Health Catalyst (HCAT) Insider Filing: 4,970 RSUs Vest for Director

Rhea-AI Filing Summary

Health Catalyst, Inc. (HCAT) director Gallagher Duncan received an award of 4,970 restricted stock units (RSUs) that vested in full on September 1, 2025. Each RSU converts into one share of common stock; the filing reports no cash price for the award and shows Mr. Duncan beneficially owns 118,252 shares following the vesting. The Form 4 was signed by an attorney-in-fact on September 5, 2025 and reflects the director relationship of the reporting person.

Positive

• 4,970 RSUs vested in full on September 1, 2025, increasing the director's beneficial ownership to 118,252 shares

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity compensation vested; this is standard for non-employee directors and indicates no change in control or unusual insider activity.

The Form 4 documents the vesting of 4,970 RSUs granted under the company's 2019 Plan and Non-Employee Director Compensation Policy. The transaction is reported as an acquisition with no cash price, consistent with RSU settlement mechanics where shares are delivered upon vesting. Beneficial ownership after vesting is 118,252 shares, which is a useful disclosure for evaluating director alignment with shareholders, but the filing contains no indication of sales, pledges, or changes to director role.

Securities Analyst

TL;DR: The filing is a routine insider disclosure of vested RSUs and is unlikely to be material to HCAT's valuation or near-term trading.

The reported 4,970 RSU vesting increases the director's share count but represents a small absolute change versus the total outstanding shares implied by public company scale. The Form 4 provides transparency on equity compensation timing and resulting beneficial ownership; it does not report any open-market purchases or sales that would signal trading intent.

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^*

Gallagher Duncan

(Last) (First) (Middle)

C/O HEALTH CATALYST, INC.

10897 SOUTH 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/01/2025

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	09/01/2025		A		4,970(1)	A	$0.00	118,252	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 an award of the Issuer's 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 and in accordance with the terms of Issuer's Non-Employee Director Compensation Policy, 100% of such RSUs vested on September 1, 2025.

Remarks:

	/s/Benjamin Landry, as Attorney-in-Fact	09/05/2025
	** 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 transaction did Gallagher Duncan report on the HCAT Form 4?

The filing reports the vesting of 4,970 restricted stock units (RSUs) on September 1, 2025, resulting in beneficial ownership of 118,252 shares.

Do the reported RSUs have a cash price in the Form 4?

The Form 4 shows a price of $0.00, reflecting that the report records RSU vesting rather than a cash purchase.

Under what plan were the RSUs granted?

The RSUs were granted under the Issuer's 2019 Stock Option and Incentive Plan and in accordance with the Issuer's Non-Employee Director Compensation Policy.

When was the Form 4 signed and filed?

The signature block shows the form was executed by an attorney-in-fact on September 5, 2025.

Does the Form 4 show any sales or dispositions by the reporting person?

No. The Form 4 reports an acquisition (vesting) of RSUs and does not disclose any disposition or sale of shares.