Ellwanger Kimberly T 4

What Happened

• Kimberly T. Ellwanger, a director of Heritage Financial Corp. (HFWA), exercised options on May 1, 2026 to acquire 2,218 shares at an exercise price of $27.61 per share, for a total exercise cost of $61,239. The filing shows a simultaneous disposition of the same 2,218 shares (derivative disposition) at the same per-share amount.
• Practically, this looks like a cashless exercise or same-day sale of the shares received on exercise. Such transactions are commonly used to cover the option exercise price and any withholding obligations and are generally routine rather than a directional bet on the stock.

Key Details

• Transaction date: 2026-05-01; Filing date: 2026-05-04.
• Exercise details: 2,218 shares exercised at $27.61 per share = $61,239 (transaction code M).
• Disposition details: 2,218 shares disposed (derivative disposition) at $27.61 per share = $61,239.
• Shares owned following the transaction: not specified in the provided filing excerpt.
• No 10b5-1 plan, tax-withholding note, or other footnotes are shown in the provided data; the filing does not explicitly state a reason for the disposition.
• Filing timeliness: filed May 4, 2026; the report itself does not indicate a late filing status.

Context

• For retail investors: an "M" code means an option exercise or conversion. The matching acquisition and disposal of the same number of shares strongly suggests the shares were sold immediately (cashless exercise or to cover costs), so this transaction does not necessarily indicate a new personal buy or a bullish purchase by the director.
• These kinds of option-exercise/sale transactions are common among insiders and often reflect routine exercising of vested awards rather than an investment signal.