[Form 3] Health Catalyst, Inc. Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Albert Benjamin filed an initial Form 3 reporting his beneficial ownership in Health Catalyst, Inc. (HCAT). He directly holds 92,870 common shares and 18,000 restricted stock units (RSUs) granted under the 2019 Plan that vest beginning March 1, 2026. He also reports indirect holdings of 148,198 shares via the "Benjamin Albert Declaration of Trust" and 28,697 shares via the "Albert Family Trust." The filing is signed by an attorney-in-fact on 09/26/2025.

Positive

• Clear disclosure of direct and indirect holdings including RSUs and trust holdings
• RSU vesting schedule is specified (25% on March 1, 2026; remaining in 12 quarterly installments), providing transparency on future share issuance timing

Negative

• None.

Insights

Financial Analyst

TL;DR: Reporting discloses executive ownership with vested and unvested equity, aligning management compensation with shareholder outcomes.

The Form 3 shows a mix of direct shares and trust-held indirect shares plus RSUs subject to vesting under the 2019 Plan. The RSU vesting schedule (25% on March 1, 2026, then quarterly) indicates future share issuance timing that may modestly increase diluted share count. Holdings by family trusts are disclosed, which is common for estate planning and does not signal a change in control.

Corporate Governance Expert

TL;DR: Routine initial ownership disclosure consistent with Section 16 reporting requirements; no governance red flags apparent.

The filing identifies the reporting person as President and COO and discloses trustee relationships for two trusts. The declaration that the reporting person serves as trustee and beneficiaries include immediate family is clearly stated. Signature by attorney-in-fact is noted. There are no amendments or unusual arrangements disclosed.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Albert Benjamin

(Last) (First) (Middle)

10897 S. RIVER FRONT PARKWAY

SUITE 300

(Street)

SOUTH JORDAN UT 84095

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/16/2025

3. Issuer Name and Ticker or Trading Symbol
Health Catalyst, Inc. [ HCAT ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and COO

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	18,000(1)	D
Common Stock	92,870	D
Common Stock	148,198	I	Benjamin Albert Declaration of Trust Dated 7-13-2018(2)
Common Stock	28,697	I	Albert Family Trust(3)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents an award of restricted stock units ("RSUs") granted pursuant to the Issuer's 2019 Stock Option and Incentive Plan (the "2019 Plan"). Each RSU represents a contingent right to receive one share of the Issuer's common stock. Subject to the terms of the 2019 Plan, 25% of the RSUs will vest on March 1, 2026 and the remaining 75% of the RSUs vested or will vest in 12 equal quarterly installments.

2. The Reporting Person serves as the trustee of this trust, of which the Reporting Person's wife and children are beneficiaries.

3. Held by a family trust of which (a) the Reporting Person and sibling are trustees and (b) the Reporting Person and members of his immediate family are the sole beneficiaries of the trust.

Remarks:

	/s/ Benjamin Landry, as Attorney-in-Fact	09/26/2025
	** 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 5 (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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Albert Benjamin report on the HCAT Form 3?

He reported direct ownership of 92,870 common shares, 18,000 RSUs, and indirect holdings of 148,198 and 28,697 shares via two trusts.

When do the RSUs reported on HCAT Form 3 vest?

Per the filing, 25% of the RSUs vest on March 1, 2026, with the remaining 75% vesting in 12 equal quarterly installments thereafter.

What trusts are referenced in the HCAT Form 3 filing?

The filing references the "Benjamin Albert Declaration of Trust Dated 7-13-2018" and the "Albert Family Trust," and notes the reporting person serves as trustee in at least one trust.

Who signed the Form 3 for Albert Benjamin and when?

The Form 3 was signed by Benjamin Landry, as Attorney-in-Fact on 09/26/2025.

Does the HCAT Form 3 indicate any change in control or major transactions?

No. The filing discloses ownership and RSU awards only; it does not report any change in control or major transactions.