Western Alliance (WAL) CHRO Barbara Kennedy Exercises Units, Sells 257 Shares

What Happened

• Barbara Kennedy, Chief Human Resources Officer of Western Alliance Bancorporation (WAL), converted/ exercised three sets of cash‑settled derivative units and the economic equivalents of 257 shares (101 + 74 + 82) on 2026-09-15. Those 257 share-equivalents were immediately disposed to the issuer at $79.03 per share, producing total proceeds of $20,310.
• The filing shows the conversions as derivative exercises (Code M) at $0.00 acquisition price and the subsequent dispositions to the issuer (Code D) at $79.03 per share. Separate derivative-disposition lines (N/A price) reflect termination/settlement of the derivative units.

Key Details

• Transaction date: 2026-09-15; Form 4 filed: 2026-09-17 (timely).
• Price: $79.03 per share-equivalent; Total proceeds: $20,310 (257 × $79.03).
• Shares after transaction: not specified in the information provided in this summary/filing.
• Footnotes: units are cash-settled and each unit equals one share (F2). The three unit grants have different monthly vesting schedules: F1 (monthly 1/36 from Mar 2024–Feb 2027), F3 (Mar 2025–Feb 2028), and F4 (Mar 2026–Feb 2029).
• No 10b5-1 plan, tax-withholding, or late-filing notation disclosed in the provided details.

Context

• These were cash‑settled unit awards (economic equivalents of shares) that vested and were paid in cash — not an open-market sale of previously held shares. In practice this looks like a scheduled vest-and-settle: the units converted to share-equivalents and Western Alliance paid cash to settle at the closing price of $79.03.
• Such routine vesting/cash-settlement transactions are typically compensation payout events rather than a signal of the insider’s views on the stock.