DEF 14A of Health Catalyst, Inc., Jun 3, 2026

DEF 14A of Health Catalyst, Inc.

Filed Jun 3, 2026 · FY20250001636422-26-000075

Open on EDGAR

  1. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS

  2. Number of Directors; Board Structure

    Number of Directors; Board Structure We currently have seven directors on our board. In December 2025, our board determined that it would not renominate Matthew Kolb for election at the Annual Meeting and Mr. Kolb then notified the board that he agree he would not stand for re-election. As a result, our board resolved to reduce the size of the board from seven to six directors, effective as of the Annual Meeting. Our board is divided into three staggered classes of directors. One class is elected each year at the annual meeting of stockholders for a term of three years. The term of the Class I directors expires at the Annual Meeting. The term of the Class II directors expires at the 2027 annual meeting of stockholders and the term of the Class III directors expires at the 2028 annual meeting of stockholders. After the initial terms expire, directors are expected to be elected to hold office for a three-year term or until the election and qualification of their successors in office. As described further in Proposal Four below, our board recommends that the Company’s stockholders approve at the Annual Meeting the restatement of our Amended and Restated Certificate of Incorporation to phase out the classified board structure and provide that all directors elected at or after the 2029 Annual Meeting of Stockholders be elected on an annual basis.

  3. Nominees

    Nominees Our board has nominated Justin Spencer and Mathew Arens as Class I directors to hold office until the 2029 annual meeting of stockholders or until their successors are duly elected and qualified, subject to their earlier resignation or removal. Each of the nominees is a current Class I director and member of our board and has consented to serve if elected. Unless you direct otherwise through your proxy voting instructions, the persons named as proxies will vote all proxies received “FOR” the election of each nominee. If any nominee is unable or unwilling to serve at the time of the Annual Meeting, the persons named as proxies may vote for a substitute nominee chosen by our present board. In the alternative, the proxies may vote only for the remaining nominees, leaving a vacancy on our board. Our board may fill such vacancy at a later date or reduce the size of our board. We have no reason to believe that any of the nominees will be unwilling or unable to serve if elected as a director.

  4. Recommendation of our Board

    Recommendation of our Board OUR BOARD RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH OF THE NOMINEES. The biographies of each of the nominees and continuing directors below contain information regarding each such person’s service as a director, business experience, director positions held currently or at any time during the last five years and the experiences, qualifications, attributes or skills that caused our board to determine that the person should serve as a director of the company. In addition to the information presented below regarding each nominee’s and continuing director’s specific experience, qualifications, attributes, and skills that led our board to the conclusion that he or she should serve as a director, we also believe that each of our directors has a reputation for integrity, honesty, and adherence to high ethical standards. Each of our directors has demonstrated business acumen and an ability to exercise sound judgment, as well as a commitment of service to our company and our board. Finally, we value our directors’ experience in relevant areas of business management and on other boards of directors and board committees. Our corporate governance guidelines also dictate that a majority of our board be comprised of directors whom our board has determined are “independent” directors under the published listing requirements of the Nasdaq Stock Market LLC (the Nasdaq).

  5. Directors

    Directors The following table sets forth information regarding our directors as of May 1, 2026:

  6. Directors

    | Name | Class | Age | Position | Director Since | Current Term Expires | Expiration of Term for Which Nominated | | Employee Directors: | | | | | | | | Benjamin Albert | III | 53 | Chief Executive Officer and Director | 2026 | 2028 | — | | Non-Employee Directors: | | | | | | | | Mathew Arens(3) | I | 51 | Director | 2025 | 2026 | 2029 | | Jill Hoggard Green(1)(2)(3) | III | 67 | Director | 2024 | 2028 | — | | Matthew Kolb(4) | I | 44 | Director | 2023 | 2026 | — | | Julie Larson-Green(1)(2) | II | 64 | Director | 2020 | 2027 | — | | Steven Nelson | II | 67 | Director | 2026 | 2027 | — | | Justin Spencer(1) | I | 54 | Chair and Director | 2025 | 2026 | 2029 |

  7. Directors

    | (1) Member of our audit committee. | | (2) Member of our compensation committee. | | (3) Member of our nominating and corporate governance committee. | | (4) On December 1, 2025, the Board determined that it would not renominate Matthew Kolb for election at the Company’s 2026 annual meeting of stockholders and Mr. Kolb then notified the Board that he agreed he would not stand for re-election at the Company’s 2026 annual meeting of stockholders. Mr. Kolb’s term will end immediately prior to the commencement of the 2026 annual meeting of stockholders. |

  8. Directors

    Since the beginning of 2025, our board has undertaken a significant refreshment initiative, adding three new independent directors—Justin Spencer, Mathew Arens, Steven Nelson—and changing our long-tenured Chief Executive Officer and director, Daniel Burton, to a newly appointed Chief Executive Officer and director, Benjamin Albert. These changes reflect our board’s commitment to maintaining a streamlined, effective governing body composed of directors who bring fresh perspectives and relevant expertise to the Company’s evolving strategic priorities. Our board believes that this combination of new viewpoints and experienced leadership positions the Company well to focus on value for stockholders and reflects sound corporate governance principles.

  9. Information Concerning Director Nominees

    Information Concerning Director Nominees Mathew Arens. Mr. Arens has served as a member of our board of directors since December 2025. Mr. Arens is the Chief Executive Officer, Founder and Senior Portfolio Manager of First Light Asset Management, LLC (First Light), which he founded in 2013. Prior to establishing First Light, Mr. Arens was president and senior portfolio manager at Kopp Investment Advisors. While at Kopp Investment Advisors, he served as the sole portfolio manager for the firm’s health care-focused investment strategy. Mr. Arens holds a bachelor of science degree in financial planning from Purdue University. We believe that Mr. Arens is qualified to serve as a member of our board of directors based on his experience as a Senior Portfolio Manager investing in other public and private companies in the health care sector and its industries as well as his knowledge of technology and healthcare businesses. Justin Spencer. Mr. Spencer has served as a member of our board of directors since September 2025. Mr. Spencer is the Chief Financial Officer of Eko Health Inc. (Eko Health), a technology company, and has worked at Eko Health since December 2024. From July 2021 through June 2024, Mr. Spencer and his wife served as full-time voluntary mission leaders for the Church of Jesus Christ of Latter-day Saints. From August 2014 to June 2021, Mr. Spencer was the Chief Financial Officer of Vocera Communications (Vocera), a healthcare technology company. Prior to joining Vocera, from September 2008 to November 2013, he served as Chief Financial Officer and Executive Vice President of Finance and Administration at Symmetricom Inc., a technology company. From November 2002 to June 2008, Mr. Spencer held various roles at Covad Communications Group (Covad), a broadband and communications company, including Executive Vice President and Chief Financial Officer as well as Vice President of Finance, Corporate Development and Investor Relations. Between 2016 and 2019, Mr. Spencer also served as a member of the board of directors for iPass Inc., a publicly traded technology company, and served as its Audit Committee Chair and a member of its Compensation Committee. Mr. Spencer holds a Bachelor’s degree in Accounting from the University of Utah and an MBA from The Wharton School of Business. We believe that Mr. Spencer is qualified to serve as a member of our board of directors based on his experience as a Chief Financial Officer and director of healthcare technology companies and his knowledge of the healthcare industry.

  10. Information Concerning Continuing Directors

    Information Concerning Continuing Directors Benjamin Albert. Mr. Albert has served as our Chief Executive Officer and a member of our board of directors since February 2026. Mr. Albert has also served as our President and principal operating officer since September 2025. Prior to serving as our Chief Executive Officer, Mr. Albert served as our Chief Operating Officer from September 2025 to February 2026. Mr. Albert joined Health Catalyst in January 2025 through its acquisition of Upfront Healthcare Services, Inc. (“Upfront”), where he served as Chief Executive Officer and Co-Founder since 2016. Prior to launching Upfront, he founded and led Care Team Connect beginning in 2009, a care management platform for providers. Care Team Connect was later acquired by The Advisory Board Company in 2013, and Mr. Albert served as an executive following close of that transaction. Mr. Albert also held various executive-level positions at PatientKeeper, Inc., an electronic health records company, between 2004 and 2009, and Data Harbor, Inc., a technology company, between 1999 and 2004, before both companies were acquired. He also served as an Entrepreneur-In-Residence and Operating Partner within the Strategic Investments Division of Cambia Health Solutions between 2015 to 2016. Mr. Albert holds a BA from Western Michigan University and an MBA from University of Illinois, Chicago. We believe that Mr. Albert is qualified to serve as a member of our board of directors due to his experience as our Chief Executive Officer and his leadership experience in technology and healthcare businesses. Jill Hoggard Green. Dr. Hoggard Green has served as a member of our board of directors since December 2024. Dr. Hoggard Green currently serves as a trustee and on the executive committees for The Joint Commissions, Joint Commission Resources, and Joint Commission International. Dr. Hoggard Green served as the Chief Executive Officer of Queen’s Health System (QHS) from September 2019 to July 2024. Dr. Hoggard Green also served as Chief Operating Officer of Mission Health from 2011 to 2019 and of PeaceHealth from 2004 to 2011. Dr. Hoggard Green holds a B.S., M.S., and PhD from the University of Utah. We believe that Dr. Hoggard Green is qualified to serve as a member of our board of directors based on her executive leadership experience, including serving as a Chief Executive Officer and Chief Operating Officer of health systems, and her knowledge of the healthcare industry. Julie Larson-Green. Ms. Larson-Green has served as a member of our board of directors since January 2020. Since September 2021, Ms. Larson-Green has served as Chief Technology Officer of Magic Leap, Inc., a technology company. Between January 2018 and February 2021, Ms. Larson-Green served as the Chief Experience Officer at Qualtrics International Inc. From 1993 to 2017, she served in a variety of executive leadership and product development roles at Microsoft, including leadership in building Microsoft Office, Windows, Internet Explorer, Xbox, and Surface. She served on the board of directors of View, Inc. from June 2021 until August 2024. Ms. Larson-Green holds a B.A. in Business Administration and Management from Western Washington University and Master’s degree in Computer Software Engineering from Seattle University. We believe that Ms. Larson-Green is qualified to serve as a member of our board of directors based on her executive leadership experience, including Chief Experience Officer of a technology company, and her knowledge of the technology industry. Steven Nelson. Mr. Nelson has served as a member of our board of directors since May 2026. Since November 2024, Mr. Nelson has served as EVP and President of Aetna, Inc. Prior to joining Aetna, Inc., Mr. Nelson served in leadership positions of several managed care and health care organizations, including chief executive officer and a member of the board of directors of ChenMed LLC from September 2022 until August 2024, chief executive officer and member of the board of directors of Duly Health and Care from July 2020 until September 2022, and chief executive officer of UnitedHealthcare, a division of UnitedHealth Group, from 2017 until 2019. Mr. Nelson holds a B.S. from Portland State University and an M.B.A. and Master of Health Services from the University of Michigan. We believe that Mr. Nelson is qualified to serve as a member of our board of directors based on his executive leadership experience, including serving the President of Aetna, Inc., a large publicly-traded company in our industry, and a Chief Executive Officer and director of a health system, as well as his knowledge of the healthcare industry.

  11. Information Concerning Not Continuing Directors

    Information Concerning Not Continuing Directors Matthew Kolb. Mr. Kolb has served as a member of our board of directors since July 1, 2023. Since September 2019, Mr. Kolb has served as the Executive Vice President and Chief Operating Officer of Carle Health, a nonprofit health system. From July 2014 to September 2019, Mr. Kolb served in a variety of roles at Carle Health, including Chief Administrative Officer. From August 2007 to July 2014, Mr. Kolb held various positions at Allina Health, a healthcare services company, including Vice President of the Neuroscience Institute. Mr. Kolb holds a B.A. from the University of Illinois at Urbana-Champaign, an M.H.A. from the University of Missouri-Columbia, and a J.D. from the University of Missouri-Columbia, School of Law. We believe that Mr. Kolb is qualified to serve as a member of our board of directors based on his executive leadership experience, including serving as Chief Operating Officer of a health system, and his knowledge of the healthcare industry. Mr. Kolb will not stand for re-election at the Annual Meeting and Mr. Kolb’s term will end immediately prior to the commencement of the Annual Meeting.

  12. Identifying and Evaluating Director Nominees

    Identifying and Evaluating Director Nominees Our board has delegated to our nominating and corporate governance committee the responsibility of identifying suitable candidates for nomination to our board (including candidates to fill any vacancies that may occur) and assessing their qualifications in light of the policies and principles in our corporate governance guidelines and the committee’s charter. Our nominating and corporate governance committee may gather information about the candidates through interviews, detailed questionnaires, comprehensive background checks, or any other means that our nominating and corporate governance committee deems to be appropriate in the evaluation process. Our nominating and corporate governance committee then meets as a group to discuss and evaluate the qualities and skills of each candidate, both on an individual basis and taking into account the overall composition and needs of our board. Based on the results of the evaluation process, our nominating and corporate governance committee recommends candidates for our board’s approval as director nominees for election to our board.

  13. Non-Employee Director Compensation

    Non-Employee Director Compensation During the fiscal year ended December 31, 2025, we provided compensation to our non-employee directors, in the form of cash retainers (prorated for partial years of service) and equity awards with total values as set forth below:

  14. Non-Employee Director Compensation

    | Annual Retainer for Board Membership | | | | Annual service on the board of directors | $ | 45,000 | | Additional retainer for annual service as non-executive Chair of the board | 75,000 | | | Additional Annual Retainer for Committee Membership | | | | Annual service as chair of the audit committee | 22,500 | | | Annual service as member of the audit committee (other than chair) | 10,000 | | | Annual service as chair of the compensation committee | 15,000 | | | Annual service as member of the compensation committee (other than chair) | 7,500 | | | Annual service as chair of the nominating and corporate governance committee | 10,000 | | | Annual service as member of the nominating and corporate governance committee (other than chair) | 5,000 | |

  15. Non-Employee Director Compensation

    In lieu of the cash payment above, members of the board of directors may elect to receive restricted stock units (RSUs) with the same value. For those who elected to receive RSUs, the board and committee membership retainers in the above table were paid in RSUs with a total grant date fair value equal to the retainer amounts listed above. In addition, each non-employee director (who has not waived his or her compensation) will receive an annual equity long-term incentive award of RSUs having a fair market value of $140,000 (collectively, the Annual Grant). The Annual Grant and the portion of any RSUs related to the annual retainer for board membership amounts in the table above will vest in full on the earlier of the one-year anniversary of the grant date or on the date of the annual meeting of stockholders following the grant date, subject to the applicable director’s continued service through the applicable vesting date. The portion of the RSUs related to the additional annual retainer for committee membership will vest in an amount equal to 25% of the value of such grants, rounded to the nearest whole share, on each of September 1, December 1, March 1, and June 1 following such grant, subject to the applicable director’s continued service through the applicable vesting date. Our policy provides that, upon the initial election of the relevant non-employee director, each new non-employee director will be granted a one-time grant of RSUs having a fair market value of $225,000 (the Initial Grant). The Initial Grant will vest in three equal annual installments over three years, subject to the applicable director’s continued service through the applicable vesting date. The Initial Grant and Annual Grant are subject to full accelerated vesting upon a Sale Event (as defined in our 2019 Stock Option and Incentive Plan (the 2019 Plan)). We will reimburse all reasonable out-of-pocket expenses incurred by directors for their attendance at meetings of our board of directors or any committee thereof. Employee directors will receive no additional compensation for their service as a director. The aggregate amount of compensation, including both equity compensation and cash compensation (but excluding the aforementioned reimbursed expenses), paid to any non-employee director in a calendar year period will not exceed $1,000,000 in the first calendar year such individual becomes a non-employee director and $500,000 in any other year. The following table presents the outstanding options and RSUs held as of December 31, 2025 and the total compensation for each person who served as a non-employee director during fiscal 2025. Other than as set forth in the table below, we did not pay any compensation or make any equity awards to our non-employee directors during fiscal 2025. Mr. Arens and Mr. Kolb waived their rights to compensation, and did not receive any compensation for their service as directors except for reimbursement of out-of-pocket expenses related to such services. Mr. Burton, who was our Chief Executive Officer during fiscal 2025, did not receive any compensation for his service as a director. The compensation received by Mr. Burton, as a named executive officer, is presented in the “Executive Compensation - 2025 Summary Compensation Table”.

  16. Non-Employee Director Compensation

    | | Stock Awards Outstanding as of December 31, 2025 | | Total Director Compensation for fiscal year ended December 31, 2025 | | | | Name | Options | RSUs | Fees Earned or Paid in Cash($) | Stock Awards($)(1) | Total($) | | Mathew Arens(2) | — | — | $— | $— | $— | | Duncan Gallagher(3) | 62,500 | 36,231 | — | 210,392 | 210,392 | | Jill Hoggard Green | — | 54,702 | 56,875 | 146,011 | 202,886 | | Julie Larson-Green | — | 36,231 | — | 203,830 | 203,830 | | John A. Kane(5) | — | 36,231 | 147,500 | 146,011 | 293,511 | | Matthew Kolb(2)(6) | — | — | — | — | — | | S. Dawn Smith(4) | — | 36,231 | 55,000 | 146,011 | 201,011 | | Justin Spencer | — | 68,572 | 13,750 | 233,145 | 246,895 |

  17. Non-Employee Director Compensation

    _________________

  18. Non-Employee Director Compensation

    | (1) The amounts reported represent the aggregate grant date fair value of the restricted stock units awarded to the non-employee directors in the fiscal year ended December 31, 2025, calculated in accordance with Financial Accounting Standards Board (FASB), Accounting Standards Codification (ASC), Topic 718. Such grant date fair values do not take into account any estimated forfeitures. The amounts reported in this column reflect the accounting cost for these RSUs and do not correspond to the actual economic value that may be received by the non-employee directors upon any settlement of RSUs or any sale of the underlying shares of common stock. | | (2) Mr. Kolb and Mr. Arens waived their rights to compensation and therefore have not and will not receive any compensation in connection with serving on the Board except for reimbursement of out-of-pocket expenses related to such service, pursuant to the Company’s non-employee director compensation policy. | | (3) Mr. Gallagher voluntarily resigned, effective February 17, 2026. Mr. Gallagher's resignation is not the result of any disagreement or conflict with the Company. | | (4) Ms. Smith voluntarily resigned, effective February 17, 2026. Ms. Smith’s resignation is not the result of any disagreement or conflict with the Company. | | (5) Mr. Kane voluntarily resigned, effective April 1, 2026. Mr. Kane’s resignation is not the result of any disagreement or conflict with the Company. | | (6) Mr. Kolb will not stand for re-election at the Company’s 2026 annual meeting of stockholders and Mr. Kolb’s term will end immediately prior to the commencement of the 2026 annual meeting of stockholders. |

  19. Non-Employee Director Compensation

    PROPOSAL TWO:

  20. Highlights of Fiscal 2025 Executive Compensation Program

    Highlights of Fiscal 2025 Executive Compensation Program Consistent with our performance and compensation objectives for fiscal 2025, our compensation committee took the following key actions relating to the compensation of our named executive officers for fiscal 2025: Base Salaries – Base salaries for our named executive officers were reviewed in light of salary market data, local market conditions, and company and individual performance, some of which were informed by our engagement of an independent compensation consultant, Aon. Consistent with these considerations and review, there were base salary increases for Mr. Albert, Mr. Alger, and Mr. Freeman in fiscal 2025 generally aligned with benchmarking performed by our compensation consultant. Mr. Albert’s salary was increased in connection with his promotion to Chief Operating Officer and President in September 2025. Annual Performance-Based Incentives – In February 2025, our compensation committee approved the 2025 Bonus Plan that retained many of the same characteristics and metrics as the 2024 Bonus Plan, but 100% of the 2025 Bonus Plan target for all eligible team members were paid through PRSUs, based on selected Company performance objectives similar to those in place for fiscal 2024. The bonus pool achievement and payout was capped at 100%. Long-Term Incentive Compensation – We granted long-term incentive compensation in the form of service-based vesting RSUs that may be settled for shares of our common stock to align the long-term incentive opportunities of all of our eligible team members, including our named executive officers, with the interests of our stockholders. In order to further align the interests of our named executive officers with our long-term growth and interests of our stockholders, in February 2025, each named executive officer, with the exception of Mr. Albert who received executive PRSUs upon his appointment to President and Chief Operating Officer effective September 16, 2025, was granted executive PRSUs with a three-year measurement period that includes performance targets for Total Shareholder Return (TSR) Achievement (weighted 25%), Revenue Growth Rate Achievement (weighted 25%), and Adjusted EBITDA Margin Achievement (weighted 50%), as part of their typical, annual long-term incentive plan (LTIP) equity grants. These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the performance targets. The number of PRSUs that will vest for the 2025, 2026, and 2027 vesting periods will be calculated as follows: (i) the performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2025, 2026, and 2027 vesting periods, each rounded to the nearest whole share. The grant date fair values of these equity awards are set forth in the “Fiscal 2025 Summary Compensation Table” and the “Fiscal 2025 Grants of Plan-Based Awards Table” below. Fiscal 2025 Target Compensation Mix – As shown in the graphics below, approximately 87% of the target fiscal 2025 annual compensation for our CEO and, on average, 82% of the target fiscal 2025 annual compensation for the other named executive officers was at risk (i.e., variable) based on our performance, our stock price, or a combination of the two. The percentages for the PRSUs and RSUs below are calculated based on the grant date fair value assuming target achievement of performance measures.

  21. Highlights of Fiscal 2025 Executive Compensation Program

    __________ The average named executive officer’s base salary and cash bonus amounts presented in the chart above are based on the actual amounts paid out for fiscal 2025. Total PRSUs presented in the chart above represent the estimated December 31, 2025 fair value of the amounts granted in fiscal 2025 that were outstanding as of December 31, 2025. The actual long-term RSU amount in the chart above was calculated as the fair value as of the vesting date for RSUs that vested during fiscal 2025 plus the estimated December 31, 2025 fair value of outstanding RSUs that were outstanding as of December 31, 2025.

  22. Looking Ahead - 2026 Compensation Update

    | • | In order to maintain the alignment of the interests of our named executive officers with our long-term growth and interests of our stockholders as well as provide competitive compensation to our executives, each named executive officer who was still providing services as of February 25, 2026 was granted RSUs that vest quarterly over a three year vesting period. | | • | 100% of the 2026 Bonus Plan target for all eligible team members will be paid through cash, based on selected Company performance objectives similar to those in place for fiscal 2025. The bonus pool is funded based on Adjusted EBITDA achievement thresholds, and the achievement and payout is capped. |

  23. Executive Compensation Philosophy, Objectives, and Design

    | • | attract, motivate, incentivize, and retain employees at the executive level who contribute to our long-term success; | | • | provide compensation packages to our executives that are competitive and reward the achievement of our business objectives and effectively align their interests with those of our stockholders; and | | • | effectively align our executives’ interests with those of our stockholders by focusing on long-term equity incentives that correlate with the growth of sustainable long-term value for our stockholders. |

  24. Compensation Committee Oversight of Executive Compensation Process

    Compensation Committee Oversight of Executive Compensation Process Our compensation committee discharges many of the responsibilities of our board relating to the compensation of our executive officers and the non-employee members of our board (described in the section titled “Corporate Governance—Non-Employee Director Compensation” above), and regularly reports to our board on its discussions, decisions and other actions. Our compensation committee has overall responsibility for overseeing our compensation structure, policies, and programs generally, and for overseeing and evaluating the compensation plans, policies, and practices applicable to our executive officers. Our compensation committee has the authority to retain, and has retained, an independent compensation consultant to provide support to the committee in its review and oversight of our executive compensation program. Our compensation committee reviews the base salary levels, short-term incentive compensation opportunities, and long-term incentive compensation opportunities of our named executive officers each fiscal year at the beginning of the year, or more frequently as warranted. Long-term incentive compensation is granted on a regularly-scheduled basis, as described in the section titled “Other Compensation Policies—Equity Award Grant Policy” below.

  25. Role of the Compensation Committee

    | • | Our performance against the corporate performance objectives established by our compensation committee and our board; | | • | our financial performance relative to our compensation peer group; | | • | the compensation levels and practices of our compensation peer group; | | • | each individual executive officer’s skills, experience, and qualifications relative to other similarly-situated executives at the companies in our compensation peer group; | | • | the scope of each individual executive officer’s role compared to other similarly-situated executives at the companies in our compensation peer group; and | | • | the performance of each individual executive officer, based on a subjective assessment of their contributions to our overall performance, ability to lead his or her function, and ability to work as part of a team. |

  26. Role of the Compensation Consultant

    Role of the Compensation Consultant Our compensation committee is authorized to retain the services of one or more executive compensation advisors, as it sees fit, in connection with the establishment of our executive compensation programs and related policies to assist it by providing information, analysis, and other advice relating to our executive compensation program and the decisions resulting from the committee’s annual executive compensation review. For fiscal 2025, our compensation committee retained Aon’s Human Capital Solutions practice, a division of Aon plc (Aon), a top global consulting firm, to provide it with market information, analysis, and other advice relating to executive compensation on an ongoing basis. Aon was engaged to, among other things:

  27. Role of the Compensation Consultant

    | • | assist in developing a relevant group of peer companies to help our compensation committee determine the appropriate level of overall compensation for our executive officers; | | • | assess each separate element of compensation, with a goal of ensuring that the compensation we offer to our executive officers, individually as well as in the aggregate, is competitive and fair; | | • | provide market practices for equity compensation design; | | • | develop a compensation risk assessment; | | • | coordinate with our management for data collection and job matching for our executive officers; and | | • | support other ad hoc matters throughout the year. |

  28. Role of the Compensation Consultant

    Based on its consideration of the factors specified in SEC rules and the Nasdaq listing standards, our compensation committee does not believe that its relationship with Aon and the work of Aon on behalf of our compensation committee and our management team has raised any conflict of interest. Our compensation committee reviews these factors on an annual basis. The compensation committee also evaluated the independence of other outside advisors to the compensation committee, including outside legal counsel, considered the same independence factors, and concluded their work for the compensation committee does not raise any conflicts of interest and concluded Aon is independent.

  29. Competitive Positioning

    Competitive Positioning For purposes of comparing our executive compensation against the competitive market, our compensation committee reviews and considers the compensation levels and practices of a group of peer companies. In January 2025, with the assistance of Aon, our compensation committee reviewed our compensation peer group for fiscal 2025, which was generally developed from publicly-traded companies with three primary characteristics:

  30. Competitive Positioning

    | • | emphasis on software/consulting companies that may serve healthcare providers and health systems, where possible; | | • | market capitalization between $200 million and $1.5 billion (peer group includes 25th percentile, 50th percentile, and 75th percentile of approximately $363 million, $562 million, and $1.5 billion, respectively for market cap measured in January 2025); and | | • | revenue between $150 million and $750 million (peer group includes 25th percentile, 50th percentile, and 75th percentile of approximately $289 million, $333 million, and $408 million, respectively, for revenue as measured in January 2025). |

  31. Competitive Positioning

    Secondarily, we consider other characteristics such as headcount, revenue growth, TSR, and whether the companies are comparable in terms of attracting world-class talent. As measured in January 2025, we fell within approximately the 37th, 20th, and 18th percentiles relative to our peer group for fiscal 2024 with respect to revenue, market capitalization, and one-year TSR, respectively. Our compensation committee reviews our compensation peer group at least annually and makes adjustments to its composition, if warranted, taking into account changes in market capitalization and revenue growth for both our business and the businesses of our peers. Our compensation committee uses data drawn from the public filings of our compensation peer group to evaluate the competitive market when determining the total direct compensation packages for our executive officers. At the beginning of fiscal 2025, based on the foregoing, our compensation committee used the following compensation peer group to assist with the determination of compensation for our executive officers:

  32. Competitive Positioning

    | Fiscal 2025 Compensation Peer Group | | | | | | Accolade | Consensus Cloud Solutions | Evolent Health | Nutex Health | Yext | | American Well | Definitive Healthcare | Grid Dynamics | Phreesia | Zuora | | Amplitude | DocGo | HealthStream | TruBridge | | | Certara | Domo | National Research | Upland Software | |

  33. Competitive Positioning

    Everbridge, Model N, and Sharecare are no longer included in our peer group as compared to our peer group from fiscal 2024 because they were acquired and/or taken private. OptimizeRx is no longer included in our peer group as compared to our peer group from fiscal 2024 because its market cap and/or revenue growth no longer align with our target ranges for our fiscal 2025 peer group. Computer Programs and Systems rebranded to TruBridge and continues as part of the peer group. In addition, we have added Amplitude, Certara, Consensus Cloud Solutions, DocGo, Evolent Health, and Upland Software as part of our peer group for fiscal 2025 compensation decisions because each company aligns with our target peer group in terms of industry, market capitalization and revenue growth.

  34. Annual Performance-Based Incentives

    Annual Performance-Based Incentives We use performance-based incentives to motivate our team members, including the named executive officers, to achieve our annual financial and operational objectives, while making progress towards our longer-term strategic and growth goals. Typically, near the beginning of each fiscal year, our compensation committee adopts the performance criteria and targets for our Bonus Plan for that fiscal year and establishes the target annual incentive opportunity for each plan participant based on a percentage of each participant’s base salary, the performance measures and the associated target levels for each measure, and the potential payouts based on actual performance for the fiscal year. For our 2025 Bonus Plan, up to 100% of the 2025 Bonus Plan target was payable through PRSUs, based on selected Company performance objectives. In addition, our compensation committee considered the factors described in the section titled “Oversight of Executive Compensation Program—Compensation-Setting Process” above. Overview & Structure In February 2025, our compensation committee adopted and approved the performance criteria and targets for fiscal 2025 under our Bonus Plan, as set forth in the section titled “Corporate Performance Measures” below. The Bonus Plan provides opportunities for incentive compensation for all team members, including the named executive officers, based on our actual achievement of pre-established corporate financial objectives. The target levels for the financial objectives were set at levels determined to be challenging and requiring substantial skill and effort by our named executive officers. The 2025 Bonus Plan is designed such that participants are to receive 100% of their target bonus in PRSUs with a maximum 125% stretch threshold in specific categories that may counter lower achievement in other categories with a cap of 100% total payout in order to align the committee’s assessment of our named executive officers’ performance to our achievement of our annual operating plan. Target Annual Incentive Compensation Opportunities In February 2025, in connection with its review of our executive compensation program, our compensation committee approved the target annual incentive opportunities of our named executive officers, as set forth in the table below.

  35. Target Performance-Based Incentives for Fiscal 2025

    Target Performance-Based Incentives for Fiscal 2025 The target annual incentive bonus opportunities for our named executive officers for fiscal 2025 were as follows:

  36. Target Performance-Based Incentives for Fiscal 2025

    | Named Executive Officer | Committed Base Salary | Target Performance-Based Incentive as Percent of Base Salary(1) | 2025 Target Annual Incentive Bonus Opportunity(2) | | Daniel Burton | $525,000 | 100% | $525,000 | | Jason Alger | 425,000 | 65 | 276,250 | | Benjamin Albert | 310,500 | 35 | 108,675 | | Kevin Freeman | 410,000 | 100 | 410,000 | | Benjamin Landry | 410,000 | 55 | 225,500 | | Dan LeSueur | 445,000 | 70 | 311,500 |

  37. Target Performance-Based Incentives for Fiscal 2025

    | (1) Represents the total target performance-based incentive percent of base salary effective as of the annual bonus PRSU grant date of February 20, 2025 (March 17, 2025 for Mr. Albert). | | (2) Represents the fiscal 2025 target PRSU bonus amount for each of our named executive officers and was calculated based on 100% of the expected December 31, 2025 base salary and target bonus percentage as of March 17, 2025 for Mr. Albert and February 20, 2025 for all other NEOs. Refer to the section titled “Corporate Performance Measures and Bonus Plan Funding Methodology” below for more information. |

  38. Target Performance-Based Incentives for Fiscal 2025

    | Category | % | | Fiscal 2025 Annual Bonus Plan Metric | | Improvement(1) | 6.7%(1) | • | Client satisfaction score | | | | • | Team member engagement score | | | 6.7% | • | Percentage of select clients(2) achieving measurable improvements | | | | • | Number of measurable improvements (all clients) | | | 6.7% | • | Percentage of projects on time | | Growth | 10% | • | Net New / Total Number of Platform Clients | | | 15% | • | New Platform Client ARR+NRR | | | 15% | • | Platform Client Dollar-based Net Retention | | Scale | 40% | • | Adjusted EBITDA |

  39. Target Performance-Based Incentives for Fiscal 2025

    Below are selected definitions of our 2025 metrics: Platform Clients are defined as: (i) all Platform Clients as of December 31, 2024 under our historical definition (formerly referred to as DOS Subscription Clients, which we also referred to as Platform Subscription Clients), and (ii) as of January 1, 2025, any client that signs technology contracts with at least $100,000 of incremental total annual recurring revenue (ARR) and non-recurring revenue (NRR) in a given calendar year, inclusive of clients that come through acquisition if we first begin recognizing revenue for the client post-acquisition and that total ARR and NRR exceeds $100,000 in that calendar year, so long as such client maintains an active subscription as of the end of the period. Once a client is designated as a Platform Client, it will continue to be a Platform Client unless it is no longer a client with an active subscription as of the end of the period. Dollar-based Retention Rate We calculate our Dollar-based Retention Rate as of a period end by starting with the sum of the technology and Tech-Enabled Managed Services (TEMS) ARR from our Platform Clients as of the date 12 months prior to such period end (prior period 2025 ARR). This calculation excludes professional services ARR and non-recurring revenue. We then calculated the sum of the ARR from these same clients as of the current period end (current period 2025 ARR). Current period 2025 ARR includes any upsells and also reflects contraction or attrition over the trailing twelve months but excludes ARR from new Platform Clients added in the current period who were not clients at the beginning of such period. This current period 2025 ARR may include acquired ARR from clients (i.e., through acquisition of a company) that overlap with the Platform Clients in a given calendar year. We then divide the current period 2025 ARR by the prior period 2025 ARR to arrive at our Dollar-Based Retention Rate for Technology and TEMS. We calculate applicable ARR for each Platform Client as the expected monthly recurring revenue of our clients as of the last day of a period multiplied by 12. Because our primary business model is to contract for our Platform, analytics applications, and TEMS, our Dollar-Based Retention Rate calculated above only includes our Platform Clients. App Clients that do not meet the definition of a Platform Client, which are primarily legacy Medicity, Able Health, Healthfinch, Vitalware, Twistle, KPI Ninja, ARMUS, ERS, Carevive, Lumeon, Intraprise, and Upfront clients, are not included in the Dollar-Based Retention Rate metrics. As it relates to TEMS, we define this cohort of clients as Platform Clients who subscribe to a Tech-Enabled Managed Services contract with the exception of our pilot ambulatory TEMS offering related to specific ambulatory services agreements, which were sunset in 2025 and which is excluded from Dollar-Based Retention Rate calculations in prior, current and future periods. This cohort of technology and TEMS ARR from our Platform Clients represented the majority of our ARR as of December 31, 2025 and 2024. Adjusted EBITDA as reflected in our quarterly and annual financial statements is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other (income) expense, net, (ii) income tax provision (benefit), (iii) depreciation and amortization, (iv) stock-based compensation, (v) acquisition-related costs, net, (vi) litigation costs, (vii) restructuring costs, (viii) impairment of goodwill and intangible assets, and (ix) non-recurring lease-related charges, as applicable. Adjusted EBITDA Margin is a non-GAAP financial measure that we define as Adjusted EBITDA as a percentage of total revenue. For an explanation of our management’s use of Adjusted EBITDA and Adjusted EBITDA Margin and a reconciliation of net loss and net loss margin,, the most directly comparable financial measures calculated in accordance with GAAP, to Adjusted EBITDA and Adjusted EBITDA Margin, respectively, please see Appendix A to this Proxy Statement. Measurable improvements represent meaningful (i.e., significant enough to present to the client), favorable changes that have been quantified and approved by the client. The target levels required for 100% achievement for the corporate performance measures under our Bonus Plan were approved by our compensation committee and board of directors. The compensation committee set high target thresholds to ensure that incentive payments would only follow significant achievement and total payouts could have been as low as 0% if minimum thresholds were not met. The total payouts for each individual metric were capped at 125%, while the total combined payouts were capped at 100% of the target amounts. Performance in Fiscal 2025 and Payouts In February 2026 our compensation committee assessed our performance against the composite targets established under the 2025 Annual Bonus Plan and the actual achievement compared to the target are described below. The achievement percentages displayed in the tables below are zero if the minimum bonus threshold was not reached, 50% if the threshold was reached, 100% if the target was reached, 125% if the stretch goal was reached, or the percentage achieved of the range between the threshold, target, and stretch performance amounts. The Improvement, Growth, and Scale metrics are capped at 125% with a combined 100% total payout cap. The compensation committee has endeavored to set the performance goals at definitive, rigorous, and objective levels so as to require significant effort and achievement by our executive team to be attained.

  40. Target Performance-Based Incentives for Fiscal 2025

    For the Improvement category, the client satisfaction score was determined based on client survey results converted to a scale of 1 to 10. The actual team member engagement score was determined based on Gallup survey results converted to a scale of 1 to 5. These survey results provide us with feedback from our users and team members and provide a valuable non-financial strategic input for our leadership team in running our business. Our client satisfaction score in fiscal 2025 was 7.8 and the comparable measure of team member engagement score was 3.8. The improvement bonus payout for our named executive officers is based on the lower of the two metrics which, for the team member engagement score, did not meet the threshold target amount of 4.1. Measurable improvements represent a meaningful, favorable change that has been quantified and approved by the client. Measurable improvements provide a non-financial metric for leadership that demonstrates how we are adding value to our clients and accelerates the Health Catalyst flywheel. The percentage of select clients achieving measurable improvements was 62%, which was above the minimum threshold of 60% but below the performance target of 75%. The number of measurable improvements for all clients was 247 which was above the stretch goal of 185. We track the percentage of projects completed on time as an important, non-financial metric for leadership that demonstrates how we are providing timely service and value to our clients and accelerates the Health Catalyst flywheel. The percentage of projects completed on time was 82%, which was above the performance target of 80%.

  41. Target Performance-Based Incentives for Fiscal 2025

    | Category | % Weighting | Actual Achievement of Target | Performance Measure | Threshold | Target | Stretch | Actual Result | | Growth | 10% | —% | Net New / Total Number of Platform Clients | 40 / 170 | 50 / 180 | 55 / 185 | Below Minimum Threshold | | | 15% | —% | New Platform Client ARR+NRR ($ millions) | $20.0 | $25.0 | $27.5 | | | | 15% | —% | Platform Client Dollar-based Net Retention | 103% | 105% | 106% | |

  42. Target Performance-Based Incentives for Fiscal 2025

    With respect to the Growth category, actual new client growth, measured as net new and total Platform Clients, was below the minimum threshold goal of 40 net new and 170 total Platform Clients in fiscal 2025. New Platform Client ARR+NRR was below the minimum threshold of $20.0 million in fiscal 2025. Platform Client Dollar-based Net Retention was below the minimum threshold of 103% in fiscal 2025.

  43. Target Performance-Based Incentives for Fiscal 2025

    For assessing performance, our fiscal 2025 Adjusted EBITDA was a significant improvement compared to the $26.1 million of Adjusted EBITDA from fiscal 2024 and exceeded the minimum threshold of $40.0 million, but was below the performance target of $45.0 million. Adjusted EBITDA is a non-GAAP financial measure. For an explanation of our management’s use of Adjusted EBITDA and a reconciliation of net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, please see Appendix A to this Proxy Statement. As a result, the total actual annual performance-based incentive compensation for our named executive officers under the Annual Bonus Plan in fiscal 2025 were as follows:

  44. Target Performance-Based Incentives for Fiscal 2025

    | Named Executive Officer | 2025 Target Annual Performance-Based Incentive Compensation Opportunity | 2025 Actual Annual Performance-Based Incentive Compensation(1) | | Daniel Burton | $525,000 | $79,183 | | Jason Alger | 276,250 | 41,666 | | Benjamin Albert | 108,675 | 15,448 | | Kevin Freeman(2) | 410,000 | 34,011 | | Benjamin Landry | 225,500 | 61,838 | | Dan Lesueur(2) | 311,500 | 46,983 |

  45. Target Performance-Based Incentives for Fiscal 2025

    | (1) Based on our actual achievement against the composite targets established under the 2025 Annual Bonus Plan, the resulting total composite bonus achievement percentage resulted in 39% of the 2025 annual bonus PRSUs vesting. The actual annual performance-based incentive compensation calculated above is based on the actual number of 2025 annual bonus PRSUs vested multiplied by the December 31, 2025 closing share price. The decrease in price per share compared to the original grant dates resulted in these values being approximately 15% of the target annual performance-based incentive compensation opportunity amounts as of December 31, 2025. | | (2) Messrs. Freeman and LeSueur remained eligible for the annual performance-based incentive compensation after their previously noted departures as part of their separation agreements. |

  46. Long-Term Equity Incentives

    Long-Term Equity Incentives In 2011, our board adopted the Health Catalyst, Inc. 2011 Stock Incentive Plan (the 2011 Plan), which provided for the direct award, sale of shares, and granting of options for our common stock to our directors, team members, or consultants. In connection with our initial public offering (IPO), our board of directors adopted the 2019 Stock Option and Incentive Plan (the 2019 Plan). The 2019 Plan provides flexibility to our compensation committee to use various equity-based incentive awards as compensation tools to motivate our workforce, including the grant of incentive and nonstatutory stock options, restricted and unrestricted stock, RSUs, PRSUs, and stock appreciation rights to our directors, team members, or consultants. We view long-term incentive compensation in the form of equity awards as a critical element of our executive compensation program and our team member compensation program. The realized value of these equity awards has a direct relationship to our stock price; therefore, these awards are an incentive for our named executive officers and all of our team members to create value for our stockholders. Equity awards also help us retain qualified executive officers and team members in a competitive market. Long-term incentive compensation opportunities in the form of equity awards are granted by our compensation committee on a regularly-scheduled basis, as described in “Other Compensation Policies—Equity Award Grant Policy” below. For fiscal 2025, our compensation committee determined that the equity awards to be granted to our chief executive officer should be in the form of 50% RSUs and 50% long-term PRSUs and the equity awards to be granted to our other executive officers should be in the form of approximately 66.67% RSUs and 33.33% long-term PRSUs. Equity awards in the form of RSUs and PRSUs provide retention incentives for our named executive officers and reward them for long-term stock price appreciation while at the same time providing some value even if the market price of our common stock declines. The equity awards granted to our named executive officers in fiscal 2025 are set forth in the “2025 Summary Compensation Table” and the “2025 Grants of Plan-Based Awards Table” below. RSUs We believe RSUs provide a strong retention incentive for our named executive officers, provide a reward for long-term stock price appreciation while at the same time providing some value even if the market price of our common stock declines, and are less dilutive than stock options to our stockholders. All RSUs are granted under our 2019 Plan and are settled for shares of our common stock. In fiscal 2025, we granted our named executive officers RSUs that vest as to one-third of such shares on December 1 of such grant year and in 8 approximately equal quarterly installments thereafter, so long as the named executive officer continues a service relationship with us through the applicable vesting dates. Long-term PRSUs Fiscal 2025-2027 PRSUs In order to further align the interests of our named executive officers with our long-term growth and interests of our stockholders, each named executive officer as of February 20, 2025 (or September 24, 2025 in the case of Mr. Albert) was granted executive PRSUs with a three-year measurement period (Fiscal 2025-2027 PRSUs) that includes performance targets for TSR Achievement (weighted 25%), Revenue Growth Rate Achievement (weighted 25%), and Adjusted EBITDA Margin Achievement (weighted 50%), as part of their typical, annual LTIP equity grants. These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the performance targets. The number of PRSUs that will vest for the 2025, 2026, and 2027 vesting periods will be calculated as follows: (i) the performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2025, 2026, and 2027 vesting periods, each rounded to the nearest whole share. Our compensation committee selected the following Company performance objectives for these Fiscal 2025-2027 PRSUs as shown below:

  47. Long-Term Equity Incentives

    | Fiscal 2025-2027 PRSU Metrics | % Weighting | Why It Matters | | TSR Achievement(1) | 25% | Aligns our three-year stock performance to the Russell 3000 index. Investors recognize TSR as an appropriate measure to motivate executives and achieve alignment with shareholder interests. | | Revenue Growth Rate Achievement(2) | 25% | Establishes forward looking three-year GAAP revenue growth targets, providing an effective indicator of future top-line growth prospects and driving long-term performance and value creation. Aligns with our technology and professional services growth strategy. | | Adjusted EBITDA Margin Achievement(3) | 50% | Aligns three-year Adjusted EBITDA Margin growth resulting from the effective execution of our strategic operating plan to broadly comparable companies subject to similar external market and economic factors. Our ability to generate long-term profitability is critical to our growth and funding of operating and investing activities. |

  48. Long-Term Equity Incentives

    | (1) Based on our TSR as a percentile of the TSR for the Russell 3000 for the applicable fiscal year vesting period. | | (2) Based on our total GAAP revenue annual growth rate relative to the prior fiscal year for the applicable fiscal year vesting period. | | (3) Based on our Adjusted EBITDA as a percentage of total GAAP revenue for the applicable fiscal year vesting period. |

  49. Long-Term Equity Incentives

    Our compensation committee set the Adjusted EBITDA Margin and Revenue Growth Rate thresholds and targets separately for each of the three fiscal years in the fiscal 2025-2027 performance period based on our long-term strategic plan, as well as consideration of long-term performance expectations for the Russell 3000. This approach ensures that we provide competitive incentive compensation based on market competitive performance while continuing to focus on our strategic long-term commitments. Fiscal 2025-2027 PRSU Performance Goals and Actual Vesting In February 2026 our compensation committee assessed our performance against the composite targets established for fiscal 2025 as part of the Fiscal 2025-2027 PRSUs and long-term incentive plan and the actual achievement compared to the target is described below.

  50. Long-Term Equity Incentives

    | Fiscal 2025-2027 PRSUs | | | | | | | | | Performance Period | % Weighting | Performance Metric | % Weighting | Threshold | Target | Actual Result | Weighted Performance | | Fiscal 2025 | 33.33% | TSR Percentile | 25.0% | 30.0% | 55.0% | 3.7% | —% | | | | Revenue Growth | 25.0% | 6.0% | 10.0% | 1.5% | —% | | | | Adjusted EBITDA Margin | 50.0% | 8.0% | 11.0% | 13.3% | 50.0% | | Fiscal 2025 Final Vesting Percentage | | | | | | | 50.0% | | Fiscal 2026 | 33.33% | TSR Percentile | 25.0% | 30.0% | 55.0% | TBD | To be determined (TBD) | | | | Revenue Growth Rate | 25.0% | 10.0% | 13.0% | | | | | | Adjusted EBITDA Margin | 50.0% | 10.0% | 13.0% | | | | Fiscal 2026 Final Vesting Percentage | | | | | | | TBD | | Fiscal 2027 | 33.34% | TSR Percentile | 25.0% | 30.0% | 55.0% | TBD | TBD | | | | Revenue Growth Rate | 25.0% | 6.0% | 10.0% | | | | | | Adjusted EBITDA Margin | 50.0% | 11.0% | 14.0% | | | | Fiscal 2027 Final Vesting Percentage | | | | | | | TBD |

  51. Long-Term Equity Incentives

    The vesting opportunity in respect to each Fiscal 2025-2027 PRSU metric and fiscal year is calculated separately according to the vesting percentages described below.

  52. Long-Term Equity Incentives

    | Performance Metric | Below Threshold | Threshold | Target | | Vesting (% of Target) | —% | 75% | 100% |

  53. Long-Term Equity Incentives

    If the performance metric achievement for a given fiscal year and performance metric is between the threshold and target, the vesting percentage is calculating using interpolation between the threshold and target vesting percentages shown above. Fiscal 2024-2026 PRSUs In order to further align the interests of our named executive officers with our long-term growth and interests of our stockholders, each named executive officer as of February 20, 2024 (or March 1, 2024 in the case of Mr. Alger) was granted executive PRSUs with a three-year measurement period (Fiscal 2024-2026 PRSUs) that includes performance targets for TSR Achievement (weighted 25%), Revenue Growth Rate Achievement (weighted 25%), and Adjusted EBITDA Margin Achievement (weighted 50%), as part of their typical, annual LTIP equity grants. These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the performance targets. The number of PRSUs that will vest for the 2024, 2025, and 2026 vesting periods will be calculated as follows: (i) the performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2024, 2025, and 2026 vesting periods, each rounded to the nearest whole share. In February 2026 our compensation committee assessed our performance against the composite targets established for fiscal 2025 as part of the Fiscal 2024-2026 PRSUs and long-term incentive plan and the actual achievement compared to the target is described below.

  54. Long-Term Equity Incentives

    | Fiscal 2024-2026 PRSUs | | | | | | | | Performance Period | Performance Metric | % Weighting | Threshold | Target | Actual Result | Weighted Performance | | Fiscal 2025 | TSR Percentile | 25.0% | 25.0% | 55.0% | 3.7% | —% | | | Revenue Growth Rate | 25.0% | 5.0% | 10.0% | 1.5% | —% | | | Adjusted EBITDA Margin | 50.0% | 7.0% | 10.0% | 13.3% | 50.0% | | Fiscal 2025 Final Vesting Percentage | | | | | | 50.0% |

  55. Long-Term Equity Incentives

    Fiscal 2023-2025 PRSUs Vesting In order to further align the interests of our named executive officers with our long-term growth and interests of our stockholders, each named executive officer as of February 22, 2023, other than Daniel Burton, was granted executive PRSUs with a three-year measurement period (Fiscal 2023-2025 PRSUs) that includes performance targets for TSR Achievement, Revenue Growth Rate Achievement, and Adjusted EBITDA Margin Achievement, as part of their typical, annual LTIP equity grants (with similar terms and metrics as described above, although the performance targets are each weighted equally). The number of PRSUs that will vest for the 2023, 2024, and 2025 vesting periods will be calculated as follows: (i) the performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2023, 2024 and 2025 vesting periods, each rounded to the nearest whole share. In February 2026 our compensation committee assessed our performance against the composite targets established for fiscal 2025 as part of the Fiscal 2023-2025 PRSUs and long-term incentive plan and the actual achievement compared to the target is described below.

  56. Long-Term Equity Incentives

    | Fiscal 2023-2025 PRSUs | | | | | | | | Performance Period | Performance Metric | % Weighting | Threshold | Target | Actual Result | Weighted Performance | | Fiscal 2025 | TSR Percentile | 33.3% | 30.0% | 55.0% | 3.7% | —% | | | Revenue Growth Rate | 33.3% | 13.0% | 20.0% | 1.5% | —% | | | Adjusted EBITDA Margin | 33.3% | 6.5% | 10.0% | 13.3% | 33.3% | | Fiscal 2025 Final Vesting Percentage | | | | | | 33.3% |

  57. Executive employment arrangements

    Executive employment arrangements We initially entered into an offer letter with each of the named executive officers in connection with his or her employment with us, which set forth the terms and conditions of his or her employment. Each named executive officer also entered into our standard employee agreement and invention and confidentiality agreement. In connection with our IPO, we have adopted an executive severance plan (the Executive Severance Plan) providing for cash severance upon certain terminations of employment and “double-trigger” equity vesting acceleration in the event of certain terminations of employment in connection with or following a sale of the Company. Each of our named executive officers participates in the Executive Severance Plan and the Executive Severance Plan replaces the severance provisions in such named executive officers’ offer letters, if any.

  58. Executive Severance Plan

    Executive Severance Plan The Executive Severance Plan provides that upon a termination of employment by us other than for “cause” (as defined in the Executive Severance Plan), or for death or “disability” (as defined in the Executive Severance Plan) outside of the “change in control period” (i.e., the period beginning on the date of a “change in control” (as defined in the Executive Severance Plan) and ending on the one-year anniversary of the change in control), the participant will be entitled to receive, subject to the execution and delivery of a separation agreement and release containing, among other provisions, an effective release of claims in favor of the Company and reaffirmation of the “restrictive covenants agreement” (as defined in the Executive Severance Plan), (i) a severance amount equal to 12 months’ “base salary” (i.e., the higher of the annual base salary in effect immediately prior to the date of termination or the annual base salary in effect for the year immediately prior to the year in which the date of termination occurs) for a “Tier 1 Executive” (as defined in the Executive Severance Plan and which means the Company’s chief executive officer, Mr. Burton) and 9 months’ base salary for a “Tier 2 Executive” (as defined in the Executive Severance Plan and which include the named executive officers other than Mr. Burton), payable over 12 months or 9 months, respectively, and (ii) monthly cash payments equal to the monthly employer contribution that we would have made to provide health insurance for the applicable participant if he or she had remained employed by us, based on the premiums as of the date of termination, for up to 12 months for a Tier 1 Executive and 9 months for a Tier 2 Executive; provided, that the participant was participating in our group health plan immediately prior to the date of termination and timely elects COBRA health continuation. The Executive Severance Plan also provides that upon a termination of employment by us other than for cause, death or disability or upon a resignation by an eligible participant for “good reason” (as defined in the Executive Severance Plan), in either case within the change in control period, the participant will be entitled to receive, in lieu of the payments and benefits described above and subject to the execution and delivery of a separation agreement and release containing, among other provisions, an effective release of claims in favor of the Company and reaffirmation of the restrictive covenants agreement, (i) a lump sum cash severance amount equal to 150% of base salary for a Tier 1 Executive and 100% of base salary for a Tier 2 Executive, (ii) a lump sum amount equal to 150% for a Tier 1 Executive and 100% for a Tier 2 Executive, of the participant’s annual target bonus in effect immediately prior to such termination (or the participant’s annual target bonus in effect immediately prior to the change in control, if higher), (iii) a lump sum amount equal to the monthly employer contribution, based on the premiums as of the date of termination, that we would have made to provide health insurance for the participant if he or she had remained employed by us for 18 months for a Tier 1 Executive and 12 months for a Tier 2 Executive; provided, that the participant was participating in our group health plan immediately prior to the date of termination and timely elects COBRA health continuation, and (iv) for all outstanding and unvested equity awards of the Company that are subject to time-based vesting held by the participant, full accelerated vesting of such awards; provided, that the performance conditions applicable to any outstanding and unvested equity awards subject to performance-based vesting will be deemed satisfied at the target level specified in the terms of the applicable award agreement. The payments and benefits provided under the Executive Severance Plan in connection with a change in control may not be eligible for a federal income tax deduction by us pursuant to Section 280G of the Code. These payments and benefits may also subject an eligible participant, including the named executive officers, to an excise tax under Section 4999 of the Code. If the payments or benefits payable to an eligible participant in connection with a change in control would be subject to the excise tax imposed under Section 4999 of the Code, then those payments or benefits will be reduced if such reduction would result in a greater net after-tax benefit to the applicable participant.

  59. Equity Award Grant Policy

    Equity Award Grant Policy Our compensation committee has adopted an “Equity Award Grant Policy.” Under this policy, we generally grant equity awards on a regularly-scheduled basis to enhance the effectiveness of our internal control over our equity award grant process. Pursuant to the Equity Award Grant Policy, which was most recently amended in February 2021, our compensation committee has delegated certain limited authority to a delegated committee, made up of our CEO and Chief Financial Officer, to grant routine new hire, promotion, refresh, and certain other equity awards to employees within equity guidelines reviewed and approved from time to time by our compensation committee and subject to other limitations and requirements. The delegated committee may not grant equity awards to its members and the other four highest paid executive officers, or equity awards that would cause the aggregate grant date fair value of equity grants to an individual to exceed $1,500,000. Grants of equity awards are generally made quarterly and will be effective on the date such grant is approved by our compensation committee or delegated committee, as applicable.

  60. Equity Award Timing Policies and Practices

    Equity Award Timing Policies and Practices While we have not granted any stock options to NEOs in 2025, grants of options to purchase our common stock, including for our NEOs, are generally based upon a predetermined schedule each year as a part of the annual compensation process described in the “Long-Term Equity Incentive” section above. If annual long-term incentive compensation is determined to be appropriate, our board, the compensation committee or applicable designee approves any annual grants of equity awards, which can include stock options, for continuing team members in the first fiscal quarter commensurate with the prescheduled board and committee meetings. The grant dates of stock options are generally selected so as not to be within a short period of time, as described in the SEC’s Staff Accounting Bulletin 120 (SAB 120), prior to the release of MNPI such as on Forms 8-K, 10-Q or 10-K. Grants of stock options may occur at other times during the year due to business needs, such as for a newly hired team members or officers or newly appointed board members, though our current compensation program does not include stock options. The board, compensation committee or applicable designee does not anticipate the timing of disclosure of MNPI when determining the timing and terms of such awards, and we do not time the release of MNPI for the purpose of affecting the value of executive compensation. Exercise prices of stock options are based on the closing price of the underlying common stock on the grant date, subject to the applicable rules for non-qualified stock options and incentive stock options under our equity plan. Vesting dates for stock options typically follow a standard monthly cadence and would not be timed to anticipate the release of MNPI. There were no grants of options to our NEOs within four business days before or one business day after the release of MNPI on Forms 8-K, 10-Q or 10-K in 2025. As such, no table of such option grants is presented under Item 402(x) of Regulation S-K.

  61. Taxation of “Parachute” Payments

    Taxation of “Parachute” Payments Sections 280G and 4999 of the Code provide that executive officers and directors who hold significant equity interests and certain other service providers may be subject to significant additional taxes if they receive payments or benefits in connection with a change in control of the company that exceed certain prescribed limits, and that the company (or a successor) may forfeit a deduction on the amounts subject to this additional tax. We have not agreed to provide any executive officer, including any named executive officer, with a “gross-up” or other reimbursement payment for any tax liability that the executive officer might owe as a result of the application of Sections 280G or 4999 of the Code.

  62. 2025 Summary Compensation Table

    2025 Summary Compensation Table The following table provides information regarding the total compensation awarded to, earned by, and paid to our named executive officers for services rendered to us in all capacities for the fiscal years ended December 31, 2025, 2024, and 2023 (or shorter time as a named executive officer).

  63. 2025 Summary Compensation Table

    | Name and Principal Position | Year | Salary | Bonus(1) | Stock Awards(2) | Nonequity Incentive Plan Compensation(3) | All Other Compensation(4) | Total | | Daniel Burton(4), Chief Executive Officer | 2025 | $525,000 | — | $3,444,040 | $— | $22,119 | $3,991,159 | | | 2024 | 525,000 | — | 4,685,318 | 267,388 | 16,435 | 5,494,141 | | | 2023 | — | — | — | — | — | — | | Jason Alger, Chief Financial Officer | 2025 | 353,125 | — | 1,623,106 | — | 12,241 | 1,988,472 | | | 2024 | 338,333 | — | 826,581 | 108,441 | 13,800 | 1,287,155 | | | 2023 | 217,250 | — | 495,014 | 36,026 | 21,325 | 823,615 | | Benjamin Albert(5), Chief Operating Officer and President | 2025 | 343,722 | 587,610 | 2,089,140 | — | 6,555 | 3,027,027 | | Kevin Freeman, Chief Commercial Officer | 2025 | 395,625 | — | 1,401,185 | — | 14,712 | 1,811,522 | | | 2024 | 387,500 | — | 1,564,820 | 197,358 | 13,800 | 2,163,478 | | | 2023 | 350,000 | — | 188,717 | 92,970 | 13,200 | 644,887 | | Benjamin Landry, General Counsel | 2025 | 410,000 | — | 928,134 | — | 9,036 | 1,347,170 | | | 2024 | 391,667 | — | 1,066,923 | 99,740 | 13,819 | 1,572,149 | | | 2023 | 268,388 | — | 637,213 | 29,356 | 11,348 | 946,304 | | Dan LeSueur(6), Former Chief Operating Officer | 2025 | 255,000 | — | 1,390,595 | — | 118,672 | 1,764,267 |

  64. 2025 Summary Compensation Table

    | (1) Amount represents an acquisition-related bonus paid to Mr. Albert that was funded by the stockholders of Upfront Healthcare Services, Inc. in connection with its acquisition by our Company. | | (2) There were no stock options granted during the years presented. The reported amounts represent the aggregate grant date fair value of awards of RSUs and PRSUs granted in each year presented, computed in accordance with FASB ASC Topic 718, excluding the estimate of forfeitures not related to the performance-based vesting of PRSUs. Amounts reflect the fair value of each award based on the closing price of our common stock on the Nasdaq Global Select Market on the date of grant of the award. The grant date fair value of the PRSUs is based on the probable outcome of the vesting conditions as of the grant date. For fiscal 2025, the grant date fair value of all annual bonus PRSUs at maximum performance achievement, are $384,624, $202,388, $61,950, $300,375, $165,208, and $228,214 for Messrs. Burton, Alger, Albert, Freeman, Landry, and LeSueur. For fiscal 2025, the grant date fair value of all long-term PRSUs at maximum performance achievement, are 1,463,976, $445,128, $611,470, 346,210, $237,401, and $380,832 for Messrs. Burton, Alger, Albert, Freeman, Landry, and LeSueur. | | (3) Represents the cash amounts earned by our named executive officers under our short-term incentive plan (the Bonus Plan), based on our achievement of certain corporate performance goals. In fiscal 2025 the annual bonus payout consisted 100% of PRSUs and are included in the Stock Awards column above. For a description of the Bonus Plan, see the section titled “Compensation Discussion and Analysis – Annual Performance-Based Incentives” above. | | (4) For fiscal 2025, the amounts reported represent matching contributions made by us under our 401(k) plan ($13,313, $12,087, $6,555, $14,000, $9,036, and $12,819, for Messrs. Burton, Alger, Albert, Freeman, Landry, and LeSueur respectively), executive life insurance premiums paid by us ($578 for Mr. Burton and $348 for Mr. LeSueur), executive long-term disability insurance premiums paid by us ($8,228 for Mr. Burton and $505 for Mr. LeSueur), gift cards paid by us as part of a benefit provided to all team members ($154 for Mr. Alger and $712 for Mr. Freeman), and severance paid by us ($128,445 for Mr. LeSueur in fiscal 2025 with an additional $165,000 paid in January 2026). | | (5) Mr. Burton voluntarily reduced his cash and new equity compensation by 100% from July 2022 through December 2023 in response to the challenging macroeconomic environment and to lead by example as part of our cost reduction initiatives. As part of his compensation reduction, he also declined receiving the cash portion of his annual bonus for fiscal 2022 and 2023. Effective January 1, 2024, his base salary increased to $525,000. | | (6) Mr. Albert commenced employment with us in January 2025, and became our Chief Operating Officer and President effective September 15, 2025. | | (7) Mr. LeSueur ceased serving as Chief Operating Officer effective September 15, 2025. After stepping down, Mr. LeSueur continued to provide service to the Company as an independent contractor and senior advisor until March 15, 2026. |

  65. 2025 Grants of Plan-Based Awards Table

    2025 Grants of Plan-Based Awards Table The following table shows information regarding grants of non-equity and equity awards that we made during fiscal 2025 to each of the named executive officers listed in the Summary Compensation Table.

  66. 2025 Grants of Plan-Based Awards Table

    | | | | Estimated future payouts under non-equity incentive plan awards ($)(1) | | Estimated future payouts under equity incentive plan awards (# of PRSUs)(2) | | All Other Stock Awards (# of RSUs)(3) | Grant Date Fair Value of Stock Awards ($)(4) | | Name | Award Type | Grant Date | Target (100%) | Maximum (130%) | Threshold | Target/Maximum (100%) | | | | Daniel Burton | Cash | — | — | — | | | | | | | Annual Bonus PRSU | 2/20/25 | | | 5,692 | 84,951 | | 384,624 | | | Long-term PRSU | 2/20/25 | | | 18,500 | 296,000 | | 1,463,976 | | | RSU | 2/20/25 | | | | | 296,000 | 1,595,440 | | Jason Alger | Cash | — | — | — | | | | — | | | Annual Bonus PRSU | 2/20/25 | | | 2,995 | 44,701 | | 202,388 | | | Long-term PRSU | 2/20/25 | | | 5,625 | 90,000 | | 445,128 | | | RSU | 2/20/25 | | | | | 181,000 | 975,590 | | Benjamin Albert | Cash | — | — | — | | | | | | | Annual Bonus PRSU | 3/17/25 | | | 1,110 | 16,573 | | 61,950 | | | Long-term PRSU | 9/24/25 | | | 14,563 | 233,000 | | 611,470 | | | RSU | 3/17/25 | | | | | 18,000 | 80,100 | | | RSU | 9/24/25 | | | | | 467,000 | 1,335,620 | | Kevin Freeman(5) | Cash | — | — | — | | | | | | | Annual Bonus PRSU | 2/20/25 | | | 4,445 | 66,343 | | 300,375 | | | Long-term PRSU | 2/20/25 | | | 4,375 | 70,000 | — | 346,210 | | | RSU | 2/20/25 | | | — | — | 140,000 | 754,600 | | Benjamin Landry | Cash | — | — | — | | | | | | | Annual Bonus PRSU | 2/20/25 | | | 2,445 | 36,489 | | 165,208 | | | Long-term PRSU | 2/20/25 | | | 3,000 | 48,000 | | 237,401 | | | RSU | 2/20/25 | | | | | 97,500 | 525,525 | | Dan LeSueur(6) | Cash | — | — | — | | | | — | | | Annual Bonus PRSU | 2/20/25 | | | 3,377 | 50,405 | | 228,214 | | | Long-term PRSU | 2/20/25 | | | 4,813 | 77,000 | | 380,832 | | | RSU | 2/20/25 | | | | | 145,000 | 781,550 |

  67. 2025 Grants of Plan-Based Awards Table

    | (1) The Bonus Plan for fiscal 2025 was paid 100% through PRSUs and there was no cash portion of the Bonus Plan for fiscal 2025. | | (2) These columns set forth the fiscal 2025 target annual bonus PRSU and Long-term PRSU amounts for each of our named executive officers. Each named executive officer was granted 2025 annual bonus PRSUs with a one-year measurement period that includes various improvement, growth, and scale targets for client and team member satisfaction (7% weighted), client measurable improvements (7%), timely project completion (7%), net new Platform Clients (10%), new Platform Client ARR+NRR (15%), Platform Client Dollar-based Net Retention (15%), and Adjusted EBITDA (40%). These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the performance. There is a minimum annual threshold level of achievement for each individual metric that is 50% of each individual metric’s “Target” level, whereby performance below that threshold results in 0% achievement for that specific metric. The “Maximum” level of attainment for the annual bonus PRSUs granted in fiscal 2025 is equal to the “Target” level. Target bonuses were set as a percentage of each named executive officer’s initially expected salary at the end of fiscal 2025 as follows: 100% for Messrs. Burton and Freeman, 65% for Mr. Alger, 35% for Mr. Albert, 55%, for Mr. Landry, and 70% for Mr. LeSueur. For a description of the Bonus Plan, see the section titled “Compensation Discussion and Analysis – Annual Performance-Based Incentives” above. |

  68. 2025 Grants of Plan-Based Awards Table

    | Each named executive officer was granted long-term PRSUs with a three-year measurement period that includes market and performance targets for TSR Achievement (25% weighted), Revenue Growth Rate Achievement (25% weighted), and Adjusted EBITDA Margin Achievement (50% weighted). These PRSUs may vest in an amount up to the amount granted, subject to satisfaction of the performance targets. The number of PRSUs that will vest for the 2025, 2026, and 2027 vesting periods will be calculated as follows: (i) the performance achievement for the applicable vesting period, multiplied by (ii) approximately 33.33% of the PRSUs for each of the 2025, 2026, and 2027 vesting periods, each rounded to the nearest whole share. There is a minimum annual threshold level of achievement for each individual metric that is 75% of each individual metric’s “Target” level, whereby performance below that threshold results in 0% achievement for that specific metric. The “Maximum” level of attainment for the long-term PRSUs granted in fiscal 2025 is equal to the “Target” level. The actual amounts of long-term PRSUs that vested based on the 2025 vesting period market and performance conditions are set forth within a table in the “Performance in Fiscal 2025 and Payouts” section above. For further information regarding the terms of these awards, see the section titled “Elements of Our Executive Compensation Program” above. | | (3) Annual RSUs were granted under the 2019 Plan. Each of the annual RSU awards other than those granted to Mr. Albert vested as to 33.33% of the shares of common stock underlying the RSU award upon the one-year anniversary of December 1, 2025 and vest as to the remainder of the shares in 8 equal quarterly installments thereafter, subject to the applicable named executive officer’s continued service through the applicable vesting dates. Mr. Albert’s initial RSU grant on March 17, 2025, vested as to 25% of the shares of common stock underlying the RSU award upon the one-year anniversary of March 1, 2026, and vest to the remainder of the shares in 12 equal quarterly installments thereafter, while the RSU grant on September 10, 2025, vested as to 16.7% of the shares of common stock underlying the RSU award upon the six-month anniversary of March 10, 2026, and vest to the remainder of the shares in 10 equal quarterly installments thereafter, subject to his continued service through the applicable vesting dates. | | (4) The reported amounts represent the aggregate grant date fair value of awards of RSUs and PRSUs granted computed in accordance with FASB ASC Topic 718, excluding the estimate of forfeitures not related to the performance-based vesting of PRSUs. Amounts reflect the fair value of each award based on the closing price of our common stock on the Nasdaq Global Select Market on the date of grant of the award. The grant date fair value of the annual bonus and long-term PRSUs is based on the probable outcome of the market and performance vesting conditions as of the grant date. The assumptions used in calculating the grant date fair value of the stock awards reported in this column are set forth in Note 14 of our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The amounts reported in this column reflect the initially estimated accounting cost for these stock awards and do not correspond to the actual economic value that may be received by our named executive officers upon the vesting of the restricted stock unit awards or any sale of the underlying shares of common stock. | | (5) Effective February 1, 2026, Mr. Freeman ceased serving as Chief Commercial Officer. In connection, we entered into a separation agreement and a consulting agreement with Mr. Freeman. As part of his separation agreement, Mr. Freeman was entitled to receive continued vesting of the RSUs and PRSUs previously granted when he was an employee that are eligible to vest on or before December 1, 2026. All RSUs and PRSUs previously granted that are scheduled to vest after December 1, 2026 were forfeited. | | (6) Effective September 15, 2025, Mr. LeSueur ceased serving as Chief Operating Officer. In connection, we entered into a separation agreement and a consulting agreement with Mr. LeSueur. As part of his separation agreement, Mr. LeSueur was entitled to receive continued vesting of the Company’s RSUs and PRSUs previously granted when he was an employee that are eligible to vest on or before March 15, 2026. All RSUs and PRSUs previously granted that are scheduled to vest after March 15, 2026, were forfeited. |

  69. Outstanding Equity Awards at 2025 Year-end

    Outstanding Equity Awards at 2025 Year-end The following table sets forth information regarding outstanding equity awards held by our named executive officers as of December 31, 2025:

  70. Outstanding Equity Awards at 2025 Year-end

    | | | | Option Awards(1) | | | Stock Awards(1) | | | | | Name | Grant Date | Vesting Commencement Date | Number of Securities Underlying Unexercised Options (#) Exercisable | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock that Have not Vested (#)(2) | Market Value of Shares or Units of Stock that Have not Vested ($)(3) | Equity Incentive Plan Awards: Number of Unearned Units (#) | Equity Incentive Plan Awards: Market Value of Unearned Units ($)(3) | | Daniel Burton(12) | 9/27/18 | 9/25/18 | 80,728(4) | $10.80 | 9/27/28 | — | $— | — | $— | | | 2/5/19 | 2/5/19 | 107,873(4) | 15.84 | 2/5/29 | — | — | — | — | | | 2/20/24 | 12/1/23 | — | — | — | 83,333 | 199,166 | — | — | | | 2/20/25 | 12/1/24 | — | — | — | 197,333 | 471,626 | — | — | | | 2/20/24 | 3/1/24 | — | — | — | — | — | 166,667(6) | 398,334 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 296,000(5) | 707,440 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 84,951(8) | 203,033 | | Jason Alger | 10/26/17 | 10/26/17 | 2,860(4) | 10.72 | 10/26/27 | — | — | — | — | | | 5/3/18 | 5/3/18 | 1,462(4) | 10.78 | 5/3/28 | — | — | — | — | | | 9/27/18 | 9/25/18 | 5,721(4) | 10.80 | 9/27/28 | — | — | — | — | | | 2/22/23 | 12/1/22 | — | — | — | 6,250 | 14,938 | — | — | | | 3/1/24 | 12/1/23 | — | — | — | 23,333 | 55,766 | — | — | | | 2/20/25 | 12/1/24 | — | — | — | 120,667 | 288,394 | — | — | | | 2/22/23 | 3/1/23 | — | — | — | — | — | 4,167(7) | 9,959 |

  71. Outstanding Equity Awards at 2025 Year-end

    | | 3/1/24 | 3/1/24 | — | — | — | — | — | 23,333(6) | 55,766 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 90,000(5) | 215,100 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 44,701(8) | 106,835 | | Benjamin Albert | 3/17/25 | 3/1/25 | — | — | — | 18,000 | 43,020 | — | — | | | 9/24/25 | 9/10/25 | — | — | — | 467,000 | 1,116,130 | — | — | | | 3/17/25 | 3/1/25 | — | — | — | — | — | 16,573(8) | 39,609 | | | 9/24/25 | 3/1/25 | — | — | — | — | — | 233,000(5) | 556,870 | | Kevin Freeman(10) | 9/8/22 | 9/1/22 | — | — | — | 22,500 | 53,775 | — | — | | | 2/20/24 | 12/1/23 | — | — | — | 36,667 | 87,634 | — | — | | | 2/20/25 | 12/1/24 | — | — | — | 93,333 | 223,066 | — | — | | | 2/24/22 | 3/1/22 | — | — | — | — | — | 79(9) | 189 | | | 2/22/23 | 3/1/23 | — | — | — | — | — | 5,001(7) | 11,952 | | | 2/20/24 | 3/1/24 | — | — | — | — | — | 36,667(6) | 87,634 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 70,000(5) | 167,300 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 66,343(8) | 158,560 | | Benjamin Landry | 5/3/23 | 5/3/23 | — | — | — | 5,000 | 11,950 | — | — | | | 10/5/23 | 10/5/23 | — | — | — | 5,000 | 11,950 | — | — | | | 2/20/24 | 2/20/24 | — | — | — | 25,000 | 59,750 | — | — | | | 2/20/25 | 2/20/25 | — | — | — | 65,000 | 155,350 | — | — | | | 5/3/23 | 5/3/23 | — | — | — | — | — | 1,333(7) | 3,186 | | | 10/5/23 | 10/5/23 | — | — | — | — | — | 5,333(7) | 12,746 | | | 2/20/24 | 2/20/24 | — | — | — | — | — | 25,000(6) | 59,750 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 48,000(5) | 114,720 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 36,489(8) | 87,209 | | Dan LeSueur(11) | 3/30/23 | 12/1/22 | — | — | — | 2,188 | 5,229 | — | — | | | 3/1/24 | 12/1/23 | — | — | — | 5,833 | 13,941 | — | — | | | 2/20/25 | 12/1/24 | — | — | — | 12,084 | 28,881 | — | — | | | 3/30/23 | 3/1/23 | — | — | — | — | — | 2,333(7) | 5,576 | | | 3/1/24 | 3/1/24 | — | — | — | — | — | 11,666(6) | 27,882 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 25,665(5) | 61,339 | | | 2/20/25 | 3/1/25 | — | — | — | — | — | 50,405(8) | 120,468 |

  72. Outstanding Equity Awards at 2025 Year-end

    | (1) Each equity award prior to July 23, 2019 was granted pursuant to our 2011 Plan and are subject to the terms of our 2011 Plan, as amended from time to time. Equity awards granted on or after July 23, 2019 were and will be granted pursuant to our 2019 Plan and are subject to the terms of our 2019 Plan, as amended from time to time. Each equity award is subject to certain acceleration of vesting provisions as set forth in our Executive Severance Plan. | | (2) For NEO RSU grants prior to fiscal 2025, 25% of the restricted stock units vest on the first anniversary of the vesting commencement date and the remaining 75% vest in 12 equal quarterly installments thereafter. Beginning in fiscal 2025, 33.3% of the restricted stock units vest on the first anniversary of the vesting commencement date and the remaining 66.7% vest in 8 equal quarterly installments thereafter. The RSU grants are subject to the named executive officer’s continuous service relationship with our Company through each applicable vesting date. | | (3) The market value of restricted stock unit awards and performance-based restricted stock units is determined by multiplying the number of shares by $2.39, the closing price of our common stock on the Nasdaq Global Select Market on the last trading day of the year ended December 31, 2025. | | (4) The stock option is fully vested. | | (5) The amounts reported represent the number of long-term 2025-2027 PRSUs granted to all named executive officers in fiscal 2025, as previously described, and assumes maximum market and performance goals will be achieved. Approximately one third of the long-term 2025-2027 PRSUs vested or forfeited on March 1, 2026 upon the achievement of certain market and performance metrics, during the period of January 1, 2025 through December 31, 2025, as summarized in the section titled “Elements of Our Executive Compensation Program” above. On March 1, 2026, a total of 49,333, 15,000, 38,833, 11,666, 8,000, and 12,833, long-term 2025-2027 PRSUs vested for Messrs. Burton, Alger, Albert, Freeman, Landry, and LeSueur respectively. The remaining two thirds of the long-term PRSUs will vest based on fiscal 2026 and 2027 market and performance conditions on March 1, 2027, and March 1, 2028 respectively, subject to the named executive officer’s continuous service relationship with our Company through each applicable vesting date. |

  73. Outstanding Equity Awards at 2025 Year-end

    | (6) The amounts reported represent the number of long-term 2024-2026 PRSUs granted to all named executive officers in fiscal 2024, as previously described, and assumes maximum market and performance goals will be achieved. Approximately one third of the long-term 2024-2026 PRSUs vested or forfeited on March 1, 2025 upon the achievement of certain market and performance metrics, during the period of January 1, 2025 through December 31, 2025, as summarized in the section titled “Elements of Our Executive Compensation Program” above. On March 1, 2026, a total of 75,437, 5,833, 9,167, 6,250, and 5,833 long-term 2024-2026 PRSUs vested for Messrs. Burton, Alger, Freeman, Landry, and LeSueur respectively. The remaining one third of the long-term PRSUs will vest based on fiscal 2026 market and performance conditions on March 1, 2027, respectively, subject to the named executive officer’s continuous service relationship with our Company through each applicable vesting date. | | (7) The amounts reported represent the number of long-term 2023-2025 PRSUs outstanding as of December 31, 2024 for each named executive officer and assumes maximum market and performance goals will be achieved. Approximately one third of the long-term 2023-2025 PRSUs vested or forfeited on March 1, 2025 upon the achievement of certain market and performance metrics, during the period of January 1, 2025 through December 31, 2025, as summarized in the section titled “Elements of Our Executive Compensation Program” above. On March 1, 2026, a total of 1,389, 1,667, 2,223, and 778, long-term 2023-2025 PRSUs vested for Messrs. Alger, Freeman, Landry, and LeSueur, respectively. | | (8) The amounts reported represent the number of 2025 annual bonus PRSUs outstanding as of December 31, 2025 for each named executive officer and assumes maximum performance goals will be achieved. On March 1, 2026, a total of 33,131, 17,433, 6,463 25,874, 14,231, and 19,658, 2025 annual bonus PRSUs vested for Messrs. Burton Alger, Albert, Freeman, Landry, and LeSueur, respectively based on fiscal 2025 Company performance, with the remaining 2026 annual bonus PRSUs being forfeited. For a description of the Bonus Plan, see the section titled “Compensation Discussion and Analysis – Annual Performance-Based Incentives” above. | | (9) The amount reported represents the number of long-term PRSUs outstanding as of December 31, 2025. These long-term PRSUs were granted to Mr. Freeman on February 24, 2022 and the performance achievement was based solely on fiscal 2022 results. Twenty-five percent of the long-term PRSUs vested on March 1, 2023 and the remaining 75% will vest in 12 equal quarterly installments thereafter, generally subject to the named executive officer’s continuous service relationship with our Company through each applicable vesting date. | | (10) Effective February 1, 2026, Mr. Freeman ceased serving as Chief Commercial Officer. In connection, we entered into a separation agreement and a consulting agreement with Mr. Freeman. As part of his separation agreement, Mr. Freeman was entitled to receive continued vesting of the RSUs and PRSUs previously granted when he was an employee that are eligible to vest on or before December 1, 2026. All RSUs and PRSUs previously granted that are scheduled to vest after December 1, 2026 were forfeited. | | (11) Effective September 15, 2025, Mr. LeSueur ceased serving as Chief Operating Officer. In connection, we entered into a separation agreement and a consulting agreement with Mr. LeSueur. As part of his separation agreement, Mr. LeSueur was entitled to receive continued vesting of the RSUs and PRSUs previously granted when he was an employee that are eligible to vest on or before March 15, 2026. All RSUs and PRSUs previously granted that are scheduled to vest after March 15, 2026, were forfeited. | | (12) Effective February 12, 2026, Mr. Burton ceased serving as Chief Executive Officer. In connection, we entered into a transition agreement with Mr. Burton. As part of his transition agreement, Mr. Burton was entitled to receive continued vesting of the RSUs and PRSUs previously granted when he was an employee that are eligible to vest on or before March 2, 2026. All RSUs and PRSUs previously granted that are scheduled to vest after March 2, 2026, were forfeited. |

  74. 2025 Option Exercises and Stock Vested

    2025 Option Exercises and Stock Vested The following table shows information regarding exercises of options to purchase our common stock and vesting of restricted stock unit awards by our named executive officers during the year ended December 31, 2025.

  75. 2025 Option Exercises and Stock Vested

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($)(1) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(2) | | Daniel Burton | — | $— | 295,462 | $1,104,334 | | Jason Alger | — | — | 108,117 | 369,237 | | Benjamin Albert | — | — | — | — | | Kevin Freeman | — | — | 140,973 | 508,627 | | Benjamin Landry | — | — | 83,288 | 298,689 | | Dan LeSueur | — | — | 98,007 | 339,790 |

  76. 2025 Option Exercises and Stock Vested

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  77. 2025 Option Exercises and Stock Vested

    | (1) Amounts shown in this column do not necessarily represent the actual value realized from the sale of the shares acquired upon exercise of the options because the shares may not be sold on exercise but continue to be held by the executive officer exercising the option. The amounts shown represent the difference between the option exercise price and the market price on the date of exercise, which is the amount that would have been realized if the shares had been sold immediately upon exercise. | | (2) Amounts shown in this column represent the market value of restricted stock unit awards upon vesting as determined by multiplying the number of shares by the closing price of our common stock on the Nasdaq Global Select Market the market day immediately preceding the vesting date. |

  78. Pension Benefits

    Pension Benefits Aside from our 401(k) plan, which is described above, we do not maintain any pension plan or arrangement under which our named executive officers are entitled to participate or receive post-retirement benefits. We do not have any qualified or non-qualified defined pension benefit plans.

  79. Nonqualified Deferred Compensation

    Nonqualified Deferred Compensation We do not maintain any nonqualified deferred compensation plans or arrangements under which our named executive officers are entitled to participate.

  80. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control

  81. CEO Pay Ratio Disclosure

    CEO Pay Ratio Disclosure As required by SEC rules, we are providing the following information about the relationship between the annual total compensation of our CEO and the annual total compensation of our median compensated employee (our CEO pay ratio). For fiscal 2025, the median of the annual total compensation of all employees of our Company (other than our CEO) was $113,064 and the annual total compensation of our CEO was $3,991,159. Based on this information, for fiscal 2025 the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all employees was 35 to 1. This ratio is a reasonable estimate calculated in a manner consistent with SEC rules. To identify the median employee, we examined the compensation of all our full- and part-time employees (other than our CEO) as of December 31, 2025, the last day of fiscal 2025. Our employee population consisted of individuals (other than our CEO) working at our parent company and consolidated subsidiaries both within and outside the United States. We did not include any contractors or other non-employee workers in our employee population. We used a consistently applied compensation measure consisting of actual annual base salary, actual bonus and, commission amounts earned, matching contributions made by us under our 401(k) plan, and the grant date fair value of equity awards for the year ended December 31, 2025 to identify our median employee. For simplicity, we calculated annual base salary using a reasonable estimate of the hours worked during fiscal 2025 for hourly employees and actual salary paid for our remaining employees. We annualized compensation for any full-time and part-time employees who commenced work during fiscal 2025 to reflect a full year. Equity awards granted during the year were included using the same methodology we use for our named executive officers in our Summary Compensation Table. We did not make any cost-of-living adjustments. Using this approach, we identified the individual at the median of our employee population who was the best representative of our employee population. The individual is a full-time employee based in the United States. We then calculated the fiscal 2025 annual total compensation for this individual using the same methodology we use for our named executive officers as set forth in our fiscal 2025 Summary Compensation Table. With respect to the annual total compensation of our CEO, we used the amount reported in the “Total” column of our 2025 Summary Compensation Table. Because SEC rules for identifying the median of the annual total compensation of all employees allow companies to adopt a variety of methodologies, apply certain exclusions, and make reasonable estimates and assumptions that reflect their employee population and compensation practices, the pay ratio reported by other companies may not be comparable to our pay ratio, as other companies have different employee populations and compensation practices and may have used different methodologies, exclusions, estimates, and assumptions in calculating their pay ratios. As explained by the SEC when it adopted these rules, the rule was not designed to facilitate comparisons of pay ratios among different companies, even companies within the same industry, but rather to allow stockholders to better understand and assess each particular company’s compensation practices and pay ratio disclosures.

  82. Pay Versus Performance

    Pay Versus Performance In accordance with Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation S-K, we are providing the following information about the relationships between compensation actually paid to named executive officers and Company performance. In this section, we refer to “compensation actually paid” and other terms used in the applicable SEC rules. For information concerning the Company’s compensation philosophy and how the Company aligns executive compensation with its financial and operational performance, refer to the section titled “Executive Compensation – Compensation Discussion and Analysis” above. We refer collectively to awards of RSUs, PRSUs, and stock options as equity awards in this Pay versus Performance section. For purposes of the tables below, our CEO and non-CEO named executive officers for 2021, 2022, 2023, 2024 and 2025 are the following:

  83. Pay Versus Performance

    | Year | CEO | Non-CEO Named Executive Officers | | 2025 | Daniel Burton | Jason Alger, Benjamin Albert, Kevin Freeman, Benjamin Landry, Dan LeSueur | | 2024 | Daniel Burton | Jason Alger, Kevin Freeman, Benjamin Landry, Linda Llewelyn, and Bryan Hunt | | 2023 | Daniel Burton | Bryan Hunt, Jason Alger, Benjamin Landry, Linda Llewelyn, and Daniel Orenstein | | 2022 | Daniel Burton | Bryan Hunt, Kevin Freeman, Paul Horstmeier, Daniel Orenstein, and Patrick Nelli | | 2021 | Daniel Burton | Bryan Hunt, Patrick Nelli, Paul Horstmeier, and Daniel Orenstein |

  84. Pay Versus Performance

    | | | | | | Value of Initial Fixed $100 Investment Based on: | | | | | Year | Summary Compensation Table (SCT) Total for CEO(1) | Compensation Actually Paid to CEO(2) | Average SCT Total for Non-CEO NEOs | Average Compensation Actually Paid to Non-CEO NEOs(2) | Total Shareholder Return(3) | Peer Group Total Shareholder Return(3)(4) | Net Loss(5) (in thousands) | Adjusted EBITDA(6) (in thousands) | | 2025 | $3,991,159 | $268,056 | $1,987,692 | $748,250 | $5 | $99 | $(177,974) | $41,408 | | 2024 | 5,494,141 | 4,170,561 | 1,446,203 | 930,823 | 20 | 105 | (69,502) | 26,105 | | 2023 | — | (59,146) | 1,222,403 | 735,127 | 27 | 106 | (118,147) | 11,021 | | 2022 | 4,435,013 | (8,154,225) | 3,189,684 | (766,685) | 31 | 100 | (137,403) | (2,487) | | 2021 | 5,961,043 | 5,615,764 | 3,297,583 | 2,846,251 | 114 | 125 | (153,210) | (11,248) |

  85. Pay Versus Performance

    | (1) Represents the total compensation reported for the CEO for each corresponding year in the “Total” column of the Summary Compensation Table. | | (2) The calculation for “Compensation Actually Paid” is presented in the table below in accordance with the requirements of Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to the CEO and non-CEO NEOs during the applicable year. | | (3) For Health Catalyst and our peer group, the TSR for each year reflects what the cumulative value of $100 would be, including reinvestment of dividends, if such amount were invested on December 31, 2020. | | (4) As permitted by SEC rules, the peer group referenced for purposes of “Peer Group Total Shareholder Return” is that of the Nasdaq Health Care Index, which is the industry index reported in our annual report on Form 10-K for 2025 in accordance with Regulation S-K Item 201(e). | | (5) The dollar amounts reported represent the amount of net loss reflected in our audited consolidated financial statements for the applicable year. | | (6) Adjusted EBITDA is the financial measure from the tabular list of most important performance measures below, which represents the most important measure used to link compensation actually paid to our named executive officers in fiscal 2025 to the Company’s performance. Adjusted EBITDA is a non-GAAP financial measure. For an explanation of our management’s use of Adjusted EBITDA and a reconciliation of net loss, the most directly comparable financial measure calculated in accordance with GAAP, to Adjusted EBITDA, please see Appendix A to this Proxy Statement. |

  86. Pay Versus Performance

    | | | 2025 | | | | | CEO | Avg. Non-CEO NEOs | | Summary Compensation Table Total | | $3,991,159 | $1,987,692 | | - | Grant date fair value of awards granted in fiscal year | (3,444,040) | (1,486,432) | | + | Year-end fair value of outstanding and unvested awards granted in fiscal year | 997,277 | 550,127 | | + | Change in fair value of outstanding and unvested awards granted in prior fiscal years | (978,916) | (214,060) | | + | Change in fair value as of vesting date of awards granted in prior years that vested in fiscal year | (584,545) | (152,777) | | + | Fair value as of vesting date of awards granted and vested in fiscal year | 287,121 | 109,319 | | - | Fair value as of prior fiscal year-end of awards granted in prior years that were forfeited in fiscal year | — | (45,619) | | Compensation Actually Paid | | $268,056 | $748,250 |

  87. Pay Versus Performance

    The table above reconciles Summary Compensation Table pay to Compensation Actually Paid in accordance with the required methodology from Item 402(v) of Regulation S-K, meaning that outstanding awards have been valued prior to vesting based on fair values. The change in fair values of RSUs across measurement dates is attributable to the change in stock prices. The change in the fair values of stock options is measured using a Black-Scholes model and is driven by changes in stock price and the expected life of the stock options as well as the prevailing stock price volatility, risk-free rate, and dividend yield at the measurement date. The change in the fair values of the PRSUs reflects our projected payout factors relative to the performance metric and stock price as at fiscal year-end.

  88. Description of Relationships Between Information Presented

    | Compensation Actually Paid and Cumulative TSR |

  89. Description of Relationships Between Information Presented

    | Compensation Actually Paid and Net Loss |

  90. Description of Relationships Between Information Presented

    | Compensation Actually Paid and Adjusted EBITDA |

  91. Limitation of Liability and Indemnification of Directors and Officers

    Limitation of Liability and Indemnification of Directors and Officers We have adopted an amended and restated certificate of incorporation, which contains provisions that limit the liability of our directors for monetary damages to the fullest extent permitted by Delaware law. Consequently, our directors are not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for the following:

  92. Limitation of Liability and Indemnification of Directors and Officers

    | • | any breach of their duty of loyalty to our Company or our stockholders; | | • | any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law; | | • | unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law; or | | • | any transaction from which they derived an improper personal benefit. |

  93. Limitation of Liability and Indemnification of Directors and Officers

    Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment or repeal. If the Delaware General Corporation Law (as amended, the DGCL) is amended to provide for further limitations on the personal liability of directors of corporations, then the personal liability of our directors will be further limited to the greatest extent permitted by the DGCL. In addition, we have adopted amended and restated bylaws, which provide that we will indemnify, to the fullest extent permitted by law, any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of our directors or officers or is or was serving at our request as a director or officer of another corporation, partnership, joint venture, trust, or other enterprise. Our bylaws provide that we may indemnify to the fullest extent permitted by law any person who is or was a party or is threatened to be made a party to any action, suit, or proceeding by reason of the fact that he or she is or was one of our employees or agents or is or was serving at our request as an employee or agent of another corporation, partnership, joint venture, trust, or other enterprise. Our bylaws also provide that we must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to limited exceptions. Further, we have entered into or will enter into indemnification agreements with each of our directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require us, among other things, to indemnify our directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require us to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit, or proceeding. We believe that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers. The limitation of liability and indemnification provisions that are included in our amended and restated certificate of incorporation, our bylaws, and in indemnification agreements that we have entered into or will enter into with our directors and executive officers may discourage stockholders from bringing a lawsuit against our directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and executive officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, we are not aware of any pending litigation or proceeding involving any person who is or was one of our directors, officers, employees or other agents or is or was serving at our request as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust, or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation that may result in claims for indemnification. We have obtained insurance policies under which, subject to the limitations of the policies, coverage is provided to our directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to us with respect to payments that may be made by us to these directors and executive officers pursuant to our indemnification obligations or otherwise as a matter of law. Certain of our non-employee directors may, through their relationships with their employers, be insured and/or indemnified against certain liabilities incurred in their capacity as members of our board of directors. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, or persons controlling our Company pursuant to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

  94. Adjusted EBITDA

    Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure that we define as net loss adjusted for (i) interest and other (income) expense, net, (ii) income tax provision (benefit), (iii) depreciation and amortization, (iv) stock-based compensation, (v) acquisition-related costs, net, including the change in fair value of contingent consideration liabilities for potential earn-out payments, (vi) restructuring costs, (vii) impairment of goodwill and intangible assets, and (viii) non-recurring lease-related charges, as applicable. We view acquisition-related expenses when applicable, such as transaction costs and changes in the fair value of contingent consideration liabilities that are directly related to business combinations, as costs that are unpredictable, dependent upon factors outside of our control, and are not necessarily reflective of operational performance during a period. We believe that excluding restructuring costs, impairment of goodwill and intangible assets, and non-recurring lease-related charges, as applicable, allows for more meaningful comparisons between operating results from period to period as these are separate from the core activities that arise in the ordinary course of our business and are not part of our ongoing operations. We believe Adjusted EBITDA provides investors with useful information on period-to-period performance as evaluated by management and a comparison with our past financial performance and is useful in evaluating our operating performance compared to that of other companies in our industry, as this metric generally eliminates the effects of certain items that may vary from company to company for reasons unrelated to overall operating performance. Adjusted EBITDA Margin is a non-GAAP financial measure that we define as Adjusted EBITDA as a percentage of total revenue. The following is a reconciliation of our net loss and net loss margin, the most directly comparable financial measures calculated in accordance with GAAP, to Adjusted EBITDA and Adjusted EBITDA Margin, respectively, for the twelve months ended December 31, 2025 and 2024:

  95. Adjusted EBITDA

    | | Twelve Months Ended December 31, | | | | 2025 | 2024 | | | (in thousands) | | | Net loss | $(177,974) | $(69,502) | | Add: | | | | Interest and other (income) expense, net | 16,404 | (637) | | Income tax provision | 716 | 333 | | Depreciation and amortization | 50,500 | 41,431 | | Stock-based compensation | 27,012 | 40,128 | | Acquisition-related costs, net(1) | (2,086) | 10,064 | | Restructuring costs(2) | 9,713 | 2,088 | | Impairment of goodwill and intangible assets(3) | 110,223 | — | | Non-recurring lease-related charges(4) | 6,900 | 2,200 | | Adjusted EBITDA | $41,408 | $26,105 | | Total Revenue | $311,136 | $306,584 | | Net loss margin | (57)% | (23)% | | Adjusted EBITDA Margin | 13% | 9% |

  96. Adjusted EBITDA

    __________________ (1)Acquisition-related costs, net includes third-party fees associated with due diligence, deferred retention expenses, post-acquisition restructuring costs incurred as part of business combinations, and changes in fair value of contingent consideration liabilities for potential earn-out payments. (2)Restructuring costs include severance and other team member costs from workforce reductions and restructuring, impairment of discontinued capitalized software projects, and other miscellaneous charges. (3)Impairment of goodwill and intangible assets was recognized as a result of impairment indicators and quantitative tests indicating the fair values of the Technology and the Professional Services reporting units were below their respective carrying values as of June 30, 2025 and December 31, 2025. (4)Non-recurring lease-related charges includes lease-related impairment charges for the subleased portion of our office space.