Nachlas Emily 4

What Happened
Emily Nachlas, Chief Risk Officer of Western Alliance Bancorporation (WAL), was granted 1,514 units (cash-settled, each economically equivalent to one share) on Feb 15, 2026. On the same date she had several related derivative conversions/exercises and surrendered shares to the issuer to cover tax liabilities: 422 shares were surrendered at $93.20 each for $39,330, plus separate surrender of 72 shares ($6,710) and 53 shares ($4,940) at $93.20. The total value of shares surrendered for taxes reported on the form is $50,980. Some derivative entries are reported with “N/A” price (listed as derivative dispositions).

Key Details

• Transaction date: 2026-02-15 (Form 4 filed 2026-02-18) — filing appears to be late by one business day.
• Award: 1,514 units (cash-settled); each unit = economic equivalent of one share.
• Tax withholding / share surrenders: 422 shares @ $93.20 = $39,330; 72 shares @ $93.20 = $6,710; 53 shares @ $93.20 = $4,940. Total surrendered = $50,980.
• Vesting notes: units vest/payable monthly 1/36th — one award series vests Mar 2024–Feb 2027; another vests Mar 2025–Feb 2028. Units payable solely in cash. (Footnotes F1–F3.)
• Shares owned after the reported transactions: not disclosed in the provided filing excerpt.
• Codes: A = award/grant; M = exercise/conversion of derivative; D/F = disposition to issuer / tax withholding (routine).

Context
The 1,514 units are cash-settled awards (not new publicly traded shares). The reported share surrenders are tax-withholding actions (common when awards vest or options are exercised) and are routine rather than a directional buy/sell signal. Several derivative entries show “N/A” for price, indicating net or non-open-market settlement of derivatives; these are reported separately from share sales/purchases.