Bruckner Tim R 4

What Happened
Tim Bruckner, CBO for Regional Banking at Western Alliance (WAL), exercised/converted vested derivative units (economic equivalents of common shares) and immediately disposed of the resulting 415 share-equivalents to the issuer on May 15, 2026. The disposals were at $74.42 per share-equivalent: 158 shares ($11,758), 115 shares ($8,558) and 142 shares ($10,568), for total cash proceeds of $30,884. The acquisitions show $0.00 exercise cost, indicating cash-settled vested units rather than a purchase.

Key Details

• Date: 2026-05-15 (reported on Form 4 filed 2026-05-19) — filing appears late (filed 4 days after the transactions).
• Transaction specifics: Exercised/converted derivative units (coded M) then disposed to issuer (coded D) at $74.42 per share-equivalent. Totals: 415 shares sold for $30,884.
• Exercise cost: $0.00 for the acquired share-equivalents (cash-settled units).
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: Units are cash-settled and vest monthly (1/36th) under schedules beginning March 2024, March 2025 and March 2026; each unit equals one share of common stock (see F1–F4).

Context
These transactions reflect vested, cash-settled equity units being converted and immediately surrendered to the issuer for cash (a common net/cash settlement), not an open-market sale. For retail investors, such cash-settled vesting is routine compensation monetization and does not necessarily signal a change in the insider’s outlook on the stock.