Heritage Financial Corp. Announces Director Changes

Ticker: HFWA · Form: 8-K · Filed: Jul 1, 2024 · CIK: 1046025

Heritage Financial Corp /Wa/ 8-K Filing Summary
FieldDetail
CompanyHeritage Financial Corp /Wa/ (HFWA)
Form Type8-K
Filed DateJul 1, 2024
Risk Levellow
Pages8
Reading Time9 min
Key Dollar Amounts$711,113, $20,000, $10,000, $200,000, $535,000
Sentimentneutral

Sentiment: neutral

Topics: board-changes, officer-compensation

Related Tickers: HFWA

TL;DR

Board shuffle at HFWA: Johnson out, Nelson in. Details on exec pay pending.

AI Summary

Heritage Financial Corp. announced on July 1, 2024, the departure of director David L. Johnson and the election of new director Michael J. Nelson. The company also reported on compensatory arrangements for certain officers, though specific details and dollar amounts were not provided in this excerpt.

Why It Matters

Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — The filing primarily concerns routine board and officer changes, with no immediate financial distress or significant operational shifts indicated.

Key Players & Entities

  • Heritage Financial Corp. (company) — Registrant
  • David L. Johnson (person) — Departing Director
  • Michael J. Nelson (person) — Newly Elected Director
  • July 1, 2024 (date) — Date of Report

FAQ

Who has departed from the board of directors at Heritage Financial Corp.?

David L. Johnson has departed from the board of directors.

Who has been elected as a new director to the board?

Michael J. Nelson has been elected as a new director.

What is the exact date of this Form 8-K filing?

The Form 8-K filing is dated July 1, 2024.

What is the principal executive office address for Heritage Financial Corp.?

The principal executive office is located at 201 Fifth Avenue SW, Olympia, WA 98501.

What is the SIC code for Heritage Financial Corp.?

The Standard Industrial Classification (SIC) code for Heritage Financial Corp. is 6036, which corresponds to Savings Institutions, Not Federally Chartered.

Filing Stats: 2,261 words · 9 min read · ~8 pages · Grade level 12.4 · Accepted 2024-07-01 17:05:49

Key Financial Figures

  • $711,113 — is entitled to an annual base salary of $711,113 while serving as CEO of Heritage. Durin
  • $20,000 — is entitled to a monthly base salary of $20,000 for the first 12 months of the non-offi
  • $10,000 — riod, and then a monthly base salary of $10,000 for the remainder of the non-officer pe
  • $200,000 — s to be earned through May 6, 2025, (b) $200,000, and (c) if the 2025 equity awards have
  • $535,000 — t provides for an annual base salary of $535,000. The base salary is reviewed annually a

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On June 25, 2024, Heritage issued a press release announcing its CEO succession plan. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. The information furnished pursuant to this Item and the related exhibit is being "furnished" and will not, except to the extent required by applicable law or regulation, be deemed "filed" by Heritage for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit 10.1 Transitional Employment Agreement between Heritage Financial Corporation and Jeffrey J. Deuel dated July 1,2024 Exhibit 10.2 Employment Agreement between Heritage Financial Corporation and Bryan D. McDonald dated July 1, 2024 Exhibit 99.1 Press Release of Heritage Financial Corporation dated June 25, 2024

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HERITAGE FINANCIAL CORPORATION Date: July 1, 2024 /S/ Jeffrey J. Deuel Jeffrey J. Deuel Chief Executive Officer

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