Business Context and Reporting Period
This Form 8-K filing by Western Alliance Bancorporation (WAL) reports a corporate governance event dated September 27, 2016. The report details the expansion of the Board of Directors and the appointment of a new director.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The primary material change is the appointment of Michael Patriarca to the Board of Directors, increasing the board size by one seat. Mr. Patriarca has been assigned to the Audit Committee.
Guidance, Outlook, and Management Commentary
There is no financial guidance, outlook, or management commentary regarding business operations in this filing. The document discloses the following compensation arrangements for the new director:
- Annual cash compensation of $150,000 (pro-rated for 2016).
- Expected receipt of a director equity award in 2017, which will include shares for service rendered in 2016.
The filing confirms there are no undisclosed arrangements or transactions requiring disclosure under Item 404(a) of Regulation S-K.
Important Facts for Investors to Verify
- Confirmation of Michael Patriarca's background and qualifications for the Audit Committee.
- The specific terms and vesting schedule of the 2017 equity award.
- Any potential conflicts of interest related to the new director's appointment.