[Form 4] Equitable Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jose Ramon Gonzalez, Chief Legal Officer of Equitable Holdings, Inc. (EQH), received 131.33 RSU-equivalent shares on 08/12/2025 as dividend equivalents on previously awarded restricted stock units (RSUs). These dividend equivalents were issued in the form of additional RSUs that vest and settle on the same terms as the underlying RSUs. After this issuance, Mr. Gonzalez beneficially owns 88,555.83 shares (including RSUs). The Form 4 was submitted through an attorney-in-fact.

Positive

• Executive-shareholder alignment: Dividend equivalents issued as RSUs reinforce alignment between the Chief Legal Officer and shareholders by tying pay to equity performance.
• Non-cash issuance: The 131.33 RSU-equivalents were issued at $0 as dividend equivalents, preserving company cash while compensating the executive.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received dividend-equivalent RSUs, modestly increasing ownership and reinforcing executive alignment with shareholders.

This transaction reflects a non-cash issuance of 131.33 RSU-equivalent shares credited as dividend equivalents on existing RSUs. Because these units vest and settle on the same schedule as the underlying RSUs, the event is primarily compensatory and non-dilutive in cash terms. The post-transaction beneficial ownership of 88,555.83 shares suggests material but not controlling insider ownership relative to a large-cap insurer. For investors, this is a routine insider compensation event rather than an indicator of changed corporate outlook.

Corporate Governance Expert

TL;DR: Dividend-equivalent RSUs align executive pay with shareholders without immediate cash cost; routine governance practice.

The reporting clarifies that dividend equivalents accrue with dividends and are issued as RSUs that mirror the original awards' vesting and settlement terms. This maintains pay-for-performance alignment and preserves existing incentive structures. The use of an attorney-in-fact to file the Form 4 is a standard filing practice and raises no governance concern based on the disclosed facts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gonzalez Jose Ramon

(Last) (First) (Middle)

C/O EQUITABLE HOLDINGS, INC.

1345 AVENUE OF THE AMERICAS

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Equitable Holdings, Inc. [ EQH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/12/2025		A(1)		131.33	A	$0	88,555.83(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Dividend equivalents accrued on Restricted Stock Units ("RSUs") previously awarded pursuant to Issuer's incentive plan. Dividend equivalents accrue when dividends are paid on the common shares underlying the RSUs, and vest proportionally with and are subject to settlement and expiration upon the same terms as the RSUs to which they relate. Dividend equivalents are issued in the form of RSUs, each of which represents a contingent right to receive one share of common stock.

2. Total includes RSUs.

Remarks:

	Michael Brudoley as attorney-in-fact for Jose Gonzalez	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What transaction did Jose Ramon Gonzalez report on Form 4 for EQH?

He reported receipt of 131.33 RSU-equivalent shares as dividend equivalents on 08/12/2025.

How many shares does the reporting person beneficially own after the transaction?

The filing reports 88,555.83 shares (including RSUs) beneficially owned following the transaction.

Were the dividend equivalents issued as cash or equity?

They were issued in the form of additional RSUs, representing contingent rights to receive one share each upon settlement.

Do the dividend-equivalent RSUs vest immediately?

The filing states dividend equivalents vest proportionally with and are subject to the same vesting and settlement terms as the underlying RSUs.

Who filed the Form 4 on behalf of the reporting person?

The Form 4 was executed by Michael Brudoley as attorney-in-fact for Jose Gonzalez.