[Form 4] HEALTHEQUITY, INC. Insider Trading Activity

Rhea-AI Filing Summary

Michael Henry Fiore, EVP and Chief Commercial Officer at HealthEquity, Inc. (HQY), reported sales of a total of 3,430 shares of common stock across two transactions on 10/06/2025 and 10/07/2025. The first sale of 1,649 shares on 10/06/2025 reported a price of $88.5674 and the second sale of 1,781 shares on 10/07/2025 reported a price of $88.21. Following these disposals, Mr. Fiore beneficially owns 49,795 shares directly. The filing states the trades were made under a Rule 10b5-1 trading plan adopted on 12/18/2024, and the Form 4 was signed by an attorney-in-fact on 10/08/2025.

Positive

• Trades executed under a Rule 10b5-1 plan, showing preplanned disposition (adopted 12/18/2024)
• Complete disclosure via Form 4 with transaction details and post-sale ownership of 49,795 shares

Negative

• Insider reduction of holdings by 3,430 shares on 10/06/2025–10/07/2025
• Sales executed at ~$88.3 per share, lowering direct beneficial stake

Insights

Corporate Governance Analyst

Insider sales were pre-planned under a 10b5-1 plan and reduced direct holdings to 49,795 shares.

The reported sales of 3,430 shares occurred in two transactions on 10/06/2025 and 10/07/2025

The presence of a Rule 10b5-1 plan (adopted 12/18/2024) indicates the trades were executed under an affirmative-defense schedule; investors should note the plan timing and continued ownership level of 49,795 shares as the immediate post-trade position. Monitor periodic Form 4 filings for any further planned or unplanned changes in holdings within the next few reporting cycles.

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^*

Fiore Michael Henry

(Last) (First) (Middle)

C/O HEALTHEQUITY, INC.

15 W. SCENIC POINTE DR., STE. 100

(Street)

DRAPER UT 84020

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
HEALTHEQUITY, INC. [ HQY ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, CHIEF COMMERCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

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	10/06/2025		F		1,649	D	$88.5674	51,576	D
Common Stock	10/07/2025		S(1)		1,781	D	$88.21	49,795	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. The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted on December 18, 2024.

Remarks:

The Power of Attorney given by Mr. Fiore was previously filed with the U.S. Securities and Exchange Commission on March 29,2024, as an exhibit to a statement on Form 3 filed by Mr. Fiore with respect to HealthEquity, Inc. and is hereby incorporated by reference.

	/s/ Michael Newton, Attorney-in-Fact	10/08/2025
	** 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 HealthEquity (HQY) insider Michael Fiore report on Form 4?

He reported sales of 3,430 common shares across two transactions, reducing his direct ownership to 49,795 shares.

Were the sales by Michael Fiore part of a trading plan?

Yes, the filing states the transactions were effected pursuant to a Rule 10b5-1 trading plan adopted on 12/18/2024.

What prices were the HQY shares sold at?

The Form 4 reports prices of $88.5674 on 10/06/2025 and $88.21 on 10/07/2025.

How many shares did Mr. Fiore own after the reported transactions?

Following the reported transactions he beneficially owned 49,795 shares of common stock.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 10/08/2025 and indicates filing compliance for these transactions.