Nachlas Emily 4

What Happened
Emily Nachlas, Chief Risk Officer of Western Alliance Bancorporation (WAL), was granted equity awards on 2026-02-05. The filing shows (A) 1,537 shares acquired at $0.00 and (A) 2,305 derivative units (economic equivalents of common shares) recorded with no price/market value listed. The awards are grants (not open‑market purchases or sales), so they represent compensation rather than an insider buy/sell signal.

Key Details

• Transaction date: 2026-02-05; Form 4 filed 2026-02-09 (filed within the two business‑day window).
• Awards: 1,537 shares @ $0.00 (acquired); 2,305 derivative units reported as N/A for price/value.
• Shares owned after transaction: Not disclosed in the provided filing.
• Footnotes: F1 — each unit equals the economic equivalent of one share of common stock. F2 — the 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 code: A = Award/Grant (compensation).

Context
These awards are compensation‑related and are cash‑settled over a 36‑month vesting schedule, so they do not represent immediate share purchases or sales. Because the derivative units pay out in cash as they vest, they are different from restricted stock that increases share count immediately. No value was reported for the derivative units in the filing, so the dollar amount of the grant is not specified.