Western Alliance (WAL) CRO Emily Nachlas Sells 189 Shares

What Happened

• Emily Nachlas, Chief Risk Officer of Western Alliance Bancorporation (WAL), exercised/converting derivative units and immediately disposed of the resulting shares back to the issuer on August 15, 2026.
• Transactions: 72 shares sold at $82.32 for $5,927; 53 shares sold at $82.32 for $4,363; 64 shares sold at $82.32 for $5,268 — total 189 shares and total proceeds of approximately $15,558. The conversion/exercise lines show $0 acquisition cost (units vested/granted).

Key Details

• Transaction date: August 15, 2026; Form 4 filed August 18, 2026 (appears to be timely filed).
• Prices: $82.32 per share on each disposal; total proceeds ≈ $15,558.
• Shares involved: 189 shares converted/exercised and disposed to the issuer.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: Units are cash-settled and are the economic equivalent of one share. Vesting schedules noted in the filing: monthly vesting (1/36th) over 36 months for grants beginning March 2024, March 2025, and March 2026 (see F1–F4).

Context

• The filing uses codes M (exercise/conversion of a derivative security) and D (disposition to the issuer). That combination indicates Nachlas converted vested, cash-settled units (economic equivalents of stock) and the resulting shares were immediately surrendered/sold back to the company — effectively a cash payout rather than an open-market sale.
• This is a routine conversion/settlement of vested units rather than an open-market purchase; such cash-settled unit payouts are compensation-related and do not necessarily signal a change in the insider’s view of the company.