Nachlas Emily 4

What Happened

• Emily Nachlas, Chief Risk Officer of Western Alliance Bancorporation (WAL), exercised/converted vested derivative units and disposed of the resulting economic equivalent of shares to the issuer on July 15, 2026.
• Transactions: 72 shares sold for $81.79 each ($5,889), 53 shares sold for $81.79 each ($4,335), and 64 shares sold for $81.79 each ($5,235) — total 189 shares and total proceeds of $15,459. The exercises show an acquisition price of $0.00 (derivative conversion) followed by disposition to the issuer (code D).

Key Details

• Transaction date: 2026-07-15; Form 4 filed: 2026-07-17 (appears timely).
• Prices: all disposals at $81.79 per share; total proceeds $15,459.
• Shares owned after the transaction: not disclosed in the provided excerpt.
• Codes: M = exercise/conversion of derivative; D = disposition to issuer.
• Footnotes: units are cash-settled and are the economic equivalent of one share. Vesting schedules noted across grants: monthly 1/36th payments over 36 months with start dates March 2024, March 2025, and March 2026 (see F1–F4).

Context

• This appears to be a routine conversion/settlement of vested derivative units that were immediately disposed to the issuer (a cash-settlement or sell-to-cover style outcome), rather than an open-market sale by the insider. Such derivative vesting and cash settlement are common compensation events and do not by themselves indicate a change in the insider’s view of the company.