Ray Matthew T. 4

What Happened

• Ray Matthew T., EVP & Chief Lending Officer of Heritage Financial Corp. (HFWA), exercised stock options on 2026-03-16 to acquire 4,516 shares at an exercise price of $24.89 per share (aggregate value ≈ $112,403).
• The same 4,516 shares were reported disposed (sale) at $24.89 (proceeds ≈ $112,404), and an additional 749 shares were withheld/used to pay the exercise price or tax liability (value ≈ $18,643).
• Net effect: a reduction of 749 shares in his holdings (4,516 shares acquired and sold; 749 shares surrendered for taxes/price).

Key Details

• Transaction date: March 16, 2026; Form 4 filed March 18, 2026 (timely filing).
• Exercise price / sale price: $24.89 per share.
• Shares acquired by exercise: 4,516 (total ≈ $112,403).
• Shares disposed by sale: 4,516 (total proceeds ≈ $112,404).
• Shares disposed for tax/exercise payment (code F): 749 (≈ $18,643).
• Net shares change: -749 shares.
• Transaction codes: M = option exercise; F = payment of exercise price/tax withholding.
• Footnotes in the filing reference prior RSU awards (2018, 2022, 2024, 2025) and multi-year vesting schedules for certain grants.

Context

• This appears to be a cashless (sell-to-cover) exercise: options were exercised and the acquired shares were sold, with additional shares withheld to satisfy taxes/price. Such transactions are commonly used to cover exercise costs and withholding and are routine; they do not by themselves indicate a change in the insider’s view of the company.
• The filing does not disclose the insider’s total shareholding after these transactions in the provided excerpt.