Document:

EX-10.16

 Exhibit 10.16 

TAX MATTERS AGREEMENT 

between 
 McKesson Corporation,

 on behalf of itself 
 and
the members 
 of the Parent Group, 

and 
 PF2 SpinCo Inc., 

on behalf of itself 
 and the
members 
 of the SpinCo Group, 

and 
 Change Healthcare Inc.,

 on behalf of itself 
 and
the members 
 of the Acquiror Group. 

and 
 Change Healthcare LLC,

 on behalf of itself 
 and
the members 
 of the Acquiror Group 

(solely to the extent 
 set forth
herein), 
 and 
 Change
Healthcare Holdings, LLC 
  
 Dated as of [    ],
2020 

 Table of Contents 

 
  

 

							
	 	  	 	  	Page	 
	 SECTION 1.
	  	 Definitions.
	  	 	1	 
	 SECTION 2.
	  	 Sole Tax Sharing Agreement.
	  	 	12	 
	 SECTION 3.
	  	 Certain Pre-Closing Matters.
	  	 	12	 
	 SECTION 4.
	  	 Allocation of Taxes.
	  	 	12	 
	 SECTION 5.
	  	 Preparation and Filing of Tax Returns.
	  	 	15	 
	 SECTION 6.
	  	 Apportionment of Earnings and Profits and Tax Attributes.
	  	 	18	 
	 SECTION 7.
	  	 Utilization of Tax Attributes.
	  	 	19	 
	 SECTION 8.
	  	 Tax Benefits.
	  	 	20	 
	 SECTION 9.
	  	 Certain Representations and Covenants.
	  	 	20	 
	 SECTION 10.
	  	 Procedures Relating to Opinions and Rulings.
	  	 	25	 
	 SECTION 11.
	  	 Protective Section 336(e) Elections.
	  	 	25	 
	 SECTION 12.
	  	 Indemnities.
	  	 	26	 
	 SECTION 13.
	  	 Acquiror Shareholders Not Parties.
	  	 	28	 
	 SECTION 14.
	  	 Payments.
	  	 	28	 
	 SECTION 15.
	  	 Communication and Cooperation.
	  	 	29	 
	 SECTION 16.
	  	 Audits and Contest.
	  	 	30	 
	 SECTION 17.
	  	 Notices.
	  	 	31	 
	 SECTION 18.
	  	 Costs and Expenses.
	  	 	32	 
	 SECTION 19.
	  	 Effectiveness; Termination and Survival.
	  	 	32	 
	 SECTION 20.
	  	 Specific Performance.
	  	 	33	 
	 SECTION 21.
	  	 Construction.
	  	 	33	 
	 SECTION 22.
	  	 Entire Agreement; Amendments and Waivers.
	  	 	33	 
	 SECTION 23.
	  	 Governing Law and Interpretation.
	  	 	34	 
	 SECTION 24.
	  	 Dispute Resolution.
	  	 	34	 
	 SECTION 25.
	  	 Counterparts.
	  	 	35	 
	 SECTION 26.
	  	 Successors and Assigns; Third Party Beneficiaries.
	  	 	35	 
	 SECTION 27.
	  	 Authorization, Etc.
	  	 	35	 
	 SECTION 28.
	  	 Change in Tax Law.
	  	 	35	 
	 SECTION 29.
	  	 Principles.
	  	 	36	 

  
 i 

 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (the “Agreement”) is entered into as of [●] between McKesson Corporation
(“Parent”), a Delaware corporation, on behalf of itself and the members of the Parent Group, PF2 SpinCo Inc. (“SpinCo”), a Delaware corporation, on behalf of itself and the members of the SpinCo Group,
Change Healthcare Inc. (“Acquiror”), a Delaware corporation, on behalf of itself and the members of the Acquiror Group, Change Healthcare LLC (f/k/a PF2 NewCo LLC) (“JV”), a Delaware limited liability
company, on behalf of itself and the members of the Acquiror Group (solely for purposes of Section 2, Section 4(c), Section 5(g), Section 12, Section 15(d) and Section 19), and Change Healthcare Holdings, LLC (f/k/a PF2
NewCo Holdings, LLC) (“OpCo”), a Delaware limited liability company. 
 WITNESSETH: 

WHEREAS, Parent, SpinCo and Acquiror have entered into a Separation Agreement, dated as of the date hereof (the “Separation
Agreement”) and Parent, SpinCo and Acquiror have entered into an Agreement and Plan of Merger, dated as of December 20, 2016 (the “Merger Agreement”), pursuant to which the Internal Restructuring, the Controlled
Transfer, the Distribution and the Merger and other related transactions will be consummated; 
 WHEREAS, the Controlled Transfer, the
Distribution and the Merger are intended to qualify for the Intended Tax-Free Treatment; and 

WHEREAS, Parent, SpinCo and Acquiror desire to set forth their agreement on the rights and obligations of Parent, SpinCo, Acquiror and the
members of the Parent Group, the SpinCo Group and the Acquiror Group respectively, with respect to (a) the administration and allocation of federal, state, local and foreign Taxes incurred in Taxable periods beginning prior to the Distribution
Date, as defined below, (b) Taxes resulting from the Distribution and transactions effected in connection with the Distribution and (c) various other Tax matters. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows: 

SECTION 1.    Definitions. 

(a)    As used in this Agreement: 

“Acquiror” has the meaning set forth in the preamble. 

“Acquiror Capital Stock” means, to the extent issued by Acquiror, any shares of common stock (including Acquiror Common
Stock), preferred stock, restricted stock, restricted stock units, stock appreciation rights, stock-based performance units, phantom units, capital stock equivalents, mandatorily convertible instruments or similar synthetic instruments or other
capital stock or nominal interests in Acquiror, including any stock, other securities or interests that are treated as equity for purposes of Section 355 of the Code, or that are treated as an option under Treasury regulations Section 1.355-7(e). 

  
 1 

 “Acquiror Common Stock” means the common stock, par value $0.001 per share,
of Acquiror. 
 “Acquiror Compensatory Equity Interests” means any options, stock appreciation rights, restricted stock,
stock units or other rights with respect to Acquiror Capital Stock that are granted on or prior to the Effective Time by any member of the Acquiror Group in connection with employee, independent contractor or director compensation or other employee
benefits (including, for the avoidance of doubt, options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the Merger). 

“Acquiror Group” means Acquiror and each of its Subsidiaries, including, after the Closing, the SpinCo Group and the JV
Group. 
 “Acquiror Shareholder Acquisition” means any acquisition of shares of Parent common stock on or after
January 1, 2016 (in the case of clauses (i) and (ii) below) or on or after June 22, 2016 (in the case of clauses (iii) and (iv) below) and prior to the Distribution (which shares continue to be held at the time of the
Distribution and in respect of which shares SpinCo stock is received in the Distribution) by (i) Blackstone Capital Partners VI L.P., Blackstone Family Investment Partnership VI L.P., or Blackstone Family Investment Partnership VI – ESC
L.P., (each, a “BX Investor”), (ii) 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. or Hellman & Friedman
Capital Associates VI, L.P. each, an “H&F Investor”), (iii) any Person Under the Control of Blackstone and any Person Under the Control of H&F or (iv) any Person that is part of a coordinating group (within the meaning
of Section 1.355-7(h)(4) of the Treasury regulations) with any Person described in clause (i), (ii) or (iii) above. 

“Acquiror Tax Proceeding” has the meaning set forth in Section 16(d). 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with such other Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made; provided, however, that (notwithstanding any other provision of this Agreement)
prior to the Closing no member of the JV Group shall be considered to be a member of the Acquiror Group, Parent Group or SpinCo Group or to be an Affiliate of Parent, Acquiror or SpinCo prior to the Closing. For purposes of this definition, the term
“control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by Contract or otherwise. For the avoidance of doubt, (a) prior to the Closing, Affiliates of Parent will include SpinCo and
its Affiliates and (b) after the Closing, Affiliates of Acquiror will include SpinCo and its Affiliates and the members of the JV Group. 

“Agreement” has the meaning set forth in the preamble. 

“Applicable Law” (or “Applicable Tax Law,” as the case may be) means, with respect to any Person, any
federal, state, county, municipal, local, multinational or foreign statute, treaty, 

  
 2 

 
law, common law, ordinance, rule, regulation, order, writ, injunction, judicial decision, decree, permit or other legally binding requirement of any Governmental Authority applicable to such
Person or any of its respective properties, assets, officers, directors, employees, consultants or agents (in connection with such officer’s, director’s, employee’s, consultant’s or agent’s activities on behalf of such
Person). 
 “Business” means the Retained Business or the Controlled Business, as the case may be. 

“Business Day” means any day that is not a Saturday, a Sunday or other day that is a statutory holiday under the federal Laws
of the United States. 
 “Closing” means the consummation of the Merger. 

“Closing of the Books Method” means the apportionment of items between portions of a Taxable period based on a closing of the
books and records at the close of the Distribution Date (and for purposes of such apportionment, the Taxable year of any partnership or other passthrough entity or any controlled foreign corporation within the meaning of Section 957(a) of the
Code or passive foreign investment company within the meaning of Section 1297 of the Code shall be deemed to terminate at the close of the Distribution Date); and in the event that the Distribution Date is not the last day of the Taxable
period, as if the Distribution Date were the last day of the Taxable period), subject to adjustment for items accrued on the Distribution Date that are properly allocable to the Taxable period following the Distribution, as determined by agreement
among Acquiror, SpinCo, and Parent, with any dispute among them to be resolved by the Tax Arbiter in accordance with Section 24; provided that Taxes not susceptible to such apportionment shall be apportioned between the Pre- and Post-Distribution Periods on a pro rata basis in accordance with the number of days in each Taxable period; and provided, further, that, for the avoidance of doubt, the Closing of the
Books Method shall not require a closing of the books and records of any member of the JV Group (i) that is, as of immediately prior to the Distribution Date, a “domestic corporation” (within the meaning of Section 7701(a) of the
Code) or (ii) all of the JV Group’s equity interests in which are owned, directly or indirectly, by members of the JV Group described in the preceding clause (i). 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Combined Group” means any group that filed or was required to file (or will file or be required to file) a Tax Return on an
affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the Parent Group and at least one member of the SpinCo Group. 

“Combined Tax Return” means a Tax Return filed or required to be filed in respect of federal, state, local or foreign income
Taxes for a Combined Group, or any other affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) Tax Return of a Combined Group. 

“Company” means Parent, SpinCo, Acquiror, or a Group, as appropriate. 

  
 3 

 “Contribution Agreement” means the Agreement of Contribution and Sale,
dated as of June 28, 2016, by and among JV, Parent, Acquiror, Change Healthcare Performance, Inc. (formerly Change Healthcare, Inc.), Change Aggregator, L.P., H&F Echo Holdings, L.P. and the other parties thereto, as amended from time to
time. 
 “Controlled Business” means the Parent Group’s business known as the MHS business, which is engaged in the
provision of services, and the manufacture, marketing, distribution and sale of software products, designed to manage the cost and quality of care for payers, providers, hospitals and government organizations, provided that, for the avoidance of
doubt, the Controlled Business shall not include the Imaging and Workflow Solutions (the “IWS Business”). 

“Controlled Transfer” means, collectively, (i) the transfer by Parent to SpinCo of (x) 100% of the issued and
outstanding equity interests of PF2 PST Services LLC and (y) 100 shares of SpinCo common stock and (ii) the transfer by Parent to SpinCo of 100% of the issued and outstanding equity interests of PF2 IP LLC, in each case, solely in exchange for
Parent’s receipt of shares of SpinCo Common Stock. 
 “Covered Tax Distribution” means any distribution to which any
member of the SpinCo Group is (or, but for an amendment to the LLC Agreement after the Distribution, would have been) entitled to receive pursuant to Section 8.02(a) of the LLC Agreement after the Distribution to the extent attributable to Tax
Items allocated to such member of the SpinCo Group for any Pre-Distribution Period, including as a result of an adjustment to any such Tax Items. 

“Disqualifying Action” means a Parent Disqualifying Action or Echo Disqualifying Action. 

“Distribution” means a transaction in which Parent will dispose of all of the shares of SpinCo Common Stock through
(1) one or more exchange offers pursuant to which Parent will redeem shares of Parent Common Stock for shares of SpinCo Common Stock (each, a “Split-Off Exchange”), (2) a distribution to
Parent shareholders of shares of SpinCo Common Stock to Parent shareholders without consideration on a pro rata basis (a “Spin-Off”) (3) one or more exchanges of SpinCo Common Stock for debt
of Parent (each, a “Debt Exchange”) or (4) any combination of the foregoing; provided that more than 80% of the SpinCo Common Stock shall be disposed of under a combination of the preceding clauses (1) and (2). 

“Distribution Date” means the first date on or after the date of the consummation of the first event described in clause
(1) or clause (2) of the definition of “Distribution” on which more than 80% of the SpinCo Common Stock has been disposed of under a combination of clause (1) or clause (2) of the definition of “Distribution.”

 “Distribution Effective Time” means the first time on or after the consummation of the first event described in clause
(1) or clause (2) of the definition of “Distribution” at which more than 80% of the SpinCo Common Stock has been disposed of under a combination of clause (1) or clause (2) of the definition of “Distribution.”

  
 4 

 “Distribution Taxes” means any Taxes incurred as a result of the failure of
the Intended Tax-Free Treatment of the Internal Restructuring, the Controlled Transfer or the Distribution. 

“Echo Cushion Percentage” means a percentage equal to the sum of (a) 50% of the difference between (i) 49.99% and
(ii) the percentage of the total Acquiror Capital Stock outstanding immediately after the Merger that is held immediately after the Merger by Persons who held such stock by reason of (A) having held Acquiror Capital Stock prior to the
Merger or (B) having acquired such Acquiror Capital Stock in the manner described in Section 3.3(b) of the Merger Agreement (the percentage described in this clause (a)(ii), the “Cushion Starting Percentage”), and (b) the
Cushion Starting Percentage. 
 “Echo Disqualifying Action” means (i) any Acquiror Shareholder Acquisition,
(ii) from and after the Effective Time, any action (or the failure to take any action) within Acquiror’s control by any member of the Acquiror Group (including (x) entering into any agreement, understanding or arrangement or any
negotiations with respect to any transaction or series of transactions or (y) any action resulting in an adjustment to the fixed settlement rate for any TEU Purchase Contract), (iii) from and after the Effective Time, any event (or series of
events) involving a transfer of the capital stock of Acquiror, (iv) any breach by any member of the Acquiror Group of any representation, warranty or covenant made by them in this Agreement, (v) from and after the Effective Time, any
coordinated acquisition of the stock of Acquiror by (x) any Person Under the Control of Blackstone with any BX Excluded Person or by (y) any Person Under the Control of H&F with any H&F Excluded Person; (vi) from and after the
Effective Time, the issuance by Acquiror (other than in a public offering) of its newly issued capital stock to any fund or other managed investment vehicle of Blackstone that is not a Person under the Control of Blackstone or to any fund or other
managed investment vehicle of H&F that is not a Person under the Control of H&F (vii) from and after the Effective Time, any acquisition (other than in a public offering) of the capital stock of Acquiror by any fund or other managed
investment vehicle of Blackstone that is not a Person under the Control of Blackstone, which acquisition is consummated, facilitated or otherwise executed due to the efforts or pursuant to the instructions of any Person under the Control of
Blackstone or (viii) from and after the Effective Time, any acquisition (other than in a public offering) of the capital stock of Acquiror by any fund or other managed investment vehicle of H&F that is not a Person under the Control of
H&F, which acquisition is consummated, facilitated or otherwise executed due to the efforts or pursuant to the instructions of any Person under the Control of H&F that, in each case ((i) through (viii)), is not a Parent Disqualifying Action
and would affect the Intended Tax-Free Treatment; provided, however, that the term “Echo Disqualifying Action” shall not include any action or event entered into pursuant
to any Transaction Document or that is undertaken pursuant to the Internal Restructuring, the Controlled Transfer, the Distribution (including a Debt Exchange) or the Merger. For the avoidance of doubt, a sale of Acquiror stock by any BX Investor or
any H&F Investor (or their Permitted Transferees) shall not constitute an Echo Disqualifying Action. 
 “Echo Tainted
Stock” means Acquiror Equity Interests the issuance, acquisition or disposition of which was consummated in a manner that did not constitute a breach of Section 9(a)(i)(D) solely because of the proviso thereto. 

  
 5 

 “Effective Time” means the date and time of the filing with the Secretary
of State of the State of Delaware of the certificate of merger consummating the Merger, or such later time as is specified in such certificate of merger and as is agreed to by Parent and Acquiror. 

“Equity Interests” means any stock or other securities treated as equity for Tax purposes, options, warrants, rights,
convertible debt or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the value of stock. 

“Escheat Payment” means any payment required to be made to a Governmental Authority pursuant to an abandoned property,
escheat or similar law. 
 “Exit Transaction Documents” means, collectively, this Agreement, the Merger Agreement, the
Separation Agreement and the Transition Services Agreement. 
 “Final Determination” means (i) with respect to federal
income Taxes, (A) a “determination” as defined in Section 1313(a) of the Code (including, for the avoidance of doubt, an executed IRS Form 906) or (B) the execution of an IRS Form
870-AD (or any successor form thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that
reserves the right of the taxpayer to file a claim for refund or the right of the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than
federal income Taxes, any final determination of liability in respect of a Tax that, under Applicable Tax Law, is not subject to further appeal, review or modification through proceedings or otherwise; or (iii) with respect to any Tax, any
final disposition by reason of the expiration of the applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof). 

“Governmental Authority” means any federal, state, local, provincial, foreign or international court, tribunal, judicial or
arbitral body, government, department, commission, board, bureau, agency, official or other regulatory, administrative or governmental authority or any national securities exchange. 

“Group” means the Parent Group, the Acquiror Group, the SpinCo Group or the JV Group, as the context requires. 

“Historic Acquiror Stock” means stock of Acquiror that Acquiror can demonstrate to have been (i) held by shareholders of
Acquiror immediately prior to the Merger and (ii) either (A) acquired by shareholders of Acquiror prior to the initial public offering of Acquiror, or (B) acquired by service providers of Acquiror prior to the Merger pursuant to
compensatory arrangements. 
 “Indemnifying Party” means the party from which another party is entitled to seek
indemnification pursuant to the provisions of Section 12. 
 “Indemnitee” means the party which is entitled to
seek indemnification from another party pursuant to the provisions of Section 12. 

  
 6 

 “Intended Tax-Free Treatment” means
the qualification of (i) the Controlled Transfer, together with the Distribution as a reorganization described in Section 368(a)(1)(D) of the Code, pursuant to which neither Parent nor SpinCo recognizes any gain or loss for U.S. federal
income Tax purposes, and of each of Parent and SpinCo as a “party to the reorganization” within the meaning of Section 368(b) of the Code, (ii) the Distribution, as such, as a distribution of SpinCo Common Stock to Parent’s
shareholders and creditors pursuant to Section 355 of the Code (and, as applicable, Section 361 of the Code), pursuant to which neither Parent nor SpinCo nor any of Parent’s shareholders recognizes any gain or loss for U.S. federal
income Tax purposes, (iii) the Merger as a “reorganization” within the meaning of Section 368(a) of the Code pursuant to which neither Acquiror nor SpinCo nor any of Acquiror’s or SpinCo’s shareholders recognizes any
gain or loss for U.S. federal income Tax purposes, and of each of Acquiror and SpinCo as a “party to the reorganization” within the meaning of Section 368(b) of the Code and (iv) the transactions described on Schedule A as
being free from Tax to the extent set forth therein. 
 “Internal Restructuring” has the meaning set forth in Schedule
B. 
 “IRS” means the United States Internal Revenue Service. 

“JV” has the meaning ascribed thereto in the preamble. 

“JV Corporate Group” means any member of the JV Group that (i) is treated as a corporation for U.S. federal income Tax
purposes, or (ii) (x) is a direct or indirect Subsidiary of a member of the JV Group described in clause (i) and (y) is wholly owned (directly or indirectly) by members of the JV Group described in clause (i) and/or Persons that are
not members of the JV Group. 
 “JV Group” means the JV and each of its Subsidiaries. 

“JV Group Tax” means any Tax of a member of the JV Group. 

“Letter Agreement” means the Amended and Restated Letter Agreement, dated as of September 28, 2018, by and among Parent,
the McKesson Members, Acquiror, JV and the other parties thereto, as amended from time to time. 
 “LLC Agreement” means
the Third Amended and Restated Limited Liability Company Agreement of Change Healthcare LLC, dated as of March 1, 2017, as amended from time to time. 

“Merger” has the meaning set forth in the Merger Agreement. 

“Merger Agreement” has the meaning set forth in the recitals. 

“MCK Cushion Amount” means an amount of Acquiror Capital Stock equal to 50% of the difference between (x) 49.99% of the total
Acquiror Capital Stock outstanding and (y) the amount of Acquiror Capital Stock held immediately after the Merger by Persons who held such stock by reason of (i) having held Acquiror Capital Stock prior to the Merger or (ii) having
acquired such Acquiror Capital Stock in the manner described in Section 3.3(b) of the Merger Agreement, in each case as determined following the Merger. 

  
 7 

 “Parent” has the meaning ascribed thereto in the preamble. 

“Parent Disqualifying Action” means (i) any action (or the failure to take any action) within Parent’s control by
any member of the Parent Group (or, to the extent the action is taken prior to the Effective Time, any member of the SpinCo Group) (including entering into any agreement, understanding or arrangement or any negotiations with respect to any
transaction or series of transactions), (ii) any event (or series of events) involving the transfer of the capital stock of Parent other than an Acquiror Shareholder Acquisition or (iii) any breach by any member of the Parent Group (or, to the
extent occurring prior to the Effective Time, by any member of the SpinCo Group) of any representation, warranty or covenant made by them in this Agreement, that, in each case ((i) through (iii)), would affect the Intended Tax-Free Treatment; provided, however, that the term “Parent Disqualifying Action” shall not include any action (or event otherwise described in clause (ii) above) undertaken pursuant to
any Transaction Document or pursuant to the Controlled Transfer, the Distribution (other than a Debt Exchange) or the Merger. 

“Parent Group” means Parent and each of its Subsidiaries, but excluding any member of the SpinCo Group. 

“Parent Separate Tax Return” means any Tax Return that is required to be filed by, or with respect to, a member of the Parent
Group that is not a Combined Tax Return. 
 “Person” has the meaning set forth in Section 7701(a)(1) of the Code. 

“Person Under the Control of Blackstone” means (i) the private side businesses controlled by The Blackstone Group Inc.
(“Blackstone”), which businesses are currently comprised of the Private Equity Business, the Tactical Opportunities Business, and the Real Estate Business (collectively, the “Existing Private Businesses”), and which
businesses shall include such other businesses that Blackstone may hereafter form or acquire and that are, at the time of any determination as to whether any such business is a Person Under the Control of Blackstone, managed within the same ethical
wall as the Existing Private Businesses and (ii) the employees, directors and officers of Blackstone or the businesses described in clause (i). For the avoidance of doubt, a Person Under the Control of Blackstone shall not include (each of the
following, a “BX Excluded Person”): (A) the public side businesses controlled by Blackstone (e.g. BAAM and GSO) and other businesses on the other side of the ethical wall from the private businesses described in clause (i), (B)
limited partners of any fund affiliated with Blackstone, (other than individuals who are limited partners that are described in clause (ii) or to the extent such individuals are acting in concert with a
co-investment with a person described in clause (i) with respect to a co-investment), (C) portfolio companies of the businesses described in clause (i), except to
the extent such portfolio company is controlled by the applicable Blackstone business, and Blackstone actively participates in or approves of the applicable acquisition of Parent common stock, (D) any company or business in which any business
described in clause (A) of this sentence invests (other than a portfolio company described in the exception to clause (C)), (E) with regard to any fund of funds controlled by Blackstone, any pooled investment vehicle or discretionary separate
account in which such fund of funds invests, (F) any employee, director or officer referenced in clause (ii) prior to or after such person has held such role, or (G) any investment accounts, estate planning or investment vehicles for
the benefit of family 

  
 8 

 
members of Blackstone professionals or other employees or nonprofit organizations, with respect to which the applicable Blackstone professional or employee does not have investment discretion.

 “Person Under the Control of H&F” means (i) the business entities controlled or managed by Hellman &
Friedman LLC (“H&F”), which business entities consist of certain private equity investment funds formed for the purpose of investing capital contributed by investors and that is affiliated with H&F (each, an “H&F
Fund”), the general partners of such H&F Funds, and any entities formed or acquired by H&F in connection with any other business that H&F may hereafter form or acquire, and (ii) employees, directors and officers of H&F or
the business entities described in clause (i). For the avoidance of doubt, a Person Under the Control of H&F shall not include (each of the following, an “H&F Excluded Person”) (A) limited partners of any H&F Fund (other
than individuals who are limited partners and are described in clause (ii) or limited partners to the extent they are acting in concert with an H&F Fund with respect to a co-investment), (B) portfolio
companies of any H&F Fund except to the extent such portfolio company is controlled by the applicable H&F Fund, and H&F actively participates in or approves of such portfolio company’s acquisition of Parent common stock,
(C) any employee, director or officer referenced above prior to or after such person has held such role, and (D) any investment accounts, estate planning or investment vehicles for the benefit of family members of H&F professionals or
other employees or nonprofit organizations, with respect to which the applicable H&F professional or employee does not have investment discretion. 

“Post-Distribution Period” means any Taxable period (or portion thereof) beginning after the Distribution Date. 

“Pre-Distribution Period” means any Taxable period (or portion thereof) ending on or
before the Distribution Date. 
 “Principal Shareholder Letter” means the letters, dated as of the date hereof, addressed
to Parent by Blackstone and H&F, respectively, and delivered in connection with the execution of this Agreement. 
 “Retained
Business” means any business now, previously or hereafter conducted by Parent or any of its Subsidiaries or Affiliates other than the Controlled Business and any other constituent business of the Core MTS Business (as defined in the
Contribution Agreement). 
 “Separation Agreement” has the meaning set forth in the recitals. 

“SpinCo” has the meaning set forth in the preamble. 

“SpinCo Common Stock” means common stock, par value $0.001 per share, of SpinCo. 

“SpinCo Group” means SpinCo and each of its Subsidiaries. 

“SpinCo SAG” means a group made up of one or more chains of includible corporations (including SpinCo) connected through
stock ownership if SpinCo owns directly stock meeting the Stock Ownership Requirement in at least one other includible corporation and stock meeting the Stock Ownership Requirement in each of the includible corporations (except SpinCo) is owned
directly by one or more of the other includible corporations. 

  
 9 

 “SpinCo Separate Tax Return” means any Tax Return that is filed or required
to be filed by, or with respect to, any member of the SpinCo Group that is not a Combined Tax Return. 
 “Stock Ownership
Requirement” means, with respect to a corporation, stock owned representing at least 80% of the total voting power and at least 80% of the total value of the stock of such corporation. 

“Subsidiary” means, with respect to any specified Person, any other Person a majority of whose equity interests (whether by
voting power or by economic interest) are at the time directly or indirectly owned by such specified Person; provided that before the Effective Time, no member of the JV Group shall be a Subsidiary of Parent, SpinCo or Acquiror. 

“Tax” (and the correlative meaning, “Taxes,” “Taxing” and “Taxable”) means
(i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem,
franchise, profits, license, business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, impost, obligation,
assessment, levy, tariff or other tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to, any Escheat Payment), together with any interest and any penalty, addition to tax or additional amount
imposed by a Taxing Authority; or (ii) any liability of any member of the Parent Group, the SpinCo Group or the Acquiror Group for the payment of any amounts described in clause (i) as a result of any express or implied obligation to
indemnify any other Person (other than under the Transaction Documents). 
 “Tax Advisor” means Davis Polk &
Wardwell LLP and Ropes & Gray LLP, or another nationally recognized tax advisor reasonably acceptable to Acquiror, Parent, and SpinCo. 

“Tax Attribute” means a net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess
charitable contribution, unused general business credit, alternative minimum tax credit or any other Tax Item that could reduce a Tax liability. 

“Tax Benefit” means any refund, credit, offset or other reduction in
otherwise required Tax payments. 
 “Tax Item” means any item of income, gain, loss, deduction, credit, recapture of credit
or any other item that can increase or decrease Taxes paid or payable. 
 “Tax Proceeding” means any Tax audit, dispute,
examination, contest, litigation, arbitration, action, suits, claim, cause of action, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative, judicial or contractual). 

“Tax Receivable Agreements” means the MCK Tax Receivable Agreement and the New Echo Tax Receivable Agreement. 

  
 10 

 “Tax-Related Losses” means, with
respect to any Taxes imposed pursuant to any settlement, determination, or judgment, (i) all accounting, legal and other professional fees, and court costs incurred in connection with such settlement, determination, or judgment, as well as any
other out-of-pocket costs incurred in connection with such settlement, determination, or judgment and (ii) all Damages, costs and expenses associated with
stockholder litigation or controversies and any amount paid by any member of the Parent Group, any member of the SpinCo Group or any member of the Acquiror Group in respect of the liability of shareholders, whether paid to shareholders or to the IRS
or any other Taxing Authority, in each case, resulting from the failure of the Intended Tax-Free Treatment of the Internal Restructuring, the Controlled Transfer or the Distribution. 

“Tax Representation Letters (Distribution)” means the representations provided by Acquiror, SpinCo and Parent as contemplated
by Section 4.4(b)(ii) of the Merger Agreement, in the form delivered in connection with the filing of the Applicable SEC Filings and acknowledged by Parent and Acquiror by written notice in connection therewith to be final.

 “Tax Representation Letters (Merger)” means the representations provided by Acquiror and SpinCo as contemplated by
Section 4.4(b)(i) of the Merger Agreement, in the form delivered in connection with the filing of the Applicable SEC Filings and acknowledged by Parent and Acquiror by written notice in connection therewith to be final.

 “Tax Representation Letters” means, collectively, the Tax Representation Letters (Distribution) and the Tax
Representation Letters (Merger). 
 “Tax Return” means any Tax return, statement, report, form, election, certificate,
claim or surrender (including estimated Tax returns and reports, extension requests and forms, and information returns and reports), or statement or other document or written information filed or required to be filed with any Taxing Authority,
including any amendment thereof (solely for purposes of Section 4), appendix, schedule or attachment thereto. 

“Taxing Authority” means any Governmental Authority (domestic or foreign), including, without limitation, any state,
municipality, political subdivision or governmental agency responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax. 

“TEU Purchase Contract” means a prepaid stock purchase contract constituting a component of a tangible equity unit issued by
Acquiror on or about July 1, 2019. 
 “Transaction Documents” has the meaning set forth in the LLC Agreement. 

“Transfer Taxes” means all U.S. federal, state, local or foreign sales, use, privilege, transfer, documentary, stamp, duties,
real estate transfer, controlling interest transfer, recording and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any member of the Parent Group, any member of the SpinCo Group, any member of the
Acquiror Group or any member of the JV Group in connection with the Internal Restructuring, the Controlled Transfer, the Distribution or the Merger. 

  
 11 

 (b)    Each of the following terms is defined
in the Section set forth opposite such term: 
  

					
	 Term
	  	 Section
	 
	 Due Date
	  	 	Section 14(a)	 
	 Final Allocation
	  	 	Section 6(b)	 
	 Internal Tax-Free Transactions
	  	 	Schedule A	 
	 Parent Tax Proceeding
	  	 	Section 16(b)	 
	 Past Practices
	  	 	Section 5(f)(i)	 
	 Proposed Allocation
	  	 	Section 6(b)	 
	 Section 336(e) Election
	  	 	Section 11(a)	 
	 Tax Arbiter
	  	 	Section 24	 
	 Tax Benefit Recipient
	  	 	Section 8(b)	 

 (c)    All capitalized terms used but not defined herein shall have the same meanings as
in the Contribution Agreement. Any term used in this Agreement which is not defined in this Agreement or the Contribution Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury
regulations thereunder (as interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of Applicable Tax Law. 

SECTION 2.    Sole Tax Sharing Agreement. Except for this Agreement, the Tax Receivable Agreements, the
Letter Agreement, Section 11.04(e) of the LLC Agreement and Section 5.15 of the Contribution Agreement, any and all existing Tax sharing agreements or arrangements, written or unwritten, between any member of the Parent Group, on the one
hand, and any member of the SpinCo Group, the Acquiror Group or the JV Group, on the other hand, if not previously terminated, shall be terminated as of the Distribution Date without any further action by the parties thereto. Following the
Distribution, no member of the SpinCo Group, the Acquiror Group, the JV Group or the Parent Group shall have any further rights or liabilities thereunder, and, except for the Tax Receivable Agreements, the Letter Agreement, Section 11.04(e) of
the LLC Agreement and Section 5.15 of the Contribution Agreement, this Agreement shall be the sole Tax sharing agreement between the members of the SpinCo Group, the Acquiror Group or the JV Group, on the one hand, and the members of the Parent
Group, on the other hand. 
 SECTION 3.    Certain Pre-Closing
Matters. From the date hereof until the Distribution Effective Time, Acquiror shall cooperate in good faith with any request by Parent to obtain a private letter ruling, closing agreement or similar determination to the effect that, in whole or
in part, the Controlled Transfer, the Distribution and/or the Merger will receive the Intended Tax-Free Treatment. 

SECTION 4.    Allocation of Taxes. 

(a)    General Allocation Principles. Except as provided in Section 4(c), all Taxes shall
be allocated as follows: 
 (i)    Allocation of Taxes for Combined Tax Returns. Parent shall be
allocated all Taxes reported, or required to be reported, on any Combined Tax Return that any 

  
 12 

 
member of the Parent Group files or is required to file under the Code or other Applicable Tax Law; provided, however, that (A) to the extent any such Combined Tax Return
includes any Tax Item attributable to any member of the SpinCo Group or the Controlled Business in respect of any Post-Distribution Period, SpinCo shall be allocated all Taxes attributable to such Tax Items and (B) to the extent any such
Combined Tax Return includes any Tax Item in respect of any Pre-Distribution Period, SpinCo shall be allocated such Taxes to the extent a member of the SpinCo Group is (or, but for an amendment to, or waiver
under, the LLC Agreement occurring after the Distribution, would be) entitled to a Covered Tax Distribution (for the avoidance of doubt, other than a Covered Tax Distribution that has already been made) in respect of the Tax Items giving rise to
such Taxes. 
 (ii)    Allocation of Taxes for Separate Tax Returns. 

(A)    Except for Taxes allocated to SpinCo pursuant to Section 4(a)(ii)(B), Parent shall be allocated
all Taxes reported, or required to be reported, on a Parent Separate Tax Return or a SpinCo Separate Tax Return. 

(B)    SpinCo shall be allocated all Taxes reported, or required to be reported, on (x) a Parent
Separate Tax Return with respect to a Pre-Distribution Period to the extent a member of the SpinCo Group is (or would be) entitled to a Covered Tax Distribution (for the avoidance of doubt, other than a
Covered Tax Distribution that has already been made) in respect of the Tax Item(s) giving rise to such Taxes, (y) a SpinCo Separate Tax Return (including, for the avoidance of doubt, a SpinCo Separate Tax Return filed or required to be filed in
respect of federal, state, local or foreign income Taxes on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) with any member of the Acquiror Group) with
respect to a Post-Distribution Period or (z) a SpinCo Separate Tax Return with respect to a Pre-Distribution Period, but in the case of this clause (z), only to the extent a member of the SpinCo Group is
(or, but for an amendment to, or waiver under, the LLC Agreement occurring after the Distribution, would be) entitled to a Covered Tax Distribution (for the avoidance of doubt, other than a Covered Tax Distribution that has already been made) in
respect of the Tax Item(s) giving rise to such Taxes. 
 (b)    Allocation Conventions. 

(i)    All Taxes allocated pursuant to Section 4(a) shall be allocated in
accordance with the Closing of the Books Method; provided, however, that if Applicable Tax Law does not permit a SpinCo Group member to close its Taxable year on the Distribution Date, the Tax attributable to the operations of the
members of the SpinCo Group for any Pre-Distribution Period shall be the Tax computed using a hypothetical closing of the books consistent with the Closing of the Books Method. 

(ii)    Any Tax Item of SpinCo, Acquiror or any member of their respective Groups arising from a
transaction engaged in outside the ordinary course of business on 

  
 13 

 
the Distribution Date after the Distribution Effective Time shall be properly allocable to SpinCo and any such transaction by or with respect to SpinCo, Acquiror or any member of their respective
Groups occurring after the Distribution Effective Time shall be treated for all Tax purposes (to the extent permitted by Applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the principles
of Treasury regulations Section 1.1502-76(b) (assuming no election is made under Section 1.1502-76(b)(2)(ii) of the Treasury regulations (relating to a ratable
allocation of a year’s Tax Items)); provided that the foregoing shall not include any action that is undertaken pursuant to the Internal Restructuring, the Controlled Transfer, the Distribution, the Merger or the Transaction Documents.

 (c)    Special Allocation Rules. Notwithstanding any other provision in this Section 4, the
following Taxes shall be allocated as follows: 
 (i)    Transfer Taxes. Transfer Taxes (other
than those attributable to the Internal Restructuring) shall be allocated to SpinCo. Any Transfer Taxes attributable to the Internal Restructuring shall be allocated to Parent. 

(ii)    JV Group Taxes. JV Group Taxes shall be allocated to (A) SpinCo, if paid by a member of
the Parent Group pursuant to Section 5(g) and (B) the JV, otherwise. 

(iii)    Distribution Taxes and Tax-Related Losses. 

(A)    Any liability for Distribution Taxes (and any associated
Tax-Related Losses) which would not have been incurred but for one or more Echo Disqualifying Actions (as determined by treating any acquisition of capital stock of Parent, SpinCo or Acquiror that constitutes
a Parent Disqualifying Action as if such acquisition did not occur) shall be allocated to SpinCo, subject to Section 4(c)(iii)(B) and Section 4(c)(iii)(C). 

(B)    Any liability for Distribution Taxes (and any associated
Tax-Related Losses) solely by reason of the application of Section 355(e) which would not have been incurred if, instead of the occurrence of one or more Debt Exchanges that exceeds the MCK Cushion
Amount, 100% of the SpinCo Common Stock had been distributed in a Split-Off Exchange or Spin-Off on the Distribution Date to Persons whose acquisitions of such SpinCo
Common Stock were disregarded by reason of Section 355(e)(3)(A) of the Code, shall be allocated to Parent. 

(C)    Any liability for Distribution Taxes (and any associated
Tax-Related Losses) not described in Section 4(c)(iii)(B) which (x) would not have been incurred but for the occurrence of both one or more Echo Disqualifying Actions and one or
more Parent Disqualifying Actions, or which (y) both (I) would not have been incurred but for the occurrence of one or more Echo Disqualifying Actions (as determined by treating any Parent Disqualifying Actions as if such Parent Disqualifying
Actions did not occur) and (II) would not have been incurred but for the incurrence of one or more Parent Disqualifying Actions (as determined by treating any Echo Disqualifying Actions as if such Echo Disqualifying Actions did not occur),
shall be allocated to Parent. 

  
 14 

 (D)    Any liability for Distribution Taxes (and any
associated Tax-Related Losses) not described in Section 4(c)(iii)(A), Section 4(c)(iii)(B) or Section 4(c)(iii)(C) shall be
allocated to Parent. 
 (iv)    Internal Restructuring Taxes. Notwithstanding any other provision
in this Section 4, all Taxes with respect to the Internal Restructuring shall be allocated to Parent, except that any Taxes with respect to the Internal Restructuring to the extent attributable to the failure by the SpinCo
Group to preserve the Intended Tax-Free Treatment of the transaction described in clause (iv) of the definition of Intended Tax-Free Treatment, as a result of
(a) the failure of the SpinCo Group after the Effective Time to continue the historic business of the SpinCo Group or use a significant portion of the SpinCo Group’s business assets in a business, except as a result of any action that any
member of the SpinCo Group was, beginning at any time prior to the Effective Time, contractually bound to take (including pursuant to any Transaction Document or Exit Transaction Document), (b) the breach of the representations and covenants of the
Acquiror Group contained in this Agreement or (c) the breach of the covenants contained in this Agreement after the Effective Time by any member of the SpinCo Group, in each case, shall be allocated to SpinCo. 

SECTION 5.    Preparation and Filing of Tax Returns. 

(a)    Parent Group Combined Tax Returns. 

(i)    Parent shall prepare and file, or cause to be prepared and filed, Combined Tax Returns for which a
member of the Parent Group is required or, subject to Section 5(f)(iv), permitted, to file a Combined Tax Return. Each member of any such Combined Group shall execute and file such consents, elections and other documents as
may be required or requested by Parent in connection with the filing of such Combined Tax Returns. Items of income, gain, loss, deduction and credit of the JV for the taxable year which includes the Distribution Date shall be allocated to the Pre-Distribution Period and the Post-Distribution Period in accordance with Treasury regulations Section 1.1502-76(b)(2)(vi) (and any similar state or local provision of
Applicable Tax Law). Parent and Acquiror shall cooperate in determining the allocation described in the preceding sentence. 

(ii)    The parties and their respective Affiliates shall elect to close the Taxable year of each SpinCo
Group member on the Distribution Date, to the extent permitted by Applicable Tax Law. For the avoidance of doubt, no member of the JV Group shall be treated as a member of the Spinco Group for this purpose. 

(b)    SpinCo Separate Tax Returns. 

(i)    Tax Returns to Be Prepared by Parent. Parent shall prepare (or cause to be prepared) and, to
the extent permitted by Applicable Law, file (or cause to be filed) all 

  
 15 

 
SpinCo Separate Tax Returns that relate in whole or in part to any Pre-Distribution Period for which Parent is liable for any Taxes not allocated to SpinCo
under this Agreement (excluding, for the avoidance of doubt, IRS Form 1065 (U.S. Return of Partnership Income) of JV and corresponding state or local Tax Returns (each, a “JV Income Tax Return”)); provided, however, that with
respect to any such Tax Return that is prepared by Parent but required to be filed by a member of the Acquiror Group under Applicable Law, Parent shall provide such Tax Returns to Acquiror at least thirty (30) days prior to the due date for
filing such Tax Returns (taking into account any applicable extension periods) with the amount of any Taxes shown as due thereon, and Acquiror shall execute and file (or cause to be executed and filed) the Tax Returns. 

(ii)    Tax Returns to be Prepared by Acquiror. Acquiror shall prepare and file (or cause to be
prepared and filed) all SpinCo Separate Tax Returns that are not described in Section 5(b)(i) (including JV Income Tax Returns). 

(c)    Provision of Information; Timing. SpinCo and Acquiror shall maintain all necessary information for Parent
(or any of its Affiliates) to file any Tax Return that Parent is required or permitted to file under this Section 5, and shall provide to Parent, upon reasonable request, all such necessary information to which it has access in
accordance with the Parent Group’s past practice. Parent shall maintain all necessary information for Acquiror (or any of its Affiliates) to file any Tax Return that Acquiror is required or permitted to file under this Section 5,
and shall provide Acquiror with all such necessary information in accordance with the SpinCo Group’s past practice. 

(d)    Review of SpinCo Separate Tax Returns. The party that is required to prepare a SpinCo Separate Tax Return
(other than a SpinCo Separate Tax Return that relates solely to a Post-Distribution Period and/or to JV Group Taxes) that is required to be filed after the Distribution Date shall submit a draft of such Tax Return to the non-preparing party at least sixty (60) days prior to the earlier of (i) the due date for the filing of such Tax Return (taking into account any applicable extensions), or (ii) if applicable, the date
on which such Tax Return must be provided by Parent to Acquiror under Section 5(b)(i). The non-preparing party shall have the right to review such Tax Return, and to submit to the preparing party any
reasonable changes to such Tax Return no later than thirty (30) days prior to the earlier of (i) the due date for the filing of such Tax Return or (ii) if applicable, the date on which such Tax Return must be provided by Parent to
Acquiror under Section 5(b)(i) (and the preparing party agrees to consider in good faith any such changes submitted). The parties agree to consult and to attempt to resolve in good faith any issues arising as a result of the review of any such
Tax Return. If the parties are unable to resolve any such issues, the matter shall be submitted to the Tax Arbiter pursuant to Section 24. 

(e)    Review and Approval of JV Income Tax Returns. Acquiror shall submit a draft of any JV Income Tax Return that
it is required to prepare and file pursuant to Section 5(b)(ii) to Parent at least thirty (30) days prior to the due date for the filing of such JV Income Tax Return (taking into account any applicable extensions). Parent shall have the
right to review, comment on and approve any such JV Income Tax Return, such approval not to be unreasonably withheld, conditioned, or delayed, and Acquiror agrees to consider in good faith any such changes submitted by Parent. The parties agree to
consult and to attempt to resolve in good faith any issues arising as a result of the review of any such JV Income Tax Return. If the parties are unable to resolve any such issues, the matter shall be submitted to the Tax Arbiter pursuant
Section 24. 

  
 16 

 (f)    Special Rules Relating to the Preparation of Tax Returns.

 (i)    General Rule. Except as otherwise required by law, Parent shall prepare (or cause to be
prepared) any Tax Return for which it is responsible under this Section 5 in accordance with past practices, permissible accounting methods, elections or conventions (“Past Practices”) used by the members of the Parent
Group and the members of the SpinCo Group prior to the Distribution Date with respect to such Tax Return, and to the extent any items, methods or positions are not covered by Past Practices, in accordance with reasonable Tax accounting practices
selected by Parent. With respect to any Tax Return that Acquiror has the obligation and right to prepare, or cause to be prepared, under this Section 5 (other than a SpinCo Separate Tax Return that relates solely to a Post-Distribution Period
and/or to JV Group Taxes), except as otherwise required by law or with the consent of Parent (such consent not to be unreasonably withheld, conditioned, or delayed), such Tax Return shall be prepared in accordance with Past Practices used by the
members of the Parent Group and the members of the SpinCo Group (or, in the case of a JV Income Tax Return, JV) prior to the Distribution Date with respect to such Tax Return, and, with respect to any such Tax Return other than a JV Income Tax
Return, to the extent any items, methods or positions are not covered by Past Practices, in accordance with reasonable Tax accounting practices selected by Acquiror. 

(ii)    Consistency with Intended Tax-Free Treatment. 

(A)    The parties shall report the Internal Restructuring in the manner determined by Parent;
provided that (x) Parent communicates its treatment of the Internal Restructuring to Acquiror no fewer than thirty (30) days prior to the due date (taking into account any applicable extensions) for filing an applicable Tax Return
that reflects the Internal Restructuring (y) such treatment is supported by substantial authority (within the meaning of Section 6662 of the Code), as determined by Acquiror in its reasonable discretion, in each case, unless, and then only
to the extent, an alternative position is required pursuant to a Final Determination, and (z) a member of the Acquiror Group may book reserves or make disclosures relating to the Internal Restructuring if required to do so under applicable
accounting principles or Tax law. 
 (B)    The parties shall report the Controlled Transfer, the
Distribution and the Merger for all Tax purposes in a manner consistent with the Intended Tax-Free Treatment unless, and then only to the extent, an alternative position is required pursuant to a Final
Determination. 
 (iii)    SpinCo Separate Tax Returns. With respect to any SpinCo Separate Tax
Return for which Acquiror is responsible pursuant to this Agreement, Acquiror and the other members of the Acquiror Group shall include such Tax Items in such SpinCo Separate Tax Return in a manner that is consistent with the inclusion of such Tax
Items in any related Tax Return for which Parent is responsible to the extent such Tax Items are allocated in accordance with this Agreement. 

  
 17 

 (iv)    Election to File Combined Tax Returns.
Parent shall have sole discretion to file any Combined Tax Return if the filing of such Tax Return is elective under Applicable Tax Law. 

(v)    Preparation of Transfer Tax Returns. The Company required under Applicable Tax Law to file
any Tax Returns in respect of Transfer Taxes shall prepare and file (or cause to be prepared and filed) such Tax Returns. If required by Applicable Tax Law, Parent, SpinCo and Acquiror shall, and shall cause their respective Subsidiaries to,
cooperate in preparing and filing, and join the execution of, any such Tax Returns. 
 (g)    Payment of Taxes.
Parent shall pay (or cause to be paid) to the proper Taxing Authority (or to Acquiror with respect to any SpinCo Separate Tax Return prepared by Parent but required to be filed by a member of the Acquiror Group under Applicable Tax Law) the Tax
shown as due on any Tax Return for which a member of the Parent Group is responsible under this Section 5, and the members of the JV Group shall be jointly and severally liable to pay to Acquiror, and Acquiror shall pay (or cause to be
paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the Acquiror Group is responsible under this Section 5. If any member of the Parent Group is required to make a payment to a Taxing
Authority for JV Group Taxes, Acquiror shall pay the amount of such Taxes to Parent in accordance with Section 12 and Section 13. If any member of the Acquiror Group is required to make a payment to a Taxing Authority for
Taxes allocated to Parent under Section 4, Parent shall pay the amount of such Taxes to Acquiror in accordance with Section 12 and Section 13. 

SECTION 6.    Apportionment of Earnings and Profits and Tax Attributes. 

(a)    Tax Attributes arising in a Pre-Distribution Period will be allocated to
(and the benefits and burdens of such Tax Attributes will inure to) the members of the Parent Group and the members of the SpinCo Group in accordance with the Code, Treasury regulations and any other Applicable Tax Law, and, in the absence of
controlling legal authority or unless otherwise provided under this Agreement, Tax Attributes shall be allocated to the legal entity that created such Tax Attributes. 

(b)    On or before the earlier of (i) eighteen (18) months after the Distribution Date or (ii) sixty (60) days
prior to the extended due date for the first U.S. federal income Tax Return of the Acquiror Group following the Distribution Date, Parent shall deliver to Acquiror its determination in writing of the portion, if any, of any earnings and profits, Tax
Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis Tax Attribute which is allocated or apportioned to the members of the SpinCo Group under Applicable Tax Law and this Agreement
(“Proposed Allocation”). Acquiror shall have forty-five (45) days to review the Proposed Allocation and provide Parent any comments with respect thereto, and Parent agrees to consider such comments in good faith. If Acquiror
either provides no comments or provides comments to which Parent agrees in writing, such resulting determination will become final (“Final Allocation”). If Acquiror provides comments to the Proposed Allocation and Parent does not
agree with such comments, the Final Allocation will be 

  
 18 

 
determined in accordance with Section 24. All members of the Parent Group and Acquiror Group shall prepare all Tax Returns in accordance with the Final Allocation. In
the event of an adjustment to the earnings and profits, any Tax Attributes, overall foreign loss or other affiliated, consolidated, combined, unitary, fiscal unity or other group basis Tax Attribute, Parent shall promptly notify Acquiror in writing
of such adjustment. For the avoidance of doubt, Parent shall not be liable to any member of the Acquiror Group for any failure of any determination under this Section 6(b) to be accurate under Applicable Tax Law;
provided that such determination was made in good faith. 
 (c)    Except as otherwise provided herein, to the
extent that the amount of any Tax Attribute is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction or increase shall be allocated to the Company to which such Tax Attribute was allocated pursuant to
this Section 6, as agreed by the parties. 
 SECTION 7.    Utilization of Tax Attributes. 

(a)    Amended Returns. Any amended Tax Return or claim for a refund with respect to any member of the
SpinCo Group may be made only by the party responsible for preparing the original Tax Return with respect to such member of the SpinCo Group pursuant to Section 5. Such party shall not file or cause to be filed any such amended
Tax Return or claim for a refund without the prior written consent of the other party, which consent shall not be unreasonably withheld, conditioned or delayed, if such filing, assuming it is accepted, could reasonably be expected to change the Tax
liability of such other party (or any Affiliate of such other party) for any Taxable period (including, for the avoidance of doubt, the amount of any Tax Attributes allocable under Section 6 to such other party (or any Affiliate of such other
party)). 
 (b)    Carryback of Tax Attributes. 

(i)    To the extent permitted by Applicable Tax Law, Acquiror shall cause the SpinCo Group to elect to
forego carrybacks of any Tax Attributes of the SpinCo Group to a Pre-Distribution Period. 

(ii)    If Acquiror is unable to forego carrybacks of any Tax Attributes of the SpinCo Group to a Pre-Distribution Period, the Parent Group shall, at the request of Acquiror and at Acquiror’s sole expense, file any amended Tax Returns reflecting such carryback (unless such filing, assuming it is accepted,
could reasonably be expected to increase by more than a de minimis amount, the Tax liability of Parent or any of its Affiliates for any Taxable period). If the Parent Group (or any member thereof) receives (or realizes) a refund as a result of such
a carryback, Parent shall promptly remit the amount of such refund to Acquiror in accordance with Section 8(b). 

(c)    Carryforwards to Separate Tax Returns. If a portion or all of any Tax Attribute is allocated to a member of
a Combined Group pursuant to Section 6, and is carried forward to a SpinCo Separate Tax Return, any Tax Benefits arising from such carryforward shall be retained by the Acquiror Group. If a portion or all of any Tax Attribute is
allocated to a member of a Combined Group pursuant to Section 6, and is carried forward to a Parent Separate Tax Return, any Tax Benefits arising from such carryforward shall be retained by the Parent Group. 

  
 19 

 SECTION 8.    Tax Benefits. 

(a)    Parent Tax Benefits. Parent shall be entitled to any Tax Benefits (including, in the case of any refund
received, any interest thereon actually received) received by any member of the Parent Group or any member of the SpinCo Group, other than any Tax Benefits (or any amounts in respect of Tax Benefits) to which SpinCo or Acquiror is entitled pursuant
to Section 8(b). Neither SpinCo nor Acquiror shall be entitled to any Tax Benefits received by any member of the Parent Group or the SpinCo Group, except as set forth in Section 8(b). 

(b)    SpinCo and Acquiror Tax Benefits. SpinCo or Acquiror, as the case may be, shall be entitled to any Tax
Benefits (including, in the case of any refund received, any interest thereon actually received) received (i) by any member of the Parent Group or any member of the SpinCo Group after the Distribution Date with respect to any Tax allocated to
the JV or a member of the SpinCo Group under this Agreement (including, for the avoidance of doubt, any amounts allocated to the JV pursuant to Section 4(c)(iii)), or (ii) by a member of the SpinCo Group in respect of a Post-Distribution
Period. 
 (c)    A Company receiving (or realizing) a Tax Benefit (a “Tax Benefit Recipient”) to which
another Company is entitled hereunder shall pay over the amount of such Tax Benefit (including interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax Benefit and any other reasonable costs) within
thirty (30) days of receipt thereof (or from the due date for payment of any Tax reduced thereby); provided, however, that the other Company, upon the request of such Tax Benefit Recipient, shall repay the amount paid to the other
Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Benefit that gave rise to such payment is subsequently disallowed. 

SECTION 9.    Certain Representations and Covenants. 

(a)    Representations. 

(i)    Acquiror and each other member of the Acquiror Group represents that as of the date hereof, and
covenants that as of immediately after the Closing, except as expressly described in the Exit Transaction Documents, Acquiror has no plan or intention: 

(A)    to liquidate or merge or consolidate with any other Person any member of the SpinCo Group or the JV
Group subsequent to the Closing, in each case, except (x) as provided for under the Merger Agreement or (y) liquidations, mergers, or consolidations of members of the JV Corporate Group with other members of the JV Corporate Group; 

(B)    to sell or otherwise dispose of any material asset of (i) the Controlled Business held by any
member of the SpinCo Group to a Person other than a member of the SpinCo SAG or (ii) the Controlled Business held by any member of the JV Group to a Person other than another member of the JV Group that is a direct or indirect wholly owned
Subsidiary of the JV, in each case, 

  
 20 

 
subsequent to the Closing and except for (v) sales or dispositions by members of the JV Corporate Group to other members of the Acquiror Group, (w) sales or dispositions in the ordinary
course of business, (x) any cash paid to acquire assets in arm’s length transactions, (y) transactions that are disregarded for U.S. federal Tax purposes and (z) mandatory or optional repayment or prepayment of indebtedness; 

(C)    to take or fail to take any action in a manner that is inconsistent with the written information and
representations furnished by SpinCo or Acquiror to the Tax Advisors in connection with the Tax Representation Letters; ; 

(D)    to repurchase stock of Acquiror (except for Historic Acquiror Stock) other than in a manner that
satisfies the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure
2003-48) and consistent with any representations made to the Tax Advisors in connection with the Tax Representation Letters ; or 

(E)    to enter into any negotiations, agreements or arrangements with respect to transactions or events
(including stock issuances, pursuant to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions, but not including any action expressly
contemplated by the Transaction Documents) that could reasonably be expected (assuming no Parent Disqualifying Action occurs) to cause the Distribution to be treated as part of a plan (within the meaning of Section 355(e) of the Code) pursuant
to which one or more Persons acquire directly or indirectly SpinCo stock representing a 50% or greater interest within the meaning of Section 355(d)(4) of the Code; provided that no negotiations, agreements or arrangements with respect
to transactions or events by Acquiror or any Member of Acquiror Group shall result in a breach of this Section 9(a)(i)(E) if (a) the percentage equal to the quotient of (I) the sum of (A) the amount of Acquiror Capital
Stock that is, or could be, directly or indirectly acquired as a result of all such negotiations, agreements or arrangements, and (B) the product of (x) the Cushion Starting Percentage and (y) the total Acquiror Capital Stock
outstanding immediately after the Merger, divided by (II) the sum of (A) the amount of Acquiror Capital Stock that would be issued in such transactions or events, and (B) the total Acquiror Capital Stock outstanding immediately
after the Merger, would not, in the aggregate, exceed (b) the Echo Cushion Percentage. 

(ii)    Each member of the Acquiror Group represents that: 

(A)    as of the date hereof, the only outstanding Acquiror Capital Stock is (x) shares of Acquiror
Common Stock, in number equal to [●], (y) equity or equity-linked compensation awards under the HCIT Holdings Inc. Amended and Restated 2009 Equity Incentive Plan and the Change Healthcare Inc. 2019

  
 21 

 
Omnibus Incentive Plan, pursuant to which [●] shares of Acquiror Common Stock may vest or be issued and (z) 6.0% Tangible Equity Units, in number equal to [●] and pursuant to which a
maximum number of [●] shares of Acquiror Common Stock (subject to any required settlement rate adjustment occurring after the date hereof) may be issued; and 

(B)    from the date hereof to the Effective Time, no other Acquiror Capital Stock will be issued. 

(iii)    Each member of the Parent Group represents that: 

(A)    as of the date hereof, and as of the Effective Time, neither Parent nor SpinCo has had
“substantial negotiations” (within the meaning of Treasury regulations Section 1.355-7(h)(1)(iv)) during the two-year period ending on the Effective Time
with any Person (other than Acquiror or its Affiliates and their respective financial, legal and tax advisors, consultants, accountants, and other representatives and agents, in each case in their capacity as advisors, representatives, or agents of
Acquiror or its Affiliates) regarding any acquisition of SpinCo stock or of a significant portion of the assets of the JV Group. 

(B)    The Distribution is not and never has been motivated to any extent by a desire on the part of any
member of the Parent Group to facilitate a sale or other disposition of SpinCo, other than the Merger. 

(C)    The Distribution is not and never has been motivated to any extent by a desire on the part of any
member of the Parent Group to facilitate acquisitions of any stock of SpinCo, other than (i) the Merger, (ii) issuing stock of SpinCo to management and employees as incentive compensation, (iii) the use of stock of SpinCo in Debt
Exchanges, or (iv) enhancing the ability of SpinCo to use SpinCo stock as an acquisition currency. 

(D)    At the time members of the Parent Group entered into the Contribution Agreement, Parent was not
aware of any Person having a plan or intention to effect a transaction (other than the Distribution or the Merger) that would involve a change of control of SpinCo. 

(b)    Covenants. In each case from and after the Effective Time: 

(i)    Each of Parent, SpinCo and Acquiror agrees that it shall not, and it will not permit any member of
its respective Group to, take or fail to take, as applicable, any action that constitutes a Disqualifying Action described in the definitions of Parent Disqualifying Action (in the case of Parent and the Parent Group) and Echo Disqualifying Action
(in the case of Acquiror for itself and as a successor to SpinCo and for the Acquiror Group), as applicable. 

(ii)    Each of SpinCo and Acquiror will not, and will not permit any other member of their respective
Groups to, take or fail to take any action that is inconsistent with the information and representations furnished by SpinCo or Acquiror to the Tax Advisors in connection with the Tax Representation Letters. 

  
 22 

 (iii)    No Person Under the Control of Blackstone will
join with any BX Excluded Person in making one or more coordinated acquisitions or dispositions of the stock of Acquiror, except for coordinated dispositions of Acquiror stock (i) consisting solely of Historic Acquiror Stock and
(ii) resulting from public offerings by Acquiror or other issuances by Acquirer otherwise permitted by this Agreement. 

(iv)    No Person Under the Control of H&F will join with any H&F Excluded Person in making one or
more coordinated acquisitions or dispositions of the stock of Acquiror, except for coordinated dispositions of Acquiror stock (i) consisting solely of Historic Acquiror Stock and (ii) resulting from public offerings by Acquiror or other
issuances by Acquiror otherwise permitted by this Agreement. 
 (v)    Each of SpinCo, Acquiror and each
other member of their respective Groups covenants to Parent that, without the prior written consent of Parent, during the two-year period following the Effective Time, except as described in the Exit
Transaction Documents: 
 (A)    SpinCo will (w) maintain its status as a company engaged in the
Controlled Business for purposes of Section 355(b)(2) of the Code, (x) not engage in any transaction that would result in it ceasing to be a company engaged in the Controlled Business for purposes of Section 355(b)(2) of the Code,
(y) cause each other member of the SpinCo Group whose activities are relied upon for purposes of qualifying the Distribution for the Intended Tax-Free Treatment to take such actions as may be required to
maintain SpinCo’s status as a company engaged in the Controlled Business for purposes of Section 355(b)(2) of the Code and any such other Applicable Tax Law and (z) not engage in any transaction or permit any other member of the
SpinCo Group to engage in any transaction that would result in SpinCo ceasing to be a company engaged in the Controlled Business for purposes of Section 355(b)(2) of the Code or such other Applicable Tax Law, taking into account
Section 355(b)(3) of the Code for purposes of each of clauses (w) through (z) hereof; 

(B)    neither SpinCo nor Acquiror will repurchase stock of Acquiror (except for Historic Acquiror Stock)
in a manner contrary to the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations made by SpinCo to the Tax Advisors in connection with the Tax Representation Letters; 

(C)    neither Acquiror nor SpinCo will, or will agree to, merge, consolidate or amalgamate with any other
Person (except as provided for under the Merger Agreement), unless, in the case of a merger or consolidation, Acquiror or SpinCo is the survivor of the merger, consolidation or amalgamation; 

  
 23 

 (D)    no member of the Acquiror Group will, or will
agree to, sell or otherwise issue to any Person except as provided for under the Merger Agreement, any Equity Interests of Acquiror or of any member of the Acquiror Group; provided, however, that (i) Acquiror shall be permitted to
adopt, and issue stock pursuant to, a stockholder rights plan, (ii) Acquiror may issue an unlimited amount of Equity Interests that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services)
or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury regulations Section 1.355-7(d), and (iii) Acquiror may issue Equity Interests not described in clauses
(i) or (ii) above to the extent such issuances would not cause (a) the percentage equal to the quotient of (I) the sum of (A) the amount of such issuances taken together in the aggregate with all Echo Tainted Stock, and
(B) the product of (x) the Cushion Starting Percentage and (y) the total Acquiror Capital Stock outstanding immediately after the Merger, divided by (II) the sum of (A) the amount of such issuances taken together in
the aggregate with all Echo Tainted Stock, and (B) the total Acquiror Capital Stock outstanding immediately after the Merger, to exceed (b) the Echo Cushion Percentage; 

(E)    no member of the Acquiror Group will agree to enter into (i) any transaction or series of
transactions, as a result of which one or more persons would directly or indirectly acquire, within the meaning of Section 355(e), a number of shares of Acquiror and/or SpinCo capital stock that would, when combined with (ii) any other
direct or indirect acquisitions of SpinCo capital stock pertinent for purposes of Section 355(e) of the Code (including the Merger) that have already occurred or will occur simultaneously with the transaction described in clause (i), reasonably
be expected to result in Distribution Taxes; provided that, notwithstanding the foregoing, SpinCo and/or Acquiror shall be permitted to (x) adopt, and issue stock pursuant to, a stockholder rights plan or (y) issue securities that
satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury regulations
Section 1.355-7(d); provided further that any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in the restrictions
in this clause (E) and the interpretation thereof; as of the date of issuance or promulgation of such clarification or change (or, if later, the effective date thereof); 

(F)    no member of the Acquiror Group will amend its certificate of incorporation (or other organizational
documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of the Equity Interests of SpinCo or Acquiror (including, without limitation, through the conversion of one class of Equity Interests
of SpinCo or Acquiror into another class of Equity Interests of SpinCo or Acquiror); and 
 (G)    no
member of the Acquiror Group will take, or permit to be taken, any action, whether by merger, liquidation, the making of an entity classification election or otherwise, that would result in JV ceasing to be treated as a partnership for U.S. federal
income tax purposes. 

  
 24 

 (c)    Acquiror Covenants Exceptions. Notwithstanding the
provisions of Section 9(b), SpinCo, Acquiror and the other members of their respective Groups may: 

(i)    pay cash to acquire assets in arm’s length transactions, engage in transactions that are
disregarded for U.S. federal Tax purposes, and make mandatory or optional repayments or prepayments of indebtedness; 

(ii)    dispose of assets of members of the JV Corporate Group; 

(iii)    dispose of assets (other than those described in Section 9(c)(i) or
Section 9(c)(ii)) that could otherwise be subject to Section 9(b)(i), (b)(ii) or (b)(v) if the aggregate fair value of all such assets does not exceed $125 million; or

 (iv)    in the case of any other action that would reasonably be expected to be inconsistent with the
covenants contained in (b), if either: (A) SpinCo or Acquiror notifies Parent of its proposal to take such action and Acquiror and Parent obtain a ruling from the IRS to the effect that such action will not affect the Intended Tax-Free Treatment (a “Favorable Tax Ruling”), provided that Acquiror agrees in writing to bear any expenses associated with obtaining such a ruling and, provided further that the
Acquiror Group shall not be relieved of any liability under Section 12(a) of this Agreement by reason of seeking or having obtained such a ruling; or (B) SpinCo or Acquiror notifies Parent of its proposal to take such
action and obtains an unqualified opinion of counsel or from a “Big Four” accounting firm (x) from a Tax advisor recognized as an expert in federal income Tax matters and reasonably acceptable to Parent, (y) on which Parent may
rely and (z) to the effect that such action will not affect the Intended Tax-Free Treatment (assuming that the Internal Restructuring, the Controlled Transfer, the Distribution and the Merger would
otherwise qualify for the Intended Tax-Free Treatment) (a “Favorable Tax Opinion”), provided further that the Acquiror Group shall not be relieved of any liability under
Section 12(a) of this Agreement by reason of having obtained a Favorable Tax Opinion. 
 SECTION
10.    Procedures Relating to Opinions and Rulings. If a member of the Acquiror Group notifies Parent that it desires to take an action that would reasonably be expected to be inconsistent with the covenants contained
in Section 9(b), then the Parent Group shall cooperate in good faith with the Acquiror Group to obtain the Favorable Tax Ruling and/or a Favorable Tax Opinion. The Acquiror Group shall reimburse Parent for all reasonable out-of-pocket expenses incurred by the Parent Group in connection with such cooperation within fifteen (15) Business Days of receipt of an invoice from Parent therefor.

 SECTION 11.    Protective Section 336(e) Elections. 

(a)    Section 336(e) Election. Pursuant to Treasury regulations Sections
1.336-2(h)(1)(i) and 1.336-2(j), Parent, Acquiror and SpinCo agree that (if and to the extent determined by Parent) Parent shall make a timely protective election under
Section 336(e) of the Code and the 

  
 25 

 
Treasury regulations issued thereunder for any member of the SpinCo Group that is a domestic corporation for U.S. federal income Tax purposes with respect to the Distribution (a
“Section 336(e) Election”). It is intended that a Section 336(e) Election will have no effect unless the Distribution is a “qualified stock disposition,” as defined in Treasury regulations Section 1.336(e)-1(b)(6), by reason of the application of Treasury regulations Section 1.336-1(b)(5)(i)(B) or Treasury regulations
Section 1.336-1(b)(5)(ii). 
 (b)    Parent TRA. If and to the
extent that there is a Disqualifying Action and the resulting Taxes (including any Taxes attributable to the Section 336(e) Election) are allocated to Parent pursuant to Section 4, (i) Parent shall be entitled to periodic payments from
SpinCo equal to the product of (x) 85% of the tax savings arising from the step-up in tax basis resulting from the Section 336(e) Election and (y) the percentage of such Taxes that are allocated to
Parent pursuant to Section 4, and (ii) the Parties shall negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments, with it being agreed that the terms of such agreement shall be
substantially similar to the terms of the MCK Tax Receivable Agreement; provided that any such tax saving in clause (i) shall be determined using a “with and without” methodology (treating any deductions or amortization
attributable to the step-up in tax basis resulting from the Section 336(e) Election as the last items claimed for any taxable year, including after the utilization of any carryforwards).1 
 SECTION 12.    Indemnities. 

(a)    Acquiror Indemnity to Parent. The Acquiror as successor to SpinCo shall be obligated to indemnify (and the
JV and each other member of the JV Group shall jointly and severally be obligated to pay to Acquiror all amounts necessary to allow Acquiror to indemnify) Parent and the other members of the Parent Group against, and hold them harmless, without
duplication, from (i) any payments by Parent of any Tax liability and any associated Tax-Related Losses allocated to SpinCo pursuant to Section 4; provided that, the amount of such
indemnity shall be limited to the amount of any payment of Tax or Tax Related Losses required to be made by Parent or any member of the Parent Group and, for the avoidance of doubt, shall be calculated without regard to any harm to Parent or any
member of the Parent Group relating to any equity or other interests in Parent or any other member of the Parent Group directly or indirectly in the JV Group or in the Acquiror Group and (ii) notwithstanding any provisions of this Agreement,
the Separation Agreement, the Merger Agreement, or otherwise, any Damages arising from or relating to, directly or indirectly, whether by operation of the provisions of this Agreement, the Separation Agreement, the Merger Agreement or otherwise, any
failure of the Effective Time to occur immediately following the Distribution Effective Time primarily as a result of any failure by Acquiror to perform its obligation to close the Merger in accordance with the Merger Areement. 

(b)    Parent Indemnity to Acquiror. Except in the case of any liabilities described in
Section 12(a), Parent and each other member of the Parent Group will jointly and severally indemnify Acquiror and the other members of the Acquiror Group against, and hold them harmless, without duplication, from: 

 

	1 	 NTD: Parent reserves the right to omit this Section 11(b) from the executed Tax Matters Agreement.

  
 26 

 (i)    any Tax liability and any associated Tax-Related Losses allocated to Parent pursuant to Section 4; 

(ii)    any Taxes imposed on any member of the SpinCo Group or Acquiror Group under Treasury regulations Section 1.1502-6 (or similar or analogous provision of state, local or foreign law) as a result of any such member being or having been a member of a Combined Group; and 

(iii)    notwithstanding any provisions of this Agreement, the Separation Agreement, the Merger Agreement,
or otherwise, any Damages arising from or relating to, directly or indirectly, whether by operation of the provisions of this Agreement, the Separation Agreement, the Merger Agreement or otherwise, any failure of the Effective Time to occur
immediately following the Distribution Effective Time primarily as a result of any failure by MCK or SpinCo to perform its obligation to close the Merger in accordance with the Merger Agreement. 

(c)    Discharge of Indemnity. Acquiror, the JV, Parent and the members of their respective Groups shall discharge
their obligations under Section 12(a) or Section 12(b) hereof, respectively, by paying the relevant amount in accordance with Section 13, within 30 Business Days of demand therefor. Any such demand shall
include a statement showing the amount due under Section 12(a) or Section 12(b), as the case may be. Notwithstanding the foregoing, if any member of the Acquiror Group or any member of the Parent Group disputes in good
faith the fact or the amount of its obligation under Section 12(a) or Section 12(b), then no payment of the amount in dispute shall be required until any such good faith dispute is resolved in accordance with
Section 24 hereof; provided, however, that any amount not paid within thirty (30) Business Days of demand therefor shall bear interest as provided in Section 14. 

(d)    Tax Benefits. If an indemnification obligation of any Indemnifying Party under this Section 12
arises in respect of an adjustment that makes allowable to an Indemnitee any Tax Benefit (other than a Tax Benefit resulting from a Section 336(e) Election, which shall be governed exclusively by Section 11)
which would not, but for such adjustment, be allowable, then any such indemnification obligation shall be an amount equal to (i) the amount otherwise due but for this Section 12(d) minus (ii) the reduction
(attributable to such Tax Benefit) in actual cash Taxes payable by the Indemnitee in the taxable year such indemnification obligation arises and the two taxable years following such year, determined on a “with and without” basis. 

(e)    Sole Remedy. Parent (on behalf of itself and each member of the Parent Group) covenants and agrees that
the remedies provided for in Section 12(a) shall constitute the sole and exclusive remedy for all Damages, including any Tax liabilities and any associated Tax-Related Losses, that Parent or any member of
the Parent Group may suffer or incur arising from, or directly or indirectly relating to any breach or violation of any of the representations, warranties, covenants and agreements contained in this Agreement, the various Tax Representation Letters,
under Section 11.04(e) of the LLC Agreement, or Section 5.15 of the Contribution Agreement by the Acquiror, the JV, SpinCo, and any member of the Acquiror 

  
 27 

 
Group, JV Group or SpinCo Group, or otherwise relating to the failure of the Controlled Transfer, the Distribution, or the Merger to occur or receive the Intended
Tax-Free Treatment, and the Parent (on behalf of itself and each member of the Parent Group) hereby irrevocably waives any other rights or remedies (whether at law or in equity and whether based on contract,
tort, statute or otherwise) that it may otherwise have had, now have or may in the future have against the Acquiror, the JV, SpinCo, and any member of the Acquiror Group, JV Group or SpinCo Group or any of their respective direct or indirect
Affiliates, officers, managers, directors, employees, advisors, stockholders, members, consultants, investment bankers, brokers, controlling persons, partners or other representatives or agents thereof arising from, or directly or indirectly
relating to any breach or violation of any of the representations, warranties, covenants and agreements contained in this Agreement, the various Tax Representation Letters, under Section 11.04(e) of the LLC Agreement, or Section 5.15 of
the Contribution Agreement by the Acquiror, the JV, SpinCo, and any member of the Acquiror Group, JV Group or SpinCo Group and covenants not to sue or otherwise assert any claim (or assist any Person in suing or otherwise asserting any claims)
encompassed by the foregoing covenant, agreement and waiver; provided that the foregoing shall not apply to any party’s right to seek specific performance pursuant to Section 20 hereof. 

SECTION 13.    Acquiror Shareholders Not Parties. For the avoidance of doubt, and notwithstanding any
provision of this Agreement or any other Transaction Document to the contrary, (i) no Person who is a direct or indirect shareholder, member, or interest holder in Acquiror is a party to, or is bound by, or makes any representations,
warranties, or covenants, or indemnities pursuant to, this Agreement (unless such Person is Parent, SpinCo, Acquiror, or any of their respective Subsidiaries), and (ii) notwithstanding that certain Persons described in the foregoing sentence
make the representations, warranties, and covenants in the Principal Shareholder Letter, such Persons shall not be liable thereunder, under any Transaction Document, or otherwise by reason of having breached such representations, warranties, or
covenants. 
 SECTION 14.    Payments. 

(a)    Timing. All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to
a Taxing Authority described herein) shall be made in immediately available funds. Except as otherwise provided, all such payments will be due thirty (30) Business Days after the receipt of notice of such payment or, where no notice is
required, thirty (30) Business Days after the fixing of liability or the resolution of a dispute (the “Due Date”). Payments shall be deemed made when received. Any payment that is not made on or before the Due Date shall bear
interest at the rate equal to the “prime” rate as published on such Due Date in the Wall Street Journal, Eastern Edition, for the period from and including the date immediately following the Due Date through and including the date of
payment. With respect to any payment required to be made under this Agreement, Parent has the right to designate, by written notice to Acquiror, which member of the Parent Group will make or receive such payment; and Acquiror has the right to
designate, by written notice to Parent, which member of the Acquiror Group will make or receive such payment. 

(b)    Treatment of Payments. To the extent permitted by Applicable Tax Law, any payment made by Parent or any
member of the Parent Group to Acquiror or any member of the 

  
 28 

 
Acquiror Group, or by Acquiror or any member of the Acquiror Group to Parent or any member of the Parent Group, pursuant to this Agreement, the Separation Agreement, the Merger Agreement or any
other Exit Transaction Document that relates to Taxable periods (or portions thereof) ending on or before the Distribution Date shall be treated by the parties hereto for all Tax purposes as a distribution by SpinCo to Parent, or capital
contribution from Parent to SpinCo, as the case may be; provided, however, that any payment made pursuant to the Transition Services Agreement shall instead be treated as a payment for services. In the event that a Taxing Authority asserts
that a party’s treatment of a payment described in this Section 14(b) should be other than as required herein, such party shall use its commercially reasonable efforts to contest such assertion in a manner consistent
with Section 16 of this Agreement. 
 (c)    No Duplicative Payment. It is intended that the
provisions of this Agreement shall not result in a duplicative payment of any amount required to be paid under the Separation Agreement, the Merger Agreement or any other Exit Transaction Document, and this Agreement shall be construed accordingly.

 SECTION 15.    Communication and Cooperation. 

(a)    Consult and Cooperate. SpinCo, Parent and Acquiror shall consult and cooperate (and shall cause each other
member of their respective Groups to consult and cooperate) fully at such time and to the extent reasonably requested by the other party in connection with all matters subject to this Agreement. Such cooperation shall include, without limitation:

 (i)    the retention, and provision on reasonable request, of any and all information including all
books, records, documentation or other information pertaining to Tax matters relating to the SpinCo Group (or, in the case of any Tax Return of the Parent Group, the portion of such return that relates to Taxes for which the SpinCo Group or the
Acquiror Group may be liable pursuant to this Agreement), any necessary explanations of information, and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension, waiver or
mitigation thereof); 
 (ii)    the execution, to the extent commercially reasonable, of any document
that may be necessary (including to give effect to Section 16) or helpful in connection with any required Tax Return or in connection with any audit, proceeding, suit or action; and 

(iii)    the use of the parties’ commercially reasonable efforts to obtain any documentation from a
Governmental Authority or a third party that may be necessary or helpful in connection with the foregoing. 

(b)    Provide Information. Except as set forth in Section 16, Parent, SpinCo and Acquiror shall keep
each other reasonably informed with respect to any material development relating to the matters subject to this Agreement. 

(c)    Tax Attribute Matters. Parent, SpinCo and Acquiror shall promptly advise each other with respect to any
proposed Tax adjustments that are the subject of an audit or 

  
 29 

 
investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability or any Tax Attribute (including, but not limited to, basis in an asset or the amount of
earnings and profits) of any member of the Acquiror Group or any member of the Parent Group, respectively. 

(d)    Confidentiality.    The parties hereby agree that the provisions of Section 11.02
(Confidentiality) of the LLC Agreement (as in effect prior to any amendment to, or waiver under, the LLC Agreement occurring after the Distribution) shall apply, mutatis mutandis, to all information and material furnished by any party or its
representatives hereunder. Notwithstanding the foregoing or any other provision of this Agreement or any other agreement, (i) no member of the Parent Group or the Acquiror Group, respectively, shall be required to provide any member of the
Acquiror Group or the Parent Group, respectively, or any other Person access to or copies of any information or procedures other than information or procedures that relate solely to the SpinCo Group or the JV Group, the business or assets of any
member of the SpinCo Group or the JV Group, or matters for which Parent or Acquiror, respectively, has an obligation to indemnify under this Agreement, and (ii) in no event shall any member of the Parent Group or the Acquiror Group,
respectively, be required to provide any member of the Acquiror Group or the Parent Group, respectively, or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any privilege.
Notwithstanding the foregoing, in the event that Parent or Acquiror, respectively, determines that the provision of any information to any member of the Acquiror Group or the Parent Group, respectively, could be commercially detrimental or violate
any law or agreement to which Parent or Acquiror, respectively, is bound, or result in the waiver of any privilege, Parent and Acquiror, respectively, shall use reasonable best efforts to permit compliance with their obligations under this
Section 15 while avoiding such harm or consequence (and shall promptly provide notice to Parent or Acquiror, to the extent such access to or copies of any information is provided to a Person other than a member of the
Parent Group or the Acquiror Group (as applicable)). 
 SECTION 16.    Audits and Contest. 

(a)    Notice. Each of Parent, SpinCo and Acquiror shall promptly notify the other parties in writing upon the
receipt from a relevant Taxing Authority of any notice of a Tax Proceeding that may give rise to an indemnification obligation under this Agreement; provided that a party’s right to indemnification under this Agreement shall not be
limited in any way by a failure to so notify, except to the extent that the Indemnifying Party is prejudiced by such failure. 

(b)    Parent Control. Notwithstanding anything in this Agreement to the contrary, but subject to
Section 16(c), Parent shall have the right to control any Tax Proceeding with respect to any Tax matters of (i) a Combined Group or any member of a Combined Group (as such), (ii) any member of the Parent Group and
(iii) any member of the SpinCo Group relating solely to a Pre-Distribution Period (a “Parent Tax Proceeding”). Parent shall have absolute discretion with respect to any decisions to be
made, or the nature of any action to be taken, with respect to any Parent Tax Proceeding; provided, however, that to the extent that any Parent Tax Proceeding is reasonably likely to give rise to an indemnity obligation of SpinCo or
Acquiror under Section 12 hereof, materially increase the Taxes payable by or allocated to any member of the Acquiror Group pursuant to Section 4 or materially affect the Tax Attributes allocated to any member of the SpinCo
Group pursuant to Section 6, (i) Parent shall keep Acquiror informed of all material 

  
 30 

 
developments and events relating to any such Parent Tax Proceeding, (ii) at its own cost and expense, Acquiror shall have the right to participate in (but not to control) the defense of any
such Parent Tax Proceeding, and (iii) Parent shall not settle or compromise any such contest without Acquiror’s written consent, which consent may not be unreasonably withheld, conditioned or delayed. If the Parent Group acknowledges in
writing that it is liable for the Taxes at issue in any Parent Tax Proceeding subject to the proviso in the previous sentence, the rights of Acquiror in such proviso shall not apply to such Parent Tax Proceeding to the extent such Parent Tax
Proceeding relates to the Taxes that are the subject of such acknowledgment. 
 (c)    Distribution Taxes. If any
Parent Tax Proceeding relating to Distribution Taxes is reasonably likely to give rise to an indemnity obligation of the Acquiror as successor to SpinCo or the JV Group under Section 12 hereof, Acquiror and Parent shall exercise joint control
over the disposition of such Parent Tax Proceeding (and, for the avoidance of doubt, shall keep each other informed of all material developments with respect to such Parent Tax Proceeding to the extent the other party is not otherwise informed
thereof). Parent shall otherwise have the right to elect to control any Parent Tax Proceeding relating to Distribution Taxes; provided that Parent shall keep Acquiror informed of all material developments. 

(d)    Acquiror Control. Acquiror shall have the right to control any Tax Proceeding with respect to SpinCo or any
member of the SpinCo Group relating to one or more members of the SpinCo Group and to any Post-Distribution Period (an “Acquiror Tax Proceeding”). Acquiror shall have absolute discretion with respect to any decisions to be made, or
the nature of any action to be taken, with respect to any Acquiror Tax Proceeding; provided, however, that to the extent any such matter is reasonably likely to give rise to a claim for indemnity by SpinCo or Acquiror against Parent
under Section 12(b) of this Agreement, (i) Acquiror shall keep Parent informed of all material developments and events relating to such Acquiror Tax Proceeding, (ii) at its own cost and expense, Parent shall have the right to
participate in (but not to control) the defense of any such Acquiror Tax Proceeding and (iii) Acquiror shall not settle or compromise any such tax claim without the prior written consent of Parent (which shall not be unreasonably withheld,
conditioned or delayed). If the Acquiror Group acknowledges in writing that it is liable for the Taxes at issue in any Acquiror Tax Proceeding subject to the proviso in the previous sentence, the rights of Parent in such proviso shall not apply to
such Acquiror Tax Proceeding to the extent such Acquiror Tax Proceeding relates to the Taxes that are the subject of such acknowledgment. 

SECTION 17.    Notices. All notices, requests, permissions, waivers and other communications hereunder will
be in writing and will be deemed to have been duly given (a) when sent, if sent by telecopy, (b) when delivered, if delivered personally to the intended recipient and (c) one Business Day following sending by overnight delivery via an
international courier service and, in each case, addressed to a Company at the following address for such Company, 
 if to Parent or the
Parent Group (or, prior to the Effective Time, to SpinCo or the SpinCo Group), to: 

  
 31 

 [    ] 

Attention: [    ] 

Telecopy: [    ] 

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

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
New York 10017 
 Attention: Patrick Sigmon 

Telecopy: (212) 701-5814 

if to Acquiror or the Acquiror Group (or, after the Effective Time, to SpinCo or the SpinCo Group), to: 

[    ] 

Attention: [    ] 

Telecopy: [    ] 

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

Ropes & Gray LLP 
 Three
Embarcadero Center 
 San Francisco, California 94111-4006 

Attention: Benjamin J. Rogers 

Telecopy: 415-315-4893 

or to such other address(es) as may be furnished in writing by any such Company to the other Companies in accordance with the provisions of this
Section 17. 
 SECTION 18.    Costs and Expenses. Except as expressly set forth
in this Agreement, each party shall bear its own costs and expenses incurred pursuant to this Agreement. For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys’ fees, accountants’ fees
and other related professional fees and disbursements. For the avoidance of doubt, unless otherwise specifically provided in the Exit Transaction Documents, all liabilities, costs and expenses incurred in connection with this Agreement by or on
behalf of SpinCo or any member of the SpinCo Group with respect to actions taken at or prior to the Effective Time shall be the responsibility of Parent and shall be assumed in full by Parent. 

SECTION 19.    Effectiveness; Termination and Survival. Except as expressly set forth in this Agreement, as
between Parent, SpinCo Acquiror, and the JV Group, this Agreement shall become effective upon the consummation of the Merger. All rights and obligations arising hereunder shall survive until they are fully effectuated or performed; provided
that, 

  
 32 

 
notwithstanding anything in this Agreement to the contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all applicable statutes of
limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved. This agreement shall terminate
without any further action at any time before the Closing upon termination of the Merger Agreement. 
 SECTION
20.    Specific Performance. Each party hereto agrees that irreparable damage would occur if any provision of this Agreement was not performed in accordance with its specific terms or was otherwise breached. It is
accordingly agreed that the parties hereto will be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the performance of the terms and provisions of this Agreement without proof of actual
Damages, this being in addition to any other remedy to which any such party is entitled at Law or in equity. Each party hereto further agrees that no other party or any other Person will be required to obtain, furnish or post any bond or similar
instrument in connection with or as a condition to obtaining any remedy referred to in this Section 20, and each party hereto irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar
instrument. 
 SECTION 21.    Construction. The descriptive headings herein are inserted for convenience
of reference only and are not intended to be a substantive part of or to affect the meaning or interpretation of this Agreement. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or
otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. References to any document, instrument or agreement (including this Agreement) includes and incorporates all exhibits, disclosure letters, schedules
and other attachments thereto. Unless the context otherwise requires, any references to a “Section” or “Schedule” will be to a Section or Schedule to or of this Agreement. The use of the words “include” or
“including” in this Agreement will be deemed to be followed by the words “without limitation.” The use of the word “covenant” will mean “covenant and agreement.” The use of the words “or,”
“either” or “any” will not be exclusive. Days means calendar days unless specified as Business Days. References to statutes will include all regulations promulgated thereunder, and references to statutes or regulations will be
construed to include all statutory and regulatory provisions consolidating, amending or replacing the statute or regulation, in each case, as of the date hereof. In the event an ambiguity or question of intent or interpretation arises, this
Agreement will be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Except as otherwise
expressly provided elsewhere in this Agreement or any other Exit Transaction Document, any provision herein which contemplates the agreement, approval or consent of, or exercise of any right of, a party, such party may give or withhold such
agreement, approval or consent, or exercise such right, in its sole and absolute discretion, the parties hereby expressly disclaiming any implied duty of good faith and fair dealing or similar concept. 

SECTION 22.    Entire Agreement; Amendments and Waivers. 

(a)    Entire Agreement. 

  
 33 

 (i)    This Agreement and the other Transaction
Documents, including any related annexes, schedules and exhibits, as well as any other agreements and documents referred to herein and therein, together constitute the entire agreement among the parties with respect to the subject matter hereof and
thereof and supersede all prior negotiations, agreements and understandings of the parties of any nature, whether oral or written, with respect to such subject matter. If there is a conflict between any provision of this Agreement and a provision of
any other Transaction Document, the provision of this Agreement will control unless specifically provided otherwise in this Agreement. 

(ii)    THE PARTIES ACKNOWLEDGE AND AGREE THAT NO REPRESENTATION, WARRANTY, PROMISE, INDUCEMENT,
UNDERSTANDING, COVENANT OR AGREEMENT HAS BEEN MADE OR RELIED UPON BY ANY PARTY OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND IN THE OTHER TRANSACTION DOCUMENTS, INCLUDING ANY CERTIFICATE ISSUED IN ACCORDANCE THEREWITH. 

(b)    Amendments and Waivers. 

(i)    This Agreement may be amended, and any provision of this Agreement may be waived, if and only if
such amendment or waiver, as the case may be, is in writing and signed, in the case of an amendment, by the parties or, in the case of a waiver, by the party against whom the waiver is to be effective. 

(ii)    No failure or delay by either party in exercising any right, power or privilege under this
Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise provided herein, no action taken
pursuant to this Agreement, including any investigation by or on behalf of any party, shall be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained in
this Agreement. Any term, covenant or condition of this Agreement may be waived at any time by the party that is entitled to the benefit thereof, but only by a written notice signed by such party expressly waiving such term, covenant or condition.
The waiver by any party of a breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision hereunder. 

SECTION 23.    Governing Law and Interpretation. The validity, interpretation and enforcement of this
Agreement will be governed by the Laws of the State of Delaware, without regard to the conflict of Laws provisions thereof that would cause the Laws of another state to apply. 

SECTION 24.    Dispute Resolution. In the event of any dispute relating to this Agreement, including but not
limited to whether a Tax liability is a liability of the Parent Group, the SpinCo Group or the Acquiror Group, the parties shall work together in good faith to resolve such dispute within thirty (30) days. In the event that such dispute is not
resolved, upon written notice by a party after such thirty (30)-day period, the matter shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax
Arbiter”) that will be 

  
 34 

 
jointly chosen by the Parent and Acquiror; provided, however, that, if the Parent and the Acquiror do not agree on the selection of the Tax Arbiter after five (5) days of good faith
negotiation, the Tax Arbiter shall consist of a panel of three U.S. Tax counsel or other Tax advisor of recognized national standing with one member chosen by the Parent, one member chosen by the Acquiror, and a third member chosen by mutual
agreement of the other members within the following ten (10)-day period. Each decision of a panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain the
services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety
(90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the parties, and the parties shall take, or cause to be taken, any action necessary to implement such resolution. All fees and
expenses of the Tax Arbiter shall be shared equally by the parties to the dispute. 
 SECTION
25.    Counterparts. This Agreement may be executed in multiple counterparts (any one of which need not contain the signatures of more than one party), each of which will be deemed to be an original but all of which
taken together will constitute one and the same agreement. This Agreement, and any amendments hereto, to the extent signed and delivered by means of a facsimile machine or other electronic transmission, will be treated in all manner and respects as
an original agreement and will be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. At the request of any party hereto, the other parties hereto will re-execute original forms thereof and deliver them to the requesting party. 
 SECTION
26.    Successors and Assigns; Third Party Beneficiaries. Except as provided below, this Agreement shall be binding upon and shall inure only to the benefit of the parties hereto and their respective successors and
assigns, by merger, acquisition of assets or otherwise (including but not limited to any successor of a party hereto succeeding to the Tax Attributes of such party under Applicable Tax Law). This Agreement is not intended to benefit any Person other
than the parties hereto and such successors and assigns, and no such other Person shall be a third party beneficiary hereof. Upon the Closing, this Agreement shall be binding on Acquiror and Acquiror shall be subject to the obligations and
restrictions imposed on SpinCo hereunder, including, without limitation, the indemnification obligations of SpinCo under Section 12. 

SECTION 27.    Authorization, Etc. Each of the parties hereto hereby represents and warrants that it has the
power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of
each such party, and that the execution, delivery and performance of this Agreement by such party does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such party. 

SECTION 28.    Change in Tax Law. In the event of a change in law or regulation following the date of
this Agreement that is or is believed by any of the parties hereto to be relevant to the interpretation or effect of this Agreement (including any change in any law or regulations expressly referenced herein), the parties will use reasonable best
efforts to agree upon such changes to this Agreement as may be necessary or advisable so as to give effect to the 

  
 35 

 
original intent, purposes and effect of such Agreement (based on law and regulation in effect as of the date of signing of this Agreement) as nearly as practicable without altering the respective
rights or obligations of the parties, or otherwise adversely affecting any party in any non-de minimis respect. 

SECTION 29.    Principles. This Agreement is intended to calculate and allocate certain Tax liabilities of
the members of the SpinCo Group and the members of the Parent Group to SpinCo, Parent and Acquiror (and their respective Groups), and any situation or circumstance concerning such calculation and allocation that is not specifically contemplated by
this Agreement shall be dealt with in a manner consistent with the underlying principles of calculation and allocation in this Agreement. 

[SIGNATURE PAGE FOLLOWS] 

  
 36 

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

			
	Parent on its own behalf and on behalf of the members of the Parent Group

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	SpinCo on its own behalf and on behalf of the members of the SpinCo Group

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	Acquiror on its own behalf and on behalf of the members of the Acquiror Group

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	CHANGE HEALTHCARE, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

  

			
	CHANGE HEALTHCARE HOLDINGS, LLC

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	

 [SIGNATURE PAGE TO TAX MATTERS AGREEMENT]EX-10.17

 Exhibit 10.17 

Execution Version 

AMENDED AND RESTATED 

LETTER AGREEMENT 

RELATING TO 
 AGREEMENT OF
CONTRIBUTION AND SALE 
 THIS AMENDED AND RESTATED LETTER AGREEMENT (this “Letter Agreement”) is dated as of
September 28, 2018, by and between McKesson Corporation, a Delaware corporation (“MCK”), PF2 IP LLC, a Delaware limited liability company (“MCK IPCo”), PF2 PST Services Inc., a Delaware corporation
(“PST”, and together with MCK IPCo, the “MCK Members”), HCIT Holdings, Inc., a Delaware corporation (“Echo”), Change Healthcare LLC (f/k/a PF2 NewCo LLC), a Delaware limited liability company (the
“Company”), and Change Healthcare Holdings, LLC (the “Parent Borrower”). MCK, the MCK Members, Echo, the Company, and the Parent Borrower, together, are referred to herein as the “Parties”. 

WHEREAS, the Parties have entered into that certain Agreement of Contribution and Sale (the “Contribution Agreement”),
dated June 28, 2016, pursuant to which each of MCK and the Echo Shareholders have agreed to contribute or sell (or agreed to cause to be contributed or sold) certain equity interests, assets, properties and businesses to the Company as set
forth therein; 
 WHEREAS, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the
Contribution Agreement; 
 WHEREAS, pursuant to the Contribution Agreement, MCK has agreed to cause MCK IPCo to transfer to the
Company, and the Company has agreed to accept from MCK IPCo, the MCK IPCo Owned Intellectual Property on the terms and subject to the conditions set forth in the Contribution Agreement; 

WHEREAS, the Parties desire to memorialize their understanding regarding certain tax matters related to the MCK IPCo Owned Intellectual
Property; 
 WHEREAS, the Parties entered into an initial Letter Agreement Relating to Agreement of Contribution and Sale, dated
March 1, 2017 (the “Initial Letter Agreement”); and 
 WHEREAS, the Parties desire to amend and restate the
Initial Letter Agreement to make modifications hereinafter set forth; 
 NOW THEREFORE, in consideration of the premises and for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby amend and restate the Initial Letter Agreement in its entirety to read as follows: 

 

	1.	 Amortization of MCK IPCo Owned Intellectual Property: The Parties hereby acknowledge and agree that the
Company has filed, and shall continue to file, its U.S. federal (and applicable state and local) income Tax Returns in accordance with the position that the MCK IPCo Owned Intellectual Property is properly amortizable by the Company for U.S. federal
(and applicable state and local) income Tax purposes 

	 	
over a useful life of 36 months rather than 15 years (the “3-Year Position”), provided that in the event of a Relevant Proceeding, the
Company shall file its U.S. federal (and applicable state and local) Tax Returns in accordance with Section 4 hereof and in accordance with any Final Determination resulting from such Relevant Proceeding. 

 

	2.	 Indemnification: 

 

	 	a.	 [reserved] 

  

	 	b.	 Indemnification. In furtherance of the general intent of the Parties: 

 

	 	i.	 MCK hereby agrees to indemnify and hold Echo and its respective Subsidiaries (other than the Company and its
Subsidiaries) harmless from (A) any income Taxes relating to the 3-Year Position that would not have been incurred had the 3-Year Position been upheld in its
entirety, in the event of any Final Determination with respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year
Position, and (B) any reasonable third-party expenses actually incurred by Echo or its Subsidiaries (other than the Company and its Subsidiaries) in the prosecution or defense of any audit, proposed adjustment or deficiency, assessment, claim,
suit or other Tax proceeding, in each case to the extent relating to the 3-Year Position. MCK shall discharge its obligation under this clause (i) within thirty (30) Business Days of demand therefor;
provided that if Echo reasonably expects a required payment by Echo or its Subsidiaries to come due that will give rise to a payment by MCK under this clause (i) and Echo notifies MCK of such Echo (or Subsidiary) required payment at least
fifteen (15) Business Days in advance of such required payment, then MCK shall make the corresponding payment under this clause (i) at least five (5) Business Days in advance of such Echo (or Subsidiary) required payment .

  

	 	ii.	 Except as expressly provided in paragraph 3(b), MCK shall not be entitled to any payment from the other Parties
under this Letter Agreement for Tax benefits in respect of the MCK IPCo Owned Intellectual Property, and the extent of its entitlements, if any, in respect thereof shall instead be governed exclusively by the MCK Tax Receivable Agreement.

  

	 	iii.	 MCK hereby agrees to indemnify and hold the Company and its Subsidiaries harmless from (A) any income
Taxes relating to the 3-Year Position that would not have been incurred had the 3-Year Position been upheld in its entirety, in the event of any Final Determination with
respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year Position, and (B) any reasonable third-party
expenses actually incurred by the Company or its Subsidiaries in the prosecution or 

  

  
 2 

	 	defense of any audit, proposed adjustment or deficiency, assessment, claim, suit or other Tax proceeding, in each case to the extent relating to the 3-Year Position. MCK shall
discharge its obligation under this clause (iii) within thirty (30) Business Days of demand therefor; provided that if the Company reasonably expects a required payment by the Company or its Subsidiaries to come due that will give rise to
a payment by MCK under this clause (iii) and the Company notifies MCK of such Company (or Subsidiary) required payment at least fifteen (15) Business Days in advance of such required payment, then MCK shall make the corresponding payment
under this clause (iii) at least five (5) Business Days in advance of such Company (or Subsidiary) required payment. 

  

	 	iv.	 [reserved] 

  

	 	v.	 In the event that the Company would otherwise be liable for the payment of an “imputed underpayment”
under Section 6225 of the Code as in effect for tax years beginning after December 31, 2017 (or any similar payment under state law or successor law) in respect of adjustments to depreciation or amortization deductions taken by the Company
in accordance with the 3-Year Position, the Parties shall take (and MCK and Echo shall cause their respective Subsidiaries to take) such actions as they are permitted to take pursuant to Section 6225(c)
of the Code as so in effect (and any similar provision of state law or successor law) to reduce the amount of such “imputed underpayment” (or similar payment). For the avoidance of doubt, references to “income Taxes” in this
Letter Agreement shall include without limitation any interest, penalty, addition to tax or additional amount, “imputed underpayment” under Section 6225 of the Code as in effect for tax years beginning after December 31, 2017, as
well as similar payments under state law or successor law, and interest and penalties payable pursuant to Section 6233 of the Code as in effect for tax years beginning after December 31, 2017, and payment obligations imposed on Echo or any
of its Subsidiaries as a result of the actions of the Parties contemplated by this clause (v) of paragraph 2(b), in each case with respect to income Taxes. 

 

	 	vi.	 Any payment required under this paragraph 2 that is not made on or before the date it is due shall bear
interest at the rate equal to LIBOR plus 500 basis points for the period from and including the date immediately following the due date through and including the date of payment. Payments shall be deemed made when received. “LIBOR” means
during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be
publicly available, as reported on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 

  
 3 

	 	vii.	 [reserved] 

  

	 	viii.	 Notwithstanding anything to the contrary in this paragraph 2 or paragraph 3(b), appropriate adjustments shall
be made to the application of the foregoing provisions of this paragraph 2(b) to ensure that Echo retains, on a cumulative basis, any cash tax savings it actually realizes (or, in the event of any Final Determination with respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year Position, then the cash tax savings that it would have actually realized
under the 3-Year Position) as a result of its utilization of the Echo Retained Deductions (as defined below). 

  

	 	c.	 c. [reserved] 

  

	3.	 Tax Distributions; Allocation Adjustments:  

 

	 	a.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that, in the event of a Final Determination that the 3-Year Position was incorrect, distributions
shall be made (or a Tax Distribution Arrearage, as defined in the LLC Agreement, shall be created or increased) pursuant to Section 8.02(a) of the LLC Agreement (including, for the avoidance of doubt, for purposes of determining the amount of
any Covered Tax Distribution as defined in the Tax Matters Agreement) in respect of such Final Determination only to the extent that the effect of such Final Determination is to cause any member of the Company (and its predecessors in interest) to
have received cumulative distributions (or the creation of or 

  

  
 4 

	 	increase in a Tax Distribution Arrearage) under Section 8.02(a) of the LLC Agreement that are less than (i) the cumulative net taxable income allocated to such member (and its predecessors), giving effect to
such Final Determination, multiplied by (ii) an appropriate average, weighted in accordance with the relative amounts of net taxable income allocated to such member (and its predecessors) for each applicable Tax Year (as defined in the
LLC Agreement), of the Applicable Tax Rates for the Tax Years (each as defined in the LLC Agreement) to which such Final Determination relates. 

For this purpose, “Final Determination” means (i) with respect to federal income Taxes, (A) a
“determination” as defined in Section 1313(a) of the Code (including, for the avoidance of doubt, an executed IRS Form 906) or (B) the execution of an IRS Form 870-AD (or any successor form
thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the taxpayer to file a claim for refund or the right of
the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than federal income Taxes, any final determination of liability in respect of a
Tax that, under applicable Tax law, is not subject to further appeal, review or modification through proceedings or otherwise; or (iii) with respect to any Tax, any final disposition by reason of the expiration of the applicable statute of
limitations (giving effect to any extension, waiver or mitigation thereof). 
  

	 	b.	 The Parties hereby agree that, except as otherwise expressly provided with respect to the Echo Retained
Deductions, (i) MCK may adjust the manner in which depreciation or amortization deductions in respect of the MCK IPCo Owned Intellectual Property are allocated among the members of the Company for any taxable period during any part of which MCK
owns, directly or indirectly, at least 20% of the total outstanding equity interests in the Company, and (ii) Echo shall (and shall cause its Affiliates to) consent to, and execute, such amendments to the LLC Agreement as may be required to
give effect to any such adjustment (it being understood that if Echo and its Affiliates do not consent to, and execute such amendments, they shall be deemed to have consented to, and executed such amendments); provided, that Echo (or members
of an Echo Tax Group) shall be allocated no fewer than the Echo Retained Deductions; and provided, further, that, subject to the right of Echo (or members of an Echo Tax Group) to be allocated the Echo Retained Deductions and without
reducing the amount of the deductions that are so allocated, (A) PST shall be allocated, for the Tax Year (as defined in the LLC Agreement) ending on March 31, 2019, depreciation or amortization deductions in respect of the MCK IPCo Owned
Intellectual Property in an amount at least equal to the lesser of (x) $75 million and (y) PST’s allocable share of the net taxable income and gain of the Company for such Tax Year (as determined before giving effect to any allocation
of depreciation and amortization deductions in respect of the MCK IPCo Owned Intellectual Property for such Tax Year), and (B) an amount of depreciation or 

  
 5 

	 	amortization deductions in respect of the MCK IPCo Owned Intellectual Property equal to the excess, if any, of (x) $75 million over (y) the amount of such depreciation or amortization deductions that are
allocated to PST for the Tax Year (as defined in the LLC Agreement) ending on March 31, 2019 pursuant to the preceding clause (A), shall be allocated, until such excess is exhausted, as between PST and MCK IPCo with respect to any subsequent
Tax Year or portion thereof during which MCK owns, directly or indirectly, at least 20% of the total outstanding equity interests in the Company, so as to minimize the amount of distributions that are required under Section 8.02(a) of the LLC
Agreement beginning in the earliest possible of such subsequent Tax Years, as reasonably determined by the Company. For the avoidance of doubt, clause (B) of the preceding sentence shall not prevent an allocation of the Echo Retained Deductions
to Echo or cause the Echo Retained Deductions to be allocated to PST or MCK IPCo. For purposes of this Letter Agreement, “Echo Retained Deductions” means 2.5% of the aggregate amount of depreciation and amortization deductions in
respect of the MCK IPCo Owned Intellectual Property that would be recognized by the Company in accordance with the 3-Year Position. Notwithstanding anything to the contrary contained herein, any allocation or
adjustment effected under clauses (i) or (ii) hereof shall be consistent with applicable law, as reasonably determined by MCK. In the event that MCK, pursuant to this paragraph 3(b), adjusts the manner in which depreciation or amortization
deductions in respect of the MCK IPCo Owned Intellectual Property are allocated among the members of the Company to allocate a cumulative amount of such deductions to Echo in excess of the Echo Retained Deductions (such excess, which will be deemed
to arise only after the entire amount of the Echo Retained Deductions have been allocated to Echo, the “Excess Echo Deductions”), Echo shall pay to MCK, no later than thirty (30) Business Days after the filing of the U.S.
federal income Tax Return of Echo for any taxable year preceding the first Taxable Year (as such term is defined in the MCK Tax Receivable Agreement), an amount of cash equal to the excess of the cash income Taxes that Echo would have paid for such
taxable year if the Excess Echo Deductions had not been allocated to Echo over the amount of cash income Taxes actually paid by Echo for such taxable year (such excess, the “Tax Benefit Amount”). For avoidance of doubt, Echo shall
be entitled to indemnification from MCK under paragraph 2(b)(i) for any income Taxes attributable to any disallowance of the Excess Echo Deductions that would not have been incurred had the 3-Year Position
been upheld in its entirety. Moreover, if at any time within any applicable statute of limitations the Tax Benefit Amount with respect to any taxable year would be reduced if such Tax Benefit Amount were recalculated as of such time to take into
account a reduction in any income of Echo, an increase in any deduction, loss or credit of Echo, or any other event reducing Echo’s recalculated Tax Benefit Amount in respect of such year, MCK shall pay to Echo no later than thirty
(30) Business Days after Echo’s reasonable determination of such reduction in the Tax Benefit Amount an amount of cash equal to such reduction in the Tax Benefit Amount. 

  
 6 

	 	c.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that (A) an obligation of Echo to make a payment under paragraph 3(b) of this Letter Agreement in respect of a taxable year shall be
included in clause (i) of the definition of “Tax Distribution Deficit” in the LLC Agreement for purposes of determining a Tax Distribution Deficit of Echo; such that, pursuant to such amendment, the Company will distribute an amount
to Echo sufficient to enable Echo to discharge its obligations under paragraph 3(b) of this Letter Agreement, (B) Echo may declare and pay dividends, distributions, or redemptions or repurchases of its equity securities, with any cash that Echo
receives pursuant to this Letter Agreement or the LLC Agreement if Echo determines, in its sole discretion, that such cash is in excess of the amounts needed to satisfy Echo’s Tax obligations and Echo’s payment obligations under this
Letter Agreement, and (C) the determination of the amount of distributions required pursuant to Section 8.02(a) of the LLC Agreement shall be made by excluding the effect of the Echo Retained Deductions. 

 

	 	d.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that, in lieu of the allocations described in Section 8.01(b)(ii) of the LLC Agreement, all Unrealized Gain and Realized Gain for any
Tax Year (in each case, as defined in the LLC Agreement) shall be allocated entirely to the members of the Company (or, if applicable, their successors in interest) to which depreciation and amortization deductions in respect of the MCK IPCo Owned
Intellectual Property were actually allocated pursuant to paragraph 3(b) (including, for the avoidance of doubt, pursuant to the provisos thereto), pro rata in proportion to the amount of such depreciation and amortization deductions
previously allocated to them, but only to the extent of the excess, if any, of (A) the cumulative amount of such deductions so allocated to such Persons for all prior Tax Years over (B) the cumulative amount of Unrealized Gain and Realized
Gain allocated to such Persons pursuant to this paragraph 3(d) (and under Section 8.01(b)(ii) of the LLC Agreement prior to its amendment by this paragraph 3(d)) for all prior Tax Years. 

 

	 	e.	 The Parties shall cause the MCK Tax Receivable Agreement to be amended in accordance with Exhibit A, attached
hereto. 

  
 7 

	 	f.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that (1) as of the time each Member’s Annual Tax Distribution Amount for a Tax Year is determined under Section 8.02(a)(i) of
the LLC Agreement, the excess, if any, for such Tax Year, of (x) the total of all of a Member’s Estimated Tax Distribution Amounts (as defined in the LLC Agreement) for the Tax Year over (y) the Member’s Annual Tax Distribution
Amount (as defined in the LLC Agreement) for such Tax Year (such excess, a “Tax Distribution Excess”) shall be treated as a current distribution that is an advance described in Treas. Reg.
Section 1.731-1(a)(1)(ii) by the Company to such Member (with respect to which, for avoidance of doubt, there is no imputed interest under Sections 482 or 7872 of the Code or any other provision of law)
until the entire amount of such Tax Distribution Excess has been applied against the Member’s entitlements, if any, to distributions under Section 8.02(a)(i) of the LLC Agreement in respect of subsequent Tax Years (including in respect of
Estimated Tax Distribution Periods (as defined in the LLC Agreement) in such subsequent Tax Years) (such entitlements, a Member’s “Future Entitlements”) or has been otherwise repaid, in each case, pursuant to clause
(2) below (it being understood that any such repayment shall be treated in the Tax Year of such repayment as having the effect of a negative adjustment to such previously made advance); (2) in the event a Tax Distribution Excess exists with
respect to any Member for any Tax Year, the Company shall be entitled to (i) apply all or a portion of such Tax Distribution Excess against, and offset, an equal amount of such Member’s Future Entitlements, if any, or (ii) without
duplication, require such Member to repay all or a portion of such Tax Distribution Excess to the Company within ten (10) Business Days of receipt of written notification from the Company of demand therefor, provided that, if any such
repayment demand is made against such Member, a ratable repayment demand shall be made to all other Members with an unreturned Tax Distribution Excess balance at such time, and provided, further, that, if for any Tax Year a Tax Distribution
Excess exists with respect to Echo, and Echo has, before the time at which a repayment obligation under this clause (2) arises, paid over to a Governmental Authority any portion of the amount corresponding to such Tax Distribution Excess, Echo
shall not be required to repay such portion of the Tax Distribution Excess under this clause (2) until, and to the extent that, Echo receives a refund of the applicable amount so paid over to the Governmental Authority from the Governmental
Authority (but Echo shall promptly make such repayment upon receipt of such refund); (3) a Member’s Tax Distribution Excess for any Tax Year shall be treated as a reduction to such Member’s Total Tax Distribution Amount for such Tax Year
(including, for the avoidance of doubt, for purposes of determining the Member with the highest Tax Distribution Ratio Amount under clause (a)(i) of the definition of “Pro Rata Tax Distribution Amount” in the LLC Agreement and each
Member’s Pro Rata Tax Distribution Amount for such Tax Year); and (4) for any Tax Year, each Member’s Annual Tax Distribution Amount and Estimated Tax Distribution Amounts, as calculated before taking into account this clause (4),
shall be reduced (but not below zero) by the amount of any Tax credit allocated to the Member by the Company for such Tax Year. The Parties acknowledge that the Company will treat Estimated Tax Distribution Amounts under the LLC Agreement as
advances for financial reporting purposes. 

  
 8 

	 	g.	 The Parties understand that the tax professionals of the Tax Matters Member, on the one hand, and of the
Company, on the other hand, are currently discussing causing the Company to request one or more changes in accounting method on Internal Revenue Service Form 3115 that would have the effect of accelerating certain tax deductions into the
Company’s taxable year ended March 31, 2018 that the Company would otherwise have taken in its taxable year ended March 31, 2019. The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the
Parties do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that in the event that the Company does take any such tax deductions in its taxable year ended March 31, 2018 as a result of any
such change in accounting method, the Company will be deemed to have taken such tax deductions in its taxable year ending March 31, 2019 for purposes of determining the amount of any distributions required pursuant to Section 8.02(a) of
the LLC Agreement. 

  

	4.	 Cooperation on Certain Tax Matters: The Parties hereby agree to take such commercially reasonable
actions as may be necessary to ensure that, if the 3-Year Position is challenged by any Taxing Authority, depreciation or amortization deductions in respect of the MCK IPCo Owned Intellectual Property are
available (x) to (1) MCK for periods before the Closing and (2) thereafter, the Company and the owners of the Company and (y) to the extent consistent with the preceding clause (x), in the earliest possible taxable year;
provided, that it is understood and agreed that the following actions shall be deemed to be commercially reasonable (provided that if there are reasonably quantifiable monetary costs and expenses attributable to such actions, MCK will provide
Echo or the Company, as the case may be, with reasonable indemnity for such costs and expenses): (i) cooperation and coordination in respect of (1) the preparation for any audit by any Taxing Authority relating to the 3-Year Position and (2) the prosecution or defense of any audit, proposed adjustment or deficiency, assessment, claim, suit or other Tax proceeding relating to the 3-Year
Position (each, to the extent relating to the 3-Year Position, a “Relevant Proceeding”); (ii) the filing of original and amended income Tax Returns and (iii) extending relevant statutes
of limitations for assessment of Tax, in each case in a manner consistent with clauses (x) and (y) of the preceding sentence. MCK shall be entitled to assume and control the prosecution or defense of any Relevant Proceeding, and each of the
Company and Echo hereby agrees to take all actions necessary to give effect to such assumption; provided that, in the case of any Relevant Proceeding with respect to the Tax Returns of Echo, the Company or their respective Subsidiaries,
(i) Echo shall be entitled to participate, at its own expense, in any Relevant Proceeding; (ii) MCK and Echo shall promptly notify each other of any written communications received from a third party in relation to any Relevant Proceeding
and promptly provide the other party with copies of any such communications; (iii) MCK shall 

  
 9 

 provide Echo with a reasonable opportunity to review in advance any proposed written
communication to any third party in relation to any Relevant Proceeding, and shall consider in good faith Echo’s comments in connection therewith; (iv) MCK shall not participate in any substantive meeting or discussion, either in person or
by telephone, with any Taxing Authority (or representative thereof) in relation to any Relevant Proceeding unless it notifies and consults with Echo in advance, and provides Echo with a reasonable opportunity to attend and participate in such
meeting or discussion; and (v) MCK shall not enter into any settlement of a Relevant Proceeding without the prior written consent of Echo (not to be unreasonably withheld, conditioned or delayed, it being understood that liability for the
payment of any Tax for which MCK agrees to provide reasonable indemnity shall not be a reasonable basis on which Echo may withhold such consent); provided, further, that, in the case of any Relevant Proceeding with respect to the Tax
Returns of MCK or its Affiliates, MCK shall keep Echo reasonably informed of the progress of such Relevant Proceeding, including through providing Echo with copies of relevant correspondence, redacted to exclude any information unrelated to the 3-Year Position; and provided, further, that the immediately preceding proviso shall not require MCK to deliver any information that MCK identifies as commercially sensitive in respect of MCK’s
retained businesses (including, for the avoidance of doubt, the portion of any correspondence that includes any such information) to any Person, other than identified external legal counsel to Echo under agreed confidentiality restrictions that are
reasonably acceptable to MCK. Notwithstanding anything to the contrary contained herein, (i) control of any audit or other proceeding in respect of any Taxes or Tax Returns of the Company no part of which is a Relevant Proceeding shall be
determined in accordance with the LLC Agreement; (ii) Echo shall have the right to control any audit or other proceeding in respect of any Taxes or Tax Returns of Echo no part of which is a Relevant Proceeding; and (iii) in the case of any
audit or other proceeding in respect of any Taxes or Tax Returns of the Company or of Echo that is in part a Relevant Proceeding but that also involves one or more matters or issues unrelated to the 3-Year
Position (such matter or issue, an “Unrelated Issue,” and such audit or other proceeding, a “Mixed Proceeding”), (x) for so long as MCK owns, directly or indirectly, at least 20% of the total outstanding equity
interests in the Company, Echo and MCK shall jointly control, each at its own expense, any portion of a Mixed Proceeding that relates to an Unrelated Issue, and (y) thereafter, Echo shall control, at its own expense, any portion of a Mixed
Proceeding that relates to an Unrelated Issue. 
  

	5.	 Dispute Resolution: In the event of any dispute with respect to any Tax matter relating to this Letter
Agreement, the Parties shall work together in good faith to resolve such dispute within thirty (30) days. In the event that such dispute is not resolved, upon written notice by any party to the dispute after such thirty (30)-day period, any Tax matter relevant to such dispute under this Agreement shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax Arbiter”) that will be
jointly chosen by the applicable Parties; provided, however, that if the applicable Parties do not agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel
of three (3) U.S. Tax counsels or other Tax advisors of recognized national standing with one 

  
 10 

	 	member chosen by MCK, one member chosen by Echo, and a third member chosen by mutual agreement of the other members within the following ten (10)-day period. Each decision of a
panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain the services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the
parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the
parties to the dispute, and the parties to the dispute shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the Tax Arbiter shall be shared equally by the parties to the dispute. In the event
of any dispute relating to this Letter Agreement, other than any Tax matter dispute, such dispute shall be governed by Section 9.04 of the Contribution Agreement, incorporated by reference pursuant to paragraph 6 of this Letter Agreement.

  

	6.	 Miscellaneous: The provisions of Sections 1.03 (Other Definitional and Interpretative
Provisions), 9.01(a)(i) (Termination), 9.02 (No Assignment), 9.03 (Entire Agreement), 9.04 (Governing Law; Submission to Jurisdiction), 9.07 (Waiver of Jury Trial), 9.09 (Notices), 9.12 (Execution In
Counterparts; Effectiveness), 9.13 (Third Party Beneficiaries) and 9.14 (Severability) of the Contribution Agreement are hereby incorporated by reference into this Letter Agreement, mutatis mutandis. 

[Signatures appear on the following page(s)] 

 IN WITNESS WHEREOF, the parties hereto have caused this Letter Agreement to be
executed as of the date first above written. 
  

			
	MCKESSON CORPORATION
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General Counsel
	
	PF2 IP LLC
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General
		 	Counsel
	
	PF2 PST SERVICES INC.
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General
		 	Counsel
	
	HCIT HOLDNGS, INC.
		
	By:	 	 /s/ Nicholas Kuhar

	Name:	 	Nicholas Kuhar
	Title:	 	Authorized Signatory
	
	CHANGE HEALTHCARE LLC
		
	By:	 	 /s/ Derrick Kirkwood

	Name:	 	Derrick Kirkwood
	Title:	 	SVP, Tax

 [Signature page to Amended and Restated Letter] 

 
			
	CHANGE HEALTHCARE HOLDINGS, LLC
		
	By:	 	 /s/ Derrick Kirkwood

	Name:	 	Derrick Kirkwood
	Title:	 	SVP, Tax

 [Signature page to Amended and Restated Letter]

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