Western Alliance (WAL) CEO Kenneth Vecchione Converts Units, Sells $124K

What Happened

• Kenneth Vecchione, Chairman, President & CEO (and Director) of Western Alliance Bancorporation, converted vested cash‑settled derivative units into cash and had the equivalent of 1,571 shares (539 + 437 + 595) disposed to the issuer on 2026-09-15 for $79.03 per share. Proceeds reported: $42,597 (539 sh), $34,536 (437 sh) and $47,023 (595 sh) — total ≈ $124,156. The conversion/exercise entries show $0 acquisition price (typical for vested awards) and the subsequent disposition entries reflect the cash payout to the insider.

Key Details

• Transaction date: 2026-09-15; Filing date: 2026-09-17 (filed within the typical 2‑business‑day Form 4 window).
• Prices and proceeds: $79.03 per share; totals: $42,597, $34,536, and $47,023; combined ≈ $124,156.
• Shares involved: 539, 437 and 595 (total 1,571) were converted/settled.
• Shares owned after transaction: Not specified on this Form 4. Footnote F5 reports shares held in a 401(k) plan (including employer match) as of 9/3/2026.
• Notable footnotes: F1–F4 state these units vest and are payable solely in cash on monthly vesting schedules (1/36th per month for three separate grant vintages beginning March 2024, March 2025, and March 2026). F2 notes each unit is the economic equivalent of one share.
• Transaction type explanation: Code M = exercise/conversion of a derivative; the conversion was cash‑settled with disposition to the issuer (i.e., immediate cash payout), not an open‑market sale.

Context

• This appears to be routine compensation vesting and cash settlement of unit awards rather than an open‑market sale of previously held shares. Cash‑settled unit conversions are primarily pay‑out of compensation and do not necessarily signal buying or selling intent in the market.
• Purchases (buys) typically carry more weight as insider bullish signals; this filing documents receipt of compensation value.