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  4. [Form 3] HEALTHEQUITY, INC. Initial Statement of Beneficial Ownership

HealthEquity (HQY) EVP Rajasekar reports initial stock and RSU holdings

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
3

Rhea-AI Filing Summary

HEALTHEQUITY, INC. executive Sunil Rajasekar, EVP Chief Product & Strategy Officer, filed an initial statement of beneficial ownership of the company’s common stock. The filing shows two direct common stock positions, with 19,935 shares and 33,470 shares reported as of April 17, 2026.

Footnotes describe restricted stock units that each represent a contingent right to receive one share of common stock, with portions scheduled to vest beginning on January 26, 2027 and April 1, 2027, followed by additional quarterly vesting. This Form 3 establishes his baseline equity stake and future stock-based compensation schedule.

Positive

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Negative

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Insider Rajasekar Sunil
Role EVP Chief Prod & Strat Officer
Type Security Shares Price Value
holding Common Stock -- -- --
holding Common Stock -- -- --
Holdings After Transaction: Common Stock — 33,470 shares (Direct, null)
Footnotes (1)
  1. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. Shares vest as to 25% of the initial award on January 26, 2027. Shares shall vest as to 6.25% thereafter on the first day of each calendar quarter. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. Shares vest as to 25% of the initial award on April 1, 2027. Shares shall vest as to 6.25% thereafter on the first day of each calendar quarter for the twelve calendar quarters following April 1, 2027.
Direct common stock holding 1 19,935 shares Total shares following transaction as of April 17, 2026
Direct common stock holding 2 33,470 shares Total shares following transaction as of April 17, 2026
restricted stock unit financial
"Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock."
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
contingent right financial
"Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock."
beneficial ownership financial
"The Form 3 filing records his initial beneficial ownership and related equity-based compensation details as a company insider."
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Understanding Insider Trading Forms →
SEC Form 3
FORM 3UNITED 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
OMB APPROVAL
OMB Number:3235-0104
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hours per response:0.5
1. Name and Address of Reporting Person*
Rajasekar Sunil
(Last)(First)(Middle)
C/O HEALTHEQUITY, INC.
15 W. SCENIC POINTE DR., STE. 100
(Street)
DRAPER UTAH 84020
(City)(State)(Zip)
UNITED STATES
(Country)		2. Date of Event Requiring Statement (Month/Day/Year)
04/17/2026		3. Issuer Name and Ticker or Trading Symbol
HEALTHEQUITY, INC. [ HQY ]
3a. Foreign Trading Symbol
5. If Amendment, Date of Original Filed (Month/Day/Year)
4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP Chief Prod & Strat Officer
6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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 Stock33,470(1)D
Common Stock19,935(2)D
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 ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. Shares vest as to 25% of the initial award on January 26, 2027. Shares shall vest as to 6.25% thereafter on the first day of each calendar quarter.
2. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock. Shares vest as to 25% of the initial award on April 1, 2027. Shares shall vest as to 6.25% thereafter on the first day of each calendar quarter for the twelve calendar quarters following April 1, 2027.
Remarks:
The Limited Power of Attorney for Section 16 Reporting Obligations executed by Mr. Rajasekar on April 22, 2026 is attached as an exhibit to this statement on Form 3 filed by Mr. Rajasekar with respect to HealthEquity, Inc. and is hereby incorporated by reference.
/s/ Michael Newton , Attorney-in-Fact05/11/2026
** Signature of Reporting PersonDate
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.
* Form 3: SEC 1473 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What does the HEALTHEQUITY (HQY) Form 3 filing by Sunil Rajasekar show?

The Form 3 shows that executive Sunil Rajasekar reports direct ownership of two blocks of HEALTHEQUITY common stock and discloses restricted stock units scheduled to vest over time, establishing his initial equity position as an insider.

How many HEALTHEQUITY (HQY) shares does Sunil Rajasekar report on Form 3?

Sunil Rajasekar reports two direct common stock positions: 19,935 shares and 33,470 shares as of April 17, 2026. These figures represent his beneficial ownership at the time the Form 3 was filed, excluding future vesting restricted stock units.

What restricted stock unit vesting schedule is disclosed for HEALTHEQUITY (HQY) in this Form 3?

The footnotes state each restricted stock unit equals one share of common stock. One award vests 25% on January 26, 2027, then 6.25% quarterly. Another vests 25% on April 1, 2027, then 6.25% quarterly for twelve quarters thereafter.

Who is the insider reporting ownership in this HEALTHEQUITY (HQY) Form 3 filing?

The reporting person is Sunil Rajasekar, an officer of HEALTHEQUITY serving as Executive Vice President and Chief Product & Strategy Officer. The Form 3 records his initial beneficial ownership and related equity-based compensation details as a company insider.

Are the HEALTHEQUITY (HQY) shares held directly or indirectly by Sunil Rajasekar?

The Form 3 identifies both reported common stock positions as held with direct ownership. The filing does not describe any indirect holdings through entities, focusing on shares and restricted stock units directly attributable to the reporting person.