Western Alliance (WAL) CHRO Barbara Kennedy Sells 257 Shares

What Happened
Barbara Kennedy, Chief Human Resources Officer at Western Alliance Bancorporation (WAL), exercised/converted derivative units into 3 tranches of shares (101, 74 and 82 shares) and immediately disposed/surrendered those shares to the issuer at $81.79 per share. Proceeds reported: $8,261 (101 shares), $6,052 (74 shares) and $6,707 (82 shares), for total proceeds of $21,020. The exercises show an acquisition price of $0.00 (derivative conversion/option exercise) followed by disposition to the issuer.

Key Details

• Transaction date: 2026-07-15; Form 4 filed: 2026-07-17 (appears timely).
• Tranches: 101 @ $81.79 = $8,261; 74 @ $81.79 = $6,052; 82 @ $81.79 = $6,707. Total disposed: 257 shares for $21,020.
• Codes: M = exercise/conversion of derivative; D = disposition to issuer. Several derivative dispositions reported as "N/A" reflect derivative instrument handling in the filing.
• Shares owned after the reported transactions: not specified in the provided report.
• Footnotes:
  • F1/F3/F4 — Units vest and are payable solely in cash, vesting 1/36th monthly over 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.

Context

• The filing shows immediate disposition of the shares received from converting/exercising derivative units (i.e., the shares were not retained). This is commonly reported when shares are sold or surrendered right after vesting/exercise.
• These transactions involve derivative units that are described as cash-settled and economically equivalent to common shares; they do not by themselves indicate a change in long-term insider conviction.