Heritage Financial director exercises 2,218 RSUs

HERITAGE FINANCIAL CORP (HFWA) director Kimberly T. Ellwanger exercised restricted stock units into common stock.

Rhea-AI Filing Summary

HERITAGE FINANCIAL CORP (HFWA) director Kimberly T. Ellwanger exercised restricted stock units into common stock. On May 1, 2026, 2,218 restricted stock units converted into 2,218 shares of common stock at an indicated value of $27.61 per share. Following this derivative exercise, Ellwanger directly owns 35,037 shares of common stock. The filing shows no open-market sales, only the conversion of a derivative security into common shares, with no remaining derivative position reported in this Form 4.

Insider Trade Summary

2,218 shares exercised/converted

Exercise 2 txns

Insider Ellwanger Kimberly T

Role Director

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 contracts (Direct); Common Stock — 35,037 shares (Direct)

Key Figures

RSUs exercised: 2,218 units Implied share price: $27.61 per share Shares received: 2,218 shares +2 more

5 metrics

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

Implied share price $27.61 per share Transaction price per share for 2,218 RSUs

Shares received 2,218 shares Common stock received from RSU conversion

Post-transaction holdings 35,037 shares Direct common stock ownership after exercise

Conversion price $0.00 per unit RSU conversion or exercise price

Key Terms

Restricted Stock Units, derivative security, Common Stock

3 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.

derivative security financial

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

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did HFWA director Kimberly Ellwanger report?

Kimberly T. Ellwanger reported exercising 2,218 restricted stock units into common stock. The transaction converted derivative securities into 2,218 HFWA common shares at an indicated value of $27.61 per share, with no open-market buying or selling reported.

How many HFWA shares does Kimberly Ellwanger own after this Form 4?

After the reported transactions, Kimberly T. Ellwanger directly owns 35,037 shares of Heritage Financial common stock. This total reflects the addition of 2,218 shares from the restricted stock unit exercise disclosed in the Form 4 filing.

Was the HFWA Form 4 transaction a purchase or an exercise?

The HFWA Form 4 shows an exercise of derivative securities, not an open-market purchase. Ellwanger converted 2,218 restricted stock units into 2,218 shares of common stock, classified as a derivative exercise/conversion rather than a traditional stock market buy.

Did Kimberly Ellwanger sell any HFWA shares in this Form 4 filing?

No sales were reported in this Form 4 filing. The transactions reflect only the exercise and conversion of 2,218 restricted stock units into common stock, increasing Ellwanger’s direct holdings to 35,037 HFWA shares without any disclosed dispositions.

What price is associated with the HFWA restricted stock unit exercise?

The restricted stock unit exercise is associated with a transaction price of $27.61 per share. This value applies to the 2,218 units converted into 2,218 shares of Heritage Financial common stock as disclosed in the Form 4 transaction details.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/04/2026 - 12:16 PM EDT Learn about SEC filing dates

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 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	35,037	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 as Attorney in Fact for Kimberly T. Ellwanger	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)