[Form 4] Health Catalyst, Inc Insider Trading Activity

Rhea-AI Filing Summary

Benjamin Landry, General Counsel of Health Catalyst, Inc. (HCAT), reported a non-discretionary sale of 3,138 shares of common stock on 09/02/2025 at a price of $3.3627 per share to satisfy tax withholding from the vesting of restricted stock units. After the transaction, he beneficially owned 147,987 shares. The filing specifies this was a sell-to-cover required under the issuer's equity incentive plan and not a voluntary trade by the reporting person. The Form 4 is signed and dated 09/04/2025.

Positive

• Transparent disclosure of the transaction and its non-discretionary "sell-to-cover" purpose, supporting regulatory compliance
• Modest impact on holdings: only 3,138 shares sold, leaving 147,987 shares beneficially owned

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine sell-to-cover for RSU tax withholding; indicates standard equity-plan mechanics, not a discretionary insider disposition.

This Form 4 documents a customary tax-withholding sale triggered by the vesting of restricted stock units. Such transactions typically reflect plan mechanics rather than any change in executive view of company prospects. The filing clearly states the sale was mandated by the issuer's election under its equity incentive plans, which supports transparency and compliance with Section 16 reporting obligations. No additional derivative activity or amendments are reported.

Securities Analyst

TL;DR: Small, non-discretionary disposition; negligible immediate market impact and modest reduction in reported insider holdings.

The sale of 3,138 shares at $3.3627 reduces the reporting person’s beneficial holdings to 147,987 shares. Given the stated purpose—covering tax withholding on vested RSUs—this transaction is procedural and unlikely to signal material insider sentiment or trigger market-moving concerns. The size of the sale relative to total holdings appears modest based on the post-transaction balance disclosed.

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Landry Benjamin

(Last) (First) (Middle)

10897 S. RIVER FRONT PARKWAY, #300

(Street)

SOUTH JORDAN UT 84095

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

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	09/02/2025		F(1)		3,138	D	$3.3627	147,987	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. Represents the number of shares required to be sold by the Reporting Person to cover tax withholding obligations in connection with the vesting of Issuer's Restricted Stock Units. This sale is mandated by the Issuer's election under its equity incentive plans to require the satisfaction of tax withholding obligations to be funded by a "sell to cover" transaction and does not represent a discretionary trade by the Reporting Person.

Remarks:

	/s/ Benjamin Landry	09/04/2025
	** 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.
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 Benjamin Landry (HCAT) report on Form 4?

He reported a sale of 3,138 shares on 09/02/2025 at $3.3627 per share to cover tax withholding from vested RSUs; post-transaction holdings were 147,987 shares.

Was the sale a discretionary trade or required by the company?

The sale was non-discretionary—a required "sell-to-cover" under the issuer's equity incentive plan, not a voluntary trade by the reporting person.

What is Benjamin Landry's role at Health Catalyst (HCAT)?

He is an officer listed as General Counsel in the Form 4 filing.

When was the transaction executed and when was the Form 4 signed?

Transaction date: 09/02/2025; Form 4 signed: 09/04/2025.

How many shares does Landry own after the reported transaction?

147,987 shares beneficially owned following the sell-to-cover transaction.