Kennedy Barbara 4

What Happened

• Barbara Kennedy, Chief Human Resources Officer of Western Alliance Bancorporation (WAL), received 2,231 award units on Feb 15, 2026 and completed option/derivative exercises on the same date.
• Several shares were surrendered/withheld to cover tax liabilities and/or exercise costs: 622 shares were disposed at $93.20 for $57,970, plus two dispositions of 101 shares ($9,413) and 74 shares ($6,897). Total value of shares surrendered/withheld = $74,280.
• The filing shows exercise/conversion entries for 101 and 74 shares; those shares were immediately disposed to the issuer (cashless/withholding treatment).

Key Details

• Transaction date: 2026-02-15; Form 4 filed 2026-02-18 (filed within the required window).
• Prices reported for disposals: $93.20 per share (used to value the surrendered shares).
• Shares acquired: 2,231 award units (reported at $0.00) and exercise/conversion entries for 101 and 74 shares (acquired then disposed).
• Shares surrendered/withheld to issuer: 622 + 101 + 74 = 797 shares, total value $74,280 (breakdown: $57,970; $9,413; $6,897).
• Shares owned after transaction: Not reported in this Form 4.
• Footnotes: F1/F3 — the units vest monthly (1/36th) and are payable solely in cash over 36 months (one tranche began March 2024 and ends Feb 2027; another began March 2025 and ends Feb 2028). F2 — each unit is the economic equivalent of one share of WAL common stock.

Context

• This appears to be routine equity compensation and option/derivative exercises with shares withheld or surrendered to cover taxes and/or exercise costs (a cashless-like settlement), not an open-market purchase or sale. Such withholding/surrenders are common when awards vest or options are exercised and do not necessarily signal a change in insider sentiment.