Heritage Financial Strengthens Director Compensation with New RSU Grant

Rhea-AI Filing Summary

Heritage Financial Corp (HFWA) director Kimberly T. Ellwanger received a grant of 2,218 Restricted Stock Units (RSUs) on June 18, 2025. The RSUs have the following key terms:

• Conversion price: $0
• Each RSU converts to one share of common stock
• Exercise/expiration date: May 1, 2026
• Value of RSUs at grant: $22.55 per unit

The transaction was reported via Form 4 filing and represents direct ownership. The filing was signed by Kaylene Lahn as attorney-in-fact for Ellwanger on June 23, 2025. This equity award appears to be part of the company's director compensation program.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ellwanger Kimberly T

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Stock Units	2,218	$22.55	$50K

Holdings After Transaction: Restricted Stock Units — 2,218 shares (Direct)

Footnotes (1)

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ellwanger Kimberly T

(Last) (First) (Middle)

PO BOX 1578

(Street)

OLYMPIA WA 98507

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HERITAGE FINANCIAL CORP /WA/ [ HFWA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	$0	06/18/2025		A		2,218		05/01/2026	05/01/2026	Common Stock	2,218	$22.55	2,218	D

Explanation of Responses:

Remarks:

	/s/ Kaylene Lahn as Attorney in Fact for Kimberly T. Ellwanger	06/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction occurred at HFWA on June 18, 2025?

Director Kimberly T. Ellwanger was granted 2,218 Restricted Stock Units (RSUs) of Heritage Financial Corp (HFWA) at $22.55 per unit. These RSUs will be exercisable from May 1, 2026 and expire on May 1, 2026.

Who is Kimberly T. Ellwanger at HFWA and what position does she hold?

Kimberly T. Ellwanger serves as a Director on the Board of Heritage Financial Corp (HFWA), as indicated by the Form 4 filing which marks her relationship to the issuer as 'Director'.

What are the vesting details of HFWA's RSUs granted in June 2025?

The Restricted Stock Units (RSUs) granted to Director Ellwanger have a specific exercise and expiration date of May 1, 2026. The RSUs were granted at a conversion price of $0 and represent 2,218 shares of HFWA common stock.

How many HFWA shares are affected by the June 2025 Form 4 filing?

The Form 4 filing reports 2,218 Restricted Stock Units (RSUs), which correspond to 2,218 shares of HFWA common stock upon conversion. These are held directly (D) by Director Kimberly T. Ellwanger.