Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnAugust 10, 2021 ,HealthEquity Inc. (the "Company" or "HealthEquity") consolidated its sales and relationship management teams to allow the Company to better leverage multiple sales channels and improve communication and efficiencies. The consolidation will also position the Company to invest additional resources in distribution partners such as health plans, brokers and consultants, record keepers, and other distribution partners. The newly combined sales and relationship management team will be led by the Company's Executive Vice President of Sales and Relationship Management,Steve Lindsay .Mr. Lindsay has been withHealthEquity since 2006 serving in various leadership roles, during which time the Company expanded the number of itsNetwork Partners from less than 10 to its current 175. In connection with the internal restructuring of the sales and relationship management teams,HealthEquity eliminated the position of Executive Vice President of Sales and terminated the employment ofWilliam Otten , effective immediately. The Company treatedMr. Otten's departure from the Company as a termination without "cause" pursuant to his employment agreement with the Company, dated as ofApril 1, 2020 (the "Employment Agreement"). Subject to the execution, delivery and non-revocation of the release of claims against the Company and its subsidiaries and affiliates substantially in the form attached to the Employment Agreement andMr. Otten's compliance with certain covenants contained therein,Mr. Otten will receive the previously negotiated severance payments and benefits set forth in the Employment Agreement as detailed in the Company's most recent proxy statement filed with theSecurities and Exchange Commission onMay 13, 2021 . Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (formatted in Inline XBRL)
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