Document:

EX-10.9

 Exhibit 10.9 
 FIRST AMENDMENT TO 
 TAX RECEIVABLE AGREEMENT (MANAGEMENT) 

This First Amendment (the “Amendment”) dated as of November 2, 2011 to the Tax Receivable Agreement (Management)
dated as of August 17, 2009 (the “Tax Receivable Agreement”), is by and among Emdeon, Inc., a Delaware corporation (the “Corporate Taxpayer”) and the Equity Plan Members (as defined in the Tax Receivable
Agreement). Capitalized terms used herein and not defined shall have their respective meanings as defined in the Tax Receivable Agreement. 
 WHEREAS, the Equity Plan Members desire to sell Units to EBS Holdco I, LLC (“Holdco I”) in exchange for cash; 
 WHEREAS, the Corporate Taxpayer and the Equity Plan Members desire that certain tax benefits resulting from such sale of Units to Holdco I be covered under the Tax Receivable Agreement; 

WHEREAS, in accordance with Section 7.6(b) of the Tax Receivable Agreement, the Corporate Taxpayer and the Equity Plan Members
desire to amend the Tax Receivable Agreement; 
 NOW THEREFORE, the Corporate Taxpayer and each Equity Plan Member hereby agree
as follows: 
 1. Amendment. The Tax Receivable Agreement is amended as follows: 

(a) The definition of “Exchange” in the Recitals to the Tax Receivable Agreement shall include a taxable acquisition of
Units by EBS Holdco I, LLC or EBS Holdco II, LLC from an Equity Plan Member for cash or shares of Beagle Parent Corp. 
 (b) A
sale of Units by an Equity Plan Member to EBS Holdco I, LLC or EBS Holdco II, LLC in exchange for cash or shares of Beagle Parent Corp. will be treated as a taxable Exchange that results in a Basis Adjustment under the Tax Receivable Agreement.

 (c) Section 7.6(b) is hereby amended to read in its entirety as follows: 

“No amendment to this Agreement shall be effective against a party hereto unless such amendment is approved in writing by such party.
No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the waiver is to be effective.” 
 (d) Item (5) in the definition of “Valuation Assumptions” in Article I of the Tax Receivable Agreement shall be amended to add “, Emdeon Business Services LLC and EBS in the
aggregate” after the phrase “tax basis in the amortizable or depreciable assets of the Corporate Taxpayer” each time such phrase appears therein. 

 2. Miscellaneous. This Amendment may be executed in one or more counterparts, all of which shall be
considered one and the same agreement. Except as provided in this Amendment, the provisions of the Tax Receivable Agreement remain unchanged and in full force and effect. 
 [Signature pages follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the date
first written above. 
  

			
	EMDEON INC.
		
	By:	 	/s/ Gregory T. Stevens
		 	Name: Gregory T. Stevens
		 	Title:   Executive Vice President, General
		 	            Counsel and Secretary

  
 [Signature
Page to First Amendment to Tax Receivable Agreement (Management)] 

 
	
	EQUITY PLAN MEMBERS:
	
	/s/ Tracy L. Bahl
	Name: Tracy L. Bahl
	
	/s/ Edward Caldwell
	Name: Edward Caldwell
	
	/s/ Patrick Coughlin
	Name: Patrick Coughlin
	
	/s/ Damien Creavin
	Name: Damien Creavin
	
	/s/ Dinyar S. Devitre
	Name: Dinyar S. Devitre
	
	/s/ J. Philip Hardin
	Name: J. Philip Hardin
	
	/s/ Jim D. Kever
	Name: Jim D. Kever
	
	/s/ Sajid A. Khan
	Name: Sajid A. Khan
	
	/s/ George I. Lazenby, IV
	Name: George I. Lazenby, IV
	
	/s/ Frank J. Manzella
	Name: Frank J. Manzella
	
	/s/ Bob A. Newport, Jr.
	Name: Bob A. Newport, Jr.

  
 [Signature
Page to First Amendment to Tax Receivable Agreement (Management)] 

 
	
	/s/ Philip M. Pead
	Name: Philip M. Pead
	
	/s/ Ben Scully
	Name: Ben Scully
	
	/s/ Ryan L. Smith
	Name: Ryan L. Smith
	
	/s/ Gregory Stevens
	Name: Gregory Stevens
	
	/s/ Gary D. Stuart
	Name: Gary D. Stuart

  
 [Signature
Page to First Amendment to Tax Receivable Agreement (Management)]EX-10.21

 Emdeon 
 Management Bonus Program 
 PURPOSE 

The purpose of the Emdeon Management Bonus Program (the “Program”) is to provide an incentive to management level employees of Emdeon and its
participating subsidiaries (the “Company”) who contribute to the success of the enterprise. The Program offers eligible employees an opportunity to earn compensation in addition to their salaries, based upon the performance of the Company
(including its Divisions) and the accomplishment of their Individual Goals. 
 PROGRAM ADMINISTRATION 

The Compensation Committee of the Board of Directors (the “Committee”), in consultation with the Chief Executive Officer of the Company (the
“CEO”), shall administer the Program. The CEO will oversee and interpret (including the amount payable to any individual participant) any and all aspects of the Program. The CEO (other than with respect to himself) shall make final
recommendations to the Committee regarding both the amount and the timing of any bonus payments pursuant to the Program. The Committee shall review and approve the CEO’s recommendations. 
 PROGRAM YEAR 
 The Program will be effective from January 1 of each fiscal year
of the Company through December 31 of such fiscal year (the “Program Year”). 
 PARTICIPANT ELIGIBILITY 

Eligible participants generally include regular full-time employees classified as Director level and above. 

An employee must be employed or meet the eligibility criteria on or before September 30 of the Program Year to be eligible to participate in
the Program for that year. If a person otherwise eligible for participation in the Program becomes an employee of the Company during the fiscal year, the employee will be eligible to receive a prorated portion of the annual bonus based upon the
employee’s first date of employment. Generally, ineligible participants would include: 
  

	 	•	 	 Temporary employees, independent contractors and consultants 

 

	 	•	 	 Anyone eligible to participate in a commission plan or other cash incentive plan 

 

	 	•	 	 Employees who do not have a signed Trade Secret and Proprietary Information Agreement on file with the Company 

 

	 	•	 	 Anyone not actively employed on the date the bonuses are distributed 

 

	 	•	 	 Anyone with an overall personal performance rating for the Program Year of “improvable” or lower 

 

	 	•	 	 Any other employee that does not meet the eligibility criteria above 

 An employee must be an active employee of the Company on the date the bonuses are distributed to
employees to be eligible to receive any payment under the Program. 
 BONUS POTENTIAL 

The target bonus potential is calculated as a percentage of the employee’s annual salary as of December 31 of the Program Year to which the
bonus relates. The guidelines for determining target bonus potential are based on the employee’s level and role. These guidelines, however, may be adjusted to reflect the significance, scope and level of accountability for a given position.
Adjustments (increases or reductions) to the target bonus potential levels may be made at the discretion of the CEO. Additionally, certain employee bonus potential amounts are set forth in written employment agreements. As such, these written
agreements shall be controlling. 
 PROGRAM COMPONENTS 
 The funding and payment of bonuses is based upon three separate Program components. The three components are the Company Performance Targets, Division Performance Targets and Individual Goals. 

For all eligible employees, a portion of the bonus potential will be based on the Company’s Performance Targets and Individual Goals. In addition,
for those employees whose job responsibilities are primarily related to a particular Division, a portion of the bonus potential will also be based on the achievement of Division Performance Targets. 

The funding of bonuses under the Program is dependent on the achievement of Company Performance Targets and Division Performance Targets. The Company
must declare the payment of bonuses before any types of payment under this Program can or will be paid. If, and when, bonuses are declared, financial calculations will be made to determine a funding level for each employee. Individual bonus payouts
are then determined by performance against Individual Goals. 
 The Program contains several objectives. Each objective has a minimum, target
and a maximum level of performance. For each objective, the bonus payment will range from zero to a maximum percentage based on the level of performance for that objective. 

 

	 	•	 	 Company Performance Targets 

 Payments are contingent upon the Company achieving the Company Performance Targets as shall be set by the Committee within the first ninety days of a Program Year. 

  
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	 	•	 	 Division Performance Targets 

 For those eligible employees whose job responsibilities are primarily related to a particular Division, payments for a portion of the employee’s bonus amount are contingent upon the Division
achieving the Division Performance Targets as shall be set by the Committee with respect to each Program Year. 
  

	 	•	 	 Individual Goals 

 The achievement of Individual Goals (based on Company objectives) is a very important component of the Program. Once the Company and/or the Division have achieved their performance goals, individual bonus
potential can be greatly impacted by the level of achievement of Individual Goals as determined by each eligible employee’s manager. 

Managers will review each of their bonus-eligible employees and will make a recommendation of 100% to 0% of the bonus amount based on the achievement of
Individual Goals. Managers cannot distribute or recommend more the 100% of an individual employee’s target amount. However, the bonus recommendation can be reduced or increased at the discretion of the CEO. 

TRANSFER/PROMOTION/DEMOTION 
 If
an employee is transferred to a new role during the Program Year, the employee will be eligible to participate in the incentive plan that applies to the new role. However, if an employee who was not eligible for participation in the Program is
promoted to a position eligible for participation in the Program after September 30th of the Program Year, the employee will not be eligible to participate in the Program until January 1st of the following year. 

If the employee becomes ineligible for this Program due to a transfer, demotion or promotion, the employee will be eligible to receive a prorated award
based on the period of participation in the Program; provided, that the employee must continue to meet the “Conditions For Receiving Payment” set forth below. Such prorated award will be paid at the same time as awards under the Program.

 PAYOUT AND TAXATION 

The Company anticipates any bonus amounts earned under the Program for each Program Year will be paid around March of the year following that Program Year
after completion of audited financial statements for the Program Year and final executive and Committee approval. Specific provisions regarding distribution are outlined below under the “Conditions for Receiving Payment” section of the
Program. 
 Payroll taxes will be withheld from the bonus award as required by law. Bonus awards that employees receive will be reported as
income in the year in which they are paid. Therefore, the bonus payment with respect to a Program Year, which is expected to be paid in March of the following year, will be reported as part of an employee’s total W-2 income for the tax year
following the Program Year. 

  
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 CONDITIONS FOR RECEIVING PAYMENT 
 No bonus award under this Program will be paid to any employee if employment is terminated, whether voluntary or involuntary, prior to the actual payment distribution date. However, the Company retains
the authority to make exceptions to the foregoing policy in unusual or meritorious cases including, but not limited to, the death of an employee during the fiscal year, termination of employment due to total or partial disability, call to active
military service or retirement with the written consent of the Company. 
 LIMITATIONS AND/OR ADJUSTMENTS 

Bonus compensation under the Program is not an integral part of an employee’s compensation package. An employee’s base salary compensates the
employee for the expected results of any given job. Payment of the bonus compensation is at the discretion of the Company. The Company reserves the right to review, amend, suspend, and/or terminate the Program, the incentive calculation formulas,
and all other aspects of the Program at any time. Program changes will be based on a determination of the Company’s business needs and do not require prior notification or explanation to eligible employees. 

An employee’s participation in the Program shall not be construed as an employment contract or as a promise of continuing employment between the
Company and the employee. Employment with the Company is terminable at will. 

  
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