Document:

EX-10.50

 Exhibit 10.50 

 
 

 
 3055 Lebanon Pike 
 Nashville,
TN 37214 
 615.932.3000 phone 
 www.changehealthcare.com 

03.19.2018 
 August Calhoun 

[address] 
 Dear August: 

This letter will confirm the terms of your offer of employment with Change Healthcare Operations LLC, and/or its affiliates (the “Company”). It is
anticipated that your first day of employment with the Company will be April 2, 2018. Such terms are as follows: 
 1. Position
and Responsibilities. You will be a full time exempt employee and will serve in the position of EVP, Sales & Operations for Change Healthcare. You will be based remotely from your home and will report to Neil de Crescenzo, or other
person as may be designated by the Company from time to time. You will assume and discharge all responsibilities commensurate with such position and as your manager may direct. During your employment with the Company, you shall devote your full-time
attention to your duties and responsibilities and shall perform them faithfully, diligently and completely. In addition, you shall comply with and be bound by the operating policies, procedures and practices of the Company including, without
limitation, the Code of Conduct, in effect from time to time during your employment. You acknowledge that you may be required to travel in connection with the performance of your duties. 

2. Compensation. 
  

	 	(a)	 In consideration of your services, you will be paid an annual rate of $450,000.00, on a biweekly basis,
payable in accordance with the Company’s prevailing payroll practices. 

  

	 	(b)	 You are eligible for a $100,000.00 sign-on bonus payment,
subject to standard tax withholdings. This eligibility is contingent upon acceptance of the Change Healthcare Bonus Repayment Agreement, hereto attached as Annex B. For more information on the process, please contact your local Human Resources
Representative. 

  

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

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

	 	(d)	 Equity: Contingent upon approval of the Change Healthcare, LLC (or related entity) Board of Directors, you will
be eligible to receive an option to purchase 3,000 shares (the “Shares”) under the Change Healthcare, LLC (or related entity) Equity Incentive Plan (the “Equity Plan”). The Shares will be subject to the terms and
conditions of the Equity Plan and the award agreement which you will be required to sign in order to participate in the equity plan. 

 3.
Other Benefits. You will be entitled to receive the standard employee benefits made available by the Company to its employees to the full extent of your eligibility. You shall be eligible for 16 Paid Time Off (PTO) days per calendar year
consistent with the Company’s PTO Policy. During your employment, you shall be permitted, to the extent eligible, to participate in any group medical, dental, life insurance and disability insurance plans, or similar benefit plan of the Company
that is available to employees generally. Participation in any such plan shall be consistent with your rate of compensation to the extent that compensation is a determinative factor with respect to coverage under any such plan. You have 31 days from
your date of hire to complete your Benefits enrollment forms online. Benefits eligibility begins on the first of the month following your date of hire with the Company (this excludes short-term disability insurance which begins 90 days after the
first day of your employment). The Company shall reimburse you for all reasonable expenses actually incurred or paid by you in the performance of your services on behalf of the Company, upon prior authorization and approval in accordance with the
Company’s expense reimbursement policy as from time to time in effect. 
 4. Severance Provisions. You shall receive severance benefits in
accordance with the executive severance guidelines in place at the Company at the time of your separation from employment, in the event your employment is terminated by the Company without Cause as defined under the applicable guidelines, but in no
event shall you receive less than a lump sum payment the equivalent to twelve(12) months’ base salary and payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that the Company would pay for employees with similar
coverage during the twelve (12) month period following your separation. Furthermore, in the event of a Change in Control, as defined under the applicable severance guidelines, that results in a termination of employment by the Company without
Cause as defined under the applicable guidelines, you shall receive severance benefits in accordance with the then in place executive severance guidelines, but in no event shall you receive less than a lump sum payment the equivalent to twelve
(12) months’ base salary, payment of the AIP bonus at full target payout for the twelve (12) month period following your date of separation, and payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that
the Company would pay for employees with similar coverage during the twelve (12) month period following your separation. 
 5. Restrictive
Covenants. You agree that your employment is contingent upon your execution of, and delivery to the Company of a Company Protection Agreement in the form attached hereto as Annex A. 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

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 6. Conflicting Employment. You agree that, during your employment with the Company, you will not
engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during your employment, nor will you engage in any other activities that
conflict with your obligations to the Company. 
 7. At-Will Employment. You acknowledge that your employment
with the Company is for an unspecified duration that constitutes at-will employment, and that either you or the Company can terminate this relationship at any time, with or without cause and with or without
notice. 
 8. Prior Employment. You represent that you have delivered to the Company an accurate and complete copy of any and all agreements with any
prior employer to which you are or may continue to be subject. In the event of a dispute under the terms of an agreement with a prior employer that is fully disclosed to the Company prior to the execution of this Agreement, the Company will
indemnify you for any costs and potential liability associated with the terms of those agreements. Furthermore, the Company agrees to use commercially reasonable methods to amend or modify job responsibilities, if necessary, to avoid conflict with
any agreement with a prior employer that is fully disclosed to the Company prior to the execution of this Agreement. 
 However, in your work for the
Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that
information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the
Company. During our discussions about your proposed job duties, you assured us that you would be able to perform those duties within the guidelines just described. 

You agree you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have any
obligation of confidentiality. 
 9. Section 409A. It is intended that (1) each installment of the payments provided under this letter is a
separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the application of
Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v).
Notwithstanding anything to the contrary in this letter, if the Company determines (i) that on the date your employment with the Company terminates or at such other times that the Company determines to be relevant, you are a “specified
employee” (as such term is defined under Treasury Regulation 1.409A-1(i)) of the Company and (ii) that any payments to be provided to you pursuant to this letter are or may become subject to the
additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code if provided at the time otherwise required under this letter, then such payments shall be delayed until the date
that is six months after the date of your “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) with the Company, or, if earlier, the date of your death. Any
payments 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

3 

 
delayed pursuant to this Section shall be made in lump sum on the first day of the seventh month following your “separation from service” (as such term is defined under Treasury
Regulation 1.409A-1(h)), or, if earlier, the date of your death. In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which you participate during the term
of your employment under this letter or thereafter provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (i) the amount eligible for reimbursement or payment under such plan or arrangement in
one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical or health benefits may impose a generally applicable limit on the amount that may be reimbursed or
paid), and (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an expense under such plan or arrangement must be made on or before the last day of the calendar year
following the calendar year in which the expense was incurred. 
 Notwithstanding any other provision to the contrary, a termination of employment shall not
be deemed to have occurred for purposes of any provision of this letter providing for the payment of “deferred compensation” (as such term is defined in Section 409A of the Code and the Treasury Regulations promulgated thereunder)
upon or following a termination of employment unless such termination is also a “separation from service” from the Company within the meaning of Section 409A of the Code and
Section 1.409A-1(h) of the Treasury Regulations and, for purposes of any such provision of this letter, references to a “separation,” “termination,” “termination of
employment” or like terms shall mean “separation from service. 
 Notwithstanding any other provision to the contrary, in no event shall any
payment under this letter that constitutes “deferred compensation” for purposes of Section 409A of the Code and the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by
Section 409A of the Code. 
 For the avoidance of doubt, any payment due under this letter within a period following your termination of employment,
death, Permanent Disability or other event shall be made on a date during such period as determined by the Company in its sole discretion. 
 This letter
shall be interpreted in accordance with, and the Company and you will use their best efforts to achieve timely compliance with, Section 409A of the Code and the Treasury Regulations and other interpretive guidance promulgated thereunder,
including without limitation any such regulations or other guidance that may be issued after the effective date of this letter. 
 10. General
Provisions. 
  

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

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

4 

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

 

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

  

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

  

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

  

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

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

  

			
	By	 	  

		 	Michael Lee
		 	Sr. Director, Executive Recruitment

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

5 

 OFFER ACCEPTANCE: 

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

 

			
	            /s/ August
Calhoun                                        
                	  	Date: 3/21/2018

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

6Exhibit

Exhibit 10.6
AMENDMENT 2019-1 
TO THE
SECOND AMENDED AND RESTATED 
ARAMARK SAVINGS INCENTIVE RETIREMENT PLAN
 
AMENDMENT 2019-1 to the Second Amended and Restated ARAMARK Savings Incentive Retirement Plan (the “Plan”) by Aramark Services, Inc. (the “Company”), a subsidiary of ARAMARK Corporation (the “Corporation”).

WHEREAS, the Company maintains the Plan for the benefit of its eligible employees; 

WHEREAS, the Board of Directors of the Corporation (the “Board”) approved an amendment to the Plan in January 2019 for a special one-time discretionary contribution for the plan year ended September 30, 2019 to certain eligible employees and delegated authority to the Executive Vice President, Human Resources (the “EVP, HR”) to execute appropriate documentation evidencing the approval of the special one-time contribution; and

WHEREAS, the Board approved an amendment to the Plan in November 2019 for a special one-time discretionary contribution for the period beginning October 1, 2019 and ending December 31, 2019 to certain eligible employees that formerly participated in the Avendra, LLC 401(k) Retirement Plan and delegated authority to the EVP, HR to execute appropriate documentation evidencing the approval of the special one-time contribution.

NOW, THEREFORE, the Plan is hereby amended as follows (new text in italics):

		
	1.
	Article I is amended by adding the following new definition in alphabetical order:

“‘Special Contributions’ means, for each Participant, the Company’s contributions made pursuant to Section 4.1(b).”

		
	2.
	Article IV is retitled as “COMPANY CONTRIBUTIONS”

		
	3.
	Sections 4.1 and 4.2 are amended in their entirety to read as follows (new text in italics):

“4.1    Company Contributions.  

(a) Amount of Matching Contributions.   As soon as administratively practicable after the end of each Plan Year, ARAMARK may make a discretionary matching contribution (“Matching Contributions”) to the Matching Contributions Accounts of Sharing Participants of between a minimum of 25% and a maximum of 75% of such Sharing Participants’ Salary Deferrals for such Plan Year, excluding:
(i) Salary Deferrals made by the Sharing Participant prior to such Sharing Participant’s completion of one Year of Service;
(ii) Salary Deferrals in excess of the first 6% of a Participant’s Compensation for any payroll period; and

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(iii) Salary Deferrals in excess of the maximum elective deferrals permitted under a qualified cash or deferred plan pursuant to Section 401(g) of the Code for the calendar year in which the Plan Year ends.
The percentage of Salary Deferrals on which the amount of Matching Contributions is to be based shall be the matching percentage contributed by ARAMARK to the Retirement Savings Plan for the same Fiscal Year.
(b)    Amount of the Special Contributions.  As soon as administratively practicable after the end of the Plan Year ended September 30, 2019, ARAMARK shall contribute to the Matching Contributions Accounts of eligible Sharing Participants (as described in Section 4.2(b)) a Special Contribution in an amount up to 50% of each Sharing Participant’s Salary Deferrals under Section 3.1(a) made for the Plan Year ended September 30, 2019, subject to the exclusions set forth in (i), (ii) and (iii) of  Section 4.1(a) above, provided that the aggregate amount of the Special Contribution to all Eligible Employees in the Plan, the Aramark Retirement Savings Plan for Salaried Employees, the Aramark Hourly 401(k) Plan, the Aramark Uniform and Career Apparel Group Retirement Savings Plan and the Avendra, LLC 401(k) Retirement Plan shall not exceed an amount of up to $25 million or such lesser cap as is determined by the Chairman, President and CEO (the “Cap”) (where Special Contributions to Eligible Employees in the Avendra, LLC 401(k) Retirement Plan are determined for the purpose of this limit based on Salary Deferrals (i) for the 2019 Plan Year, (ii) as of September 30, 2019, (iii) with such amount projected to December 31, 2019 based on enrollment as of September 30, 2019), and each Eligible Employee’s Special Contribution will be reduced by a percentage of the dollar amount of such Eligible Employee’s Special Contribution equal to the percentage by which the Cap is exceeded, subject to any applicable non-discrimination testing requirements.  In addition, as soon as administratively practicable in 2020, ARAMARK shall contribute to the Matching Contributions Accounts of eligible Sharing Participants who are former participants in the Avendra, LLC 401(k) Retirement Plan and became Participants in the Plan effective January 1, 2019, a Special Contribution in an amount up to 50% of each such Sharing Participant’s Salary Deferrals under Section 3.1(a) made for the period beginning October 1, 2019 and ending December 31, 2019, subject to the exclusions set forth in (i), (ii) and (iii) of  Section 4.1(a) above and included in the formula above for purposes of applying the Cap described in the preceding sentence.  Capitalized terms in this Section 4.1(b) shall have the meanings assigned to them in this Section 4.1(b) or in the applicable plan referenced in this Section 4.1(b). 

4.2    Allocations to Participants.  

(a)    Allocations of Matching Contributions.  Matching Contributions made with respect to a Plan Year shall be credited only to the Matching Contributions Account of each Participant who is a Sharing Participant for the Plan Year based upon the Participant’s Salary Deferral for such Plan Year.

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(b)    Allocations of the Special Contributions.  Special Contributions under Section 4.1(b) with respect to Salary Deferrals made for the Plan Year ended September 30, 2019 shall be credited only to the Matching Contributions Account of each Participant who participated in the Plan for the Plan Year ended September 30, 2019, is a Sharing Participant for the Plan Year ended September 30, 2019 and is eligible to receive a Matching Contribution under Section 4.1(a) for the Plan Year ended September 30, 2019 based upon the Participant’s Salary Deferrals for such Plan Year.  In addition, Special Contributions under Section 4.1(b) with respect to Salary Deferrals made for the period beginning October 1, 2019 and ending December 31, 2019 (the “Period”) by former participants in the Avendra, LLC 401(k) Retirement Plan who became Participants in the Plan effective January 1, 2019 shall be credited only to the Matching Contributions Account of each such Participant who participated in the Plan for the Period, is a Sharing Participant for the Period, and is eligible to receive a Matching Contribution under Section 4.1(a) for the Plan Year ended September 30, 2019 based upon the Participant’s Salary Deferrals for such Plan Year.

		
	4.
	The reference to “Matching Contributions” in Section 5.1 shall be replaced with “Matching Contributions and/or Special Contributions.” 

		
	5.
	In all respects not amended, the Plan is hereby ratified and affirmed.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the date indicated below.

ARAMARK SERVICES, INC.

By:     /s/ Lynn B. McKee            

Title: Executive Vice President, Human Resources

Date:     11/25/2019                    

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