Chalfant Tony 4

What Happened

• Tony Chalfant, EVP & Chief Credit Officer of Heritage Financial Corp. (HFWA), exercised stock-derived awards on 2026-03-16. He acquired a total of 3,128 shares at an exercise/conversion price of $24.89 per share, for a gross value of $77,856.
• To cover tax withholding/obligations, 583 shares were surrendered (disposed) at the same $24.89 price, valued at $14,511. Net new shares added to his beneficial ownership were 2,545 shares (3,128 acquired minus 583 withheld).
• Transaction codes: M = exercise/conversion of derivative (options/units); F = payment of exercise price/tax withholding.

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (appears timely).
• Exercise price: $24.89 per share.
• Gross shares acquired: 3,128 (total value reported $77,856).
• Shares withheld for taxes: 583 (value reported $14,511).
• Net shares retained: 2,545.
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Relevant footnotes in the filing reference prior RSU/PSU awards and standard vesting schedules (grants under 2023–2025 Omnibus Equity Plans; some awards vest over three years or are performance-contingent).

Context

• This was an exercise/conversion of derivative awards (M). The filing shows both acquisition of shares and corresponding dispositions of the derivative instruments — a standard reporting pattern when options/units are exercised and converted into shares.
• The surrender of 583 shares to cover taxes is a common practice (not an open-market sale) and does not necessarily indicate a bearish view; it is a routine tax-withholding action.
• For retail investors: exercises increase an insider’s outright share count (here, net +2,545 shares), which can be more informative than routine sales.