Form 4: WAL Officer Settles Restricted Stock Units

Western Alliance Bancorporation's Chief Administration Officer, Timothy W. Boothe, settled 166 cash-settled restricted stock units on December 15, 2025.

Summary

• Timothy W. Boothe, Chief Administration Officer of Western Alliance Bancorporation, reported the cash settlement of 166 cash-settled restricted stock units (CSRSUs) on December 15, 2025.
• This included 97 CSRSUs and 69 CSRSUs, each representing the economic equivalent of one share of WAL common stock.
• The units were settled at a value of $86.18 per unit, resulting in a cash payout to the officer.
• Following these transactions, Boothe's direct beneficial ownership of common stock remains at 63,202 shares, with an additional 325 shares owned indirectly through his spouse.
• He continues to beneficially own 1,361 CSRSUs from a grant vesting monthly from March 2024 to February 2027, and 1,793 CSRSUs from a grant vesting monthly from March 2025 to February 2028.

Sentiment

Score: 5

Explanation: This is a routine insider transaction filing (Form 4) reporting the cash settlement of vested restricted stock units. It has a neutral impact as it reflects standard compensation practices and does not indicate any significant positive or negative operational or financial news for the company.

Positives

• The officer continues to hold a significant number of common shares (63,202 directly, 325 indirectly) and unvested cash-settled restricted stock units (3,154 total remaining), indicating continued alignment with shareholder interests.

Negatives

• The settlement of cash-settled restricted stock units represents a reduction in the officer's outstanding equity-linked compensation, as these units are no longer outstanding.

Future Outlook

The filing details the vesting and cash settlement schedule for specific restricted stock unit grants, indicating future cash payouts to the officer as remaining units vest monthly through February 2028.

Industry Context

This Form 4 filing is a routine disclosure of insider transactions, common across all publicly traded companies. It reflects standard executive compensation practices involving equity-linked incentives, specifically cash-settled restricted stock units, which are prevalent in the financial services industry to align executive interests with long-term company performance while managing share dilution.

Comparison to Industry Standards

• The use of cash-settled restricted stock units as part of executive compensation is a common practice in the banking and financial services sector, similar to compensation structures observed at peer institutions like JPMorgan Chase, Bank of America, or Wells Fargo.
• These instruments are often used to provide long-term incentives while managing the impact on outstanding share count. The settlement of vested units is a standard event in such compensation plans.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine compensation event. The cash settlement of units avoids direct share dilution that would occur with equity-settled awards.
• Employees: Reflects standard executive compensation practices, which can influence overall compensation philosophy within the company.

Next Steps

• Continued monthly vesting and cash settlement of the remaining 1,361 cash-settled restricted stock units through February 2027.
• Continued monthly vesting and cash settlement of the remaining 1,793 cash-settled restricted stock units through February 2028.

Key Dates

Recommendation

This Form 4 filing reports a routine insider transaction related to executive compensation (cash settlement of restricted stock units). It does not provide new material information about the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transaction is an expected part of an executive's compensation plan and has a neutral impact on the company's valuation or outlook.

Keywords

Western Alliance Bancorporation, WAL, Timothy W. Boothe, SEC Form 4, Insider Transaction, Restricted Stock Units, Cash Settlement, Officer Compensation