Natarajan Rajesh 4

What Happened

• Rajesh Natarajan, a director of HealthEquity, was granted 2,877 restricted stock units (RSUs) on June 25, 2026. The grant was reported as an award (transaction code A) with an acquisition price of $0 (no cash paid), total reported value $0.
• This was an equity compensation award (not a purchase or sale) and does not represent an immediate market transaction.

Key Details

• Transaction date: 2026-06-25; Filing date: 2026-06-29 (filed within the standard Form 4 window).
• Grant: 2,877 RSUs; reported price: $0. Total cash consideration: $0.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnote: Each RSU converts to one share upon vesting. Vesting occurs in full on the earlier of (i) June 25, 2027 or (ii) the issuer’s next annual meeting in June 2027. Vested shares will be delivered on the earlier of February 1, 2033, a change of control, the reporting person’s termination of service (as defined in the plan), or the reporting person’s death.
• Additional remark: A previously filed power of attorney (filed 6/26/2023) is incorporated by reference.

Context

• RSU grants are a common form of executive/director compensation and are different from open-market buys or sells — they indicate compensation rather than a direct buy (which some investors view as a more explicit signal of personal conviction).
• These RSUs have a delayed delivery schedule even after vesting, so the director will not immediately receive tradable shares upon vesting under the terms disclosed.