Form 4: Health Catalyst CFO Alger Boosts Stake with RSU Grants

Health Catalyst's Chief Financial Officer, Jason Alger, reported significant equity awards, including restricted stock units and performance-based restricted units, alongside a tax-related share disposition.

Summary

• Jason Alger, Chief Financial Officer of Health Catalyst, Inc. (HCAT), reported transactions involving the company's common stock.
• On February 25, 2026, Alger was awarded 507,500 restricted stock units (RSUs) under the 2019 Stock Option and Incentive Plan. Each RSU represents a contingent right to receive one share of common stock.
• Also on February 25, 2026, Alger received an award of 22,222 performance-based restricted units (PRSUs) under the 2019 Plan, contingent on the company's satisfaction of certain performance criteria for the fiscal year ended December 31, 2025.
• On February 26, 2026, Alger disposed of 7,522 shares of common stock at a price of $1.7478 per share. This transaction was a "sell to cover" to satisfy tax withholding obligations related to the vesting of RSUs and was not a discretionary trade.
• Following these transactions, Alger beneficially owns 768,614 shares of common stock directly.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive filing, reflecting ongoing executive compensation and alignment of interests through equity grants, with the share disposition being a routine tax-related event.

Positives

• Grant of 507,500 restricted stock units (RSUs) to the Chief Financial Officer, aligning management's interests with shareholders.
• Grant of 22,222 performance-based restricted units (PRSUs), incentivizing the CFO to achieve specific company performance criteria for fiscal year 2025.

Negatives

• Disposition of 7,522 shares of common stock at $1.7478 to cover tax withholding obligations, which reduces the CFO's direct shareholding, although it was a non-discretionary sale.

Future Outlook

The 507,500 RSUs will vest in 12 equal quarterly installments beginning on March 1, 2026, indicating a long-term incentive structure. The 22,222 PRSUs are contingent on performance criteria for the fiscal year ended December 31, 2025, suggesting future performance targets.

Industry Context

StockSavvy.ai notes that equity grants to key executives like the CFO are a standard practice in the technology and healthcare IT sectors to align executive incentives with long-term shareholder value creation. The 'sell to cover' transaction for tax obligations is also a common, non-discretionary event in executive compensation.

Related Party Transactions

• The equity awards (RSUs and PRSUs) granted to Jason Alger, the Chief Financial Officer, represent compensation-related related party transactions.

Stakeholder Impact

• Shareholders: The grants of RSUs and PRSUs align the CFO's interests with shareholders by tying a significant portion of his compensation to the company's stock performance and specific performance criteria. The tax-related sale is a minor, non-discretionary event.
• Employees: The equity incentive plan (2019 Plan) suggests a broader framework for employee compensation, potentially impacting other employees through similar awards.

Next Steps

• The 507,500 RSUs will begin vesting in 12 equal quarterly installments starting March 1, 2026.
• The 22,222 PRSUs are contingent on Health Catalyst's satisfaction of certain performance criteria for the fiscal year ended December 31, 2025.

Key Dates

Recommendation

The filing details routine executive compensation through equity grants and a non-discretionary tax-related share sale. These events are standard and do not provide new fundamental information to warrant a change in investment thesis. The grants align executive incentives, which is generally positive, but the overall impact on the company's valuation or operational outlook is neutral from this filing alone. Therefore, maintaining a 'hold' position is appropriate.

Keywords

Health Catalyst, HCAT, Jason Alger, CFO, Restricted Stock Units, RSUs, Performance-Based Restricted Units, PRSUs, Insider Transaction, Equity Award, Stock Option Plan, Form 4, Executive Compensation