Herndon Lynne 4

What Happened

• Lynne Herndon, Chief Credit Officer of Western Alliance Bancorporation (WAL), converted/settled vested cash‑settled equity units on February 15, 2026. The conversions corresponded to 35 shares (paid $93.20 each, $3,262) and 22 shares (paid $93.20 each, $2,050), for a total cash payout of $5,312. The filing shows the derivative units were exercised/converted and the resulting shares were disposed back to the issuer for cash.

Key Details

• Transaction date: 2026-02-15; cash price used for settlement: $93.20/share.
• Amounts: 35 shares → $3,262; 22 shares → $2,050; combined cash received = $5,312.
• Instrument: cash‑settled derivative/unit conversion (Form 4 shows M codes for exercise/conversion and D for disposition to issuer).
• Shares owned after the transaction: not disclosed in the provided filing details.
• Vesting notes: Units vest and are payable solely in cash—1/36th monthly over multi-year schedules (see footnotes F1 and F3).
• Filing date: 2026-02-18 (filed within typical 3‑business‑day reporting window).

Context

• These were cash‑settled unit conversions (economic equivalents of common shares) rather than an open‑market sale of previously held shares. That means the company paid cash for the vested units rather than transferring market shares to the insider or external buyers.
• Cash settlements of vested units are typically routine compensation vesting events and do not necessarily signal a buy or sell decision by the insider.