Document:

EX-4.6

 Exhibit 4.6 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND
ARE SUBJECT TO AND MAY BE OFFERED, TRANSFERRED OR SOLD ONLY IN COMPLIANCE WITH (1) APPLICABLE SECURITIES LAWS, AND (2) THE TERMS OF THAT CERTAIN STOCKHOLDERS AGREEMENT DATED AS OF OCTOBER 5, 2006 (AS AMENDED FROM TIME TO TIME) BY AND AMONG
THE COMPANY AND CERTAIN INVESTORS IDENTIFIED THEREIN (THE “STOCKHOLDERS AGREEMENT”). A COPY OF THE AFOREMENTIONED STOCKHOLDERS AGREEMENT HAS BEEN FILED WITH THE SECRETARY OF THE COMPANY AND IS AVAILABLE UPON REQUEST. 

CERTIFICATE 
 FOR

 COMMON STOCK PURCHASE WARRANTS 

Incorporated Under the Laws of the State of Delaware 
  

					
	 No – ____________
	 		 	 Warrants for [____________] shares
 of Common
Stock, par value $0.0001
 per share

 This CERTIFICATE FOR COMMON STOCK PURCHASE WARRANTS dated [_________] 2008 (this “Warrant
Certificate”) is being issued by HEALTHEQUITY, INC., a Delaware corporation (the “Company”) to [_________] (the “Holder”) pursuant to that certain Note and Warrant Purchase Agreement dated
[_________], 2008 (the “Purchase Agreement”) between the Company and the Holder (as a Purchaser) along with other Purchasers as defined in and set forth in the Purchase Agreement. 

The Company certifies that the Holder is the registered owner of the above indicated number of Warrants. One (1) Warrant entitles the
Holder to purchase one (1) share of the Company’s common stock, $0.0001 par value (the “Common Stock”). The shares of Common Stock issuable upon an exercise of the Warrants hereunder are sometimes herein referred to as the
“Warrant Stock.” 
 1.     Purchase Price. The purchase price (the “Exercise
Price”) per share for the Warrant Stock shall be Two Dollars ($2.00) per share tendered to the Company in good United States funds. 

2.     Rights to Exercise. The Holder shall have the right (but not the obligation) to exercise the Warrant to
receive the Warrant Stock (subject to adjustment as hereinafter provided) at any time on or before ten years from date of this grant. 

3.     Manner of Exercise. 

3.1.     In order to exercise this Warrant Certificate, the Holder shall surrender this Warrant Certificate at the office
of the Company, as set forth below, or at such other address as the Company shall designate in writing, together with a duly executed exercise form in the 

 
form attached hereto and simultaneous payment in full of the Exercise Price for the number of Warrant Stock which the Holder electing to purchase (in cash or by certified or official bank or bank
cashier’s check payable to the order of the Company) or by making a net issuance election as set forth in Section 3.2. 

3.2.     The Holder may elect to receive, without the payment by the Holder of any additional consideration, Warrant Stock
equal to the value of this Warrant Certificate or any portion hereof by the surrender of this Warrant Certificate or such portion to the Company, by indicating that it is making a net issue election in his, her or its exercise form. Thereupon, the
Company shall issue to the Holder such number of fully paid and nonassessable Warrant Stock for which this Warrant Certificate is then exercisable as is computed using the following formula: 

 

	
	 X = Y (A-B)

	A

  
 Where: 

X =     the number of Warrant Stock to be issued to the Holder pursuant to this Section; 

Y =     the number of Warrant Stock covered by this Warrant Certificate in respect of which the net issue election is made
pursuant to this Section; 
 A =     the Fair Market Value of one Warrant Stock for which this Warrant Certificate is
exercisable as at the time the net issue election is made pursuant to this Section; and 
 B =     the Exercise Price in
effect under this Warrant Certificate at the time the net issue election is made pursuant to this Section. 
 The Company shall promptly
respond in writing to an inquiry by the Holder as to the Fair Market Value of one Warrant Stock. “Fair Market Value” of the Warrant Stock on any date means (a) if Common Stock of the Company is traded on a national securities
exchange, the average (on that date) of the high and low prices of the Common Stock on the principal national securities exchange on which the Common Stock is traded, if the Common Stock is then traded on a national securities exchange; or
(b) the last reported sale price (on that date) of the Common Stock on the NASDAQ Global Market, if the Common Stock is not then traded on a national securities exchange; or (c) the average of the closing bid and asked prices last quoted
(on that date) by an established quotation service for over-the-counter securities, if the Common Stock is not reported on the NASDAQ Global Market; or (d) if the Common Stock are not publicly traded, the fair market value of the Warrant Stock
as determined in good faith by the Board of Directors of the Company (the “Board”) without minority discount but after taking into consideration all factors which it deems appropriate, including, without limitation, recent sale and
offer prices of the Common Stock, in private transactions negotiated at arm’s length, recent exercise prices for any options issued by the Company, revenues and operating earnings of the Company for the most recent twelve (12)-month period,
projected revenues and operating earnings of the Company for the next twelve (12)-month period, discounted positive cash flow of the Company, the nature and timing of any product releases and product shipments, generation of significant orders, cash
flow from operations, consummation of relationships with strategic partners, the book value of the Company’s assets as recorded on the most recently prepared balance sheet of the Company, the price/earnings multiples of comparable publicly
traded companies (and adjusted for any illiquidity associated with the Company’s Common Stock), and appropriate consideration of the senior rights, preferences and privileges of classes of preferred stock outstanding, and other

  
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pertinent factors determined in good faith by the Board. If the Majority in Interest (as defined in the Purchase Agreement) disagrees, in writing, as to the Fair Market Value of the Warrant
Stock, Fair Market Value shall be determined by appraisal by an independent third party mutually agreed to by the Company and the Holder and the Holder and the Company shall equally share the costs and expenses of such appraisal. 

3.3     Upon surrender of this Warrant Certificate in conformity with the foregoing provisions, the Company shall promptly
deliver to or upon the written order of the Holder a stock certificate or certificates representing the Warrant Stock purchased by the Holder. 

4.     Adjustments upon Certain Events. 

4.1     Stock Splits, Stock Combinations and Certain Stock Dividends. If the Company shall at any time subdivide or
combine its outstanding Common Stock, or declare a dividend in Common Stock or other securities of the Company convertible into or exchangeable for Common Stock, a Warrant shall, after such subdivision or combination or after the record date for
such dividend, be exercisable for that number of shares of Common Stock and other securities of the Company that the Holder would have owned immediately after such event with respect to the Common Stock and other securities for which a Warrant may
have been exercised immediately before such event had the Warrant been exercised immediately before such event. Any adjustment under this Section 4.1 shall become effective at the close of business on the date the subdivision, combination or
dividend becomes effective. 
 4.2.     Anti-Dilution. The number of Warrant Stock subject to this Warrant
Certificate shall also be subject to adjustment based on the anti-dilution protection mechanism provided to the holders of Series C Preferred Stock, par value $0.0001 per share of the Company (“Series C Shares”) pursuant to
Section 4.4.E.2 of its Amended and Restated Certificate of Incorporation dated October 5, 2006 as if the Warrant Stock were Series C Shares and the Exercise Price were the Series C Conversion Price. 

4.3     Adjustment for Reorganization, Consolidation, Merger. In case of any reorganization of the Company (or any
other corporation the stock or other securities of which are at the time receivable upon exercise of a Warrant) or in case the Company (or any such other corporation) shall merge into or with or consolidate with another corporation or convey all or
substantially all of its assets to another corporation or enter into a business combination of any form as a result of which the Common Stock or other securities receivable upon exercise of a Warrant are converted into other stock or securities of
the same or another corporation, then and in each such case, the Holder of a Warrant, upon exercise of the purchase right at any time after the consummation of such reorganization, consolidation, merger, conveyance or combination, shall be entitled
to receive, in lieu of the shares of Common Stock or other securities to which such Holder would have been entitled had he, she or it exercised the purchase right immediately prior thereto, such stock and securities which such Holder would have
owned immediately after such event with respect to the shares of Common Stock and other securities for which a Warrant may have been exercised immediately before such event had the Warrant been exercised immediately prior to such event. 

4.4     Notice. In each case of an adjustment in the Common Stock or other securities receivable upon the exercise
of a Warrant, the Company shall promptly notify the Holder of such adjustment. Such notice shall set forth the facts upon which such adjustment is based. 

  
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 5.     Loss, Theft, Destruction, or Mutilation. Upon receipt by the
Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this Warrant Certificate and (in the case of loss, theft, or destruction) of indemnity satisfactory to it (in the exercise of its
reasonable discretion), and (in the case of mutilation) upon surrender and cancellation thereof, the Company will execute and deliver, in lieu thereof, a new Warrant in the same form and tenor. 

6.     Capitalization. 

6.1     On the date hereof, the authorized capital stock of the Company consists of thirty million
(30,000,000) Common Stock, and twenty million (20,000,000) shares of preferred stock, par value $0.0001 per share, of which (i) two million (2,000,000) shares have been designated as “Series A Preferred Stock” (the
“Series A Shares”), (ii) four million seven hundred thirty seven thousand five hundred forty seven (4,737,547) shares have been designated as “Series B Preferred Stock” (the “Series B Shares”)
and (iii) six million seven hundred seventy three thousand thirty three (6,773,033) shares are Series C Shares. The issued and outstanding shares of capital stock of the Company consists of three million three hundred five thousand eight
hundred ninety (3,305,890) Common Stock, two million (2,000,000) Series A Shares, four million seven hundred thirty seven thousand five hundred forty seven (4,737,547) Series B Shares and six million seven hundred seventy three
thousand thirty three (6,773,033) Series C Shares. 
 6.2     All the outstanding shares of capital stock of the
Company have been duly and validly issued and are fully paid and non-assessable, and were issued in accordance with the registration or qualification requirements of the Securities Act and any relevant state
securities laws or pursuant to valid exemptions therefrom. The shares of Common Stock issuable upon exercise of this Warrant Certificate will be duly authorized, validly issued, fully paid and non-assessable
shares of Common Stock of the Company, free of all preemptive or similar rights. 
 6.3     Except for the conversion
rights which attach to the warrants, options and convertible securities which are listed in Section 3.3(c) of the Purchase Agreement and to the Series A Shares, Series B Shares and Series C Shares, as of the date hereof, there are no shares of
Common Stock or any other equity security of the Company issuable upon conversion or exchange of any security of the Company. 

7.     Stockholders Agreement. As a condition to the issuance of any shares of Common Stock hereunder, the Holder
shall be required to become a party to the Stockholders Agreement dated October 5, 2006, as may be amended from time to time, as an “Investor” thereunder. 

8.     Miscellaneous. 

8.1     Governing Law. This Warrant Certificate shall be construed in accordance with, and governed by the
substantive laws of, the State of Delaware. 
 8.2     Assignment. This Warrant Certificate, and the obligations
and rights of the Company hereunder, shall be binding upon and inure to the benefit of the Company and the Holder, and their respective heirs, successors and permitted assigns, as applicable. 

 

  
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 8.3     Notices. All notices, requests, demands, claims, and other
communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, facsimiled, sent by nationally recognized overnight courier or mailed by registered or certified mail (return
receipt requested), postage prepaid, to the parties hereto at the following respective addresses (or at such other address for any such party as shall be specified by like notice): 

If to the Company: 

HealthEquity, Inc. 
 Suite 400

 15 West Scenic Pointe Drive 

Draper, Utah 84020 
 Facsimile:
[__________] 
 If to the Holder, to Holder’s address as stated on the books and records of the Company. 

All such notices and other communications shall be deemed to have been given and received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of delivery by facsimile, on the date of such delivery, (c) in the case of delivery by nationally recognized overnight courier, on the third business day following dispatch, and (d) in the case
of mailing, on the seventh business day following such mailing 
 8.4     Restrictive Legend. Each certificate
representing Common Stock issued upon exercise of any Warrants hereunder, unless such Common Stock is then registered under the Securities Act shall bear a legend in substantially the following form set forth on top of this Warrant Certificate with
respect to such Common Stock. 
 8.5     Payment of Taxes. The Holder shall pay all documentary, stamp or similar
taxes and other government charges that may be imposed with respect to the issuance, transfer or delivery of any Warrant Stock on exercise of the Warrants. In the event the Warrant Stock are to be delivered in a name other than the name of the
Holder of the Warrant Certificate, no such delivery shall be made unless the person requesting the same has paid the amount of any such taxes or charges incident thereto. 

8.6     Reduction in Exercise Price at Company’s Option. The Company’s Board of Directors may, at its
sole discretion, reduce the Exercise Price of the Warrants in effect at any time either for the life of the Warrants or any shorter period of time determined by the Company’s Board of Directors. The Company shall promptly notify the Holder of
any such reduction in the Exercise Price. 
 8.7     Preemptive and Anti-Dilution Rights. The Company represents
and warrants that all waivers of preemptive and anti-dilution rights necessary to accomplish the issuance of this Warrant Certificate without obligation, on the part of the Company, to issue any additional equity securities of the Company as a
result of this Warrant Certificate, have been obtained. 
 8.8.     Amendments; Waivers. Amendments to or waivers
of any term, covenant, agreement, condition or provision set forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively), only upon written consent of the Company and the Holder.

  

  
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 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed as
of the ____ day of ________________, 2008. 
  

			
	HEALTHEQUITY, INC.
		
	By:	 	 
		
	Its:	 	 

  

  
 6 

 HEALTHEQUITY, INC. 

FORM OF ELECTION TO PURCHASE 
 (To be Executed by
the Holder if Holder Desires to Exercise 
 Warrants Evidenced by the Warrant Certificate) 

TO HEALTHEQUITY, INC. 
 The undersigned hereby
irrevocably elects to exercise ___________________________ (_______) Warrants, evidenced by the within Warrant Certificate for, and to purchase thereunder, ____________________________ (_______) shares of Common Stock issuable upon exercise of said
Warrants and payment of the applicable Exercise Price by (a) delivery of $_________ and any applicable taxes, or (b) hereby making a net issuance election pursuant to Section 3.2 of the Warrant Certificate. 

The undersigned requests that certificates for such shares be issued in the name of: 

PLEASE INSERT SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER 
  

	
	   

	(Please print name and address)
	   

 If said number of Warrants shall not be all the Warrants evidenced by the within Warrant Certificate, the
undersigned requests that a new Warrant Certificate evidencing the Warrants not so exercised be issued in the name of and delivered to: 
  

	
	   

	(Please print name and address)

 The Holder agrees to become a party to the Stockholders Agreement dated October 5, 2006, as may be amended from time to
time, as an “Investor” thereunder with respect to the Common Stock hereby issued. 
  

 
  

									
					
	Dated:	 	 	 		 	Signature:	 	 

  

	 	NOTICE:	The above signature must correspond with the name as written upon the face of the within Warrant Certificate in every particular, without alteration or enlargement or any change whatsoever. 

  
 7EX-4.7

 Exhibit 4.7 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND
ARE SUBJECT TO AND MAY BE OFFERED, TRANSFERRED OR SOLD ONLY IN COMPLIANCE WITH (1) APPLICABLE SECURITIES LAWS, AND (2) THE TERMS OF THAT CERTAIN AMENDED AND RESTATED STOCKHOLDERS AGREEMENT DATED AS OF SEPTEMBER 30, 2008 (AS AMENDED FROM
TIME TO TIME) BY AND AMONG THE COMPANY AND CERTAIN INVESTORS IDENTIFIED THEREIN (THE “STOCKHOLDERS AGREEMENT”). A COPY OF THE AFOREMENTIONED STOCKHOLDERS AGREEMENT HAS BEEN FILED WITH THE SECRETARY OF THE COMPANY AND IS AVAILABLE UPON
REQUEST. 
 CERTIFICATE 

FOR 
 COMMON STOCK
PURCHASE WARRANTS 
 Incorporated Under the Laws of the State of Delaware 

No. 2011- C________ 
 Warrants for __________ shares of
Common Stock, par value $0.0001 per share 
 This CERTIFICATE FOR COMMON STOCK PURCHASE WARRANTS dated August __, 2011 (this
“Warrant Certificate”) is being issued by HEALTHEQUITY, INC., a Delaware corporation (the “Company”) to ____________ (the “Holder”) pursuant to that certain Securities Purchase
Agreement dated August 11, 2011 (the “Purchase Agreement”) among the Company, Holder (as a Purchaser) and each of the other Purchasers signatory thereto. Defined terms used herein but not otherwise defined herein shall have the
meanings given to such terms in the Purchase Agreement. 
 The Company certifies that the Holder is the registered owner of the above
indicated number of Warrants. One (1) Warrant entitles the Holder to purchase one (1) share of the Company’s common stock, $0.0001 par value (the “Common Stock”). The shares of Common Stock issuable upon an exercise
of the Warrants hereunder are sometimes herein referred to as the “Warrant Stock.” 
 1.    
Purchase Price. The purchase price per share for the Warrant Stock shall be One Cent ($0.01) per share tendered to the Company in good United States funds, subject to adjustment as set forth in Section 4, below (the “Exercise
Price”). 
 2.     Rights to Exercise, Termination. The Holder shall have the right (but not the
obligation) to exercise the Warrant to receive the Warrant Stock (subject to adjustment as hereinafter provided) at any time on or before five years from date of this grant (the “Exercise Period”), provided that, in the event of, at
any time during the Exercise Period, a Public Offering or a Change of Control (as the terms are defined in the Company’s Amended and Restated Certificate of Incorporation, as the same may be amended from time to time, the
“Charter”), the Company shall provide to the Holder twenty (20) days advance written notice of such Public Offering or Change of Control, and this Warrant shall terminate unless exercised prior to the date of the consummation
of such Public Offering or Change of Control. 
 3.     Manner of Exercise. 

3.1.     In order to exercise this Warrant Certificate, the Holder shall surrender this Warrant Certificate at the office
of the Company, as set forth below, or at such other address as the Company shall designate in writing, together with a duly executed exercise form in the form attached hereto and simultaneous payment in full of the Exercise Price for the number of
Warrant Stock which the Holder electing to purchase (in cash or by certified or official bank or bank cashier’s check payable to the order of the Company) or by making a net issuance election as set forth in Section 3.2. 

 3.2.     The Holder may elect to receive, without the payment by the Holder
of any additional consideration, Warrant Stock equal to the value of this Warrant Certificate or any portion hereof by the surrender of this Warrant Certificate or such portion to the Company, by indicating that it is making a net issue election in
his, her or its exercise form. Thereupon, the Company shall issue to the Holder such number of fully paid and nonassessable Warrant Stock for which this Warrant Certificate is then exercisable as is computed using the following formula: 

 

	
	 X = Y (A-B)

	A

 Where: 

X =     the number of Warrant Stock to be issued to the Holder pursuant to this Section; 

Y =     the number of Warrant Stock covered by this Warrant Certificate in respect of which the net issue election is made
pursuant to this Section; 
 A =     the Fair Market Value of one Warrant Stock for which this Warrant Certificate is
exercisable as at the time the net issue election is made pursuant to this Section; and 
 B =     the Exercise Price in
effect under this Warrant Certificate at the time the net issue election is made pursuant to this Section. 
 For purposes hereof, “Fair Market
Value” means: 
 (a) if the security is traded on a securities exchange or quoted on a quotation system, the Fair Market Value shall be deemed to
be the average of the closing prices of the securities on such exchange or quotation system, or, if there has been no sales on any such exchange or quotation system on any day, the average of the highest bid and lowest asked prices on such exchange
or quotation system as of 4:00 p.m., New York time, or, if on any day such security is not traded on an exchange or quoted on a quotation system, the average of the highest bid and lowest asked prices on such day in the domestic over-the-counter
market as reported by the National Quotation Bureau, Incorporated or any similar successor organization, in each such case averaged over a period often (10) business days consisting of the business day as of which Fair Market Value is being
determined and the nine (9) consecutive business days prior to such day; 
 (b) if at any time such security is not listed on any securities exchange
or quoted on a quotation system or the over-the-counter market, the Fair Market Value shall be the fair value thereof, as determined in good faith by the Company’s Board of Directors. If Holder is not in agreement with such determination and
Holder and the Company are unable to reach agreement within a reasonable period of time, such fair value shall be determined by an independent appraiser experienced in valuing securities jointly selected by the Company’s Board of Directors and
the Holder. The determination of the appraiser shall be final and binding upon the parties and the Company and Holder shall, in equal parts, pay the fees and expenses of such appraiser, unless such determination results in a Fair Market Value that
differs by more than 10% of the Fair Market Value initially determined by the Board of Directors, in which case (i) such fees and expenses shall be borne by the Company if the change increases the fair market value initially determined by the
Board of Directors or (ii) such fees and expenses shall be paid by the Holders if the change decreases the Fair Market Value initially determined by the Board of Directors; or 

  
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 (c) in the event that this Warrant is exercised pursuant to this Section 2 in connection with the
Company’s Public Offering of its Common Stock, then the product of (i) the per share offering price to the public of the Company’s Public Offering and (ii) the number of shares of Common Stock into which each Warrant Stock is
convertible at time of such exercise. 
 3.3     Upon surrender of this Warrant Certificate in conformity with the
foregoing provisions, the Company shall promptly deliver to or upon the written order of the Holder a stock certificate or certificates representing the Warrant Stock purchased by the Holder. Upon the surrender of this Warrant Certificate following
one or more partial exercises, the Company shall issue or cause to be issued, at its expense, a new Warrant Certificate shall be issued to the Holder, evidencing the right to purchase the remaining number of Warrant Stock. 

3.4     No fractional Warrant Stock will be issued in connection with any exercise of this Warrant. In lieu of any
fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied by the Fair Market Value of one Warrant Share on date on which the Warrant is exercised. 

4.     Adjustments upon Certain Events. 

4.1     Stock Splits, Stock Combinations and Certain Stock Dividends. If the Company shall at any time subdivide or
combine its outstanding Common Stock, or declare a dividend in Common Stock or other securities of the Company convertible into or exchangeable for Common Stock, a Warrant shall, after such subdivision or combination or after the record date for
such dividend, be exercisable for that number and class of shares in the aggregate to give the Holder of the Warrant, the total number and class of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the
Holder continued to hold such shares until after the event requiring adjustment. Whenever the number of shares of Common Stock purchasable upon the exercise of this Warrant is adjusted pursuant to this Section 4.1, the Exercise Price shall be
adjusted to equal (a) the Exercise Price immediately prior to such adjustment multiplied by the number of shares Common Stock for which a Warrant is exercisable immediately prior to such adjustment divided by (b) the number of shares of
Common Stock for which a Warrant is exercisable immediately after such adjustment. Any adjustment under this Section 4.1 shall become effective at the close of business on the date the subdivision, combination or dividend becomes effective.

 4.2     Adjustment for Reclassification, Exchange and Substitution. If at any time while this Warrant is
outstanding, the Common Stock issuable upon exercise of this Warrant is changed into the same or a different number of shares of any class or classes of stock, this Warrant will thereafter represent the right to acquire such number and kind of
securities as would have been issuable as a result of exercise of this Warrant and the Exercise Price therefore shall be appropriately adjusted, all subject to further adjustment in this Section 4. 

4.3     Adjustment for Reorganization, Consolidation, Merger. Subject to Section 2 above, in case of any
reorganization of the Company (or any other corporation the stock or other securities of which are at the time receivable upon exercise of a Warrant) or in case the Company (or any such other corporation) shall merge into or with or consolidate with
another corporation or convey all or substantially all of its assets to another corporation or enter into a business combination of any form as a result of which the Common Stock or other securities receivable upon exercise of a Warrant are
converted into other stock or securities of the same or another corporation, then and in each such case, the Holder of 

  
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a Warrant, upon exercise of the Warrant at any time after the consummation of such reorganization, consolidation, merger, conveyance or combination, shall be entitled to receive, in lieu of the
shares of Common Stock or other securities to which such Holder would have been entitled had he, she or it exercised the Warrant immediately prior to such event, such stock and securities which such Holder would have owned immediately after such
event with respect to the shares of Common Stock and other securities for which a Warrant may have been exercised immediately before such event had the Warrant been exercised immediately prior to such event. 

4.4     Notice of Adjustments. In each case of an adjustment in the Common Stock or other securities receivable
upon the exercise of a Warrant or the exercise price thereof, the Company shall promptly notify the Holder in writing of such adjustment setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type
of Warrant Stock or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. 

4.5     Notice of Events. The Company will give written notice to the Holder at least two (2) business days
prior to the date on which the Company (i) closes its books or takes a record (A) with respect to any dividend or distribution upon the shares of Common Stock, or (B) for determining rights to vote with respect to any Fundamental
Transaction, dissolution or liquidation. Notwithstanding the foregoing, the failure deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. For the purposes hereof,
“Fundamental Transaction” means that: 
 (i) the Company or any of its subsidiaries shall, directly or indirectly, in one
or more related transactions, (1) consolidate or merge with or into any other person, or (2) sell, lease, license, assign, transfer, convey or otherwise dispose of all or substantially all of its respective properties or assets to any
other person, (3) consummate a stock or share purchase agreement or other business combination with any other person whereby such other person acquires more than 50% of the outstanding shares of Voting Stock of the Company or (4) any
similar transaction. 
 5.     Loss, Theft, Destruction, or Mutilation. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of this Warrant Certificate and (in the case of loss, theft, or destruction) of indemnity satisfactory to it (in the exercise of its reasonable
discretion), and (in the case of mutilation) upon surrender and cancellation thereof, the Company will execute and deliver, in lieu thereof, a new Warrant in the same form and tenor. 

6.     Stockholders Agreement. As a condition to the issuance of any shares of Common Stock hereunder, the Holder
shall be required to become a party to the Amended and Restated Stockholders Agreement dated as of September 30, 2008, as may be amended from time to time, as an “Investor” thereunder. 

7.     Miscellaneous. 

7.1     Governing Law. This Warrant Certificate shall be construed in accordance with, and governed by the
substantive laws of, the State of Delaware. 
 7.2     Assignment. This Warrant Certificate, and the obligations
and rights of the Company hereunder, shall be binding upon and inure to the benefit of the Company and the Holder, and their respective heirs, successors and permitted assigns, as applicable. 

  
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 7.3     Notices. All notices, requests, demands, claims, and other
communications required or permitted hereunder shall be in writing and shall be deemed to have been duly given if delivered personally, facsimiled, sent by nationally recognized overnight courier or mailed by registered or certified mail (return
receipt requested), postage prepaid, to the parties hereto at the following respective addresses (or at such other address for any such party as shall be specified by like notice): 

If to the Company: 

HealthEquity, Inc. 
 Suite 400

 15 West Scenic Pointe Drive 

Draper, Utah 84020 
 Facsimile:
(801) 642-0505 
 If to the Holder, to Holder’s address as stated on the books and records of the Company. 

All such notices and other communications shall be deemed to have been given and received (a) in the case of personal delivery, on the
date of such delivery, (b) in the case of delivery by facsimile, on the date of such delivery, (c) in the case of delivery by nationally recognized overnight courier, on the third business day following dispatch, and (d) in the case
of mailing, on the seventh business day following such mailing 
 7.4     Restrictive Legend. Each certificate
representing Common Stock issued upon exercise of any Warrants hereunder, unless such Common Stock is then registered under the Securities Act shall bear a legend in substantially the following form set forth on top of this Warrant Certificate with
respect to such Common Stock. 
 7.5     Payment of Taxes. The Holder shall pay all documentary, stamp or similar
taxes and other government charges that may be imposed with respect to the issuance, transfer or delivery of any Warrant Stock on exercise of the Warrants. 

7.6     Reduction in Exercise Price at Company’s Option. The Company’s Board of Directors may, at its
sole discretion, reduce the Exercise Price of the Warrants in effect at any time either for the life of the Warrants or any shorter period of time determined by the Company’s Board of Directors. The Company shall promptly notify the Holder of
any such reduction in the Exercise Price. 
 7.7     Preemptive and Anti-Dilution Rights. The Company represents
and warrants that all waivers of preemptive and anti-dilution rights necessary to accomplish the issuance of this Warrant Certificate without obligation, on the part of the Company, to issue any additional equity securities of the Company or to
lower the exercise price of any existing security of the Company as a result of this Warrant Certificate, have been obtained. 

7.8.     Amendments; Waivers. Amendments to or waivers of any term, covenant, agreement, condition or provision set
forth herein may be omitted or waived (either generally or in a particular instance and either retroactively or prospectively), only upon written consent of the Company and the Holder. 

7.9     Further Assurances. The Company will not, by amendment of its governing documents or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in
good faith assist in the carrying out of all such 

  
 5 

 
terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing,
the Company (i) will not increase the par value of any Warrant Stock above the amount payable therefor on such exercise, (ii) will take all such action as may be reasonably necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Stock on the exercise of this Warrant, and (iii) will not close its shareholder books or records in any manner which interferes with the timely exercise of this Warrant. 

  
 6 

 IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be duly executed as
of the ____ day of August, 2011. 
  

					
	HEALTHEQUITY, INC.
			
	By:	 	 	 	 
			
		 	Name:	 	 
			
		 	Title:	 	 

  
 7 

 HEALTHEQUITY, INC. 

FORM OF ELECTION TO PURCHASE 
 (To be Executed by
the Holder if Holder Desires to Exercise 
 Warrants Evidenced by the Warrant Certificate) 

TO HEALTHEQUITY, INC. 
 The undersigned hereby
irrevocably elects to exercise ___________________________ (_______) Warrants, evidenced by the within Warrant Certificate for, and to purchase thereunder, ____________________________ (_______) shares of Common Stock issuable upon exercise of said
Warrants and payment of the applicable Exercise Price by (a) delivery of $_________ and any applicable taxes, or (b) hereby making a net issuance election pursuant to Section 3.2 of the Warrant Certificate. 

The undersigned requests that certificates for such shares be issued in the name of: 

PLEASE INSERT SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER 
  

	
	   

	(Please print name and address)
	   

 If said number of Warrants shall not be all the Warrants evidenced by the within Warrant Certificate, the
undersigned requests that a new Warrant Certificate evidencing the Warrants not so exercised be issued in the name of and delivered to: 
  

	
	   

	(Please print name and address)

 The Holder agrees to become a party to the Amended and Restated Stockholders Agreement dated as of September 30, 2008, as
may be amended from time to time, as an “Investor” thereunder with respect to the Common Stock hereby issued. 
  

 
  

									
					
	Dated:	 	 	 		 	Signature:	 	 

  

	 	NOTICE:	The above signature must correspond with the name as written upon the face of the within Warrant Certificate in every particular, without alteration or enlargement or any change whatsoever. 

  
 8

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