Curley Stephen Russell 4

What Happened
Stephen Russell Curley, Chief Banking Officer (non‑beneficial label NBL) of Western Alliance Bancorporation, had vested equity units converted/settled on April 15, 2026. The filing shows dispositions to the issuer of 165 units at $78.51 each (proceeds $12,954) and 129 units at $78.51 each (proceeds $10,128). One additional line shows 146 units exercised with no disposition/cash recorded in the filing. These were cash‑settled units (economic equivalent of one share each), so Curley received cash proceeds rather than selling stock on the open market.

Key Details

• Transaction date: 2026-04-15; Form 4 filed 2026-04-17 (timely within the 2‑business‑day window).
• Prices and proceeds: 165 units × $78.51 = $12,954; 129 units × $78.51 = $10,128; total cash shown = $23,082. One 146‑unit exercise line shows no cash disposition in this filing.
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer (cash settlement).
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: Units vest monthly (1/36th) under different grant vintages: F1 beginning Mar 2024 (ending Feb 2027), F3 beginning Mar 2025 (ending Feb 2028), F4 beginning Mar 2026 (ending Feb 2029). F2 confirms each unit equals the economic equivalent of one share and payouts are solely in cash.
• No 10b5‑1 plan, tax‑withholding details, or late‑filing flags are reported in the provided data.

Context
These entries reflect routine vesting and cash settlement of deferred equity units (similar to RSUs but paid in cash), not open‑market share sales or additional purchases. For retail investors, purchases by insiders can be a stronger signal of confidence; cash settlements of compensation units are common and typically reflect scheduled vesting rather than active trading decisions.