Document:

EX-10.28

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Exhibit 10.28 

Execution Version 
 CHANGE

 HEALTHCARE 
 3055 Lebanon Pike 

Nashville, TN 37214 
 615.932.3000 phone 

www.changehealthcare.corn 
 03.12.2018 

Mr. Fredrik J. Eliasson 
 1291 Ponte Vedra Blvd. 

Ponte Vedra Beach, FL 32082 
 Dear Fredrik: 

This letter will confirm the terms of your offer of employment with Change Healthcare Operations LLC, and/or its affiliates (the “Company”). It is
anticipated that your first day of employment with the Company will be March 19, 2018. Such terms are as follows: 

1.    Position and Responsibilities. You will be a full time exempt employee and will serve in the position of EVP & Chief
Financial Officer for Change Healthcare. You will be based from the Alpharetta, GA office and will report to the Chief Executive Officer of the Company. . You will assume and discharge all responsibilities commensurate with such position and as your
manager may direct. During your employment with the Company, you shall devote your full-time attention to your duties and responsibilities and shall perform them faithfully, diligently and completely. In addition, you shall comply with and be bound
by the operating policies, procedures and practices of the Company including, without limitation, the Code of Conduct, in effect from time to time during your employment. You acknowledge that you may be required to travel in connection with the
performance of your duties. 
 2.    Compensation. 
  

	 	(a)	 In consideration of your services, you will be paid an annual rate of $650,000.00, on a biweekly basis,
payable in accordance with the Company’s prevailing payroll practices. 

  

	 	(b)	 You will receive a target bonus of 85% of your annual base salary under the Company’s Annual
Incentive Plan (“AIP”), the amount of which to be determined at the Company’s sole discretion. Annual target bonus payouts are based on both individual and Company performance, and will be paid in accordance with the Company’s
bonus distribution schedule. 

  

	 	(c)	 Equity: Contingent upon approval of the Change Healthcare, LLC (or related entity) Board of Directors, you will
be eligible to receive an option to purchase 11,000 shares (the “Shares”) under the Change Healthcare, LLC (or related entity) Equity Incentive Plan (the “Equity Plan”). The Shares will be subject to the terms

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

	 	
and conditions of the Equity Plan and the award agreement which you will be required to sign in order to participate in the Equity Plan. If your employment is terminated by the Company not for
Cause (as defined in the Equity Plan) or you resign with Good Reason (as defined in the Equity Plan), the next installment of the time-vesting option shall become vested and fully exercisable. The award agreement will contain substantially the same
terms as the form agreement delivered to you prior to the date hereof; provided that the agreement shall include the accelerated vesting described above in connection with a termination without Cause or resignation with Good Reason.

  

	 	(d)	 Upon or as soon as practicable following the occurrence of a Qualified !PO (as defined in the HCIT Stockholders
Agreement dated as of March 1, 2017), and subject to the approval of the board of HCIT, it is expected that additional long term incentive awards will be granted to Executive in an amount equal to between one and two times Executive’s
annual cash compensation (i.e., Base Salary plus Target Bonus), based upon appropriate market benchmarks for competitive compensation packages, provided that Executive’s award is expected to be in an amount towards the higher end of the
expected range. 

  

	 	(e)	 You will be eligible for relocation benefits. The details on the benefits are included in the Executive
Relocation document that will be emailed to you under separate cover. The eligibility is contingent upon acceptance of the Change Healthcare Repayment Agreement, hereto attached as Annex B. For more information on the process, please contact your
Human Resources Representative. 

 3.    Severance Provisions. You shall receive severance benefits in
accordance with the executive severance guidelines in place at the Company at the time of your separation from employment, in the event your employment is terminated by the Company without Cause as defined under the applicable guidelines, or you
resign with Good Reason as defined in the Equity Pay Plan, but in no event shall you receive less than a lump sum payment equivalent to twelve months’ base salary, payment of the AIP bonus at full target payout for the twelve (12) month
period following your date of separation, and payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that the Company would pay for employees with similar coverage during the twelve (12) month period following your
separation. Any resignation with Good Reason must occur within one year of the event that constituted Good Reason and you must have first provided the Company with written notice of the event within 90 days of its occurrence and an opportunity to
cure within 30 days. Furthermore, any severance benefits payable as a result of a resignation with Good Reason will be paid at the salary in effect prior to the reduction in pay which serves as the basis for Good Reason. You also hereby acknowledge
that you must execute and not revoke a release of claims in a form provided by the Company within the time period provided in the release in order to receive the payments and benefits under this Section resulting from your separation from service.
However, any release provided by the Company shall not impose any additional obligations or require the forfeiture of any vested benefits, including and without limitation, any vested equity, reimbursement of business expenses, indemnification
rights, fee advances and D&O coverage. Provided that you comply with the foregoing, the payments will begin to be processed at the Company’s discretion after the appropriate revocation period has elapsed and in no event later than the 60th
day following your separation from service. 

  
 2 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 4.    Other Benefits. You will be entitled to receive the standard employee
benefits made available by the Company to its employees to the full extent of your eligibility. You shall be eligible for 16 Paid Time Off (PTO) days per calendar year consistent with the Company’s PTO Policy. During your employment, you shall
be permitted, to the extent eligible, to participate in any group medical, dental, life insurance and disability insurance plans, or similar benefit plan of the Company that is available to employees generally. Participation in any such plan shall
be consistent with your rate of compensation to the extent that compensation is a determinative Factor with respect to coverage under any such plan. You have 31 days from your date of hire to complete your Benefits enrollment forms online. Benefits
eligibility begins on the first of the month following your date of hire with the Company (this excludes short-term disability insurance which begins 90 days after the first day of your employment). The Company shall reimburse you for all reasonable
expenses actually incurred or paid by you in the performance of your services on behalf of the Company, upon prior authorization and approval in accordance with the Company’s expense reimbursement policy as from time to time in effect. 

5.    Restrictive Covenants. You agree that your employment is contingent upon your execution of, and delivery to the Company of a
Company Protection Agreement in the form attached hereto as Annex A. 
 6.    Conflicting Employment. You agree that,
during your employment with the Company, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during your employment,
nor will you engage in any other activities that conflict with your obligations to the Company. 
 7.    At-Will Employment. You acknowledge that your employment with the Company is for an unspecified duration that constitutes at-will employment, and that either you or the
Company can terminate this relationship at any time, with or without cause and with or without notice. 
 8.    Prior Employment.
You represent that you have delivered to the Company an accurate and complete copy of any and all agreements with any prior employer to which you are or may continue to be subject. In the event of a dispute under the terms of an agreement with a
prior employer that is fully disclosed to the Company prior to the execution of this Agreement, the Company will indemnify you for any costs and potential liability associated with the terms of those agreements. 

However, in your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former
employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common
knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company. During our discussions about your proposed job duties, you assured us that you would be able to perform those duties
within the guidelines just described. 
 You agree you will not bring onto Company premises any unpublished documents or property belonging to any former
employer or other person to whom you have any obligation of confidentiality. 

  
 3 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 9.    Section 409A. It is intended that (1) each installment of the payments
provided under this letter is a separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) that the payments satisfy, to the greatest extent possible, the
exemptions from the application of Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything to the contrary in this letter, if the Company determines (i) that on the date your employment with the Company terminates or at such other times that the Company
determines to be relevant, you are a “specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)) of the Company and (ii) that any payments to be provided to you pursuant
to this letter are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code if provided at the time otherwise required under this letter,
then such payments shall be delayed until the date that is six months after the date of your “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) with the
Company, or, if earlier, the date of your death. Any payments delayed pursuant to this Section shall be made in lump sum on the first day of the seventh month following your “separation from service” (as such term is defined under Treasury
Regulation 1.409A-1(h)), or, if earlier, the date of your death. In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which you participate during the term
of your employment under this letter or thereafter provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement or payment under such plan or arrangement in
one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or
paid), and (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year
following the calendar year in which the expense was incurred. 
 Notwithstanding any other provision to the contrary, a termination of employment shall not
be deemed to have occurred for purposes of any provision of this letter providing for the payment of “deferred compensation” (as such term is defined in Section 409A of the Code and the Treasury Regulations promulgated thereunder)
upon or following a termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Section 409A of the Code and
Section 1.409A-1(h) of the Treasury Regulations and, for purposes of any such provision of this letter, references to a “separation,” “termination,” “termination of
employment” or like terms shall mean “separation from service. 
 Notwithstanding any other provision to the contrary, in no event shall any
payment under this letter that constitutes “deferred compensation” for purposes of Section 409A of the Code and the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by
Section 409A of the Code. 
 For the avoidance of doubt, any payment due under this letter within a period following your termination of employment,
death, Permanent Disability or other event shall be made on a date during such period as determined by the Company in its sole discretion. 

  
 4 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 This letter shall be interpreted in accordance with, and the Company and you will use their best efforts to
achieve timely compliance with, Section 409A of the Code and the Treasury Regulations and other interpretive guidance promulgated thereunder, including without limitation any such regulations or other guidance that may be issued after the
effective date of this letter. 
 10.    General Provisions. 

 

	 	(a)	 Your employment is contingent upon successful completion of applicable screens, clearances, and reference
checks. We would caution you not to resign any current employment until you have received notification of successful completion of all. 

  

	 	(b)	 We are required by law to confirm your eligibility for employment in the United States. Thus, you will be asked
to provide proof of your identity and eligibility to work in the U.S. on your start date. The Company participates in e-verify. 

 

	 	(c)	 This offer letter and the terms of your employment will be governed by the laws of Tennessee, applicable to
agreements made and to be performed entirely within such state. 

  

	 	(d)	 This offer letter sets forth the entire agreement and understanding between the Company and you relating to
your employment and supersedes all prior verbal discussions between us. 

  

	 	(e)	 This agreement will be binding upon your heirs, executors, administrators and other legal representatives and
will be for the benefit of the Company and its respective successors and assigns. 

  

	 	(f)	 All payments pursuant to this letter will be subject to applicable withholding taxes. 

Please acknowledge and confirm your acceptance of this letter by signing and returning one copy of this offer letter in its entirety to the Talent Acquisition
Coordinator. Note that this offer will not be binding until countersigned by the Company. Your new hire packet will provide you with further instructions for additional required paperwork. We look forward to a mutually rewarding working arrangement.

  

			
	By:	 	 /s/ Mike Lee

		 	Michael Lee
		 	Sr. Director, Executive Recruitment

 OFFER ACCEPTANCE: 

I accept the terms of my employment with Change Healthcare as set forth herein and in any attached Annexes. I understand that this offer letter
does not constitute a contract of employment for any specified period of time, and that either party, with or without cause and with or without notice may terminate my employment relationship. 

 

									
		 	        	 	 /s/ Frederik Eliasson
	 	Date: 3/15-2018	 	

  
 5 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Annex B 

Relocation Agreement and Promise to Repay 

The undersigned employee (Fredrik Eliasson) has received relocation benefits from Change Healthcare as referenced in the Change Healthcare Executive
Relocation Policy document. This benefit is for the purpose of assisting the employee with transition expenses. Rather than paying the relocation bonus and benefits in twenty-four (24) monthly installments, Change Healthcare will pay the full
amount of the award at the beginning of the twenty-four (24) month period. 
 In the event that Employee voluntarily terminates his/her employment with
Change Healthcare within twenty-four (24) months following receipt of the relocation bonus and benefits, he/she promises to repay on a pro-rated basis, the total costs associated with such payments. The
repayment amount shall be the total amount of the relocation bonus and benefits (including tax assistance) paid by Change Healthcare on Employee’s behalf less 1/24 of the total amount of such payments for each completed month of employment
beginning March 19, 2018 and ending March 18, 2020. If necessary, Employee authorizes Change Healthcare to deduct the above amount from Employee’s last paycheck to the fullest extent possible. 

For tax purposes, appropriate documentation, including, but not limited to, itemized receipts, related to any sign-on
bonus and/or relocation benefits should be maintained by the Employee if such payments are used for relocation expenses. 
 ACCEPTANCE: 

I accept the terms of my agreement with Change Healthcare as set forth herein and in any attachment. I understand that this document does not constitute a
contract of employment for any specified period of time, and that either party, with or without cause and with or without notice, may terminate my employment relationship. I further understand that any payments under this agreement is an advance and
must be paid back in the pro-rata share as described herein if I voluntarily terminate my employment before the twenty-four-month period expires. 

 

							
	            	 	 /s/ Frederik Eliasson
	  	Date: 3/15-2018	  	
		 	Signature	  		  	
				
		 	 /s/ Frederik Eliasson
	  		  	
		 	Print Name	  		  	

 No relocation benefit will be processed unless a signed Promise to Repay has been submitted. 

A representative from HomeServices Relocation, the company that handles Change Healthcare’s relocations, will contact you directly to assist you with
your move. 

  
 6EX-10.29

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Exhibit 10.29 

NONQUALIFIED STOCK OPTION AGREEMENT 

UNDER THE 
 HCIT
HOLDINGS, INC. AMENDED AND RESTATED 2009 EQUITY INCENTIVE PLAN 
 THIS STOCK OPTION AGREEMENT (the “Agreement”) by
and between HCIT Holdings, Inc., a Delaware corporation (the “Company”), and the individual named on the signature page hereto (the “Participant”) is made as of the date set forth on such signature page. 

R E C I T A L S: 

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this
Agreement; 
 WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its
stockholders to grant the Options (as defined below) provided for herein to the Participant pursuant to the Plan and the terms set forth herein; and 

WHEREAS, the Company owns no less than approximately 30% of the voting power of Change Healthcare LLC (the “JV”), with most
of the remaining voting power of the JV owned by McKesson Corporation (together with its affiliates, “McKesson”). 
 NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 
 1. Definitions. Whenever
the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

(a) Blackstone: “Blackstone” shall have the meaning ascribed to such term in the Stockholders’ Agreement. 

(b) Change of Control: “Change of Control” shall have the meaning ascribed to such term in the Plan. 

(c) Date of Grant: The “Date of Grant” specified on the signature page hereto. 

(d) Employment: “Employment” shall mean (i) a Participant’s employment if the Participant is an Employee of the
Company, the JV or any of their respective Subsidiaries on the date hereof, (ii) a Participant’s services as a Consultant or independent contractor, if the Participant is a Consultant to or independent contractor of the Company, the JV or
any of their respective Subsidiaries on the date hereof, and (iii) a Participant’s services as a Director, if the Participant is a non-employee director of the board of directors of the Company, the
JV or any of their respective Subsidiaries on the date hereof. 
 (e) Expiration Date: The tenth anniversary of the Date of Grant.

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 (f) Option: An option with respect to which the terms and conditions are set forth in
Section 3(a) of this Agreement. 
 (g) Plan: Amended and Restated 2009 Equity Incentive Plan of HCIT Holdings, Inc., attached
hereto as Exhibit A, and as may be amended or supplemented from time to time in accordance with the terms thereof. 
 (h)
Stockholders’ Agreement: The Stockholders’ Agreement entered into by and among the Company and its stockholders dated as of March 1, 2017, attached hereto as Exhibit B, and as may be amended or supplemented from time to time in
accordance with the terms thereof, or any other similar agreement of one or more stockholders of the Company or a successor or issuer who assumes the Option granted under this Agreement designated by the Committee as a “Stockholders’
Agreement”. 
 (i) Transaction Date: The “Transaction Date” shall be March 1, 2017. 

(j) Vested Portion: At any time, the portion of the Option which has become vested in accordance with the terms of Section 3 of
this Agreement. 
 2. Grant of Options. The Company hereby grants to the Participant the right and option to purchase, on the terms
and conditions hereinafter set forth, all or any part of the number of Shares subject to the Option, as set forth on the signature page hereto, subject to adjustment as set forth in the Plan and this Agreement, and subject to the terms and
conditions set forth in this Agreement and the Plan. The exercise price per Share subject to the Option shall be the “Option Price” specified on the signature page hereto. The Option is intended to be a nonqualified stock option, and is
not intended to be treated as an option that complies with Section 422 of the Code. 
 3. Vesting of the Option; Expiration of
Unvested Options. 
 (a) Vesting of the Option. The Option shall, subject to the Participant’s continued Employment, vest and
become exercisable on the earlier to occur of either: 
 (i) the date (A) affiliates of Blackstone sell more than
twenty-five percent (25%) of the equity interests of the JV (the “JV Shares”) held by it on the Transaction Date at a weighted average price in excess of the equivalent of $4,200 per share and (B) McKesson distributes
more than fifty percent (50%) of the JV Shares held by it on the Transaction Date, or 
 (ii) McKesson and affiliates
of Blackstone, collectively, sell more than twenty-five percent (25%) of the aggregate number of JV Shares held by McKesson and Blackstone on the Transaction Date, at a weighted average price in excess of the equivalent of $4,200 per share. 

No portion of the Option shall vest solely as a result of any transaction in which McKesson disposes of or distributes equity owned by it in
the JV to its shareholders. 

  
 2 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 (b) Termination of Employment. If the Participant’s Employment terminates for any
reason, the Option, to the extent not then vested and exercisable, shall be immediately canceled by the Company without consideration and the Vested Portion of an Option shall remain exercisable for the period set forth in Section 4(a). 

(c) Complete Exit By Blackstone. Notwithstanding any provision of Section 3(a) to the contrary, the Option, to the extent not then
vested and exercisable, shall be immediately canceled by the Company without consideration at such time as Blackstone shall cease to have an investment in the Company’s equity securities. 

4. Exercise of Options. 

(a) Period of Exercise. Subject to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of the
Vested Portion of an Option at any time prior to the Expiration Date. Notwithstanding the foregoing, if the Participant’s Employment terminates prior to the Expiration Date, the Vested Portion of an Option shall remain exercisable for the
period set forth below: 
 (i) Retirement, Death or Disability. If the Participant’s Employment is terminated due
to the Participant’s Retirement or death or by the Company during the Participant’s Disability, the Participant may exercise the Vested Portion of an Option during the period ending on the earlier of (x) one year following such
termination of Employment and (y) the Expiration Date; 
 (ii) Termination by the Company Other than for Cause, and
Other than Due to Death or Disability; Termination by the Participant for Good Reason. If (1) the Participant’s Employment is terminated by the Company not for Cause and not due to the Participant’s death or Disability or
(2) the Participant’s Employment is terminated by the Participant for Good Reason, the Participant may exercise the Vested Portion of an Option during the period ending on the earlier of (x) 120 days following such termination of
Employment and (y) the Expiration Date (or, if the Option only becomes vested and exercisable after such a termination of Employment, then the Participant may exercise the Vested Portion of such Option during the period ending on the earlier of
(x) 60 days following the date on which Option became vested and exercisable and (y) the Expiration Date); 
 (iii)
Termination by the Participant Other than for Good Reason or Retirement. If the Participant’s Employment is terminated by the Participant other than for Good Reason or Retirement, the Vested Portion of an Option shall terminate in full
and cease to be exercisable on the 30th day following such termination; and 

(iv) Termination by the Company for Cause; Restricted Activity. If the Participant’s Employment is terminated by
the Company for Cause or the Participant violates any provision of Section 5 of this Agreement, or any non-competition, non-solicitation, confidentiality, non-disparagement or other similar agreement between the Participant and the Company or any of its Affiliates (a “Restrictive Covenant Violation”), the Vested Portion of an Option shall immediately
terminate in full and cease to be exercisable. 

  
 3 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Notwithstanding the foregoing, if the date an Option would otherwise terminate or expire occurs during a
period when trading in the Shares is prohibited by the Company’s insider trading policy (or a Company-imposed “blackout period”), then the Expiration Date or termination date shall be automatically be extended until the thirtieth
(30th) day following the expiration of such prohibition. 
 (b) Method of Exercise. 

(i) Subject to Section 4(a) of this Agreement and notwithstanding Section 6.4 of the Plan, the Vested Portion of an
Option may be exercised (in whole or in part) by delivering to the Company at its principal office written notice of intent to so exercise; provided that, the Option may be exercised with respect to whole Shares only. Such notice shall
specify the number of Shares for which the Option is being exercised and shall be accompanied by payment in full of the Option Price. The payment of the Option Price may be made at the election of the Participant (i) in cash or its equivalent
(e.g., by check or, if permitted by the Committee, a full-recourse promissory note), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other reasonable
requirements as may be imposed by the Committee; provided, that such Shares have been held by the Participant for any period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted
accounting principles, (iii) partly in cash and partly in such Shares, (iv) if there is a public market for the Shares at such time, to the extent permitted by the Committee and subject to such rules as may be established by the Committee,
through the delivery of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate option price for the Shares
being purchased, or (v) using a net settlement mechanism whereby the number of Shares delivered upon the exercise of the Option will be reduced by a number of Shares that has a Fair Market Value equal to the Option Price. The Participant shall
not have any rights to dividends or other rights of a stockholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied
any other conditions imposed by the Committee pursuant to the Plan. 
 (ii) Notwithstanding any other provision of the Plan
or this Agreement to the contrary, absent an available exemption to registration or qualification, an Option may not be exercised prior to the completion of any registration or qualification of an Option or the Shares under applicable state and
federal securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange that the Committee shall in its sole discretion determine to be necessary or advisable; provided, that the Company shall use
commercially reasonable efforts to take such actions as are necessary and appropriate to register or qualify the Shares subject to the Option so it may be exercised. 

  
 4 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 (iii) Upon the Company’s determination that an Option has been validly
exercised as to any of the Shares, the Company may issue certificates in the Participant’s name for such Shares. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates to the
Participant, any loss by the Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 

(iv) In the event of the Participant’s death, the Vested Portion of an Option shall remain exercisable by the
Participant’s executor or administrator, or the person or persons to whom the Participant’s rights under this Agreement shall pass by will or by the laws of descent and distribution as the case may be, to the extent set forth in
Section 4(a) of this Agreement. Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions hereof. 

(v) As a condition to the exercise of any Option evidenced by this Agreement, the Participant shall execute the
Stockholders’ Agreement designated by the Committee (provided that, if the Participant is already a party to the Stockholders’ Agreement, then the Shares acquired under the Option shall automatically become subject to such agreements
without any further action). 
 (c) Shares Issued Upon Exercise. Notwithstanding anything in the Stockholders’ Agreement to the
contrary, the Company and the Participant hereby acknowledge and agree that the Company shall only exercise the call rights set forth in Section 6.1(a)(iv) of the Stockholders’ Agreement with respect to Shares received by the Participant
pursuant to exercise of this Option if the Participant resigns his or her employment without Good Reason (and, for the avoidance of doubt, other than upon death or Disability) prior to the date that is eighteen months after the first day of the
Participant’s Employment with the Company (inclusive of prior service with Change Healthcare, Inc. or McKesson). 
 5. Confidential
Information; Post-Employment Obligations. 
 (a) Terms of Agreement. The terms of this Agreement constitute confidential
information, which Participant shall not disclose to anyone other than Participant’s spouse, attorneys, tax advisors, or as required by law. The Company and its Affiliates (which for purposes of this Section 5 will include the JV and its
Affiliates) may disclose the terms of this Agreement, provided, that for the purposes of this Section 5, Blackstone Group, L.P., Hellman & Friedman LLC, McKesson and any of their respective Affiliates (other than the Company and its
Subsidiaries and the JV and its Subsidiaries) shall not be considered “Affiliates” of the Company. 
 (b) Restrictive
Covenants. The Participant acknowledges and agrees that the Participant has agreed to certain covenants regarding non-competition, non-solicitation, non-disparagement, confidentiality, and other restrictions, which are contained herein or are hereby incorporated by reference, which are in consideration for Participant’s receiving the grant of the Option
under this Agreement and right to benefits upon certain terminations of Employment as provided in Section 3(b), receiving other benefits provided in this Agreement and elsewhere, and access to Confidential Information of the Company Group. For
this purpose, “Confidential 

  
 5 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 
Information” means and includes the confidential and/or proprietary information and/or trade secrets of the Company Group that have been developed or used and/or will be developed and that
cannot be obtained readily by third parties from outside sources, and any references to “affiliates” in any provisions or agreements related to non-disparagement entered into by the Participant shall
be deemed to include The Blackstone Group, L.P., Hellman & Friedman LLC, and McKesson. 
 6. Repayment of Proceeds. If the
Participant’s Employment is terminated by a Service Recipient for Cause or a Restrictive Covenant Violation occurs, or a Service Recipient discovers after a termination of Employment that grounds for a termination with Cause existed at the time
thereof, then the Participant shall be required to pay to the Company or the Company’s designee, within 10 business days’ of the request to the Participant therefor so long as such request is provided to the Participant within the 18
months immediately following the Participant’s termination of Employment (or in the case of a Restrictive Covenant Violation, 18 months from the date of the Service Recipient’s actual knowledge of such Restrictive Covenant Violation), an
amount equal to the excess, if any, of (a) the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year
of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, Shares acquired under any Option over (b) the aggregate price paid by the Participant for such Shares. Any reference in this Agreement
to grounds existing for a termination with Cause shall be determined without regard to any notice period, cure period or other procedural delay or event required prior to finding of, or termination for, Cause. The foregoing remedy shall not be
exclusive. 
 7. No Right to Continued Employment. Neither the Plan nor this Agreement shall be construed as giving the Participant
the right to be retained in the employ of, or in any consulting relationship to, the Service Recipient. Further, the Service Recipient may at any time dismiss the Participant or discontinue any consulting relationship, free from any liability or any
claim under the Plan or this Agreement, except as otherwise expressly provided herein. 
 8. Legend on Certificates. The certificates
representing the Shares purchased by exercise of an Option shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities
and Exchange Commission, any stock exchange upon which such Shares are listed or quoted or market to which the Shares are admitted for trading and, any applicable federal or state or any other applicable laws and the Company’s Certificate of
Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

9. Transferability. An Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the
Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate;
provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. No such permitted transfer of an Option to heirs or legatees of the Participant shall be
effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee
or transferees of the terms and conditions thereof. During the Participant’s lifetime, an Option is exercisable only by the Participant. 

  
 6 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 10. Withholding. Upon the exercise of any Option, or at any such time as required
under applicable law, the Participant shall be required to pay to the Company or any Affiliate in cash and the Company or its Affiliates shall have the right and are authorized to, withhold any applicable withholding taxes in respect of an Option,
its exercise, or any payment or transfer under or with respect to an Option and to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. Notwithstanding the
foregoing, at any time when the Company’s Shares are listed on a national or regional securities exchange or market system, or Share prices are quoted on the Over the Counter Bulletin Board, the Participant may elect to have such withholding
obligation satisfied by surrendering to the Company or any Affiliate a number of Shares obtained upon the exercise of an Option having a Fair Market Value equal to or greater than the minimum applicable amount necessary to satisfy Federal, state,
local or foreign withholding tax requirements, liabilities and obligations, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant’s jurisdiction), and the Shares so surrendered by the
Participant shall be credited against any such withholding obligation at the Fair Market Value of such Shares on the date of such surrender. 

11. Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of an Option, the Participant will make or enter into
such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. 

12. Notices. Any notice under this Agreement shall be addressed as follows: 

if to the Company: 
 HCIT
Holdings, Inc. 
 c/o Change Healthcare, Inc. 

3055 Lebanon Pike, Suite 1000 

Nashville, TN 37214 
 Attention:
General Counsel 
 Fax: [fax number] 

with copies (which shall not constitute notice) to: 

The Blackstone Group, L.P. 
 345
Park Avenue 
 New York, NY 10152 

Attention: Neil P. Simpkins 

Tel: [telephone number] 
 Fax:
[fax number] 
 and 

  
 7 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017 
 Attention: Gregory Grogan 

Tel: [telephone number] 
 Fax:
[fax number] 
 If to the Participant: 

At the address appearing in the personnel records of the Company or the JV for the Participant. 

Following the date hereof, notice may be delivered to either party at such other address as either party hereto may hereafter designate in writing to the
other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 
 13. Governing Law. This Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware without regard to conflicts of laws. 
 14. Option Subject
to Plan and Stockholders’ Agreement. By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan and the Stockholders’ Agreement. The Options and the Shares
received upon exercise of an Option are subject to the Plan and the Stockholders’ Agreement and as a condition of exercise of any Options, the Participant must join or agree to be bound by the Stockholders’ Agreement designated by the
Committee. For the avoidance of doubt, the Option shall be subject to the adjustment and modification provisions of the Plan. The terms and provisions of the Plan and the Stockholders’ Agreement, as each may be amended from time to time are
hereby incorporated by reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. In the event of a conflict
between any term or provision contained herein and a term or provision of the Stockholders’ Agreement, the applicable terms and provisions of the Stockholders’ Agreement will govern and prevail. In the event of a conflict between any
applicable term or provision of the Plan and any term or provision of the Stockholders’ Agreement, the applicable terms and provisions of the Stockholders’ Agreement will govern and prevail. 

15. Amendment. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or
terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially diminish the rights of the Participant hereunder without the consent of the Participant unless such action
is made in accordance with the terms of the Plan. 
 16. Entire Agreement. This Agreement and the documents referred to herein or
delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to the subject matter hereof and thereof, provided, that if any member of the Company Group is a party to one or more agreements
with Participant related to the matters 

  
 8 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 
subject to Section 5, such other agreements shall remain in full force and effect and continue in addition to this Agreement, including, for the avoidance of doubt, those certain covenants
set forth in any Trade Secret and Proprietary Information Agreement and/or Company Protection Agreement entered into with a member of the Company Group (which covenants do not supersede or replace any other confidentiality, non-competition, non-solicitation, non-disparagement or similar agreement entered into between the Participant and any member of the
Company Group to the extent that such agreement is more protective of the business of the Company Group), and provided further, that to the extent a Participant is party to any agreement that would, by its terms, vary the terms of this
Agreement (other than with respect to the matters subject to Section 5 hereof) or the Stockholders’ Agreement (or provide more favorable rights and remedies to the Participant), such terms will be deemed amended and shall not apply to the
Options granted herein or any Shares acquired under the Option. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth
herein and therein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter, other than as specifically provided for herein. 

17. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as
if the signatures thereto and hereto were upon the same instrument. 
 [The remainder of this page intentionally left blank.] 

  
 9 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

					
	Total Options:	 		  	Option Price: $2,400
	 Date of Grant:
	 	
                   
                
	  	

  

	
	Participant:
	
	  

	Name:
	
	Date:
	Address:
	  

	  

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 
			
	Agreed and accepted:
	
	HCIT HOLDINGS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Exhibit A 

Plan 
 (Distributed
Separately) 

  

 The Registrant has requested confidential treatment of this draft registration statement
and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 Exhibit B 

Stockholders’ Agreement 

(Distributed Separately)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]