Bruckner Tim R 4

What Happened
Tim R. Bruckner, Chief Banking Officer for Regional Banking at Western Alliance (WAL), exercised/converted derivative units totaling 415 units on July 15, 2026 and immediately disposed those units to the issuer at $81.79 per share. The three conversions/sales were: 158 shares for $12,923; 115 shares for $9,406; and 142 shares for $11,614, totaling $33,943. These transactions are disposals (sales), commonly associated with tax withholding or cash settlement of awards rather than an open-market investment purchase.

Key Details

• Transaction dates: July 15, 2026; Filing date: July 17, 2026 (filed timely within the typical 2-business-day window).
• Prices and proceeds: 158 @ $81.79 = $12,923; 115 @ $81.79 = $9,406; 142 @ $81.79 = $11,614; combined proceeds = $33,943.
• Instruments: Reported as exercise/conversion of derivatives (Form 4 code M) followed by disposition to the issuer (code D). Some derivative lines show N/A price (derivative reporting conventions).
• Shares owned after transaction: Not stated in the provided filing excerpt.
• Footnotes:
  • F1/F3/F4 — three separate units/vintages vest monthly (1/36th) over three different 36-month schedules beginning March 2024, March 2025, and March 2026, respectively (ending Feb 2027, Feb 2028, Feb 2029).
  • F2 — each unit is the economic equivalent of one share of WAL common stock.
• No indication of a 10b5-1 plan or a late filing in the provided data.

Context
These entries show derivative exercises/conversions immediately followed by disposition to the issuer (a cash settlement or sell-to-cover pattern). Because the reported units are cash-settled and tied to scheduled vesting, these transactions are typically routine compensation/tax-related events and do not necessarily signal the insider’s market view. Purchases generally carry more informational weight for investors than routine disposals.