Nachlas Emily 4

What Happened

• Emily Nachlas, Chief Risk Officer of Western Alliance Bancorporation, converted (exercised) cash-settled derivative units that are economically equivalent to common shares and immediately surrendered them to the issuer for cash. The filing shows three conversions on May 15, 2026 (72, 53 and 64 units) followed by dispositions at $74.42 per share, producing total proceeds of $14,065.
• These were not open-market sales of owned shares but cash settlements of vested units/derivatives; acquisition entries show $0 cost for the units prior to disposition.

Key Details

• Transaction date: May 15, 2026; Filing date: May 19, 2026 (timely).
• Prices and amounts: 72 shares × $74.42 = $5,358; 53 × $74.42 = $3,944; 64 × $74.42 = $4,763. Total cash received = $14,065.
• Transaction codes: M = exercise/conversion of derivative; D = disposition to issuer (cash settlement).
• Footnotes: Units are cash-settled and payable monthly (1/36th) under vesting schedules (see F1–F4); F2 notes each unit equals the economic value of one common share.
• Shares owned after transaction: filing reflects cash settlement of vested units (no new shares retained from these units); the Form 4 does not report any increase in long-term shareholdings from these transactions.

Context

• This is a routine cash settlement of vested awards (similar to RSUs paid in cash), not an open-market sale or purchase that signals a change in her stock ownership posture. Such conversions are commonly used to realize compensation value as cash rather than share ownership.
• For clarity: M = exercised/converted derivative units; immediate D to the issuer indicates a cash (not stock) payout to the insider.