# EDGAR Filing Document

**Accession Number:** 0001829280
**File Stem:** 0001140361-26-018704
**Filing Date:** 2026-5
**Character Count:** 313259
**Document Hash:** 2dfa586cd24d19605ea6bb86ee28384a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-018704.hdr.sgml**: 20260504

**ACCESSION NUMBER**: 0001140361-26-018704

**CONFORMED SUBMISSION TYPE**: SC 14D9/A

**PUBLIC DOCUMENT COUNT**: 143

**FILED AS OF DATE**: 20260504

**DATE AS OF CHANGE**: 20260504

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forian Inc.
- **CENTRAL INDEX KEY:** 0001829280
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 853467693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 14D9/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92851
- **FILM NUMBER:** 26934822

**BUSINESS ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** 267-757-8707

**MAIL ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forian Inc.
- **CENTRAL INDEX KEY:** 0001829280
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 853467693
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 14D9/A

**BUSINESS ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** 267-757-8707

**MAIL ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 400
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

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### SCHEDULE 14D-9

#### Solicitation/Recommendation Statement

#### Under Section 14(d)(4) of the Securities Exchange Act of 1934

#### (Amendment No. 1)

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#### <br>

## Forian Inc.

#### (Name of Subject Company)

------

#### <br>

## Forian Inc.

#### (Name of Person Filing Statement)

------

#### <br>

#### Common Stock, $0.001 par value per share

#### (Title of Class of Securities)

#### 282559103

#### (CUSIP Number of Class of Securities)

#### Max Wygod

#### Chief Executive Officer

#### Forian Inc.

#### 41 University Drive, Suite 400

#### Newtown, PA 18940
(267) 225-6263

#### (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications

#### on Behalf of the Person Filing Statement)

#### With copies to:

#### Darrick M. Mix

#### Justin A. Santarosa

#### Duane Morris LLP

#### 30 South 17th Street

#### Philadelphia, PA 19103
(215) 979-1227

#### <br>

☐ Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.

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This Amendment No. 1 (this "***Amendment***") to Schedule 14D-9 amends and supplements the Solicitation/Recommendation Statement on Schedule 14D-9 (as it may be further amended or supplemented from time to time, "***Schedule 14D-9***") previously filed by Forian Inc., a Maryland corporation ("***Forian***"), with the Securities and Exchange Commission (the "***SEC***") on April 16, 2026, relating to the tender offer made by (i) 2025 Acquisition Company, LLC, a Delaware limited liability company ("***Parent***"), and (ii) Bravo Merger Sub, Inc., a Maryland corporation and wholly owned subsidiary of Parent ("***Purchaser***"), pursuant to the Agreement and Plan of Merger, dated as of April 2, 2026 (as it may be amended or supplemented from time to time, the "***Merger Agreement***"), by and among Forian, Parent and Purchaser, to purchase all of the outstanding shares of common stock of Forian, $0.001 par value per share (collectively, the "***Shares***") at a per Share offer price of $2.17 in cash (the "***Offer Price***"), without interest and subject to any applicable withholding taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated April 16, 2026 (as it may be amended or supplemented from time to time, the "***Offer to Purchase***"), and the related Letter of Transmittal (as it may be amended or supplemented from time to time, the "***Letter of Transmittal***," and together with the Offer to Purchase, the "***Offer***"). The Offer to Purchase and the Letter of Transmittal have been filed as Exhibits (a)(1)(A) and (a)(1)(B) to the Schedule 14D-9, respectively, and are incorporated therein by reference. The Offer is described in a Tender Offer Statement filed jointly by Parent and Purchaser with the SEC (the "***Schedule TO***").

Except as otherwise set forth in this Amendment, the information set forth in the Schedule 14D-9 remains unchanged and is incorporated herein by reference to the extent relevant to the items in this Amendment. This Amendment is being filed to reflect certain updates as set forth below. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Schedule 14D-9, and references to page numbers below are reference to the relevant pages of the Schedule 14D-9 before giving effect to the modifications thereto as set forth in this Amendment.

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| | |
|:---|:---|
| **Item 2.**  | **Identity and Background of Filing Person.** |

---

The section under caption "*(a) Name and Address*" is hereby amended and supplemented to add the following:

*"Business and Background of Forian's Directors and Executive Officers*

The name, principal occupation and business experience during the past five years of each of Forian's directors and executive officers is set forth in <u>Schedule I</u> attached hereto. None of the listed persons, during the past five years, has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining him or her from future violations of, or prohibiting activities subject to, federal or state securities laws or finding any violations of such laws. Unless otherwise indicated, all directors and executive officers of Forian are citizens of the United States of America. Unless otherwise indicated, the business address of the directors and executive officers is 41 University Drive, Suite 400, Newtown, PA 18940."

Schedule 14D-9 is hereby amended and supplemented to add <u>Schedule I</u> attached hereto.

---

| | |
|:---|:---|
| **Item 3.**  | **Past Contacts, Transactions, Negotiations and Agreements.**  |

---

The paragraph under caption "*(a) Arrangements between the Company and its Executive Officers, Directors and Affiliates – Potential for Future Arrangements"* on page 6 of the Schedule 14D-9 is amended and restated as follows:

"As of the date of this Schedule 14D-9 and except as described below, none of the Company's current directors or executive officers have entered into any employment, equity contribution or other agreement, arrangement or understanding with Parent or its affiliates regarding continued service with Parent or its affiliates after the Effective Time. As of the date hereof, Parent has reached an understanding with Max Wygod, Michael Vesey and Caroline McGrail regarding their employment with the Surviving Corporation as Chief Executive Officer, Chief Financial Officer and General Counsel of the Surviving Corporation, respectively. It is possible that Parent or its affiliates may enter into service, employment or other arrangements with the Company's directors or executive officers in the future. As part of the planning process taking place following the execution of the Merger Agreement for the post-closing integration of the Company and Parent, Parent has informed the Company that it is considering the retention of certain executive officers of the Company and, in connection therewith, may commence discussions with such officers following the closing of the Merger regarding new retention arrangements. Parent may also make proposals regarding retention arrangements for certain other non-executive officer employees of the Company prior to the closing of the Merger."

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After the second paragraph under caption *"(b) Arrangements with Purchaser, Parent, and their Affiliates."* on page 9 of the Schedule 14D-9 the following paragraphs shall be added:

*"Consortium Agreement Amendment*

Concurrently with the execution and delivery of the Merger Agreement, and as an inducement to Parent's and the Company's willingness to enter into the Merger Agreement, those certain current stockholders of the Company that will, prior to the closing of the Merger, contribute their Shares to Parent (the "**Consortium Members**"), including current officers and directors, Max Wygod, Adam Dublin and Shahir Kassam-Adams, have entered into that certain Amendment to the Consortium Agreement, dated as of August 25, 2025 (as amended, the "**Consortium Agreement**"), pursuant to which, among other things, (i) Parent shall be the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of all Shares held by the Consortium Members, (ii) prior to the commencement of the Offer, each Consortium Member will contribute all Shares held by such Consortium Member to Parent, free and clear of all liens (except for liens arising thereunder or as may be applicable under the Securities Act of 1933, as amended, or other applicable securities laws), and (iii) each Consortium Member agrees to take certain actions in furtherance of the transactions contemplated in the Merger Agreement.

*Contribution Agreement*

On April 15, 2026, in furtherance of their obligations under the Consortium Agreement, the Consortium Members, including Messrs. Wygod, Dublin and Kassam-Adams entered into that certain contribution agreement, (as may be amended, restated, supplemented or otherwise modified from time to time, the "**Contribution Agreement**"). Subject to the terms and conditions of the Contribution Agreement, on April 15, 2026, the Consortium Members contributed all of their respective Shares in exchange for units of company interests in Parent, on a one-to-one basis. As of the date of this Schedule 14D-9, Parent owns 21,991,929 Shares that were previously owned by the Consortium Members, representing 70.39% of the issued and outstanding Shares.

*Equity Commitment Letter*

Concurrently with the execution and delivery of the Merger Agreement, Parent entered into that certain commitment letter with Max Wygod & Emily W Bushnell Co-TTEE Wygod Family Rev LT U/T/A (the "**Sponsor**"), pursuant to which the Sponsor has committed to invest in Parent, directly or indirectly, up to $5,500,000 to purchase Shares pursuant to the Offer and complete the Merger (the "**Financing**"). We believe proceeds from the Financing, in addition to cash on hand, will provide sufficient funds to pay for all Shares validly tendered (and not validly withdrawn) in the Offer and to complete the Merger.

*Interests of Officers and Directors that are Consortium Members.*

Mr. Wygod, the Company's Chief Executive Officer, will be the Chief Executive Officer of the Surviving Corporation as of the consummation of the Merger and, as a result of the Contribution Agreement, beneficially owns approximately 18.38% of Parent as of the date of this Schedule 14D-9. If the Sponsor participates in all or some of the Financing, then the amount of Parent beneficially owned by Mr. Wygod will materially increase.

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Mr. Dublin, the Company's Chief Strategy Officer, will be the Vice President of the Surviving Corporation and, as a result of the Contribution Agreement, beneficially owns 11.93% of Parent as of the date of this Schedule 14D-9.

Mr. Kassam-Adams, a director of the Company, will be a director of the Surviving Corporation and, as a result of the Contribution Agreement, beneficially owns approximately 1% of Parent as of the date of this Schedule 14D-9."

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| | |
|:---|:---|
| **Item 4.**  | **The Solicitation or Recommendation.**  |

---

The third paragraph under the caption "*Item 4. The Solicitation or Recommendation*." on page 9 of the Schedule 14D-9 is amended and restated as follows:

**"Accordingly, and for the reasons described in more detail below in this Item 4 under the heading "Reasons for the Recommendation of the Special Committee and the Board," based on the recommendation of the Special Committee and the Board, the Company believes the Offer is fair to the unaffiliated stockholders of the Company and recommends that the Company's stockholders accept the Offer and tender their Shares pursuant to the Offer."**

After the last bullet point under caption "*(ii) Reasons for Recommendation of the Special Committee and the Board"* on page 26 of the Schedule 14D-9, the Schedule 14D-9 is amended to include the following:

"The Special Committee and the Board did not consider net book value, which is an accounting concept, in reaching their determination and recommendation because they believed that net book value is not a material indicator of the value of the Company as a going concern but rather is indicative of historical costs and therefore not a relevant measure in the determination as to the fairness of the Merger.

The Special Committee and the Board did not establish a going concern value for the Company as a public company in reaching their determination and recommendation because, following the Merger, the Company will have a significantly different capital structure.

The Special Committee and the Board did not consider the liquidation value of the Company in reaching their determination and recommendation because the Buyer Parties consider the Company to be a viable going concern and view the trading history of Shares as an indication of the Company's going concern value, and, accordingly, did not believe liquidation value to be relevant to a determination as to the fairness of the Merger."

Before the last paragraph under caption "*(ii) Reasons for Recommendation of the Special Committee and the Board"* on page 26 of the Schedule 14D-9, the Schedule 14D-9 is amended to include the following:

"The Special Committee and the Board considered each of the analyses performed by Houlihan Lokey in the context of the opinion provided by Houlihan Lokey as well as various additional factors, as discussed above. In light of the variety of reasons considered in connection with its evaluation of the Transactions and the complexity of these matters, the Special Committee and the Board did not find it practicable to, and did not, quantify or otherwise attempt to assign relative weights to the various reasons considered in reaching its determinations and recommendations. Moreover, each member of the Special Committee and the Board applied his or her own business judgment to the process and may have given different weight to different reasons. The Special Committee and the Board did not undertake to make any specific determination as to whether any reason, or any particular aspect of any reason, supported or did not support the ultimate determination of the Special Committee and the Board. Instead, the Special Committee and the Board based their recommendations on the totality of the information presented."

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The sixth paragraph, including the list and table included therein, under caption "*(iv) Opinion of Houlihan Lokey* – *Financial Analyses"* on page 32 of the Schedule 14D-9 is amended and supplemented as follows:

"*Selected Companies Analysis*. Houlihan Lokey reviewed certain data for selected companies, with publicly traded equity securities, that Houlihan Lokey deemed relevant.

The financial data reviewed included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enterprise value as a multiple of Calendar Year ("CY") 2025 total revenue ("Revenue"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enterprise value as a multiple of estimated CY 2026 Revenue.

The selected companies and resulting data included the following:

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| | | | |
|:---|:---|:---|:---|
| **Selected Company** | **Enterprise** <br> **Value**<br> **($ in millions)** | **Enterprise Value** <br> **/ CY 2025** <br> **Revenue** | **Enterprise Value** <br> **/ CY 2026E** <br> **Revenue** |
| Certara, Inc. | $1035.9 | 2.47x | 2.42x |
| Definitive Healthcare Corp. | $164.4 | 0.68x | 0.74x |
| Health Catalyst, Inc. | $159.6 | 0.51x | 0.57x |
| Indegene Limited | $989.4 | 2.86x | 2.34x |
| OptimizeRx Corporation | $128.8 | 1.18x | 1.16x |
| Simulations Plus, Inc. | $193.2 | 2.43x | 2.35x |
| Veradigm Inc. | $502.8 | 0.86x | 0.86x |

---

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| | | |
|:---|:---|:---|
|  | **Enterprise Value as a Multiple of Revenue** | **Enterprise Value as a Multiple of Revenue** |
|  | **CY 2025** | **CY 2026E** |
| Low | 0.51x | 0.57x |
| High | 2.86x | 2.42x |
| Median | 1.18x | 1.16x |
| Mean | 1.57x | 1.49x" |

---

The eighth paragraph, including the tables included therein, under caption "*(iv) Opinion of Houlihan Lokey* – *Financial Analyses"* on page 33 of the Schedule 14D-9 is amended and supplemented as follows:

*"Selected Transactions Analysis*. Houlihan Lokey considered certain financial terms of certain transactions involving target companies that Houlihan Lokey deemed relevant.

The financial data reviewed included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction value as a multiple of latest 12 months ("LTM") Revenue.

The selected transactions included the following:

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| | | | |
|:---|:---|:---|:---|
| **Date** <br> **Announced** | **Target** | **Acquiror** | **Transaction** <br> **Value /**<br> **LTM Revenue** |
| 3/9/26 | Talkspace, Inc. | Universal Health Services, Inc. | 3.64x |
| 7/19/24 | Augmedix, Inc. | Commure, Inc. | 2.44x |
| 6/21/24 | Sharecare, Inc. | Altaris, LLC | 1.19x |
| 4/8/24 | Model N, Inc. | Vista Equity Partners Management, LLC | 5.00x |
| 9/6/23 | NextGen Healthcare, Inc. | Thoma Bravo, L.P. | 2.54x |
| 8/7/23 | Tabula Rasa HealthCare, Inc. | Exact Care Pharmacy, LLC (Nautic Partners, LLC) | 1.69x |
| 7/6/23 | CorEvitas, LLC | Thermo Fisher Scientific Inc. | NA |
| 8/8/22 | Pharmaspectra Group Ltd | IQVIA Holdings Inc. | 7.68x |
| 12/20/21 | Cerner Corporation | Oracle Corporation | 5.14x |
| 12/8/21 | Clinigen Group plc | Triton Investment Management Ltd. | 2.97x |
| 8/19/21 | Inovalon Holdings, Inc. | Nordic Capital X-Led Consortium | 10.34x |
| 1/17/20 | Decision Resources, Inc. | Clarivate plc | 4.59x |

---

------

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| | |
|:---|:---|
|  | **Transaction Value / LTM Revenue** |
| Low | 1.19x |
| High | 10.34x |
| Median | 3.64x |
| Mean | 4.29x" |

---

------

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| | |
|:---|:---|
| **Item 9.**  | **Exhibits**  |

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Item 9 of the Schedule 14D-9 is hereby amended and restated in its entirety as follows:

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| | |
|:---|:---|
| Exhibit No. | Description |
| (a)(1)(A) | [Offer to Purchase, dated April 15, 2026 (incorporated by reference to Exhibit (a)(1)(A) to the Schedule TO filed by Parent and Purchaser with the SEC on April 15, 2026 (the "Schedule TO")).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1a.htm) |
| (a)(1)(B) | [Form of Letter of Transmittal (including IRS Form W-9) (incorporated by reference to Exhibit (a)(1)(B) to the Schedule TO).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1b.htm) |
| (a)(1)(C) | [Form of Notice of Guaranteed Delivery (incorporated by reference to Exhibit (a)(1)(C) to the Schedule TO).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1c.htm) |
| (a)(1)(D) | [Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(D) to the Schedule TO).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1d.htm) |
| (a)(1)(E) | [Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and Other Nominees (incorporated by reference to Exhibit (a)(1)(E) to the Schedule TO).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1e.htm) |
| (a)(1)(F) | [Summary Advertisement, published on April 15, 2026, in The New York Times (incorporated by reference to Exhibit (a)(1)(F) to the Schedule TO).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015029/ny20069883x2_exa1f.htm) |
| (a)(5)(A) | [Press Release of the Company, Inc., dated April 3, 2026 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed by the Company, Inc. with the SEC on April 3, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126013124/ef20069813_ex99-1.htm) |
| (a)(5)(B) | [Opinion of Houlihan Lokey, Inc., dated April 2, 2026 (included as Annex I to this Schedule 14D-9).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015053/ef20070541_sc14d9.htm#AnnexI) |
| (a)(5)(C) | [Consortium Agreement, dated August 25, 2025, by and among 2025 Acquisition Company, LLC, Max C. Wygod and other consortium members (incorporated by reference to Exhibit 99.2 to Schedule 13D filed by 2025 Acquisition Company, LLC, Max C. Wygod and other consortium members with the SEC on August 25, 2025).](https://www.sec.gov/Archives/edgar/data/1829280/000094787125000799/ss5247282_ex9902.htm) |
| (a)(5)(D) | [Amendment No. 1 to the Consortium Agreement, dated April 2, 2026, by and among Max C. Wygod and other consortium members (incorporated by reference to Exhibit 99.5 to Schedule 13D/A filed by 2025 Acquisition Company, LLC, Max C. Wygod and other consortium members with the SEC on April 6, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000094787126000406/ss6159474_ex9918.htm) |
| (a)(5)(E) | [Equity Commitment Letter, date April 2, 2026, by and between 2025 Acquisition Company, LLC and Max Wygod & Emily W Bushnell Co-TTEE Wygod Family Rev LT U/T/A (incorporated by reference to Exhibit 99.20 to Schedule 13D/A filed by 2025 Acquisition Corporation, Max C. Wygod and other consortium members with the SEC on April 6, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000094787126000406/ss6159474_ex9920.htm) |
| [(a)(5)(F)\*](ef20072167_ex99a5f.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated October 28, 2025. |
| [(a)(5)(G)\*](ef20072167_ex99a5g.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated December 18, 2025. |
| [(a)(5)(H)\*](ef20072167_ex99a5h.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated January 20, 2026. |
| [(a)(5)(I)\*](ef20072167_ex99a5i.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated January 28, 2026. |
| [(a)(5)(J)\*](ef20072167_ex99a5j.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated February 11, 2026. |
| [(a)(5)(K)\*](ef20072167_ex99a5k.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated March 11, 2026. |
| [(a)(5)(L)\*](ef20072167_ex99a5l.htm) | Discussion Materials prepared by Houlihan Lokey to the Special Committee, dated April 2, 2026. |

---

------

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| | |
|:---|:---|
| (e)(1) | [Agreement and Plan of Merger, dated as of April 2, 2026, among Forian Inc., 2025 Acquisition Company, LLC and Bravo Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed by the Company, Inc. with the SEC on April 3, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126013124/ef20069813_ex2-1.htm) |
| (e)(2) | [Confidentiality Agreement, dated September 29, 2025, by and between Forian Inc. and 2025 Acquisition Corporation (incorporated by reference to Exhibit 99.3 to the Schedule 13D/A filed by the Reporting Persons with the SEC on October 3, 2025).](https://www.sec.gov/Archives/edgar/data/1829280/000094787125000884/ss5413666_ex9903.htm) |
| (e)(3) | [Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on January 12, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126000976/ef20062689_ex10-1.htm) |
| (e)(4) | [Forian Inc. 2020 Equity Incentive Plan (incorporated by reference to Exhibit 4.3 of the Company's Form S-8 (Reg. No. 333-268470) filed with the SEC on November 18, 2022).](https://www.sec.gov/Archives/edgar/data/1829280/000114036122042294/brhc10044309_ex4-3.htm) |
| (e)(5) | [Helix TCS, Inc. 2017 Omnibus Stock Incentive Plan (incorporated by reference to Exhibit 10.6 of the Company's Form S-8 filed with the SEC on March 5, 2021).](https://www.sec.gov/Archives/edgar/data/1611277/000121390017012222/f8k111217ex10-6_helixtcsinc.htm) |
| (e)(6) | [Bio-Tech Medical Software, Inc. 2014 Stock Incentive Plan (incorporated by reference to Exhibit 10.32 of Helix's Form 8-K filed with the SEC on June 5, 2018).](https://www.sec.gov/Archives/edgar/data/1611277/000121390018007246/f8k060118ex10-32_helixtcsinc.htm) |
| (e)(7) | [Offer Letter, dated March 25, 2020, by and between MOR and Max Wygod (incorporated by reference to Exhibit 10.3 of the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2021).](https://www.sec.gov/Archives/edgar/data/1829280/000114036121011044/brhc10022145_ex10-3.htm) |
| (e)(8) | [Offer Letter, dated March 25, 2020, by and between MOR and Adam Dublin (incorporated by reference to Exhibit 10.4 of the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2021).](https://www.sec.gov/Archives/edgar/data/1829280/000114036121011044/brhc10022145_ex10-4.htm) |
| (e)(9) | [Employment Agreement, dated as of September 2, 2021, by and between the Company and Michael Vesey (incorporated by reference to Exhibit 10.2 of the Company's Current Report on Form 8-K filed with the SEC on September 2, 2021).](https://www.sec.gov/Archives/edgar/data/1829280/000114036121030187/brhc10028642_ex10-2.htm) |
| (e)(10) | [Employment Agreement, dated as of August 3, 2025, by and between the Company and Caroline McGrail (incorporated by reference to Exhibit (e)(10) of the Company's Schedule 14D-9 filed with the SEC on April 16, 2026).](https://www.sec.gov/Archives/edgar/data/1829280/000114036126015053/ef20070541_ex99-e10.htm) |
| (g) | Not applicable. |

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\* Filed herewith.

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#### SIGNATURE
After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

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| | |
|:---|:---|
| **FORIAN INC.** | **FORIAN INC.** |
| By: | /s/ Max Wygod |
| Name: | Max Wygod |
| Title: | Chief Executive Officer |
| Dated: May 4, 2026 |  |

---

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#### Schedule I

#### Business and Background of Forian's Directors and Executive Officers

*<u>Board of Directors</u>*

***Mark J. Adler, M.D.*** has served as a Class II director since the closing of the business combination in March 2021. Prior to that time, Dr. Adler was a member of WebMD's Board of Directors from 2000 to 2017. Since 2014, Dr. Adler has also served as Strategic Advisor to, and as a member of the Scientific Advisory Board of, Biological Dynamics, Inc., a privately held biotechnology company, and is currently the Chairman of that Scientific Advisory Board. He is also currently a director of the San Diego Cancer Research Institute. From February 2011 until February 2014, Dr. Adler served as Director of Strategic Development for UC San Diego Oncology. Dr. Adler, an oncologist, was a co-founder of the San Diego Cancer Center and served for over 10 years as its Chief Executive Officer until February 2011. Until April 2006, Dr. Adler had served, for more than five years, as the Chief Executive Officer of the combined internal medicine and oncology group of Medical Group of North County in San Diego, California.

***Ian G. Banwell*** has served as a Class III director since the closing of the business combination in March 2021. Mr. Banwell is currently the Chief Financial Officer at Hamburg Commercial Bank AG, where Mr. Banwell has worked since April 2019. Hamburg Commercial Bank AG provides banking services for higher-end medium-sized companies and financing for real estate projects. From April 2018 to March 2019, Mr. Banwell was a Senior Managing Director at Cerberus Operations and Advisory Company LLC. Mr. Banwell was Chief Investment Officer of Bank of America from 2000 to 2007. He left Bank of America in 2007 to start Round Table Investment Management and was its CEO until 2015. He is currently Managing Partner of Aberdeen Enterprises, LLC, a company focused on producing and investing in a variety of intellectual property and content. Mr. Banwell also served as a member of the U.S. Treasury's Borrowing Advisory Committee from 2001 to 2012 and as its Chairman in 2005 and 2006.

***Adam Dublin*** has served as Chief Strategy Officer and a Class III director since the closing of the business combination in March 2021. Prior to the closing of the business combination, Mr. Dublin was co-founder of Medical Outcomes Research Analytics LLC ("MOR"), a subsidiary of the Company, and served as its Chief Strategy Officer since founding MOR. Mr. Dublin is a seasoned entrepreneur and senior executive with extensive strategy, business development and operating expertise in healthcare information and technology. He was responsible for developing MOR's strategy, data acquisition, partnership development and acquisitions and he has over 30 years of experience in creating innovative businesses. Prior to its 2017 $2.8 billion sale to Internet Brands, a KKR portfolio company, Mr. Dublin was on the executive leadership team of WebMD as Senior Vice President, Strategy and Analytics. In that role, he was responsible for developing the company's marketing science platform, including the development of one of the world's largest healthcare customer databases, linking patient, consumer demographic and online behavioral data in a HIPAA-compliant manner. Previously, he was Vice President, Strategy and Corporate Development for IMS Health, among the world's largest healthcare information providers (now IQVIA), following its 2011 acquisition of SDI Health, where Adam was the Chief Strategy Officer. SDI Health was a recognized leader in longitudinal patient data prior to its acquisition by IMS Health in 2011. Mr. Dublin's track record at SDI included multiple strategic acquisitions that enabled the company to continuously drive growth resulting in the company eventually becoming the third-largest pharmaceutical informatics concern in the U.S. At SDI, he patented encryption and de-identification technologies that enabled the linkage of patient databases in a HIPAA-compliant fashion to create one of the first and largest Real World Evidence platforms supporting health economics and outcomes research. Prior to SDI, he was Senior Vice President Corporate Key Accounts for NDCHealth, one of the nation's largest healthcare IT concerns and the nation's second-largest pharmaceutical informatics business. He had P&L for NDC's wholesale data businesses, commercializing data assets to multiple industries and creating new lines of business in payer analytics, benefits administration, underwriting and consumer analytics. Prior to NDCHealth, he was an executive with several healthcare analytics firms. Mr. Dublin received a B.A. from the University of Iowa and an M.A. from Northwestern University.

***Jennifer Hajj*** has served as a Class II director since the closing of the business combination in March 2021. Ms. Hajj has been the Head of Partnerships at Galileo Inc. since March 2019. Galileo is a privately-held healthtech startup that enables the doctor-patient relationship. From May 2006 to February 2019, Ms. Hajj served as a senior expert on New York State Medicaid policy and government programs across Sachs Policy Group's (SPG) client base and led SPG's innovation practice. Ms. Hajj joined SPG in 2006 and consulted with a diverse set of clients including hospitals, long-term care systems, physician groups, health and human service agencies, health plans, tech-enabled companies and startups. Areas of specialization included public policy, strategic planning, program design, reimbursement, regulatory environments, technology and implementation. Subject matter expertise included, but was not limited to: Medicaid, DSRIP, managed care, value-based payments, behavioral health, long-term care, vulnerable populations and social determinants of health. In 2013, Ms. Hajj led the firm's expansion to digital health and innovation. She led SPG's innovation practice and actively advised and mentored several health care startups and entrepreneurs. Her expertise includes strategy, product development, market dynamics, business development, partnerships, regulatory environments and public policy. Ms. Hajj received her B.A. in public health studies with departmental honors distinction from the Johns Hopkins University, her M.P.H. from Columbia University Mailman School of Public Health and her M.B.A. from Columbia Business School.

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***Shahir Kassam-Adams*** has served as a Class II director since the closing of the business combination in March 2021. Mr. Kassam-Adams was a co-Founder and Chief Executive Officer of Universal Patient Key, which was recapitalized as Datavant in 2018. In addition to founding multiple healthcare technology companies, Mr. Kassam-Adams has been an early investor or operating executive in multiple healthcare technology-enabled startups and global companies including the Decision Resources Group (now Clarivate) and Thomson Reuters Scientific & Healthcare (now Merative). Mr. Kassam-Adams has been an Executive Advisor to Datavant, a health data platform company, and to New Mountain Capital, an alternative investment firm, since 2022. From 2018 to 2022, Mr. Kassam-Adams led Datavant's Strategy and Corporate Development efforts. From 2007 to 2013, Mr. Kassam-Adams had several roles with Decision Resources Group, including as a member of its board of directors, President and Chief Strategy Officer. From 2002 to 2017, Mr. Kassam-Adams served as Executive Vice President and Chief Strategy Officer of Thomson Healthcare, a Thomson Reuters company. Mr. Kassam-Adams has an MS in Computer Science from Johns Hopkins and an MBA from Wharton.

***Alyssa F. Varadhan*** has served as a Class III director since the closing of the business combination in March 2021. Ms. Varadhan is currently Vice President at Delos Living, LLC, the pioneer of wellness real estate. At Delos, Ms. Varadhan focuses on capital markets initiatives, strategic partnerships, investor relations and business development opportunities across residential, hotel, commercial and technology platforms creating innovative solutions focused on health and wellness within the built environment. She started her career at Goldman Sachs and served in various roles within the Securities Divisions from 2002 to 2018. Ms. Varadhan was a Managing Director in Client Relationship Management and Strategy at Goldman Sachs. Ms. Varadhan also served on the Board of Visitors for the Pratt School of Engineering at Duke University for 8 years. Ms. Varadhan graduated from Duke University with BSc degrees in Biomedical Engineering and Electrical Engineering.

***Kristiina Vuori, M.D., Ph.D.*** has served as a Class I director since the closing of the business combination in March 2021. Dr. Vuori is a physician-scientist with background in biomedical research and drug discovery, and as an educator of research scientists. She has experience in managing non-profit research organizations, and has held various leadership roles in non-profit, for-profit and public boards. Dr. Vuori is President and CEO and member of the board of directors of Sanford Laboratories for Innovative Medicines ("Sanford Labs") since January 2023. Sanford Labs is an independent, not-for-profit biomedical research institution with a mission to discover and deliver the next-generation of molecular medicines. Since January 1995, Dr. Vuori has served as Professor, and since January 2010 as Pauline and Stanley Foster Distinguished Chair, at the National Cancer Institute-designated Cancer Center of Sanford Burnham Prebys Medical Discovery Institute ("SBP"), a non-profit research organization with major research programs in cancer, neurodegeneration, diabetes and infectious, inflammatory and childhood diseases. Dr. Vuori also served as President and member of the board of directors of SBP from January 2010 to June 2022, and as the SBP's interim Chief Executive Officer from January 2013 to September 2014, and from September 2017 to June 2020. She served as SBP's EVP for Scientific Affairs in 2008-2010, as Director of the Cancer Center in 2005-2013, and as Deputy Director of the Cancer Center in 2003-2005. Dr. Vuori currently serves or has served on the board of directors for American Association for Cancer Research, California Institute for Regenerative Medicine, California Breast Cancer Research Program, Sanford Consortium for Regenerative Medicine, Bionano Genomics, Inc, Inhibrx, Inc. and Sio Gene Therapies, Inc. She was director of WebMD, Inc. from 2014 until it was sold to KKR in 2017. Dr. Vuori holds M.D. and Ph.D. degrees from University of Oulu, Finland.

***Max C. Wygod*** has served as Executive Chairman and a Class III director since the closing of the business combination in March 2021 and as our Chief Executive Officer and President since February 2023. Prior to the closing of the business combination, Mr. Wygod co-founded MOR in 2019 and served as a Manager of MOR until February 2021. Mr. Wygod is a healthcare executive and investor with experience investing, acquiring and divesting public and private growth companies at the intersection of healthcare and information technology. Mr. Wygod led the investment strategy for Wygod & Co. LLC, a virtual family office dedicated to private and public investments in the healthcare industry. Previously, Mr. Wygod served as a Vice President of Business Development at WebMD Health, where he participated in facilitating its sale to Internet Brands, a KKR portfolio company in 2017. A seven-year veteran at WebMD, Mr. Wygod had various business development and operating roles that included, but are not limited to, WebMD's strategic growth objectives through capital allocation, acquisitions, partnerships, joint ventures, commercial relationships, investments and divestitures. Mr. Wygod received a B.A. from Duke University and an M.B.A. in Finance and Entrepreneurship from The Stern School at New York University.

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*<u>Executive Officers</u>*

***Max Wygod*** has served as our Executive Chairman since the closing of the business combination in March 2021 and as our Chief Executive Officer and President since February 2023. Please refer to the "*Board of Directors"* section above for Mr. Wygod's business and background.

***Adam Dublin*** has served as our Chief Strategy Officer since the closing of the business combination in March 2021. Please refer to the "*Board of Directors*" section above for Mr. Dublin's business and background.

***Caroline McGrail*** has been our General Counsel since August 2025. Ms. McGrail previously served as a Managing Director at TD Securities (USA), LLC (formerly Cowen Inc.), a global financial services firm, from 2021 to 2025, where she focused on corporate transactions, privacy, cybersecurity, AI governance, and data licensing. Prior to that role, Ms. McGrail served as Associate General Counsel and Director at the same firm from 2014 to 2021, and as Assistant General Counsel from 2008 to 2014. Earlier in her career, Ms. McGrail was an Associate at Goodwin Procter LLP, focusing on private equity and technology companies, and at Waller Lansden Dortch & Davis, LLP (now Holland & Knight), focusing on M&A and public securities. Ms. McGrail is admitted to practice law in California, Massachusetts and the District of Columbia. Ms. McGrail earned her J.D. from Washington and Lee University School of Law and her undergraduate degree from the University of North Carolina at Chapel Hill.

***Michael Vesey*** has been our Chief Financial Officer since September 2021. Mr. Vesey previously served as the Chief Financial Officer of Wayside Technology (Nasdaq: WSTG), an international technology solutions provider/distributor of cyber security, software and technology products, from 2016-2021. Prior to joining Wayside Technology, Mr. Vesey was the Chief Financial Officer of Majesco Entertainment Company, an international publisher and marketer of digital entertainment software products, from 2011 to 2016 and was the Chief Accounting Officer from 2006 to 2011 prior to his appointment to Chief Financial Officer. Mr. Vesey holds a B.B.A. from Pace University and earned a Master of Finance from Penn State University. Mr. Vesey is a Certified Public Accountant.

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## Ex-99.(A)(5)(F)

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**Exhibit 99 (a)(5)(F)**

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Strictly Confidential. Not for Distribution. Project Feather Preliminary Discussion Materials for the Special Committee October 28, 2025

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PRELIMINARY SELECTED HISTORICAL AND PROJECTED FINANCIAL INFORMATION CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Historical & Projected Revenue $21.2 $19.1 $16.8 $22.5 $24.1 $25.2 $29.6 $34.3 $39.0 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E $5.1 $4.2 $2.7 $7.6 $9.0 $10.4 $11.8 $13.3 $14.9 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E Base Feather Business Kiwi Business (dollars in millions) CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 3 Note: CY2022–2024 financials for Kiwi include historical results prior to acquisition by Feather. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated. Sources: Company management and October 2025 financial projections prepared by Company management subject to review and consideration by the Special Committee.

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Historical & Projected Revenue Detail (Base Feather Business) CAGR refers to Compound Annual Growth Rate; E refers to Estimated. Sources: Company management and October 2025 financial projections prepared by Company management subject to review and consideration by the Special Committee. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 4 (dollars in millions) 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E '22 to '25E '25E to '30E Contracted Revenue & Backlog $14.9 $20.0 $17.6 $19.7 $15.9 $6.2 $1.1 -- -- "Go Get" Revenue 0.1 5.3 15.3 24.0 29.0 32.9 Recurring Revenue $14.9 $20.0 $17.6 $19.8 $21.2 $21.5 $25.1 $29.0 $32.9 9.9% 10.7% Point-in-Time Revenue 1.9 1.3 1.5 2.7 2.9 3.7 4.5 5.3 6.1 12.1% 18.1% Total Revenue $16.8 $21.2 $19.1 $22.5 $24.1 $25.2 $29.6 $34.3 $39.0 10.2% 11.7% Growth % 26.4% (10.2%) 17.8% 7.4% 4.6% 17.4% 15.8% 13.7% Point-in-Time as % of Total Revenue 11.2% 5.9% 7.7% 11.8% 12.0% 14.7% 15.2% 15.5% 15.7% Calendar Year Ending December 31, CAGR

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12% 47% 16% 25% Summary of Revenue Profile Consolidated CY 2025E Revenue by Customer Type CY refers to Calendar Year; E refers to Estimated. Sources: Company management and October 2025 financial projections prepared by Company management subject to review and consideration by the Special Committee. Consolidated CY 2025E Revenue by Contract Profile Approximately 75% of consolidated CY 2025E revenue is attributable to the base Feather business, with nearly 90% of Feather CY 2025E revenue attributable to over-time (recurring) contracts. Provider Services Life Sciences Services Life Sciences Financial $30.1 million revenue $30.1 million revenue Feather: Recurring Feather: One-Time Kiwi: Recurring Kiwi Feather 66% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 5 9% 25%

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Consolidated Financial Projections CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 (dollars in millions) 1. The adjusted EBITDA projections shown above do not reflect any pro forma adjustments (e.g., elimination of public company costs). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate; E refers to Estimated. Sources: Company management and October 2025 financial projections prepared by Company management subject to review and consideration by the Special Committee. 2025E 2026E 2027E 2028E 2029E 2030E 2025E to 2030E Total Revenue $30.1 $33.1 $35.6 $41.4 $47.6 $53.8 12.4% Cost of Revenue (14.0) (19.1) (19.6) (21.0) (23.1) (25.9) 13.1% Gross Profit $16.0 $13.9 $16.0 $20.4 $24.5 $27.9 11.7% Margin % 53.3% 42.2% 44.9% 49.2% 51.4% 51.8% Research & Development (2.5) (2.8) (3.2) (3.5) (3.9) (4.2) 10.5% Sales & Marketing (5.4) (5.9) (6.5) (7.4) (8.2) (8.8) 10.2% General & Administrative (6.9) (6.7) (7.0) (7.3) (7.6) (8.5) 4.3% Contract Termination Adjustment (0.2) -- -- -- -- -- Adjusted EBITDA1 $1.0 ($1.5) ($0.7) $2.3 $4.8 $6.4 44.3% Margin % 3.4% (4.5%) (1.9%) 5.5% 10.0% 11.9% Selected Additional Financial Information Depreciation & Amortization $0.2 $0.2 $0.2 $0.2 $0.2 $0.2 Stock-Based Compensation $3.4 $2.9 $2.9 $2.9 $2.9 $2.9 Calendar Year Ending December 31, CAGR

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey's affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities' or parties' respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the "Interested Parties"), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board, the Committee, or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board, the Committee, or the Company or to use such information on behalf of the Board, the Committee, or the Company. Houlihan Lokey's personnel may make statements or provide advice that is contrary to information contained in the materials. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer (cont.)

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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## Ex-99.(A)(5)(G)

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#### Exhibit 99 (a)(5)(G)

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Strictly Confidential. Not for Distribution. Project Feather Preliminary Discussion Materials for the Special Committee December 18, 2025

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01 02 03 04 05 EXECUTIVE SUMMARY 3 SELECTED COMPANY OBSERVATIONS 5 ILLUSTRATIVE PRELIMINARY FINANCIAL CONSIDERATIONS 12 SELECTED CONSIDERATIONS RELATED TO CANARY PROPOSAL 25 APPENDICES Selected Historical & Projected Financial Data 35 36 Illustrative Premiums Paid Observations Financial Projections Comparisons 38 41 06 DISCLAIMER 45

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01 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 01 EXECUTIVE SUMMARY

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Executive Summary CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 4 Proposal Overview On 8/25/25, the Canary Parties made a non-binding proposal (the "Canary Proposal") to acquire all of the outstanding shares of Feather (or the "Company") common stock not owned by them for consideration of $2.10 per share in cash Reflects a premium of ~19% to closing stock price and ~8% to 30-day VWAP, in each case as of the Unaffected Date1 Implies multiples of ~1.36x Enterprise Value / CY 2025E revenue and ~1.21x Enterprise Value / CY 2026E revenue, respectively2,3 Proposal conditioned on approval by the special committee of the Board of Directors of the Company (the "Special Committee") Proposed transaction structure consists of two-step process, with tender offer followed by short-form merger Intended sources of financing include personal resources, third party financing and balance sheet cash in addition to rollover equity – the Canary Parties collectively hold 20.7 million shares of common stock, or ~67% of outstanding Feather common stock Situation Overview & Preliminary Observations Formed as a public entity in 2021 with a business footprint at the intersection of healthcare and cannabis, Feather has since undertaken a strategic pivot, providing its data management & analytics solutions to the life sciences, healthcare and financial services sectors Company has successfully developed platform, capabilities and customer relationships to drive ~$30 million revenue and break-even EBITDA performance4 – but faces several thematic challenges in driving further growth/scale: Sustained sector headwinds due to post-COVID macro pressures, competitive dynamics and regulatory uncertainty Less established relationships and value proposition in primary target markets Data supply chain adjustments and diversification initiatives remain ongoing Accretive acquisition of Kiwi in late 2024 has diversified customer and solutions portfolio, but revenue mix remains weighted to LSS market5 Company cash balance supports current strategic plan, with recent redemption of the Convertible Notes ahead of maturity date6 Recent sales process (outreach to 70+ parties in 2024), subsequent targeted discussions with third-parties have not resulted in a clear path to a viable third-party proposal Limited float / trading activity / research analyst coverage – 90-day average daily trading value of ~$0.02 million on unaffected basis Stock traded at unaffected VWAPs of $2.23, $1.98 and $1.98 in the 12 months, 6 months and 3 months leading up to Canary Proposal Since announcement of Canary Proposal, stock price has reached intraday high of $2.71, but 90%+ of volume has traded below $2.20 in last month Potential Next Steps & Other Considerations Special Committee to determine whether and how to respond to Canary Proposal on price and other transaction terms, taking into consideration process to date If appropriate, the Special Committee and/or its advisors will need to discuss the following with Canary: (i) diligence requirements, (ii) required financing and (iii) other potential participants in a transaction Reflects data as of 8/22/25 (the "Unaffected Date"), the last completed trading day prior to the Company's announcement before market close on 8/25/25 that it received the Canary Proposal. Reflects (i) ~$4.7 million of cash and cash equivalents and (ii) ~$23.6 million of marketable securities as of 9/30/25, per Company management. Marketable securities balance reflects fair market value of U.S. treasury bills. Based on (i) ~31.1 million basic shares of common stock outstanding as of 12/12/25, (ii) ~2.4 million options to purchase common stock as of 12/12/25 (to the extent in the money, based on treasury method) and (iii) ~1.7 million restricted stock units to purchase common stock as of 12/12/25, per Company management. Reflects projected performance for CY 2025E, per Company management. LSS refers to Life Sciences Services. Company cash and equivalents estimated at ~$27 million as of 12/31/25, per Company management. The Company entered into a Note Purchase Agreement related to $24 million of 3.5% Convertible Promissory Notes due 9/1/25 (the "Convertible Notes"), which principal was redeemed or repaid, together with corresponding accrued interest, as follows: (i) $1 million on 9/12/23, (ii) $1 million on 2/28/24, (iii) $16 million on 11/11/24 and (iv) $6 million on 9/1/25. Sources: Bloomberg, Canary Proposal, Company management, Capital IQ, public filings and financial projections prepared by Company management and reviewed and approved by the Special Committee ("Feather Financial Projections").

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02 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 02 SELECTED COMPANY OBSERVATIONS

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66% 9% 25% Selected Company Observations Note: For purposes of the above, special projects are defined as point-in-time or special project-based contracts, which definition differs from U.S. GAAP reporting. CY refers to Calendar Year; E refers to Estimated; HIPAA refers to Health Insurance Portability and Accountability Act. Sources: Company management and Feather Financial Projections. Feather CY 2025E Revenue by Customer Type Feather CY 2025E Revenue by Contract Profile $29.8 million revenue Kiwi Base Feather Life Sciences ("LS") Provider Services Financial Life Sciences Services ("LSS") Base Feather: Over-Time Contracts Base Feather: Special Projects Kiwi: Over-Time Contracts $29.8 million revenue Selected Business Observations Reputable healthcare technology platform with strong capabilities in large-scale data management and analytics Capabilities supported by large integrated, HIPAA-compliant, longitudinal, patient-level data lake integrating real-world data (RWD) including claims, electronic health records (EHRs) and social determinants of health Synthesizes large volumes of non-standardized healthcare data into actionable insights – flexible solutions and differentiated customer service Strong relationships with blue-chip customers, particularly in life sciences services Accretive Kiwi acquisition has diversified customer mix and solutions portfolio 46% 17% 12% 25% Solutions support variety of use cases, with current mix in Base Feather segment weighted to product launch and commercialization Revenue mix weighted to life sciences services – traction in life sciences segment represents growth opportunity but ability to demonstrate value proposition and establish more meaningful footprint remains to be seen Balance sheet and liquidity profile support existing operations and strategic plan Subscale platform requiring meaningful investment to drive significant growth / scale Backdrop of macro pressures in pharma / life sciences ecosystem amid challenging investor sentiment, regulatory environment and competitive dynamics Consolidation and cost rationalization in the sector have resulted in recent customer churn Data supply chain adjustments and diversification remain ongoing CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6

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$15 $20 $18 $20 $23 $23 $26 $30 $34 $1 $1 $3 $3 $5 $6 $3 $2 $4 $5 $7 $8 $10 $4 $11 $5 $13 $14 $19 $25 $24 $30 $34 $36 $42 $48 $55 CY 2022 CY 2023 Supplemental Revenue Detail CY 2024 CY 2025E CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E Base Feather: Over-Time Contracts Base Feather: Special Projects Kiwi: Over-Time Contracts Historical & Projected Consolidated Revenue Observations Note: For purposes of the above, special projects are defined as point-in-time or special project-based contracts, which definition differs from U.S. GAAP reporting. Note: CY 2022 – CY 2024 financials include historical results for Kiwi prior to the acquisition by Feather. (dollars in millions) Revenue Mix by Contract Profile Revenue CAGR CY 2022 to CY 2025E CY 2025E to CY 2030E CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated. Sources: Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 7 Base Feather Kiwi Consolidated 10% 12% 40% 14% 15% 13% Base Feather 26% (10%) 18% 13% 4% 16% 15% 13% Kiwi 55% 22% 46% 12% 18% 15% 14% 12% Revenue Contribution by Segment (% of Total Revenue) Base Feather 86% 84% 79% 75% 76% 73% 73% 74% 74% Over-Time 77% 79% 73% 66% 67% 63% 63% 63% 63% Kiwi 14% 16% 21% 25% 24% 27% 27% 26% 26% Contracted Backlog (% of Total Revenue) Consolidated 90% 56% 17% 3% -- -- CY 2022 CY 2023 CY 2024 CY 2025E CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E Revenue Growth by Segment (year-over-year growth %)

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Base Feather Business \| Illustrative Historical & Projected ARR Information Summary & Selected Highlights Note: Company management does not officially prepare financial projections based on an ARR bridge (or track historical results on that basis). As such, the above is based on discussions with Company management and prepared to provide a baseline for comparing certain assumptions in over-time contract forecasts to historical performance. Note: Based on current in-place over-time contracts as of 11/11/25, per Company management. Does not reflect impact of special projects contracts, which are defined for purposes of the above as point-in-time or special project-based contracts, which definition differs from U.S. GAAP reporting. New customers ARR includes $1.3 million through 11/11/25 and an incremental forecasted $1.7 million ARR growth in Q4 CY 2025E, per Company management, reflecting probability weighted assessment of potential over- time contract wins attributable to in-process discussions. New customers ARR in CY 2026E – CY 2030E reflects revenues from existing products and services sold to new customers, as well as new products and services (sold to both new and existing customers). Gross retention reflects ability to retain existing customers over a given period and is computed as Beginning ARR - Lost Customers / Beginning ARR. Net retention reflects ability to retain existing customer revenue over a given period and is computed as Beginning ARR + Change in Existing Base / Beginning ARR. Beginning ARR & Ending Base: Represents ARR at the beginning and end of the respective period Recurring revenue is represented by over-time contracts and excludes re- occurring special projects contracts Selected Definitions A Increases / Decreases: Change in customer ARR due to price increases, module cross-sell, or module churn B Lost Customers: Represents ARR of customers where all contracts and products with the Company have terminated or expired C New Customers: Customer that had ARR in the current period but had no activity in the prior period D (dollars in millions) Selected Illustrative ARR Trends & Retention Observations (Based on Over-Time Contracts Only) Illustrative ARR & Revenue Retention Summary CY 2022 CY 2023 CY 2024 CY 2025E1 CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E A Beginning ARR $8.9 $19.7 $20.5 $20.0 $21.6 $20.2 $23.5 $27.2 $31.1 Feather Financial Projections assume any customer churn B Increases / (Decreases) 4.3 0.5 1.4 0.6 0.0 over CY 2027E – CY 2030E period is offset by upsells to C Lost Customers (0.3) (4.4) (5.0) (1.9) (4.4) existing customers Change in Existing Base 4.1 (3.9) (3.5) (1.3) (4.4) 0.0 0.0 0.0 0.0 D New Customers2 6.8 4.7 3.0 2.9 3.0 3.3 3.8 3.9 3.9 Ending ARR $19.7 $20.5 $20.0 $21.6 $20.2 $23.5 $27.2 $31.1 $35.0 Implied Gross Retention3 96.9% 77.8% 75.9% 90.6% 79.7% NA NA NA NA Implied Net Retention4 145.8% 80.3% 82.9% 93.3% 79.7% 100.0% 100.0% 100.0% 100.0% ARR refers to Annual Recurring Revenue; CY refers to Calendar Year; E refers to Estimated; NA refers to not available; Q refers to Quarter. Sources: Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 8

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Weighted Unweighted CY 2026E Revenue Stage Description (TCV) (TCV) Count Weighted Unweighted Stage 1 Active $2.9 $29.0 52 $0.4 $4.2 Stage 2 Qualify $2.1 $5.2 48 $1.4 $3.6 Stage 3 Proposed $4.8 $8.1 14 $2.4 $4.0 Stage 4 Committed $1.9 $2.4 4 $0.7 $0.9 Total $11.7 $44.7 118 $5.0 $12.7 Source: Company management. 9 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Base Feather Business \| Pipeline & Go-Get Overview (dollars in millions) Note: Stage 1 represents actively prospecting, Stage 2 represents qualification of opportunity, Stage 3 represents proposing of key terms and Stage 4 represents a verbal commitment or nearly signed scope of work. Reflects information as of 12/10/25. 1. Base Feather Go-Get Revenue comprised of ~$5.6 million (~65%) from over-time contracts and ~$2.9 million (~35%) from special projects contracts in CY 2026E. CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter; TCV refers to Total Contract Value. Current Pipeline Snapshot (December 2025) Base Feather Go-Get Revenue1 is projected to be $8.5 million in CY 2026E (relative to weighted pipeline of $5.0 million and unweighted pipeline of $12.7 million noted above)

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24 28 23 20 14 16 22 23 38 44 45 43 CY 2022 CY 2023 Life Sciences Services¹ CY 2025E CY 2024 Life Sciences LS contribution has grown from ~8% in CY 2022 to ~22% in CY 2025E, with LSS contribution declining from ~91% to ~75% over that same period Base Feather Business \| Selected Business Mix Trendlines (dollars in millions) Business Mix Trends (Revenue) Average Revenue Per Customer (By Customer Type)2 Note: Based on current over-time contracts and special projects contracts as of 11/11/25, per Company management. For purposes of the above charts, the figures relating to the life sciences services segment also include provider services customers. Reflects total number of customers that contributed to revenue in each year, including special projects customers and over-time contract customers which churned during the year. CY refers to Calendar Year; E refers to Estimated; k refers to thousands; LS refers to Life Sciences; LSS refers to Life Science Services. Sources: Company management and Feather Financial Projections. LS constitutes ~54% of the customer base but accounts for ~22% of Base Feather revenue in CY 2025E Business Mix Trends (Number of Customers)2 Revenue Contribution from Top Customers 71% 70% 71% Over the CY 2022 – CY 2025E period, revenue per customer has consistently averaged ~$600k – $800k across LSS customers and ~$100k – $200k across LS customers 50% 51% 53% 44% 63% CY 2022 CY 2025E CY 2023 CY 2024 Revenue Contribution from Top 5 Customers Revenue Contribution from Top 10 Customers $15 $19 $16 $17 $2 $3 $5 $17 $1 $0 $21 $19 $22 CY 2024 Life Sciences CY 2025E Other / Go-Get CY 2022 CY 2023 Life Sciences Services¹ $0.6 $0.7 $0.7 $0.8 $0.1 $0.2 $0.1 $0.2 CY 2022 CY 2023 Life Sciences Services¹ CY 2024 CY 2025E Life Sciences CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 10

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Selected Consolidated Projected Financial Information (dollars in millions) Calendar Year Ending December 31, C D Selected Observations A Revenue CAGR of ~13% over CY 2026E – CY 2030E period contemplates reacceleration of growth following expected churn from two material customers. Growth is projected to be supported by generally strong performance with existing customers as well as new logos driven by incremental traction in the life sciences and provider market (including via new product introductions). Potential challenges include macro pressures, uncertainty in the regulatory landscape and continued data disruptions. B COGS growth is projected to outpace revenue growth primarily due to replacement and diversification of data sources amid planned exits from the supply chain. Data costs in the outer years reflect both changes to the data sourcing structure, as well as incremental costs to support new growth areas. C Operating costs are projected to grow as additional infrastructure is needed to support the new product & account development that is projected to drive scaled revenue. D Current G&A structure, which reflects substantial synergies following combination with Kiwi, is projected to expand by several headcount additions to support expanded Company footprint. 1. The adjusted EBITDA projections shown above do not reflect any pro forma adjustments (e.g., elimination of public company costs). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items as specifically noted; CAGR refers to Compound Annual Growth Rate. COGS refers to Cost of Goods Sold; E refers to Estimated; G&A refers to General & Administrative. Sources: Company management and Feather Financial Projections. 2025E 2026E 2027E 2028E 2029E 2030E 2025E to 2030E A Total Revenue $29.8 $33.7 $36.3 $42.1 $48.4 $54.6 12.9% B Cost of Revenue (14.0) (19.2) (19.7) (21.1) (23.2) (26.0) 13.2% Gross Profit $15.8 $14.5 $16.6 $21.0 $25.1 $28.6 12.6% Margin % 53.0% 43.1% 45.8% 49.9% 52.0% 52.4% Research & Development (2.5) (2.8) (3.2) (3.5) (3.9) (4.2) 10.5% Sales & Marketing (5.5) (6.1) (6.7) (7.6) (8.4) (9.0) 10.2% General & Administrative (6.9) (6.7) (7.0) (7.3) (7.9) (9.0) 5.7% Contract Termination Adjustment (0.2) -- -- -- -- -- Adjusted EBITDA1 $0.7 ($1.2) ($0.3) $2.7 $4.9 $6.3 56.7% Margin % 2.2% (3.5%) (0.8%) 6.3% 10.2% 11.6% CAGR CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 11

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03 03 ILLUSTRATIVE PRELIMINARY FINANCIAL CONSIDERATIONS CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Implied Per Share Value Reference Ranges (dollars per share in actuals) $1.54 $1.95 $1.63 $1.54 $1.51 $2.66 $2.92 $2.76 $2.56 $2.49 Discounted Cash Flow Analysis Terminal Multiple 1.25x - 2.25x Discount Rate 13.5% - 16.5% Selected Transactions Analysis LTM Ended 9/30/25 Total Revenue 1.25x - 2.25x Selected Companies Analysis CY 2026E Total Revenue 0.75x - 1.75x Selected Companies Analysis CY 2025E Total Revenue 0.75x - 1.75x Selected Companies Analysis LTM Ended 9/30/25 Total Revenue 0.75x - 1.75x Preliminary Financial Analyses Summary Note: No particular weight was attributed to any analysis. Note: Reflects (i) ~$4.7 million of cash and cash equivalents and (ii) ~$23.6 million of marketable securities as of 9/30/25, per Company management. Marketable securities balance reflects fair market value of U.S. treasury bills. Note: Based on (i) ~31.1 million basic shares of common stock outstanding as of 12/12/25, (ii) ~2.4 million options to purchase common stock as of 12/12/25 (to the extent in the money, based on treasury method) and (iii) ~1.7 million restricted stock units to purchase common stock as of 12/12/25, per Company management. As of 8/22/25, the last trading day prior to announcement of the Canary Proposal. Per the Canary Proposal. As of 12/12/25. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period; VWAP refers to Volume Weighted Average Price. Sources: Bloomberg, public filings, Company management, Canary Proposal and Feather Financial Projections. Unaffected 10-Day VWAP:1 $1.92 2 Canary Proposal: $2.10 Current 10-Day VWAP:3 $2.14 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 13

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Preliminary Financial Analyses Summary (cont.) Sources: Company management, Feather Financial Projections and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 14 (dollars and shares in millions, except per share values) Selected Companies Analysis Selected Companies Analysis Selected Companies Analysis Selected Transactions Analysis Discounted Cash Flow Analysis Corresponding Base Amount LTM Ended 9/30/25 Total Revenue $28.6 CY 2025E Total Revenue $29.8 CY 2026E Total Revenue $33.7 LTM Ended 9/30/25 Total Revenue $28.6 Terminal Multiple 1.25x -- 2.25x Discount Rate 13.5% -- 16.5% Selected Multiples Range 0.75x -- 1.75x 0.75x -- 1.75x 0.75x -- 1.75x 1.25x -- 2.25x Implied Enterprise Value Reference Range $21.5 -- $50.1 $22.4 -- $52.2 $25.3 -- $59.0 $35.8 -- $64.5 $22.4 -- $55.7 Total Cash and Cash Equivalents as of 9/30/25 [1] 4.7 -- 4.7 4.7 -- 4.7 4.7 -- 4.7 4.7 -- 4.7 4.7 -- 4.7 Total Marketable Securities as of 9/30/25 [1] [2] 23.6 -- 23.6 23.6 -- 23.6 23.6 -- 23.6 23.6 -- 23.6 23.6 -- 23.6 Potential Future Earnout Consideration Receivable as of 9/30/25 [1] [3] 0.0 -- 3.6 0.0 -- 3.6 0.0 -- 3.6 0.0 -- 3.6 0.0 -- 3.6 Implied Total Enterprise Value Reference Range $49.7 -- $82.0 $50.6 -- $84.0 $53.5 -- $90.8 $64.0 -- $96.3 $50.6 -- $87.5 Total Debt as of 9/30/25 [1] 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 Implied Total Equity Value Reference Range $49.7 -- $82.0 $50.6 -- $84.0 $53.5 -- $90.8 $64.0 -- $96.3 $50.6 -- $87.5 Shares Outstanding [1] [4] 32.8 -- 32.9 32.8 -- 32.9 32.8 -- 32.9 32.8 -- 32.9 32.8 -- 32.9 Implied Per Share Reference Range $1.51 -- $2.49 $1.54 -- $2.56 $1.63 -- $2.76 $1.95 -- $2.92 $1.54 -- $2.66 Note: No discrete value ascribed to ~$17.1 million of U.S. federal net operating loss carryforwards and ~$28.1 million of U.S. state net operating loss carryforwards as of 12/31/24 given that (i) certain selected companies have NOL carryforwards, the impact of which is assumed to be reflected in their implied Enterprise Value / Total Revenue multiples, (ii) per Company management, any net operating loss carryforwards would be subject to Section 382 limitations under the Internal Revenue Code upon a change of control transaction evaluated in the Selected Transactions Analysis and (iii) net operating loss carryforward impacts incorporated in cash flows and multiple selection in Discounted Cash Flow Analysis. Per Company management. Reflects fair market value of U.S. treasury bills. Per Company management and public filings, the Company sold a minority equity interest in a customer on 7/21/23 for immediate cash proceeds and future contingent earnout payments aggregating to $3.6 million for potential payment in CY 2025E and CY 2026E. Per Company management, such payments are subject to ongoing litigation and the acquiror has accrued a contingent obligation in the amount of ~$0.4 million for the portion of the earnout consideration potentially payable to the Company. Such earnout is treated for financial reporting purposes as a gain contingency, per Company management, and no asset is recorded on the Company's balance sheet. Against this backdrop, low end reflects no potential future earnout consideration receivable and high end reflects maximum potential future earnout consideration receivable of $3.6 million. Based on (i) ~31.1 million basic shares of common stock outstanding as of 12/12/25, (ii) ~2.4 million options to purchase common stock as of 12/12/25 (to the extent in the money, based on treasury method) and (iii) ~1.7 million restricted stock units to purchase common stock as of 12/12/25, per Company management. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period; NOL refers to Net Operating Loss.

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Preliminary Selected Companies Observations (dollars in millions, except per share values) Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 12/12/25. Based on market prices as of 12/12/25. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 12/12/25, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 12/12/25. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Reflects the last trading day prior to announcement of the Canary Proposal. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Selected Market Trading Information Selected Multiple Information Share % of 52-Week % Above 52-Week Equity Market Enterprise Enterprise Value [1] to Revenue [5] Selected Companies Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2025E CY 2026E Certara, Inc. $8.58 54.7% 6.9% $1,412.8 $1,536.3 3.70x 3.67x 3.44x Definitive Healthcare Corp. $2.31 40.7% 7.4% $362.4 $449.7 1.86x 1.88x 1.91x Health Catalyst, Inc. $2.46 30.4% 22.1% $193.0 $262.6 0.83x 0.85x 0.87x Indegene Limited $5.81 77.2% 5.5% $1,418.5 $1,278.5 3.81x 3.59x 3.06x OptimizeRx Corporation $13.36 60.0% 234.7% $258.3 $267.6 2.44x 2.47x 2.20x Simulations Plus, Inc. $19.17 50.9% 54.7% $386.2 $353.8 4.47x 4.45x 4.30x Veradigm Inc. [6] [7] $4.95 48.3% 65.0% $591.5 $546.5 0.94x 0.91x 0.93x Low 30.4% 5.5% 0.83x 0.85x 0.87x Median 50.9% 22.1% 2.44x 2.47x 2.20x Mean 51.7% 56.6% 2.58x 2.54x 2.39x High 77.2% 234.7% 4.47x 4.45x 4.30x Feather - Current Price (as of 12/12/25) [8] [9] $2.13 52.9% 29.9% $69.6 $41.4 1.45x 1.38x 1.29x Feather - Unaffected Price (as of 8/22/25) [8] [9] [10] $1.77 43.9% 7.9% $56.9 $28.1 1.05x 0.96x 0.87x Sources: Bloomberg, Capital IQ and public filings. 15 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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39.1% 36.0% 32.5% 29.7% 24.1% 13.3% 9.6% 9.5% Certara Indegene Simulations Plus OptimizeRx Definitive Health Catalyst Veradigm Feather 36.9% 35.2% 34.0% 25.9% 23.7% 21.7% 14.4% Projected Rule of 40 (CY 2025E Total Revenue Growth + CY 2025E Adjusted EBITDA Margin) 40.7% Certara Simulations Plus Indegene OptimizeRx Feather Definitive Veradigm Health Catalyst Preliminary Selected Benchmarking Data Rule of 40 34.0% 29.5% 29.7% 26.3% Note: Median and mean indications exclude Feather. Feather Projected Rule of 40 (CY 2026E Total Revenue Growth + CY 2026E Adjusted EBITDA Margin) Feather Selected Healthcare Technology Companies Median Feather Mean Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 16

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15.5% 11.0% 10.3% 7.2% 5.6% -0.0% -0.5% -1.3% Indegene OptimizeRx Feather Certara Simulations Plus Health Catalyst Definitive Veradigm Projected Total Revenue Growth (CY 2023 – CY 2025E) 23.0% 13.2% 12.3% 8.7% 8.4% 2.4% -1.6% -2.4% OptimizeRx Indegene Simulations Plus Certara Feather Health Catalyst Veradigm Definitive Projected Total Revenue Growth (CY 2025E – CY 2027E) Preliminary Selected Benchmarking Data (cont.) Revenue Growth 8.7% 7.9% 5.6% 5.4% Note: Median and mean indications exclude Feather. 1. CY 2023 results reflect pro forma financials for the acquisition of Kiwi, per Company management. Feather1 2 Feather 2 Selected Healthcare Technology Companies Median Feather 2. Historical financials reflect the midpoint of the estimated range of financial results, per public filings. Forward financials are based on estimates provided by four analysts who cover the company. CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 17 Mean

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8.3% 7.8% 2.9% 2.5% -0.4% Projected Gross Profit Growth (CY 2025E – CY 2027E) 13.8% 10.8% -2.1% Indegene Limited OptimizeRx Simulations Plus, Certara, Inc. Health Catalyst, Inc. Feather Definitive Veradigm Inc. [2] Corporation Inc. Healthcare Corp. Projected Gross Profit Growth (CY 2023 – CY 2025E) 27.1% 9.7% 9.5% 9.2% -5.2% 0.8% NA -9.6% OptimizeRx Certara, Inc. Indegene Limited Health Catalyst, Inc. Simulations Plus, Definitive Feather Veradigm Inc. [2] Corporation Inc. Healthcare Corp. Preliminary Selected Benchmarking Data (cont.) Gross Profit Growth 9.3% 8.5% 7.8% 5.9% Note: Median and mean indications exclude Feather. 1. Reflects standalone Base Feather information as gross profit information pro forma for the impact of the acquisition of Kiwi not applicable, per Company management. Feather1 Feather 2 2 Selected Healthcare Technology Companies Median Feather Mean 2. Historical financials reflect the midpoint of the estimated range of financial results, per public filings. Forward financials are based on estimates provided by four analysts who cover the company. CY refers Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 18

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Projected Gross Profit Margin (CY 2026E) 80.8% 63.1% 61.6% 61.2% 53.8% 52.6% 43.1% 32.8% Definitive OptimizeRx Certara Simulations Plus Veradigm Health Catalyst Feather Indegene Projected Gross Profit Margin (CY 2025E) 81.4% 64.1% 61.3% 59.2% 54.5% 53.0% 50.6% 33.9% Definitive OptimizeRx Certara Simulations Plus Veradigm Feather Health Catalyst Indegene Preliminary Selected Benchmarking Data (cont.) Gross Profit Margin 59.2% 57.9% 61.2% 58.0% Feather Selected Healthcare Technology Companies Median Feather Mean Feather Note: Median and mean indications exclude Feather. CY refers Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 19

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32.5% 29.2% 25.9% 18.8% 17.3% 16.0% 12.6% Certara Simulations Plus Definitive Indegene OptimizeRx Health Catalyst Veradigm Feather 28.7% 28.0% 18.9% 18.8% 16.6% 13.2% Certara Definitive Simulations Plus Indegene Veradigm OptimizeRx Health Catalyst Feather Projected Adjusted EBITDA Margin (CY 2025E) 32.1% Preliminary Selected Benchmarking Data (cont.) Adjusted EBITDA Margin Projected Adjusted EBITDA Margin (CY 2026E) 22.3% 18.9% 21.7% 18.8% 2.2% Feather -3.5% Feather Selected Healthcare Technology Companies Median Feather Mean Note: Median and mean indications exclude Feather. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 20

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-11.0% -9.1% -8.2% -3.9% 3.5% 8.0% 26.5% Feather Indegene Simulations Plus Veradigm Definitive OptimizeRx Certara Health Catalyst $335.7 $316.1 $242.3 $109.5 $79.2 $28.6 Veradigm Inc. Certara Indegene Health Catalyst Definitive OptimizeRx Simulations Plus Feather Preliminary Selected Benchmarking Data (cont.) Size & Net Leverage (dollars in millions) Total Revenue (LTM) $583.5 $415.6 Net Leverage3 (Net Debt to Enterprise Value as of 12/12/25) $316.1 $297.4 0.8% -3.9% 1 -68.1% Feather4 Feather Selected Healthcare Technology Companies Median Mean Note: Median and mean indications exclude Feather. LTM financials reflect the midpoint of the estimated range of financial results, per public filings. Reflects pro forma financials for the acquisition of Kiwi, per Company management. Based on public trading prices of common stock. Enterprise Value based on public filings, market data and other public information as of 12/12/25. Net debt based on latest available balance sheet information as of 9/30/25, per Company management. LTM refers to the most recently completed 12-month period for which financial information has been made public. Feather2 Sources: Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 21

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0.00x 4.00x 8.00x 12.00x 16.00x 20.00x Mar-21 Sep-21 Mar-22 Oct-22 Feather Apr-23 Nov-24 May-25 Dec-25 Oct-23 May-24 Selected Companies Index³ Source: Capital IQ as of 12/12/25. 22 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Note: NTM revenue multiples greater than 20.00x deemed to be not meaningful. Reflects data through 8/22/25, the last trading day completed prior to the announcement of the Canary Proposal. Reflects data through 12/12/25. Selected Companies Index includes Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Reflects median multiple. NTM refers to the following 12-month period for which financial information has not been made public; NMF refers to not meaningful. Selected Trading Multiple Lookback Observations Since Reverse Merger (3/3/21) 2.26x 1.21x Feather vs. Selected Companies Index (Enterprise Value to NTM Total Revenue Lookback Since Reverse Merger) Analyst estimates available beginning on 4/8/22 following the completion of the reverse merger on 3/3/21 Unaffected Date1 Feather – Unaffected1 Feather – Current2 Selected Companies Index³ Since Reverse Merger Average Three-Year Average Two-Year Average One-Year Average Six-Month Average NMF 2.69x 2.17x 1.73x 1.38x NMF 2.44x 1.96x 1.48x 1.23x 5.84x 3.29x 2.87x 2.60x 2.86x

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&nbsp;&nbsp;&nbsp;&nbsp;Transaction Value / CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 23 LTM Adjusted NFY Adjusted Announced Effective Target Acquiror Transaction Value [1] LTM Revenue [2] NFY Revenue [3] EBITDA Margin % [2] EBITDA Margin % [3] 7/19/24 10/2/24 Augmedix, Inc. Commure, Inc. $119.0 2.44x 2.24x (32.9%) (45.6%) 6/21/24 10/22/24 Sharecare, Inc. Altaris, LLC $498.1 1.19x 1.27x 3.1% 0.5% 4/8/24 6/27/24 Model N, Inc Vista Equity Partners Management, LLC $1,269.2 5.00x 4.84x 17.2% 19.8% 9/6/23 11/9/23 NextGen Healthcare, Inc. Thoma Bravo, L.P. $1,722.9 2.54x 2.40x 17.6% 17.8% 8/7/23 11/3/23 Tabula Rasa HealthCare, Inc. Exact Care Pharmacy, LLC (Nautic $571.1 1.69x 1.58x 5.1% 5.6% Partners, LLC) 7/6/23 8/14/23 CorEvitas, LLC Thermo Fisher Scientific Inc. $912.5 NA 8.30x NA NA [4] 8/8/22 7/31/22 Pharmaspectra Group Ltd IQVIA Holdings Inc. $100.0 7.68x NA (20.0%) NA [5] 12/20/21 6/8/22 Cerner Corporation Oracle Corporation $29,359.9 5.14x 5.07x 33.9% 32.8% 12/8/21 4/5/22 Clinigen Group plc Triton Investment Management Ltd. $2,124.4 2.97x 2.76x 22.2% 21.8% 8/19/21 11/24/21 Inovalon Holdings, Inc Nordic Capital X-Led Consortium $7,428.2 10.34x 9.61x 34.7% 34.9% 1/17/20 2/28/20 Decision Resources, Inc. Clarivate Plc $950.0 4.59x NA 23.0% NA [6] Low $100.0 1.19x 1.27x (32.9%) (45.6%) Median $950.0 3.78x 2.76x 17.4% 18.8% Mean $4,095.9 4.36x 4.23x 10.4% 10.9% High $29,359.9 10.34x 9.61x 34.7% 34.9% Preliminary Selected Transactions Observations (dollars in millions) Note: No company used in this analysis for comparative purposes is identical to the Company and no transaction used in this analysis for comparative purposes is identical to the Canary Proposal. Note: Where available, stock-based compensation expense has been added back to adjusted EBITDA. Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. Based on reported metric for the most recent LTM period prior to the announcement of the transaction. Based on reported metric for the most recent NFY period prior to the announcement of the transaction. NFY period reflects $110 million of revenue from press release at the time of announcement. LTM period reflects annual figures for the CY 2021 period, the most recently completed period for which information was available at the time of transaction announcement. LTM period reflects annual figures for the CY 2019 period. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year. LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available; NFY refers to the next fiscal year for which financial information has not been made public. Sources: Bloomberg, Capital IQ, public filings, press releases and Wall Street research.

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Present Value of Cash Flows (2025E - 2030E) Projected Calendar Year Ending December 31, Implied Enterprise Value Implied Total Equity Value PV of Terminal Value as a Multiple of 2030E Total Revenue Discount Rate 1.25x 1.75x 2.25x 1.25x 1.75x 2.25x 1.25x 1.75x 2.25x 13.50% ($9.3) $36.1 $50.5 $65.0 $26.8 $41.2 $55.7 ($31.8) $58.6 $73.0 $87.5 14.25% ($9.3) $34.9 $48.9 $62.8 $25.6 $39.6 $53.5 ($30.9) $56.5 $70.5 $84.5 15.00% ($9.3) $33.8 $47.3 $60.8 $24.5 $38.0 $51.5 ($30.0) $54.5 $68.0 $81.5 15.75% ($9.3) $32.7 $45.8 $58.8 $23.4 $36.5 $49.6 ($29.1) $52.5 $65.6 $78.7 16.50% ($9.3) $31.6 $44.3 $57.0 $22.4 $35.0 $47.7 ($28.2) $50.6 $63.3 $75.9 Discount Rate Implied Equity Value Per Share [6] 1.25x 1.75x 2.25x Net Debt & Other [5] 2025E [1] 2026E 2027E 2028E 2029E 2030E Total Revenue $7.5 $33.7 $36.3 $42.1 $48.4 $54.6 Growth % 13.0% 7.6% 16.2% 14.7% 13.0% Cost of Revenues (4.0) (19.2) (19.7) (21.1) (23.2) (26.0) Total Operating Expenses (3.9) (15.7) (16.9) (18.4) (20.2) (22.3) Adjusted EBITDA ($0.3) ($1.2) ($0.3) $2.7 $4.9 $6.3 Margin % (4.5%) (3.5%) (0.8%) 6.3% 10.2% 11.6% Depreciation and Amortization (0.1) (0.2) (0.2) (0.2) (0.2) (0.2) Adjusted EBIT ($0.4) ($1.4) ($0.5) $2.5 $4.7 $6.1 Taxes [2] -- -- -- -- -- -- Unlevered Earnings ($0.4) ($1.4) ($0.5) $2.5 $4.7 $6.1 Depreciation and Amortization 0.1 0.2 0.2 0.2 0.2 0.2 Stock-Based Compensation [3] (0.7) (2.9) (2.9) (2.9) (2.9) (2.9) Discount Rate 1.25x 1.75x 2.25x Change in Net Working Capital & CapEx [4] (1.3) (1.0) (1.0) (1.0) (1.0) (1.0) 13.50% 134.8% 122.6% 116.7% Unlevered Free Cash Flows ($2.3) ($5.1) ($4.2) ($1.2) $1.1 $2.4 14.25% 136.3% 123.5% 117.4% 15.00% 137.9% 124.4% 118.0% 15.75% 139.6% 125.4% 118.7% 16.50% 141.4% 126.4% 119.4% PV of Terminal Value as a % of Enterprise Value Preliminary Discounted Cash Flow Analysis CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 24 Note: Present values as of 12/18/25; mid-year convention applied. Represents Q4 CY 2025E financial information, per Company management. Taxes assumed to be fully offset by NOL usage, per Company management. Stock-based compensation expense treated as a cash outflow to approximate dilutive impact. Per Company management, annual run-rate stock-based compensation expense approximates $2.9 million annually over the projection period and is assumed to not be tax deductible. 4. Per Company management, capital expenditures projected to be de minimis over the projected period and consist of office equipment such as computers. 13.50% $1.79 $2.22 $2.66 5. Reflects (i) ~$4.7 million of cash and cash equivalents and (ii) ~$23.6 million of marketable securities as of 9/30/25, per Company management. Also reflects range of 14.25% $1.72 $2.15 $2.57 potential future earnout consideration receivable from sale of minority interest in a customer from, on the low end, $0.0 million to, on the high end, maximum potential amount of $3.6 million, per Company management. 6. Computed as Implied Total Equity Value divided by the sum of (i) ~31.1 million shares of common stock outstanding as of 12/12/25, (ii) ~2.4 million options to 15.00% 15.75% $1.66 $1.60 $2.07 $2.00 $2.48 $2.39 purchase common stock as of 12/12/25 (to the extent in the money, based on treasury method) and (iii) ~1.7 million restricted stock units as of 12/12/25, per Company management. 16.50% $1.54 $1.93 $2.31 Adjusted EBIT refers to Earnings Before Interest and Taxes, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CapEx refers Capital Expenditures; CY refers to Calendar Year; E refers to Estimated; PV refers to Present Value; Q refers to Quarter. SBC refers to Stock-Based Compensation. Sources: Company management and Feather Financial Projections. (dollars and shares in millions, except per share values)

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04 04 SELECTED CONSIDERATIONS RELATED TO CANARY PROPOSAL CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Canary Proposal Summary Selected Implied Multiples & Premium Information Note: Calculations herein do not give consideration to potential future earnout consideration receivable. Refer to page 14 4. Canary Proposal does not specifically address treatment of ~190k unvested in-the-money options, which have a for additional information. weighted average exercise price of $2.04 per share. Subject to confirmation. Note: This summary is intended only as an overview of selected terms and is not intended to cover all terms or details of 5. Per Company management. the Canary Proposal. 6. Per the Canary Proposal. Reflects data as of 8/22/25, the last completed trading day prior to the Company's announcement before market close 7. Corresponding base amount pro forma for the acquisition of Kiwi completed on 10/31/24, per Company management. on 8/25/25 that it received the Canary Proposal. 8. Closing price per Capital IQ. VWAP based on cumulative trading activity over designated number of trading days Reflects (i) ~$4.7 million of cash and cash equivalents and (ii) ~$23.6 million of marketable securities as of 9/30/25, per (based on intraday trading) per Bloomberg as of applicable date. Company management. Marketable securities balance reflects fair market value of U.S. treasury bills. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value; k refers to Thousands. Based on (i) ~31.1 million basic shares of common stock outstanding as of 12/12/25, (ii) ~2.4 million options to LTM refers to the most recently completed 12-month period; RSU refers to Restricted Stock Unit. purchase common stock as of 12/12/25 (to the extent in the money, based on treasury method) and (iii) ~1.7 million VWAP refers to Volume-Weighted Average Price. restricted stock units to purchase common stock as of 12/12/25, per Company management. Sources: Bloomberg, Capital IQ, public filings, Company management, Canary Proposal and Feather Financial Projections. Preliminary Implied Financial Metrics (dollars and shares in millions, except per share values) On 8/25/25, the Board of Directors of Feather received the Canary Proposal from the Canary Parties to acquire all of the outstanding shares of Feather common stock not owned by them for cash consideration of $2.10 per share Reflects a premium of ~19% to closing stock price and ~8% to 30-day VWAP, in each case as of the Unaffected Date1 Implies multiples of ~1.36x Enterprise Value / CY 2025E revenue and ~1.21x Enterprise Value / CY 2026E revenue, respectively2,3 Proposal conditioned on approval by the Special Committee Proposed transaction structure consists of two-step process, with tender offer followed by short-form merger (which could be effectuated under section 251(h) of Delaware General Corporation Law or section 3-106.1 of Maryland General Corporation Law) Proposal includes assumption of 1.7 million unvested RSUs by Canary and cancellation of 2.2 million out-of-the-money options4 Intended sources of financing include personal resources, third party financing and balance sheet cash in addition to rollover equity Canary Parties collectively hold 20.7 million shares of common stock, or ~67% of outstanding Feather common stock Feather estimates it will have ~$26.9 million of cash and cash equivalents as of year-end5 The Canary Parties have indicated that (i) diligence requirements will be limited, (ii) they are in discussions with potential financing sources and (iii) at the appropriate time, they would like to discuss the possibility of certain additional stockholders joining Canary Implied Unaffected Premiums / (Discounts) (dollars per share in actuals) Trading Period Selected Implied Premium of Per Share As of 8/22/25 [1] Metric [8] Canary Proposal Consideration 1-Day Closing Price $1.77 18.6% 10-Day VWAP $1.92 9.5% 30-Day VWAP $1.94 8.4% 3-Month VWAP $1.98 6.3% 6-Month VWAP $1.98 5.9% 52-Week High Intraday Price (2/18/25) $4.03 (47.9%) 52-Week Low Intraday Price (8/22/25) $1.64 28.0% Selected Transaction Information Per Share Transaction Consideration [6] Fully-Diluted Shares [3] [5] $2.10 32.8 Implied Transaction Equity Value $68.9 Total Debt as of 9/30/25 [5] Total Cash & Equivalents and Marketable Securities as of 9/30/25 [2] [5] 0.0 (28.2) Implied Transaction Enterprise Value $40.7 Selected Implied Transaction Multiples Implied EV / Revenue Transaction Multiples LTM Ended 9/30/25 [7] CY 2025E CY 2026E Corresponding Base Amount [5] $28.6 $29.8 $33.7 Implied Multiple 1.42x 1.36x 1.21x CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 26

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0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 Mar-21 Sep-21 Apr-23 Feather Oct-23 Current Stock Price¹ May-24 Nov-24 Unaffected Stock Price² May-25 Dec-25 Mar-22 Oct-22 Daily Trading Volume Closing Stock Price ($) Daily Volume (millions) Historical Timeline & Stock Trading History Since Reverse Merger (3/3/21) Represents per share closing common stock price on 12/12/25. Reflects data as of 8/22/25, the last completed trading day prior to the Company's announcement before market close on 8/25/25 that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. VWAP based on cumulative trading activity over designated period, per Bloomberg. ADTV refers to Average Daily Traded Volume; CY refers to Calendar Year; VWAP refers to Volume Weighted Average Price; YTD refers to Year To Date. Closing Price: $2.131 Announced receipt of a non-binding proposal from a consortium of buyers led by co-founder, Executive Chairman and CEO Max Wygod to acquire all unowned shares of Company common stock for $2.10 per share Unaffected Stock Price: $1.772 Announced launch through business combination of Helix Technologies and Medical Outcomes Research Analytics and commenced trading on the Nasdaq at $14.60 per share Announced the sale of BioTrack to Alleaves for a total purchase price of $30 million Announced stock repurchase from affiliate of 1.6 million shares at a redemption price of $2.15 per share, reflecting an 8.1% discount relative to the unaffected per share common stock price Unaffected 90-Day ADTV2 Shares Dollars % of Outstanding 0.01 mm $0.02 mm 0.04% Selected VWAPs3 Announced $12.0 million private placement of common stock at a purchase price of $10.21 per share Announced $24.0 million private placement of 3.5% convertible notes with an exercise price of $11.98 per share Announced acquisition of Kiwi for no consideration other than the assumption of certain normal course working capital liabilities CY 2022 CY 2023 CY 2024 Unaffected YTD 20252 $4.60 $2.94 $2.66 $2.29 Sources: Bloomberg, Capital IQ and public filings as of 12/12/25. 27 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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70.0% 27.4% 28.2% 44.9% 10.3% 6.0% 3.4% 4.3% 0.4% 2.5% 0.0% $1.50- $1.75- $2.00- $2.25- $2.50- $2.75- $3.00- $3.25- $3.50- $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 Reflects data as of 8/22/25, the last trading day completed prior to the announcement of the Canary Proposal. VWAP based on cumulative trading activity over designated period, per Bloomberg. Based on intraday prices. VWAP refers to Volume Weighted Average Price. Intraday High: $4.03 Intraday Low: $1.64 Selected Stock Trading Activity Selected Unaffected VWAP Information1 One Year Pre-Proposal1 (8/22/24 to 8/22/25) VWAP Volume: 4.1 million VWAP2: $2.23 66.9% Sources: Bloomberg, Capital IQ and Canary Proposal. 28 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 31.3% 1.1% 0.8% 0.0% 0.0% 0.0% 0.0% 0.0% 2.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $1.50- $1.75- $2.00- $2.25- $2.50- $2.75- $3.00- $3.25- $3.50- $1.50- $1.75- $2.00- $2.25- $2.50- $2.75- $3.00- $3.25- $3.50- $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 Six Months Pre-Proposal1 (2/24/25 to 8/22/25) Intraday High: $2.39 Intraday Low: $1.64 VWAP Volume: 1.6 million VWAP2: $1.98 Three Months Pre-Proposal1 (5/22/25 to 8/22/25) VWAP Volume: 0.7 million VWAP2: $1.98 Intraday High: $2.25 Intraday Low: $1.64 Unaffected VWAPs2 3-Month 6-Month 12-Month 52-Wk. Low3 52-Wk. High3 $1.98 $1.98 $2.23 $1.64 $4.03 % of VWAP Volume Above Canary Proposal: 38.9% % of VWAP Volume Above Canary Proposal: 7.4% % of VWAP Volume Above Canary Proposal: 11.2%

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(100.0%) (80.0%) 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) 80.0% 100.0% Mar-21 Sep-21 Mar-22 Oct-23 May-24 Nov-24 May-25 Nasdaq Composite Index - Total Return Dec-25 Feather Oct-22 Apr-23 Selected Companies Index² On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Total shareholder return information shown above reflects average return for the selected healthcare technology companies that were public over the entirety of the applicable time period. Reflects total stockholder return since the Unaffected Date. Selected Relative Total Stockholder Return Performance Information Lookback Since Reverse Merger (3/3/21) Indexed Total Stockholder Returns Feather vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Reverse Merger) Unaffected as of 8/22/25¹ 8.1% (12.9%) 20.3% Since Proposal3 Since 3/3/21 Return (3/3/21 - 8/22/25) Three-Year Return (8/22/22 - 8/22/25) Two-Year Return (8/22/23 - 8/22/25) One-Year Return (8/22/24 - 8/22/25) (87.9%) (58.3%) (29.2%) (25.6%) (74.5%) (52.5%) (28.2%) (10.3%) 71.1% 77.7% 61.5% 22.8% Feather Selected Companies Index² Nasdaq Composite Index - Total Return Current as of 12/12/25 Feather Selected Companies Index² Three-Year Return (12/12/22 - 12/12/25) Two-Year Return (12/12/23 - 12/12/25) One-Year Return (12/12/24 - 12/12/25) (6.6%) (10.9%) 4.4% (59.5%) (42.0%) (11.0%) Source: Capital IQ as of 12/12/25. 29 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Canary Proposal1: $2.10 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 $1.75 $2.00 $2.25 $2.50 8/25/25 9/19/25 10/15/25 11/10/25 12/5/25 Daily Trading Volume Feather Canary Proposal¹ Closing Stock Price ($) Daily Volume (millions) 0.1% 2.6% 5.3% 25.9% 28.5% 20.7% 7.8% 9.1% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 0.0% 0.0% 3.8% 29.2% 16.8% 24.4% 11.9% 13.9% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 17.3% 77.3% 5.4% 0.0% 0.0% 0.0% 0.0% 0.0% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. The figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. VWAP based on cumulative trading activity over designated period, per Bloomberg. VWAP refers to Volume Weighted Average Price. Selected Trading & VWAP Information Since Canary Proposal1 Since Canary Proposal1,2 (8/25/25 to 12/12/25) Historical Closing Per Share Common Stock Price & Daily Trading Volume Since Canary Proposal1 (8/25/25 to 12/12/25) Last Two Months2 (10/12/25 to 12/12/25) Last Month2 (11/12/25 to 12/12/25) ~6.6 million shares of Feather common stock traded on 10/13/25, per Bloomberg VWAP Volume: 8.5 million VWAP3: $2.43 Intraday High: $2.71 Intraday Low: $1.88 VWAP Volume: 6.8 million VWAP3: $2.47 Intraday High: $2.62 Intraday Low: $2.03 VWAP Volume: 0.7 million VWAP3: $2.13 Intraday High: $2.30 Intraday Low: $2.03 Canary Proposal1 Sources: Bloomberg and Capital IQ as of 12/12/25 and Canary Proposal. 30 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Canary Proposal1 Canary Proposal1

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Selected Public Ownership & Trading Volume Observations (dollars and shares outstanding in millions) The top five public shareholders of Feather common stock (Staley Capital Advisors, Vanguard, Geode Capital Management, The Caprock Group and BlackRock) collectively hold 7.1% of shares outstanding and 26.4% of public float, per public filings Max Wygod (Founder, Executive Chairman & CEO) 7.5 24.2% NA NA Adam Dublin (Co-Founder & Chief Strategy Officer) 4.3 14.0% NA NA Larry Feinberg / Oracle 2.1 6.8% NA NA Carl Berg 1.5 5.0% NA NA Marble Lane Partners I, LLC 1.5 4.7% NA NA Other Canary Members 3.7 11.9% NA NA Canary 20.7 66.5% NA NA Staley Capital Advisers, Inc. 1.1 3.5% 10.6% 13.2% Thomas Coleman 0.9 2.9% 8.7% NA The Vanguard Group, Inc. 0.8 2.4% 7.3% 9.1% Daniel Barton (Former President & CEO) 0.7 2.4% 7.2% NA Other Current / Former Directors & Executive Officers 0.4 1.4% 4.2% NA Geode Capital Management, LLC 0.2 0.5% 1.6% 2.0% The Caprock Group, LLC 0.1 0.3% 0.8% 1.0% BlackRock, Inc. 0.1 0.3% 0.8% 1.0% Other 6.1 19.7% 58.8% 73.6% Total2 31.1 100.0% 100.0% 100.0% Common Stock Holder Shares Outstanding % of Non-Canary Public Float1 Selected Feather Trading Statistics 90 Days Preceding Announcement of Canary Proposal (8/25/25) Average Daily Trading Volume 0.012 Average Daily Trading Value $0.024 Since Announcement of Canary Proposal Average Daily Trading Volume 0.134 Average Daily Trading Value $0.320 Since Announcement of Canary Proposal (Excluding 10/13/25 Trading Activity) 3 Average Daily Trading Volume 0.049 Average Daily Trading Value $0.114 Note: Does not reflect share acquisitions or disposals not publicly disclosed as of 12/12/25. Public float calculated as common shares outstanding, less shares held by (i) Canary, (ii) Thomas Coleman, (iii) Daniel Barton and (iv) current / former directors and executive officers. Reflects common shares outstanding as of 11/13/25, per the Company's Form 10-Q for the period ended 9/30/25. Excludes 10/13/25 trading data, which saw ~6.6 million shares traded, per Bloomberg. designates members of Canary. designates current / former directors and executive officers. These holdings are excluded from public float computations. NA refers to not available. Sources: Bloomberg, Capital IQ and public filings as of 12/12/25. 31 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Preliminary Overview of Potential Alternatives Source: Company management. 32 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Certain potential alternatives to consider include but are not limited to the following: Status Quo Acquisitions Share Repurchases and/or Dividends Recapitalization Sale of the Company to a Third Party Transaction with the Canary Parties Preliminary considerations related to certain alternatives include, but are not limited to, the following: Backdrop of sustained challenges in the sector due to post-COVID macro pressures, competitive dynamics and regulatory uncertainty Subscale platform compared to certain industry participants – scaling likely to require investment in growth thesis, substantial resources, capital outlay and successful execution against backdrop of sector headwinds and operating disruptions for Feather Company cash balance supports current strategic plan, with recent redemption of the Convertible Notes ahead of maturity date1 Low float / trading activity in the stock, with potential limitation on prospects for capital returns given Company's historical track record Limited universe of potential third-party buyers given business scale and profile Company has previously run a broad sale process, followed by more targeted discussions with certain parties – with no clear path to a viable proposal by any party contacted in the sale process or involved in subsequent discussions Inbound interest received by Feather has been limited since announcement of the Canary Proposal Transaction structuring considerations and execution risk Canary's support will be an important consideration for the viability of certain alternatives 1. Company cash and equivalents estimated at ~$27 million as of 12/31/25, per Company management. The Company entered into a Note Purchase Agreement related to $24 million of the Convertible Notes, which principal was redeemed or repaid, together with corresponding accrued interest, as follows: (i) $1 million on 9/12/23, (ii) $1 million on 2/28/24, (iii) $16 million on 11/11/24 and (iv) $6 million on 9/1/25.

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Per Share Common Stock Price $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70 $2.80 $2.90 $3.00 Implied Premiums / (Discounts): Metric: 8/22/25 Unaffected Stock Price $1.77 18.6% 24.3% 29.9% 35.6% 41.2% 46.9% 52.5% 58.2% 63.8% 69.5% 30-Day Unaffected VWAP [1] $1.94 8.4% 13.5% 18.7% 23.9% 29.0% 34.2% 39.3% 44.5% 49.7% 54.8% 12/12/25 Closing Stock Price $2.13 (1.4%) 3.3% 8.0% 12.7% 17.4% 22.1% 26.8% 31.5% 36.2% 40.8% 10-Day VWAP $2.14 (2.0%) 2.7% 7.3% 12.0% 16.7% 21.3% 26.0% 30.7% 35.4% 40.0% 20-Day VWAP $2.13 (1.5%) 3.1% 7.8% 12.5% 17.2% 21.9% 26.6% 31.3% 36.0% 40.7% 30-Day VWAP $2.15 (2.3%) 2.3% 7.0% 11.6% 16.3% 20.9% 25.6% 30.2% 34.9% 39.5% VWAP Since Announcement (8/25/25) [2] $2.43 (13.5%) (9.4%) (5.3%) (1.2%) 3.0% 7.1% 11.2% 15.3% 19.4% 23.6% 12-Month VWAP $2.39 (12.1%) (7.9%) (3.7%) 0.5% 4.7% 8.9% 13.1% 17.3% 21.4% 25.6% 52-Week Intraday High (2/18/25) $4.03 (47.9%) (45.4%) (42.9%) (40.4%) (38.0%) (35.5%) (33.0%) (30.5%) (28.0%) (25.6%) 52-Week Intraday Low (8/22/25) $1.64 28.0% 34.1% 40.2% 46.3% 52.4% 58.5% 64.6% 70.7% 76.8% 82.9% Implied Multiples: Implied EV / LTM Total Revenue [3] $28.6 1.42x 1.54x 1.65x 1.77x 1.88x 2.00x 2.11x 2.23x 2.35x 2.46x Implied EV / CY 2025E Total Revenue [4] $29.8 1.36x 1.47x 1.59x 1.70x 1.81x 1.92x 2.03x 2.14x 2.25x 2.37x Implied EV / CY 2026E Total Revenue [4] $33.7 1.21x 1.31x 1.40x 1.50x 1.60x 1.70x 1.80x 1.90x 1.99x 2.09x CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 33 Illustrative Per Share Price Illustrative Implied Premiums & Multiples Information (dollars and shares in millions, except per share values) Note: The calculations and sensitivities shown are provided for illustrative purposes only and are not intended to be indicative of or provide any conclusions regarding valuation. Note: Calculations herein do not give consideration to potential future earnout consideration receivable. Refer to page 14 for additional information. Note: VWAP information based on cumulative trading activity over designated period, per Bloomberg. Reflects the volume-weighted average price for the thirty trading days ending on the Unaffected Date. Reflects the volume-weighted average price since the Unaffected Date. Enterprise value information per Company management and public filings. Reflects pro forma revenue for the acquisition of Kiwi, per Company management. Enterprise value information per Company management and public filings. Revenue estimates based on Feather Financial Projections. On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value; VWAP refers to Volume Weighted Average Price. LTM refers to the most recently completed 12-month period for which information has been made public. Sources: Bloomberg, Capital IQ, public filings, Company management, Canary Proposal and Feather Financial Projections. Canary Proposal5

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Illustrative Canary Cash Outlay Information CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 34 Does not include transaction costs and expenses and assumes purchase of ~10.4 million shares outstanding not owned by Canary. Excludes impact of accelerated vesting of restricted stock units (since such units are assumed to roll). Canary Proposal does not specifically address treatment of in-the-money options. Per the Canary Proposal. Sources: Company management, Canary Proposal, Canary and public filings. Implied Incremental Canary Cash Outlay at Illustrative Per Share Prices (dollars in millions, except per share values) Illustrative Per Share Price Every $0.10 increase results in ~$1.0 million of incremental outlay from Canary Every $0.25 increase results in ~$2.6 million of incremental outlay from Canary Note: The calculations and sensitivities shown are provided for illustrative purposes only and are not intended to be indicative of or provide any conclusions regarding valuation. $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $2.70 $2.80 $2.90 $3.00 Aggregate Canary Cash Outlay1 $21.9 $22.9 $24.0 $25.0 $26.0 $27.1 $28.1 $29.2 $30.2 $31.3 Incremental Canary Cash Outlay1 -- $1.0 $2.1 $3.1 $4.2 $5.2 $6.3 $7.3 $8.3 $9.4 Premium to Canary Proposal2 -- 4.8% 9.5% 14.3% 19.0% 23.8% 28.6% 33.3% 38.1% 42.9%

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06 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 05 APPENDICES

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06 05 APPENDICES Selected Historical & Projected Financial Data CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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(dollars in millions) Calendar Year Ended December 31, LTM Ended Calendar Year Ending December 31, CAGR 2022 2023 2024 9/30/25 2025E 2026E 2027E 2028E 2029E 2030E '22 to '25E '25E to '30E CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 37 Note: CY 2022 – LTM 9/30/25 financials shown above are pro forma for historical revenues for Kiwi prior to the acquisition by Feather; pro forma expenses and profitability metrics are not meaningful given carve-out nature of Kiwi acquisition. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate. CY refers to Calendar Year; E refers to Estimated; NMF refers to not meaningful; LTM refers to Latest Twelve Months. Sources: Company management and Feather Financial Projections. Selected Consolidated Historical & Projected Financial Information Over-Time (Recurring) Revenue $14.9 $20.0 $17.6 $19.2 $19.8 $22.6 $22.9 $26.4 $30.3 $34.2 Special Projects Revenue 1.9 1.3 1.5 2.2 2.7 2.9 3.7 4.5 5.3 6.1 Base Feather Revenue $16.8 $21.2 $19.1 $21.5 $22.4 $25.5 $26.6 $30.9 $35.6 $40.3 10.2% 12.4% Kiwi Revenue 2.7 4.2 5.1 7.2 7.4 8.2 9.7 11.2 12.7 14.3 40.0% 14.1% Total Revenue $19.5 $25.4 $24.1 $28.6 $29.8 $33.7 $36.3 $42.1 $48.4 $54.6 15.3% 12.9% Growth % 30.3% (5.0%) 23.7% 13.0% 7.6% 16.2% 14.7% 13.0% Cost of Revenues (14.0) (19.2) (19.7) (21.1) (23.2) (26.0) NMF 13.2% Gross Profit $15.8 $14.5 $16.6 $21.0 $25.1 $28.6 NMF 12.6% Margin % 53.0% 43.1% 45.8% 49.9% 52.0% 52.4% Sales & Marketing (5.5) (6.1) (6.7) (7.6) (8.4) (9.0) NMF 10.2% Research & Developent (2.5) (2.8) (3.2) (3.5) (3.9) (4.2) NMF 10.5% General & Administrative (6.9) (6.7) (7.0) (7.3) (7.9) (9.0) NMF 5.7% Adjustment for Contract Termination (0.2) -- -- -- -- -- NMF NMF Total Operating Expenses (15.1) (15.7) (16.9) (18.4) (20.2) (22.3) NMF 8.0% Adjusted EBITDA $0.7 ($1.2) ($0.3) $2.7 $4.9 $6.3 NMF 56.7% Margin % 2.2% (3.5%) (0.8%) 6.3% 10.2% 11.6% Growth % NMF NMF NMF NMF 85.0% 27.9% Selected Supplementary Information: Base Feather % of Total Revenue 86.2% 83.6% 79.0% 74.9% 75.2% 75.5% 73.2% 73.4% 73.7% 73.8% Kiwi % of Total Revenue 13.8% 16.4% 21.0% 25.1% 24.8% 24.5% 26.8% 26.6% 26.3% 26.2% Recurring Revenue as % of Total Revenue 90.3% 95.0% 93.9% 92.3% 91.1% 91.4% 89.8% 89.3% 89.0% 88.8% Special Projects Revenue as % of Total Revenue 9.7% 5.0% 6.1% 7.7% 8.9% 8.6% 10.2% 10.7% 11.0% 11.2% Headcount Tech 29 30 35 36 41 43 Sales & Marketing 11 13 14 16 17 17 General & Administrative 11 11 11 11 12 14 Total Headcount 51 54 60 63 70 74

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06 05 APPENDICES Illustrative Premiums Paid Observations CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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Preliminary Illustrative Selected Premiums Paid Observations Preliminary Selected Transactions Note: No company used in this analysis for comparative purposes is identical to the Company or any of its subsidiaries and no transaction used in this analysis for comparative purposes is identical to the Canary Proposal. Based on closing stock price data, per Capital IQ. Represents number of trading day(s) prior to announcement. Premiums based on unaffected trading price prior to transaction given market speculation of potential transaction or other events affecting market and trading activity. NA refers to not available. Sources: Capital IQ, the Canary Proposal and public filings. Implied Premiums Paid [1] Announced Target Acquiror 1-Day [2] 5-Day [2] 1-Month 7/19/24 Augmedix, Inc. Commure, Inc. 156.4% 158.8% 213.3% 6/21/24 Sharecare, Inc. Altaris, LLC 84.7% 77.8% 71.3% 4/8/24 Model N, Inc Vista Equity Partners Management, LLC 10.7% 5.4% 20.7% 9/6/23 NextGen Healthcare, Inc. Thoma Bravo, L.P. 46.4% 43.0% 44.2% [3] 8/7/23 Tabula Rasa HealthCare, Inc. Exact Care Pharmacy, LLC (Nautic 34.1% 33.4% 30.1% Partners, LLC) 7/6/23 CorEvitas, LLC Thermo Fisher Scientific Inc. NA NA NA 8/8/22 Pharmaspectra Group Ltd IQVIA Holdings Inc. NA NA NA 12/20/21 Cerner Corporation Oracle Corporation 19.5% 26.4% 28.2% [3] 12/8/21 Clinigen Group plc Triton Investment Management Ltd. 46.7% 56.0% 51.6% 8/19/21 Inovalon Holdings, Inc Nordic Capital X-Led Consortium 25.3% 28.4% 23.2% [3] 1/17/20 Decision Resources, Inc. Clarivate Plc NA NA NA Low 10.7% 5.4% 20.7% Median 40.2% 38.2% 37.2% Mean 53.0% 53.6% 60.3% High 156.4% 158.8% 213.3% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 39

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29% 34% 46% 34% 35% 46% 34% 28% 2018 2019 2020 2021 2022 2023 2024 YTD '25 Preliminary Illustrative Selected Premiums Paid Observations (cont.) All U.S. Transactions Average One-Day Prior Acquisition Premiums Average Four-Week Prior Acquisition Premiums T R A N S A C T IO N S B E LO W $1 B ILLIO N T R A NS A C T I O NS BE T W E E N $1 BI L L I O N A ND T R A N S A C T IO N S A B O V E $1 0 B ILLIO N $1 0 B ILLIO N T R A N S A C T IO N S B E LO W $1 B ILLIO N T R A NS A C T I O NS BE T W E E N $1 BI L L I O N A ND $1 0 B ILLIO N T R A N S A C T IO N S A B O V E $1 0 B ILLIO N 26% 38% 31% 26% 34% 38% 33% 26% 2018 2019 2020 2021 2022 2023 2024 YTD '25 26% 27% 28% 34% 34% 33% 28% 40% 2018 2019 2020 2021 2022 2023 2024 YTD '25 28% 30% 37% 38% 43% 39% 36% 37% 2018 2019 2020 2021 2022 2023 2024 YTD '25 28% 32% 33% 33% 42% 40% 40% 31% 2018 2019 2020 2021 2022 2023 2024 YTD '25 30% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 40 36% 39% 36% 47% 44% 41% 35% 2018 2019 2020 2021 2022 2023 2024 YTD '25 Note: Premiums are relative to target share prices one day and four weeks prior to announcement for deals with U.S. targets. Excludes terminated transactions, ESOPs, self-tenders, spinoffs, share repurchases, minority-interest transactions, exchange offers, recapitalizations, and restructurings. Excludes negative premiums and premiums more than 100%. YTD refers to Year-to-Date. Source: LSEG (formerly Refinitiv) as of 9/30/25.

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06 05 APPENDICES Financial Projections Comparisons CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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$33.1 $35.6 $41.4 $47.6 $53.8 $20.2 $20.2 $30.1 $29.8 $33.7 $36.3 $42.1 $48.4 $54.6 Comparison of Project Feather Projections: October 20251 to November 2025 Revenue & Adjusted EBITDA Total Revenue Projection Comparison (dollars in millions) Reflects preliminary financial projections prepared by Company management and reviewed with the Special Committee in October 2025. CY 2024 reflects actual reported financial results included for reference purposes only. The acquisition of Kiwi by the Company was completed on 10/31/24. As such, CY 2024 information reflects two months of actual financial results from Kiwi in CY 2024 and full year contributions in CY 2025E and beyond. The adjusted EBITDA projections shown above do not reflect any pro forma adjustments (e.g., elimination of public company costs). Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year. E refers to Estimated; NMF refers to not meaningful. Sources: Company management and Feather Financial Projections. CY 20242 CY 2025E CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E $ Difference -- ($0.2) $0.6 $0.7 $0.7 $0.8 $0.8 % Difference -- (0.7%) 1.9% 1.9% 1.8% 1.6% 1.5% Preliminary Feather Projections (Oct. 2025) – Feather Feather Financial Projections (Nov. 2025) – Feather % Change Oct. 2025 – Nov. 2025 $ Change Oct. 2025 – Nov. 2025 Adjusted EBITDA Projection Comparison3 (dollars in millions) $0.5 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 42 $1.0 ($1.5) ($0.7) $2.3 $4.8 $6.4 $0.5 $0.7 ($1.2) ($0.3) $2.7 $4.9 $6.3 CY 20242 CY 2025E CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E $ Difference -- ($0.4) $0.3 $0.4 $0.4 $0.2 ($0.1) % Difference -- (34.8%) NMF NMF 17.7% 3.5% (1.5%) Revenue CAGR October 2025 November 2025 CY2023–2028E 14.3% 14.7% CY2023–2030E 14.2% 14.5% CY2025E–2030E 12.4% 12.9%

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$21.4 $27.1 $34.3 $42.9 $52.0 NA NA $19.1 $22.4 $25.5 $26.6 $30.9 $35.6 $40.3 $1.1 $7.4 $8.2 $9.7 $11.2 $12.7 $14.3 $20.2 $29.8 $33.7 $36.3 $42.1 $48.4 $54.6 Project Foxtrot (May 2024) Feather Financial Projections – Base Feather / Kiwi Note: The acquisition of Kiwi by the Company was completed on 10/31/24. As such, the Project Foxtrot projections do not reflect any contributions from Kiwi, while the Feather Financial Projections reflect two months of actual financial results from Kiwi in CY 2024 and full year contributions in CY 2025 and beyond. Reflects financial projections prepared by Company management in May 2024 and shared with prospective buyers in connection with Project Foxtrot process. CY 2024 in the Feather Financial Projections reflects actual reported financial results. CAGR refers to Compound Annual Growth Rate; CY refers to Calendar Year; E refers to Estimated; NA refers to not available. Sources: Company management and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 43 CY 20242 CY 2025E CY 2026E CY 2027E CY 2028E CY 2029E CY 2030E ∆ Feather (11.1%) (17.2%) (25.7%) (38.1%) (40.5%) NA NA ∆ Total (6.0%) 10.1% (1.7%) (15.5%) (18.9%) NA NA Total Revenue Projection Comparison (dollars in millions) Foxtrot Feather Consolidated CY2023–2028E 20.5% CY2023–2030E 9.6% 14.5% CY2025E–2030E 12.4% 12.9% Revenue CAGR Comparison of Feather Financial Projections to Project Foxtrot Projections1 (May 2024) Revenue & Growth Rates

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$1.3 $3.9 $7.9 $13.4 $19.0 NA NA $0.5 $0.7 ($0.3) $2.7 $4.9 $6.3 ($1.2) CY 2026E Note: The acquisition of Kiwi by the Company was completed on 10/31/24. As such, the Project Foxtrot projections do not reflect any contributions from Kiwi, while the Feather Financial Projections reflect two months of actual financial results from Kiwi in CY 2024 and full year contributions in CY 2025 and beyond. Reflects financial projections prepared by Company management in May 2024 and shared with prospective buyers in connection with Project Foxtrot process. The adjusted EBITDA projections shown above do not reflect any pro forma adjustments (e.g., elimination of public company costs). CY 2024 in the Feather Financial Projections reflects actual reported financial results. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; NA refers to not available. NMF refers to not meaningful. Sources: Company management and Feather Financial Projections. Adjusted EBITDA & Adjusted EBITDA Margin Projection Comparison2 (dollars in millions) Project Foxtrot (May 2024) Feather Financial Projections – Base Feather & Kiwi Adj. EBITDA Margin % 2.4% 6.1% 23.0% NMF 31.3% NMF 6.3% 36.6% 2.2% 14.3% NA 10.2% NA 11.6% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 44 CY 20243 CY 2025E CY 2027E CY 2028E CY 2029E CY 2030E Comparison of Feather Financial Projections to Project Foxtrot Projections1 (May 2024) (cont.) Adjusted EBITDA & Adjusted EBITDA Margin

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06 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 06 DISCLAIMER

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 46 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey's affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities' or parties' respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the "Interested Parties"), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board, the Committee, or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board, the Committee, or the Company or to use such information on behalf of the Board, the Committee, or the Company. Houlihan Lokey's personnel may make statements or provide advice that is contrary to information contained in the materials. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 46 Disclaimer (cont.)

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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## Ex-99.(A)(5)(H)

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#### Exhibit 99 (a)(5)(H)

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Strictly Confidential. Not for Distribution. Project Feather Selected Updated Trading & Public Market Observations January 20, 2026

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Preliminary Selected Companies Observations Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 1/16/26. Based on market prices as of 1/16/26. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 1/16/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 1/16/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Reflects the last trading day prior to announcement of the Canary Proposal. (dollars in millions, except per share values) Selected Market Trading Information Selected Multiple Information % of % Above Share 52-Week 52-Week Equity Market Enterprise Enterprise Value [1] to Revenue [5] Selected Companies Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2025E CY 2026E Certara, Inc. $9.51 60.6% 18.5% $1,565.9 $1,689.4 4.07x 4.04x 3.79x Definitive Healthcare Corp. $2.39 42.1% 11.2% $374.9 $462.3 1.91x 1.93x 1.97x Health Catalyst, Inc. $2.31 39.0% 14.6% $181.2 $250.8 0.79x 0.81x 0.83x Indegene Limited $5.47 72.8% 0.8% $1,335.4 $1,195.6 3.57x 3.36x 2.85x OptimizeRx Corporation $12.15 54.6% 204.4% $234.9 $244.2 2.23x 2.26x 2.01x Simulations Plus, Inc. $20.33 54.0% 64.1% $409.6 $373.9 4.75x 4.70x 4.56x Veradigm Inc. [6] [7] $4.60 49.7% 53.3% $549.7 $504.7 0.86x 0.84x 0.86x Low 39.0% 0.8% 0.79x 0.81x 0.83x Median 54.0% 18.5% 2.23x 2.26x 2.01x Mean 53.3% 52.4% 2.60x 2.56x 2.41x High 72.8% 204.4% 4.75x 4.70x 4.56x Feather - Current Price (as of 1/16/26) [8] [9] $2.09 51.9% 27.4% $68.3 $40.1 1.40x 1.34x 1.25x Feather - Unaffected Price (as of 8/22/25) [8] [9] [10] $1.77 43.9% 7.9% $56.9 $28.1 1.05x 0.96x 0.87x CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 2

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Summary of Selected Companies Multiples Changes vs. Prior Materials (dollars in millions, except per share values) Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – prior materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 1/16/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 1/16/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Certara, Inc. 3.70x 3.67x 3.44x 4.07x 4.04x 3.79x 0.37x 0.37x 0.35x Definitive Healthcare Corp. 1.86x 1.88x 1.91x 1.91x 1.93x 1.97x 0.05x 0.05x 0.06x Health Catalyst, Inc. 0.83x 0.85x 0.87x 0.79x 0.81x 0.83x (0.04x) (0.04x) (0.04x) Indegene Limited 3.81x 3.59x 3.06x 3.57x 3.36x 2.85x (0.24x) (0.23x) (0.21x) OptimizeRx Corporation 2.44x 2.47x 2.20x 2.23x 2.26x 2.01x (0.21x) (0.22x) (0.19x) Simulations Plus, Inc. 4.47x 4.45x 4.30x 4.75x 4.70x 4.56x 0.28x 0.25x 0.25x Veradigm Inc. [4] [5] 0.94x 0.91x 0.93x 0.86x 0.84x 0.86x (0.07x) (0.07x) (0.07x) Low 0.83x 0.85x 0.87x 0.79x 0.81x 0.83x (0.04x) (0.04x) (0.04x) Median 2.44x 2.47x 2.20x 2.23x 2.26x 2.01x (0.21x) (0.22x) (0.19x) Mean 2.58x 2.54x 2.39x 2.60x 2.56x 2.41x 0.02x 0.02x 0.02x High 4.47x 4.45x 4.30x 4.75x 4.70x 4.56x 0.28x 0.25x 0.25x Feather - Current Price [6] [7] 1.45x 1.38x 1.29x 1.40x 1.34x 1.25x (0.05x) (0.04x) (0.04x) Included in Prior Materials (12/18/25) Included in Current Materials (1/20/26) Market Data as of 12/12/25 Market Data as of 1/16/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Selected Companies LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E Change vs. Prior Materials [1] CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 3

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0.00x 4.00x 8.00x 12.00x 16.00x 20.00x Mar-21 Aug-21 Jan-22 Jun-22 Dec-22 Feather May-23 Feb-25 Jul-25 Jan-26 Oct-23 Apr-24 Sep-24 Selected Companies Index³ Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Note: NTM revenue multiples greater than 20.00x deemed to be not meaningful. Reflects data through 8/22/25, the last trading day completed prior to the announcement of the Canary Proposal. Reflects data through 1/16/26. Selected Companies Index includes Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Reflects median multiple. Selected Trading Multiple Lookback Observations Since Reverse Merger (3/3/21) 2.06x 1.17x Feather vs. Selected Companies Index (Enterprise Value to NTM Total Revenue Lookback Since Reverse Merger) Analyst estimates available beginning on 4/8/22 following the completion of the reverse merger on 3/3/21 Unaffected Date1 Since Reverse Merger Average Three-Year Average Two-Year Average One-Year Average Six-Month Average NMF 2.69x 2.17x 1.73x 1.38x NMF 2.40x 1.91x 1.43x 1.23x 5.77x 3.21x 2.81x 2.56x 2.80x Feather – Unaffected1 Feather – Current2 Selected Companies Index³ NTM refers to the following 12-month period for which financial information has not been made public; NMF refers to not meaningful. Source: Capital IQ as of 1/16/26. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 4

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(100.0%) (80.0%) 80.0% 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) 100.0% Mar-21 Aug-21 Jan-22 Oct-23 Jan-26 Feather Jun-22 Dec-22 May-23 Selected Companies Index² Apr-24 Sep-24 Feb-25 Jul-25 Nasdaq Composite Index - Total Return On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Total shareholder return information shown above reflects average return for the selected healthcare technology companies that were public over the entirety of the applicable time period. Selected Relative Total Stockholder Return Performance Information Lookback Since Reverse Merger (3/3/21) Indexed Total Stockholder Returns Feather vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Reverse Merger) Unaffected as of 8/22/25¹ 9.6% (13.7%) 18.1% Since Proposal3 Since 3/3/21 Return (3/3/21 - 8/22/25) Three-Year Return (8/22/22 - 8/22/25) Two-Year Return (8/22/23 - 8/22/25) One-Year Return (8/22/24 - 8/22/25) (87.9%) (58.3%) (29.2%) (25.6%) (74.5%) (52.5%) (28.2%) (10.3%) 71.1% 77.7% 61.5% 22.8% Feather Selected Companies Index² Nasdaq Composite Index - Total Return Current as of 1/16/26 Feather Selected Companies Index² Three-Year Return (1/16/23 - 1/16/26) Two-Year Return (1/16/24 - 1/16/26) One-Year Return (1/16/25 - 1/16/26) (23.2%) (19.6%) 0.0% (61.3%) (51.5%) (10.0%) 3. Reflects total stockholder return since the Unaffected Date. Source: Capital IQ as of 1/16/26. 5 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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29.8% 67.7% 2.5% 0.0% 0.0% 0.0% 0.0% 0.0% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 59.5% 40.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 0.1% 2.3% 9.3% 30.0% 25.2% 18.3% 6.9% 8.1% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 Canary Proposal1: $2.10 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 $1.75 $2.00 $2.25 $2.50 8/25/25 9/12/25 11/5/25 11/23/25 12/29/25 1/16/26 Feather 9/30/25 10/18/25 Daily Trading Volume Last Two Months2 (11/16/25 to 1/16/26) 12/11/25 Canary Proposal¹ Last Month2 (12/16/25 to 1/16/26) Closing Stock Price ($) Daily Volume (millions) On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. The figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. VWAP based on cumulative trading activity over designated period, per Bloomberg. Selected Trading & VWAP Information Since Canary Proposal1 Since Canary Proposal1,2 (8/25/25 to 1/16/25) Historical Closing Per Share Common Stock Price & Daily Trading Volume Since Canary Proposal1 (8/25/25 to 1/16/25) ~6.6 million shares of Feather common stock traded on 10/13/25, per Bloomberg VWAP Volume: 9.1 million VWAP3: $2.41 Intraday High: $2.71 Intraday Low: $1.88 VWAP Volume: 1.2 million VWAP3: $2.12 Intraday High: $2.30 Intraday Low: $2.03 VWAP Volume: 0.6 million VWAP3: $2.10 Intraday High: $2.18 Intraday Low: $2.04 Canary Proposal1 VWAP refers to Volume Weighted Average Price. Sources: Bloomberg and Capital IQ as of 1/16/26 and Canary Proposal. 6 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Canary Proposal1 Canary Proposal1

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0.0% 0.5% 8.0% 13.8% 15.9% 5.0% 0.0% 56.8% $1.80- $1.90 $1.90- $2.00 $2.00- $2.10 $2.10- $2.20 $2.20- $2.30 $2.30- $2.40 $2.40- $2.50 $2.50- $2.60 0.1% 2.3% 9.3% 30.0% 25.2% 18.3% 6.9% 8.1% $1.80- $1.90 $1.90- $2.00 $2.00- $2.10 $2.10- $2.20 $2.20- $2.30 $2.30- $2.40 $2.40- $2.50 $2.50- $2.60 On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. Figures in the above charts based on cumulative trading activity over designated period, per Bloomberg. Figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. Selected Trading & VWAP Information (cont.) Since Canary Proposal1 All Trading Days Excluding 10/13/25 VWAP Volume: 3.9 million VWAP2: $2.19 Excluding 10/13/25 VWAP Volume: 3.8 million VWAP3: $2.18 Based on Daily VWAP Information All Trading Days Canary Proposal1 VWAP Volume: 8.9 million VWAP2: $2.40 Based on Real-Time VWAP Information VWAP Volume: 5.2 million VWAP3: $2.24 Canary Proposal1 Canary Proposal1 Canary Proposal1 12.8% 41.4% 29.5% 12.4% 0.0% 1.1% 0.0% 0.0% 0.1% 3.1% 0.7% 0.0% $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.80- $1.90- $2.00- $2.10- $2.20- $2.30- $2.40- $2.50- $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 $1.90 $2.00 $2.10 $2.20 $2.30 $2.40 $2.50 $2.60 VWAP refers to Volume Weighted Average Price. Sources: Bloomberg as of 1/16/26 and Canary Proposal. 7 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 18.6% 31.9% 36.8% 11.6%

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Per Share Common Stock Price $2.10 $2.15 $2.20 $2.25 $2.30 $2.35 $2.40 $2.45 $2.50 Implied Premiums / (Discounts): Metric: 8/22/25 Unaffected Stock Price $1.77 18.6% 21.5% 24.3% 27.1% 29.9% 32.8% 35.6% 38.4% 41.2% 30-Day Unaffected VWAP [1] $1.94 8.4% 11.0% 13.5% 16.1% 18.7% 21.3% 23.9% 26.4% 29.0% 1/16/26 Closing Stock Price $2.09 0.5% 2.9% 5.3% 7.7% 10.0% 12.4% 14.8% 17.2% 19.6% 10-Day VWAP $2.10 (0.0%) 2.4% 4.8% 7.1% 9.5% 11.9% 14.3% 16.7% 19.0% 20-Day VWAP $2.10 0.1% 2.5% 4.9% 7.3% 9.6% 12.0% 14.4% 16.8% 19.2% 30-Day VWAP $2.11 (0.4%) 2.0% 4.4% 6.8% 9.1% 11.5% 13.9% 16.2% 18.6% VWAP Since Announcement (8/25/25) [2] $2.41 (12.7%) (10.7%) (8.6%) (6.5%) (4.4%) (2.4%) (0.3%) 1.8% 3.9% 12-Month VWAP $2.38 (11.9%) (9.8%) (7.7%) (5.6%) (3.5%) (1.4%) 0.6% 2.7% 4.8% 52-Week Intraday High (2/18/25) $4.03 (47.9%) (46.7%) (45.4%) (44.2%) (42.9%) (41.7%) (40.4%) (39.2%) (38.0%) 52-Week Intraday Low (8/22/25) $1.64 28.0% 31.1% 34.1% 37.2% 40.2% 43.3% 46.3% 49.4% 52.4% Implied Multiples: Implied EV / LTM Total Revenue [3] $28.6 1.42x 1.48x 1.54x 1.59x 1.65x 1.71x 1.77x 1.82x 1.88x Implied EV / CY 2025E Total Revenue [4] $29.8 1.36x 1.42x 1.47x 1.53x 1.59x 1.64x 1.70x 1.75x 1.81x Implied EV / CY 2026E Total Revenue [4] $33.7 1.21x 1.26x 1.31x 1.35x 1.40x 1.45x 1.50x 1.55x 1.60x Sources: Bloomberg, Capital IQ, public filings, Company management, Canary Proposal and Feather Financial Projections. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 8 Illustrative Per Share Price Illustrative Implied Premiums & Multiples Information (dollars and shares in millions, except per share values) Note: The calculations and sensitivities shown are provided for illustrative purposes only and are not intended to be indicative of or provide any conclusions regarding valuation. Note: Calculations herein do not give consideration to potential future earnout consideration receivable. Note: VWAP information based on cumulative trading activity over designated period, per Bloomberg. Reflects the volume-weighted average price for the thirty trading days ending on the Unaffected Date. Reflects the volume-weighted average price since the Unaffected Date. Enterprise value information per Company management and public filings. Reflects pro forma revenue for the acquisition of Kiwi, per Company management. Enterprise value information per Company management and public filings. Revenue estimates based on Feather Financial Projections. On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value; VWAP refers to Volume Weighted Average Price. LTM refers to the most recently completed 12-month period for which information has been made public. Canary Proposal5 12/18/25 Counter Proposal

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com**

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## Ex-99.(A)(5)(I)

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#### Exhibit 99 (a)(5)(I)

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Strictly Confidential. Not for Distribution. Project Feather Preliminary Discussion Materials for the Special Committee of the Board of Directors January 28, 2026

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CY 2025 and CY 2026E revenue estimates directionally in-line with financial projections CY 2025 results in-line with ~$29.8 million revenue forecast based on preliminary internal estimates1 CY 2026E outlook directionally in-line with financial projections Four pipeline prospects that accounted for ~$1.7 million of probability-weighted revenue in CY 2026E currently remain in the pipeline – potential for topline leakage in CY 2026E resulting from timing impacts One new material customer in pipeline since prior discussion Topline pressure in Kiwi business New contract signed up with data vendor Annual costs are slightly higher than the figures included in the financial projections, but Company management indicated potential for opportunity to offset through rationalization of existing cost structure reflected in financial projections Company management is continuing to assess data needs going forward Contract renegotiations remain ongoing with certain vendors and customers CY 2025 year-end cash balance of ~$31.6 million was ~$4.7 million higher than projected Difference primarily timing-driven due to working capital related items, including (i) unforecasted deferred revenues (i.e., cash collected in Q4 CY 2025 relating to revenues that will be accrued during CY 2026E) and (ii) certain unpaid vendor contracts, offset slightly by (iii) certain uncollected customer revenues Company management is preparing a detailed working capital / cash roll-forward schedule, which is expected to be completed by 1/30/26 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 2 Selected Business Updates 1. Per Company management, CY 2025 audited financials are in progress but likely will not be finalized until March 2026. CY refers to Calendar Year; E refers to Estimated; H refers to Half. Sources: Company management and Feather Financial Projections.

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Preliminary Selected Companies Observations Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 1/26/26. Based on market prices as of 1/26/26. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 1/26/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 1/26/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Reflects the last trading day prior to announcement of the Initial Canary Proposal. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. (dollars in millions, except per share values) Selected Market Trading Information Selected Multiple Information % of % Above Share 52-Week 52-Week Equity Market Enterprise Enterprise Value [1] to Revenue [5] Selected Companies Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2025E CY 2026E Certara, Inc. $10.11 64.4% 26.0% $1,664.7 $1,788.2 4.30x 4.27x 4.02x Definitive Healthcare Corp. $2.44 43.0% 13.5% $382.8 $470.1 1.94x 1.96x 2.01x Health Catalyst, Inc. $2.21 37.3% 9.7% $173.3 $243.0 0.77x 0.78x 0.80x Indegene Limited $5.17 71.3% 0.7% $1,261.2 $1,123.0 3.39x 3.14x 2.63x OptimizeRx Corporation $11.64 52.3% 191.6% $225.1 $234.3 2.14x 2.17x 1.93x Simulations Plus, Inc. $20.11 53.4% 62.3% $405.1 $369.5 4.70x 4.64x 4.50x Veradigm Inc. [6] [7] $4.90 54.4% 63.3% $585.6 $540.6 0.93x 0.90x 0.92x Low 37.3% 0.7% 0.77x 0.78x 0.80x Median 53.4% 26.0% 2.14x 2.17x 2.01x Mean 53.7% 52.4% 2.59x 2.55x 2.40x High 71.3% 191.6% 4.70x 4.64x 4.50x Feather - Current Price (as of 1/26/26) [8] [9] $2.13 52.9% 29.9% $69.6 $41.4 1.45x 1.38x 1.29x Feather - Unaffected Price (as of 8/22/25) [8] [9] [10] $1.77 43.9% 7.9% $56.9 $28.1 1.05x 0.96x 0.87x CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 3

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Certara, Inc. 3.70x 3.67x 3.44x 4.30x 4.27x 4.02x 0.61x 0.60x 0.57x Definitive Healthcare Corp. 1.86x 1.88x 1.91x 1.94x 1.96x 2.01x 0.08x 0.08x 0.09x Health Catalyst, Inc. 0.83x 0.85x 0.87x 0.77x 0.78x 0.80x (0.06x) (0.06x) (0.07x) Indegene Limited 3.81x 3.59x 3.06x 3.39x 3.14x 2.63x (0.42x) (0.45x) (0.43x) OptimizeRx Corporation 2.44x 2.47x 2.20x 2.14x 2.17x 1.93x (0.30x) (0.31x) (0.27x) Simulations Plus, Inc. 4.47x 4.45x 4.30x 4.70x 4.64x 4.50x 0.23x 0.19x 0.20x Veradigm Inc. [4] [5] 0.94x 0.91x 0.93x 0.93x 0.90x 0.92x (0.01x) (0.01x) (0.01x) Low 0.83x 0.85x 0.87x 0.77x 0.78x 0.80x (0.06x) (0.06x) (0.07x) Median 2.44x 2.47x 2.20x 2.14x 2.17x 2.01x (0.30x) (0.31x) (0.20x) Mean 2.58x 2.54x 2.39x 2.59x 2.55x 2.40x 0.02x 0.01x 0.01x High 4.47x 4.45x 4.30x 4.70x 4.64x 4.50x 0.23x 0.19x 0.20x Feather - Current Price [6] [7] 1.45x 1.38x 1.29x 1.45x 1.38x 1.29x 0.00x 0.00x 0.00x Included in Prior Materials (12/18/25) Included in Current Materials (1/28/26) Market Data as of 12/12/25 Market Data as of 1/26/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Selected Companies LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E Change vs. Prior Materials [1] Summary of Selected Companies Multiples Changes vs. Prior Materials 7. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 4 Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – prior materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 1/26/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 1/26/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. (dollars in millions, except per share values)

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(100.0%) (80.0%) 80.0% 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) 100.0% Mar-21 Aug-21 Jan-22 Jan-26 Feather Jun-22 Dec-22 May-23 Oct-23 Selected Companies Index² Apr-24 Sep-24 Feb-25 Jul-25 Nasdaq Composite Index - Total Return On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share (the "Initial Canary Proposal"). Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Total shareholder return information shown above reflects average return for the selected healthcare technology companies that were public over the entirety of the applicable time period. Reflects total stockholder return since 8/22/25 (the "Unaffected Date"). Source: Capital IQ as of 1/26/26. Selected Relative Total Stockholder Return Performance Information Lookback Since Reverse Merger (3/3/21) Indexed Total Stockholder Returns Feather vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Reverse Merger) Unaffected as of 8/22/25¹ 10.0% (13.6%) 20.3% Since Initial Canary Proposal3 Since 3/3/21 Return (3/3/21 - 8/22/25) Three-Year Return (8/22/22 - 8/22/25) Two-Year Return (8/22/23 - 8/22/25) One-Year Return (8/22/24 - 8/22/25) (87.9%) (58.3%) (29.2%) (25.6%) (74.5%) (52.5%) (28.2%) (10.3%) 71.1% 77.7% 61.5% 22.8% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 5 Feather Selected Companies Index² Nasdaq Composite Index - Total Return Current as of 1/26/26 Feather Selected Companies Index² Three-Year Return (1/26/23 - 1/26/26) Two-Year Return (1/26/24 - 1/26/26) One-Year Return (1/26/25 - 1/26/26) (32.2%) (20.4%) (2.3%) (61.1%) (51.0%) (16.1%)

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39.6% 60.3% 0.0% 0.0% 0.0% 0.0% 0.0% <$2.10 $2.10- $2.15- $2.17- $2.20- $2.25- >$2.30 <$2.10 $2.10- $2.15- $2.17- $2.20- $2.25- >$2.30 <$2.10 $2.10- $2.15- $2.17- $2.20- $2.25- >$2.30 $2.15 $2.17 $2.20 $2.25 $2.30 $2.15 $2.17 $2.20 $2.25 $2.30 $2.15 $2.17 $2.20 $2.25 $2.30 33.0% 58.1% 4.4% 3.9% 0.6% 0.0% 0.0% 21.2% 41.2% 8.7% 13.6% 6.0% 3.7% 5.6% Latest Canary Illustrative Indication2: $2.17 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 $1.75 $2.00 $2.25 $2.50 $2.75 8/25/25 9/8/25 9/22/25 11/17/25 1/12/26 1/26/26 10/6/25 10/20/25 11/3/25 Daily Trading Volume Feather Last Two Months4 (11/26/25 to 1/26/26) 12/1/25 12/15/25 12/29/25 Latest Canary Illustrative Indication² Last Month4 (12/26/25 to 1/26/26) Historical Closing Per Share Common Stock Price & Daily Trading Volume Since Initial Canary Proposal1 (8/25/25 to 1/26/26) Closing Stock Price ($) VWAP Since Initial Canary Proposal1 Daily Volume (millions) Latest Canary Illustrative Indication2 On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. Reflects verbally communicated revised indicative proposal of $2.17 per share received on 1/25/26 (the "Latest Canary Illustrative Indication" and, together with the Initial Canary Proposal, the "Canary Proposals"). VWAP based on cumulative trading activity over designated period, per Bloomberg. The figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. VWAP refers to Volume Weighted Average Price. Sources: Bloomberg and Capital IQ as of 1/26/26 and Canary Proposals. Selected Trading & VWAP Information Since Initial Canary Proposal1 Last Three Months4 (10/26/25 to 1/26/26) ~6.6 million shares of Feather common stock traded on 10/13/25, per Bloomberg VWAP Volume: 1.7 million VWAP3: $2.15 Intraday High: $2.43 Intraday Low: $2.03 VWAP Volume: 1.0 million VWAP3: $2.11 Intraday High: $2.23 Intraday Low: $2.03 VWAP Volume: 0.5 million VWAP3: $2.10 Intraday High: $2.16 Intraday Low: $2.05 Latest Canary Illustrative Indication2 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Latest Canary Illustrative Indication2 VWAP Volume: 9.2 million VWAP3: $2.40 Intraday High: $2.71 Intraday Low: $1.88 VWAP Volume: 4.0 million VWAP3: $2.19 VWAP Excluding 10/13/25

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey's affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities' or parties' respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the "Interested Parties"), or any currency or commodity that may be involved in the Transaction. 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Houlihan Lokey's personnel may make statements or provide advice that is contrary to information contained in the materials. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer (cont.)

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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## Ex-99.(A)(5)(J)

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#### Exhibit 99 (a)(5)(J)

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Strictly Confidential. Not for Distribution. Project Feather Preliminary Discussion Materials for the Special Committee of the Board of Directors February 11, 2026

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Preliminary Selected Companies Observations (dollars in millions, except per share values) Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 2/9/26. Based on market prices as of 2/9/26. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 2/9/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 2/9/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Reflects the last trading day prior to announcement of the Initial Canary Proposal. Selected Market Trading Information Selected Multiple Information Share % of 52-Week % Above 52-Week Equity Market Enterprise Enterprise Value [1] to Revenue [5] Selected Companies Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2025E CY 2026E Certara, Inc. $7.17 45.7% 2.9% $1,180.6 $1,304.1 3.14x 3.12x 2.93x Definitive Healthcare Corp. $1.89 33.3% 0.0% $296.5 $383.8 1.58x 1.60x 1.64x Health Catalyst, Inc. $2.16 36.9% 7.2% $169.4 $239.0 0.76x 0.77x 0.79x Indegene Limited $5.42 77.1% 7.8% $1,323.2 $1,183.4 3.29x 3.29x 2.68x OptimizeRx Corporation $10.35 46.5% 159.3% $200.1 $209.4 1.91x 1.94x 1.72x Simulations Plus, Inc. $14.10 37.4% 13.8% $284.1 $248.4 3.16x 3.12x 3.03x Veradigm Inc. [6] [7] $4.56 76.0% 52.0% $544.9 $499.9 0.86x 0.83x 0.85x Low 33.3% 0.0% 0.76x 0.77x 0.79x Median 45.7% 7.8% 1.91x 1.94x 1.72x Mean 50.4% 34.7% 2.10x 2.10x 1.95x High 77.1% 159.3% 3.29x 3.29x 3.03x Feather - Current Price (as of 2/9/26) [8] [9] $2.09 51.9% 27.4% $68.3 $40.1 1.40x 1.34x 1.25x Feather - Unaffected Price (as of 8/22/25) [8] [9] [10] $1.77 43.9% 7.9% $56.9 $28.1 1.05x 0.96x 0.87x CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 2

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Summary of Selected Companies Multiples Changes vs. Prior Materials Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – prior materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 2/9/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023 and CY 2024 filings outstanding as of 2/9/26. Financial information reflects public filings including unaudited Q2 CY 2025 business update dated 9/30/25 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. (dollars in millions, except per share values) Selected Companies LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E Certara, Inc. 3.70x 3.67x 3.44x 3.14x 3.12x 2.93x (0.56x) (0.55x) (0.51x) Definitive Healthcare Corp. 1.86x 1.88x 1.91x 1.58x 1.60x 1.64x (0.27x) (0.28x) (0.28x) Health Catalyst, Inc. 0.83x 0.85x 0.87x 0.76x 0.77x 0.79x (0.07x) (0.08x) (0.08x) Indegene Limited 3.81x 3.59x 3.06x 3.29x 3.29x 2.68x (0.52x) (0.30x) (0.38x) OptimizeRx Corporation 2.44x 2.47x 2.20x 1.91x 1.94x 1.72x (0.53x) (0.54x) (0.48x) Simulations Plus, Inc. 4.47x 4.45x 4.30x 3.16x 3.12x 3.03x (1.31x) (1.33x) (1.28x) Veradigm Inc. [4] [5] 0.94x 0.91x 0.93x 0.86x 0.83x 0.85x (0.08x) (0.08x) (0.08x) Low 0.83x 0.85x 0.87x 0.76x 0.77x 0.79x (0.07x) (0.08x) (0.08x) Median 2.44x 2.47x 2.20x 1.91x 1.94x 1.72x (0.53x) (0.54x) (0.48x) Mean 2.58x 2.54x 2.39x 2.10x 2.10x 1.95x (0.48x) (0.45x) (0.44x) High 4.47x 4.45x 4.30x 3.29x 3.29x 3.03x (1.18x) (1.16x) (1.28x) Feather - Current Price [6] [7] 1.45x 1.38x 1.29x 1.40x 1.34x 1.25x (0.05x) (0.04x) (0.04x) Included in Prior Materials (12/18/25) Included in Current Materials (2/11/26) Market Data as of 12/12/25 Market Data as of 2/9/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Change vs. Prior Materials [1] CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 3

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(17.5%) (5.0%) (7.5%) (10.0%) (12.5%) (15.0%) (2.5%) 0.0% Feather Relative Stock Price Performance vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Prior Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25) 5.0% 2.5% 12/12/25 12/24/25 1/5/26 Feather Selected Companies Index¹ 1/17/26 1/29/26 Nasdaq Composite Index reflects average return. Source: Capital IQ as of 2/9/26. 4 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW Summary of Selected Companies Stock Price Changes vs. Prior Materials Indexed Stock Price Returns (15.8)% (1.9)% 1. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Return information shown above 0.2% 2/9/26

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(22.5%) (18.2%) (16.4%) (12.2%) (7.9%) (6.8%) (1.9%) Average: (15.8%) (25.0%) (26.4%) (30.0%) (20.0%) (15.0%) (10.0%) (5.0%) Simulations Plus, OptimizeRx Definitive Certara, Inc. Health Catalyst, Inc. Veradigm Inc. Indegene Limited Feather Inc. Corporation Healthcare Corp. Feather Total Stockholder Return Performance vs. Selected Companies (Lookback Since Prior Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25) 0.0% Summary of Selected Companies Total Stockholder Returns vs. Prior Materials Note: Total shareholder return figures reflect impact of stock splits, cash dividends, rights offerings and spin-off transactions (if any) over the period. Source: Capital IQ as of 2/9/26. Indexed Total Stockholder Returns Feather CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 5

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27.1% 72.9% 0.0% 0.0% 0.0% 0.0% <$2.10 $2.10- $2.15 $2.15- $2.17 $2.17- $2.20- $2.20 $2.25 >$2.25 30.0% 66.8% 2.6% 0.5% 0.0% 0.0% <$2.10 $2.10- $2.15 $2.15- $2.17 $2.17- $2.20 $2.20- $2.25 >$2.25 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 $1.75 $2.00 $2.25 $2.50 $2.75 8/25/25 9/8/25 9/22/25 10/6/25 11/17/25 12/1/25 1/12/26 1/26/26 2/9/26 12/15/25 12/29/25 Feather 10/20/25 11/3/25 Daily Trading Volume Last Two Months3 (12/9/25 to 2/9/26) Historical Closing Per Share Common Stock Price & Daily Trading Volume Since Initial Canary Proposal1 (8/25/25 to 2/9/26) Closing Stock Price ($) VWAP Since Initial Canary Proposal1 Daily Volume (millions) On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share (the "Initial Canary Proposal"). VWAP based on cumulative trading activity over designated period, per Bloomberg. The figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. VWAP refers to Volume Weighted Average Price. Sources: Bloomberg and Capital IQ as of 2/9/26 and Initial Canary Proposal. Selected Trading & VWAP Information Since Initial Canary Proposal1 Last Three Months3 (11/9/25 to 2/9/26) Last Month3 (1/9/25 to 2/9/26) ~6.6 million shares of Feather common stock traded on 10/13/25, per Bloomberg VWAP Volume: 1.7 million VWAP2: $2.12 Intraday High: $2.30 Intraday Low: $2.03 VWAP Volume: 1.0 million VWAP2: $2.10 Intraday High: $2.19 Intraday Low: $2.04 VWAP Volume: 0.5 million VWAP2: $2.10 Intraday High: $2.14 Intraday Low: $2.05 VWAP Volume: 9.4 million VWAP2: $2.39 Intraday High: $2.71 Intraday Low: $1.88 VWAP Volume: 4.3 million VWAP2: $2.18 VWAP Excluding 10/13/25 25.4% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 55.2% 8.2% 9.1% 1.5% 0.7% <$2.10 $2.10- $2.15 $2.15- $2.17 $2.17- $2.20 $2.20- $2.25 >$2.25

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey's affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities' or parties' respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the "Interested Parties"), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board, the Committee, or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board, the Committee, or the Company or to use such information on behalf of the Board, the Committee, or the Company. Houlihan Lokey's personnel may make statements or provide advice that is contrary to information contained in the materials. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6 Disclaimer (cont.)

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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## Ex-99.(A)(5)(K)

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#### Exhibit 99 (a)(5)(K)

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Strictly Confidential. Not for Distribution. Project Feather Preliminary Discussion Materials for the Special Committee of the Board of Directors March 11, 2026

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Preliminary Selected Companies Observations Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 3/9/26. Based on market prices as of 3/9/26. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/9/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/9/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. Reflects the last trading day prior to announcement of the Initial Canary Proposal. (dollars in millions, except per share values) Selected Market Trading Information Selected Multiple Information % of % Above Share 52-Week 52-Week Equity Market Enterprise Enterprise Value [1] to Revenue [5] Selected Companies Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] LTM CY 2025E CY 2026E Certara, Inc. $7.04 45.8% 16.6% $1,152.4 $1,258.5 3.00x 3.00x 2.94x Definitive Healthcare Corp. $1.24 26.4% 15.9% $192.2 $177.6 0.74x 0.74x 0.78x Health Catalyst, Inc. $1.91 37.7% 22.4% $149.8 $219.4 0.69x 0.71x 0.73x Indegene Limited $4.91 71.4% 1.5% $1,198.7 $1,061.1 3.00x 3.00x 2.45x OptimizeRx Corporation $6.84 30.7% 71.4% $145.0 $147.3 1.35x 1.35x 1.32x Simulations Plus, Inc. $12.43 34.1% 11.4% $250.4 $214.7 2.73x 2.70x 2.62x Veradigm Inc. [6] [7] $4.65 77.5% 55.0% $559.9 $514.9 0.88x 0.88x 0.85x Low 26.4% 1.5% 0.69x 0.71x 0.73x Median 37.7% 16.6% 1.35x 1.35x 1.32x Mean 46.2% 27.7% 1.77x 1.77x 1.67x High 77.5% 71.4% 3.00x 3.00x 2.94x Feather - Current Price (as of 3/9/26) [8] [9] $2.09 77.1% 27.4% $68.3 $40.1 1.40x 1.34x 1.25x Feather - Unaffected Price (as of 8/22/25) [8] [9] [10] $1.77 43.9% 7.9% $56.9 $28.1 1.05x 0.96x 0.87x CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 2

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Summary of Selected Companies Multiples Changes vs. Prior Discussion Materials Prior Materials (2/11/26) Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – prior materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Implied enterprise value in prior materials adjusted to correctly reflect impact of LLC units in total capitalization calculations. Previously, implied multiples as stated in prior materials were 1.58x, 1.60x and 1.64x for the LTM, CY 2025E and CY 2026E periods, respectively. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/9/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/9/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. (dollars in millions, except per share values) Certara, Inc. 3.14x 3.12x 2.93x 3.00x 3.00x 2.94x (0.13x) (0.11x) 0.01x Definitive Healthcare Corp. [4] 1.15x 1.17x 1.19x 0.74x 0.74x 0.78x (0.42x) (0.43x) (0.41x) Health Catalyst, Inc. 0.76x 0.77x 0.79x 0.69x 0.71x 0.73x (0.06x) (0.06x) (0.06x) Indegene Limited 3.29x 3.29x 2.68x 3.00x 3.00x 2.45x (0.29x) (0.29x) (0.23x) OptimizeRx Corporation 1.91x 1.94x 1.72x 1.35x 1.35x 1.32x (0.57x) (0.59x) (0.40x) Simulations Plus, Inc. 3.16x 3.12x 3.03x 2.73x 2.70x 2.62x (0.43x) (0.42x) (0.41x) Veradigm Inc. [5] [6] 0.86x 0.83x 0.85x 0.88x 0.88x 0.85x 0.02x 0.05x (0.00x) Low 0.76x 0.77x 0.79x 0.69x 0.71x 0.73x (0.06x) (0.06x) (0.06x) Median 1.53x 1.55x 1.72x 1.35x 1.35x 1.32x (0.19x) (0.20x) (0.40x) Mean 1.89x 1.88x 1.88x 1.77x 1.77x 1.67x (0.12x) (0.12x) (0.21x) High 3.29x 3.29x 3.03x 3.00x 3.00x 2.94x (0.29x) (0.29x) (0.09x) Feather - Current Price [7] [8] 1.40x 1.34x 1.25x 1.40x 1.34x 1.25x 0.00x 0.00x 0.00x Included in Prior Materials (2/11/26) Included in Current Materials (3/11/26) Market Data as of 2/9/26 Market Data as of 3/9/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Selected Companies LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E Change vs. Prior Materials [1] CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 3

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Summary of Selected Companies Multiples Changes vs. Prior Discussion Materials (cont.) Initial Valuation Materials (12/18/25) Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – initial valuation materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Implied enterprise value in initial valuation materials adjusted to correctly reflect impact of LLC units in total capitalization calculations. Previously, implied multiples as stated in initial valuation materials were 1.86x, 1.88x and (dollars in millions, except per share values) Certara, Inc. 3.70x 3.67x 3.44x 3.00x 3.00x 2.94x (0.69x) (0.67x) (0.50x) Definitive Healthcare Corp. [4] 1.42x 1.44x 1.47x 0.74x 0.74x 0.78x (0.69x) (0.71x) (0.68x) Health Catalyst, Inc. 0.83x 0.85x 0.87x 0.69x 0.71x 0.73x (0.14x) (0.14x) (0.14x) Indegene Limited 3.81x 3.59x 3.06x 3.00x 3.00x 2.45x (0.81x) (0.59x) (0.61x) OptimizeRx Corporation 2.44x 2.47x 2.20x 1.35x 1.35x 1.32x (1.10x) (1.13x) (0.88x) Simulations Plus, Inc. 4.47x 4.45x 4.30x 2.73x 2.70x 2.62x (1.74x) (1.75x) (1.69x) Veradigm Inc. [5] [6] 0.94x 0.91x 0.93x 0.88x 0.88x 0.85x (0.06x) (0.03x) (0.08x) Low 0.83x 0.85x 0.87x 0.69x 0.71x 0.73x (0.14x) (0.14x) (0.14x) Median 2.44x 2.47x 2.20x 1.35x 1.35x 1.32x (1.10x) (1.13x) (0.88x) Mean 2.52x 2.48x 2.33x 1.77x 1.77x 1.67x (0.75x) (0.72x) (0.65x) High 4.47x 4.45x 4.30x 3.00x 3.00x 2.94x (1.46x) (1.44x) (1.36x) Feather - Current Price [7] [8] 1.45x 1.38x 1.29x 1.40x 1.34x 1.25x (0.05x) (0.04x) (0.04x) Included in Initial Valuation Materials (12/18/25) Included in Current Materials (3/11/26) Market Data as of 12/12/25 Market Data as of 3/9/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Selected Companies LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E LTM CY 2025E CY 2026E Change vs. Initial Valuation Materials [1] 1.91x for the LTM, CY 2025E and CY 2026E periods, respectively. 5. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/9/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/9/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. 6. LTM revenue reflects the midpoint of the estimated range of historical financial results, per public filings. 7. Based on public filings, analyst estimates, market data and other public information as of applicable date. 8. LTM revenue reflects pro forma financials for the acquisition of Kiwi, per public filings. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 4

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(30.0%) (10.0%) (20.0%) 0.0% 12/12/25 12/23/25 1/3/26 1/14/26 1/25/26 2/5/26 2/16/26 2/27/26 (17.5%) (7.5%) (12.5%) (2.5%) 2/9/26 2/13/26 2/17/26 2/21/26 2/25/26 3/1/26 3/5/26 3/9/26 Summary of Selected Companies Stock Price Changes vs. Prior Discussion Materials Indexed Stock Price Returns Feather Relative Stock Price Performance vs. Selected Companies Index & Nasdaq Composite Index Lookback Since Prior Materials Dated 2/11/26 Reflecting Market Data as of 2/9/26 2.5% (14.4%) 0.0% (2.3%) Indexed Stock Price Returns Lookback Since Initial Valuation Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25 10.0% (27.5%) 3/9/26 (1.9%) (2.2%) Feather Selected Companies Index1 Nasdaq Composite Index 1. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Return information shown above reflects average return. Source: Capital IQ as of 3/9/26. 5 CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW

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(48.8%) (46.3%) (35.2%) (22.4%) (17.9%) (15.6%) (6.1%) (1.9%) Average: (27.5%) 0.0% (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) (60.0%) OptimizeRx Definitive Simulations Plus, Health Catalyst, Certara, Inc. Indegene Limited Veradigm Inc. Feather Corporation Healthcare Corp. Inc. Inc. (34.4%) (33.9%) (11.8%) (11.6%) (9.4%) (1.8%) 2.0% 0.0% Average: (14.4%) (40.0%) (30.0%) (20.0%) (10.0%) 0.0% Definitive OptimizeRx Simulations Plus, Health Catalyst, Indegene Limited Certara, Inc. Veradigm Inc. Feather Healthcare Corp. Corporation Inc. Inc. Summary of Selected Companies Total Stockholder Returns vs. Prior Discussion Materials Indexed Total Stockholder Returns Feather Total Stockholder Return Performance vs. Selected Companies Lookback Since Prior Materials Dated 2/11/26 Reflecting Market Data as of 2/9/26 10.0% Feather Lookback Since Initial Valuation Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25 Indexed Total Stockholder Returns Feather Note: Total shareholder return figures reflect impact of stock splits, cash dividends, rights offerings and spin-off transactions (if any) over the period. Source: Capital IQ as of 3/9/26. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 6

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(100.0%) (80.0%) 60.0% 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) 80.0% 100.0% Mar-21 Aug-21 Jan-22 Jun-22 Jan-24 Jul-24 Nov-24 May-25 Sep-25 Nasdaq Composite Index - Total Return Mar-26 Feather Nov-22 Apr-23 Sep-23 Selected Companies Index² On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share (the "Initial Canary Proposal"). Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Total shareholder return information shown above reflects average return for the selected healthcare technology companies that were public over the entirety of the applicable time period. Reflects total stockholder return since 8/22/25 (the "Unaffected Date"). Source: Capital IQ as of 3/9/26 and Initial Canary Proposal. Selected Relative Total Stockholder Return Performance Information Lookback Since Reverse Merger (3/3/21) Indexed Total Stockholder Returns Feather vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Reverse Merger) Unaffected as of 8/22/25¹ 5.9% (35.7%) 18.1% Since Initial Canary Proposal3 Since 3/3/21 Return (3/3/21 - 8/22/25) Three-Year Return (8/22/22 - 8/22/25) Two-Year Return (8/22/23 - 8/22/25) One-Year Return (8/22/24 - 8/22/25) (87.9%) (58.3%) (29.2%) (25.6%) (74.5%) (52.5%) (28.2%) (10.3%) 71.1% 77.7% 61.5% 22.8% Feather Selected Companies Index² Nasdaq Composite Index - Total Return Current as of 3/9/26 Feather Selected Companies Index² Three-Year Return (3/9/23 - 3/9/26) Two-Year Return (3/9/24 - 3/9/26) One-Year Return (3/9/25 - 3/9/26) (39.9%) (36.5%) 5.6% (71.4%) (65.3%) (23.1%) CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 7

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7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 $1.75 $2.00 $2.25 $2.50 $2.75 8/25/25 9/22/25 10/20/25 12/15/25 2/9/26 3/9/26 11/17/25 Daily Trading Volume Last Two Months3 (1/9/26 to 3/9/26) 1/12/26 Feather Last Month3 (2/9/26 to 3/9/26) On 8/25/25, the Company announced that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share. VWAP based on cumulative trading activity over designated period, per Bloomberg. The figures in the above charts are based on intraday trading activity in fifteen-minute increments over the designated period, per Bloomberg. VWAP refers to Volume Weighted Average Price. Sources: Bloomberg and Capital IQ as of 3/9/26 and Initial Canary Proposal. Selected Trading & VWAP Information Since Initial Canary Proposal1 Last Three Months3 (12/9/25 to 3/9/26) ~6.6 million shares of Feather common stock traded on 10/13/25, per Bloomberg VWAP Volume: 1.3 million VWAP2: $2.10 Intraday High: $2.19 Intraday Low: $2.04 VWAP Volume: 0.8 million VWAP2: $2.10 Intraday High: $2.14 Intraday Low: $2.05 VWAP Volume: 0.3 million VWAP2: $2.09 Intraday High: $2.11 Intraday Low: $2.06 VWAP Volume: 9.7 million VWAP2: $2.39 Intraday High: $2.71 Intraday Low: $1.88 Historical Closing Per Share Common Stock Price & Daily Trading Volume Since Initial Canary Proposal1 (8/25/25 to 3/9/26) Closing Stock Price ($) VWAP Since Initial Canary Proposal1 Daily Volume (millions) VWAP Volume: 4.5 million VWAP2: $2.17 VWAP Excluding 10/13/25 73.9% 26.1% 0.0% 0.0% 0.0% 0.0% $2.10- $2.12- $2.12 $2.14 $2.07- $2.10 $2.14- $2.16 $2.16- $2.18 $2.18- $2.20 40.2% 53.0% 6.7% 0.1% 0.0% 0.0% $2.07- $2.10 $2.10- $2.12 $2.12- $2.14 $2.14- $2.16 $2.16- $2.18 $2.18- $2.20 36.9% CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 10 45.7% 13.1% 3.6% 0.7% 0.1% $2.07- $2.10 $2.10- $2.12 $2.12- $2.14 $2.14- $2.16 $2.16- $2.18 $2.18- $2.20

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 10 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. Houlihan Lokey has relied upon representations made by management of the Company that such budgets, projections and estimates have been reasonably prepared in good faith on bases reflecting the best currently available estimates and judgments of such management (or, with respect to information obtained from public sources, represent reasonable estimates), and Houlihan Lokey expresses no opinion with respect to such budgets, projections or estimates or the assumptions on which they are based. The scope of the financial analysis contained herein is based on discussions with the Company (including, without limitation, regarding the methodologies to be utilized), and Houlihan Lokey does not make any representation, express or implied, as to the sufficiency or adequacy of such financial analysis or the scope thereof for any particular purpose. Houlihan Lokey has assumed and relied upon the accuracy and completeness of the financial and other information provided to, discussed with or reviewed by it without (and without assuming responsibility for) independent verification of such information, makes no representation or warranty (express or implied) in respect of the accuracy or completeness of such information and has further relied upon the assurances of the Company that it is not aware of any facts or circumstances that would make such information inaccurate or misleading. In addition, Houlihan Lokey has relied upon and assumed, without independent verification, that there has been no change in the business, assets, liabilities, financial condition, results of operations, cash flows or prospects of the Company since the respective dates of the most recent financial statements and other information, financial or otherwise, provided to, discussed with or reviewed by Houlihan Lokey that would be material to its analyses, and that the final forms of any draft documents reviewed by Houlihan Lokey will not differ in any material respect from such draft documents. The materials are not an offer to sell or a solicitation of an indication of interest to purchase any security, option, commodity, future, loan or currency. The materials do not constitute a commitment by Houlihan Lokey or any of its affiliates to underwrite, subscribe for or place any securities, to extend or arrange credit, or to provide any other services. In the ordinary course of business, certain of Houlihan Lokey's affiliates and employees, as well as investment funds in which they may have financial interests or with which they may co-invest, may acquire, hold or sell, long or short positions, or trade or otherwise effect transactions, in debt, equity, and other securities and financial instruments (including loans and other obligations) of, or investments in, the Company, any Transaction counterparty, any other Transaction participant, any other financially interested party with respect to any transaction, other entities or parties that are mentioned in the materials, or any of the foregoing entities' or parties' respective affiliates, subsidiaries, investment funds, portfolio companies and representatives (collectively, the "Interested Parties"), or any currency or commodity that may be involved in the Transaction. Houlihan Lokey provides mergers and acquisitions, restructuring and other advisory and consulting services to clients, which may have in the past included, or may currently or in the future include, one or more Interested Parties, for which services Houlihan Lokey has received, and may receive, compensation. Although Houlihan Lokey in the course of such activities and relationships or otherwise may have acquired, or may in the future acquire, information about one or more Interested Parties or the Transaction, or that otherwise may be of interest to the Board, the Committee, or the Company, Houlihan Lokey shall have no obligation to, and may not be contractually permitted to, disclose such information, or the fact that Houlihan Lokey is in possession of such information, to the Board, the Committee, or the Company or to use such information on behalf of the Board, the Committee, or the Company. Houlihan Lokey's personnel may make statements or provide advice that is contrary to information contained in the materials. CONFIDENTIAL – PRELIMINARY – SUBJECT TO FURTHER REVIEW 10 Disclaimer (cont.)

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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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## Ex-99.(A)(5)(L)

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#### Exhibit 99 (a)(5)(L)

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Strictly Confidential. Not for Distribution. Project Feather Discussion Materials for the Special Committee of the Board of Directors April 2, 2026

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01 02 03 04 05 EXECUTIVE SUMMARY 3 SELECTED CHANGES SINCE PRIOR DISCUSSION MATERIALS 7 FINANCIAL ANALYSES 13 SELECTED PUBLIC MARKET OBSERVATIONS 19 APPENDICES Weighted Average Cost of Capital Calculation 22 23 Selected Benchmarking Data Historical Trading Multiple Lookback 26 33 06 DISCLAIMER 35

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01 CONFIDENTIAL 01 EXECUTIVE SUMMARY

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Summary of Selected Transaction Terms CONFIDENTIAL 4 Note: This summary is intended only as an overview of selected terms and is not intended to cover all terms or details of the Transaction. Defined terms not otherwise defined herein are as defined in the Agreement. 1. For purposes herein, "Excluded Shares" means, collectively, (i) the Company Common Stock held by Parent, Purchaser or any other direct or indirect wholly owned subsidiary of Parent, (ii) the Company Common Stock held by any direct or indirect wholly owned subsidiary of the Company and (c) the Dissenting Shares (as defined in the Agreement). Sources: Draft Agreement and Plan of Merger dated 4/2/26 (the "Agreement") and Company management. Parties to the Transaction: Forian Inc. ("Feather" or the "Company") 2025 Acquisition Company, LLC ("Canary" or "Parent") Bravo Merger Sub, Inc., a wholly owned subsidiary of Parent ("Purchaser") Form of Transaction: Parent will cause Purchaser to commence a tender offer (the "Offer") to acquire all of the outstanding shares of common stock of the Company ("Company Common Stock") at the Per Share Transaction Consideration (as defined below) Following the consummation of the Offer, Purchaser will be merged with and into the Company (the "Merger" and, together with the Offer, the "Transaction") and: Upon consummation of the Offer, each outstanding share of Company Common Stock validly tendered and not properly withdrawn pursuant to the terms of the Offer will be accepted for payment and Purchaser shall pay the Per Share Transaction Consideration for such shares; Upon consummation of the Merger, each remaining share of Company Common Stock (other than the Excluded Shares1) will be cancelled pursuant to the Merger and will be converted into, and will be exchangeable solely for, the right to receive the Per Share Transaction Consideration; and Upon consummation of the Merger, the Company will become a wholly owned subsidiary of Parent Transaction Consideration: – $2.17 per share in cash (the "Per Share Transaction Consideration") Certain Tender Offer Conditions: A majority of the outstanding shares of Company Common Stock, considered together with all shares of Company Common Stock otherwise beneficially owned by Parent or any of its wholly owned subsidiaries (including Purchaser), validly tendered in the Offer No more than 5% of shares of Company Common Stock are Dissenting Shares (as defined in the Agreement) Satisfaction or waiver by Parent or Purchaser of certain other conditions and requirements Financing: Parent affiliates to provide Parent with aggregate equity financing, in addition to cash on hand and Net Cash (as defined in the Agreement), sufficient to consummate the Transaction Equity commitment letter from MAX WYGOD & EMILY W BUSHNELL CO-TTEE WYGOD FAMILY REV LT U/T/A to be executed in conjunction with Agreement Solicitation Rights: No solicitation rights, subject to a fiduciary out in the event of a Superior Offer (as defined in the Agreement) Company Termination Fee: $1,500,000, payable by the Company to Parent in connection with certain termination events Parent Expense Reimbursement: Up to $1,250,000, payable by the Company to Parent in connection with certain termination events

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Selected Transaction Information Per Share Transaction Consideration [1] Common Shares Outstanding [2] [3] Dilutive Shares [2] [4] Fully-Diluted Shares $2.17 31.2 1.5 32.8 Implied Transaction Equity Value $71.1 Estimated Total Debt as of 3/31/26 [2] Estimated Total Cash & Equivalents and Marketable Securities as of 3/31/26 [2] [5] 0.0 (30.8) Implied Transaction Enterprise Value $40.3 Transaction Value Overview Summary of Transaction Value (dollars and shares in millions, except per share values) Implied Premiums / (Discounts) to Selected Historical Stock Prices (dollars per share in actuals) Note: The Company recently reached a settlement with a customer around a $4.2 million payment that was received and reflected in the 3/31/26 cash balance (and results in the customer no longer having to make payments for CY 2026E services). Per discussions with Company management, the customer's contributions to CY 2026E revenue of ~$3 million, the vast majority of which flow through to the bottom line, continue to be reflected in the CY 2026E estimates for conservatism. Note: Calculations herein do not give consideration to potential future earnout consideration receivable. Refer to page 14 for additional information. Per the Agreement. Per Company management. Reflects ~31.2 million basic shares of common stock outstanding as of 3/31/26. Reflects (i) ~2.3 million options to purchase common stock as of 3/31/26 (to the extent in the money, based on treasury method) and (ii) ~1.5 million restricted stock units to purchase common stock as of 3/31/26. Includes impact of marketable securities comprised of U.S. treasury bills at fair market value. Closing prices per Capital IQ. VWAP based on cumulative trading activity over designated number of trading days (based on intraday trading) per Bloomberg as of applicable date. Reflects data as of 8/22/25, the last completed trading day prior to the Company's announcement before market close on 8/25/25 that it received a non-binding proposal from Canary to acquire all unowned shares of Company common stock for $2.10 per share (the "Initial Canary Proposal"). Reflects 52-week high intraday price as of 8/22/25 and 3/30/26 observed on 2/18/25 and 8/25/25, respectively. Reflects 52-week low intraday price as of 8/22/25 and 3/30/26. observed on 8/21/25. CY refers to Calendar Year; E refers to Estimated; EV refers to Enterprise Value; NA refers to not available; VWAP refers to Volume-Weighted Average Price. Sources: Bloomberg, Capital IQ, Company management, public filings, the Agreement and financial projections prepared by Company management and reviewed and approved by the Special Committee ("Feather Financial Projections"). Implied Premium / (Discount) of Per Share Transaction Consideration 8/22/25 [7] 3/30/26 CONFIDENTIAL 5 Selected Metric [6] Trading Period 8/22/25 [7] 3/30/26 1-Day Closing Price $1.77 $2.07 22.6% 4.8% 5-Day VWAP $1.89 $2.05 15.0% 5.6% 10-Day VWAP $1.92 $2.06 13.2% 5.5% 20-Day VWAP $1.92 $2.07 12.8% 4.9% Selected Implied Transaction Multiples Implied EV / Revenue Corresponding Transaction Multiples Base Amount [2] Implied Multiple 30-Day VWAP $1.94 $2.08 12.0% 4.6% CY 2025 $30.3 1.33x 3-Month VWAP $1.98 $2.09 9.9% 3.8% CY 2026E $33.7 1.20x 6-Month VWAP $1.98 $2.41 9.4% (9.9%) 1-Year VWAP $2.23 $2.33 (2.6%) (6.8%) 52-Week High Intraday Price [8] $4.03 $2.71 (46.2%) (19.9%) 52-Week Low Intraday Price [9] $1.64 $1.64 32.3% 32.3%

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$1.77 $2.09 $1.71 $1.63 $2.70 $2.89 $2.59 $2.43 Discounted Cash Flow Analysis Terminal Multiple 1.25x - 2.00x Discount Rate 13.5% - 16.5% Selected Transactions Analysis CY 2025 Total Revenue 1.25x - 2.00x Selected Companies Analysis CY 2026E Total Revenue 0.75x - 1.50x Selected Companies Analysis CY 2025 Total Revenue 0.75x - 1.50x Implied Per Share Value Reference Ranges (dollars per share in actuals) Financial Analyses Summary Note: No particular weight was attributed to any analysis. Note: Reflects estimated ~$30.8 million of cash and cash equivalents and marketable securities as of 3/31/26, per Company management. Marketable securities balance reflects fair market value of U.S. treasury bills. Note: Based on (i) ~31.2 million basic shares of common stock outstanding as of 3/31/26, (ii) ~2.3 million options to purchase common stock as of 3/31/26 (to the extent in the money, based on treasury method) and (iii) ~1.5 million restricted stock units to purchase common stock as of 3/31/26, per Company management. Note: The Company recently reached a settlement with a customer around a $4.2 million payment that was received and reflected in the 3/31/26 cash balance (and results in the customer no longer having to make payments for CY 2026E services). Per discussions with Company management, the customer's contributions to CY 2026E revenue of ~$3 million, the vast majority of which flow through to the bottom line, continue to be reflected in the CY 2026E estimates for conservatism. Reflects 10-day VWAP as of 8/22/25, the last trading day prior to announcement of the Initial Canary Proposal. Reflects 10-day VWAP as of 3/30/26. Per the Agreement. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; VWAP refers to Volume Weighted Average Price. Sources: The Agreement, Bloomberg, Company management, Feather Financial Projections and public filings. Unaffected 10-Day VWAP:1 $1.92 Per Share Transaction Consideration:3 $2.17 Current 10-Day VWAP:2 $2.06 CONFIDENTIAL 6

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02 02 SELECTED CHANGES SINCE PRIOR DISCUSSION MATERIALS CONFIDENTIAL

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Summary of Selected Changes Relative to the December Discussion Materials CONFIDENTIAL 8 The following changes have been made relative to the prior preliminary discussion materials dated 12/18/25 (the "December Discussion Materials"): Financial Information: Company management provided updated historical financial information to reflect actuals through 12/31/25 (versus 9/30/25 in the December Discussion Materials). Per Company management, aggregate revenue and adjusted EBITDA for CY 2025 were $30.3 million and $0.8 million, compared to projections for the same period of $29.8 million and $0.7 million, respectively. The Feather Financial Projections for the period CY 2026E – CY 2030E are unchanged since the December Discussion Materials. Company management has indicated no material changes in outlook for the business since the December Discussion Materials.1 Company management provided updated balance sheet information to reflect estimates as of 3/31/26 (versus 9/30/25 in the December Discussion Materials). Estimated cash and cash equivalents and marketable securities balance as of 3/31/26 is $30.8 million1 versus $28.2 million as of 9/30/25. No changes to estimated total debt and estimated total potential future earnout consideration receivable range as of 3/31/26 versus 9/30/25. Company management provided updated capitalization information as of 3/31/26 (compared to information as of 12/12/25 in the December Discussion Materials). Selected Companies Analysis: The selected companies analysis was updated to reflect stock prices and other publicly available financial information as of 3/30/26 (previously, as of 12/12/25 market close in the December Discussion Materials). See the following pages for further detail on observed multiples and market changes versus the December Discussion Materials and the prior preliminary discussion materials dated 3/11/26 (the "March Discussion Materials") in which certain such information was shown. No changes have been made to the selected companies relative to the December Discussion Materials. Given the passage of time, the indication capitalizing total revenue for the LTM period ended 9/30/25 was removed. The high end of the selected multiples ranges for the CY 2025 and CY 2026E periods was reduced from 1.75x to 1.50x relative to the December Discussion Materials. The low end of the selected multiples ranges for the CY 2025 and CY 2026E periods was unchanged at 0.75x. Selected Transactions Analysis: The selected transactions analysis was updated to include one additional selected transaction with publicly available information (the pending acquisition of Talkspace, Inc. by Universal Health Services, Inc.) relative to the December Discussion Materials. The high end of the selected multiple range was reduced from 2.25x to 2.00x relative to the December Discussion Materials. The low end of the selected multiple range was unchanged at 1.25x. Discounted Cash Flow ("DCF") Analysis: Stock prices, betas, risk-free rates and other public information utilized in discount rate calculations have been updated to market close on 3/30/26 (previously, as of 12/12/25 market close in the December Discussion Materials). Given the passage of time and update of balance sheet information, the DCF analysis was updated to remove Q4 CY 2025E and Q1 CY 2026E forecasts from the projection period. The high end of the selected terminal revenue multiple range utilized in the DCF analysis was reduced from 2.25x to 2.00x relative to the December Discussion Materials. The low end of the selected terminal revenue multiple range was unchanged at 1.25x. The selected discount rate range was unchanged relative to the December Discussion Materials. 1. The Company recently reached a settlement with a customer around a $4.2 million payment that was received and reflected in the 3/31/26 cash balance (and results in the customer no longer having to make payments for CY 2026E services). Per discussions with Company management, the customer's contributions to CY 2026E revenue of ~$3 million, the vast majority of which flow through to the bottom line, continue to be reflected in the CY 2026E estimates for conservatism. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter. Source: Company management.

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Summary of Selected Companies Multiples Changes vs. Prior Discussion Materials March Discussion Materials (3/11/26) Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – March Discussion Materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Selected Companies CY 2025E CY 2026E CY 2025 CY 2026E CY 2025 CY 2026E Certara, Inc. 3.00x 2.94x 2.47x 2.42x (0.53x) (0.52x) Definitive Healthcare Corp. 0.74x 0.78x 0.68x 0.74x (0.05x) (0.05x) Health Catalyst, Inc. 0.71x 0.73x 0.51x 0.57x (0.19x) (0.16x) Indegene Limited 3.00x 2.45x 2.86x 2.34x (0.13x) (0.11x) OptimizeRx Corporation 1.35x 1.32x 1.18x 1.16x (0.17x) (0.17x) Simulations Plus, Inc. 2.70x 2.62x 2.43x 2.35x (0.27x) (0.26x) Veradigm Inc. [4] [5] 0.88x 0.85x 0.86x 0.86x (0.02x) 0.01x Low 0.71x 0.73x 0.51x 0.57x (0.19x) (0.16x) Median 1.35x 1.32x 1.18x 1.16x (0.17x) (0.17x) Mean 1.77x 1.67x 1.57x 1.49x (0.20x) (0.18x) High 3.00x 2.94x 2.86x 2.42x (0.14x) (0.52x) Feather - Current Price [6] 1.34x 1.25x 1.21x 1.14x (0.13x) (0.11x) Included in March Discussion Materials (3/11/26) Included in Current Materials (4/2/26) Market Data as of 3/9/26 Market Data as of 3/30/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Change vs. March Discussion Materials [1] 4. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/30/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/30/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. 5. CY 2025 revenue reflects the midpoint of the estimated range of historical financial results, per public filings. 6. Based on public filings, analyst estimates, market data and other public information as of applicable date. CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL 9

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Summary of Selected Companies Multiples Changes vs. Prior Discussion Materials (cont.) December Discussion Materials (12/18/25) Note: No company used in this analysis for comparative purposes is identical to the Company. Computed as current materials – December Discussion Materials. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Multiples based on forward-looking financial information may have been calendarized to the Company's fiscal year end of December 31st. Implied enterprise value in December Discussion Materials adjusted to correctly reflect impact of LLC units in total capitalization calculations. Previously, implied multiples as stated in December Discussion Materials were 1.88x and 1.91x for the CY 2025E and CY 2026E periods, respectively. Selected Companies CY 2025E CY 2026E CY 2025 CY 2026E CY 2025 CY 2026E Certara, Inc. 3.67x 3.44x 2.47x 2.42x (1.20x) (1.02x) Definitive Healthcare Corp. [4] 1.44x 1.47x 0.68x 0.74x (0.76x) (0.73x) Health Catalyst, Inc. 0.85x 0.87x 0.51x 0.57x (0.33x) (0.30x) Indegene Limited 3.59x 3.06x 2.86x 2.34x (0.72x) (0.72x) OptimizeRx Corporation 2.47x 2.20x 1.18x 1.16x (1.30x) (1.05x) Simulations Plus, Inc. 4.45x 4.30x 2.43x 2.35x (2.02x) (1.95x) Veradigm Inc. [5] [6] 0.91x 0.93x 0.86x 0.86x (0.05x) (0.07x) Low 0.85x 0.87x 0.51x 0.57x (0.33x) (0.30x) Median 2.47x 2.20x 1.18x 1.16x (1.30x) (1.05x) Mean 2.48x 2.33x 1.57x 1.49x (0.91x) (0.83x) High 4.45x 4.30x 2.86x 2.42x (1.58x) (1.88x) Feather - Current Price [7] 1.38x 1.29x 1.21x 1.14x (0.17x) (0.15x) Included in December Discussion Materials (12/18/25) Included in Current Materials (4/2/26) Market Data as of 12/12/25 Market Data as of 3/30/26 Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Enterprise Value [2] to Revenue [3] Change vs. December Discussion Materials [1] 5. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/30/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/30/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates as of applicable date. 6. CY 2025 revenue reflects the midpoint of the estimated range of historical financial results, per public filings. 7. Based on public filings, analyst estimates, market data and other public information as of applicable date. CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter. Sources: Bloomberg, Capital IQ and public filings. CONFIDENTIAL 10

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(45.0%) (30.0%) (15.0%) 0.0% Lookback Since December Discussion Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25 15.0% 12/12/25 12/30/25 1/17/26 2/4/26 2/22/26 3/12/26 3/30/26 (15.0%) (10.0%) (5.0%) 0.0% Feather Total Stockholder Return Performance vs. Selected Companies Index & Nasdaq Composite Index Lookback Since March Discussion Materials Dated 3/11/26 Reflecting Market Data as of 3/9/26 5.0% 3/9/26 3/12/26 3/15/26 3/18/26 3/21/26 3/24/26 3/27/26 3/30/26 Summary of Selected Companies Total Stockholder Returns vs. Prior Discussion Materials (8.4%) (12.4%) (1.0%) (36.7%) (2.8%) (10.3%) Feather Selected Companies Index1 Nasdaq Composite Index 1. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Return information shown above reflects average return. Source: Capital IQ as of 3/30/26. Indexed Total Stockholder Returns CONFIDENTIAL 11 Indexed Total Stockholder Returns

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(52.0%) (51.6%) (50.0%) (40.7%) (33.8%) (20.8%) (8.1%) (2.8%) Average: (36.7%) 0.0% (10.0%) (20.0%) (30.0%) (40.0%) (50.0%) (60.0%) Health Catalyst, OptimizeRx Definitive Simulations Plus, Certara, Inc. Indegene Limited Veradigm Inc. Feather Inc. Corporation Healthcare Corp. Inc. (38.2%) (19.3%) (8.6%) (6.9%) (6.2%) (5.6%) (2.2%) (1.0%) Average: (12.4%) (40.0%) (30.0%) (20.0%) (10.0%) Summary of Selected Companies Total Stockholder Returns vs. Prior Discussion Materials (cont.) Note: Total shareholder return figures reflect impact of stock splits, cash dividends, rights offerings and spin-off transactions (if any) over the period. Source: Capital IQ as of 3/30/26. Indexed Total Stockholder Returns Feather Total Stockholder Return Performance vs. Selected Companies Lookback Since March Discussion Materials Dated 3/11/26 Reflecting Market Data as of 3/9/26 0.0% Feather Lookback Since December Discussion Materials Dated 12/18/25 Reflecting Market Data as of 12/12/25 Indexed Total Stockholder Returns Feather CONFIDENTIAL 12

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03 CONFIDENTIAL 03 FINANCIAL ANALYSES

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Financial Analyses Summary CONFIDENTIAL 14 (dollars and shares in millions, except per share values) Selected Companies Analysis Selected Companies Analysis Selected Transactions Analysis Discounted Cash Flow Analysis Corresponding Base Amount CY 2025 Total Revenue $30.3 CY 2026E Total Revenue $33.7 CY 2025 Total Revenue $30.3 Terminal Multiple 1.25x -- 2.00x Discount Rate 13.5% -- 16.5% Selected Multiples Range 0.75x -- 1.50x 0.75x -- 1.50x 1.25x -- 2.00x Implied Enterprise Value Reference Range $22.7 -- $45.4 $25.3 -- $50.6 $37.8 -- $60.5 $27.3 -- $54.1 Estimated Total Cash & Equivalents and Marketable Securities as of 3/31/26 [1] [2] 30.8 -- 30.8 30.8 -- 30.8 30.8 -- 30.8 30.8 -- 30.8 Estimated Potential Future Earnout Consideration Receivable as of 3/31/25 [1] [3] 0.0 -- 3.6 0.0 -- 3.6 0.0 -- 3.6 0.0 -- 3.6 Implied Total Enterprise Value Reference Range $53.5 -- $79.8 $56.1 -- $85.0 $68.6 -- $94.9 $58.1 -- $88.6 Estimated Total Debt as of 3/31/26 [1] 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 0.0 -- 0.0 Implied Total Equity Value Reference Range $53.5 -- $79.8 $56.1 -- $85.0 $68.6 -- $94.9 $58.1 -- $88.6 Shares Outstanding [1] [4] 32.8 -- 32.8 32.8 -- 32.8 32.8 -- 32.9 32.8 -- 32.8 Implied Per Share Reference Range $1.63 -- $2.43 $1.71 -- $2.59 $2.09 -- $2.89 $1.77 -- $2.70 Note: No discrete value ascribed to ~$17.0 million of U.S. federal net operating loss carryforwards and ~$27.8 million of U.S. state net operating loss carryforwards as of 12/31/25 given that (i) certain selected companies have NOL carryforwards, the impact of which is assumed to be reflected in their implied Enterprise Value / Total Revenue multiples, (ii) per Company management, any net operating loss carryforwards would be subject to Section 382 limitations under the Internal Revenue Code upon a change of control transaction evaluated in the Selected Transactions Analysis and (iii) net operating loss carryforward impacts incorporated in cash flows and multiple selection in Discounted Cash Flow Analysis Note: The Company recently reached a settlement with a customer around a $4.2 million payment that was received and reflected in the 3/31/26 cash balance (and results in the customer no longer having to make payments for CY 2026E services). Per discussions with Company management, the customer's contributions to CY 2026E revenue of ~$3 million, the vast majority of which flow through to the bottom line, continue to be reflected in the CY 2026E estimates for conservatism. Per Company management. Includes impact of marketable securities comprised of U.S. treasury bills at fair market value. Per Company management and public filings, the Company sold a minority equity interest in a customer on 7/21/23 for immediate cash proceeds and future contingent earnout payments aggregating to $3.6 million for potential payment in CY 2026E. Per Company management, such payments are subject to ongoing litigation and the acquiror has accrued a contingent obligation in the amount of ~$0.4 million for the portion of the earnout consideration potentially payable to the Company. Such earnout is treated for financial reporting purposes as a gain contingency, per Company management, and no asset is recorded on the Company's balance sheet. Against this backdrop, low end reflects no potential future earnout consideration receivable and high end reflects maximum potential future earnout consideration receivable of $3.6 million. Based on (i) ~31.2 million basic shares of common stock outstanding as of 3/31/26, (ii) ~2.3 million options to purchase common stock as of 3/31/26 (to the extent in the money, based on treasury method) and (iii) ~1.5 million restricted stock units to purchase common stock as of 3/31/26, per Company management. CY refers to Calendar Year; E refers to Estimated; LTM refers to the most recently completed 12-month period for which financial information has been made public; NOL refers to Net Operating Loss. Sources: Company management, Feather Financial Projections and public filings.

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(dollars in millions) Calendar Year Ended December 31, Calendar Year Ending December 31, CAGR 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E '22 to '25 '25 to '30E Sources: Company management and Feather Financial Projections. 15 CONFIDENTIAL Note: CY 2022 – CY 2024 financials shown above are pro forma for historical revenues for Kiwi prior to the acquisition by Feather; pro forma expenses and profitability metrics are not meaningful given carve-out nature of Kiwi acquisition. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CAGR refers to Compound Annual Growth Rate. CY refers to Calendar Year; E refers to Estimated; NMF refers to not meaningful. Selected Consolidated Historical & Projected Financial Information Over-Time (Recurring) Revenue $14.9 $20.0 $17.6 $20.2 $22.6 $22.9 $26.4 $30.3 $34.2 Special Projects Revenue 1.9 1.3 1.5 2.8 2.9 3.7 4.5 5.3 6.1 Base Feather Revenue $16.8 $21.2 $19.1 $23.0 $25.5 $26.6 $30.9 $35.6 $40.3 11.0% 11.9% Kiwi Revenue 2.7 4.2 5.1 7.3 8.2 9.7 11.2 12.7 14.3 39.4% 14.4% Total Revenue $19.5 $25.4 $24.1 $30.3 $33.7 $36.3 $42.1 $48.4 $54.6 15.8% 12.5% Growth % 30.3% (5.0%) 25.4% 11.4% 7.6% 16.2% 14.7% 13.0% Cost of Revenues (14.0) (19.2) (19.7) (21.1) (23.2) (26.0) NMF 13.2% Gross Profit $16.2 $14.5 $16.6 $21.0 $25.1 $28.6 NMF 12.0% Margin % 53.7% 43.1% 45.8% 49.9% 52.0% 52.4% Sales & Marketing (5.7) (6.1) (6.7) (7.6) (8.4) (9.0) NMF 9.7% Research & Developent (2.8) (2.8) (3.2) (3.5) (3.9) (4.2) NMF 8.5% General & Administrative (6.8) (6.7) (7.0) (7.3) (7.9) (9.0) NMF 6.0% Adjustment for Contract Termination (0.2) -- -- -- -- -- NMF NMF Total Operating Expenses (15.4) (15.7) (16.9) (18.4) (20.2) (22.3) NMF 7.7% Adjusted EBITDA $0.8 ($1.2) ($0.3) $2.7 $4.9 $6.3 NMF 49.7% Margin % 2.8% (3.5%) (0.8%) 6.3% 10.2% 11.6% Growth % NMF NMF NMF NMF 85.0% 27.9%

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Selected Companies Analysis Sources: Bloomberg, Capital IQ and public filings. 16 CONFIDENTIAL (dollars in millions, except per share values) Note: No company used in this analysis for comparative purposes is identical to the Company. Enterprise Value equals equity market value + debt outstanding + preferred stock + minority interests – cash and cash equivalents. Based on closing prices as of 3/30/26. Based on market prices as of 3/30/26. Inclusive of intraday prices. Per Capital IQ. Based on diluted shares. Multiples based on forward looking financial information have been calendarized to the Company's fiscal year end of December 31st. Veradigm Inc., a company formerly known as Allscripts Healthcare Solutions, Inc. whose shares of common stock are traded over-the-counter on the OTC Pink Sheets Expert Market, is delinquent in its regulatory filings as of 3/30/26, having most recently released its full-year CY 2022 financial statements on 3/18/25, with complete annual CY 2023, CY 2024 and CY 2025 filings outstanding as of 3/30/26. Financial information reflects public filings including unaudited CY 2025 business update dated 2/17/26 and unaudited CY 2023 / CY 2024 business update dated 3/18/25. Forward multiples are based on estimates provided by four analysts who cover the company who provide such estimates. CY 2025 revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Based on public filings, analyst estimates, market data and other public information as of applicable date. Reflects the last trading day prior to announcement of the Initial Canary Proposal. CY refers to Calendar Year; E refers to Estimated; Q refers to Quarter. Selected Market Trading Information Selected Multiple Information % of % Above Selected Companies Share 52-Week 52-Week Equity Market Enterprise Price [2] High [3] Low [3] Value [2] [4] Value [2] [4] Enterprise Value [1] to Revenue [5] CY 2025 CY 2026E Certara, Inc. $5.68 36.9% 1.2% $929.8 $1,035.9 2.47x 2.42x Definitive Healthcare Corp. $1.16 24.6% 18.5% $179.1 $164.4 0.68x 0.74x Health Catalyst, Inc. $1.18 23.3% 13.5% $94.5 $159.6 0.51x 0.57x Indegene Limited $4.60 68.7% 5.0% $1,123.7 $989.4 2.86x 2.34x OptimizeRx Corporation $6.46 29.0% 16.6% $125.8 $128.8 1.18x 1.16x Simulations Plus, Inc. $11.36 31.2% 2.4% $228.9 $193.2 2.43x 2.35x Veradigm Inc. [6] [7] $4.55 75.8% 51.7% $547.8 $502.8 0.86x 0.86x Low 23.3% 1.2% 0.51x 0.57x Median 31.2% 13.5% 1.18x 1.16x Mean 41.4% 15.6% 1.57x 1.49x High 75.8% 51.7% 2.86x 2.42x Feather - Current Price (as of 3/30/26) [8] $2.07 76.4% 26.2% $68.2 $36.7 1.21x 1.14x Feather - Unaffected Price (as of 8/22/25) [8] [9] $1.77 43.9% 7.9% $56.9 $28.1 0.96x 0.87x

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Selected Transactions Analysis (dollars in millions) Note: No company used in this analysis for comparative purposes is identical to the Company and no transaction used in this analysis for comparative purposes is identical to the Transaction. Note: Where available, stock-based compensation expense has been added back to adjusted EBITDA. Transaction Value refers to the implied enterprise value of target company, based on the announced transaction equity price and other public information available at the time of the announcement. Based on reported metric for the most recent LTM period prior to the announcement of the transaction. Based on reported metric for the most recent NFY period prior to the announcement of the transaction. NFY period reflects $110 million of revenue from press release at the time of announcement. LTM period reflects annual figures for the CY 2021 period, the most recently completed period for which information was available at the time of transaction announcement. LTM period reflects annual figures for the CY 2019 period. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers to Calendar Year. LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available; NFY refers to the next fiscal year for which financial information has not been made public. Sources: Bloomberg, Capital IQ, public filings, press releases and Wall Street research. Announced Effective Target Acquiror Transaction Value [1] LTM Revenue [2] NFY Revenue [3] EBITDA Margin % [2] EBITDA Margin % [3] 3/9/26 Pending Talkspace, Inc. Universal Health Services, Inc. $833.8 3.64x 2.95x 6.9% 11.4% 7/19/24 10/2/24 Augmedix, Inc. Commure, Inc. $119.0 2.44x 2.24x (32.9%) (45.6%) 6/21/24 10/22/24 Sharecare, Inc. Altaris, LLC $498.1 1.19x 1.27x 3.1% 0.5% 4/8/24 6/27/24 Model N, Inc Vista Equity Partners Management, LLC $1,269.2 5.00x 4.84x 17.2% 19.8% 9/6/23 11/9/23 NextGen Healthcare, Inc. Thoma Bravo, L.P. $1,722.9 2.54x 2.40x 17.6% 17.8% 8/7/23 11/3/23 Tabula Rasa HealthCare, Inc. Exact Care Pharmacy, LLC (Nautic $571.1 1.69x 1.58x 5.1% 5.6% Partners, LLC) 7/6/23 8/14/23 CorEvitas, LLC Thermo Fisher Scientific Inc. $912.5 NA 8.30x NA NA [4] 8/8/22 7/31/22 Pharmaspectra Group Ltd IQVIA Holdings Inc. $100.0 7.68x NA (20.0%) NA [5] 12/20/21 6/8/22 Cerner Corporation Oracle Corporation $29,359.9 5.14x 5.07x 33.9% 32.8% 12/8/21 4/5/22 Clinigen Group plc Triton Investment Management Ltd. $2,124.4 2.97x 2.76x 22.2% 21.8% 8/19/21 11/24/21 Inovalon Holdings, Inc Nordic Capital X-Led Consortium $7,428.2 10.34x 9.61x 34.7% 34.9% 1/17/20 2/28/20 Decision Resources, Inc. Clarivate Plc $950.0 4.59x NA 23.0% NA [6] Low $100.0 1.19x 1.27x (32.9%) (45.6%) Median $931.3 3.64x 2.85x 17.2% 17.8% Mean $3,824.1 4.29x 4.10x 10.1% 11.0% High $29,359.9 10.34x 9.61x 34.7% 34.9% Transaction Value / LTM Adjusted NFY Adjusted CONFIDENTIAL 17

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Discounted Cash Flow Analysis Note: Present values as of 4/2/26; mid-year convention applied. Represents projected Q2 CY 2026E – Q4 CY 2026E financial information, per Company management. Taxes assumed to be fully offset by NOL usage, per Company management. Stock-based compensation expense treated as a cash outflow to approximate dilutive impact. Per Company management, annual run-rate stock-based compensation expense approximates $2.9 million annually over the projection period and is assumed to not be tax deductible. Adjusted EBIT refers to Earnings Before Interest and Taxes, adjusted for certain non-recurring items. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CapEx refers Capital Expenditures; CY refers to Calendar Year; E refers to Estimated; PV refers to Present Value; Q refers to Quarter. SBC refers to Stock-Based Compensation. Sources: Company management and Feather Financial Projections. (dollars in millions, except per share values) Present Value of Cash Flows (2026E - 2030E) Projected Calendar Year Ending December 31, Implied Enterprise Value Implied Total Equity Value PV of Terminal Value as a Multiple of 2030E Total Revenue Discount Rate 1.250x 1.625x 2.000x 1.250x 1.625x 2.000x 1.250x 1.625x 2.000x 13.50% ($5.7) $37.4 $48.7 $59.9 $31.7 $42.9 $54.1 ($34.4) $66.1 $77.3 $88.6 14.25% ($5.7) $36.3 $47.2 $58.0 $30.5 $41.4 $52.3 ($33.5) $64.0 $74.9 $85.8 15.00% ($5.7) $35.2 $45.7 $56.3 $29.4 $40.0 $50.5 ($32.6) $62.0 $72.6 $83.1 15.75% ($5.7) $34.1 $44.3 $54.6 $28.4 $38.6 $48.8 ($31.7) $60.1 $70.3 $80.5 16.50% ($5.7) $33.1 $43.0 $52.9 $27.3 $37.2 $47.2 ($30.8) $58.1 $68.1 $78.0 Discount Rate 4. Per Company management, capital expenditures projected to be de minimis over the projected period and consist of office equipment such as computers. 13.50% $2.02 $2.36 $2.70 5. Reflects ~$30.8 million of estimated cash and cash equivalents and marketable securities as of 3/31/26, per Company management. Includes impact of marketable 14.25% $1.95 $2.28 $2.61 securities comprised of U.S. treasury bills at fair market value. Also reflects range of potential future earnout consideration receivable from sale of minority interest in a customer from, on the low end, $0.0 million to, on the high end, maximum potential amount of $3.6 million, per Company management. 6. Computed as Implied Total Equity Value divided by the sum of (i) ~31.2 million basic shares of common stock outstanding as of 3/31/26, (ii) ~2.3 million options to 15.00% 15.75% $1.89 $1.83 $2.21 $2.14 $2.53 $2.45 purchase common stock as of 3/31/26 (to the extent in the money, based on treasury method) and (iii) ~1.5 million restricted stock units to purchase common stock as of 3/31/26, per Company management. 16.50% $1.77 $2.08 $2.38 Implied Equity Value Per Share [6] 1.250x 1.625x 2.000x Net Debt & Other [5] 2026E [1] 2027E 2028E 2029E 2030E Total Revenue $25.6 $36.3 $42.1 $48.4 $54.6 Growth % 7.6% 16.2% 14.7% 13.0% Cost of Revenues (14.4) (19.7) (21.1) (23.2) (26.0) Total Operating Expenses (11.8) (16.9) (18.4) (20.2) (22.3) Adjusted EBITDA ($0.6) ($0.3) $2.7 $4.9 $6.3 Margin % (2.5%) (0.8%) 6.3% 10.2% 11.6% Depreciation and Amortization (0.2) (0.2) (0.2) (0.2) (0.2) Adjusted EBIT ($0.8) ($0.5) $2.5 $4.7 $6.1 Taxes [2] -- -- -- -- -- Unlevered Earnings ($0.8) ($0.5) $2.5 $4.7 $6.1 Depreciation and Amortization 0.2 0.2 0.2 0.2 0.2 Stock-Based Compensation [3] (2.2) (2.9) (2.9) (2.9) (2.9) Discount Rate 1.250x 1.625x 2.000x Change in Net Working Capital & CapEx [4] (0.8) (1.0) (1.0) (1.0) (1.0) 13.50% 118.1% 113.4% 110.6% Unlevered Free Cash Flows ($3.5) ($4.2) ($1.2) $1.1 $2.4 14.25% 118.8% 113.9% 111.0% 15.00% 119.5% 114.4% 111.4% 15.75% 120.3% 114.9% 111.8% 16.50% 121.0% 115.4% 112.2% PV of Terminal Value as a % of Enterprise Value CONFIDENTIAL 18

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04 CONFIDENTIAL 04 SELECTED PUBLIC MARKET OBSERVATIONS

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0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Daily Trading Volume Feather Current Stock Price¹ Unaffected Stock Price² Closing Stock Price ($) Daily Volume (millions) Historical Timeline & Stock Trading History Since Reverse Merger (3/3/21) Represents closing per share common stock price on 3/30/26. Reflects data as of 8/22/25, the last trading day completed prior to the announcement of the Initial Canary Proposal. VWAP based on cumulative trading activity over designated period, per Bloomberg. ADTV refers to Average Daily Traded Volume; CY refers to Calendar Year; VWAP refers to Volume Weighted Average Price; YTD refers to Year To Date. Sources: Bloomberg, Capital IQ and public filings as of 3/30/26. Closing Price: $2.071 Announced receipt of a non-binding proposal from a consortium of buyers led by co-founder, Executive Chairman and CEO Max Wygod to acquire all unowned shares of Company common stock for $2.10 per share Unaffected Stock Price: $1.772 Announced launch through business combination of Helix Technologies and Medical Outcomes Research Analytics and commenced trading on the Nasdaq at $14.60 per share Announced the sale of BioTrack to Alleaves for a total purchase price of $30 million Announced stock repurchase from affiliate of 1.6 million shares at a redemption price of $2.15 per share, reflecting an 8.1% discount relative to the unaffected per share common stock price Announced $12.0 million private placement of common stock at a purchase price of $10.21 per share Announced $24.0 million private placement of 3.5% convertible notes with an exercise price of $11.98 per share Announced acquisition of Kiwi for no consideration other than the assumption of certain normal course working capital liabilities CONFIDENTIAL 20

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(100.0%) (80.0%) 40.0% 20.0% 0.0% (20.0%) (40.0%) (60.0%) 60.0% 80.0% 100.0% Mar-21 Aug-21 Jan-22 Jan-24 Mar-26 Feather Jun-22 Nov-22 Apr-23 Sep-23 Selected Companies Index² Jul-24 Nov-24 May-25 Sep-25 Nasdaq Composite Index - Total Return Reflects data as of 8/22/25, the last trading day completed prior to the announcement of the Initial Canary Proposal. Selected Companies Index is comprised of Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Total shareholder return information shown above reflects average return for the selected companies that were public over the entirety of the applicable time period. Reflects total stockholder return since 8/22/25. Source: Capital IQ as of 3/30/26. Selected Relative Total Stockholder Return Performance Information Lookback Since Reverse Merger (3/3/21) Indexed Total Stockholder Returns Feather vs. Selected Companies Index & Nasdaq Composite Index (Lookback Since Reverse Merger) Unaffected as of 8/22/25¹ (2.9%) (43.0%) 16.9% Since Initial Canary Proposal3 Since 3/3/21 Return (3/3/21 - 8/22/25) Three-Year Return (8/22/22 - 8/22/25) Two-Year Return (8/22/23 - 8/22/25) One-Year Return (8/22/24 - 8/22/25) (87.9%) (58.3%) (29.2%) (25.6%) (74.5%) (52.5%) (28.2%) (10.3%) 71.1% 77.7% 61.5% 22.8% Feather Selected Companies Index² Nasdaq Composite Index - Total Return Current as of 3/30/26 Feather Selected Companies Index² Three-Year Return (3/30/23 - 3/30/26) Two-Year Return (3/30/24 - 3/30/26) One-Year Return (3/30/25 - 3/30/26) (45.5%) (27.6%) 3.5% (74.6%) (65.7%) (39.4%) CONFIDENTIAL 21

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06 CONFIDENTIAL 05 APPENDICES

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06 05 APPENDICES Weighted Average Cost of Capital Calculation CONFIDENTIAL

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Weighted Average Cost of Capital Calculation CONFIDENTIAL 24 Note: No company used in this calculation for comparative purposes is identical to the Company. Total Cap refers to total capitalization, which equals Equity Market Value + Total Debt + Pfd. Stock. Total Debt refers to total debt amount based on most recent public filings as of 3/30/26. Dd refers to Implied Tax-Deductible Debt, which equals the lesser of (a) 30% of Adjusted Taxable Income/Cost of Debt, or (b) Total Debt. LTM adjusted EBITDA, based on most recent public filings as of 3/30/26, is assumed to be a valid proxy for Adjusted Taxable Income for the selected companies. Dnd refers to Implied Non-Tax-Deductible Debt, which equals Total Debt minus Dd. Equity Market Value based on closing price on 3/30/26 and on diluted shares as of 3/30/26. Pfd. Stock refers to preferred stock, which is the amount as stated in most recent public filings as of 3/30/26. Based on public filings, market data and other public information as of 3/30/26. Based on actual 5-year weekly levered beta per Bloomberg as of 3/30/26. Unlevered Beta = Levered Beta/(1 + ((1 – tax rate) \* Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Pfd. Stock to Equity Market Value)). Based on review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply-side and demand-side models and other materials. Kroll Cost of Capital Navigator ("Navigator"). Cost of Equity = Risk-Free Rate of Return + (Levered Beta \* Equity Risk Premium) + Size Premium. Risk-Free Rate of Return as of 3/30/26, based on 20-year U.S. Treasury Bond Yield. Based on selected company weighted average interest rate per most recent public filings as of 3/30/26. No selected company has publicly traded debt as of 3/30/26. Based on selected company weighted average preferred dividend per most recent public filings 3/30/26. \*Excluded from median and mean data due to limited trading history, among other reasons. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. LTM refers to the most recently completed 12-month period for which financial information has been made public; NA refers to not available; WACC refers to Weighted Average Cost of Capital. Sources: Bloomberg, Capital IQ and public filings. Total Debt to Total Cap Dd to Total Cap Dnd to Total Cap Total Debt to Equity Market Dd to Equity Market Value Dnd to Equity Market Value Pfd. Stock to Total Cap Equity Market Value to Total Pfd. Stock to Equity Market Selected Companies [1] [2] [1] [3] [1] [4] Value [2] [5] [3] [5] [4] [5] [1] [6] Cap [1] [5] Value [5] [6] Certara, Inc. 24.1% 24.1% 0.0% 31.8% 31.8% 0.0% 0.0% 75.9% 0.0% Definitive Healthcare Corp. 48.1% 48.1% 0.0% 92.8% 92.8% 0.0% 0.0% 51.9% 0.0% Health Catalyst, Inc. 63.0% 48.0% 14.9% 170.1% 129.7% 40.3% 0.0% 37.0% 0.0% Indegene Limited 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% OptimizeRx Corporation 17.3% 17.3% 0.0% 20.9% 20.9% 0.0% 0.0% 82.7% 0.0% Simulations Plus, Inc. 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% Veradigm Inc. 12.0% 12.0% 0.0% 13.7% 13.7% 0.0% 0.0% 88.0% 0.0% Median 17.3% 17.3% 0.0% 20.9% 20.9% 0.0% 0.0% 82.7% 0.0% Mean 23.5% 21.4% 2.1% 47.0% 41.3% 5.8% 0.0% 76.5% 0.0% Feather [7] 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 100.0% 0.0% Levered Unlevered Equity Risk Size Cost of Cost of Cost of Pfd. Selected Companies Beta [8] Beta [9] Premium [10] Premium [11] Equity [12] Debt [13] Stock [14] WACC Certara, Inc. 1.64 1.34 5.50% 0.77% 14.7% 6.4% NA 12.2% Definitive Healthcare Corp. 1.90 1.15 5.50% 4.37% 19.7% 5.9% NA 12.2% Health Catalyst, Inc. 1.91 0.83 5.50% 4.37% 19.8% 10.1% NA 12.3% Indegene Limited 0.46 \* 0.46 \* 5.50% 0.77% 8.2% NA NA 8.2% OptimizeRx Corporation 2.00 1.74 5.50% 4.37% 20.3% 12.4% NA 18.3% Simulations Plus, Inc. 1.30 1.30 5.50% 4.37% 16.4% NA NA 16.4% Veradigm Inc. 0.51 0.46 5.50% 1.68% 9.4% 11.1% NA 9.2% Median 1.77 1.22 16.4% 10.1% NA 12.2% Mean 1.54 1.13 15.5% 9.2% NA 12.7% Feather [7] 0.94 0.94 5.50% 4.37% 14.4% NA NA 14.4%

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Risk-Free Rate of Return as of 3/30/26, based on 20-year U.S. Treasury Bond Yield. Based on a review of studies measuring the historical returns between stocks and bonds, theoretical models such as supply side and demand side models and other materials. Navigator. Forward tax rate, per Company management. Per Company management. Feather CY 2025 adjusted EBITDA is assumed to be a valid proxy for Feather Adjusted Taxable Income. Feather Total Debt refers to total debt amount of Feather as of 3/30/26. Feather Dd refers to Implied Tax-Deductible Debt of Feather, which equals the lesser of (a) 30% of Feather Adjusted Taxable Income/Cost of Debt, or (b) Feather Total Debt. Based on Capital Structure Assumptions. Feather Dnd refers to Implied Non-Tax-Deductible Debt of Feather, which equals Feather Total Debt minus Feather Dd. Based on review of corresponding metrics of selected companies listed on previous page. Based on the Company's Dd and Dnd and the Capital Structure Assumptions regarding Total Debt to Total Capitalization and Equity Market Value to Total Capitalization. Based on review of selected companies' unlevered betas listed on Weighted Average Cost of Capital Calculation page. Computed Levered Beta = Selected Unlevered Beta \* (1 + ((1 – Tax Rate) \* Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Market and Capital Structure Assumptions. Cost of Equity = Risk-Free Rate of Return + (Computed Levered Beta \* Equity Risk Premium) + Size Premium. Based on Market Assumptions. Observed Levered Beta based on actual 5-year weekly levered beta per Bloomberg as of 3/30/26. Unlevered Beta = Levered Beta / (1 + ((1 – Tax Rate) \* Dd / Equity Market Value) \* (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Feather actual capital structure as of 3/30/26, based on publicly available information and market data as of 3/30/26. Levered Beta = Selected Unlevered Beta \* (1 + ((1 – Tax Rate) \* Dd to Equity Market Value) + (Dnd to Equity Market Value) + (Preferred Stock to Equity Market Value)). Based on Market and Capital Structure Assumptions. Cost of Equity = Risk-Free Rate of Return + (Levered Beta \* Equity Risk Premium) + Size Premium. Based on Market Assumptions. See prior page for calculation. Based on public filings, market data and other public information as of 3/30/26. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items. CY refers to Calendar Year; NA refers to not available; WACC refers to Weighted Average Cost of Capital. Sources: Bloomberg, Capital IQ and Company management. CONFIDENTIAL 25 Weighted Average Cost of Capital Calculation (cont.) (dollars in millions) Market Assumptions Risk-Free Rate of Return [1] 4.92% Equity Risk Premium [2] 5.50% Size Premium [3] 4.37% Tax Rate [4] 29.50% Capital Structure Assumptions Feather Adjusted Taxable Income [5] $0.8 Feather Total Debt [6] $0.0 Feather Dd [7] $0.0 Feather Dnd [8] $0.0 Total Debt to Total Capitalization [9] 17.3% Dd to Total Capitalization [10] 17.3% Dnd to Total Capitalization [10] 0.0% Total Debt to Equity Market Value 20.9% Dd to Equity Market Value [10] 20.9% Dnd to Equity Market Value [10] 0.0% Preferred Stock to Total Capitalization [9] 0.0% Equity Market Value to Total Capitalization [9] 82.7% Preferred Stock to Equity Market Value 0.0% Cost of Debt [9] 10.1% Cost of Preferred Stock [9] NA Cost of Equity for Computed WACC Selected Companies Beta Selected Unlevered Beta [11] 1.22 Computed Levered Beta [12] 1.40 Cost of Equity [13] 17.0% Cost of Equity Based on Feather Observed Levered Beta Observed Levered Beta [14] 0.94 Unlevered Beta [15] 0.94 Levered Beta [16] 1.08 Cost of Equity [17] 15.2% Computed Weighted Average Cost of Capital \| Selected Companies 15.3% Computed Weighted Average Cost of Capital \| Feather Observed Levered Beta 13.8% Computed Weighted Average Cost of Capital \| Feather Observed Levered Beta & Capital Structure [18] (Illustrative) 14.4% Selected Weighted Average Cost of Capital Range 13.5% -- 16.5%

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05 05 APPENDICES Selected Benchmarking Data CONFIDENTIAL

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Projected Rule of 40 (CY 2026E Total Revenue Growth + CY 2026E Adjusted EBITDA Margin) 40.6% 33.0% 31.9% 22.3% 17.3% 14.5% 7.9% 2.8% Indegene Certara Simulations Plus OptimizeRx Definitive Veradigm Feather Health Catalyst 41.0% 40.9% 37.0% 36.7% 28.2% 24.9% 14.8% 12.4% OptimizeRx Certara Simulations Plus Indegene Feather Definitive Health Catalyst Veradigm Selected Benchmarking Data Rule of 40 Historical Rule of 40 (CY 2025 Total Revenue Growth + CY 2025 Adjusted EBITDA Margin) 36.7% 29.7% 23.2% 22.3% Feather Feather Selected Companies Median Mean Note: Median and mean indications exclude Feather. Simulations Plus, Inc.'s fiscal year end is August 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Indegene Limited's fiscal year end is March 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. CY 2025 revenue reflects the midpoint of the estimated range of historical financial results, per public filings. Other financials are based on estimates provided by four analysts who cover the company. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. 3 1 3 1 2 2 Feather CONFIDENTIAL 27

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5.2% 5.0% 3.8% 0.8% -3.6% Projected Total Revenue Growth (CY 2025 – CY 2027E) 18.2% 9.5% -5.2% Indegene Feather OptimizeRx Simulations Plus Certara Veradigm Definitive Health Catalyst Historical Total Revenue Growth (CY 2023 – CY 2025) 23.7% 13.8% 12.4% 9.2% 8.7% 2.5% -2.0% -2.9% OptimizeRx Indegene Simulations Plus Feather Certara Health Catalyst Definitive Veradigm Selected Benchmarking Data (cont.) Revenue Growth 8.7% 8.0% 3.8% 3.4% Feather3 4 4 2 2 Feather 1 1 Feather Selected Companies Median Mean Note: Median and mean indications exclude Feather. Indegene Limited's fiscal year end is March 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Simulations Plus, Inc.'s fiscal year end is August 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. CY 2023 results reflect pro forma financials for the acquisition of Kiwi, per Company management. 4. Historical financials reflect the midpoint of the estimated range of financial results, per public filings. Forward financials are based on estimates provided by four analysts who cover the company. CY refers Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL 28

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4.1% 4.1% 1.2% 0.1% -1.3% Projected Gross Profit Growth (CY 2025 – CY 2027E) 18.3% 7.7% -5.7% Indegene Limited Simulations Plus, Certara, Inc. OptimizeRx Feather Veradigm Inc. [2] Health Catalyst, Inc. Definitive Inc. Corporation Feather Healthcare Corp. Feather Feather Selected Companies Median Mean 9.9% 7.3% 1.4% -3.1% -4.9% Historical Gross Profit Growth (CY 2023 – CY 2025) 31.0% 15.2% -7.4% OptimizeRx Indegene Limited Certara, Inc. Health Catalyst, Inc. Simulations Plus, Definitive Veradigm Inc. [2] Feather Corporation Inc. Healthcare Corp. Selected Benchmarking Data (cont.) Gross Profit Growth 7.3% 8.1% 4.1% 3.9% Note: Median and mean indications exclude Feather. Indegene Limited's fiscal year end is March 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Simulations Plus, Inc.'s fiscal year end is August 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Historical financials reflect the midpoint of the estimated range of financial results, per public filings. Forward financials are based on estimates provided by four analysts who cover the company. Feather4 3 3 2 2 1 1 4. Reflects standalone Base Feather information as gross profit information pro forma for the impact of the acquisition of Kiwi not applicable, per Company management. CY refers Calendar Year; E refers to Estimated; NA refers to not available. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL 29

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Projected Gross Profit Margin (CY 2026E) 80.4% 65.5% 62.8% 61.4% 52.7% 52.4% 43.1% 37.4% Definitive OptimizeRx Simulations Plus Certara Veradigm Health Catalyst Feather Indegene Historical Gross Profit Margin (CY 2025) 84.3% 67.3% 61.5% 59.9% 53.7% 53.2% 48.7% 37.2% Feather 1 3 2 Selected Benchmarking Data (cont.) Gross Profit Margin 59.9% 58.9% 61.4% 58.9% Feather 1 2 Feather Selected Companies Median Mean Note: Median and mean indications exclude Feather. Simulations Plus, Inc.'s fiscal year end is August 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Gross profit margin figures are based on estimates provided by four analysts who cover the company. Indegene Limited's fiscal year end is March 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. 30 CONFIDENTIAL 3

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30.8% 28.8% 24.8% 20.5% 18.3% 14.7% 12.6% -3.5% Certara Simulations Plus Definitive OptimizeRx Indegene Veradigm Health Catalyst Feather 29.1% 28.0% 22.2% 19.2% 13.4% 13.3% 2.8% Historical Adjusted EBITDA Margin (CY 2025) 32.1% Certara Definitive Simulations Plus OptimizeRx Indegene Veradigm Health Catalyst Feather Selected Benchmarking Data (cont.) Adjusted EBITDA Margin Projected Adjusted EBITDA Margin (CY 2026E) 22.5% 22.2% 21.5% 20.5% Feather Feather 1 3 3 1 Feather Selected Companies Median Mean Note: Median and mean indications exclude Feather. Simulations Plus, Inc.'s fiscal year end is August 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Indegene Limited's fiscal year end is March 31st. As such, financial information presented above has been calendarized to Feather's fiscal year end of December 31st. Adjusted EBITDA margin figures are based on estimates provided by four analysts who cover the company. Adjusted EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortization and Stock Option Expense, adjusted for certain non-recurring items; CY refers Calendar Year; E refers to Estimated. Sources: Bloomberg, Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL 31 2 2

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-18.5% -13.6% -8.9% -8.9% 2.3% 10.2% 40.8% Feather Simulations Plus Indegene Veradigm Definitive OptimizeRx Certara Health Catalyst $345.5 $311.1 $241.5 $109.4 $78.7 $30.3 Total Revenue (LTM) (dollars in millions) $586.5 $418.8 Veradigm Inc. Certara Indegene Health Catalyst Definitive OptimizeRx Simulations Plus Feather Selected Benchmarking Data (cont.) Size & Net Leverage Net Leverage3 (Net Debt to Enterprise Value as of 3/30/26) $311.1 $298.8 0.5% -8.9% 1 Feather -84.0% Feather3 Feather Selected Companies Median Mean Note: Median and mean indications exclude Feather. LTM financials reflect the midpoint of the estimated range of financial results, per public filings. Based on public trading prices of common stock. Enterprise Value based on public filings, market data and other public information as of 3/30/26. Net debt based on latest available balance sheet information as of 12/31/25, per Company management. LTM refers to the most recently completed 12-month period for which financial information has been made public. Sources: Capital IQ, public filings, Company management and Feather Financial Projections. CONFIDENTIAL 32

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05 05 APPENDICES Historical Trading Multiple Lookback CONFIDENTIAL

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0.00x 4.00x 8.00x 12.00x 16.00x 20.00x Mar-21 Aug-21 Jan-22 Jun-22 Nov-22 Feather Apr-23 Sep-23 May-25 Sep-25 Mar-26 Jan-24 Jul-24 Nov-24 Selected Companies Index³ CONFIDENTIAL 34 Note: Multiples shown above are sourced directly from Capital IQ; as such, certain multiples may differ from figures shown on other pages. Excludes figures that are not available or not meaningful. Note: NTM revenue multiples greater than 20.00x deemed to be not meaningful. Reflects data through 8/22/25, the last trading day completed prior to the announcement of the Initial Canary Proposal. Reflects data through 3/30/26. Selected Companies Index includes Certara, Inc., Definitive Healthcare Corp., Health Catalyst, Inc., Indegene Limited, OptimizeRx Corporation, Simulations Plus, Inc. and Veradigm Inc. Reflects median multiple. NTM refers to the following 12-month period for which financial information has not been made public; NMF refers to not meaningful. Source: Capital IQ as of 3/30/26. Selected Trading Multiple Lookback Observations Since Reverse Merger (3/3/21) 1.11x 1.03x Feather vs. Selected Companies Index (Enterprise Value to NTM Total Revenue Lookback Since Reverse Merger) Analyst estimates available beginning on 4/8/22 following the completion of the reverse merger on 3/3/21 Unaffected Date1 Feather – Unaffected1 Feather – Current2 Selected Companies Index³ Since Reverse Merger Average Three-Year Average Two-Year Average One-Year Average Six-Month Average NMF 2.69x 2.17x 1.73x 1.38x NMF 2.16x 1.74x 1.25x 1.23x 5.61x 2.98x 2.61x 2.36x 2.22x

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06 CONFIDENTIAL 06 DISCLAIMER

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This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the "materials"), are provided solely for the information of the Special Committee (the "Committee" or the "Special Committee") of the Board of Directors (the "Board") of Feather (the "Company") by Houlihan Lokey in connection with the Committee's consideration of a potential transaction (the "Transaction") involving the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with Houlihan Lokey in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere in the materials. Houlihan Lokey makes no representation to any party that the information and analysis contained in the materials supports any particular determination regarding the Transaction. The materials are for discussion purposes only. Houlihan Lokey expressly disclaims any and all liability, whether direct or indirect, in contract or tort or otherwise, to any person in connection with the materials. The materials were prepared for specific persons familiar with the business and affairs of the Company for use in a specific context and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations, and none of the Committee, the Company or Houlihan Lokey takes any responsibility for the use of the materials by persons other than the Committee. The materials are provided on a confidential basis solely for the information of the Committee and may not be disclosed, summarized, reproduced, disseminated or quoted or otherwise referred to, in whole or in part, without Houlihan Lokey's express prior written consent. Notwithstanding any other provision herein, the Company (and each employee, representative or other agent of the Company) may disclose to any and all persons without limitation of any kind, the tax treatment and tax structure of any transaction and all materials of any kind (including opinions or other tax analyses, if any) that are provided to the Company relating to such tax treatment and structure. However, any information relating to the tax treatment and tax structure shall remain confidential (and the foregoing sentence shall not apply) to the extent necessary to enable any person to comply with securities laws. For this purpose, the tax treatment of a transaction is the purported or claimed U.S. income or franchise tax treatment of the transaction and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S. income or franchise tax treatment of the transaction. If the Company plans to disclose information pursuant to the first sentence of this paragraph, the Company shall inform those to whom it discloses any such information that they may not rely upon such information for any purpose without Houlihan Lokey's prior written consent. Houlihan Lokey is not an expert on, and nothing contained in the materials should be construed as advice with regard to, legal, accounting, regulatory, insurance, tax or other specialist matters. Houlihan Lokey's role in reviewing any information was limited solely to performing such a review as it deemed necessary to support its own advice and analysis and was not on behalf of the Committee. The materials necessarily are based on financial, economic, market and other conditions as in effect on, and the information available to Houlihan Lokey as of, the date of the materials. Although subsequent developments may affect the contents of the materials, Houlihan Lokey has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials are not intended to provide the sole basis for evaluation of the Transaction and do not purport to contain all information that may be required. The materials do not address the underlying business decision of the Company or any other party to proceed with or effect the Transaction. The materials do not constitute any opinion, nor do the materials constitute a recommendation to the Board, the Committee, the Company, any security holder of the Company or any other party as to how to vote or act with respect to any matter relating to the Transaction or otherwise or whether to buy or sell any assets or securities of any company. Houlihan Lokey's only opinion is the opinion, if any, that is actually delivered to the Committee. In preparing the materials Houlihan Lokey has acted as an independent contractor and nothing in the materials is intended to create or shall be construed as creating a fiduciary or other relationship between Houlihan Lokey and any party. The materials may not reflect information known to other professionals in other business areas of Houlihan Lokey and its affiliates. The preparation of the materials was a complex process involving quantitative and qualitative judgments and determinations with respect to the financial, comparative and other analytic methods employed and the adaption and application of these methods to the unique facts and circumstances presented and, therefore, is not readily susceptible to partial analysis or summary description. Furthermore, Houlihan Lokey did not attribute any particular weight to any analysis or factor considered by it, but rather made qualitative judgments as to the significance and relevance of each analysis and factor. Each analytical technique has inherent strengths and weaknesses, and the nature of the available information may further affect the value of particular techniques. Accordingly, the analyses contained in the materials must be considered as a whole. Selecting portions of the analyses, analytic methods and factors without considering all analyses and factors could create a misleading or incomplete view. The materials reflect judgments and assumptions with regard to industry performance, general business, economic, regulatory, market and financial conditions and other matters, many of which are beyond the control of the participants in the Transaction. Any estimates of value contained in the materials are not necessarily indicative of actual value or predictive of future results or values, which may be significantly more or less favorable. Any analyses relating to the value of assets, businesses or securities do not purport to be appraisals or to reflect the prices at which any assets, businesses or securities may actually be sold. The materials do not constitute a valuation opinion or credit rating. The materials do not address the consideration to be paid or received in, the terms of any arrangements, understandings, agreements or documents related to, or the form, structure or any other portion or aspect of, the Transaction or otherwise. Furthermore, the materials do not address the fairness of any portion or aspect of the Transaction to any party. In preparing the materials, Houlihan Lokey has not conducted any physical inspection or independent appraisal or evaluation of any of the assets, properties or liabilities (contingent or otherwise) of the Company or any other party and has no obligation to evaluate the solvency of the Company or any other party under any law. CONFIDENTIAL 36 Disclaimer

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All budgets, projections, estimates, financial analyses, reports and other information (including, without limitation, estimates of potential cost savings and synergies) reflected in the materials have been prepared by management of the relevant party or are derived from such budgets, projections, estimates, financial analyses, reports and other information or from other sources, which involve numerous and significant subjective determinations made by management of the relevant party and/or which such management has reviewed and found reasonable. The budgets, projections and estimates (including, without limitation, estimates of potential cost savings and synergies) contained in the materials may or may not be achieved and differences between projected results and those actually achieved may be material. 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CORPORATE FINANCE FINANCIAL RESTRUCTURING FINANCIAL AND VALUATION ADVISORY HL.com

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