Bruckner Tim R 4

What Happened
Tim R. Bruckner, Chief Business Officer for Regional Banking at Western Alliance Bancorporation (WAL), converted/exercised a total of 415 cash-settled equity units on March 15, 2026 and promptly delivered those share-equivalents back to the issuer. The filing shows three conversions (158, 115 and 142 units) recorded as acquired at $0.00 and corresponding dispositions to the issuer at $67.97 per share-equivalent, producing proceeds of $10,739; $7,817; and $9,652 respectively (total value $28,208). The conversions are reported with transaction code M (exercise/conversion of derivative) and the dispositions with code D (disposition to issuer).

Key Details

• Transaction date: March 15, 2026; Form 4 filed March 17, 2026 (appears timely).
• Prices and amounts: 158 @ $67.97 = $10,739; 115 @ $67.97 = $7,817; 142 @ $67.97 = $9,652. Total: 415 shares-equivalent, $28,208.
• Shares owned after transaction: Not disclosed in this filing.
• Footnotes: F1, F3, F4 describe monthly vesting schedules for three separate cash-settled unit grants (1/36th vest monthly across different 36-month windows). F2 states each unit is the economic equivalent of one share.
• Codes: M = exercise/conversion of derivative; D = disposition to issuer. No 10b5-1 plan or late-filing flag reported.

Context
These transactions look like cash-settled unit vesting and immediate surrender/withholding rather than an open-market sale by the insider. The $0.00 acquisition entries and the simultaneous dispositions to the issuer are consistent with units that convert to a cash value based on share price, with the company retaining (or withholding) the share-equivalents—commonly to satisfy tax withholding or settlement—rather than the insider selling on the open market. This filing is informational and does not by itself indicate a change in the insider’s market view.