HEALTHEQUITY (HQY) Insider Notice — 9,000-Share Sale Scheduled

Rhea-AI Filing Summary

Form 144 Notice: This filing reports a proposed sale of 9,000 shares of common stock through Morgan Stanley Smith Barney LLC on 09/19/2025 with an aggregate market value of $860,310.00 and 86,156,334 shares outstanding. The shares were acquired as restricted stock units on 10/01/2023 and paid for on that date. The filer previously sold 970 shares on 07/03/2025 for $97,845.94. The form includes the standard representation that the seller does not possess undisclosed material information and a notice regarding Rule 10b5-1 trading plans. Certain issuer and filer identification fields in the provided text are blank.

Positive

• Compliance disclosure provided: The filer reported the proposed sale and prior sale as required under Rule 144, including a representation about material nonpublic information.
• Securities originated as RSUs: The 9,000 shares were acquired as restricted stock units and paid on the acquisition date, clarifying the nature of the holding.

Negative

• Insider selling activity: The filer plans to sell 9,000 shares and previously sold 970 shares, which may be viewed unfavorably by some investors.
• Missing identification fields in provided text: Several issuer/filer identification items are blank in the supplied extract, limiting attribution from this excerpt alone.

Insights

Securities Analyst

TL;DR: Routine insider sale of vested RSUs disclosed; no new company fundamentals provided.

The filing documents a planned sale of 9,000 shares previously received as restricted stock units and a recent small sale of 970 shares. This is a standard compliance disclosure that notifies the market of insider selling activity and the method of sale via Morgan Stanley. The filing does not provide issuer financial results, strategic changes, or material nonpublic information. Investors should treat this as a liquidity event by the holder rather than as new operational information.

Corporate Governance Expert

TL;DR: Filing meets Rule 144 disclosure norms but lacks populated issuer/filer identifiers in the provided extract.

The notice indicates the seller relied on Rule 144 to effect sales of vested RSUs. The document includes the required certification about absence of undisclosed material information and references Rule 10b5-1 planning. However, several issuer/filer identification fields appear blank in the supplied content, which could hinder clear market attribution if absent from the original filing. The disclosure itself is routine and suggests ordinary post-vesting liquidation rather than a governance dispute.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	9000	860310.00	86156334	09/19/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	10/01/2023	Restricted Stock Units	Issuer			9000	10/01/2023	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
DELANO LADD 15 West Scenic Pointe Drive, Suite 100 Draper UT 84020	Common	07/03/2025	970	97845.94

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What does the Form 144 for HQY report?

The filing reports a proposed sale of 9,000 common shares via Morgan Stanley on 09/19/2025 with aggregate market value $860,310.00.

How were the 9,000 shares acquired according to the filing?

The shares were acquired as restricted stock units on 10/01/2023 and the filing shows payment on that date.

Has the filer sold any HQY shares recently?

Yes. The filing lists a sale of 970 shares on 07/03/2025 that generated $97,845.94 in gross proceeds.

Through which broker will the proposed sale occur?

The filing names Morgan Stanley Smith Barney LLC as the broker handling the proposed sale.

Does the filing indicate possession of undisclosed material information?

No. The signer represents they do not know any material adverse information about the issuer that has not been publicly disclosed.