Papay Michael 4

What Happened Michael Papay, a director of Western Alliance Bancorporation (WAL), was granted 2,580 Deferred Stock Units (DSUs) on February 5, 2026. The grant is reported as an award/acquisition (code A) at $0.00 per share (derivative), with a reported acquisition value of $0. These DSUs vest on February 5, 2027 and, under the Director Deferral Plan, will be paid in common stock issued under the company’s stock incentive plan after any separation from service.

Key Details

• Transaction date: 2026-02-05; Filing date: 2026-02-09 (appears timely under the Form 4 2-business-day rule).
• Instrument: 2,580 Deferred Stock Units (derivative award) recorded at $0.00 per share; total reported value $0.
• Vesting/payment: Vesting on 2027-02-05; DSUs are payable in shares after separation from service per the Director Deferral Plan (footnote F1).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Transaction code: A = Award/Grant (not an open-market purchase or sale).

Context This is a compensation-related equity award for a board member rather than a market purchase or sale. Deferred Stock Units are commonly used to compensate directors and do not represent immediately tradable shares; they convert to shares upon vesting/payment events (here, after separation). Such grants are routine director compensation and should be interpreted as a grant, not a market signal of buying or selling.