Curley Stephen Russell 4

What Happened
Stephen Russell Curley, Chief Banking Officer (NBL) of Western Alliance Bancorporation (WAL), was granted two awards on February 5, 2026: 3,513 shares reported at $0.00 (restricted grant) and 5,268 derivative units (cash-settled). The reported acquisition price for the share grant is $0.00; the 5,268 units are reported as derivative awards with no per-unit price listed.

Key Details

• Transaction date: February 5, 2026; Form 4 filed February 9, 2026 (appears to be after the typical 2-business-day deadline).
• Grants: 3,513 shares @ $0.00 (stock award); 5,268 derivative units (cash-settled).
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes: F1 — each unit equals the economic equivalent of one share of WAL common stock. F2 — the 5,268 units vest and are payable solely in cash at a rate of 1/36th on the 15th of each month from March 2026 through February 2029.
• Transaction type code: A (award/grant).

Context
These awards are grants, not purchases or sales. The cash-settled units vest monthly over three years and will be paid in cash when vested, so they do not represent an immediate equity purchase or sale. Grants like these are common components of executive compensation and are not direct signals of a buy or sell decision.