Document:

EX-10.1

EXECUTION VERSION

SECURITIES PURCHASE AGREEMENT

WESTERN ALLIANCE BANCORPORATION

Common Stock, par value $0.0001 per share

$11.50 per share

1

This SECURITIES PURCHASE AGREEMENT (the “Agreement”) is made and entered into by and between
Western Alliance Bancorporation, a Nevada corporation (the “Corporation”), and each purchaser
identified on the signature pages hereto (each, an “Investor” and collectively, the “Investors”)
with respect to each Investor’s purchase, severally and not jointly, of the number of shares of
common stock of the Corporation, par value $0.0001 per share, set forth on the signature pages
hereto (the “Shares”).

RECITALS

A. The Corporation and each Investor is executing and delivering this Agreement in reliance
upon the exemption from securities registration afforded by Section 4(2) of the Securities Act of
1933, as amended (the “Securities Act”), and Rule 506 of Regulation D (“Regulation D”) as
promulgated by the United States Securities and Exchange Commission (the “Commission”) under the
Securities Act.

B. Contemporaneously with the execution and delivery of this Agreement, the parties hereto
are executing and delivering a Registration Rights Agreement, substantially in the form attached
hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which, among other things,
the Corporation will agree to provide certain registration rights with respect to the Shares
under the Securities Act and the rules and regulations promulgated thereunder and applicable
state securities laws.

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and
for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the Corporation and the Investors hereby agree as follows:

	1.	 	SUBSCRIPTION

	 	1.1.	 	Purchase of Shares

Subject to the terms and conditions of this Agreement each Investor hereby subscribes to
purchase the number of Shares set forth on such Investor’s signature page hereto at a price of
$11.50 per Share. Upon receipt of the Corporation Deliverables (as defined in Section 1.3), each
Investor shall deliver to the Corporation by wire transfer to such account or accounts the Company
may designate the aggregate amount to be paid for the Shares purchased hereunder as indicated on
such Investor’s signature page to this Agreement next to the heading “Aggregate Purchase Price
(Subscription Amount)” in United States dollars and in immediately available funds.

	 	 	 
	1.2.	 	Acceptance and Irrevocability of Subscription
	
 
	 	The Investor understands and acknowledges that:

(a) This Agreement is not binding on the Corporation until the Corporation accepts it, which
acceptance is at the Corporation’s sole and absolute discretion and will be evidenced by its
execution of this Agreement.

(b) Except as otherwise provided by law, the Investors are not entitled to cancel, terminate
or revoke this subscription or any other provision of this Agreement, except that the Investors
shall have no obligations hereunder in the event that this subscription is for any reason rejected
or the offering of the Shares is for any reason canceled or terminated, including in accordance
with Section 7.10 of this Agreement.

	 	1.3.	 	Closing

The purchase and sale of the Shares (the “Closing”) shall take place at 10:00 a.m. Las Vegas,
Nevada time at the offices of the Corporation on September 30, 2008, or at such other time and
place as are designated by the Corporation (which time and place are designated as the “Closing
Date”). On or prior to the Closing Date, the Corporation shall issue, deliver or cause to be
delivered to each Investor the following (the “Corporation Deliverables”):

(i) this Agreement, duly executed by the Corporation;

(ii) unless otherwise agreed to by the Corporation and an Investor, facsimile copies of one
or more stock certificates, free and clear of all restrictive and other legends (except as
provided in Section 3.10 hereof), evidencing the Shares subscribed for by the Investor hereunder,
registered in the name of such Investor, with the original stock certificates delivered within
three (3) business days of Closing;

(iii) a legal opinion from each of in-house counsel and outside counsel for the Corporation,
dated as of the Closing Date, covering such matters as are set forth on Exhibit B attached
hereto, executed by each such counsel and addressed to the Investors;

(iv) the Registration Rights Agreement, duly executed by the Corporation;

(v) duly executed Irrevocable Transfer Agent Instructions in the form of Exhibit C, executed
by the Corporation and delivered to and acknowledged in writing by the Corporation’s transfer
agent;

(vi) a certificate of the Secretary of the Corporation, dated as of the Closing Date, (a)
certifying the resolutions adopted by the Board of Directors of the Corporation or a duly
authorized committee thereof approving the transactions contemplated by this Agreement and the
issuance of the Shares, (b) certifying the current versions of the certificate or articles of
incorporation, as amended, and by-laws of the Corporation and (c) certifying as to the signatures
and authority of persons signing this Agreement and related documents on behalf of the
Corporation;

(vii) a certificate, dated as of the Closing Date and signed by the Corporation’s Chief
Executive Officer or its Chief Financial Officer, certifying (A) the truth and accuracy of the
Corporation’s representations and warranties contained in this Agreement and (B) the performance
by the Corporation of all covenants, agreements and conditions contained in this Agreement; and

(viii) a certificate evidencing the formation and good standing of the Corporation in its
jurisdiction of formation issued by the Secretary of State (or comparable office) of such
jurisdiction, as of a date within five (5) business days of the Closing Date.

	2.	 	CORPORATION REPRESENTATIONS AND WARRANTIES

The Corporation hereby represents and warrants to each Investor that:

	 	2.1.	 	Subsidiaries; Organization and Standing

The Corporation has no direct or indirect subsidiaries other than those listed in Schedule 2.1
hereto (the “Subsidiaries”). Except as disclosed in Schedule 2.1 hereto, the Corporation owns,
directly or indirectly, all of the capital stock or comparable equity interests of each Subsidiary
free and clear of any and all liens, and all the issued and outstanding shares of capital stock or
comparable equity interest of each Subsidiary are validly issued and are fully paid, non-assessable
and free of preemptive and similar rights to subscribe for or purchase securities.

The Corporation and each of its Subsidiaries is an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization. Neither
the Corporation nor any Subsidiary is in violation nor default of any of the provisions of its
respective certificate or articles of incorporation, bylaws or other organizational or charter
documents. The Corporation and each of its Subsidiaries has all requisite power and authority to
own, lease and operate its assets and properties and to carry on its business.

The Corporation has all requisite power and authority to execute and deliver this Agreement
and to carry out the transactions contemplated hereby.

The Corporation is duly registered as a bank holding company under the Bank Holding Company
Act of 1956, as amended (“BHC Act”). Each of the Corporation’s depository institution
Subsidiaries’ deposit accounts are insured up to applicable limits by the Federal Deposit Insurance
Corporation, and all premiums and assessments required to be paid in connection therewith have been
paid when due.

	 	2.2.	 	Capitalization

The authorized capital stock of the Corporation consists of 100,000,000 shares of common stock
(the “Common Stock”), of which 34,101,150 shares are issued and outstanding as of September 24,
2008. No person has any right of first refusal, preemptive right, right of participation, or any
similar right to participate in the transactions contemplated by this Agreement that have not been
effectively waived as of the Closing Date.

	 	2.3.	 	Authorization

The execution, delivery and performance of this Agreement by the Corporation, the fulfillment
of and compliance with the respective terms and provisions hereof, and the due consummation of the
transactions contemplated hereby have been duly and validly authorized by all necessary corporate
action on the part of the Corporation (none of which actions have been modified or rescinded, and
all of which actions are in full force and effect).

	 	2.4.	 	Binding Obligation

When executed by the Corporation, this Agreement will constitute a valid and binding
obligation of the Corporation, enforceable in accordance with its terms except (i) as limited by
general equitable principles and applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws of general application affecting enforcement of creditors
rights generally, (ii) as limited by laws relating to the availability of specific performance,
injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution
provisions may be limited by applicable laws.

	 	2.5.	 	Title to Stock

Upon payment by the Investor of the purchase price, acceptance by the Corporation of this
Agreement, and delivery by the Corporation to the Investor of certificates for the Shares, the
Shares will be duly authorized, validly issued and outstanding, fully paid and nonassessable, and
the Investor will acquire good, valid and marketable title thereto, free and clear of all
mortgages, liens, pledges, charges, claims, security interests, agreements, encumbrances and
equities whatsoever (other than any created by the Investor).

	 	2.6.	 	Consents

The Corporation is not subject to any law, ordinance, regulation, rule, order, judgment,
injunction, decree, charter, bylaw, contract, commitment, lease, agreement, instrument or other
restriction of any kind that would prevent the Corporation’s consummation of this Agreement or any
of the transactions contemplated hereby without the consent of any third party or that would result
in any penalty, forfeiture or other termination as a result of such consummation (except, in each
case, to the extent that consents or waivers have been obtained).

	 	2.7.	 	Absence of Violation

Neither the execution or delivery of this Agreement by the Corporation nor the consummation of
the transactions contemplated hereby by the Corporation constitutes a violation or default under or
conflicts with, or will result in the creation of any encumbrance on any of the assets owned by the
Corporation under, any term or provision of the Articles of Incorporation or Bylaws of the
Corporation, or any material contract, commitment, lease, instrument, or agreement to which the
Corporation is a party or by which the Corporation is bound.

	 	 	 
	2.8.	 	SEC Reports; Disclosure Materials
	
 
	 	Except as disclosed in Schedule 2.8 hereto:

The Corporation has filed all reports, schedules, forms, statements and other documents
required to be filed by it under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date
hereof (or such shorter period as the Corporation was required by law or regulation to file such
material) (the foregoing materials and any additional materials filed by it under the Exchange Act,
including in each case the exhibits thereto and documents incorporated by reference therein, being
collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to the expiration of any
such extension. As of their respective filing dates, or to the extent corrected by a subsequent
restatement, the SEC Reports complied in all material respects with the requirements of the
Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated
thereunder, and none of the SEC Reports, when filed, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they were made, not
misleading. The Corporation has never been an issuer subject to Rule 144(i) under the Securities
Act.

	 	 	 
	2.9.	 	Financial Statements
	
 
	 	Except as disclosed in Schedule 2.9 hereto:

The financial statements of the Corporation included in the SEC Reports comply in all material
respects with applicable accounting requirements and the rules and regulations of the Commission
with respect thereto as in effect at the time of filing (or to the extent corrected by a subsequent
restatement). Such financial statements have been prepared in accordance with GAAP applied on a
consistent basis during the periods involved, except as may be otherwise specified in such
financial statements or the notes thereto and except that unaudited financial statements may not
contain all footnotes required by GAAP, and fairly present in all material respects the financial
position of the Corporation and its consolidated subsidiaries taken as a whole as of and for the
dates thereof and the results of operations and cash flows for the periods then ended, subject, in
the case of unaudited statements, to normal, immaterial year-end audit adjustments.

	 	 	 
	2.10.	 	Material Changes
	
 
	 	Except as disclosed in Schedule 2.10 hereto:

Since the date of the latest audited financial statements included within the SEC Reports,
except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof, (i)
there have been no events, occurrences or developments that have had or would reasonably be
expected to have, either individually or in the aggregate, a material and adverse effect on the
results of operations, assets, liabilities, business or financial condition of the Corporation and
the Subsidiaries, taken as a whole (a “Material Adverse Effect”), (ii) the Corporation has not
incurred any material liabilities (contingent or otherwise) other than (A) trade payables, accrued
expenses and other liabilities incurred in the ordinary course of business consistent with past
practice and (B) liabilities not required to be reflected in the Corporation ‘s financial
statements pursuant to GAAP or required to be disclosed in filings made with the Commission, or
(iii) the Corporation has not altered materially its method of accounting or the manner in which it
keeps its accounting books and records.

	 	 	 
	2.11.	 	Litigation
	
 
	 	Except as disclosed in Schedule 2.11 hereto:

There is no action which (i) adversely affects or challenges the legality, validity or
enforceability of this Agreement or the Shares or (ii) except as specifically disclosed in the SEC
Reports, could, if there were an unfavorable decision, individually or in the aggregate, have or
reasonably be expected to result in a Material Adverse Effect. Neither the Corporation nor any
Subsidiary, nor any director or officer thereof, is or has been the subject of any action involving
a claim of violation of or liability under federal or state securities laws or a claim of breach of
fiduciary duty. There has not been, and to the Corporation’s knowledge there is not pending or
contemplated, any investigation by the Commission involving the Corporation or any current or
former director or officer of the Corporation. The Commission has not issued any stop order or
other order suspending the effectiveness of any registration statement filed by the Corporation or
any of its Subsidiaries under the Exchange Act or the Securities Act.

2.12. Compliance

Neither the Corporation nor any of its Subsidiaries (i) is in default under or in violation of
(and no event has occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Corporation or any of its Subsidiaries under), nor has the
Corporation or any of its Subsidiaries received written notice of a claim that it is in default
under or that it is in violation of, any indenture, loan or credit agreement or any other agreement
or instrument to which it is a party or by which it or any of its properties is bound (whether or
not such default or violation has been waived), (ii) is in violation of any order of any court,
arbitrator or governmental body having jurisdiction over the Corporation or its properties or
assets, or (iii) is in violation of, or in receipt of written notice that it is in violation of,
any statute, rule or regulation of any governmental authority applicable to the Corporation, except
in each case as would not, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect.

2.13. Regulatory Permits

The Corporation and each of its Subsidiaries possess all certificates, authorizations and
permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary
to conduct its respective business as currently conducted and as described in the SEC Reports,
except where the failure to possess such permits, individually or in the aggregate, has not and
would not have or reasonably be expected to result in a Material Adverse Effect (“Material
Permits”), and neither the Corporation nor any of its Subsidiaries has received any written notice
of proceedings relating to the revocation or modification of any such Material Permits.

2.14. Insurance

The Corporation and each of the Subsidiaries are insured by insurers of recognized financial
responsibility against such losses and risks and in such amounts as the Corporation believes to be
prudent and customary in the businesses and locations in which the Corporation and the Subsidiaries
are engaged. Neither the Corporation nor any of its Subsidiaries has received any written notice
of cancellation of any such insurance.

2.15. Internal Accounting Controls

Except as disclosed in the SEC Reports, the Corporation and each of its Subsidiaries maintains
a system of internal accounting controls sufficient to provide reasonable assurance that (i)
transactions are executed in accordance with management’s general or specific authorizations, (ii)
transactions are recorded as necessary to permit preparation of financial statements in conformity
with GAAP and to maintain asset and liability accountability, (iii) access to assets or incurrence
of liabilities is permitted only in accordance with management’s general or specific authorization,
and (iv) the recorded accountability for assets and liabilities is compared with the existing
assets and liabilities at reasonable intervals and appropriate action is taken with respect to any
differences.

2.16. Sarbanes-Oxley; Disclosure Controls

The Corporation is in compliance in all material respects with all of the provisions of the
Sarbanes-Oxley Act of 2002 which are applicable to it as of the Closing Date. The Corporation has
established disclosure controls and procedures (as such term is defined in Rule 13a-15(e) and
15d-15(e) under the Exchange Act) for the Corporation and designed such disclosure controls and
procedures to ensure that information required to be disclosed by the Corporation in the reports it
files or submits under the Exchange Act is recorded, processed, summarized and reported, within the
time periods specified in the Commission’s rules and forms. The Corporation’s certifying officers
have evaluated the effectiveness of the Corporation’s disclosure controls and procedures as of the
end of the period covered by the Corporation’s most recently filed periodic report under the
Exchange Act (such date, the “Evaluation Date”). The Corporation presented in its most recently
filed periodic report under the Exchange Act the conclusions of the certifying officers about the
effectiveness of the disclosure controls and procedures based on their evaluations as of the
Evaluation Date. Since the Evaluation Date, there have been no changes in the Corporation’s
internal control over financial reporting (as such term is defined in the Exchange Act) that has
materially affected, or is reasonably likely to materially affect, the Corporation’s internal
control over financial reporting.

2.17. Certain Fees

No person or entity will have, as a result of the transactions contemplated by this Agreement,
any valid right, interest or claim against or upon the Corporation or an Investor for any
commission, fee or other compensation pursuant to any agreement, arrangement or understanding
entered into by or on behalf of the Corporation. The Investors shall have no obligation with
respect to any fees or with respect to any claims made by or on behalf of other persons for fees of
a type contemplated in this Section that may be due in connection with the transactions
contemplated by this Agreement.

2.18. Private Placement; Trading Market

Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3
of this Agreement, no registration under the Securities Act is required for the offer and sale of
the Shares by the Corporation to the Investors under this Agreement. The issuance and sale of the
Shares hereunder does not contravene the rules and regulations of the New York Stock Exchange.

2.19. Investment Company

The Corporation is not, and immediately after receipt of payment for the Shares, will not be,
an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The
Corporation shall conduct its business in a manner so that it will not become subject to the
Investment Company Act of 1940, as amended.

2.20. Listing and Maintenance Requirements

The Corporation’s Common Stock is registered pursuant to Section 12(b) or 12(g) of the
Exchange Act, and the Corporation has taken no action designed to terminate the registration of the
Common Stock under the Exchange Act nor has the Corporation received any notification that the
Commission is contemplating terminating such registration. The Corporation has not, in the 12
months preceding the date hereof, received written notice from the trading market on which the
Common Stock is listed or quoted to the effect that the Corporation is not in compliance with the
listing or maintenance requirements of such trading market. The Corporation is, and has no reason
to believe that it will not in the foreseeable future continue to be, in compliance with all such
listing and maintenance requirements.

2.21. Disclosure

The Corporation confirms that neither it nor any of its officers or directors nor any other
person acting on its or their behalf has provided any Investor or its respective agents or counsel
with any information that it believes constitutes or could reasonably be expected to constitute
material, non-public information except insofar as the existence, provisions and terms of this
Agreement and the proposed transactions hereunder may constitute such information, all of which
will be disclosed by the Corporation in the press release as contemplated by Section 4.5 hereof.
The Corporation understands and confirms that the Investors will rely on the foregoing
representations in effecting transactions in securities of the Corporation. No event or
circumstance has occurred or information exists with respect to the Corporation or any of its
Subsidiaries or its or their business, properties, operations or financial conditions, which, under
applicable law, rule or regulation, requires public disclosure or announcement by the Corporation
but which has not been so publicly announced or disclosed (assuming for this purpose that the
Corporation’s reports filed under the Exchange Act are being incorporated into an effective
registration statement filed by the Corporation under the Securities Act), except for the
announcement of this Agreement and related transactions.

2.22. No Integrated Offering

Assuming the accuracy of the Investors’ representations and warranties set forth in Section 3,
none of the Corporation, its Subsidiaries nor, to the Corporation’s knowledge, any of its
affiliates or any person acting on its behalf has, directly or indirectly, at any time within the
past six months, made any offers or sales of any Corporation security or solicited any offers to
buy any security under circumstances that would (i) eliminate the availability of the exemption
from registration under Regulation D under the Securities Act in connection with the offer and sale
by the Corporation of the Shares as contemplated hereby or (ii) cause the offering of the Shares
pursuant to this Agreement to be integrated with prior offerings by the Corporation for purposes of
any applicable law, regulation or stockholder approval provisions, including, without limitation,
under the rules and regulations of the New York Stock Exchange.

2.23. No General Solicitation

Neither the Corporation nor any person acting on behalf of the Corporation has offered or sold
any of the Shares by any form of general solicitation or general advertising. The Corporation has
offered the Shares for sale only to the Investors and certain other “accredited investors” within
the meaning of Rule 501 under the Securities Act.

2.24. Off Balance Sheet Arrangements

There is no transaction, arrangement, or other relationship between the Corporation (or any
Subsidiary) and an unconsolidated or other off balance sheet entity that is required to be
disclosed by the Corporation in its Exchange Act filings and is not so disclosed and would have or
reasonably be expected to result in a Material Adverse Effect.

2.25. Regulation M Compliance

The Corporation has not, and to the Corporation’s knowledge no one acting on its behalf has,
(i) taken, directly or indirectly, any action designed to cause or to result in the stabilization
or manipulation of the price of any security of the Corporation to facilitate the sale or resale of
any of the Shares, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases
of, any of the securities of the Corporation or (iii) paid or agreed to pay to any person any
compensation for soliciting another to purchase any other securities of the Corporation.

2.26. Agreements with Regulatory Agencies; Compliance with Certain Banking Regulations

Neither the Corporation nor any Subsidiary is subject to any cease-and-desist or other similar
order or enforcement action issued by, or is a party to any written agreement, consent agreement or
memorandum of understanding with, or is a party to any commitment letter or similar undertaking to,
or is subject to any capital directive by, or since December 31, 2006, has adopted any board
resolutions at the request of, any governmental entity that currently restricts in any material
respect the conduct of its business or that in any material manner relates to its capital adequacy,
its liquidity and funding policies and practices, its ability to pay dividends, its credit, risk
management or compliance policies, its internal controls, its management or its operations or
business (each item in this sentence, a “Regulatory Agreement”), nor has the Corporation or any
Subsidiary been advised since December 31, 2006 by any Governmental Entity that it is considering
issuing, initiating, ordering, or requesting any such Regulatory Agreement.

The Corporation has no knowledge of any facts and circumstances, and has no reason to believe
that any facts or circumstances exist, that would cause any of its Subsidiary banking institutions:
(i) to be deemed not to be in satisfactory compliance with the Community Reinvestment Act and the
regulations promulgated thereunder or to be assigned a CRA rating by federal or state banking
regulators of lower than “satisfactory”; (ii) to be deemed to be operating in violation, in any
material respect, of the Bank Secrecy Act, the Patriot Act, any order issued with respect to
anti-money laundering by the U.S. Department of the Treasury’s Office of Foreign Assets Control, or
any other anti-money laundering statute, rule or regulation; or (iii) to be deemed not to be in
satisfactory compliance, in any material respect, with all applicable privacy of customer
information requirements contained in any federal and state privacy laws and regulations as well as
the provisions of all information security programs adopted by the Subsidiaries. Except as would
not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
the Corporation is not aware of any facts or circumstances which would cause it to believe that any
nonpublic customer information has been disclosed to or accessed by an unauthorized third party.

Except as would not reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect, each of the Corporation and each Subsidiary has properly administered all
accounts for which it acts as a fiduciary, including accounts for which it serves as a trustee,
agent, custodian, personal representative, guardian, conservator or investment advisor, in
accordance with the terms of the governing documents, applicable federal and state law and
regulation and common law. None of the Corporation, any Subsidiary or any director, officer or
employee of the Corporation or any Subsidiary has committed any breach of trust or fiduciary duty
with respect to any such fiduciary account that would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and, except as would not reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect, the accountings for each such
fiduciary account are true and correct and accurately reflect the assets of such fiduciary account.

As of December 31, 2007, the Corporation’s Subsidiary insured depository institutions meet or
exceed the standards necessary to be considered “adequately capitalized” under the Federal Deposit
Insurance Corporation’s regulatory framework for prompt corrective action.

	3.	 	INVESTOR REPRESENTATIONS AND WARRANTIES 

Each Investor hereby, for itself and for no other Investor, represents and warrants as of the
date hereof and as of the Closing Date to the Corporation as follows:

	 	3.1.	 	Organization and Standing; Legal Capacity

If the Investor is a partnership, corporation, trust or other entity or association (an
“Entity”), the Investor is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization or formation and has all requisite power and authority to own,
lease and operate its assets, properties and business; to carry on its business as now conducted;
to execute and deliver this Agreement; and to perform fully its obligations hereunder. If the
Investor is a natural person, the Investor has the full and unrestricted legal capacity to execute
and deliver this Agreement and to carry out the transactions contemplated hereby.

	 	3.2.	 	Authorization

If the Investor is an Entity, the execution, delivery and performance of this Agreement by the
Investor, the fulfillment of and the compliance with the respective terms and provisions hereof,
and the due consummation of the transactions contemplated hereby have been duly and validly
authorized by all necessary corporate or other action on the part of the Investor (none of which
actions have been modified or rescinded, and all of which actions are in full force and effect).

	 	3.3.	 	Binding Obligation

When executed by the Investor, this Agreement will constitute a valid and binding obligation
of the Investor, enforceable in accordance with its terms, except (i) as limited by general
equitable principles and applicable bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other laws of general application affecting enforcement of creditors rights
generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions
may be limited by applicable laws.

	 	3.4.	 	Consents

The Investor is not subject to any law, ordinance, regulation, rule, order, judgment,
injunction, decree, charter, bylaw, contract, commitment, lease, agreement, instrument or other
restriction of any kind that would prevent the Investor’s consummation of this Agreement or any of
the transactions contemplated hereby without the consent of any third party, that would require the
consent of any third party to the consummation of this Agreement or any of the transactions
contemplated hereby, or that would result in any penalty, forfeiture or other termination as a
result of such consummation (except, in each case, to the extent that consents and/or waivers have
been obtained).

	 	3.5.	 	Absence of Violation

Neither the execution, delivery or performance of this Agreement by the Investor nor the
consummation by the Investor of the transactions contemplated hereby constitutes or will constitute
a violation or default under or conflicts with or will conflict with, or will result in the
creation of any encumbrance on any of the assets owned by the Investor under, any term or provision
of the organizational documents of the Investor, if the Investor is an Entity, or any material
contract, commitment, lease, instrument, or agreement to which the Investor is a party or by which
the Investor is bound, except for such conflicts, defaults, or violations which would not,
individually or in the aggregate, reasonably be expected to have a material adverse effect on the
ability of such Investor to perform its obligations hereunder.

	 	3.6.	 	Purchase Entirely for Own Account; No Control

The Shares to be received by the Investor will be acquired for investment for the Investor’s
own account, not as a nominee or agent, and not with a view to the resale or distribution of any
part thereof, and the Investor has no present intention of selling, granting any participation in,
or otherwise distributing the same. The Investor does not have any contract, undertaking,
agreement or arrangement with any person to sell, transfer or grant participations to such person
or to any third person, with respect to any of the Shares to be received by the Investor. The
Investor is not a “related party” of the Company, as such term is defined by Section 312.03(b) of
the New York Stock Exchange’s Listed Company Manual. The Investor, together with its affiliates
and any other party acting in concert therewith, will not, following its investment in the Shares,
directly or indirectly own, control or hold with the power to vote greater than 9.99% of the
currently outstanding shares of common stock of the Company.

	 	3.7.	 	Disclosure of Information

The Investor has received all the information he or it considers necessary or appropriate for
deciding whether to purchase the Shares. The Investor has had an opportunity to ask questions and
receive answers from the Corporation regarding the terms and conditions of the offering of the
Shares. The Investor has access to all of the Corporation’s filings with the Securities and
Exchange Commission, pursuant to the Securities Exchange Act of 1934, as amended. The foregoing,
however, does not limit or modify the representations and warranties of the Corporation in
Article 2 of this Agreement or the right of the Investor to rely thereon.

	 	3.8.	 	Investment Experience

The Investor can bear the economic risk of the investment in the Shares and has such knowledge
and experience in financial or business matters that he, she or it is capable of evaluating the
merits and risks of the investment in the Shares. If the Investor is an Entity, the Investor also
represents it has not been organized solely for the purpose of acquiring the Shares.

	 	3.9.	 	Restricted Shares

The Investor understands that the Shares being acquired pursuant hereto are characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from
the Corporation in a transaction not involving a public offering and that under such laws and
applicable regulations such securities may not be resold without registration under the Securities
Act, except in certain limited circumstances.

	 	3.10.	 	Legends

The Investor understands that the certificates evidencing the Common Stock will bear the
following legend:

“THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR
ANY OTHER FEDERAL OR STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR
SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN
EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL
SATISFACTORY TO THE CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.”

	 	3.11.	 	Accredited Investor

The Investor is an accredited investor as defined in Rule 501(a) of Regulation D promulgated
under the Securities Act or has such knowledge and experience in financial and business matters
that he or she is capable of evaluating the merits and risks of an investment in the Shares.

	 	3.12.	 	Non-Solicitation

The Investor was not contacted by the Corporation or its representatives for the purpose of
investing in any securities of the Corporation offered hereby through any advertisement, article,
notice or any other communication published in any newspaper, magazine, or similar media or
broadcast over television or radio, or any seminar or meeting whose attendees were invited by any
general advertising. The Shares were not offered or sold to Investor by any form of general
solicitation or general advertising.

	 	3.13.	 	Additional Information

The Investor agrees to provide promptly such information and to execute and deliver such
documents as may be necessary for the Corporation to comply with any and all laws, regulations and
ordinances to which it may be subject.

No Investor has made or makes any representations or warranties with respect to the transactions
contemplated hereby other than those specifically set forth in this Section 3.

	4.	 	OTHER AGREEMENTS

4.1. Removal of Legends

The legend set forth in Section 3.10 above shall be removed and the Corporation shall issue a
certificate without such legend or any other legend to the holder of the applicable Shares upon
which it is stamped or issue to such holder by electronic delivery at the applicable balance
account at the Depository Trust Company (“DTC”), if (i) such Shares are registered for resale under
the Securities Act (provided that, if the Investor is selling pursuant to the effective
registration statement registering the Shares for resale, the Investor agrees to only sell such
Shares during such time that such registration statement is effective and not withdrawn or
suspended, and only as permitted by such registration statement), (ii) such Shares are sold or
transferred pursuant to Rule 144 (if the transferor is not an affiliate of the Corporation), or
(iii) such Shares are eligible for sale under Rule 144, without the requirement for the Corporation
to be in compliance with the current public information required under Rule 144 as to such
securities and without volume or manner-of-sale restrictions. Following the earlier of (i) the
effective date of the resale registration statement filed pursuant to the Registration Rights
Agreement (the “Effective Date”) or (ii) Rule 144 becoming available for the resale of Shares,
without the requirement for the Corporation to be in compliance with the current public information
required under Rule 144 as to such securities and without volume or manner-of-sale restrictions,
the Corporation shall deliver to the transfer agent irrevocable instructions that the transfer
agent shall reissue a certificate representing the applicable Shares without legend upon receipt by
the transfer agent of the legended certificates for such Shares. Any fees (with respect to the
transfer agent or otherwise) associated with the removal of such legend shall be borne by the
Corporation. Following the Effective Date, or at such earlier time as a legend is no longer
required for certain Shares, the Corporation will no later than three (3) trading days following
the delivery by an Investor to the Corporation or the transfer agent (with notice to the
Corporation) of a legended certificate representing such Shares (endorsed or with stock powers
attached, signatures guaranteed, and otherwise in form necessary to affect the reissuance and/or
transfer) and an opinion of counsel to the extent required by the transfer agent, (such third
trading day, the “Legend Removal Date”) deliver or cause to be delivered to such Investor a
certificate representing such Shares that is free from all restrictive and other legends. The
Corporation may not make any notation on its records or give instructions to the transfer agent
that enlarge the restrictions on transfer set forth in this Section. Certificates for Shares
subject to legend removal hereunder may be transmitted by the transfer agent to the Investors by
crediting the account of the Investor’s prime broker with DTC as directed by such Investor.

4.2. Buy-In

If the Corporation shall fail for any reason or for no reason to issue to an Investor
unlegended certificates within three (3) trading days of receipt of all documents necessary for the
removal of the legend set forth above (the “Deadline Date”), then, in addition to all other
remedies available to such Investor, if on or after the trading day immediately following such
three (3) trading day period, such Investor purchases, or a broker through whom Investor has sold
shares of Common Stock (a “Buy-In Broker”) purchases, (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the holder of shares of Common Stock
that such Investor anticipated receiving from the Corporation without any restrictive legend (a
“Buy-In”), then the Corporation shall, within three (3) business days after such Investor’s request
and in such Investor’s sole discretion, either (i) pay cash to the Investor in an amount equal to
such Investor’s or Buy-In Broker’s total purchase price (including brokerage commissions, if any)
for the shares of Common Stock so purchased (the “Buy-In Price”), at which point the Corporation’s
obligation to deliver such certificate (and to issue such shares of Common Stock) shall terminate,
or (ii) promptly honor its obligation to deliver to such Investor a certificate or certificates
representing such shares of Common Stock and pay cash to the Investor in an amount equal to the
excess (if any) of the Buy-In Price over the product of (a) such number of shares of Common Stock,
times (b) the closing bid price on the Deadline Date.

4.3. Furnishing of Information

Until all of the Shares may be sold pursuant to Rule 144, without the requirement for the
Corporation to be in compliance with the current public information requirement under Rule 144,
the Corporation will use reasonable best efforts to maintain the registration of the Common Stock
under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports required to be filed by
the Corporation after the date hereof pursuant to the Exchange Act. As long as any Investor owns
Shares, if the Corporation is not required to file reports pursuant to the Exchange Act, it will
prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c)
such information as is required for the Investors to sell the Shares under Rule 144. The
Corporation further covenants that it will take such further action as any holder of Shares may
reasonably request, to the extent required from time to time to enable such person to sell such
Shares without registration under the Securities Act within the requirements of the exemption
provided by Rule 144.

4.4. Integration

The Corporation shall not, and shall use its commercially reasonable efforts to ensure that no
affiliate of the Corporation shall, sell, offer for sale or solicit offers to buy or otherwise
negotiate in respect of any security (as defined in Section 2 of the Securities Act) that will be
integrated with the offer or sale of the Shares in a manner that would require the registration
under the Securities Act of the sale of the Shares to the Investors, or that will be integrated
with the offer or sale of the Shares for purposes of the rules and regulations of any trading
market such that it would require stockholder approval prior to the closing of such other
transaction unless stockholder approval is obtained before the closing of such subsequent
transaction.

4.5. Securities Laws Disclosure; Publicity

By 9:00 a.m., New York City time, on the trading day immediately following the date hereof,
the Corporation shall issue a press release (the “Press Release”) disclosing all material terms of
the transactions contemplated hereby. On or before 9:00 a.m., New York City time, on the fourth
trading day immediately following the date hereof, the Corporation will file a Current Report on
Form 8-K with the Commission describing the terms of this Agreement (and including as exhibits to
such Current Report on Form 8-K this Agreement and the Registration Rights Agreement).
Notwithstanding the foregoing, the Corporation shall not publicly disclose the name of any Investor
or an affiliate or an investment adviser of any Investor, or include the name of any Investor or an
affiliate or an investment adviser of any Investor in any press release or filing with the
Commission (other than the resale registration statement to be filed pursuant to the terms of the
Registration Rights Agreement) or any regulatory agency or trading market, without the prior
written consent of such Investor, except (i) as required by federal securities law in connection
with (A) any registration statement contemplated by the Registration Rights Agreement and (B) the
filing of final transaction documents (including signature pages thereto) with the Commission and
(ii) to the extent such disclosure is required by law, request of the Staff of the Commission or
trading market regulations, in which case the Corporation shall provide the Investors with prior
written notice of such disclosure permitted under this subclause (ii). From and after the issuance
of the Press Release, no Investor shall be in possession of any material, non-public information
received from the Corporation, any Subsidiary or any of their respective officers, directors,
employees or agents, that is not disclosed in the Press Release. Each Investor, severally and not
jointly with the other Investors, covenants that until such time as the transactions contemplated
by this Agreement are required to be publicly disclosed by the Corporation as described in this
Section, such Investor will maintain the confidentiality of all disclosures made to it in
connection with this transaction (including the existence and terms of this transaction).

4.6. Non-Public Information

Except with respect to the material terms and conditions of the transactions contemplated by
this Agreement, or as expressly required by any applicable securities law, the Corporation
covenants and agrees that neither it, nor any other person acting on its behalf, will provide any
Investor or its agents or counsel with any information that the Corporation believes constitutes
material non-public information, unless prior thereto such Investor shall have executed a written
agreement regarding the confidentiality and use of such information. The Corporation understands
and confirms that each Investor shall be relying on the foregoing covenant in effecting
transactions in securities of the Corporation.

4.7. Listing of Shares

The Corporation hereby agrees to use its best efforts to list the Shares on the New York Stock
Exchange and to maintain the listing of the Shares on such trading market. The Corporation further
agrees, if the Corporation applies to have the Common Stock traded on any other trading market, it
will then include in such application all of the Shares, and will take such other reasonable action
as is necessary to cause all of the Shares to be listed on such other trading market as promptly as
possible. The Corporation will then take all action reasonably necessary to continue the listing
and trading of its Common Stock on a trading market and will comply in all respects with the
Corporation’s reporting, filing and other obligations under the bylaws or rules of the trading
market.

	5.	 	CONDITIONS PRECEDENT TO CLOSING

The obligation of each Investor to acquire Shares at the Closing is subject to the fulfillment
to such Investor’s satisfaction, on or prior to the Closing Date, of each of the following
conditions, any of which may be waived by such Investor (as to itself only):

(i) The representations and warranties of the Corporation contained herein shall be true and
correct in all material respects (except for those representations and warranties which are
qualified as to materiality, in which case such representations and warranties shall be true and
correct in all respects) as of the date when made and as of the Closing Date, as though made on and
as of such date, except for such representations and warranties that speak as of a specific date.

(ii) The Corporation shall have performed, satisfied and complied in all material respects
with all covenants, agreements and conditions required by this Agreement to be performed, satisfied
or complied with by it at or prior to the Closing.

(iii) No statute, rule, regulation, executive order, decree, ruling or injunction shall have
been enacted, entered, promulgated or endorsed by any court or governmental authority of competent
jurisdiction that prohibits the consummation of any of the transactions contemplated by this
Agreement.

(iv) The Corporation shall have obtained in a timely fashion any and all consents, permits,
approvals, registrations and waivers necessary for consummation of the purchase and sale of the
Shares at the Closing, all of which shall be and remain so long as necessary in full force and
effect.

(v) Since the date of execution of this Agreement, no event or series of events shall have
occurred that has had or would reasonably be expected to have a Material Adverse Effect.

(vi) The Shares have been duly listed, subject to official notice of issuance, on the New York
Stock Exchange.

(vii) The Common Stock shall not have been suspended, as of the Closing Date, by the
Commission or the New York Stock Exchange from trading on the New York Stock Exchange nor shall
suspension by the Commission or the New York Stock Exchange have been threatened, as of the Closing
Date, either (A) in writing by the Commission or the New York Stock Exchange or (B) by falling
below the minimum listing maintenance requirements of the New York Stock Exchange.

(viii) The Corporation shall have delivered the Corporation Deliverables in accordance with
Section 1.3.

(ix) The Corporation shall have issued an aggregate of at least 4,347,826 Shares to Investors
at Closing.

(x) This Agreement shall not have been terminated as to such Investor in accordance with
Section 7.10 herein.

	6.	 	INDEMNIFICATION OF INVESTORS

Subject to the provisions of this Section 6, the Corporation will indemnify and hold each
Investor and its directors, officers, shareholders, members, partners, employees and agents (and
any other persons with a functionally equivalent role of a person holding such titles
notwithstanding a lack of such title or any other title), each person who controls such Investor
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and
the directors, officers, shareholders, agents, members, partners or employees (and any other
persons with a functionally equivalent role of a person holding such titles notwithstanding a lack
of such title or any other title) of such controlling persons (each, an “ Investor Party ”)
harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs
and expenses, including all judgments, amounts paid in settlements, court costs and reasonable
attorneys’ fees and costs of investigation that any such Investor Party may suffer or incur as a
result of or relating to (a) any breach of any of the representations, warranties, covenants or
agreements made by the Corporation in this Agreement or (b) any action instituted against an
Investor in any capacity, or any of them or their respective affiliates, by any stockholder of the
Corporation who is not an affiliate of such Investor, with respect to any of the transactions
contemplated by this Agreement (unless such action is based upon a breach of such Investor’s
representations, warranties or covenants under this Agreement or any violations by the Investor of
state or federal securities laws or any conduct by such Investor which constitutes fraud, gross
negligence, willful misconduct or malfeasance). If any action shall be brought against any
Investor Party in respect of which indemnity may be sought pursuant to this Agreement, such
Investor Party shall promptly notify the Corporation in writing, and the Corporation shall have the
right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the
Investor Party. Any Investor Party shall have the right to employ separate counsel in any such
action and participate in the defense thereof, but the fees and expenses of such counsel shall be
at the expense of such Investor Party except to the extent that (i) the employment thereof has been
specifically authorized by the Corporation in writing, (ii) the Corporation has failed after a
reasonable period of time to assume such defense and to employ counsel or (iii) in such action
there is, in the reasonable opinion of such separate counsel (which if such opinion is disputed by
the Corporation may be litigated hereunder), a material conflict on any material issue between the
position of the Corporation and the position of such Investor Party, in which case the Corporation
shall be responsible for the reasonable fees and expenses of no more than one such separate
counsel. The Corporation will not be liable to any Investor Party under this Agreement (y) for any
settlement by a Investor Party effected without the Corporation’s prior written consent, which
shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a
loss, claim, damage or liability is attributable to any Investor Party’s gross negligence, willful
misconduct or breach of any of the representations, warranties, covenants or agreements made by
such Investor Party in this Agreement.

	7.	 	MISCELLANEOUS

	 	7.1.	 	Pronouns

All pronouns and any variations thereof used herein shall be deemed to refer to the masculine,
feminine, neuter, singular or plural as the identity of the persons or entities may require.

	 	7.2.	 	Notices

Notices required or permitted to be given hereunder shall be in writing and shall be deemed to
be given when personally delivered (including delivery by an express or overnight delivery
service), when received by facsimile transmission (upon confirmation of receipt thereof) or when
sent by registered mail, return receipt requested, addressed, if to the Investor, at the address
appearing on the signature page hereof, and if to the Corporation, at:

	 
	WESTERN ALLIANCE BANCORPORATION
2700 West Sahara Avenue
Las Vegas, Nevada 89102
Attention: Dale Gibbons
Facsimile:(702) 252-3648
Telephone:(702) 248-4200

	with copies (which shall not constitute notice) to:

	 	 	 
	WESTERN ALLIANCE BANCORPORATION

	2701 E. Camelback Rd., Ste. 120

	Phoenix, AZ  85016

Attention:

Facsimile:

Telephone:

	 	

Randall S. Theisen

(602) 956-3027

(602) 952-5404

	 	 	 	 	 
	Hogan & Hartson L.L.P.

	555 13th Street, NW

	Washington, D.C.
	 	 	20004-1109	 
	Attention:
	 	Daniel Keating
	Facsimile:
	 	 	(202) 637-5910	 
	Telephone:
	 	 	(202) 637-5490	 

	 	 	 
	or to such other address as may be furnished from time to time by notice given in accordance with this Section.

	7.3.

	 	Waiver

The failure of a party to exercise any right or remedy under this Agreement, or delay by a
party in exercising same, will not operate as a waiver thereof. No waiver by a party will be
effective unless and until it is in writing and signed by such party.

	 	7.4.	 	Governing Law

This Agreement shall be enforced, governed by and construed in accordance with the laws of the
State of New York (but not including the choice-of-law rules thereof). This Agreement and the
rights, powers and duties set forth herein shall be binding upon and shall inure to the benefit of
the Corporation and each Investor, and their respective successors and assigns. In the event that
any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of
law, then such provision shall be deemed inoperative to the extent that it may conflict therewith
and shall be deemed modified to conform with such statute or rule of law. Any provision hereof
which may prove invalid or unenforceable under any law shall not affect the validity or
enforceability of any other provision hereof.

	 	7.5.	 	Assignment

This Agreement is not transferable or assignable by the Corporation or the Investors without
the prior written consent of the other party. Notwithstanding the foregoing, any Investor may
assign its rights hereunder in whole or in part to any person to whom such Investor assigns or
transfers any Shares in compliance with applicable law, provided such transferee shall agree in
writing to be bound, with respect to the transferred Shares, by the terms and conditions of this
Agreement that apply to the “Investors”.

	 	7.6.	 	Entire Agreement; Amendments; Counterparts

This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and may be amended only by a writing executed by the Corporation and
Investors holding a majority of the Shares purchased hereunder. This Agreement may be executed in
multiple counterparts, each of which shall be deemed to be an original, but all of which together
shall constitute one and the same instrument. This Agreement may also be executed by facsimile.

	 	7.7.	 	Survival of Representations and Warranties

The warranties, representations and covenants contained in or made pursuant to this Agreement
shall survive the execution and delivery of this Agreement and the Closing and shall in no way be
affected by any investigation of the subject matter thereof made by or on behalf of the Investors
or the Corporation.

7.8. Adjustments in Share Numbers and Prices

In the event of any stock split, subdivision, dividend or distribution payable in shares of
Common Stock (or other securities or rights convertible into, or entitling the holder thereof to
receive directly or indirectly shares of Common Stock), combination or other similar
recapitalization or event occurring after the date hereof and prior to the Closing, each reference
in this Agreement to a number of shares or a price per share shall be deemed to be amended to
appropriately account for such event.

7.9. Independent Nature of Investors’ Obligations and Rights

The obligations of each Investor under this Agreement are several and not joint with the
obligations of any other Investor, and no Investor shall be responsible in any way for the
performance of the obligations of any other Investor under this Agreement. The decision of each
Investor to purchase Shares pursuant to this Agreement has been made by such Investor independently
of any other Investor and independently of any information, materials, statements or opinions as to
the business, affairs, operations, assets, properties, liabilities, results of operations,
condition (financial or otherwise) or prospects of the Corporation or any Subsidiary which may have
been made or given by any other Investor or by any agent or employee of any other Investor, and no
Investor and any of its agents or employees shall have any liability to any other Investor (or any
other person) relating to or arising from any such information, materials, statement or opinions.
Nothing contained herein, and no action taken by any Investor pursuant thereto, shall be deemed to
constitute the Investors as a partnership, an association, a joint venture or any other kind of
entity, or create a presumption that the Investors are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated by this Agreement. Each Investor
acknowledges that no other Investor has acted as agent for such Investor in connection with making
its investment hereunder and that no Investor will be acting as agent of such Investor in
connection with monitoring its investment in the Shares or enforcing its rights under this
Agreement. Each Investor shall be entitled to independently protect and enforce its rights,
including without limitation the rights arising out of this Agreement, and it shall not be
necessary for any other Investor to be joined as an additional party in any proceeding for such
purpose. Each Investor has been represented by its own separate legal counsel in its review and
negotiation of this Agreement. The Corporation has elected to provide all Investors with the same
terms for the convenience of the Corporation and not because it was required or requested to do so
by any Investor.

7.10. Termination

This Agreement may be terminated and the sale and purchase of the Shares abandoned at any time
prior to the Closing by either the Corporation or any Investor (with respect to itself only) upon
written notice to the other, if the Closing has not been consummated on or prior to 5:00 p.m., New
York City time, on the date that is ten (10) days after the date of this Agreement; provided,
however, that the right to terminate this Agreement under this Section 7.10 shall not be available
to any person whose failure to comply with its obligations under this Agreement has been the cause
of or resulted in the failure of the Closing to occur on or before such time. Nothing in this
Section 7.10 shall be deemed to release any party from any liability for any breach by such party
of the terms and provisions of this Agreement or to impair the right of any party to compel
specific performance by any other party of its obligations under this Agreement. In the event of a
termination pursuant to this Section, the Corporation shall promptly notify all non-terminating
Investors. Upon a termination in accordance with this Section, the Corporation and the terminating
Investor(s) shall not have any further obligation or liability (including arising from such
termination) to the other, and no Investor will have any liability to any other Investor under this
Agreement as a result therefrom.

[Signatures on Next Page]

2

IN WITNESS WHEREOF, the Investor has executed this Agreement as of the date set forth below.

	 	 	 
	Dated: September , 2008

Signature of Investor or Authorized

Signatory

	 	If signature is by a trustee, executor,

administrator, guardian,

attorney-in-fact, officer or other person

acting in a fiduciary or representative

capacity, such person must set forth his

or her full title below under “Capacity”

and submit evidence satisfactory to the

Corporation of such person’s authority to

so act.
	
 
	 	THE FOREGOING SUBSCRIPTION IS

ACCEPTED AS OF SEPTEMBER , 2008:
	Dated: September , 2008

Signature of Co-Investor (if any)

	 	WESTERN ALLIANCE BANCORPORATION

By:                          

—

Name:
	
 
	 	Its:

ADDITIONAL INFORMATION TO BE COMPLETED BY INVESTOR:

(Please print or type)

Name of Investor:

	 	 	 	 	 
	Name of Co-Investor (if any):

	 	

	 	

	 

	 	 
	 	 
	
 
	 	Circle one: joint or co-tenant
	 	

	Name of Authorized Signatory (if applicable):

	 	

	 	

	 

	 	 
	 	

	Capacity:

	 	

	 	

	 

	 	 
	 	

	Number of Shares Subscribed For:

	 	               Shares
	 	

	 

	 	 
	 	

	Aggregate Purchase Price (Subscription Amount):

	 	$             
	 	

	 

	 	 
	 	

	Investor’s Residence Address:

	 	                            
	 	

	 

	 	 
	 	

	
 
	 	                            
	 	

	
 
	 	 
	 	

	Telephone:                            

	 	

	 	

	 
	 	 
	Facsimile:

	 	

	 	

	 

	 	 
	 	

	Investor’s  Mailing Address (if different):

	 	                            
	 	

	 

	 	 
	 	

	
 
	 	                            
	 	

	
 
	 	 
	 	

	Telephone:_                       

	 	

	 	

	 
	 	 
	Facsimile:

	 	

	 	

	 

	 	 
	 	

	Investor’s Taxpayer ID/Social Security Number:

	 	                            
	 	

	 

	 	 
	 	

3EX-10.2

EXECUTION VERSION

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (the “Agreement”) is made and entered into as of this 29th
day of September, 2008 by and among Western Alliance Bancorporation, a Nevada corporation (the
“Company”), and the “Investors” executing this Agreement (each, a “Holder”) and named in that
certain Purchase Agreement by and among the Company and the Investors dated the date hereof (the
“Purchase Agreement”).

The parties hereby agree as follows:

1. Certain Definitions.

Capitalized terms used herein which are defined in the Purchase Agreement shall have the
meanings set forth in the Purchase Agreement, unless otherwise defined herein. As used in this
Agreement, the following terms shall have the following meanings:

“Affiliate” means, with respect to any person, any other person which directly or
indirectly controls, is controlled by, or is under common control with, such person.

“Business Day” means a day, other than a Saturday or Sunday, on which banks in New
York are open for the general transaction of business.

“Common Stock” shall mean the Company’s common stock, par value $0.0001 per share, and
any securities into which such shares may hereinafter be reclassified.

“FINRA” shall mean the Financial Industry Regulatory Authority.

“Investors” shall mean the Investors identified in the Purchase Agreement and any
Affiliate or permitted transferee of any Investor who is a subsequent holder of any Registrable
Securities.

“NYSE” shall mean the New York Stock Exchange.

“Prospectus” shall mean the prospectus included in any Registration Statement, as
amended or supplemented by any prospectus supplement, with respect to the terms of the offering of
any portion of the Registrable Securities covered by such Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material
incorporated by reference in such prospectus.

“Register,” “registered” and “registration” refer to a registration
made by preparing and filing a Registration Statement or similar document in compliance with the
1933 Act (as defined below), and the declaration or ordering of effectiveness of such Registration
Statement or document.

“Registrable Securities” shall mean (i) the Shares, and (ii) any other securities
issued or issuable with respect to or in exchange for Registrable Securities; provided, that, a
security shall cease to be a Registrable Security upon (A) sale pursuant to a Registration
Statement or Rule 144 under the 1933 Act, or (B) such security becoming eligible for resale without
the requirement for the Company to be in compliance with the current public information required
pursuant to Rule 144 and without volume or manner-of-sale restrictions.

“Registration Statement” shall mean any registration statement of the Company filed
under the 1933 Act that covers the resale of any of the Registrable Securities pursuant to the
provisions of this Agreement (including the Registration Statement referred to in Section 2),
amendments and supplements to such Registration Statement(s), including the Prospectus,
post-effective amendments, all exhibits and all material filed and incorporated by reference in
such Registration Statement.

“Required Investors” mean the Investors holding a majority of the Registrable
Securities.

“Rule 401”, “Rule 415”, “Rule 416”, “Rule 429” and “Rule
461” mean Rule 401, Rule 415, Rule 416, Rule 429 and Rule 461, respectively, each as
promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended from time to time, or
any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as
such Rule.

“SEC” or “Commission” means the U.S. Securities and Exchange Commission.

“Shares” means the shares of Common Stock issued pursuant to the Purchase Agreement.

“1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder.

2. Registration.

(a) Registration Statement. Within 30 calendar days following the Closing Date (the
“Filing Date”), the Company shall prepare and file with the SEC a “shelf” registration statement
covering all the Registrable Securities for a secondary or resale offering to be made on a
continuous basis pursuant to Rule 415. Such registration statement (in any of the following cases
referred to as the “Registration Statement”) shall be on Form S-3, unless the Company is not then
eligible to file a registration statement on Form S-3 under the 1933 Act, in which case such
registration statement shall be on Form S-1. Such Registration Statement also shall cover, to the
extent allowable under the 1933 Act and the rules promulgated thereunder (including Rule 416), such
indeterminate number of additional shares of Common Stock resulting from stock splits, stock
dividends or similar transactions with respect to the Registrable Securities. Such Registration
Statement shall not include any shares of Common Stock or other securities for the account of any
other holder without the prior written consent of the Required Investors. The Registration
Statement (and each amendment or supplement thereto, and each request for acceleration of
effectiveness thereof) shall be provided to the Investors and their counsel prior to its filing or
other submission. The Company shall be obligated to use its reasonable best efforts to advocate
with the SEC for the registration of all of the Registrable Securities in accordance with
applicable SEC guidance, including without limitation, the Manual of Publicly Available Telephone
Interpretations D.29. Notwithstanding any other provision of this Agreement, if the staff of the
SEC sets forth a limitation of the number of Registrable Securities permitted to be registered in
the Registration Statement as a secondary offering (and notwithstanding that the Company used
diligent efforts to advocate with the SEC for the registration of all or a greater number of
Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable
Securities, the number of Registrable Securities to be registered on such Registration Statement
will first be reduced by Registrable Securities acquired by officers, directors or other insiders
of the Company pursuant to the Purchase Agreement and second will be reduced on a pro rata basis
based on the total number of unregistered Shares held by such Holders, subject to a determination
by the SEC that certain Holders must be reduced first based on the number of Shares held by such
Holders. In the event the Company amends the Registration Statement to register such lesser number
of Registrable Securities, the Company will use its reasonable best efforts to file with the SEC,
as promptly as allowed by the SEC or applicable SEC guidance provided to the Company or to
registrants of securities in general, one or more registration statements on Form S-3 or such other
form available to register for resale those Registrable Securities that were not registered for
resale on the initial Registration Statement, as amended.

(b) Expenses. The Company will pay all expenses incurred by it associated with the
Registration Statement or incident to its performance or compliance with this Agreement, including
filing and printing fees, the Company’s counsel and accounting fees and expenses, FINRA and NYSE
filing fees, and costs associated with clearing the Registrable Securities for sale under
applicable state securities laws, but the Company shall not be liable for fees and expenses
incurred by the Investors (including any Investors’ counsel fees), or any discounts, commissions,
fees of underwriters, selling brokers, dealer managers or similar securities industry professionals
with respect to the Registrable Securities being offered.

(c) Effectiveness.

(i) The Company shall use its commercially reasonable efforts to have the Registration
Statement declared effective prior to the ninetieth (90th) calendar day following the
Closing Date (or, in the event the SEC reviews and has written comments to the Registration
Statement, the one hundred twentieth (120th) calendar day following the Closing
Date)(the “Effectiveness Deadline”); provided, however, that if the Company is notified by the SEC
that the Registration Statement will not be reviewed or is no longer subject to further review and
comments, the Effectiveness Deadline as to such Registration Statement shall be the fifth (5th)
Business Day following the date on which the Company is so notified if such date precedes the dates
otherwise required above, and shall use its commercially reasonable efforts to keep each
Registration Statement continuously effective under the 1933 Act until the earlier of (i) such time
as all of the Registrable Securities covered by such Registration Statement have been publicly sold
by the Holders or (ii) the date that all Registrable Securities covered by such Registration
Statement may be sold by non-affiliates without volume or manner-of-sale restrictions pursuant to
Rule 144, without the requirement for the Company to be in compliance with the current public
information requirement under Rule 144 as determined by counsel to the Company pursuant to a
written opinion letter to such effect, addressed and reasonably acceptable to the Company’s
transfer agent and the affected Holders (the “Effectiveness Period”). The Company shall notify the
Investors by facsimile or e-mail as promptly as practicable, and in any event, within twenty-four
(24) hours, after the Registration Statement is declared effective and shall simultaneously provide
the Investors with copies of any related Prospectus to be used in connection with the sale or other
disposition of the securities covered thereby.

(ii) For not more than thirty (30) consecutive days or for a total of not more than sixty (60)
days (which need not be consecutive days) in any twelve (12) month period, the Company may delay
the disclosure of material non-public information concerning the Company, by suspending the use of
any Prospectus included in any registration contemplated by this Section, if such disclosure at the
time is not, in the good faith opinion of the Company, in the best interests of the Company (an
“Allowed Delay”); provided, that the Company shall promptly (a) notify the Investors in writing of
the existence of (but in no event, without the prior written consent of an Investor, shall the
Company disclose to such Investor any of the facts or circumstances regarding) an Allowed Delay,
(b) advise the Investors in writing to cease all sales under the Registration Statement until the
end of the Allowed Delay, and (c) use commercially reasonable efforts to terminate an Allowed Delay
as promptly as practicable.

(d) Certain Events. If: (i) the Registration Statement is not filed with the SEC on
or prior to the Filing Date, (ii) the Registration Statement is not declared effective as to all
Registrable Securities by the SEC (or otherwise does not become effective) for any reason on or
prior to the Effectiveness Deadline, (iii) after its effective date, (A) such Registration
Statement ceases for any reason (including without limitation by reason of a stop order, or the
Company’s failure to update the Registration Statement), to remain continuously effective as to all
Registrable Securities included in such Registration Statement or (B) the Holders are not permitted
to utilize the Prospectus therein to resell such Registrable Securities because of an Allowed Delay
and the 30 consecutive or 60 calendar day periods set forth in Section 2(c)(ii) above have been
exceeded, or (iv) the Company fails to satisfy the current public information requirement pursuant
to Rule 144(c)(1) as a result of which the Holders who are not affiliates are unable to sell
Registrable Securities without restriction under Rule 144 (or any successor thereto), (any such
failure or breach in clauses (i) through (iv) above being referred to as an “Event,” and, for
purposes of clauses (i), (ii) or (iv), the date on which such Event occurs, or for purposes of
clause (iii), the date on which such 30 consecutive or 60 calendar day period is exceeded, being
referred to as an “Event Date”), then in addition to any other rights the Holders may have
hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each
such Event Date (if the applicable Event shall not have been cured by such date) until the earlier
of (1) the applicable Event is cured or (2) the Registrable Securities are eligible for resale
pursuant to Rule 144 without manner of sale or volume restrictions, the Company shall pay to each
Holder an amount in cash, as partial liquidated damages and not as a penalty (“Liquidated
Damages”), equal to 1.0% of the aggregate purchase price paid by such Holder pursuant to the
Purchase Agreement for any unregistered Registrable Securities held by such Holder on the Event
Date. For the avoidance of doubt, the Company shall be liable for Liquidated Damages under this
Agreement for any Registrable Securities which are not permitted by the SEC to be included in a
Registration Statement in order for the offering to qualify as a secondary (rather than a primary)
offering pursuant to Rule 415 under the Securities Act. The parties agree that notwithstanding
anything to the contrary herein or in the Purchase Agreement, no Liquidated Damages shall be
payable with respect to any period after the expiration of the Effectiveness Period (except in
respect of an Event described in Section 2(d)(iv) herein) (it being understood that this sentence
shall not relieve the Company of any Liquidated Damages accruing prior to the Effectiveness
Deadline) and in no event shall the aggregate amount of Liquidated Damages (excluding Liquidated
Damages payable in respect of an Event described in Section 2(d)(iv) herein) payable to a Holder
exceed, in the aggregate, six percent (6%) of the aggregate purchase price paid by such Holder
pursuant to the Purchase Agreement (12% in respect of an Event described in Section 2(d)(iv)
herein) and in no event shall the Company be liable in any 30-day period for Liquidated Damages
under this Agreement in excess of 1.0% of the aggregate purchase price paid by the Holders pursuant
to the Purchase Agreement. If the Company fails to pay any Liquidated Damages pursuant to this
Section in full within five (5) Business Days after the date payable, the Company will pay interest
thereon at a rate of 1.0% per month (or such lesser maximum amount that is permitted to be paid by
applicable law) to the Holder, accruing daily from the date such Liquidated Damages are due until
such amounts, plus all such interest thereon, are paid in full. The Liquidated Damages pursuant to
the terms hereof shall apply on a daily pro-rata basis for any portion of a month prior to the cure
of an Event, except in the case of the first Event Date.

3. Company Obligations. The Company will use commercially reasonable efforts to
effect the registration of the Registrable Securities in accordance with the terms hereof, and
pursuant thereto the Company will (but subject to Section 2(c)(ii)):

(a) (i) promptly furnish to the Investors, copies of all such documents proposed to be filed,
which documents will be subject to their review of such Investors, and (ii) cause its officers and
directors, counsel and independent certified public accountants to respond to such inquiries as
shall be necessary, to conduct a reasonable review of such documents. The Company shall not file
the Registration Statement or any such Prospectus or any amendments or supplements thereto to which
the holders of a majority of the Registrable Securities shall reasonably object in writing within
three (3) Business Days of their receipt thereof.

(b) respond promptly to any comments received from the Commission with respect to the
Registration Statement or any amendment thereto and as promptly as possible provide the Investors
true and complete copies of all correspondence from and to the Commission relating to the
Registration Statement.

(c) notify the Investors promptly (and, in the case of (i)(A) below, not less than three (3)
days prior to such filing) and (if requested by any such Person) confirm such notice in writing no
later than two (2) Business Days following the day (i)(A) when a Prospectus or any Prospectus
supplement or post-effective amendment to the Registration Statement is filed; (B) when the
Commission notifies the Company whether there will be a “review” of such Registration Statement and
whenever the Commission comments in writing on such Registration Statement and (C) with respect to
the Registration Statement or any post-effective amendment, when the same has become effective;
(ii) of any request by the Commission or any other Federal or state governmental authority for
amendments or supplements to the Registration Statement or Prospectus or for additional
information; (iii) of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement covering any or all of the Registrable Securities or the initiation
or threatening of any Proceedings for that purpose; (iv) if at any time any of the representations
and warranties of the Company contained in any agreement contemplated hereby ceases to be true and
correct in all material respects; (v) of the receipt by the Company of any notification with
respect to the suspension of the qualification or exemption from qualification of any of the
Registrable Securities for sale in any jurisdiction, or the initiation of any Proceeding for such
purpose; and (vi) of the occurrence of any event that makes any statement made in the Registration
Statement or Prospectus or any document incorporated or deemed to be incorporated therein by
reference untrue in any material respect or that requires any revisions to the Registration
Statement, Prospectus or other documents so that, in the case of the Registration Statement or the
Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading.

(d) if requested by the Required Investors, (i) promptly incorporate in a Prospectus
supplement or post-effective amendment to the Registration Statement such information as the
Company reasonably agrees should be included therein and (ii) make all required filings of such
Prospectus supplement or such post-effective amendment as soon as practicable after the Company has
received notification of the matters to be incorporated in such Prospectus supplement or
post-effective amendment.

(e) promptly deliver to each Investor, without charge, as many copies of the Prospectus or
Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such
Persons may reasonably request

(f) cooperate with the Investors to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be sold pursuant to a Registration Statement,
which certificates, to the extent permitted by the Purchase Agreement and applicable federal and
state securities laws, shall be free of all restrictive legends, and to enable such Registrable
Securities to be in such denominations and registered in such names as any Investor may request in
connection with any sale of Registrable Securities.

(g) prepare and file with the SEC such amendments and post-effective amendments to the
Registration Statement and the Prospectus as may be necessary to keep the Registration Statement
effective for the Effectiveness Period and to comply with the provisions of the 1933 Act and the
1934 Act with respect to the distribution of all of the Registrable Securities covered thereby in
accordance with the intended method of disposition as set forth in the Registration Statement,
Prospectus or Prospectus supplement;

(h) use reasonable best efforts to (i) prevent the issuance of any stop order or other
suspension of effectiveness or qualification or exemption of qualification and, (ii) if such order
is issued, obtain the prompt withdrawal of any such order;

(i) prior to any public offering of Registrable Securities, use reasonable best efforts to
register or qualify or cooperate with the Investors and their counsel in connection with the
registration or qualification of such Registrable Securities for offer and sale under the
securities or blue sky laws of such jurisdictions requested by the Investors, to keep such
registration or qualification effective during the Effectiveness Period and do any and all other
commercially reasonable acts or things necessary or advisable to enable the distribution in such
jurisdictions of the Registrable Securities covered by the Registration Statement; provided,
however, that the Company shall not be required in connection therewith or as a condition thereto
to (i) qualify to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3, (ii) subject itself to general taxation in any jurisdiction where
it would not otherwise be so subject but for this Section 3, or (iii) file a general consent to
service of process in any such jurisdiction;

(j) use reasonable best efforts to cause all Registrable Securities covered by a Registration
Statement to be listed on each securities exchange, interdealer quotation system or other market on
which similar securities issued by the Company are then listed;

(k) promptly notify the Investors, at any time when a Prospectus relating to Registrable
Securities is required to be delivered under the 1933 Act (including during any period when the
Company is in compliance with Rule 172), upon discovery that, or upon the happening of any event as
a result of which, the Registration Statement (including the Prospectus), as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing, and at the request of any such holder, promptly prepare, file with the
SEC pursuant to Rule 172 and furnish to such holder a supplement to or an amendment of such
Prospectus or post-effective amendment to such Registration Statement (and have it declared
effective as promptly as practicable) as may be necessary so that such Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated
therein or necessary to make the statements therein not misleading in light of the circumstances
then existing;

(l) otherwise use reasonable best efforts to comply with all applicable rules and regulations
of the SEC under the 1933 Act and the 1934 Act, including Rule 172, notify the Investors promptly
if the Company no longer satisfies the conditions of Rule 172 and take such other actions as may be
reasonably necessary to facilitate the registration of the Registrable Securities hereunder; and
make available to its security holders, as soon as reasonably practicable, but not later than the
Availability Date (as defined below), an earning statement covering a period of at least twelve
(12) months, beginning after the effective date of each Registration Statement, which earning
statement shall satisfy the provisions of Section 11(a) of the 1933 Act, including Rule 158
promulgated thereunder (for the purpose of this Section 3, “Availability Date” means the 45th day
following the end of the fourth fiscal quarter that includes the effective date of such
Registration Statement, except that, if such fourth fiscal quarter is the last quarter of the
Company’s fiscal year, “Availability Date” means the 90th day after the end of such fourth fiscal
quarter); and

(m) upon written notice from an Investor that such Investor has a legal obligation to make a
filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 2710(b)(10)(A)(i) with
respect to the public offering contemplated by the Registration Statement (an “Issuer Filing”), the
Company agrees it will effect such filing prior to the later to occur of five Trading Days after
receipt of the written notice and one Trading Day after the date that the Registration Statement is
first filed with the SEC. The Company shall use reasonable best efforts to pursue the Issuer
Filing until the FINRA issues a letter confirming that it does not object to the terms of the
offering contemplated by the Registration Statement. The Company will pay any filing fees and
expenses in connection with the Issuer Filing.

(n) With a view to making available to the Investors the benefits of Rule 144 (or its
successor rule) and any other rule or regulation of the SEC that may at any time permit the
Investors to sell shares of Common Stock to the public without registration, the Company covenants
and agrees to: (i) make and keep public information available, as those terms are understood and
defined in Rule 144, until the earlier of (A) six months after such date as all of the Registrable
Securities covered by such Registration Statement may be sold by non-affiliates without volume or
manner-of-sale restrictions pursuant to Rule 144, without the requirement for the Company to be in
compliance with the current public information requirement under Rule 144 or (B) such date as all
of the Registrable Securities shall have been resold; (ii) file with the SEC in a timely manner all
reports and other documents required of the Company under the 1934 Act; and (iii) furnish to each
Investor upon request, as long as such Investor owns any Registrable Securities, (A) a written
statement by the Company that it has complied with the reporting requirements of the 1934 Act, and
(B) such other information as may be reasonably requested in order to avail such Investor of any
rule or regulation of the SEC that permits the selling of any such Registrable Securities without
registration.

(o) With a view to satisfying its obligations under Section 2(a), the Company:

(i) represents and warrants that neither the Company nor any of its consolidated or
unconsolidated subsidiaries have, since the end of the last fiscal year for which certified
financial statements of the Company and its consolidated subsidiaries were included in a report
filed pursuant to Section 13(a) or 15(d) of the 1934 Act through the date of this Agreement: (1)
failed to pay any dividend or sinking fund installment on preferred stock; or (2) defaulted (x) on
any installment or installments on indebtedness for borrowed money, or (y) on any rental on one or
more long term leases, which defaults in the aggregate are material to the financial position of
the Company and its consolidated and unconsolidated subsidiaries, taken as a whole.

(ii) covenants and agrees that (A) from the date of this Agreement through the effective date
of the Registration Statement, it will file with the SEC in a timely manner all reports and other
documents required of the Company under the 1934 Act and (B) neither the Company nor any of its
consolidated or unconsolidated subsidiaries will, from the end of the last fiscal year for which
certified financial statements of the Company and its consolidated subsidiaries are included in a
report filed pursuant to Section 13(a) or 15(d) of the 1934 Act through the effective date of the
Registration Statement: (1) fail to pay any dividend or sinking fund installment on preferred
stock; or (2) default (x) on any installment or installments on indebtedness for borrowed money, or
(y) on any rental on one or more long term leases, which default in the aggregate will be material
to the financial position of the Company and its consolidated and unconsolidated subsidiaries,
taken as a whole.

4. Due Diligence Review; Information.

(a) Subject to paragraph (b) of this Section 4, upon reasonable prior notice, the Company
shall make available, during normal business hours, for inspection and review by the Investors,
advisors to and representatives of the Investors (who may or may not be affiliated with the
Investors and who are reasonably acceptable to the Company), all financial and other records, all
SEC Filings (as defined in the Purchase Agreement) and other filings with the SEC, and all other
corporate documents and properties of the Company as may be reasonably necessary for the purpose of
such review, and cause the Company’s officers, directors, employees and independent accountants,
within a reasonable time period, to supply all such information reasonably requested by the
Investors or any such representative, advisor or underwriter in connection with such Registration
Statement (including, without limitation, in response to all questions and other inquiries
reasonably made or submitted by any of them), prior to and from time to time after the filing and
effectiveness of the Registration Statement for the sole purpose of enabling the Investors and such
representatives, advisors and underwriters and their respective accountants and attorneys to
conduct initial and ongoing due diligence with respect to the Company and the accuracy of such
Registration Statement.

(b) The Company shall not disclose material nonpublic information to the Investors, or to
advisors to or representatives of the Investors, unless prior to disclosure of such information the
Company identifies such information as being material nonpublic information and provides the
Investors, such advisors and representatives with the opportunity to accept or refuse to accept
such material nonpublic information for review and any Investor wishing to obtain such information
enters into an appropriate confidentiality agreement with the Company with respect thereto.

5. Obligations of the Investors.

(a) Each Investor shall promptly furnish in writing to the Company such information regarding
itself, the Registrable Securities held by it and the intended method of disposition of the
Registrable Securities held by it, as shall be reasonably required to effect the registration of
such Registrable Securities and shall execute such documents in connection with such registration
as the Company may reasonably request. At least ten (10) Business Days prior to the first
anticipated filing date of the Registration Statement, the Company shall notify each Investor of
the information the Company requires from such Investor if such Investor elects to have any of the
Registrable Securities included in the Registration Statement. An Investor shall provide such
information to the Company at least three (3) Business Days prior to the first anticipated filing
date of such Registration Statement if such Investor elects to have any of the Registrable
Securities included in the Registration Statement.

(b) Each Investor, by its acceptance of the Registrable Securities agrees to cooperate with
the Company as reasonably requested by the Company in connection with the preparation and filing of
a Registration Statement hereunder, unless such Investor has notified the Company in writing of its
election to exclude all of its Registrable Securities from such Registration Statement.

(c) Each Investor agrees that, upon receipt of any notice from the Company of either (i) the
commencement of an Allowed Delay pursuant to Section 2(c)(ii) or (ii) the happening of an event
pursuant to Section 3(l) hereof, such Investor will immediately discontinue disposition of
Registrable Securities pursuant to the Registration Statement covering such Registrable Securities,
until the Investor is advised by the Company that a supplemented or amended prospectus has been
filed with the SEC and until any related post-effective amendment is declared effective and, if so
directed by the Company, the Investor shall deliver to the Company or destroy (and deliver to the
Company a certificate of destruction) all copies in the Investor’s possession of the Prospectus
covering the Registrable Securities current at the time of receipt of such notice.

6. Indemnification.

(a) Indemnification by the Company. The Company will indemnify and hold harmless each
Investor and its officers, directors, members, partners, employees, attorneys and agents,
successors and assigns, and each other person, if any, who controls such Investor within the
meaning of the 1933 Act or Section 20 of the 1934 Act (and their officers, directors, partners,
members and employees), against any losses, claims, damages, expenses, costs (including reasonable
attorney fees) or liabilities, joint or several, to which they may become subject under the 1933
Act or otherwise, insofar as such losses, claims, damages, expenses, costs or liabilities (or
actions in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged
untrue statement of any material fact contained in the Registration Statement, any preliminary
prospectus or final prospectus contained therein, or form of prospectus or any amendment or
supplement thereof; (ii) any blue sky application or other document executed by the Company
specifically for that purpose or based upon written information furnished by the Company filed in
any state or other jurisdiction in order to qualify any or all of the Registrable Securities under
the securities laws thereof (any such application, document or information herein called a “Blue
Sky Application”); (iii) the omission or alleged omission to state in the Registration Statement,
any preliminary prospectus or final prospectus contained therein, or form of prospectus or any
amendment or supplement thereof, a material fact required to be stated therein or necessary to make
the statements therein not misleading (in the case of any preliminary prospectus or final
prospectus or form of prospectus or any amendment or supplement thereto, in light of the
circumstances under which they were made); (iv) any violation by the Company or its agents of any
rule or regulation promulgated under the 1933 Act applicable to the Company or its agents and
relating to action or inaction required of the Company in connection with such registration; or (v)
any failure to register or qualify the Registrable Securities included in any such Registration in
any state where the Company or its agents has affirmatively undertaken or agreed in writing that
the Company will undertake such registration or qualification on an Investor’s behalf and will
reimburse such Investor, and each such officer, director or member and each such controlling person
for any legal or other expenses reasonably incurred by them in connection with investigating or
defending any such loss, claim, damage, liability or action; provided, however,
that the Company will not be liable in any such case if and to the extent that any such loss,
claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information furnished by such
Investor or any such controlling person in writing specifically for use in such Registration
Statement or Prospectus.

(b) Indemnification by the Investors. Each Investor agrees, severally but not
jointly, to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its
directors, officers, employees, stockholders and each person who controls the Company (within the
meaning of the 1933 Act) against any losses, claims, damages, liabilities and reasonable expense
(including reasonable attorney fees) resulting from any untrue statement of a material fact
contained in the Registration Statement, any preliminary prospectus or final prospectus contained
therein, or form of prospectus or any amendment or supplement thereof or any omission of a material
fact required to be stated in the Registration Statement, any preliminary prospectus or final
prospectus contained therein, or form of prospectus or any amendment or supplement thereof or
necessary to make the statements therein, in light of the circumstances under which they were made,
not misleading, to the extent, but only to the extent that such untrue statement or omission is
contained in any information furnished in writing by such Investor to the Company specifically for
inclusion in such Registration Statement or Prospectus. In no event shall the liability of an
Investor be greater in amount than the dollar amount of the net proceeds received by such Investor
upon the sale of the Registrable Securities giving rise to such indemnification obligation.

(c) Conduct of Indemnification Proceedings. Any person entitled to indemnification
hereunder shall (i) give prompt notice to the indemnifying party of any claim with respect to which
it seeks indemnification and (ii) permit such indemnifying party to assume the defense of such
claim with counsel reasonably satisfactory to the indemnified party; provided that any
person entitled to indemnification hereunder shall have the right to employ separate counsel and to
participate in the defense of such claim, but the fees and expenses of such counsel shall be at the
expense of such person unless (a) the indemnifying party has agreed to pay such fees or expenses,
or (b) the indemnifying party shall have failed to assume the defense of such claim and employ
counsel reasonably satisfactory to such person or (c) in the reasonable judgment of any such
person, based upon written advice of its counsel, a conflict of interest exists between such person
and the indemnifying party with respect to such claims (in which case, if the person notifies the
indemnifying party in writing that such person elects to employ separate counsel at the expense of
the indemnifying party, the indemnifying party shall not have the right to assume the defense of
such claim on behalf of such person); and provided, further, that the failure of
any indemnified party to give notice as provided herein shall not relieve the indemnifying party of
its obligations hereunder, except to the extent that such failure to give notice shall materially
adversely affect the indemnifying party in the defense of any such claim or litigation. It is
understood that the indemnifying party shall not, in connection with any proceeding in the same
jurisdiction, be liable for fees or expenses of more than one separate firm of attorneys at any
time for all such indemnified parties. No indemnifying party will, except with the consent of the
indemnified party, consent to entry of any judgment or enter into any settlement that does not
include as an unconditional term thereof the giving by the claimant or plaintiff to such
indemnified party of a release from all liability in respect of such claim or litigation, does not
impose any injunction or similar restriction on such indemnified party and does not include a
statement as to or an admission of fault, liability, culpability or failure to act with respect to
any law by an indemnified party.

(d) Contribution. If for any reason the indemnification provided for in the preceding
paragraphs (a) and (b) is unavailable to an indemnified party or insufficient to hold it harmless,
other than as expressly specified therein, then the indemnifying party shall contribute to the
amount paid or payable by the indemnified party as a result of such loss, claim, damage or
liability in such proportion as is appropriate to reflect the relative fault of the indemnified
party and the indemnifying party, as well as any other relevant equitable considerations. The
relative fault of such indemnifying party and indemnified party shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission of a material fact, has been
taken or made by, or relates to information supplied by, such indemnifying, party or
indemnified party, and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such action, statement or omission. The parties hereto agree
that it would not be just and equitable if contribution pursuant to this section were
determined by pro rata allocation or by any other method of allocation that does not take into
account the foregoing equitable considerations. No person guilty of fraudulent misrepresentation
within the meaning of Section 11(f) of the 1933 Act shall be entitled to contribution from any
person not guilty of such fraudulent misrepresentation. In no event shall the contribution
obligation of a holder of Registrable Securities be greater in amount than the dollar amount of the
proceeds (net of all expenses paid by such holder in connection with any claim relating to this
Section 6 and the amount of any damages such holder has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission) received by it upon the
sale of the Registrable Securities giving rise to such contribution obligation.

7. Miscellaneous.

(a) No Piggyback on Registrations; Prohibition on Filing Other Registration
Statements. Neither the Company nor any of its security holders (other than the Holders in
such capacity pursuant hereto) may include securities of the Company in a Registration Statement
other than the Registrable Securities and the Company shall not prior to the effective date of the
Registration Statement enter into any agreement providing any such right to any of its security
holders. The Company shall not file with the Commission a registration statement relating to an
offering for its own account under the 1933 Act of any of its equity securities other than a
registration statement on Form S-8 or, in connection with an acquisition, on Form S-4 until the
earlier of (i) the date that is 60 days after the Registration Statement is declared effective or
(ii) the date that all Registrable Securities are eligible for resale by non-affiliates without
volume or manner of sale restrictions under Rule 144 and without the requirement for the Company to
be in compliance with the current public information requirements under Rule 144. For the avoidance
of doubt, the Company shall not be prohibited from preparing and filing with the Commission a
registration statement relating to an offering of Common Stock by existing stockholders of the
Company under the 1933 Act pursuant to the terms of registration rights held by such stockholder or
from filing amendments to registration statements filed prior to the date of this Agreement.

(b) Amendments and Waivers. This Agreement may be amended, modified or waived only by
a writing signed by the Company and the Required Investors; provided that if any such
amendment, modification or waiver would adversely affect in any material respect any Investor or
group of Investors who have comparable rights under this Agreement disproportionately to the other
Investors having such comparable rights, such amendment, modification, or waiver shall also require
the written consent of the Investor(s) so adversely affected.

(c) Notices. All notices and other communications provided for or permitted hereunder
shall be made as set forth in Section 7.2 of the Purchase Agreement.

(d) Assignments and Transfers by Investors. The provisions of this Agreement shall be
binding upon and inure to the benefit of the Investors and their respective successors and assigns.
An Investor may transfer or assign, in whole or from time to time in part, to one or more persons
its rights hereunder in connection with the transfer of Registrable Securities by such Investor to
such person, provided that (i) such Investor complies with all laws applicable thereto and provides
written notice of assignment to the Company promptly after such assignment is effected and (ii) the
transferee agrees in writing to be bound by this Agreement as if it were a party hereto.

(e) Assignments and Transfers by the Company. This Agreement may not be assigned by
the Company (whether by operation of law or otherwise) without the prior written consent of the
Required Investors, provided, however, that the Company may assign its rights and delegate its
duties hereunder to any surviving or successor corporation in connection with a merger or
consolidation of the Company with another corporation, or a sale, transfer or other disposition of
all or substantially all of the Company’s assets to another corporation, without the prior written
consent of the Required Investors, after notice duly given by the Company to each Investor.

(f) Benefits of the Agreement. The terms and conditions of this Agreement shall inure
to the benefit of and be binding upon the respective permitted successors and assigns of the
parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other
than the parties hereto or their respective successors and assigns any rights, remedies,
obligations, or liabilities under or by reason of this Agreement, except as expressly provided in
this Agreement.

(g) Counterparts; Faxes. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. This Agreement may also be executed via facsimile, which shall be deemed an
original.

(h) Titles and Subtitles. The titles and subtitles used in this Agreement are used
for convenience only and are not to be considered in construing or interpreting this Agreement.

(i) Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions hereof but shall be
interpreted as if it were written so as to be enforceable to the maximum extent permitted by
applicable law, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. To the extent
permitted by applicable law, the parties hereby waive any provision of law which renders any
provisions hereof prohibited or unenforceable in any respect.

(j) Further Assurances. The parties shall execute and deliver all such further
instruments and documents and take all such other actions as may reasonably be required to carry
out the transactions contemplated hereby and to evidence the fulfillment of the agreements herein
contained.

(k) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. This
Agreement supersedes all prior agreements and understandings between the parties with respect to
such subject matter.

(l) Governing Law; Consent to Jurisdiction; Waiver of Jury Trial. This Agreement
shall be governed by, and construed in accordance with, the internal laws of the State of New York
without regard to the choice of law principles thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the courts of the State of New York located in New York
County and the United States District Court for the Southern District of New York for the purpose
of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the
transactions contemplated hereby. Service of process in connection with any such suit, action or
proceeding may be served on each party hereto anywhere in the world by the same methods as are
specified for the giving of notices under this Agreement. Each of the parties hereto irrevocably
consents to the jurisdiction of any such court in any such suit, action or proceeding and to the
laying of venue in such court. Each party hereto irrevocably waives any objection to the laying of
venue of any such suit, action or proceeding brought in such courts and irrevocably waives any
claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. EACH OF THE PARTIES HERETO WAIVES ANY RIGHT TO REQUEST A TRIAL BY JURY IN ANY
LITIGATION WITH RESPECT TO THIS AGREEMENT AND REPRESENTS THAT COUNSEL HAS BEEN CONSULTED
SPECIFICALLY AS TO THIS WAIVER.

(m) Obligations of Investors. The Company acknowledges that the obligations of each
Investor under this Agreement are several and not joint with the obligations of any other Investor,
and no Investor shall be responsible in any way for the performance of the obligations of any other
Investor under this Agreement. The decision of each Investor to enter into to this Agreement has
been made by such Investor independently of any other Investor. The Company further acknowledges
that nothing contained in this Agreement, and no action taken by any Investor pursuant hereto,
shall be deemed to constitute the Investors as a partnership, an association, a joint venture or
any other kind of entity, or create a presumption that the Investors are in any way acting in
concert or as a group with respect to such obligations or the transactions contemplated hereby.
Each Investor shall be entitled to independently protect and enforce its rights, including without
limitation, the rights arising out of this Agreement, and it shall not be necessary for any other
Investor to be joined as an additional party in any proceeding for such purpose.

Each Investor has been represented by its own separate legal counsel in their review and
negotiation of this Agreement and with respect to the transactions contemplated hereby. The Company
has elected to provide all Investors with the same terms and Agreement for the convenience of the
Company and not because it was required or requested to do so by the Investors. The Company
acknowledges that such procedure with respect to this Agreement in no way creates a presumption
that the Investors are in any way acting in concert or as a group with respect to this Agreement or
the transactions contemplated hereby or thereby.

1

IN WITNESS WHEREOF, the parties have executed this Agreement or caused their duly
authorized officers to execute this Agreement as of the date first above written.

	 	 	 
	The Company:

	 	WESTERN ALLIANCE BANCORPORATION
	
 
	 	By:     

Name:
	
 
	 	Title:

2

	 	 	 
	Investor:

	 	[ ]
	
 
	 	By:     

Name:
	
 
	 	Title:

3

Exhibit A

Plan of Distribution

The selling stockholders, which as used herein includes donees, pledgees, transferees or other
successors-in-interest selling shares of common stock or interests in shares of common stock
received after the date of this prospectus from a selling stockholder as a gift, pledge,
partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise
dispose of any or all of their shares of common stock or interests in shares of common stock on any
stock exchange, market or trading facility on which the shares are traded or in private
transactions. These dispositions may be at fixed prices, at prevailing market prices at the time
of sale, at prices related to the prevailing market price, at varying prices determined at the time
of sale, or at negotiated prices.

The selling stockholders may use any one or more of the following methods when disposing of shares
or interests therein:

• ordinary brokerage transactions and transactions in which the broker-dealer solicits
purchasers;

• block trades in which the broker-dealer will attempt to sell the shares as agent, but may
position and resell a portion of the block as principal to facilitate the transaction;

• purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

• an exchange distribution in accordance with the rules of the applicable exchange;

• privately negotiated transactions;

• short sales effected after the date the registration statement of which this Prospectus is a
part is declared effective by the SEC;

• through the writing or settlement of options or other hedging transactions, whether through
an options exchange or otherwise;

• broker-dealers may agree with the selling stockholders to sell a specified number of such
shares at a stipulated price per share; and

• a combination of any such methods of sale.

The selling stockholders may, from time to time, pledge or grant a security interest in some or all
of the shares of common stock owned by them and, if they default in the performance of their
secured obligations, the pledgees or secured parties may offer and sell the shares of common stock,
from time to time, under this prospectus, or under an amendment or supplement to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act amending the list of
selling stockholders to include the pledgee, transferee or other successors in interest as selling
stockholders under this prospectus. The selling stockholders also may transfer the shares of
common stock in other circumstances, in which case the transferees, pledgees or other successors in
interest will be the selling beneficial owners for purposes of this prospectus.

In connection with the sale of our common stock or interests therein, the selling stockholders may
enter into hedging transactions with broker-dealers or other financial institutions, which may in
turn engage in short sales of the common stock in the course of hedging the positions they assume.
The selling stockholders may also sell shares of our common stock short and deliver these
securities to close out their short positions, or loan or pledge the common stock to broker-dealers
that in turn may sell these securities. The selling stockholders may also enter into option or
other transactions with broker-dealers or other financial institutions or the creation of one or
more derivative securities which require the delivery to such broker-dealer or other financial
institution of shares offered by this prospectus, which shares such broker-dealer or other
financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).

The aggregate proceeds to the selling stockholders from the sale of the common stock offered by
them will be the purchase price of the common stock less discounts or commissions, if any. Each of
the selling stockholders reserves the right to accept and, together with their agents from time to
time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or
through agents. We will not receive any of the proceeds from this offering.

The selling stockholders also may resell all or a portion of the shares in open market transactions
in reliance upon Rule 144 under the Securities Act of 1933, provided that they meet the criteria
and conform to the requirements of that rule.

The selling stockholders and any underwriters, broker-dealers or agents that participate in the
sale of the common stock or interests therein may be “underwriters” within the meaning of Section
2(11) of the Securities Act. Any discounts, commissions, concessions or profit they earn on any
resale of the shares may be underwriting discounts and commissions under the Securities Act.
Selling stockholders who are “underwriters” within the meaning of Section 2(11) of the Securities
Act will be subject to the prospectus delivery requirements of the Securities Act.

To the extent required, the shares of our common stock to be sold, the names of the selling
stockholders, the respective purchase prices and public offering prices, the names of any agents,
dealer or underwriter, any applicable commissions or discounts with respect to a particular offer
will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective
amendment to the registration statement that includes this prospectus.

In order to comply with the securities laws of some states, if applicable, the common stock may be
sold in these jurisdictions only through registered or licensed brokers or dealers. In addition,
in some states the common stock may not be sold unless it has been registered or qualified for sale
or an exemption from registration or qualification requirements is available and is complied with.

We have advised the selling stockholders that the anti-manipulation rules of Regulation M under the
Exchange Act may apply to sales of shares in the market and to the activities of the selling
stockholders and their affiliates. In addition, we will make copies of this prospectus (as it may
be supplemented or amended from time to time) available to the selling stockholders for the purpose
of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders
may indemnify any broker-dealer that participates in transactions involving the sale of the shares
against certain liabilities, including liabilities arising under the Securities Act.

We have agreed to indemnify the selling stockholders against liabilities, including liabilities
under the Securities Act and state securities laws, relating to the registration of the shares
offered by this prospectus.

We have agreed with the selling stockholders to keep the registration statement of which this
prospectus constitutes a part effective until the earlier of (1) such time as all of the shares
covered by this prospectus have been disposed of pursuant to and in accordance with the
registration statement or (2) the date on which the shares may be sold by non-affiliates without
volume or manner-of-sale restrictions pursuant to Rule 144, without the requirement for the company
to be in compliance with the current public information requirement under Rule 144.

4

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