[Form 4] HEALTHEQUITY, INC. Insider Trading Activity

Rhea-AI Filing Summary

Officer sale reported: An insider Form 4 shows James M. Lucania, EVP & CFO of HEALTHEQUITY, INC. (HQY), sold 2,393 shares of common stock on 10/06/2025 at a price of $88.5674 per share. After the transaction he directly beneficially owns 87,036 shares. The filing is a routine Section 16 disclosure of a single non-derivative sale by an officer and contains no additional explanatory detail.

Insights

Insider Transaction Analyst

TL;DR: Officer sold $88.5674-priced stock; holdings remain material.

The filing records a direct non-derivative sale of 2,393 shares by the EVP & CFO on 10/06/2025 at $88.5674 per share. This type of Form 4 documents personal trading activity required under Section 16 and does not itself explain motivation.

Key dependencies are the size of the sale relative to total holdings and any pre-existing trading plan; neither additional context nor a 10b5-1 plan is disclosed. Monitor subsequent Form 4s or company disclosures for patterns or explanations within the next several weeks.

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
Estimated average burden
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^*

Lucania James M

(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 & CFO

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		2,393	D	$88.5674	87,036	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:

	/s/ James Lucania	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) officer James M. Lucania report on Form 4?

He reported a sale of 2,393 shares of common stock on 10/06/2025 at $88.5674 per share and now directly owns 87,036 shares.

Does the Form 4 indicate a trading plan (10b5-1) for the sale by HQY officer?

No. The filing does not indicate the sale was made under a 10b5-1 trading plan or provide a reason for the transaction.

Is the reported transaction in HQY a derivative trade or a non-derivative trade?

The Form 4 shows a non-derivative sale of common stock (direct sale of shares), not a derivative transaction.

How many shares does the reporting officer own after the HQY transaction?

After the reported sale, the officer directly beneficially owns 87,036 shares.