Form 4: WAFD CFO Kelli Holz Reduces Stake

WAFD Inc.'s EVP & CFO, Kelli Holz, reported a net disposition of 13,720 common shares on October 31, 2025, including shares sold for tax withholding.

Summary

• Kelli Holz, Executive Vice President and Chief Financial Officer of WAFD Inc., reported transactions on October 31, 2025.
• She disposed of 10,630 shares of common stock at a price of $0.00 per share.
• She also disposed of 3,090 shares of common stock at a price of $29.03 per share, which is typically for tax withholding purposes related to equity awards.
• Following these transactions, her direct beneficial ownership of common stock is 92,418 shares.
• Holdings include 51,594 stock units awarded pursuant to a Supplemental Executive Retirement Plan (SERP).
• She continues to beneficially own various non-qualified stock options, including 607 options at $32.49 (exercisable 10/31/2024, expires 10/31/2031), 1,276 options at $26.12 (exercisable 10/31/2023, expires 10/31/2030), 652 options at $36.46 (exercisable 10/31/2022, expires 10/31/2029), and 564 options at $28.16 (exercisable 10/31/2021, expires 10/31/2028).

Sentiment

Score: 5

Explanation: Neutral. The filing reports routine insider transactions, including a tax-related disposition, which is common. The $0 disposition is less common but doesn't inherently indicate negative sentiment towards the company.

Positives

• Continued significant beneficial ownership of 92,418 common shares and various stock options by a key executive, indicating ongoing alignment with shareholder interests.

Negatives

• Disposition of 10,630 common shares at $0.00, which could indicate a gift, transfer, or forfeiture.
• Disposition of 3,090 common shares at $29.03 for tax withholding, reducing direct beneficial ownership.

Risks

• Insider selling, even for tax purposes, can sometimes be perceived negatively by the market, potentially signaling a lack of confidence, though this is a routine tax-related transaction.

Future Outlook

This Form 4 filing does not contain forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

Insider transaction reports like this Form 4 are routine disclosures for publicly traded companies. While the disposition of shares by a CFO can sometimes draw attention, the sale of shares for tax withholding (F transaction) is a common occurrence when restricted stock units vest or options are exercised. The $0 disposition is less common and could be a gift or transfer.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: A slight reduction in direct insider ownership, but the overall impact is minimal given the routine nature of tax-related sales.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• The filing does not explicitly mention future actions or milestones beyond the reporting of these past transactions.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions, including a disposition for tax purposes and another at a $0 price, which is not uncommon for transfers or gifts. While it represents a reduction in direct beneficial ownership for the EVP & CFO, Kelli Holz, the overall holdings remain substantial, including significant stock units and options. These transactions do not provide new fundamental information about WAFD Inc.'s operational performance or strategic direction. Therefore, a 'hold' recommendation is appropriate as this filing alone does not warrant a change in investment thesis.

Keywords

WAFD Inc., WAFD, Kelli Holz, Form 4, Insider Transaction, Stock Disposition, CFO, Executive Compensation, Stock Options, Beneficial Ownership