Curley Stephen Russell 4

What Happened

• Stephen Russell Curley, Chief Banking Officer (NBL) of Western Alliance Bancorporation (WAL), exercised/converted vested derivative units and immediately disposed/surrendered the resulting 440 shares to the issuer on May 15, 2026. The shares were disposed at $74.42 per share for proceeds of $12,279 (165 sh), $9,600 (129 sh) and $10,865 (146 sh), totaling $32,744. The exercises are reported as derivative conversions (code M) with subsequent disposition to the issuer (code D).

Key Details

• Transaction date: 2026-05-15; Disposal price: $74.42 per share.
• Shares involved: 165, 129 and 146 (total 440 shares); total proceeds reported $32,744.
• Reported as exercise/conversion of derivative units (M) followed by disposition to issuer (D) — commonly used to satisfy tax withholding or settle obligations.
• Footnotes:
  • F1/F3/F4: The underlying units vest monthly (1/36th) over three separate 36-month schedules beginning March 2024, March 2025, and March 2026, respectively.
  • F2: Each unit is the economic equivalent of one share of WAL common stock.
• Shares owned after the transaction: not specified in the provided filing extract.
• Filing timeliness: Form filed on 2026-05-19 for a 2026-05-15 transaction (filed late relative to the typical 2-business-day Form 4 deadline).

Context

• Because the exercised units were immediately disposed to the issuer, this is effectively a cash-settlement/cashless-style transaction rather than an open-market sale. Such disposals are often routine (e.g., to cover tax withholding) and do not necessarily indicate a change in the insider’s view of the company.