Form 4: Western Alliance Bancorporation CEO Kenneth Vecchione Reports Stock Transactions
SEC Form 4 Filing
Kenneth Vecchione, CEO of Western Alliance Bancorporation, reports the vesting and cash settlement of restricted stock units and associated stock disposals.
Summary
- On May 15, 2024, Kenneth Vecchione, the President and CEO of Western Alliance Bancorporation, reported transactions involving common stock and cash-settled restricted stock units.
- Vecchione had 539 cash-settled restricted stock units vest, which were then settled in cash.
- Concurrently, 539 shares of common stock were disposed of at a price of $64.79 per share.
- Following these transactions, Vecchione directly owns 446,300 shares of Western Alliance Bancorporation common stock.
- Vecchione also has indirect ownership through a 401K Plan (1,950 shares), Darcy Vecchione UTMA (750 shares), Alexander Vecchione (456 shares), and Greenspring Revocable Trust (750 shares).
- Vecchione directly owns 17,799 cash-settled restricted stock units.
Sentiment
Score: 5
Explanation: This is a routine filing related to executive compensation. It doesn't indicate any significant positive or negative sentiment.
Future Outlook
The remaining restricted stock units will continue to vest in monthly installments until February 2027.
Industry Context
This filing is a routine disclosure of insider transactions, which are common for executives of publicly traded companies. These transactions are closely watched by investors for insights into management's perspective on the company's stock.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock units that vest over time, aligning management's interests with those of shareholders.
- The vesting schedule of 1/36th per month is a fairly standard vesting schedule.
- Comparable companies such as Comerica and KeyCorp also have similar executive compensation structures.
Stakeholder Impact
- The transactions have a minor impact on shareholders as they involve a small number of shares relative to the total outstanding.
Key Dates
| Date | Description |
|---|---|
| 03/2024 | Start date of the 36-month vesting period for the restricted stock units. |
| 05/02/2024 | Date reflecting shares held in the 401K Plan to include employer match. |
| 05/15/2024 | Date of the reported transactions: vesting of restricted stock units and disposal of common stock. |
| 05/17/2024 | Date of signature for the Form 4 filing. |
| 02/2027 | End date of the 36-month vesting period for the restricted stock units. |
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