HealthEquity (HQY) director exercises options and sells 4,339 shares of stock

Rhea-AI Filing Summary

HealthEquity, Inc. director Ms. Wellborn reported insider transactions involving stock options and common shares. On 12/12/2025 she exercised options to buy 4,339 shares of common stock at $50.41 and on the same day sold 4,339 shares at a weighted average price of $98.0251, with individual trades ranging from $97.87 to $98.20.

After these transactions she held 19,733 shares of common stock directly. She also held stock options for 2,439 shares at an exercise price of $47.21, which are immediately exercisable and expire on 08/01/2027.

Insider Trade Summary

Net Seller: 4,339 shares ($425,331)

Net Sell 4 txns

Insider Wellborn Gayle Furgurson

Role Director

Sold 4,339 shs ($425K)

Type	Security	Shares	Price	Value
Exercise	Stock Options (right to buy)	4,339	$0.00	--
Exercise	Common Stock	4,339	$50.41	$219K
Sale	Common Stock	4,339	$98.0251	$425K
holding	Stock Option (right to buy)	--	--	--

Holdings After Transaction: Stock Options (right to buy) — 0 shares (Direct); Common Stock — 24,072 shares (Direct); Stock Option (right to buy) — 2,439 shares (Direct)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $97.87 to $98.20 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) of this Form 4. The option is immediately exercisable.

Form 4 Insider Transactions: What Each Field Means →

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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hours per response:			0.5

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^*

Wellborn Gayle Furgurson

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

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	12/12/2025		M		4,339	A	$50.41	24,072	D
Common Stock	12/12/2025		S		4,339	D	$98.0251(1)	19,733	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
Stock Option (right to buy)	$47.21							(2)	08/01/2027	Common Stock	2,439		2,439	D
Stock Options (right to buy)	$50.41	12/12/2025		M			4,339	(2)	02/01/2028	Common Stock	4,339	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $97.87 to $98.20 inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in footnote (1) of this Form 4.

2. The option is immediately exercisable.

Remarks:

The Power of Attorney given by Ms. Wellborn was previously filed with the U.S. Securities and Exchange Commission on June 26, 2023, as an exhibit to a statement on Form 4 filed by Ms. Wellborn with respect to HealthEquity, Inc. and is hereby incorporated by reference.

	/s/ Michael Newton, Attorney-in-Fact	12/16/2025
	** 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 insider transaction did HealthEquity (HQY) report in this filing?

The filing shows that director Ms. Wellborn exercised stock options to purchase 4,339 shares of HealthEquity common stock at $50.41 per share and sold 4,339 shares of common stock on 12/12/2025.

At what price did the HealthEquity director sell shares reported in this Form 4?

The director sold 4,339 shares of HealthEquity common stock at a weighted average price of $98.0251 per share, with individual sale prices ranging from $97.87 to $98.20.

How many HealthEquity shares does the director own after the reported transactions?

Following the transactions on 12/12/2025, the director beneficially owned 19,733 shares of HealthEquity common stock directly.

What stock options did the HealthEquity director exercise in this report?

The director exercised stock options with an exercise price of $50.41 covering 4,339 underlying shares of HealthEquity common stock. After this exercise, the number of these options beneficially owned was reported as 0.

What HealthEquity stock options does the director still hold after the transactions?

The director still holds stock options with an exercise price of $47.21 for 2,439 underlying shares of HealthEquity common stock. These options are described as immediately exercisable and have an expiration date of 08/01/2027.

How is the sale price of HealthEquity shares described in the filing?

The sale price for the 4,339 shares is reported as a weighted average price of $98.0251 per share. The shares were sold in multiple transactions at prices between $97.87 and $98.20, inclusive.