Document:

EX-10.9

 Exhibit 10.9 
  

 
 INDEPENDENT CONTRACTOR AGREEMENT 

This Agreement is dated as of March 10, 2009, and is by and between the following Parties: 

 

			
	 Contractor:
	  	 Healthcharge Inc.

		  	 Jon Kessler, Chairman

		  	 128 Palm Avenue

		  	 San Carlos, CA 94070

		
	 Kessler:
	  	 Jon Kessler

		  	 128 Palm Avenue

		  	 San Carlos, CA 94070

		
	 Company:
	  	 HealthEquity, Inc.

		  	 1276 South 820 East, Suite 201

		  	 American Fork, UT 84003

 Contractor is an independent contractor of Company. Contractor agrees to and accepts all of the following
terms, conditions and provisions as original terms, conditions and provisions of engagement with Company. The Parties acknowledge the receipt of consideration adequate to support this Agreement, including the assignment. 

SECTION 1 – ENGAGEMENT 

1.1. Services. Contractor has been engaged by Company to perform the services and work described in Exhibit A
attached hereto. Said services and work and any and all other services and work ancillary thereto shall be referred to herein as the “Services.” If Contractor performs other work or services for Company not described in Exhibit A, then
said other work and services shall also be governed by this Agreement as “Services” unless the Parties enter into another written agreement to govern such other work and services in lieu of this Agreement. 

1.2. Work Product. “Work Product” means any work product, work of authorship, computer program,
invention, product, improvement, or data, which is authored, invented or created by Contractor for Company in performance of the Services. 

1.3. Termination. Contractor’s Services and engagement are terminable at will by either Party provided that
at least 10 days advanced written notice of termination is given to the other Party; provided that either party may immediately terminate this Agreement in the event  

  
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the other party breaches any material term or provision of this Agreement. This Agreement will terminate automatically upon the death of Kessler. In such event, the Company shall pay to
Consultant all compensation that would be due to Consultant under this Agreement through the termination date, provided that the Company shall not be obligated to make any payment pursuant to the second subparagraph under Section 1.4(a)
entitled “Payment upon Termination.” Notwithstanding the foregoing, Contractor shall upon termination make all reasonable efforts to transition to Company any assignment or project accepted or begun by Contractor before termination, if
Company requests Contractor to do so. 
 1.4. Compensation and Expenses. Company’s obligations to
compensate Contractor and to pay for expenses shall be as follows: 
  

	 	(a)	Compensation. Company shall pay Contractor the following compensation which shall represent the total compensation to Contractor for the services provided herein: $18,764 per calendar month, payable and
due at the beginning of each calendar month in which Services are provided. 

 Payment upon Termination. Upon any
termination by Company, other than for breach, Company shall pay Contractor an amount equal to the lesser of (i) $18,564 times twenty five (25) percent times the number of calendar months for which compensation has been earned, or
(ii) $222,768. Such amounts shall be payable in equal monthly installments over the Termination Period (as defined in section 2.10 below). The Company’s obligation to make payments under this subsection shall be conditioned upon
Contractor’s and Kessler’s compliance with the provisions of Sections 2.8, 2.9 and 2.10 below. 
 Discretionary or Bonus
Compensation. Company may at its sole discretion pay Contractor additional amounts as bonus or discretionary compensation. 
  

	 	(b)	Expenses. Reasonable out-of-pocket expenses incurred in connection with the Services shall be reimbursed by Company. Written documentation (e.g., receipts) verifying such expenses must be submitted by
Contractor to Company prior to reimbursement. Any single expense in excess of $2,500 must be approved by Company in writing in advance in each case. 

  

	 	(c)	Invoices. To the extent requested by Company, Contractor will at the end of each month submit invoices, including a description of Services performed (including time under (a) above) and expenses
incurred. Such invoice must be reasonably acceptable to Company. 

  

	 	(d)	 Sole Compensation – No Benefits. Contractor expressly agrees that the sole compensation under this Agreement and for the
Services will be the amounts paid for the Services pursuant to this Paragraph 1.4. Neither Contractor nor Contractor’s employees will be entitled by virtue of this Agreement to any employee benefits or insurance or to participate in any of the
benefit plans available to Company employees. Contractor hereby waives and releases all rights to any such participation and to any such insurance or benefits. For clarity, 

  
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nothing in this paragraph shall be interpreted to prevent Kessler from receiving compensation or for services performed as a director of Company to the extent such compensation may be awarded by
the Board of Directors of Company at its sole discretion. 

 1.5. Best Interests. Contractor shall
perform the Services in a timely and professional manner, and shall exercise care, skill and diligence in the performance of Services, and shall act in the best interests of Company. 

1.6. Independent Contractor Status. Contractor shall perform the obligations hereunder as an independent
contractor and nothing contained herein shall be deemed to create a relationship of employeremployee, masterservant, agency, partnership or joint venture. Contractor shall have no authority to bind Company in agreements or other commitments with
third parties. Contractor shall not, explicitly or implicitly, give any appearance of having specific or apparent authority to bind Company in agreements or commitments with such third parties. Consistent with an independent contractor relationship,
the following shall apply: 
  

	 	(a)	Personnel. It is understood that all Services shall be provided solely by Kessler, that the provision of Services shall be Kessler’s primary occupation, performing at least 40 hours per week of
Services for Company, and that Kessler shall not engage in other paid labor or work-for-hire. For clarity, Company hereby acknowledges that Kessler is currently and will remain a director of the following: Healthcharge Inc., PickupPal LLC, and the
German American International School. 

  

	 	(b)	No Supervision, Direction or Control. Company will not provide instructions to Contractor on when, where and how to work and will not supervise, direct or control the performance of the Services. However,
the Services shall attain the objectives, meet the specifications, and produce the results requested by Company within the general time frames or deadlines requested by Company. Although Contractor may determine the order and sequence in which
individual tasks are performed, Company shall establish priorities for the Services. 

  

	 	(c)	Equipment. Unless otherwise agreed, Contractor shall use Contractor’s own equipment, computers and tools to perform Services. 

 

	 	(d)	Place of Performance. Unless otherwise agreed, the majority of the Services will be performed at Company’s facilities or those of clients or prospective clients. 

1.7. Taxes. Contractor shall be responsible for the timely reporting and payment to the proper taxing authorities
of all federal, state, and local taxes applicable to the amounts paid to Contractor by Company. Contractor further agrees to indemnify and save Company harmless against all claims and taxes (including interest, penalties, and any other costs) which
are claimed or assessed against Company and are attributable to any Services or this Agreement or the payments made hereunder, provided such claims or taxes do not arise due to any cause attributable to Company. 

  
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 1.8. Indemnification. Contractor and Kessler, jointly and severally,
shall indemnify and hold harmless Company and Company’s shareholders, officers, directors, affiliates, employees, servants and agents from and against any and all claims, actions, damages, costs, expenses, attorneys’ fees, losses,
liabilities, penalties and fines incurred by or asserted against any and all of them as a result of either Kessler’s or Contractor’s breach of Section 2.5 of this Agreement. Company shall indemnify and hold harmless Contractor and
Contractor’s shareholders, officers, directors, affiliates, employees, servants and agents from and against any and all claims, actions, damages, costs, expenses, attorneys’ fees, losses, liabilities, penalties and fines incurred by or
asserted against any and all of them as a result of Company’s breach of this Agreement. For clarity, nothing in this paragraph shall in any way limit the application to Services of any director’s indemnification agreement between Kessler
and Company, to the extent such indemnification agreement may be offered by the Board of Directors of Company at its sole discretion, and provided that in no event shall the Company be obligated under any such indemnification agreement to indemnify
Kessler (or advance expenses to him) for any matter constituting a breach of Section 2.5 of this Agreement by Contractor or Kessler. 

SECTION 2 – PROTECTION OF COMPANY 

2.1. Confidential Information. “Confidential Information” means financial information, operating
information, marketing information, sales information, business information, product information, technical information, business plans, and any other confidential and proprietary information and confidential and proprietary data learned or acquired
by Contractor or Kessler from Company or its personnel, agents or affiliates in connection with the Services. “Confidential Information” shall also include the Work Product. Any “Confidential Information” which is or becomes
publicly known shall at such time cease to be Confidential Information, provided that the Confidential Information did not become publicly known due to any cause attributable to Contractor. 

2.2. Restrictions. Except as reasonably necessary in the performance of the Services or as specifically authorized
in writing by Company, neither Contractor nor Kessler shall directly or indirectly: (a) disclose or transfer any Confidential Information to any other person, business or entity; (b) aid, encourage or allow any other person, business or
entity to gain possession of or access to any Confidential Information; or (c) use, sell or exploit any Confidential Information or aid, encourage or allow any other person, business or entity to use, sell or exploit any Confidential
Information. 
 2.3. Confidential Information of Third Parties. Contractor and Kessler understand
that, from time to time, confidential information may be submitted to Company by other persons or businesses and that said confidential information is protected under Paragraph 2.2 and shall be treated as Confidential Information of the Company.
Contractor and Kessler further understand that as a condition for receiving said Confidential Information, Company may enter into agreements with said other persons or businesses restricting or prohibiting use, transfer or disclosure of said
Confidential Information. Contractor and Kessler agree to respect any such agreements and to avoid any action or inaction which is inconsistent with the obligations lawfully imposed on Company hereunder. Contractor and Kessler further agree to treat
said Confidential Information with the same (or greater) degree of care that is afforded to Confidential Information proprietary to Company. 

  
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 2.4. Ownership of Work Product, Documents, Etc. All Work Product of
Contractor shall be a “work made for hire” to the extent possible under U.S. copyright law (i.e., Company shall be deemed the “author” thereof and the owner of the copyright thereto). Any and all documents, notebooks, drawings,
papers, plans, designs, computer storage media and other materials in which any of Company’s information, data, technology, computer programs, or works of authorship (including Work Product created by Contractor for Company) or any Confidential
Information is described, recorded or stored shall belong to Company. Contractor shall deliver any and all of the foregoing in the possession or control of Contractor to Company upon termination of engagement and at any other time upon
Company’s request. Contractor agrees to assign, and hereby assigns, to Company any and all Work Product. This assignment also includes an assignment by Contractor to Company of all intellectual property in and to the assigned Work
Product. 
 2.5. Rights of Other Persons/Preservation of Rights to Work Products. The performance
of Services by Contractor or Kessler under this Agreement will not result in the breach of any contract, agreement or understanding to which Contractor or Kessler is a party or may be bound. Contractor shall not disclose to Company, use in
connection with providing the Services, or incorporate into Work Product any intellectual property of another person or business in violation of any agreement between Contractor or Kessler and such other person or business concerning said
intellectual property. With respect to the foregoing sentence, Contractor shall be in breach of such provision only in the event Contractor acted intentionally, knowingly or recklessly. 

2.6. Injunctive Relief. With respect to the provisions of Part 2 of this Agreement entitled “Protection of
Company”, Contractor and Kessler agree that a breach by Contractor or Kessler of this Agreement will cause irreparable injury to Company not adequately compensable in monetary damages alone or through other legal remedies. Therefore, in the
event of a breach, Company shall be entitled to preliminary and permanent injunctive relief and other equitable relief in addition to damages and other legal remedies. 

2.7. No Solicitation of Employees. Neither Contractor nor Kessler shall during the term of this Agreement and for
a period of one year thereafter, solicit, assist or facilitate the hiring away of any Company employees from Company to another person, company, business or organization, unless prior written permission is received from Company. 

2.8. No Solicitation of Customers. Neither Contractor nor Kessler shall during the term of this Agreement and for
a period of 12 months immediately following termination (other than for a monetary breach by Company), knowingly solicit or influence or attempt to solicit or influence any client or customer of the Company (as of the time of said termination),
either directly or indirectly in relation to services provided by Company. 
 2.11. No
Competition. Neither Contractor nor Kessler shall during the term of this Agreement and during the “Termination Period” as defined herein, engage (either directly or as an employee, consultant, director or independent contractor)
in providing, marketing, or offering health benefit account administration services to businesses in the United States. The Termination Period shall mean the number of months immediately following a termination of this Agreement (other than for
breach of Company) which is the lesser of: (i) twenty five (25) 

  
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percent times the number of calendar months for which compensation has been earned, or (ii) one year. For clarity, the preceding shall not apply solely because an entity for which
Contractor or Kessler provide services offers benefit account administration incidental to its primary business. 

2.12. No Disparagement. Neither party shall at any time knowingly or intentionally disparage or materially
misrepresent the other party or any of its customers, services, products, personnel, officers or directors to any third party. 

SECTION 3 – OTHER PROVISIONS 

3.1. Attorneys’ Fees. In the event of any litigation between the Parties relating to this Agreement or its
subject matter, the prevailing Party shall be entitled to receive from the nonprevailing Party any and all reasonable costs (including attorneys’ fees) incurred by the prevailing Party in connection with such litigation. The collection of such
costs shall be in addition to any other damages, remedies and relief to which the prevailing Party may be entitled. 

3.2. Severability. In case any one or more of the provisions contained herein shall, for any reason, be held to be
invalid, illegal, or unenforceable in any respect, such invalid, illegal or unenforceable provision(s) shall be curtailed, limited, construed or eliminated to the extent necessary to remove such invalidity, illegality or unenforceability with
respect to the applicable law as it shall then be applied and the other provisions of this Agreement shall not be affected thereby. 

3.3. Survival. This Agreement shall not terminate upon termination of the Services or Contractor’s engagement
with Company. 
 3.4. Final Agreement. This Agreement constitutes the final, complete and
exclusive agreement between Company and Contractor concerning the subject matter of this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, written or oral, between Company and Contractor with respect
thereto. 
 3.5. Modification. Any modification, rescission or amendment of this Agreement shall
not be effective unless made in a writing executed by both Parties. 
 3.6. Construction. The
wording of this Agreement is the wording selected by the Parties to define their mutual agreement, and this Agreement shall not be construed or interpreted in any manner that favors any Party over the other Party, i.e., no rule of strict
construction shall apply against either Party. 
 3.7. Governing Law and Forum. This Agreement
shall be governed by the laws of the State of New York without giving effect to conflicts of law principles. Any litigation between the Parties concerning this Agreement or its subject matter shall be conducted exclusively in state or federal court
in the state of California, and the Parties consent to such jurisdiction and venue. 
 3.8.
Assignment. Contractor is providing unique services and expertise to Company. Neither Contractor nor Kessler has the right nor the power to assign this Agreement or any of 

  
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Contractor’s or Kessler’s rights hereunder, or delegate any of Contractor’s or Kessler’s duties hereunder, to any other party or person and any such purported
assignment or delegation shall be null and void. Company may assign this Agreement and delegate its duties hereunder, to any party without Contractor’s or Kessler’s consent. 

3.9. Guarantee. Kessler hereby unconditionally guarantees to the Company the full and prompt payment and
performance of all obligations which Contractor presently or hereafter may have to the Company under this Agreement. 

  
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 Read, understood and freely accepted by: 

 

					
	CONTRACTOR: Healthcharge Inc.	 	
			
	 Contractor’s Signature:
	 	 /s/ Jon Kessler
	 	
		
	KESSLER: Jon Kessler	 	

					
			
	 Signature:
	 	 /s/ Jon Kessler
	 	
		
	COMPANY	 	

					
			
	 Authorized Signature:
	 	 /s/ Stephen Neeleman
	 	

					
			
	Name (print):	 	 /s/ Stephen Neeleman
	 	

					
			
	 Title:
	 	 CEO
	 	
			
		 		 	

  

  
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Contractor Agreement – Page 8 

 EXHIBIT A 

SERVICES 
 Contractor will provide the Company
and its senior management team with general advice on the affairs of the Company, including the following: 
  

	 	•	 	Strategic direction of the Company and oversight of its implementation 

  

	 	•	 	Business development and execution of sales and marketing strategies 

  

	 	•	 	Develop a motivated and top performing management team and workforce aligned with the goals of the organization 

  

	 	•	 	Implementation of plans to assure that financial, operating and staffing goals are achieved 

  

	 	•	 	Board presentations and meetings 

 To the extent that Company provides Contractor with requests for, or
descriptions of, Services, such requests and descriptions shall further define the Services under this Agreement. 

  
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Contractor Agreement – Page 9 

 AMENDMENT 

TO INDEPENDENT CONTRACTOR AGREEMENT 

This Amendment (“Amendment”), by and among HealthEquity, Inc. (“Company”), Jon Kessler (“Kessler”) and
Healthcharge Inc. (“Contractor”) is dated as of November __, 2009, and amends the Independent Contractor Agreement dated as of March 10, 2009 (the “Agreement”). Hereinafter Company, Kessler and Contractor are collectively
referred to the “Parties” and individually as a “Party”. 
 WHEREAS, the Parties have entered into the Agreement; and

 WHEREAS, pursuant to the provisions of Section 3.5 of the Agreement, the Agreement may be amended by a writing signed by the
Parties; and 
 WHEREAS, the Parties mutually desire to modify and amend the Agreement as provided herein; 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises contained herein, the Parties hereby agree as follows: 

 

	 	1.	Section 1.1 of the Agreement entitled “Services” is amended by adding the following sentence to the end of the Section. 

Kessler agrees to relocate the residence of his family to Utah on or before December 31, 2009. 

 

	 	2.	Section 1.4 of the Agreement entitled “Compensation and Expenses” is deleted in its entirety and replaced with the following: 

1.4 Compensation and Expenses. Company’s obligations to compensate Contractor and to pay for expenses shall be as follows:

  

	 	(a)	Compensation. Company shall pay Contractor the following compensation which shall represent the total compensation to Contractor for the services provided herein: $22,930.67 per calendar month, payable due
at the beginning of each calendar month in which Services are provided. 

 Payment upon Termination. Upon any
termination by Company, other than for breach, Company shall pay Contractor an amount equal to $250,000. Such amount shall be payable in twelve equal monthly installments. The Company’s obligation to make payments under this subsection shall be
conditioned upon Contractor’s and Kessler’s compliance with the provisions of Sections 2.7, 2.8, 2.11 and 2.12 below. 

  
 - 1 - 

 Discretionary or Bonus Compensation; Stock Options and Warrants. Company may at
its sole discretion pay Contractor additional amounts as bonus or discretionary compensation. For fiscal year 2010, the bonus target for Contractor shall be $125,000. In addition, Company shall grant Kessler (i) options to purchase 770,000
shares of Common Stock pursuant to the Company’s Stock Option Plan upon terms given to other employees of the Company with the vesting to commence as if the options were granted on July 1, 2009, and (ii) warrants to purchase up to
338,800 shares of the Company’s Series D-2 Preferred Stock as provided in that certain Warrant Purchase Agreement dated as of November     , 2009. 

Relocation Package. Company shall (i) pay Contractor $2,000 per month (retroactive to July 1, 2009) to reimburse
Contractor and/or Kessler for lease payments incurred in relocating the residence of Kessler to Utah, (ii) pay up to $10,000 of actual documented expenses for the relocation, and (iii) advance up to $35,000 interest free to assist Kessler
with other moving expenses. Such advance shall be repayable by Contractor and Kessler from the 2010 bonus payment and in the event that the bonus is not granted for any reason, except for a breach by Company, shall be repayable upon demand by
Company. 
  

	 	(b)	Expenses. Reasonable out-of-pocket expenses incurred in connection with the Services shall be reimbursed by Company. Written documentation (e.g., receipts) verifying such expenses must be submitted by
Contractor to Company prior to reimbursement. Any single expense in excess of $2,500 must be approved by Company in writing in advance in each case. 

  

	 	(c)	Invoices. To the extent requested by Company, Contractor will at the end of each month submit invoices, including a description of Services performed (including time under (a) above) and expenses
incurred. Such invoice must be reasonably acceptable to Company. 

  

	 	(d)	Sole Compensation – No Benefits. Contractor expressly agrees that the sole compensation under this Agreement and for the Services will be the amounts paid for the Services pursuant to this
Paragraph 1.4. Neither Contractor nor Contractor’s employees will be entitled by virtue of this Agreement to any employee benefits or insurance or to participate in any of the benefit plans available to Company employees. Contractor hereby
waives and releases all rights to any such participation and to any such insurance or benefits. For clarity, nothing in this paragraph shall be interpreted to prevent Kessler from receiving compensation or for services performed as a director of
Company to the extent such compensation may be awarded by the Board of Directors of Company at its sole discretion. 

  
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	 	3.	This Amendment shall become effective as of the date first above written. 

  

	 	4.	This Amendment may be executed simultaneously in two or more counterparts, each of which shall be deemed an original. 

  

	 	5.	All other provisions of the Agreement shall remain in full force and effect. 

 IN WITNESS
WHEREOF, the Parties have accepted and agreed to this Amendment. 
  

									
	 Healthcharge Inc.
	 		 	 HealthEquity, Inc.

					
	 By: 
	 	 /s/ Jon Kessler
	 		 	 By: 
	 	 /s/ Stephen D. Neeleman

									
					
	 Name: 
	 	 /s/ Jon Kessler
	 		 	 Name: 
	 	 /s/ Stephen D. Neeleman

									
					
	 Title: 
	 	 Chairman
	 		 	 Title: 
	 	 CEO

				
	 /s/ Jon Kessler
	 		 		 	

  
 - 3 -EX-10.10

 Exhibit 10.10 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (“Agreement”) is made by and between First Horizon MSaver, Inc., a Tennessee corporation and
its parent company HealthEquity, Inc., a Utah corporation (collectively the “Company”) and E. CRAIG KEOHAN (the “Executive”), dated as of August 11, 2011. 

WHEREAS, the Company desires to assure itself of the services of Executive, and Executive is willing to serve in the employ of the Company on
a full-time basis, all in accordance with the terms and conditions contained in the Agreement; 
 NOW, THEREFORE, in consideration of the
mutual covenants herein contained, the Company and Executive hereby agree as follows: 
 1. Employment. 

The Company hereby employs the Executive, and Executive hereby accepts such employment with the Company, upon the terms and conditions
contained in this Agreement. 
 2. Term. 

The term of Executive’s employment under this Agreement shall be for a three-year period commencing on the date hereof and ending on
August 11, 2014. Notwithstanding anything else herein contained, this Agreement may be terminated prior to the expiration of the Term in accordance with Section 14 hereof. 

3. Duties. 
 (a)
Executive shall be primarily engaged in the performance of those duties reasonably required in the management of the Company and shall perform other such reasonable employment duties as the Executive Chairman of HealthEquity, Inc. (the parent of the
Company) or his designee may from time to time prescribe. 
 (b) Executive shall perform his duties at such places and times as the Company
may reasonably prescribe, but shall be primarily based in Kansas City metropolitan area, with the possibility of an increased presence in the Draper, Utah office. 

(c) Except as may otherwise be approved in advance by the Board of Directors of the Company with respect to memberships on the boards of
directors of, or other offices or positions in, companies or organizations which, in the judgment of this Board of Directors of the Company, will not present any conflict of interest with the Company or any of its Affiliates or materially affect the
performance of Executive’s duties, and except during vacation periods and reasonable periods of absence due to sickness, personal injury or other disability, Executive shall devote his full time to the services required of Executive hereunder.
Executive shall render his services exclusively to the Company and its Affiliates, and shall use his best efforts, judgment and energy, to improve and advance the business and interests of the Company and its Affiliates in a manner consistent with
the duties of Executive’s position. 

 4. Salary. 

As compensation for the services to be performed by Executive during the Employment Term, the Company shall pay or shall cause to be paid to
the Executive an annual base salary of $216,000 (the “Salary”). The payment of any Salary hereunder shall be subject to applicable withholding and payroll taxes, and such other deductions as may be required under the Company’s
employee benefit plans. Any Salary payable shall be paid in installments in accordance with the company’s salary administration practices as they may from time to time exist. 

5. Benefits. 
 In
addition to the payments required by Section 4 to be paid to Executive, Executive shall: 
 (a) be eligible to earn an additional bonus
(“Bonus”) as follows: (i) in the amount of Fifty Thousand Dollars ($50,000.00), for the partial year ending January 31, 2012, based on attainment of objectives as provided in Exhibit A attached hereto, and (ii) in the
amount of One Hundred Thousand Dollars ($100,000.00), for each subsequent fiscal year ending January 31, based on attainment of objectives as provided in Exhibit A. The Bonus shall be based on Executive’s satisfaction of these performance
objectives as determined by the Chairman of HealthEquity, Inc. Company; 
 (b) be eligible for the payment delineated in Section 13,
provided that Executive agrees to be bound by Sections 11 and 12 of this Agreement as set forth in Section 13; and 
 (c) be entitled to
participate in the Company’s 401-k plan, stock option plan, medical and health insurance plan, life insurance plan, short and long-term disability plans, and any other benefits for which a similarly situated Executive of the Company or Health
Equity, Inc., is eligible; provided, however, that nothing herein shall be construed to obligate the Company to establish any such plan or program not already existing, and provide further that the Company expressly reserves the right to alter,
modify, amend or terminate any such programs or plans, whether currently existing or hereafter adopted at any time and from time to time, and for any reason, as long as those changes apply to other similarly placed Executives and comply with the
provision of the plan. 
 6. Expenses. 

The Company shall, upon submission of expense reports acceptable to the company, reimburse Executive in accordance with existing Company
policy, as may be amended from time to time within the discretion of the Company, for all reasonable and necessary business expenses incurred by him in connection with the performance of Executive’s obligations hereunder. 

7. Employment Relationship. 

Executive acknowledges that Executive’s employment by the Company creates a relationship of confidence and trust between Executive and the
Company with respect to certain information applicable to the business of any Existing Client or Potential Client (as the terms “Existing Client” and “Potential Client” are respectively defined in Section 15) of the Company
or its Affiliates which may be made known to Executive during his employment. 

  
 - 2 - 

 8. Proprietary and Confidential Information. 

Executive acknowledges that the Company and its Affiliates possess and will continue to possess information that has been created, discovered
or developed by, or otherwise made known to them (including, without limitation, information created, discovered, developed or made known by or to Executive during or arising out of his employment hereunder) or in which property rights have been or
may be assigned or otherwise conveyed to the Company or its Affiliates, which information has commercial value and is treated by the Company and its Affiliates as confidential (collectively, the “Confidential Matters”). Executive further
acknowledges and agrees that the success of the Company’s business depends, in part, upon an in-depth knowledge of the needs of the Company’s customers and clients and upon serving these needs, through frequent contacts, and that the
Company has invested substantial time, money and manpower to develop such relationships. 
 9. Non-Disclosure.  

Executive shall not without the prior written consent of the Board of Directors of the Company: 

 

	 	(i)	disclose at any time either during or after Executive’s employment by the Company, except to the extent required by the performance by Executive of his duties as an executive of the Company, any Confidential
Matters obtained or developed by Executive while in the employ of the Company with respect to any customers, suppliers, products, employees, financial affairs, business methods or services of the Company or any of its Affiliates (including, without
limitation, customer lists, pricing, underwriting, marketing, financial or sales information, forecasts, business and strategic plans, customer needs and renewal dates, personnel, applications, to or any matters pending or under the jurisdiction of
any regulatory agency or court, any threatened litigation, and corporate policies and procedures), or any other Confidential Matter or trade secrets, except information which at the time is generally known to the public other than as a result of
disclosure by Executive not permitted hereunder; or 

  

	 	(ii)	take with Executive upon leaving the employ of the Company any document or paper relating to any of the foregoing or any physical property of the Company. 

10. Return of Property. 

Upon termination or expiration of Executive’s employment for any reason, or at any other time the Company requests in writing, Executive
shall immediately deliver to the Company all memoranda, notes, plans, records, reports and other documents (and copies thereof) and other property in Executive’s possession or control relating to the business of the Company or any of its
Affiliates. 

  
 - 3 - 

 11. Solicitation. 

During Executive’s employment by the Company and for a period of one (1) year following the termination of Executive’s
employment, Executive shall not do any of the following: 
  

	 	(i)	directly or indirectly solicit or attempt to solicit, or assist anyone else to solicit, on behalf of anyone other than the Company, any Client or Potential Client of the Company or any of its Affiliates for the purpose
of offering products or services similar to those offered by the Company or any of its Affiliates; or 

  

	 	(ii)	directly or indirectly employ, solicit for employment, or advise or recommend to any other person not affiliated with the Company or any of its Affiliates that they employ or solicit for employment on behalf of anyone
other than the Company, any employee of the Company or any of its Affiliates. 

 12. Competition. 

During Executive’s employment by the Company and for a period of one (1) year following the termination of Executive’s
employment, Executive shall not: 
  

	 	(i)	directly or indirectly, own, manage, operate, finance, control or participate in the ownership, management, operation or control of any business which engages in any activities conducted by the Company; or

  

	 	(ii)	directly or indirectly, as an owner, partner, agent, affiliated person or employee of any person, firm, corporation or other entity, solicit or accept business of any customers assigned to or who were otherwise served
by Executive while in the employ of the Company; or 

  

	 	(iii)	directly or indirectly solicit or contact in any manner (with the intent of providing any service or product competitive with any service or product which is provided by the Company at the time of such contact) any
customer of the Company with whom Executive had actual contact, in an effort to further a business relationship between the customer and the Company. 

13. Consideration for and Enforcement of Covenants. 

In return for Executive’s acceptance of the provisions of Sections 11 and 12 of this Agreement, the Company agrees to pay Executive the
amounts specified in Section 14 of this agreement. 
 Executive acknowledges that he is not otherwise entitled to the payment set forth
in this Agreement. 
 Executive acknowledges that the Company has limited Executive’s rights under this Section only to the extent
necessary to protect the Company and its Affiliates from unfair competition, and that the covenants contained herein do not in any respect constitute an undue 

  
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burden on Executive’s ability to earn a livelihood in his chosen profession without violating the restrictive covenants contained herein. Executive further acknowledges that if a Court of
competent jurisdiction finds any of the covenants contained herein to be overly broad, the court may modify and enforce the covenant to the extent that it believes to be reasonable under the circumstances existing at the time. Without limiting the
generality of the foregoing, Executive further acknowledges pursuant to Sections 8 and 9 hereof and elsewhere herein that the success of the Company’s business depends, in part, upon an in-depth knowledge of the needs of the customers and
clients of the Company and its Affiliates, and of the other Confidential Matters, to which knowledge Executive will have access as a result of his employment hereunder. 

Executive and the Company agree that damages at law for violation of the covenants contained in Sections 11 and 12 of this Agreement would not
be an adequate or proper remedy for the Company. Therefore, if Executive violates any of the provisions of such covenants, the Company shall be entitled to obtain a temporary or permanent injunction, as appropriate, against Executive in any court
having jurisdiction over the person and the subject matter, prohibiting any further violation of any such covenants. The injunctive relief provided for herein shall be in addition to, and not in limitation of, any award of damages, compensatory,
exemplary or otherwise, payable by reason of such a violation. 
 14. Termination.  

Executive’s employment shall be terminated upon the occurrence of any of the following: 

(a) the death of Executive; 
 (b)
Executive’s disability, as such term is defined pursuant to the provisions of the Company’s long-term disability plan, as in effect from time to time (“Disability”); 

(c) the termination of Executive’s employment by Executive at any time for any reason whatsoever (including, without limitation,
resignation or retirement) provided Executive submits ninety (90) days’ prior written notice of such termination to the Company; 

(d) the termination of Executive’s employment by the Company at any time “for cause,” such termination to take effect
immediately upon written notice by the Company to Executive; or 
 (e) the termination of Executive’s employment by the Company at any
time for any reason other than cause, such termination to take effect immediately upon written notice by the Company to Executive. In the event of termination of Executive’s employment for any reason other than cause, the Company will provide
Executive with a separation package consisting of the following: 
  

	 	(i)	A total of $216,000 payable in 12 equal monthly installments subsequent to termination; 

  

	 	(ii)	a lump sum payment equivalent to 12 months’ of Executive’s monthly insurance premiums to continue Executive’s insurance coverage pursuant to COBRA under the same level of coverage in which Executive
participated immediately prior to termination. 

  
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 Executive acknowledges that the Company’s obligations with respect to the payments described
in this Section 14 (e) are contingent on his execution and delivery within seven days of termination of Company’s then standard severance agreement providing among other things a release of claims and confirmation of the provisions of
Section 11 and 12 herein. 
 15. Definitions. 

As used in this Agreement, the following terms shall have the following meanings: 

(a) “Affiliate” of the Company means HealthEquity, Inc., and/or any other entity that controls, is controlled by, or is under common
control with the Company. 
 (b) “Cause” or “for cause” shall mean a reasonable determination by the Company that
Executive (i) acted unlawfully or with gross negligence; (ii) failed substantially to perform his duties or responsibilities or to follow any reasonable direction of the Company, after being given reasonable notice of such failure and an
opportunity to cure such failure; (iii) willfully breached or neglected his duties hereunder; (iv) has been convicted of a felony or committed any act involving fraud or material dishonesty, (v) violated the published policy or
policies of the Company; (vi) violated any provisions of Sections 8 through 12 hereof or (vii) either took or failed to take actions which he knew would materially harm the interests of the Company. 

(c) “Existing Client” shall mean a person or entity who is a customer of the Company or of any of its Affiliates at the time of
Executive’s termination of employment and with whom the Executive had direct contact on behalf of the Company or any of its Affiliates at any time during the period of Executive’s employment hereunder. 

(d) “Potential Client” shall mean a person or entity who was the target of sales or marketing activity by the Company or by any of
its Affiliates during the twelve (12) month period preceding the Executive’s termination of employment or, in the event Executive has been employed by the Company less than one (1) year at the time of termination, during the period of
Executive’s employment hereunder. 
 (e) “Proprietary Interest” in a business is ownership, whether through direct or indirect
stock holdings or otherwise, of five percent (5%) or more of such business. 
 16. Indemnification. 

The Company shall indemnify the Executive and hold him harmless for any acts of decision made by him in good faith while performing services
for the Company and shall obtain coverage for him under insurance policies now in force or hereafter obtained during the Executive’s employment covering the officers and directors of the Company or its Affiliates against lawsuits. The Company
will pay all expenses, including attorneys’ fees actually and reasonably incurred by the Executive in connection with the defense of any such acts, suits or proceedings, or in connection with any appeal thereof, including the cost of court
settlements. 

  
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 17. Non-alienation. 

Except as may otherwise be required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation,
alienation, sale, assignment, encumbrance, charge, pledge, bankruptcy or hypothecation or to exclusion, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to effect any such action shall
be null, void and of no effect. 
 18. Assignment. 

The Company, in its sole discretion, may assign its rights and duties under this Agreement, but Executive may not; provided, however, that the
Company shall not be relieved of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of (a) the Company and its successors and assigns and any purchaser of the Company or substantially all of the assets of
the Company and (b) Executive, and his designees and his estate. 
 19. Governing Law and Jurisdiction. 

This Agreement shall be governed by and construed in accordance with the laws of the State of Utah, which state shall have sole and exclusive
jurisdiction over any dispute regarding this Agreement or any matter concerning employment of Executive by the Company. 
 20.
Severability. 
 If any provision of this Agreement shall be determined to be invalid, illegal or unenforceable in whole or in
part, neither the validity of the remaining part of such provision nor the validity of any other provision of this Agreement shall in any way be affected. 

21. Waiver. 

Failure to insist upon strict compliance with any of terms, covenants or conditions of this Agreement shall not be deemed a waiver of such
term, covenant or condition, nor shall any waiver or relinquishment of any right or power under this Agreement at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times. 

22. Entire Agreement; Modifications; Conditions. 

This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements,
oral and written, between the Company and Executive with respect to Executive’s employment. This Agreement may be modified or amended only by an instrument in writing signed by both the Company and Executive. 

23. Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same agreement. 

  
 - 7 - 

 24. Headings. 

The various headings of this Agreement are inserted for conveniences only and shall not affect the meaning or interpretation of this Agreement
or any of its provisions. 
 25. Survival of Representations and Covenants. 

Notwithstanding any other provisions hereof, and without limiting the surviving obligations of Executive, the obligations of Executives
pursuant to Sections 8 through 12 hereof shall survive the termination of Executive’s employment under this Agreement. 
 26.
Notices. 
 All notices described in this Agreement shall be sent in writing and shall be hand-delivered or shall be sent by
nationally-recognized overnight courier service, delivery prepaid, marked for delivery on the next business day or by facsimile transmission (provided that the transmitter’s facsimile equipment confirms completion of the transmission). Notices
shall be sent as follows (or to such other address/facsimile number as either party may subsequently notify the other in a written notice which complies with this Section): 
  

			
	If to Company to:	  	
		
	First Horizon MSaver, Inc.	  	
	Attention: Board of Directors	  	
	 	  	
	 	  	
	 	  	
	
	HealthEquity, Inc.
	Attention: Chief Financial Officer
	15 West Scenic Pointe Drive, Suite 400
	Draper, UT 84020
	
	If to Executive, to:
	
	E. Craig Keohan
	10315 Lee Boulevard
	Leawood, KS 66206

  
 - 8 - 

 IN WITNESS WHEREOF, the Company and Executive have duly executed and delivered this Agreement as of the day and
year first above written. 
  

			
	EXECUTIVE:
	
	/s/ E. Craig Keohan
	E. Craig Keohan
	
	THE COMPANY
		
	By:	 	/s/ Tessa White
		
	Its:	 	/s/ VP, People Dept

  
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 EXHIBIT A 

Stub Year (from acquisition close until January 31, 2012) : 50K bonus opportunity 

$12,500 based on achievement of HealthEquity company goals (Board directed) as measured for others on the Executive team for Fy’11 

$18,750 based on successful Msaver transition (platform, branding, people) coming in on budget and on time 

$18,750 based on current Msaver clients being retained and renewed post acquisition, with a trajectory of increased accounts established 

Following Year (February 1, 2012-January 31, 2013) 

Targeted annual bonus of 100K. 
 Terms of bonus to be determined
at beginning of plan year, with measurements to include in whole or in part the following: accounts under management, average balances, revenue, profit, and/or other measures in alignment with our Executive Team and as defined by the Board of
Directors. Components may also include other elements still to be defined which promote full and successful integration between MSaver and HealthEquity. 

In addition, current thinking is that the role may be redefined as an overall sales leader, in which case we would map bonus pay to a commission component
that if overachieved could result in excess of 100K annual bonus. This role and the bonus components will be defined, agreed to by Executive and shared within one year. 

  
 - 10 -

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