# EDGAR Filing Document

**Accession Number:** 0001428336
**File Stem:** 0001934884-26-000005
**Filing Date:** 2026-5
**Character Count:** 9405
**Document Hash:** b245ab7b7d644732f6322cb4e69bb2c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001934884-26-000005.hdr.sgml**: 20260512

**ACCESSION NUMBER**: 0001934884-26-000005

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260417

**FILED AS OF DATE**: 20260512

**DATE AS OF CHANGE**: 20260512

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Rajasekar Sunil
- **CENTRAL INDEX KEY:** 0001934884

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36568
- **FILM NUMBER:** 26966448

**MAIL ADDRESS:**
- **STREET 1:** C/O DUCK CREEK TECHNOLOGIES, INC.
- **STREET 2:** 22 BOSTON WHARF ROAD
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HEALTHEQUITY, INC.
- **CENTRAL INDEX KEY:** 0001428336
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**BUSINESS ADDRESS:**
- **STREET 1:** 15 WEST SCENIC POINTE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** DRAPER
- **STATE:** UT
- **ZIP:** 84020
- **BUSINESS PHONE:** 801-727-1000

**MAIL ADDRESS:**
- **STREET 1:** 15 WEST SCENIC POINTE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** DRAPER
- **STATE:** UT
- **ZIP:** 84020

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEALTHEQUITY INC
- **DATE OF NAME CHANGE:** 20080227

## Ex-24

**LIMITED POWER OF ATTORNEY FOR SECTION 16 REPORTING OBLIGATIONS**

**Know all by these present that the undersigned hereby constitutes and appoints each of Delano W. Ladd, Michael R. Newton, and Willkie Farr & Gallagher LLP, and each of the HealthEquity, Inc. (the "Company") employees holding the titles of General Counsel, Corporate Secretary, and Chief Financial Officer, or any of them acting singly and with full power of substitution, the undersigned's true and lawful attorney-in-fact to:**

&nbsp;&nbsp;&nbsp;&nbsp;1. execute for and on behalf of the undersigned, in the undersigned's
capacity as an officer or director or both of HealthEquity, Forms 3, 4 and 5 (and any amendments thereto) in accordance with Section 16(a)
of the Securities Exchange Act of 1934, as amended (the "**Exchange Act** "), and the rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;2. do and perform any and all acts for and on behalf of the undersigned
which may be necessary or desirable to complete and execute any such Form 3, 4 or 5, complete and execute any amendments thereto, and
timely file such form with the U.S. Securities and Exchange Commission (the "**SEC**") and any securities exchange or similar
authority, including without limitation the filing of a Form ID or any other documents necessary or appropriate to enable the undersigned
to file the Forms 3, 4 and 5 electronically with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;3. seek or obtain, as the undersigned's representative and on the undersigned's
behalf, information on transactions in the Company's securities from any third party, including brokers, employee benefit plan administrators
and trustees, and the undersigned hereby authorizes any such person to release any such information to each of the undersigned's attorneys-in-fact
appointed by this Limited Power of Attorney and approves and ratifies any such release of information; and

&nbsp;&nbsp;&nbsp;&nbsp;4. take any other action in connection with the foregoing which, in the
opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by or for, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Limited Power of Attorney
shall be in such form and shall contain such information and disclosure as such attorney-in-fact may approve in such attorney-in-fact's
discretion.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever required, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this Limited Power of Attorney and the rights and powers herein granted.

The undersigned acknowledges that the foregoing attorneys-in-fact, in serving in such capacity at the request and on the behalf of the undersigned, are not assuming, nor is the Company assuming, any of the undersigned's responsibilities to comply with, or any liability for the failure to comply with, any provision of Section 16 of the Exchange Act.

This Limited Power of Attorney revokes any earlier Limited Power of Attorney delivered to the Company by the undersigned relating to the matters contemplated herein and shall remain in full force and effect until the undersigned is no longer required to file Forms 3, 4 or 5 with respect to the undersigned's holdings of and transactions in securities issued by the Company, unless earlier revoked by the undersigned in a signed writing delivered to each of the foregoing attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has executed this Limited Power of Attorney as of this 22<sup>nd</sup> day of April, 2026.

---

| |
|:---|
| Signed and acknowledged: |
| /s/ Sunil Rajasekar |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Rajasekar Sunil<br><sub>(Last) (First) (Middle)</sub><br>C/O HEALTHEQUITY, INC.<br>15 W. SCENIC POINTE DR., STE. 100<br><sub>(Street)</sub><br>DRAPER, UT 84020<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>HEALTHEQUITY, INC. [ HQY ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2026-04-17 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_EVP Chief Prod & Strat Officer_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |
| Common Stock | 33470<sup>(1)</sup> | D |  |
| Common Stock | 19935<sup>(2)</sup> | D |  |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

### Footnotes:

(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.

**Signature:** /s/ Michael Newton , Attorney-in-Fact  
**Date:** 2026-05-11

### Remarks:

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.**