Saunders Karen R 4

What Happened
Karen R. Saunders, a director of Heritage Financial Corp (HFWA), exercised stock options on May 1, 2026 to acquire 2,218 shares at an exercise price of $27.61 per share (total cost $61,239). The Form 4 also shows a simultaneous disposition of the same 2,218 shares (also valued at $61,239). Transaction code M indicates these were option exercises/derivative transactions.

Key Details

• Transaction date: May 1, 2026. Filing date: May 4, 2026 (timely filing).
• Exercise price / transaction price: $27.61 per share. Total value shown: $61,239 for the acquired shares (and $61,239 for the disposed shares).
• Shares acquired: 2,218 (by exercise). Shares disposed: 2,218 (simultaneous).
• Shares owned after transaction: Not specified in the provided excerpt of the filing.
• Footnotes / plan details: The filing shows a simultaneous disposal of the same shares; no footnotes provided in the excerpt explaining whether this was a sale to cover exercise costs/taxes (common in cashless exercises) or another disposition method.
• Timeliness: Filed within SEC timing rules (filed May 4 for a May 1 transaction).

Context
This was an option exercise (derivative transaction). Because the filing reports both the acquisition via exercise and an immediate disposal of the same number of shares, the economic effect may be neutral (e.g., shares were sold immediately to cover exercise costs or tax withholding). The Form 4 does not state the reason for the disposition, so no inference about the director’s view of the company’s stock is warranted.