Western Alliance (WAL) CLO Jessica Jarvi Sells 168 Shares

What Happened
Jessica H. Jarvi, Chief Legal Officer & Secretary of Western Alliance Bancorporation, reported exercises/conversions of derivative units on 2026-09-15 that resulted in 168 share equivalents (three lots: 58, 46, 64). Each lot shows an exercise at $0.00 and an immediate disposition to the issuer at $79.03 per share, yielding aggregate proceeds of approximately $13,277. The transactions are reported as conversions/exercises (code M) followed by dispositions to the issuer (code D).

Key Details

• Transaction date: 2026-09-15; Form 4 filed 2026-09-17 (reporting period 9/15/2026).
• Prices and amounts: 58 shares @ $79.03 = $4,584; 46 shares @ $79.03 = $3,635; 64 shares @ $79.03 = $5,058; total ≈ $13,277.
• Shares owned after the transactions: not disclosed in this filing.
• Footnotes: F1–F4 describe that these units vest and are payable solely in cash on monthly schedules (different grant cohorts: starting March 2024, March 2025, March 2026). F2 notes each unit is the economic equivalent of one share. F5 notes 401(k) holdings (including employer match) as of 9/3/2026.
• Filing timeliness: filed two days after the transactions (within the typical Form 4 reporting window).

Context
These were derivative/unit conversions and immediate dispositions to the issuer—not open-market purchases or market sales. Such dispositions commonly reflect withholding or net settlement when equity awards vest (the filing and footnotes indicate cash-settled units that are economically tied to company shares). The total value (~$13.3k) is modest and appears routine rather than a directional bet on the stock.