Document:

EX-10.13

 Exhibit 10.13 

EXECUTION VERSION 
  

 
 SECURITY AGREEMENT 

dated as of 
 March 1, 2017

 among 
 THE GRANTORS
IDENTIFIED HEREIN 
 and 
 BANK
OF AMERICA, N.A., 
 as Collateral Agent 
  

 
  

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE I	  			
	 DEFINITIONS
	 		  	 	1	 
			
	 Section 1.01.
	 	Credit Agreement	  	 	1	 
	 Section 1.02.
	 	Other Defined Terms:	  	 	1	 
		
	ARTICLE II	  			
	 PLEDGE OF SECURITIES 
	  	 	3	 
			
	 Section 2.01.
	 	Pledge	  	 	3	 
	 Section 2.02.
	 	Delivery of the Pledged Certificated Securities	  	 	4	 
	 Section 2.03.
	 	Representations, Warranties and Covenants	  	 	5	 
	 Section 2.04.
	 	Certification of Limited Liability Company and Limited Partnership Interests	  	 	6	 
	 Section 2.05.
	 	Registration in Nominee Name; Denominations	  	 	6	 
	 Section 2.06.
	 	Voting Rights; Dividends and Interest	  	 	7	 
		
	ARTICLE III	  			
	 SECURITY INTERESTS IN PERSONAL PROPERTY 
	  	 	8	 
			
	 Section 3.01.
	 	Security Interest	  	 	8	 
	 Section 3.02.
	 	Representations and Warranties	  	 	10	 
	 Section 3.03.
	 	Covenants	  	 	12	 
		
	ARTICLE IV	  			
	 REMEDIES
	  	 	14	 
			
	 Section 4.01.
	 	Remedies Upon Default	  	 	14	 
	 Section 4.02.
	 	Application of Proceeds	  	 	16	 
	 Section 4.03.
	 	Grant of License to Use Intellectual Property	  	 	16	 
		
	ARTICLE V	  			
	 [RESERVED]
	  	 	17	 
		
	ARTICLE VI	  			
	 MISCELLANEOUS
	  	 	17	 
			
	 Section 6.01.
	 	Notices	  	 	17	 
	 Section 6.02.
	 	Waivers; Amendment	  	 	17	 
	 Section 6.03.
	 	Collateral Agent’s Fees and Expenses; Indemnification	  	 	18	 
	 Section 6.04.
	 	Successors and Assigns	  	 	18	 
	 Section 6.05.
	 	Survival of Agreement	  	 	18	 
	 Section 6.06.
	 	Counterparts; Effectiveness; Several Agreement	  	 	18	 
	 Section 6.07.
	 	Severability	  	 	19	 
	 Section 6.08.
	 	Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process	  	 	19	 
	 Section 6.09.
	 	Headings	  	 	19	 
	 Section 6.10.
	 	Security Interest Absolute	  	 	19	 

  
 i 

							
	 Section 6.11.
	 	Termination or Release	  	 	19	 
	 Section 6.12.
	 	Additional Grantors	  	 	20	 
	 Section 6.13.
	 	Collateral Agent Appointed Attorney-in-Fact	  	 	20	 
	 Section 6.14.
	 	General Authority of the Collateral Agent	  	 	21	 
	 Section 6.15.
	 	Reasonable Care	  	 	21	 
	 Section 6.16.
	 	Delegation; Limitation	  	 	21	 
	 Section 6.17.
	 	Reinstatement	  	 	21	 
	 Section 6.18.
	 	Miscellaneous	  	 	22	 
	 Section 6.19.
	 	Intercreditor Agreements	  	 	22	 

  

			
	 Schedules
	  	
		
	 Schedule I
	  	Pledged Equity and Pledged Debt
	 Schedule II
	  	Commercial Tort Claims
		
	 Exhibits
	  	
		
	 Exhibit I
	  	Form of Security Agreement Supplement
	 Exhibit II
	  	Form of Patent Security Agreement
	 Exhibit III
	  	Form of Trademark Security Agreement
	 Exhibit IV
	  	Form of Copyright Security Agreement

  
 ii 

 SECURITY AGREEMENT dated as of March 1, 2017, among the Grantors (as defined below) and
Bank of America, N.A., as Collateral Agent for the Secured Parties (in such capacity, together with its successors and permitted assigns, the “Collateral Agent”). 

Reference is made to the Credit Agreement, dated as of the date hereof (as amended, modified, supplemented, refinanced and/or restated from
time to time, the “Credit Agreement”), among CHANGE HEALTHCARE INTERMEDIATE HOLDINGS, LLC, a Delaware limited liability company (“Holdings”), CHANGE HEALTHCARE HOLDINGS, LLC, a Delaware limited liability company
(the “Parent Borrower”), the other Borrowers (as defined therein) party thereto, the other Guarantors (as defined therein) party thereto, BANK OF AMERICA, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and
L/C Issuer, the Lenders (as defined therein) party thereto and the other parties party thereto. The Lenders have agreed to extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the
Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement. The Grantors (other than the Borrowers) are affiliates of the Borrowers, will derive substantial benefits from the extension of
credit to the Borrowers pursuant to the Credit Agreement, and are willing to execute and deliver this Agreement in order to induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 

ARTICLE I 

Definitions 

Section 1.01. Credit Agreement. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms
defined in the UCC (as defined herein) and not defined in this Agreement or the Credit Agreement have the meanings specified therein (and if defined in more than one article of the UCC, the terms shall have the meaning specified in Article 9
thereof). 
 (b) The rules of construction specified in Article I of the Credit Agreement also apply to this Agreement. 

Section 1.02. Other Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Account Debtor” means any Person who is or who may become obligated to any Grantor under, with respect to or on account of
an Account. 
 “Accounts” has the meaning specified in Article 9 of the UCC. 

“Agreement” means this Security Agreement, as amended, restated, supplemented or otherwise modified from time to time. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01(a). 

“Collateral” means the Article 9 Collateral and the Pledged Collateral. 

“Collateral Agent” has the meaning assigned to such term in the recitals of this Agreement. 

  
 1 

 “Copyright License” means any written agreement, now or hereafter in
effect, granting any right to any third party under any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any
third party, and all rights of such Grantor under any such agreement. 
 “Copyrights” means all of the following:
(a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such
copyright in the United States or any other country, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO. 

“Credit Agreement” has the meaning assigned to such term in the recitals of this Agreement. 

“General Intangibles” has the meaning specified in Article 9 of the UCC. 

“Grantor” means each Borrower, each Guarantor that is a party hereto, and each Borrower and Guarantor that becomes a party to
this Agreement after the Closing Date. 
 “Intellectual Property” means all intellectual and similar property of every kind
and nature now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all
additions and improvements to the foregoing. 
 “Intellectual Property Security Agreements” means the short-form Patent
Security Agreement, short-form Trademark Security Agreement, and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits II, III and IV, respectively. 

“License” means any Patent License, Trademark License, Copyright License or other Intellectual Property license or sublicense
agreement to which any Grantor is a party, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable
thereunder or with respect thereto including damages and payments for past, present or future infringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof. 

“Parent Borrower” has the meaning assigned to such term in the recitals of this Agreement. 

“Patent License” means any written agreement, now or hereafter in effect, granting to any third party any right to make, use
or sell any invention on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right to make, use or sell any invention on which a Patent, now or
hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement. 
 “Patents”
means all of the following: (a) all letters Patent of the United States or any other country in or to which any Grantor now or hereafter has any right, title or interest therein, all registrations and recordings thereof, and all applications
for letters Patent of the United States or any other country, including registrations, recordings and pending applications in the USPTO, and (b) all reissues, continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein.

  
 2 

 “Pledged Certificated Securities” means all certificates, instruments or
other documents representing or evidencing any Pledged Collateral. 
 “Pledged Collateral” has the meaning assigned to such
term in Section 2.01. 
 “Pledged Debt” has the meaning assigned to such term in Section 2.01. 

“Pledged Equity” has the meaning assigned to such term in Section 2.01. 

“Pledged Securities” means the Pledged Equity and Pledged Debt. 

“Secured Approved Counterparty” means an Approved Counterparty party to a Secured Hedge Agreement or Treasury Services
Agreement. 
 “Secured Obligations” means the “Obligations” (as defined in the Credit Agreement). 

“Security Agreement Supplement” means an instrument substantially in the form of Exhibit I hereto. 

“Security Interest” has the meaning assigned to such term in Section 3.01. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to use any
Trademark now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under any such
agreement. 
 “Trademarks” means all of the following: (a) all trademarks, service marks, trade names, corporate
names, trade dress, logos, designs, fictitious business names and other source or business identifiers, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all registration and recording applications filed in
connection therewith, including registrations and registration applications in the USPTO or any similar offices in any other country or State of the United States or any political subdivision thereof, and all extensions or renewals thereof, as well
as any unregistered trademarks and service marks used by a Grantor and (b) all goodwill connected with the use of and symbolized thereby. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided that, if
perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the
State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “USCO” means the United States Copyright Office.

 “USPTO” means the United States Patent and Trademark Office. 

ARTICLE II 
 Pledge of
Securities 
 Section 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the
Secured Obligations, including the Guaranty, each of the Grantors hereby assigns, pledges and grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantor’s right, title and interest in, to and under: 

  
 3 

 (i) all Equity Interests held by it, including those that are listed on
Schedule I, and any other Equity Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the “Pledged Equity”); provided that the Pledged Equity shall not include any Excluded
Assets; 
 (ii) (A) the debt securities owned by it, including those listed opposite the name of such Grantor on Schedule I,
(B) any debt securities obtained in the future by such Grantor and (C) the promissory notes and any other instruments evidencing such Indebtedness (collectively, the “Pledged Debt”); provided that the Pledged Debt shall
not include any Excluded Assets; 
 (iii) all other property that may be delivered to and held by the Collateral Agent
pursuant to the terms of this Section 2.01 and Section 2.02; 
 (iv) subject to Section 2.06, all payments of
principal or interest, dividends, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the
securities referred to in clauses (i) and (ii) above; 
 (v) subject to Section 2.06, all rights and privileges of
such Grantor with respect to the securities and other property referred to in clauses (i), (ii), (iii) and (iv) above; and 

(vi) all Proceeds of any of the foregoing 

(the items referred to in clauses (i) through (vi) above being collectively referred to as the “Pledged Collateral”;
provided that the Pledged Collateral shall not include any Excluded Assets). 
 TO HAVE AND TO HOLD the Pledged Collateral, together with
all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, forever, subject, however, to the terms,
covenants and conditions hereinafter set forth. 
 Section 2.02. Delivery of the Pledged Certificated Securities. 

(a) Each Grantor agrees promptly (but in any event on the date hereof (or such later date set forth in Section 6.16 of the Credit
Agreement) or, in the case of Pledged Securities obtained after the date hereof, within 60 days after receipt by such Grantor or such longer period as the Collateral Agent may agree in its reasonable discretion) to deliver or cause to be delivered
to the Collateral Agent, for the benefit of the Secured Parties, any and all (i) Pledged Equity constituting Pledged Certificated Securities and (ii) to the extent required to be delivered pursuant to paragraph (b) of this
Section 2.02, Pledged Debt constituting Pledged Certificated Securities. 
 (b) Each Grantor will cause any Indebtedness for borrowed
money having an aggregate principal amount in excess of $10,000,000 owed to such Grantor by any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Collateral Agent (except to the extent (i) already
represented by and superseded by the Intercompany Note delivered to the Collateral Agent or (ii) constituting Excluded Assets), for the benefit of the Secured Parties, pursuant to the terms hereof. 

  
 4 

 (c) Upon delivery to the Collateral Agent, any Pledged Certificated Securities shall be
accompanied by undated stock or security powers duly executed in blank or other instruments of transfer reasonably satisfactory to the Collateral Agent and by such other instruments and documents as the Collateral Agent may reasonably request
(subject to the Collateral and Guarantee Requirement). Each delivery of Pledged Certificated Securities shall be accompanied by a schedule describing the Pledged Certificated Securities, which schedule shall be deemed to supplement Schedule I and
made a part hereof; provided that failure to supplement Schedule I shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

Section 2.03. Representations, Warranties and Covenants. Each Grantor represents, warrants and covenants to and with the
Collateral Agent, for the benefit of the Secured Parties, that: 
 (a) as of the date hereof, Schedule I includes all Equity Interests owned
by such Grantor required to be pledged by such Grantor hereunder in order to satisfy the Collateral and Guarantee Requirement and the percentage of the issued and outstanding units of each class of the Equity Interests of the issuer thereof
represented by the Pledged Equity owned by such Grantor and all Pledged Debt owned by such Grantor; 
 (b) the Pledged Equity and Pledged
Debt issued by the Parent Borrower or a Restricted Subsidiary have been duly and validly authorized and issued by the issuers thereof and, in the case of such Pledged Equity, are fully paid and nonassessable, and in the case of such Pledged Debt,
are legal, valid and binding obligations of the issuers thereof, except to the extent that enforceability of such obligations may be limited by applicable bankruptcy, insolvency, and other similar laws affecting creditors’ rights generally;

 (c) except for the security interests granted hereunder, such Grantor (i) is, subject to any transfers made in compliance with the
Credit Agreement, the direct owner, beneficially and of record, of the Pledged Equity and Pledged Debt indicated on Schedule I, (ii) holds the same free and clear of all Liens, other than (A) Liens created by the Collateral Documents and
(B) Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement, and (iii) if requested by the Collateral Agent, will defend its title or interest thereto or therein against any and all Liens (other than the Liens
permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 
 (d) except for restrictions and limitations
imposed or permitted by the Loan Documents or securities laws generally, the Pledged Securities are freely transferable and assignable, and none of the Pledged Securities is subject to any option, right of first refusal, shareholders agreement,
charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material and adverse to the Secured Parties the pledge of such Pledged
Securities hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Collateral Agent of rights and remedies hereunder; 

(e) the execution and performance by the Grantors of this Agreement are within each Grantor’s corporate, limited liability company or
limited partnership powers and have been duly authorized by all necessary corporate, limited liability company or limited partnership action or other organizational action; 

(f) no consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of
the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the Collateral granted by the Loan Parties in favor of the Collateral Agent for the benefit of the Secured Parties and (ii) the
approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained, taken, given, or made or to be in
full force and effect pursuant to the Collateral and Guarantee Requirement); 

  
 5 

 (g) by virtue of the execution and delivery by each Grantor of this Agreement, upon delivery
of the Pledged Certificated Securities in accordance with this Agreement to and continued possession by the Collateral Agent in the State of New York, the Collateral Agent for the benefit of the Secured Parties will have a legal, valid and perfected
lien upon and security interest in the Pledged Securities evidenced by such Pledged Certificated Securities as security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, subject only to
Liens permitted by Section 7.01 of the Credit Agreement; and 
 (h) the pledge effected hereby is effective to vest in the Collateral
Agent, for the benefit of the Secured Parties, the rights of a secured party in the Pledged Collateral to the extent intended hereby. 

Subject to the terms of this Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default,
it will comply with instructions of the Collateral Agent with respect to the Equity Interests in such Grantor that constitute Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder of such Equity
Interests. 
 Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Credit
Agreement excludes any assets from the scope of the Pledged Collateral, or from any requirement to take any action to perfect any security interest in favor of the Collateral Agent for the benefit of the Secured Parties in the Pledged Collateral,
the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the creation, perfection or priority (as applicable) of the security interest granted in favor of the Collateral Agent for the benefit of
the Secured Parties (including, without limitation, this Section 2.03) shall be deemed not to apply to such excluded assets. 

Section 2.04. Certification of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company agreement or partnership agreement expressly provides that such interests
shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Collateral Agent in accordance with Section 2.02. Any limited liability company
and any limited partnership controlled by any Grantor shall, to the extent any interest therein constitutes Pledged Equity, either (a) not include in its operative documents any provision that any Equity Interests in such limited liability
company or such limited partnership be a “security” as defined under Article 8 of the UCC or (b) certificate any Equity Interests in any such limited liability company or such limited partnership. To the extent an interest in any
limited liability company or limited partnership controlled by any Grantor and pledged under Section 2.01 is certificated or becomes certificated, (i) each such certificate shall be delivered to the Collateral Agent, pursuant to
Section 2.02(a) and (ii) such Grantor shall fulfill all other requirements under Section 2.02 applicable in respect thereof. 

Section 2.05. Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing and the
Collateral Agent shall have given the Parent Borrower prior written notice of its intent to exercise such rights, (a) the Collateral Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Securities in its own name as
pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Collateral Agent and each Grantor will promptly give to the
Collateral Agent copies of any written notices or other written communications received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Collateral Agent shall have the right to exchange the certificates
representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the extent not prohibited by the documentation governing such Pledged Securities and applicable Laws. 

  
 6 

 Section 2.06. Voting Rights; Dividends and Interest. 

(a) Unless and until an Event of Default shall have occurred and be continuing and the Collateral Agent shall have provided prior written
notice to the Parent Borrower that the rights of the Grantors under this Section 2.06 are being suspended: 
 (i) Each
Grantor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof and each Grantor agrees that it shall exercise such rights for purposes consistent with
the terms of this Agreement, the Credit Agreement and the other Loan Documents. 
 (ii) The Collateral Agent shall promptly
(after reasonable advance notice by such Grantor) execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the
purpose of enabling such Grantor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 

(iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions
paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with, the terms and
conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt, whether resulting from a
subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption thereof, or as a result of any merger,
consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be commingled by such Grantor with any of its
other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Collateral Agent and the Secured Parties and shall be promptly (and in any event within 10 Business Days or such longer period as
the Collateral Agent may agree in its reasonable discretion) delivered to the Collateral Agent in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). So long as no Event of Default has occurred
and is continuing, the Collateral Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the issuer thereof in connection with any exchange or redemption of such Pledged Securities
permitted by the Credit Agreement in accordance with this Section 2.06(a)(iii). 
 (b) Upon the occurrence and during the continuance of
an Event of Default, after the Collateral Agent shall have notified the Parent Borrower in writing of the suspension of the Grantors’ rights under paragraph (a)(iii) of this Section 2.06, then all rights of any Grantor to dividends,
interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have
the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by any Grantor contrary to the provisions of this
Section 2.06 shall be held in trust for the benefit of the Collateral Agent, 

  
 7 

 
shall be segregated from other property or funds of such Grantor and shall be promptly (and in any event within 10 days or such longer period as the Collateral Agent may agree in its reasonable
discretion) delivered to the Collateral Agent upon demand in the same form as so received (with any necessary endorsement reasonably requested by the Collateral Agent). Any and all money and other property paid over to or received by the Collateral
Agent pursuant to the provisions of this paragraph (b) shall be retained by the Collateral Agent in an account to be established by the Collateral Agent upon receipt of such money or other property and shall, subject to any applicable
Intercreditor Agreement, be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived and the Parent Borrower has delivered to the Collateral Agent a certificate of a Responsible Officer of
the Parent Borrower to that effect, the Collateral Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms
of paragraph (a)(iii) of this Section 2.06 in the absence of any such Event of Default and that remain in such account, and such Grantor’s right to receive and retain any and all dividends, interest, principal and other distributions paid
on or distributed in respect of the Pledged Securities pursuant to paragraph (a)(iii) of this Section 2.06 shall be automatically reinstated. 

(c) Upon the occurrence and during the continuance of an Event of Default, after the Collateral Agent shall have provided the Parent Borrower
with written notice of the suspension of the Grantors’ rights under paragraph (a)(i) of this Section 2.06, then all rights of any Grantor to exercise the voting and consensual rights and powers it is entitled to exercise pursuant to
paragraph (a)(i) of this Section 2.06, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall have the
sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the Required Lenders, the Collateral Agent shall have the right from time to time following and during the
continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that
such Grantor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above, and the obligations of the Collateral Agent under paragraph (a)(ii) of this Section 2.06 shall be reinstated. 

(d) Any notice given by the Collateral Agent to the Parent Borrower under Section 2.05 or Section 2.06 (i) shall be given in writing,
(ii) may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of the Grantors under paragraph (a)(i) or paragraph (a)(iii) of this Section 2.06 in part without suspending all
such rights (as specified by the Collateral Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Collateral Agent’s rights to give additional notices from time to time suspending other rights so long as an
Event of Default has occurred and is continuing. 
 ARTICLE III 

Security Interests in Personal Property 

Section 3.01. Security Interest. 

(a) As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guaranty, each Grantor
hereby assigns, pledges and grants to the Collateral Agent, its successors and permitted assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all of such Grantor’s right, title or
interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively,
the “Article 9 Collateral”): 

  
 8 

 (i) all Accounts; 

(ii) all Chattel Paper; 

(iii) all Documents; 

(iv) all Equipment; 

(v) all General Intangibles; 

(vi) all Goods; 

(vii) all Instruments; 

(viii) all Inventory; 

(ix) all Investment Property; 

(x) all books and records pertaining to the Article 9 Collateral; 

(xi) all Fixtures; 

(xii) all Letter-of-Credit Rights but only to
the extent constituting a Supporting Obligation for other Article 9 Collateral as to which perfection of a security interest in such Article 9 Collateral is accomplished by the filing of a UCC financing statement; 

(xiii) all Intellectual Property; 

(xiv) all Commercial Tort Claims listed on Schedule II and on any supplement thereto received by the Collateral Agent pursuant
to Section 3.03(g); and 
 (xv) to the extent not otherwise included, all Proceeds and products of any and all of the
foregoing and all Supporting Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided that, notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute an assignment, pledge or
grant of a security interest in any Excluded Assets and the term “Article 9 Collateral” shall not include any Excluded Assets. 

(b) Each Grantor hereby irrevocably authorizes the Collateral Agent for the benefit of the Secured Parties at any time and from time to time to
file in any relevant jurisdiction any financing statements with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate the Article 9 Collateral as “all assets” or “all personal
property” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information required by Article 9 of the UCC of each applicable jurisdiction for the filing of any
financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the
Collateral Agent promptly upon any reasonable request. 
 (c) The Security Interest is granted as security only and shall not subject the
Collateral Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any Grantor with respect to or arising out of the Article 9 Collateral. 

  
 9 

 (d) The Collateral Agent is authorized to file with the USPTO or the USCO (or any successor
office) such documents as may be necessary or advisable for the purpose of creating, attaching and perfecting the Security Interest in United States Intellectual Property of each Grantor in which a security interest has been granted by each Grantor
hereunder, without the signature of any Grantor, and naming any Grantor as a debtor and the Collateral Agent as secured party. No Grantor shall be required to complete any filings governed by non-United States
laws or take any other action with respect to the perfection of the Security Interests created hereby in any Intellectual Property subsisting in any jurisdiction outside of the United States. 

(e) Notwithstanding anything to the contrary herein or in the Loan Documents and without limiting the provisions contained in the Collateral
and Guarantee Requirement, none of the Grantors shall be required, nor is the Collateral Agent authorized, (i) to perfect the Security Interests granted by this Agreement (including Security Interests in Investment Property and Fixtures) by any
means other than by (A) filings pursuant to the UCC in the office of the secretary of state (or similar central filing office) of the relevant State(s), and filings in the applicable real estate records with respect to any fixtures relating to
Mortgaged Properties, (B) filings with the USPTO or the USCO, as applicable, with respect to Intellectual Property of the Grantors as expressly required elsewhere herein, (C) delivery to the Collateral Agent to be held in its possession of
all Collateral consisting of Instruments and certificated Pledged Equity as expressly required elsewhere herein or (D) other methods expressly provided herein, (ii) to enter into any control agreements, other control arrangements or
perfection by “control” (other than in respect of certificated Equity Interests and Pledged Debt otherwise required to be pledged pursuant to the terms hereof), (ii) to take any actions in any
non-U.S. jurisdiction or required by the laws of any non-U.S. jurisdiction in order to create or perfect any security interests in any assets, including any intellectual
property registered in any non-U.S. jurisdiction (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any
non-U.S. jurisdiction), (iii) to enter into any landlord waivers, estoppels, warehouseman waivers or other collateral access or similar letters or agreements, or (iv) to take any actions other than the
filing of UCC financing statements to perfect security interests in any Collateral consisting of leasehold interests or proceeds of Collateral. Notwithstanding anything to the contrary in this Agreement, to the extent that there is an express
conflict between this Agreement and the Collateral and Guarantee Requirement, the Collateral and Guarantee Requirement shall govern and control. 

Section 3.02. Representations and Warranties. Each Grantor jointly and severally represents and warrants, as to itself and the
other Grantors, to the Collateral Agent and the Secured Parties that: 
 (a) Subject to Liens permitted by Section 7.01 of the Credit
Agreement, each Grantor has good and valid rights in and title (except as otherwise permitted by the Loan Documents) to the Article 9 Collateral with respect to which it has purported to grant a Security Interest hereunder, except for minor defects
in title that do not materially interfere with its ability to conduct its business or to utilize such properties for their intended purposes and except where the failure to have such title or other interest would not reasonably be expected to have a
Material Adverse Effect, and has full power and authority to grant to the Collateral Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this
Agreement, without the consent or approval of any other Person other than any consent or approval that has been obtained and those consents or approvals, the failure of which to be obtained or to be made could not reasonably be expected to have a
Material Adverse Effect. 
 (b) The Perfection Certificate has been duly prepared and completed and the information set forth therein is
correct and complete in all material respects (except the information therein with respect to the exact legal name of each Grantor shall be correct and complete in all respects) as of the Closing Date. The UCC financing statements prepared by the
Collateral Agent based upon the information provided to the Collateral Agent in the Perfection Certificate for filing in the applicable filing office (or 

  
 10 

 
specified by notice from the Parent Borrower to the Collateral Agent after the Closing Date in the case of filings required by Section 6.11 of the Credit Agreement), are all the filings that
are necessary to establish a legal, valid and perfected security interest in favor of the Collateral Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing such
UCC financing statements. 
 (c) Each Grantor represents and warrants that, as of the Closing Date, (i) short-form Intellectual Property
Security Agreements containing a description of all Article 9 Collateral consisting of United States registered Patents (and Patents for which United States registration applications are pending), United States registered Trademarks (and Trademarks
for which United States registration applications are pending) and United States registered Copyrights (and Copyrights for which United States registration applications are pending) existing as of the Closing Date, respectively (other than, in each
case, any Excluded Assets), have been executed by the applicable Grantor owning any such Article 9 Collateral and have been delivered to the Collateral Agent for recording with the USPTO or the USCO, as applicable, pursuant to 35 U.S.C. § 261,
15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and (ii) to the extent a security interest may be perfected by filing, recording or registration in the USPTO or USCO under the Federal intellectual
property laws, then the recording of such Intellectual Property Security Agreements with the USPTO and the USCO, together with the filings referred to in Section 3.02(b), will be sufficient to establish a legal, valid and perfected security
interest in favor of the Collateral Agent, for the benefit of the Secured Parties, in all such Article 9 Collateral and no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary (other than (i) such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights
(or registration or application for registration thereof) acquired or developed by any Grantor after the date hereof and (ii) the UCC financing and continuation statements contemplated in Section 3.02(b)). 

(d) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the payment and
performance of the Secured Obligations, (ii) subject to the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing, recording or registering a
financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the UCC and (iii) subject to the filings described in Sections 3.02(b) and 3.02(c), a security
interest that shall be perfected in all Article 9 Collateral consisting of Intellectual Property in which a security interest may be perfected upon the receipt and recording of an Intellectual Property Security Agreement with the USPTO and the USCO,
as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than (i) any statutory or similar Lien that has priority as a matter of Law and (ii) any Liens expressly permitted
pursuant to Section 7.01 of the Credit Agreement. 
 (e) The Article 9 Collateral is owned by the Grantors free and clear of any Lien,
except for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing statement or analogous document under the UCC or any other applicable
Laws covering any Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with the USPTO or the USCO or (iii) any
assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous
document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement and assignments permitted by the Credit Agreement. 

  
 11 

 (f) As of the date hereof, no Grantor has any Commercial Tort Claim in excess of $20,000,000
that constitutes Article 9 Collateral, other than the Commercial Tort Claims listed on Schedule II. 
 Notwithstanding anything to the
contrary in this Agreement, to the extent any provision of this Agreement or the Credit Agreement excludes any assets from the scope of the Article 9 Collateral, or from any requirement to take any action to perfect any security interest in favor of
the Collateral Agent for the benefit of the Secured Parties in the Article 9 Collateral, the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the creation, perfection or priority (as
applicable) of the security interest granted in favor of the Collateral Agent for the benefit of the Secured Parties (including, without limitation, this Section 2.03) shall be deemed not to apply to such excluded assets. 

Section 3.03. Covenants. 

(a) The Parent Borrower agrees to notify the Collateral Agent in writing promptly, but in any event within 60 days (or such longer period as
the Collateral Agent may agree in its reasonable discretion), after any change in (i) the legal name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor, (iii) the jurisdiction of
organization of any Grantor or (iv) the organizational identification number of such Grantor, if any, but solely to the extent such organizational identification number is required to be set forth on financing statements under the applicable
UCC. Each Grantor agrees to promptly provide the Collateral Agent, upon its reasonable request, the certified Organizational Documents reflecting any of the changes in the preceding sentence. 

(b) Each Grantor shall, at its own expense, upon the reasonable request of the Collateral Agent, use commercially reasonable efforts necessary
to defend title to the Article 9 Collateral against all claims and demands of Persons not expressly permitted by the Loan Documents, and to defend the Security Interest of the Collateral Agent in the Article 9 Collateral and the priority thereof
against any Lien not expressly permitted pursuant to Section 7.01 of the Credit Agreement; provided that, nothing in this Agreement shall prevent any Grantor from discontinuing the operation or maintenance of any of its assets or
properties if such discontinuance is permitted by the Credit Agreement. 
 (c) Each Grantor agrees, at its own expense, to execute,
acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Collateral Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security
Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing
statements or other documents in connection herewith or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $10,000,000 shall be or become evidenced by any promissory note, other
instrument or debt security, such note, instrument or debt security shall be promptly (and in any event within 60 days of its acquisition or such longer period as the Collateral Agent may agree in its reasonable discretion) pledged and delivered to
the Collateral Agent, for the benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Collateral Agent, unless such note, instrument or debt security constitutes an Excluded Asset. 

(d) At its option, the Collateral Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other
encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 7.01 of the Credit Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor
fails to do so as required by the Credit Agreement or any other Loan Document and within a reasonable period of time after the Collateral Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the

  
 12 

 
Collateral Agent within 10 Business Days after written demand for any reasonable payment made or any reasonable
out-of-pocket expense incurred by the Collateral Agent pursuant to the foregoing authorization; provided, however, the Grantors shall not be obligated to reimburse the
Collateral Agent with respect to any Intellectual Property that any Grantor has failed to maintain or pursue, or otherwise allowed to lapse, terminate or be put into the public domain in accordance with Section 3.03(f)(iv). Nothing in this
paragraph shall be interpreted as excusing any Grantor from the performance of, or imposing any obligation on the Collateral Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes,
assessments, charges, fees, Liens, security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 

(e) If at any time any Grantor shall take a security interest in any property of an Account Debtor or any other Person the value of which is in
excess of $10,000,000 to secure payment and performance of an Account, such Grantor shall, subject to any applicable Intercreditor Agreement, promptly (but in any event within 60 days after such action by such Grantor or such longer period as the
Collateral Agent may agree in its reasonable discretion) assign such security interest to the Collateral Agent for the benefit of the Secured Parties, unless such security interest constitutes an Excluded Asset. Such assignment need not be filed of
public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 

(f) Intellectual Property Covenants. 

(i) Subject to clause (iv) below and other than to the extent not prohibited herein or in the Credit Agreement or with
respect to registrations and applications no longer used or useful, except to the extent failure to act would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect,
with respect to the registration or pending application of each item of its Intellectual Property for which such Grantor has standing to do so, each Grantor agrees to take, at its expense, all commercially reasonable steps, including, without
limitation, in the USPTO, the USCO and any other Governmental Authority located in the United States, to pursue the registration and maintenance of each Patent, Trademark, or Copyright registration or application now or hereafter included in the
Intellectual Property of such Grantor that are not Excluded Assets. 
 (ii) Subject to clause (iv) below and other than
to the extent not prohibited herein or in the Credit Agreement, or with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably
be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property, excluding Excluded Assets, may lapse, be terminated, or become invalid or unenforceable or
placed in the public domain (or in the case of a trade secret, become publicly known). 
 (iii) Subject to clause
(iv) below and other than as excluded or as not prohibited herein or in the Credit Agreement, or with respect to Patents, Copyrights or Trademarks which are no longer used or useful in the applicable Grantor’s business operations or except
where failure to do so would not, as deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect each item of
its Intellectual Property, including, without limitation, maintaining the quality of any and all products or services used or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date
hereof, and taking commercially reasonable steps necessary to ensure that all licensed users of any of the Trademarks abide by the applicable license’s terms with respect to standards of quality. 

  
 13 

 (iv) Notwithstanding any other provision of this Agreement, nothing in this
Agreement or any other Loan Document prevents or shall be deemed to prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be put into the public domain, any of
its Intellectual Property to the extent permitted by the Credit Agreement 
 (v) Each Grantor agrees that, should it obtain
an ownership or other interest in any Intellectual Property constituting Article 9 Collateral after the Closing Date, (i) the provisions of this Agreement shall automatically apply thereto and (ii) any such Intellectual Property and, in
the case of Trademarks, the goodwill symbolized thereby, shall automatically become Intellectual Property subject to the terms and conditions of this Agreement. 

(vi) Within the same delivery period as required for the delivery of the annual Compliance Certificate required to be delivered
under Section 6.02(a) of the Credit Agreement the Parent Borrower shall (i) provide a list of any United States Intellectual Property constituting Article 9 Collateral of all Grantors not previously disclosed to the Collateral Agent and
(ii) execute and deliver (or cause the applicable Grantor to execute and deliver) to the Collateral Agent the applicable Intellectual Property Security Agreements containing such information as is necessary for the Collateral Agent to record
the grant of the security interest hereunder in such Intellectual Property. 
 (g) Commercial Tort Claims. If any Grantor shall at any
time hold or acquire a Commercial Tort Claim in an amount reasonably estimated by such Grantor to exceed $20,000,000 for which this clause has not been satisfied and for which a complaint in a court of competent jurisdiction has been filed, such
Grantor shall within 60 days (or such longer period as the Collateral Agent may agree in its reasonable discretion) after the end of the fiscal quarter in which such complaint was filed notify the Collateral Agent thereof in a writing signed by such
Grantor including a summary description of such claim and grant to the Collateral Agent, for the benefit of the Secured Parties, in such writing a security interest therein and in the proceeds thereof, all upon the terms of this Agreement. 

ARTICLE IV 
 Remedies

 Section 4.01. Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is
agreed that the Collateral Agent shall have the right to exercise any and all rights afforded to a secured party with respect to the Collateral or Secured Obligations, including the Guaranty, under the UCC or other applicable Law and also may
(i) require each Grantor to, and each Grantor agrees that it will at its expense and upon request of the Collateral Agent, promptly assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the
Collateral Agent at a place and time to be designated by the Collateral Agent that is reasonably convenient to both parties; (ii) occupy any premises owned or, to the extent lawful and permitted, leased (it being acknowledged and agreed that
the Grantors are not required to obtain any waiver or consent from any owner of such leased premises in connection with such occupancy or attempted occupancy) by any of the Grantors where the Collateral or any part thereof is assembled or located
for a reasonable period in order to effectuate its rights and remedies hereunder or under Law, without obligation to such Grantor in respect of such occupation; provided that the Collateral Agent shall provide the applicable Grantor with reasonable
prior notice thereof which in any event shall be at least 10 days prior to such occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the
Collateral; provided that the Collateral Agent shall provide the applicable Grantor with reasonable notice thereof prior to such exercise (it being understood that the notice in the next paragraph is reasonable); and (iv) subject to the
mandatory requirements of applicable Law and the notice requirements described 

  
 14 

 
below, sell or otherwise dispose of all or any part of the Collateral securing the Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for
cash, upon credit or for future delivery as the Collateral Agent shall deem appropriate. The Collateral Agent shall be authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to
Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution or sale thereof, and upon consummation of any such sale the Collateral Agent shall have the
right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and
each Grantor hereby waives (to the extent permitted by Law) all rights of redemption, stay and appraisal which such Grantor now has or may at any time in the future have under any Law now existing or hereafter enacted. 

The Collateral Agent shall give the applicable Grantors at least 10 days’ prior written notice (which each Grantor agrees is reasonable
notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Collateral Agent’s intention to make any sale of Collateral. Such notice, in the case of a
public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or
portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Collateral Agent may fix and state in the notice
(if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Collateral Agent may (in its sole and absolute discretion) determine. The Collateral Agent
shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Collateral Agent may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In case any
sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the Collateral Agent until the sale price is paid by the purchaser or purchasers thereof, but the Collateral Agent shall
not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent
permitted by Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent permitted by Law) from any right of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights
being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a
credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to
purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Collateral Agent shall be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion
thereof subject thereto, notwithstanding the fact that after the Collateral Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full (in which case the applicable
Grantors shall be entitled to the proceeds of any such sale in accordance with Section 4.02 hereof). As an alternative to exercising the power of sale herein conferred upon it, the Collateral Agent may proceed by a suit or suits at Law or in
equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to
the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

  
 15 

 Each Grantor irrevocably makes, constitutes and appoints the Collateral Agent (and all
officers, employees or agents designated by the Collateral Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event
of Default (provided that the Collateral Agent shall provide the applicable Grantor with notice thereof prior to, to the extent reasonably practicable, or otherwise promptly after, exercising such rights), for the purpose of (i) making,
settling and adjusting claims in respect of Article 9 Collateral under policies of insurance and endorsing the name of such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance,
(ii) making all determinations and decisions with respect thereto and (iii) obtaining or maintaining the policies of insurance required by Section 6.07 of the Credit Agreement or to pay any premium in whole or in part relating thereto
(in the case of this clause (iii), to the extent the Grantors fail to do so). All sums disbursed by the Collateral Agent in connection with this paragraph, including, to the extent provided for in Section 10.04 of the Credit Agreement,
reasonable out-of-pocket attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to
the Collateral Agent and shall be additional Secured Obligations secured hereby. 
 Section 4.02. Application of Proceeds.
Subject to any applicable Intercreditor Agreement, the Collateral Agent shall apply the proceeds of any collection or sale of Collateral resulting from its exercise of remedies hereunder, including any Collateral consisting of cash, in accordance
with Section 8.04 of the Credit Agreement. 
 The Collateral Agent shall have absolute discretion as to the time of application of any
such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Collateral Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the Collateral Agent
or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over
to the Collateral Agent or such officer or be answerable in any way for the misapplication thereof. 
 The Collateral Agent shall have no
liability to any of the Secured Parties for actions taken in reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing in
this sentence shall prevent any Grantor from contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Collateral Agent pursuant to this Section 4.02 shall be (subject to any decree of any
court of competent jurisdiction) final (absent manifest error). 
 Section 4.03. Grant of License to Use Intellectual Property.
For the exclusive purpose of enabling the Collateral Agent to exercise rights and remedies under this Agreement at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies at any time after and during the
continuance of an Event of Default, each Grantor hereby grants to the Collateral Agent, effective as of an Event of Default, a non-exclusive, royalty-free, limited license (until the waiver or cure of all
Events of Default) to use, license or sublicense any of the Intellectual Property included in the Article 9 Collateral now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable
access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof; provided, however, that all of the foregoing rights of the Collateral
Agent to use such licenses, sublicenses and other rights, and (to the extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted thereunder, shall expire immediately upon the waiver or cure of all Events of
Default and shall be exercised by the Collateral Agent solely during the continuance of an Event of Default and upon no less than 10 Business Days’ prior written notice to the applicable Grantor, and nothing in this Section 4.03 shall
require Grantors to grant any license that is prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract,

  
 16 

 
license, agreement, instrument or other document executed with a third party or otherwise unreasonably prejudices the value thereof to the relevant Grantor; provided, further, that any
such license and any such license granted by the Collateral Agent to a third party (including the access rights set forth above) shall include reasonable and customary terms and conditions necessary to preserve the existence, validity and value of
the affected Intellectual Property, including without limitation, provisions requiring the continuing confidential handling of trade secrets and confidential information, protecting data and system security, requiring the use of appropriate notices
and prohibiting the use of false notices, quality control and inurement provisions with regard to Trademarks, patent designation provisions with regard to Patents, copyright notices and restrictions on decompilation and reverse engineering of
copyrighted software (it being understood and agreed that, without limiting any other rights and remedies of the Collateral Agent under this Agreement, any other Loan Document or applicable Law, nothing in the foregoing license grant shall be
construed as granting the Collateral Agent rights in and to such Intellectual Property above and beyond (x) the rights to such Intellectual Property that each Grantor has reserved for itself and (y) in the case of Intellectual Property
that is licensed to any such Grantor by a third party, the extent to which such Grantor has the right to grant a sublicense to such Intellectual Property hereunder). For the avoidance of doubt, the use of such license by the Collateral Agent may be
exercised, at the option of the Collateral Agent, only during the continuation of an Event of Default. Upon the occurrence and during the continuance of an Event of Default, the Collateral Agent may also exercise the rights afforded under
Section 4.01 of this Agreement with respect to Intellectual Property contained in the Article 9 Collateral. 
 ARTICLE V 

[Reserved] 
 ARTICLE VI

 Miscellaneous 

Section 6.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in
writing and given as provided in Section 10.02 of the Credit Agreement. All communications and notices hereunder to the Parent Borrower or any other Grantor shall be given to it in care of the Parent Borrower as provided in Section 10.02
of the Credit Agreement. 
 Section 6.02. Waivers; Amendment. 

(a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The
rights, remedies, powers and privileges of the Secured Parties herein provided, and provided under each other Loan Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any
provision of this Agreement or consent to any departure by any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan, the issuance of a Letter of Credit or the provision of services under Treasury Services Agreements or Secured
Hedge Agreements shall not be construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing
entered into by the Collateral Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01 of the Credit Agreement. 

  
 17 

 Section 6.03. Collateral Agent’s Fees and Expenses;
Indemnification. 
 (a) The parties hereto agree that the Collateral Agent shall be entitled to reimbursement of its reasonable out-of-pocket expenses incurred hereunder and indemnity for its actions in connection herewith as provided in Sections 10.04 and 10.05 of the Credit Agreement; provided
that each reference therein to the “Borrower” or the “Parent Borrower” shall be deemed to be a reference to “each Grantor” and each reference therein to the “Administrative Agent” shall be deemed to be a
reference to the “Collateral Agent”. 
 (b) Any such amounts payable as provided hereunder shall be additional Secured Obligations
secured hereby and by the other Collateral Documents. The provisions of this Section 6.03 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the
transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Collateral
Agent or any other Secured Party. All amounts due under this Section 6.03 shall be payable within 30 days of written demand therefor (together with backup documentation supporting such demand). 

Section 6.04. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted assigns. 
 Section 6.05. Survival of Agreement. All covenants,
agreements, representations and warranties made by the Grantors hereunder and in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement shall be considered to have
been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan Documents, the making of any Loans and issuance of any Letters of Credit and the provision of services under Treasury Services Agreements or Secured
Hedge Agreements, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default at the time any credit is extended under the Credit Agreement,
and shall continue in full force and effect as long as this Agreement has not been terminated or released pursuant to Section 6.11 below. 

Section 6.06. Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by telecopier or other electronic transmission of an executed counterpart of a signature page to this Agreement shall be effective as
delivery of an original executed counterpart of this Agreement. This Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Collateral Agent and a counterpart
hereof shall have been executed on behalf of the Collateral Agent, and thereafter shall be binding upon and shall inure to the benefit of such Grantor, the Collateral Agent and the other Secured Parties and their respective permitted successors and
assigns, except that, unless expressly permitted by the terms of the Credit Agreement, no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein without the prior written consent of the
Collateral Agent (and any such attempted assignment or transfer in violation of this sentence shall be null and void). This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented,
waived or released with respect to any Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

  
 18 

 Section 6.07. Severability. If any provision of this Agreement is held to be
illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction. 
 Section 6.08. Governing Law; Jurisdiction; Venue; Waiver of Jury
Trial; Consent to Service of Process. 
 (a) The terms of Sections 10.15 and 10.16 of the Credit Agreement with respect to governing law,
submission of jurisdiction, venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 

(b) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01. Nothing in
this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Law. 

Section 6.09. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only
and shall not affect the interpretation of this Agreement. 
 Section 6.10. Security Interest Absolute. To the extent permitted
by Law, all rights of the Collateral Agent hereunder, the Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any
lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or
instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing
all or any of the Secured Obligations or (d) subject only to termination of a Grantor’s obligations hereunder in accordance with the terms of Section 6.11, any other circumstance that might otherwise constitute a defense available to,
or a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 
 Section 6.11. Termination or Release.

 (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with respect to all Secured
Obligations and any Liens arising therefrom shall be automatically released upon termination of the Aggregate Commitments and payment in full of all Secured Obligations (other than (i) obligations under any Secured Hedge Agreement or Treasury
Services Agreement and (ii) contingent indemnification obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than Letters of Credit in which the Outstanding Amount of the L/C Obligations
related thereto have been Cash Collateralized or if such Letters of Credit have been backstopped by letters of credit reasonably satisfactory to the relevant L/C Issuer or deemed reissued under another agreement reasonably satisfactory to the
relevant L/C Issuer). 
 (b) A Grantor (other than the Parent Borrower) shall automatically be released from its obligations hereunder and
the Security Interest in the Collateral of such Grantor shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Grantor ceases to be a Restricted Subsidiary of the Parent
Borrower or becomes an Excluded Subsidiary; provided that no such release shall occur if such Grantor continues to be an issuer or guarantor in respect of the Senior Notes or any Subordinated Indebtedness with a principal amount in excess of the
Threshold Amount. 

  
 19 

 (c) Upon (i) any sale or other transfer by any Grantor of any Collateral that is
permitted under the Credit Agreement (other than a sale or transfer to another Loan Party), (ii) the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the
Credit Agreement, (iii) any asset becoming an Excluded Asset or (iv) any other release of the Lien on any Collateral in accordance with Section 9.11 of the Credit Agreement, the security interest in such Collateral shall be
automatically released. 
 (d) In connection with any termination or release pursuant to paragraph (a), (b) or (c) of this
Section 6.11, the Collateral Agent shall execute and deliver to any Grantor, at the Grantors’ expense, all documents that such Grantor shall reasonably request to evidence such termination or release and shall perform such other actions
reasonably requested by such Grantor to effect such release, including delivery of Pledged Certificated Securities then in the Collateral Agent’s possession. Any execution and delivery of documents pursuant to this Section 6.11 shall be
without recourse to or warranty by the Collateral Agent. 
 (e) Notwithstanding anything to the contrary set forth in this Agreement, each
Secured Approved Counterparty by the acceptance of the benefits under this Agreement hereby acknowledges and agrees that (i) the Security Interests granted under this Agreement in respect of the Secured Obligations of any Grantor and its
Subsidiaries under any Secured Hedge Agreement and any Treasury Services Agreement shall be automatically released upon termination of the Aggregate Commitments and payment in full of all other Secured Obligations (other than contingent
indemnification obligations not yet accrued and payable) and (ii) any release of Collateral or of a Grantor, as the case may be, effected in the manner permitted by this Agreement shall not require the consent of any Secured Approved
Counterparty. 
 Section 6.12. Additional Grantors. Pursuant to Section 6.11 of the Credit Agreement, certain additional
Restricted Subsidiaries of the Parent Borrower may be required to enter into this Agreement as Grantors. Upon execution and delivery by a Restricted Subsidiary of a Security Agreement Supplement, such Restricted Subsidiary shall become a Grantor
hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder
shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 
 Section 6.13.
Collateral Agent Appointed Attorney-in-Fact. Each Grantor hereby appoints the Collateral Agent the
attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Collateral
Agent may deem necessary or advisable to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the
foregoing, the Collateral Agent shall have the right, upon the occurrence and during the continuance of an Event of Default and written notice by the Collateral Agent to the applicable Grantor of the Collateral Agent’s intent to exercise such
rights, with full power of substitution either in the Collateral Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of
payment relating to the Collateral or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or
bill of lading relating to any of the Collateral; (d) to send verifications of Accounts constituting Collateral to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at Law or in equity in any court
of competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to 

  
 20 

 
enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to
notify, or to require any Grantor to notify, Account Debtors to make payment on account of Collateral directly to the Collateral Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with
all or any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Collateral Agent were the absolute owner of the Collateral for all purposes; provided that
nothing herein contained shall be construed as requiring or obligating the Collateral Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Collateral Agent, or to present or file any
claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Collateral Agent and the other Secured Parties shall be accountable
only for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence, bad faith, or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or
attorneys-in-fact, in each case, as determined by a final non-appealable judgment of a court of competent jurisdiction. 

Section 6.14. General Authority of the Collateral Agent. By acceptance of the benefits of this Agreement and any other Collateral
Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Collateral Agent as its agent hereunder and under such other Collateral Documents, (b) to confirm that
the Collateral Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other Collateral Documents against any Grantor, the exercise of remedies hereunder or
thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any
provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any
other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral Documents. 

Section 6.15. Reasonable Care. The Collateral Agent is required to use reasonable care in the custody and preservation of any of
the Collateral in its possession; provided, that the Collateral Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such Collateral is accorded treatment substantially similar to that which
the Collateral Agent accords its own property. 
 Section 6.16. Delegation; Limitation. The Collateral Agent may execute any of
the powers granted under this Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall not be responsible for the
gross negligence or willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or willful misconduct. 

Section 6.17. Reinstatement. The obligations of the Grantors under this Agreement shall be automatically reinstated if and to the
extent that for any reason any payment by or on behalf of the Parent Borrower or any other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations, whether as a
result of any proceedings in bankruptcy or reorganization or otherwise. 

  
 21 

 Section 6.18. Miscellaneous. The Collateral Agent shall not be deemed to have
actual, constructive, direct or indirect notice or knowledge of the occurrence of any Event of Default unless and until the Collateral Agent shall have received a written notice from the Grantor or the Secured Parties to the Collateral Agent in its
capacity as Collateral Agent indicating that an Event of Default has occurred. 
 Section 6.19. Intercreditor Agreements.
Notwithstanding any provision to the contrary contained herein, the terms of this Agreement, the Liens created hereby and the rights and remedies of the Collateral Agent hereunder are subject to the terms of each applicable Intercreditor Agreement.
In the event of any conflict or inconsistency between the terms of this Agreement and an Intercreditor Agreement, the terms of that Intercreditor Agreement shall govern. 

[Signature Pages Follow] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

			
	CHANGE HEALTHCARE, INC.
	CHANGE HEALTHCARE INTERMEDIATE HOLDINGS, INC.
	CHANGE HEALTHCARE HOLDINGS, INC.
	CHANGE HEALTHCARE OPERATIONS, LLC
	CHANGE HEALTHCARE SOLUTIONS, LLC
	CHANGE HEALTHCARE BUSINESS FULFILLMENT, LLC
	CHANGE HEALTHCARE CORRESPONDENCE SERVICES, INC.
	CHANGE HEALTHCARE COMMUNICATIONS, LLC
	CHANGE HEALTHCARE ENGAGEMENT SOLUTIONS, INC.
	CHANGE HEALTHCARE PAYER PAYMENT INTEGRITY, LLC
	CHANGE HEALTHCARE PHARMACY SOLUTIONS, INC.
	VIEOSOFT, INC.
	ALTEGRA HEALTH, INC.
	CHANGE ENCIRCLE, LLC
	ALTEGRA HEALTH OPERATING COMPANY LLC
	ALTEGRA HEALTH CONNECTIONS, LLC
	ALTEGRA HEALTH OPERATING COMPANY – PUERTO RICO, LLC
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title: Secretary
	
	CHANGE HEALTHCARE INTERMEDIATE HOLDINGS, LLC
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title: Co-President and Co-Secretary
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Co-President and Co-Secretary

  
 1 

 
			
	CHANGE HEALTHCARE HOLDINGS, LLC
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title: Co-President and Co-Secretary
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Co-President and Co-Secretary
	
	CHANGE HEALTHCARE FINANCE, INC.
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title: Co-President and Treasurer
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Co-President and Secretary
	
	PST SERVICES, LLC.
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	MCKESSON TECHNOLOGIES LLC
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	HEALTHQX, LLC
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	MED3000 GROUP, INC.
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary

  
 2 

 
			
	MED3000, INC.
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	INTEGREAT, LLC
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	PEDIATRIC HEALTH ALLIANCE, L.L.C.
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Manager
	
	MED3000 HEALTH SOLUTIONS SOUTHEAST
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary
	
	MED3000 INVESTMENTS, INC.
		
	By:	 	 /s/ John Saia

		 	Name: John Saia
		 	Title: Vice President and Secretary

  
 3 

 
			
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 /s/ Aamir Saleem

		 	Name: Aamir Saleem
		 	Title: Vice President

  
 4EX-10.14

 Exhibit 10.14 

Final Form 

OPTION TO ENTER INTO A PURCHASE
AGREEMENT 
 This Option to Enter into a Purchase Agreement (this “Agreement”) is entered into as of February 28,
2017, by and among (i) eRx Network Holdings, Inc., a Delaware corporation (“Echo Connect Holdings”), eRx Network, LLC, a Delaware limited liability company and a wholly owned subsidiary of eRx Network Holdings (“Connect
LLC”; and together with Echo Connect Holdings, the “Connect Parties”) (ii) Change Healthcare, Inc., a Delaware corporation (“Echo Holdco”), Change Healthcare Solutions, LLC, a Delaware limited liability
company (“Change Solutions” and together with Echo Holdco, the “Echo Parties”), Change Healthcare Intermediate Holdings, LLC (f/k/a PF2 NewCo Intermediate Holdings, LLC), a Delaware limited liability company
(“Change Intermediate”), Change Healthcare Holdings, LLC (f/k/a PF2 NewCo Holdings, LLC), a Delaware limited liability company (“Change Holdings”), Change Healthcare Holdings, Inc., a Delaware corporation, Change
Healthcare Operations, LLC, a Delaware limited liability company, Change Healthcare Finance, Inc., a Delaware corporation, McKesson Technologies LLC, a Delaware limited liability company, PST Services LLC, a Georgia limited liability company
(collectively and together with Echo Holdco and Change Solutions, the “Company Parties”), (iii) Blackstone Capital Partners VI L.P., Blackstone Family Investment Partnership VI L.P. and Blackstone Family Investment Partnership VI-ESC L.P. (collectively, “BX”), (iv) H&F Harrington AIV II, L.P., HFCP VI Domestic AIV, L.P., Hellman & Friedman Investors VI, L.P., Hellman & Friedman Capital Executives VI,
L.P., Hellman & Friedman Capital Associates VI, L.P. (collectively, “H&F” and together with BX, the “Sponsors”), and (v) the other equityholders of Echo Connect Holdings set forth on Schedule
I hereto and anyone who becomes an equityholder pursuant to the terms of the Echo Connect Stockholders Agreement (as defined below) (together with BX and H&F, the “Echo Shareholders”). Reference is made to the Agreement of
Contribution and Sale, dated as of June 28, 2016, by and among Change Healthcare LLC (f/k/a PF2 NewCo LLC), a Delaware limited liability company (the “Company”), Change Intermediate, Change Holdings, HCIT Holdings, Inc., a
Delaware corporation (“Echo”), Echo Holdco, the Echo Shareholders and McKesson Corporation, a Delaware corporation (“MCK”) (the “Contribution Agreement”). Capitalized terms used in this Agreement
but not otherwise defined in this Agreement have the meaning assigned to such terms in the Contribution Agreement. This Agreement will be effective with respect to the Company Parties (with the exception of the Echo Parties) upon and following
consummation of the Closing of the transactions contemplated by the Contribution Agreement. 
 In consideration of the mutual promises and covenants set
forth herein, and in consideration for the representations and warranties herein contained, the Echo Parties, the Connect Parties and each Echo Shareholder hereby agree as follows: 

 

	1.	 Option to Purchase. Change Solutions (or any Subsidiary of any Echo Party that it designates) is hereby
granted an option to purchase, at its election, all of the issued and outstanding capital stock of Echo Connect Holdings (the “Option”) on the terms set forth herein. 

	2.	 Exercise of Option. After the closing of the transactions contemplated by the Contribution Agreement
(the “Closing”) and through March 1, 2022 (the “End Date”), Change Solutions may exercise the Option at any time MCK owns (directly or indirectly) less than 5% of the equity securities in the Company (the
“Echo Option Trigger”). Change Solutions (or any Subsidiary of any Echo Party that it designates) may exercise the Option by delivering written notice (the “Option Notice”) to the Echo Shareholders and Echo Connect
Holdings of its intent to exercise the Option. 

  

	3.	 Option Mechanics. Within 20 Business Days of its receipt of the Option Notice, Echo Connect Holdings and
the Echo Shareholders will deliver to Change Solutions (or any Subsidiary of any Echo Party that it designates) a purchase agreement (the “Echo Connect Purchase Agreement”) consistent with the terms set forth herein, which Echo
Connect Holdings, the Echo Shareholders and the Echo Parties (or any designated Subsidiary of the Echo Parties) hereby covenant and agree to execute as soon as reasonably practical. 

 

	4.	 Expiration of the Option. In the event that the End Date shall have occurred with no Echo Option Trigger
having occurred or no Option Notice having been delivered pursuant to the terms hereof, the Option shall expire and be null and void and this Agreement shall terminate without further action by the parties hereto at the End Date, subject to
Section 15, unless otherwise extended in writing by each of the parties hereto. 

  

	5.	 Option Purchase Price. In consideration of its acquisition of all of the issued and outstanding capital
stock of Echo Connect Holdings pursuant to the Echo Connect Purchase Agreement, the Echo Connect Purchase Agreement will provide that Change Solutions (or any Subsidiary of any Echo Party that it designates), will pay to the Echo Shareholders at the
closing under the Echo Connect Purchase Agreement an aggregate amount equal to (i) $1.00 plus (ii) the product of (A) (y) the estimated cumulative EBITDA for the 12-month period ended at the
end of the most recent calendar month preceding the date of delivery of the Option Notice to the Echo Shareholders and Echo Connect Holdings (the “Trailing 12-month EBITDA”) of Echo
Connect Holdings and its Subsidiaries as of the closing of the Echo Connect Purchase Agreement less (z) $14,269,000 multiplied by (B) twelve (12) (the “Purchase Price”). The Purchase Price will not be subject to
an adjustment for cash, working capital or debt, but will contain a customary post-closing true-up of the estimated Trailing 12-month EBITDA compared against the actual
Trailing 12-month EBITDA consistent with that set forth in Section 2.02 of the Contribution Agreement (mutatis mutandis). Notwithstanding the first sentence of this Section 5, in the event the
Trailing 12-month EBITDA of Echo Connect Holdings and its Subsidiaries as of the closing of the Echo Connect Purchase Agreement is less than or equal to $14,269,000, the Purchase Price will be $1.00.
“EBITDA” means with respect to Echo Connect Holdings and its Subsidiaries, “EBITDA” as calculated in the Credit Agreement, dated as of March 1, 2017, among Change Healthcare Intermediate Holdings, LLC, a Delaware
limited liability company, Change Healthcare Holdings, LLC, a Delaware limited liability company, certain subsidiaries of the Parent Borrower, as Borrowers and Guarantors (each as defined therein), the Lenders (as defined therein) party thereto from
time to time, Bank of America, N.A., as Administrative Agent, Collateral Agent, Swing Line Lender and L/C Issuer and the other parties party thereto (the “Credit Agreement”) as further adjusted for (i) any synergies resulting
from Echo Connect Holdings and its Subsidiaries being integrated with Change Solutions (or any Subsidiary of any Echo Party that it designates), (ii) any run rate adjustments for cost actions already taken during the relevant period, (iii) any
direct acquisition costs, such as third-party due diligence, legal and advisory costs and (iv) any run rate adjustments for acquisitions which occurred during the relevant period. 

  
 - 2 - 

	6.	 Limited Terms of the Echo Connect Purchase Agreement. The only representations and warranties given by
the Echo Shareholders in the Echo Connect Purchase Agreement will be those related to organization (if applicable), authority, noncontravention of organizational documents, law or material agreements of the Person making such representation or
warranty, title (other than customary permitted liens) and no brokers. Such representations and warranties will be made by each Echo Shareholder on a several (and not joint) basis solely as to itself. The Echo Connect Purchase Agreement will not
contain any indemnification obligations on the part of any party, and the equity securities will be sold on an “as is, where is” basis (subject only to the representations and warranties set forth above) and the Echo Parties (and any of
their designees) shall acknowledge that they have not relied on any representation or warranty other than as set forth in the Echo Connect Purchase Agreement. 

 

	7.	 Representations of the Echo Shareholders and the Connect Parties. Each Echo Shareholder and each Connect
Party (severally as to itself and not jointly) hereby represents and warrants to the Echo Parties that (i) this Agreement is a valid and binding agreement of such Person, enforceable against it in accordance with its terms and (ii) as of
the date hereof, the Echo Shareholders are, and as of the date of the consummation of the Closing of the transactions under the Echo Connect Purchase Agreement will be, the only holders of capital stock in Echo Connect Holdings (other than any
Person who receives capital stock in Echo Connect Holdings pursuant to employee incentive arrangements and becomes subject to the Echo Connect Stockholders Agreement (as defined below)). 

 

	8.	 Covenants of the Echo Shareholders and the Connect Parties. 

 

	 	a.	 From the Closing through the End Date (or, if the Option is properly exercised hereunder, the effective
execution of the Echo Connect Purchase Agreement by all of the parties contemplated thereby pursuant to the terms hereof), the Connect Parties will (i) not sell, convey, transfer or encumber any material asset (or equity securities) of the
Connect Parties outside the ordinary course of business, other than to secure indebtedness for borrowed money; provided that any encumbrance of any equity securities of the Connect Parties to secure indebtedness for borrowed money shall be
made subject to the Option in all respects; and (ii) not permit any funds to leave the Connect Parties for the benefit of any Echo Shareholder other than (1) any indemnification or advancement payments owed under its organizational
agreements, any payments in accordance with any equity incentive plan or any payments pursuant to applicable law or court order or (2) any payments in the ordinary course of business provided, any such payments described in clause
(2) made for the benefit of any Echo Shareholder must be entered into on arm’s length terms and in the ordinary course of business for the purchase of materials, supplies, goods, services (excluding any employment agreements), equipment or
other assets that are generally available for purchase by business entities in the Connect Parties’ line of business on substantially similar terms from non-affiliated suppliers or providers.

  
 - 3 - 

	 	b.	 From the Closing through the End Date (or, if the Option is properly exercised hereunder, the effective
execution of the Echo Connect Purchase Agreement), each Echo Shareholder agrees (as to itself) not to transfer any capital stock in Echo Connect Holdings, other than a transfer permitted under Section 4.1 of the Echo Connect Stockholders
Agreement (as defined below) and in accordance with Section 10. 

  

	 	c.	 The Echo Shareholders and Echo Connect Holdings are party to the Stockholders Agreement of Echo Connect
Holdings set forth in Exhibit A (the “Echo Connect Stockholders Agreement”), and each Echo Shareholder will exercise (to the extent it is able) and otherwise comply with the drag-along provisions set forth in Section 4.5
thereof in connection with the valid exercise of the Option. 

  

	 	d.	 Effective as of the date of this Agreement, each of Echo Connect Holdings and Connect LLC shall amend and
restate their certificate of incorporation and certificate of formation, respectively, to include a statement in form and substance satisfactory to the Echo Parties that such entity is subject to the Option in all respects. From and after the date
of this Agreement through the End Date, the Connect Parties shall not further amend or restate their organizational documents to remove or modify the foregoing restrictive statement from their organizational documents. 

 

	 	e.	 From and after the date of this Agreement through the End Date, any certificates or other instruments issued
and outstanding representing equity securities in the Connect Parties shall be notated by the applicable Connect Party with a legend stating that any transfer of such equity securities is subject to the Option in all respects. 

 

	9.	 Publicity and Confidentiality. The Echo Parties, the Connect Parties and each Echo Shareholder shall
keep confidential this Agreement, the transactions contemplated hereby and any non-public information relating to the Connect Parties, Echo, the Company or any of their respective Subsidiaries and shall not
disclose, issue any press release or otherwise make any public statement in connection therewith (other than as may be necessary to monitor, increase or decrease its investment in the Company) without the prior written consent of the Sponsors (not
to be unreasonably withheld); provided, that such Echo Parties, the Connect Parties and each Echo Shareholder may disclose any such information (i) as has become generally available to the public, (ii) to its employees and
attorneys, accountants, consultants and other professional advisers who need to know such information, including to the extent necessary to obtain their services in connection with monitoring its investment in the Connect Parties, Echo, the Company
or any of their respective Subsidiaries, and agree to keep it confidential, (iii) to the extent required in order to comply with reporting obligations to its direct or indirect partners, members, or other equity holders (including the employees
and professional advisors of such equity holders) 

  
 - 4 - 

	 	
who have agreed (subject to customary exceptions) to keep such information confidential, (iv) to persons who have expressed a bona fide interest in becoming limited partners, members or
other equity holders of a party hereto or its related investment funds, in each case who have agreed to keep such information confidential, (v) to the extent necessary in order to comply with any law, order, regulation, ruling or stock exchange
rules applicable to such party, (vi) as may be required in connection with a registered offering, including any disclosure contemplated under the Registration Rights Agreement, (vii) to any proposed Permitted Transferee (as defined in the
Echo Connect Stockholders Agreement) of such party or any proposed transferee in any transfer in compliance with this Agreement, in each case, to the extent that that such transferee agrees to be bound by customary confidentiality provisions with
respect to any confidential information of the Connect Parties, Echo, the Company and any of their respective Subsidiaries and/or (viii) in response to any summons or subpoena or in connection with any litigation, it being agreed that, unless
such information has been generally available to the public, if such information is being requested pursuant to a summons or subpoena or a discovery request in connection with a litigation, (x) the Echo Parties, the Connect Parties and each
Echo Shareholder shall, to the extent permitted by applicable law, give the other party(ies) notice of such request and shall cooperate with the other party(ies) at their request so that such party may, at its cost and in its discretion, seek a
protective order or other appropriate remedy, if available, and (y) in the event that such protective order is not obtained (or sought by the other party after notice), such disclosing party (a) shall furnish only that portion of the
information which, in accordance with the advice of counsel, is legally required to be furnished and (b) will exercise its reasonable efforts to obtain assurances that confidential treatment will be accorded such information. Nothing contained
herein shall prevent the use (subject, to the extent practicable, to a protective order) of any such confidential information in connection with the assertion or defense of any claim; provided, further that nothing in this
Section 9 shall be deemed to restrict any party’s ability to monetize its equity investment in of in compliance with applicable securities laws. Notwithstanding anything in this Section 9 to the contrary, each of the Echo Parties, the
Connect Parties and each Echo Shareholder acknowledges and agrees (a) to be bound by the confidentiality provisions of the LLC Agreement (as defined in the Echo Connect Stockholders Agreement) with respect to any confidential information of the
Company or its Subsidiaries, and if any provision herein is in conflict with the confidentiality provisions of the LLC Agreement (as defined in the Echo Connect Stockholders Agreement), than the more restrictive provision on such Echo Parties, the
Connect Parties and each Echo Shareholder shall govern with respect to confidential information about the Company and its Subsidiaries and (b) that each other party may develop or receive from third parties information that is the same as or
similar to the confidential information of Connect Parties, Echo, the Company or any of their respective Subsidiaries, and that nothing in this Agreement restricts or prohibits any party (by itself or through a third party) from developing,
receiving or disclosing such information, or any products, services, concepts, ideas, systems or techniques that are similar to or compete with the products, services, concepts, ideas, systems or techniques contemplated by or embodied in the
confidential information of Connect Parties, Echo, the Company or any of their respective Subsidiaries. 

  
 - 5 - 

	10.	 No Assignment; Additional Echo Shareholders. No party hereto will have the right to sell, transfer,
assign or pledge all or any portion of its interest in this Agreement without the prior written approval of the other parties hereto; provided, however, that each Echo Shareholder may sell, transfer, assign or pledge all or any of its
rights hereunder in connection with any Transfer permitted under the Echo Connect Stockholders Agreement, provided that such transferee executes a joinder to this Agreement as a party hereto. Pursuant to the terms of the Echo Connect
Stockholders Agreement and prior to expiration of this Agreement pursuant to Section 4, Echo Connect Holdings will not issue any additional Equity Interests (as defined in the Echo Connect Stockholders Agreement) to any Person that has not
executed and delivered a joinder to this Agreement as a party hereto. 

  

	11.	 Governing Law. This Agreement and any related dispute shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to any choice of law provisions that would result in the application of the laws of any other state. 

  

	12.	 Jurisdiction; Venue; Service of Process. Each of the parties to this Agreement (i) hereby
irrevocably submits to the exclusive jurisdiction of the courts of the state of Delaware or (to the extent subject matter jurisdiction exists therefor) the United States District Court for the district of Delaware for the purpose of any action or
proceeding against the parties related in any way to this Agreement, (ii) hereby waives, to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that
is not subject personally to the jurisdiction of the above-named courts that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non
conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other action in any other court other than one of the above-named courts or that this
Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (iii) hereby agrees not to commence any such action other than before one of the above-named courts. ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT
ISSUED BY ONE OF THE ABOVE-NAMED COURTS MAY BE ENFORCED IN ANY JURISDICTION. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY KNOWINGLY AND VOLUNTARILY WAIVES AND AGREES NOT TO ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTERS WITH RESPECT TO THIS AGREEMENT OR ANY ALL ACTIONS OR PROCEEDINGS (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY
WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY OR THE RELATIONSHIP ESTABLISHED HEREUNDER. A COPY OF THIS PARAGRAPH MAY BE FILED WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY SUCH ACTION AND THAT SUCH ACTION WILL INSTEAD BY TRIED BY A JUDGE SITTING WITHOUT A JURY. Each party hereto hereby (a) consents to
service of process in any action between the parties arising in whole or in part under or in connection with this Agreement in any manner permitted by Delaware law, (b) agrees that service of process made in accordance with clause (a) or
made by 

  
 - 6 - 

	 	
registered or certified mail, return receipt requested, at its address specified pursuant to Section 18, will constitute good and valid service of process in any such action and
(c) waives and agrees not to assert (by way of motion, as a defense, or otherwise) in any such action any claim that service of process made in accordance with clause (a) or (b) does not constitute good and valid service of process.

  

	13.	 Specific Performance. Each of the parties hereto acknowledges and agrees that each of the other parties
hereto would be damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, each of the parties hereto agrees that, without
posting bond or other undertaking, each of the other parties hereto will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to enforce specifically this Agreement and the terms and
provisions hereof in any claim instituted in any court specified in clause (a) of Section 11 in addition to any other remedy to which he, she or it may be entitled, at law or in equity. Each of the parties hereto further agrees that, in
the event of any action for specific performance in respect of such breach or violation, he, she or it will not assert the defense that a remedy at law would be adequate. 

 

	14.	 Miscellaneous. No amendment, termination or waiver of any provision of this Agreement will be valid and
binding unless it is in writing and signed, in the case of an amendment or termination, by each of the parties hereto, or in the case of a waiver, by the party hereto against whom the waiver is to be effective. No waiver by any party hereto of any
breach or violation of, default under or inaccuracy in any representation, warranty, covenant or agreement hereunder, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation, default of or inaccuracy in any
representation, warranty, covenant or agreement hereunder or affect in any way any rights arising by virtue of any prior or subsequent occurrence. No delay or omission on the part of any party hereto in exercising any right, power or remedy under
this Agreement will operate as a waiver thereof. Nothing in this Agreement, express or implied, is intended to confer, nor shall anything herein confer, on any person other than the parties hereto, and their respective successors or permitted
assigns, any rights, remedies, obligations or liabilities. Subject to the terms and conditions contained herein, each party hereto shall, upon the request from time to time of the Connect Parties or the Echo Parties and without further
consideration, do, execute and perform all such other acts, deeds and documents as may be reasonably requested by the Connect Parties or the Echo Parties to carry out fully the purposes and intent of this Agreement. 

 

	15.	 Effect of Termination. In the event of the termination of the Option pursuant to Section 4, other
than the provisions of Sections 9 (Confidentiality), 11 (Governing Law), 12 (Jurisdiction; Venue; Service of Process), 13 (Specific Performance), 14 (Miscellaneous), 16 (Entire Agreement), 17 (Counterparts), 18 (Notices) and this Section 15
(Effect of Termination), which shall survive such termination, this Agreement shall then be null and void and have no further force and effect and all other rights and liabilities of the parties hereto hereunder shall terminate without any liability
of any party hereto to any other party hereto other than liability with respect to breaches of this Agreement occurring prior to such termination. 

  
 - 7 - 

	16.	 Entire Agreement. This Agreement, together with the documents explicitly referred to herein, constitutes
the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, with respect
thereto. 

  

	17.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed
an original, but all of which together will constitute but one and the same instrument. 

  

	18.	 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be
in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by email or facsimile with receipt confirmed or by registered or certified mail (postage
prepaid, return receipt requested) to the respective parties at the following addresses: 

 If to Echo Connect Holdings or
an Echo Shareholder: 
 c/o The Blackstone Group 

345 Park Avenue 
 New York, New
York 10154 
 Attention:         John G. Finley 

Facsimile:         (212) 583-5749 

And a copy (which copy shall not constitute notice) to: 

Ropes & Gray LLP 
 The
Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 

Attention:         R. Newcomb Stillwell 

Facsimile:         (617) 235 0213 

and 
 Ropes & Gray LLP

 Three Embarcadero Center 

San Francisco, CA 94111-4006 

Attention:         Jason Freedman 

Facsimile:         (415) 315-4876 

If to the Echo Parties, to: 

Change Healthcare, Inc. 
 3055
Lebanon Pike, Suite 1000 
 Nashville, Tennessee 37214 

Attention:         General Counsel 

Facsimile:         (615) 340-6153 

  
 - 8 - 

 with a copy to: 

Ropes & Gray LLP 
 The
Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 

Attention:         R. Newcomb Stillwell 

Facsimile:         (617) 235 0213 

and 
 Davis Polk &
Wardwell LLP 
 1600 El Camino Real 

Menlo Park, CA 94025 
 Attention:
        Alan F. Denenberg 
 Facsimile:         (650)
752-2004 
 Each of the parties to this Agreement may specify different address or facsimile number by giving notice in accordance with this
Section 18 to each of the other parties hereto. 
  

	19.	 Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable, all other provisions of this Agreement will nevertheless remain in full force and effect. Upon such determination that any provision of this Agreement is invalid, illegal or unenforceable, the parties hereto will negotiate in good
faith to modify this Agreement so as to achieve the original intent of the parties. 

  

	20.	 The Company Parties. The Company Parties hereby agree that each of the Company Parties will be jointly
and severally liable for any payment obligations of the Echo Parties contained in this Agreement. 

  

	21.	 Construction. The meanings of defined terms are equally applicable to the singular and plural forms of
the defined terms. The words “hereof”, “herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to
this Agreement unless otherwise specified. The term “including” is not limiting and means “including without limitation.” The captions and headings of this Agreement are for convenience of reference only and shall not affect the
interpretation of this Agreement. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. Whenever the context requires, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed
as if drafted jointly by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. 

  
 - 9 - 

 [SIGNATURE PAGE FOLLOWS] 

  
 - 10 - 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as an agreement
under seal as of the date first above written. 
  

							
	ECHO	 		 		 	
			
		 		 	HCIT HOLDINGS, INC.
				
		 		 	By:	 	 /s/ Gregory T. Stevens

		 		 	Name:	 	Gregory T. Stevens
		 		 	Title:	 	President and Treasurer
				
	SOLUTIONS	 		 		 	
			
		 		 	CHANGE HEALTHCARE SOLUTIONS, LLC
				
		 		 	By:	 	 /s/ Gregory T. Stevens

		 		 	Name:	 	Gregory T. Stevens
		 		 	Title:	 	Secretary
				
	COMPANY PARTIES	 		 		 	
			
		 		 	CHANGE HEALTHCARE LLC
				
		 		 	By:	 	 /s/ Gregory T. Stevens

		 		 	Name:	 	Gregory T. Stevens

		 		 	Title:	 	Co-President and Co-Secretary
				
		 		 	By:	 	 /s/ John Saia

		 		 	Name:	 	John Saia

		 		 	Title:	 	Co-President and Co-Secretary

 [Signature Page – eRx Purchase Option Agreement] 

 
			
	CHANGE HEALTHCARE INTERMEDIATE HOLDINGS, LLC

 
			
		
	By:	 	 /s/ Gregory T. Stevens

			
	Name:	 	Gregory T. Stevens

	Title:	 	Co-President and Co-Secretary

 
			
		
	By:	 	 /s/ John Saia

 
			
	Name:	 	John Saia

	Title:	 	Co-President and Co-Secretary
	
	CHANGE HEALTHCARE HOLDINGS, LLC

 
			
		
	By:	 	 /s/ Gregory T. Stevens

			
	Name:	 	Gregory T. Stevens

	Title:	 	Co-President and Co-Secretary

 
			
		
	By:	 	 /s/ John Saia

 
			
	Name:	 	John Saia
	Title:	 	Co-President and Co-Secretary
	
	CHANGE HEALTHCARE FINANCE, INC.

 
			
		
	By:	 	 /s/ Gregory T. Stevens

			
	Name:	 	Gregory T. Stevens

	Title:	 	Co-President and Treasurer

 
			
		
	By:	 	 /s/ John Saia

 
			
	Name:	 	John Saia

	Title:	 	Co-President and Secretary
	
	CHANGE HEALTHCARE OPERATIONS, LLC

 
			
		
	By:	 	 /s/ Gregory T. Stevens

			
	Name:	 	Gregory T. Stevens
	Title:	 	Secretary

 [Signature Page – eRx Purchase Option Agreement] 

 
			
	CHANGE HEALTHCARE INTERMEDIATE HOLDINGS, INC.
		
	By:	 	 /s/ Gregory T. Stevens

	Name:	 	Gregory T. Stevens
	Title:	 	General Counsel and Secretary
	
	CHANGE HEALTHCARE HOLDINGS, INC.
		
	By:	 	 /s/ Gregory T. Stevens

	Name:	 	Gregory T. Stevens
	Title:	 	General Counsel and Secretary
	
	CHANGE HEALTHCARE, INC.
		
	By:	 	 /s/ Gregory T. Stevens

	Name:	 	Gregory T. Stevens
	Title:	 	General Counsel and Secretary

 ECHO SHAREHOLDERS 
  

							
	BLACKSTONE	 		 	                                     
               	 	 BLACKSTONE CAPITAL PARTNERS VI L.P.
  

By: Blackstone Management Associates VI L.L.C., its general partner
  

By: BMA VI L.L.C., its sole member
  

By: /s/ Neil
Simpkins                                        

 Name: Neil Simpkins
 Title: Senior Managing
Director

 [Signature Page – eRx Purchase Option Agreement] 

									
		  		  		  	 BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI L.P.

				
		  		  		  	 By: BCP VI Side-By-Side GP L.L.C., its general partner

					
		  	        	  	        	  	By:	  	 /s/ Neil Simpkins

		  		  		  	Name: Neil Simpkins
		  		  		  	Title: Senior Managing Director
				
		  		  		  	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI-ESC L.P.
				
		  		  		  	By: BCP VI Side-By-Side GP L.L.C., its general partner
					
		  		  		  	By:	  	 /s/ Neil Simpkins

		  		  		  	Name: Neil Simpkins
		  		  		  	Title: Senior Managing Director
				
		  		  		  	BLACKSTONE EAGLE PRINCIPAL TRANSACTION PARTNERS L.P.
				
		  		  		  	By: Blackstone Management Associates VI L.L.C., its general partner
				
		  		  		  	By: BMA VI L.L.C., its sole member
					
		  		  		  	By:	  	 /s/ Neil Simpkins

		  		  		  	Name: Neil Simpkins
		  		  		  	Title: Senior Managing Director
			
	GSO	  		  	GSO COF FACILITY LLC
			
		  		  	By: GSO Capital Partners LP, its Collateral Manager
				
		  		  	By:	  	 /s/ Marisa Beeney

		  		  	Name: Marisa Beeney
		  		  	Title: Authorized Person
				
	HELLMAN & FRIEDMAN	  		  		  	H&F HARRINGTON AIV II, L.P.
				
		  		  		  	By: Hellman & Friedman Investors VI, L.P., its general partner
				
		  		  		  	By: Hellman & Friedman LLC, its general partner
					
		  		  		  	By:	  	 /s/ P. Hunter Philbrick

		  		  		  	Name: P. Hunter Philbrick
		  		  		  	Title: Managing Director

 [Signature Page – eRx Purchase Option Agreement] 

			
	
	HFCP VI DOMESTIC AIV, L.P.
	
	By: Hellman & Friedman Investors VI, L.P., its general partner
	
	By: Hellman & Friedman LLC, its general partner
		
	By:	 	 /s/ P. Hunter Philbrick

	Name: P. Hunter Philbrick
	Title: Managing Director
	
	HELLMAN & FRIEDMAN INVESTORS VI, L.P.
	
	By: Hellman & Friedman LLC, its general partner
		
	By:	 	 /s/ P. Hunter Philbrick

	Name: P. Hunter Philbrick
	Title: Managing Director
	
	HELLMAN & FRIEDMAN CAPITAL EXECUTIVES VI, L.P.
	
	By: Hellman & Friedman Investors VI, L.P., its general partner
	
	By: Hellman & Friedman LLC, its general partner
		
	By:	 	 /s/ P. Hunter Philbrick

	Name: P. Hunter Philbrick
	Title: Managing Director

 [Signature Page – eRx Purchase Option Agreement] 

									
				
		 		  		  	HELLMAN & FRIEDMAN CAPITAL ASSOCIATES VI, L.P.
				
		 		  		  	By: Hellman & Friedman Investors VI, L.P., its general partner
				
		 		  		  	By: Hellman & Friedman LLC, its general partner
					
		 		  		  	By:	  	 /s/ P. Hunter Philbrick

		 		  		  	Name: P. Hunter Philbrick
		 		  		  	Title: Managing Director
				
	ECHO CONNECT HOLDINGS	 	        	  		  	
			
		 		  	ERX NETWORK HOLDINGS, INC.
				
		 		  	By:	  	 /s/ Colin Ford

		 		  	Name: Colin Ford
		 		  	Title: Vice President and General Counsel
			
	ECHO CONNECT LLC	 		  	
			
		 		  	ERX NETWORK, LLC
				
		 		  	By:	  	 /s/ Colin Ford

		 		  	Name: Colin Ford
		 		  	Title: Vice President and General Counsel

 [Signature Page – eRx Purchase Option Agreement] 

 
			
	PST SERVICES LLC
		
	By:	 	 /s/ John Saia

	Name: John Saia
	Title: Vice President and Secretary
	
	MCKESSON TECHNOLOGIES LLC
		
	By:	 	 /s/ John Saia

	Name: John Saia
	Title: Vice President and Secretary

 [Signature Page – eRx Purchase Option Agreement] 

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Daniel Lieber

	Name: Daniel Lieber
	
	Dated: February 14, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Derek C. Woo

	Name: Derek C. Woo
	
	Dated: February 13, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Gregory Cohen

	Name: Gregory Cohen
	
	Dated: February 16, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Gregory Luff

	Name: Gregory Luff
	
	Dated: February 17, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Howard L. Lance

	Name: Howard L. Lance
	
	Dated: February 14, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ James Dalen

	Name: James Dalen
	
	Dated: February 11, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Jared Sokolsky

	Name: Jared Sokolsky
	
	Dated: February 15, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Kevin C. Barrett

	Name: Kevin C. Barrett
	
	Dated: February 15, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Kriten Joshi

	Name: Kriten Joshi
	
	Dated: February 14, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Lisa M. DiSalvo

	Name: Lisa M. DiSalvo
	
	Dated: February 10, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Neil de Crescenzo

	Name: Neil de Crescenzo
	
	Dated: February 20, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Philip M. Pead

	Name: Philip M. Pead
	
	Dated: February 10, 2017
	
	Address for notices:
	
	    [Address]                               
                                         
      
	
	  

 Counterpart Signature Page 

The undersigned hereby agrees to join, become a party to and be bound by, as an “Echo Shareholder” of eRx Network Holdings, Inc.
(“eRx Network”), the Option to Enter into a Purchase Agreement dated as of February 28, 2017 by and among the holders of the eRx Network outstanding shares, as the same may be in effect from time to time (the “eRx
Network Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the eRx Network Option Agreement. 
  

	
	 /s/ Sophia Kim

	Name: Sophia Kim
	
	Dated: February 10, 2017
	
	Address for notices:
	
	    [Address]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]