15th day of each month over 36 months, beginning March 2024, March 2025, and March 2026 respectively.

Does the Western Alliance (WAL) Form 4 show open-market buying or selling by Nachlas?

The Form 4 shows derivative exercises and dispositions to the issuer, not open-market trades. Transactions are coded as exercises of cash-settled restricted stock units and corresponding issuer dispositions, reflecting routine handling of equity-linked compensation rather than market purchases or sales.