Kennedy Barbara 4

What Happened

• Barbara Kennedy, Chief Human Resources Officer of Western Alliance Bancorporation (WAL), converted/exercised a total of 257 derivative units (101 + 74 + 82) and dispositions to the issuer resulted in cash proceeds of $81.81 per unit. The three dispositions totaled $8,263, $6,054 and $6,708 respectively, for combined proceeds of approximately $21,025. These transactions were coded as exercises/conversions (M) followed by dispositions to the issuer (D).

Key Details

• Transaction date: June 15, 2026; Form 4 filed June 17, 2026 (filed within the standard two-business-day window).
• Prices and totals: disposition price $81.81 per unit; totals — 101 units = $8,263; 74 units = $6,054; 82 units = $6,708; combined ≈ $21,025.
• Transaction codes: M = exercise/conversion of derivative; D = disposition to the issuer (cash settlement).
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes:
  • F2: Each unit is the economic equivalent of one share of WAL common stock.
  • F1, F3, F4: The units referenced have monthly vesting schedules (1/36th each month) from start dates March 2024, March 2025, and March 2026 respectively — and are payable solely in cash when vested.

Context

• These were cash-settled derivative/unit conversions (not open-market purchases or gifts). Because the units are payable solely in cash, the conversion and disposition effectively resulted in cash payment to the insider rather than delivery of tradable shares. This is a routine compensation payout tied to vesting and does not, by itself, indicate a directional bet on the stock.