Heritage Financial Corp. Announces Board and Compensation Changes

Ticker: HFWA · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1046025

Heritage Financial Corp /Wa/ 8-K Filing Summary
FieldDetail
CompanyHeritage Financial Corp /Wa/ (HFWA)
Form Type8-K
Filed DateOct 23, 2024
Risk Levellow
Pages5
Reading Time6 min
Key Dollar Amounts$400,008, $300,000, $350,000
Sentimentneutral

Sentiment: neutral

Topics: governance, executive-compensation, board-changes

Related Tickers: HFWA

TL;DR

HFWA board shakeup & comp changes filed 10/23.

AI Summary

Heritage Financial Corp. announced on October 23, 2024, changes in its board of directors and executive compensation arrangements. The filing details the departure of a director and the election of a new director, along with updates to the compensation plans for certain officers.

Why It Matters

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

Risk Assessment

Risk Level: low — The filing reports routine corporate governance changes and compensation adjustments, which typically carry low immediate risk.

Key Players & Entities

  • HERITAGE FINANCIAL CORP (company) — Registrant
  • October 23, 2024 (date) — Date of Report

FAQ

Who departed from the board of directors?

The filing indicates the departure of a director, but the specific name is not provided in the provided text.

Who was elected to the board of directors?

The filing states the election of a new director, but the specific name is not provided in the provided text.

What specific items are covered under 'Compensatory Arrangements of Certain Officers'?

The filing mentions updates to compensatory arrangements for certain officers, but the specific details of these arrangements are not elaborated in the provided text.

What is the company's Standard Industrial Classification code?

The company's Standard Industrial Classification code is 6036, for Savings Institutions, Not Federally Chartered.

What is the company's state of incorporation?

The company is incorporated in Washington (WA).

Filing Stats: 1,459 words · 6 min read · ~5 pages · Grade level 12.8 · Accepted 2024-10-23 16:03:36

Key Financial Figures

  • $400,008 — t provides for an annual base salary of $400,008. The base salary will be reviewed annua
  • $300,000 — one-time signing bonus in the amount of $300,000 on January 15, 2025. The employment agr
  • $350,000 — air market value equal to approximately $350,000. In addition, Mr. Bley is eligible to p

Filing Documents

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure On October 23, 2024, Heritage issued a press release announcing that Mr. Bley will become the Executive Vice President and Chief Operating Officer of Heritage Bank and Executive Vice President of Heritage. A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. 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 Employment Agreement between Heritage Financial Corporation and Nicholas Bley, dated July 23, 2024 Exhibit 99.1 Press Release of Heritage Financial Corporation dated Oc tober 23 , 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: October 23, 2024 /S/ Jeffrey J. Deuel Jeffrey J. Deuel Chief Executive Officer

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