Director at Heritage Financial (HFWA) converts 2,218 RSUs to shares

Rhea-AI Filing Summary

Heritage Financial Corp director Ann Watson exercised restricted stock units into common shares. On May 1, 2026, she converted 2,218 RSUs into the same number of Common Stock shares at an indicated value of $27.61 per share, with no open-market sale reported. After this transaction, she directly holds 26,121 Common Stock shares and no remaining restricted stock units from this award.

Insider Trade Summary

2,218 shares exercised/converted

Mixed 2 txns

Insider Watson Ann

Role null

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	2,218	$27.61	$61K
Exercise	Common Stock	2,218	$27.61	$61K

Holdings After Transaction: Restricted Stock Units — 0 shares (Direct, null); Common Stock — 26,121 shares (Direct, null)

Footnotes (1)

Key Figures

RSUs exercised: 2,218 units Implied share value: $27.61 per share Common shares acquired: 2,218 shares +2 more

5 metrics

RSUs exercised 2,218 units Restricted Stock Units converted to common stock on May 1, 2026

Implied share value $27.61 per share Transaction price per share for RSU settlement

Common shares acquired 2,218 shares Common Stock received from RSU exercise

Shares owned after transaction 26,121 shares Total direct Common Stock holdings after Form 4 transactions

Remaining RSUs from this award 0 units Restricted Stock Units balance following full exercise of 2,218 units

Key Terms

Restricted Stock Units, Common Stock, Exercise or conversion of derivative security, derivative

4 terms

Restricted Stock Units financial

"security_title": "Restricted Stock Units""

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Exercise or conversion of derivative security financial

"transaction_code_description": "Exercise or conversion of derivative security""

derivative financial

"transaction_type": "derivative""

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

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^*

Watson Ann

(Last) (First) (Middle)

PO BOX 1578

(Street)

OLYMPIA WASHINGTON 98507

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

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

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

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

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
Common Stock	05/01/2026		M		2,218	A	$27.61	26,121	D

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	05/01/2026		M			2,218	05/01/2026	05/01/2026	Common Stock	2,218	$27.61	0	D

Explanation of Responses:

Remarks:

	/s/Kaylene Lahn Attorney in Fact for Ann Watson	05/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HFWA director Ann Watson report?

Ann Watson reported exercising restricted stock units to acquire common shares. She converted 2,218 RSUs into 2,218 shares of Heritage Financial Corp common stock, reflecting a routine compensation-related equity transaction rather than an open-market stock purchase or sale.

How many Heritage Financial (HFWA) shares did Ann Watson acquire?

Ann Watson acquired 2,218 shares of Heritage Financial common stock. The shares came from the exercise of 2,218 restricted stock units, each settling into one share of common stock, at an indicated value of $27.61 per share on the transaction date.

What is Ann Watson’s HFWA shareholding after this Form 4?

After the reported transactions, Ann Watson directly owns 26,121 shares of Heritage Financial common stock. This total reflects the addition of 2,218 shares received from exercising restricted stock units and shows her updated direct ownership position following the equity award conversion.

Did Ann Watson sell any Heritage Financial (HFWA) shares in this filing?

No sale transactions are reported in this filing. The Form 4 shows only the exercise of 2,218 restricted stock units into common stock, coded as a derivative exercise (code M), with no corresponding open-market sale or disposition of the acquired shares disclosed.

What does the M transaction code mean in Ann Watson’s HFWA Form 4?

The M code in this Form 4 indicates an exercise or conversion of a derivative security. Here, 2,218 restricted stock units were converted into 2,218 shares of common stock, reflecting settlement of an equity award rather than a traditional buy or sell on the open market.