Document:

EX-10.24

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

 

 Exhibit 10.24 

Execution Version 
 DATA
LICENSE AGREEMENT 
 This DATA LICENSE AGREEMENT (“Agreement”), effective as of February 28, 2017 (the “Effective
Date”), is made by and between eRx Network, LLC, a Delaware limited liability company (“Connect LLC”), and Change Healthcare, Inc., a Delaware corporation (“Licensee”). Connect
LLC and Licensee are sometimes referred to each as a “Party” and collectively as the “Parties”. Capitalized terms have the meanings given to them in Section 1 or elsewhere in this Agreement. 

RECITALS: 
 A. Licensee, Change HealthCare
Solutions, LLC, a Delaware limited liability company, (the “Echo Parties”) eRx Network Holdings, Inc. (“Connect Holdings”), a Delaware corporation, and Connect LLC are parties to that certain Contribution Agreement,
dated as of the Effective Date (the “Definitive Agreement”), pursuant to which Connect LLC agrees to license certain data that has been de-identified in accordance with the HIPAA Privacy Rule
to Licensee. 
 B. Connect LLC receives and maintains certain Source Data (as defined in Section 1.28) in connection with its performance of certain
health care clinical, payment, administrative and other transactions through its proprietary electronic transaction services. 
 C. Connect LLC has engaged
Licensee to provide, directly or through its Affiliates or subcontractors, certain information system and other transition services to Connect LLC under the Transition Services Agreement dated as of the Effective Date (the “Transition
Services Agreement”) during the Transition Services Period (as defined in the Transition Services Agreement). 
 D. Licensee, in the capacity of a
Business Associate under HIPAA, de-identifies the Source Data on an ongoing basis in accordance with the HIPAA Privacy Rule and the Certification to create de-identified
data (the “Licensed Data”) pursuant to and during the term of the Transition Services Agreement and this Agreement. 
 E. As contemplated
by the Definitive Agreement, Licensee desires to license the Licensed Data from Connect LLC, and Connect LLC desires to license the Licensed Data to Licensee, subject to the Certification and other terms and conditions set forth in this Agreement.

 NOW, THEREFORE, in consideration of the premises and mutual covenants set forth in this Agreement and the Definitive Agreement, and other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows: 
 AGREEMENT:

 1. Definitions. The following terms, when used with an initial capital, have the meanings ascribed to them below. 

1.1 “Affiliate” means any entity that, directly or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, the specified person or entity. The term “control”, “controlled”, or “controlling” means the possession, directly or indirectly, of the power to direct the management and policies of
an entity, whether through the ownership of voting securities, by contract or otherwise. 

  

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

 

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

1.3 “Authorized User” means (a) Representatives of Licensee or any of Licensee’s Affiliates who are authorized by
Licensee to access and use the Licensed Data in accordance with this Agreement or (b) Representatives of Licensee’s or its Affiliates’ third party service providers who are authorized by Licensee to access and use the Licensed Data in
order to perform services for Licensee or Licensee’s Affiliates, subject to this Agreement. 
 1.4 “Certification”
means an opinion or other form of certification to be issued by an expert designated by Newco, which certifies that the Licensed Data has been de-identified in accordance with HIPAA’ s de-identification standards (and which sets forth requirements for ensuring that the risk of re-identification of the de-identified
data remains very small), as such certification may be amended or superseded from time to time. 
 1.5 “Claim” has the
meaning set forth in Section 7.1. 
 1.6 “Confidential Information” means all nonpublic information and materials that
are provided by or on behalf of a Party (in such capacity, “Discloser”) to the other Party (in such capacity, “Recipient”) and that are (a) marked or identified as “confidential” or
“proprietary” (or similar legend) or (b) that are of such a nature that would be understood by a reasonable person to be proprietary or confidential to Discloser. For the avoidance of doubt, Licensed Data is not Confidential
Information. 
 1.7 “Data Source” means a Connect LLC customer or other entity that provides Source Data to Connect LLC.

 1.8 “Definitive Agreement” has the meaning set forth in the recitals. 

1.9 “De-Identified Information” means information that was formerly PHI and that has
been de-identified in accordance with the requirements for de-identifying health information under the HIPAA Privacy Rule and the Certification. 

1.10 “Discloser” has the meaning set forth in Section 1.6. 

1.11 “Dispute” has the meaning set forth in Section 9.3.2. 

1.12 “EC Indemnitees” has the meaning set forth in Section 7.2. 

1.13 “Connect LLC” has the meaning set forth in the preamble. 

1.14 “Effective Date” has the meaning set forth in the preamble. 

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

 

 1.15 “HIPAA” means, collectively, the Administrative Simplification Section
of the Health Insurance Portability and Accountability Act of 1996, HITECH and their implementing regulations, as amended from time to time. 

1.16 “HIPAA Statistician” means a person with appropriate knowledge of and experience with generally accepted statistical and
scientific principles and methods for rendering information not individually identifiable under HIPAA. 
 1.17 “HITECH”
means Subtitle D of the Health Information Technology for Economic and Clinical Health Act. 
 1.18 “Indemnitee” has the
meaning set forth in Section 7.3. 
 1.19 “Indemnitor” has the meaning set forth in Section 7.3. 

1.20 “Intellectual Property Rights” means any intellectual property or other proprietary rights, including without limitation
copyright rights, moral rights, trademarks (including logos, slogans, trade names and service marks), patent rights (including patent applications and disclosures), know-how, inventions, rights of priority,
and trade secret rights. 
 1.21 “Law” means any statute, constitution, treaty, charter, ordinance, code, regulation, court
order, judicial action, subpoena and any other binding requirement or determination of any governmental body. 
 1.22
“Licensee” has the meaning set forth in the preamble. 
 1.23 “Licensee Indemnitees” has the meaning set
forth in Section 7.1. 
 1.24 “Losses” has the meaning set forth in Section 7.1. 

1.25 “Party” and “Parties” have the meanings set forth in the preamble. 

1.26 “PHI” means protected health information, as such term is defined in HIPAA. 

1.27 “Recipient” has the meaning set forth in Section 1.6. 

1.28 “Representatives” means the directors, officers, employees, agents, consultants, representatives, advisors and
contractors of the referenced Party or other entity. 
 1.29 “Source Data” means all PHI, other individually identifiable
information, de-identified data and other data that Connect LLC receives for any component or steps of any electronic transaction, provision of health care items or services, payment or other transmission or
exchange of information processed by Connect LLC, including, without limitation: (a) medical and institutional provider claims; (b) pharmacy claims; (c) electronic remittance advice; (d) electronic prescriptions; and
(e) laboratory test orders and results. 

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

 

 1.30 “Specifications” means the specifications for the Licensed Data as set
forth in Exhibit A, as such exhibit may be amended from time to time by mutual written agreement of the Parties. 
 1.31
“Term” means the period beginning on the Effective Date and ending on the earlier of (a) the fifteenth (15th) anniversary of the Effective Date or (b) the date of
termination of this Agreement in accordance with Section 3.2. 
 2. License and Access to Licensed Data. 

2.1 License. Connect LLC hereby grants to Licensee a perpetual, irrevocable, nonexclusive, nontransferable (except as set forth in
Section 9.2), royalty free, worldwide right and license to, and to permit Authorized Users to, access, use, reproduce, create derivative works of, display, distribute and otherwise fully exploit Licensed Data for Licensee’s business
purposes, subject to the Certification and other terms and conditions of this Agreement. In addition, Licensee may sublicense the foregoing license to third parties provided that such sublicense is pursuant to a written agreement with the third
party that (a) requires compliance with the terms and conditions of the Certification and (b) is otherwise at least as protective of Connect LLC’ s rights and the confidentiality, privacy and security of the Licensed Data as this
Agreement. 
 2.2 HIPAA Certification Procedures. Licensee shall engage a HIPAA Statistician who is independent of the Parties and
reasonably qualified to deliver a Certification to support the use of Source Data to create the Licensed Data under this Agreement. Prior to the use of any Source Data to create any Licensed Data, Licensee shall deliver to Connect LLC a proposed
Certification from the HIPAA Statistician under which the HIPAA Statistician has determined (by applying generally accepted statistical and scientific principles and methods for rendering information not individually identifiable) that the risk is
very small that the data included in the Licensed Data Products could be used, alone or in combination with other reasonably available information, by Licensee or any other anticipated Licensed Data recipient to identify an individual who is a
subject of any Licensed Data. Connect LLC (and its attorneys and HIPAA Statistician) shall have fourteen (14) days to review the proposed Certification and provide any comments to Licensee. The Parties (and their respective attorneys and HIPAA
Statisticians) shall work in good-faith to resolve any reasonable issues raised by Connect LLC with respect to the proposed Certification. Licensee shall pay the cost of the Certification, as it may be updated or amended from time-to-time during the Term. Licensee may implement any Certification that Licensee has reasonably determined satisfies HIPAA requirements for statistical de-identification of PHI. Licensee shall obtain a renewal of any Certification for the creation of Licensed Data prior to the expiration of the Certification consistent with the procedures set forth in this
Section 2.2. 
 In addition, Licensee may propose a new Certification or an amended Certification as Licensee deems appropriate for a proposed Licensed
Data use case or Licensed Data recipient or any other reason. Connect LLC (and its attorneys and HIPAA Statistician) shall have fourteen (14) days to review the proposed new or amended Certification and provide any comments to Licensee. The
Parties (and their respective attorneys and HIPAA Statisticians) shall work in good-faith to resolve any issues raised by Connect LLC with respect to the proposed new or amended Certification. Licensee shall pay the cost of the new or amended
Certification. Licensee may implement any new or amended Certification that Licensee has reasonably determined satisfies HIPAA requirements for statistical de-identification of PHI. 

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

 

 2.3 Creation and Delivery of Licensed Data. 

2.3.1 Transition Services Period. During the Transition Services Period (as defined in the Transition Services Agreement), Connect LLC
shall cause to be delivered to Licensee (and Licensee shall receive) the Source Data in accordance with the Transition Services Agreement. Within twelve (12) hours of the Licensee’s receipt of the applicable Source Data, Licensee will
generate Licensed Data from such Source Data collected and maintained by Licensee under the Transition Services Agreement in accordance with (a) all applicable Laws (including, without limitation, HIPAA), (b) the Certification,
(c) agreements between Connect LLC and the Data Sources and (d) the terms and conditions of this Agreement. 
 2.3.2 After
Transition Services Period. After the expiration or other termination of the Transition Services Period and before the termination of this Agreement, Connect LLC shall de-identify the Source Data and
deliver the Licensed Data to Licensee. Connect LLC will deliver the Licensed Data to Licensee through a secure, electronic means mutually agreed upon by the Parties. The initial delivery of Licensed Data by Connect LLC under this Section 2.3.2
will be provided within twelve (12) hours after the expiration of the Transition Services Period (unless this Agreement has already terminated). After the initial delivery, Connect LLC will continue to update the Licensed Data and generate new
Licensed Data from Source Data collected after the last delivery, and to deliver such new and updated Source Data to Licensee on a daily basis at least six (6) times per day during the Term for
de-identification by Licensee in accordance with the Certification and pursuant to the Transition Services Agreement and this Agreement. Connect LLC shall provide real-time access to pharmacy transaction data
within the Licensed Data for purposes of de-identification in accordance with the Certification and pursuant to the Transition Services Agreement and this Agreement. 

2.4 Restrictions. Licensee shall not, and shall make commercially reasonable efforts to ensure that any third party (“Licensee
Customer”) to which Licensee, directly or indirectly, sublicenses or otherwise provides access to the Licensed Data shall not: (a) recompile or reverse engineer any Licensed Data, (b) identify or
re-identify any individual who is the subject of any data within the Licensed Data or (c) link any other data elements or data sets to the Licensed Data except as permitted by the Certification and
applicable Law. In addition, Licensee shall not, and shall make commercially reasonable efforts to ensure that Licensee Customers do not attempt to do any of the activities prohibited in items (a) through (c) of this Section 2.4. Licensee
may only license Licensed Data to a Licensee Customer if the Licensee Customer signs a written agreement with Licensee that complies with the Certification, restrictions set forth in Section 2.4 and the other terms and conditions of this
Agreement. 
 2.5 Third-Party License Agreements. Connect LLC shall include a covenant (the “Termination Covenant”)
in any Third-Party License Agreement (as defined herein) that entitles Licensee to terminate such Third-Party License Agreement in the event that an Option Holder (as defined herein) exercises the option (the “Option”) granted under
the Option to Enter into a Purchase Agreement attached hereto as Exhibit B (the “Option Agreement”). The Termination Covenant shall provide that Licensee is an intended third-party beneficiary for purposes of

  
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exercising and enforcing the Termination Covenant. “Third-Party License Agreement” means any agreement between Connect LLC and a third party under which Connect LLC grants a
license or otherwise provides access or use rights to any of the Licensed Data to the third party or the third party’s customers or end users. “Option Holder” means Change Solutions (or any Subsidiary of any Echo Party that it
designates). Capitalized terms used in this Section 2.5 without definition shall have the meanings given to them under the Option Agreement. 

3. Term and Termination. 
 3.1
Term. This Agreement shall commence on the Effective Date and continue through the end of the Term. 
 3.2 Termination. 

3.2.1 Licensee may terminate this Agreement at any time for any reason or no reason upon written notice to Connect LLC, such termination to be
effective upon the date set forth in Licensee’s termination notice. 
 3.2.2 If Licensee materially breaches Section 2.3 or
materially infringes upon Connect LLC’s rights under Section 5.1 of this Agreement, Connect LLC may provide written notice to Licensee describing the breach. If Licensee does not reasonably cure any such breach or infringement within one
hundred and eighty (180) days after receipt of such notice, Connect LLC may terminate this Agreement upon further written notice at the end of such 180-day period. 

3.3 Effect of Termination. Upon the expiration or earlier termination of this Agreement, all rights and licenses under this Agreement
shall automatically cease, except that (a) Licensee’s license under Section 2.1 shall continue in perpetuity with respect to Licensed Data provided (or required to be provided under this Agreement) prior to the effective date of
termination, in each case subject to the restrictions set forth in Section 2.4 and (b) Sections 3.3, 4 (for the period set forth in Section 4.6), 5, 7, 8 and 9 of this Agreement shall survive. 

4. Confidentiality. 
 4.1
Obligations. With respect to Discloser’s Confidential Information, each Party, in its capacity as Recipient, agrees as follows: 

4.1.1 Recipient shall use Discloser’s Confidential Information solely for the purposes of performing its obligations and/or exercising its
rights under this Agreement and for no other purpose. 
 4.1.2 Recipient shall not publish, disseminate or otherwise disclose Confidential
Information of the Discloser to any other person or entity. Notwithstanding the foregoing, Recipient may disclose Discloser’s Confidential Information to Recipient’s Affiliates and Recipient’s Affiliates’ Representatives who have
a need to know for purposes of this Agreement and who are bound by obligations of confidentiality and nonuse that are substantially similar to those set forth in this Section 4. Recipient shall be liable for any failure of any of its
Representatives to (i) maintain the confidentiality of Discloser’s Confidential Information, or (ii) otherwise comply with the terms of this Section 4 to the same extent as Recipient is obligated. 

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

 

 4.1.3 Recipient shall use commercially reasonable efforts to protect Discloser’s
Confidential Information from unauthorized use and disclosure. 
 4.1.4 Neither Party may disclose terms of this Agreement without the other
Party’s prior written consent, except that (a) either Party may provide a copy of this Agreement or otherwise disclose its terms on a confidential basis in connection with any financing transaction or due diligence inquiry and
(b) Licensee may provide a copy of this Agreement or otherwise disclose its terms on a confidential basis in connection with any negotiation of a sublicense of the rights granted under this Agreement. Notwithstanding the foregoing, the Parties
may disclose that they are parties to an agreement pursuant to which Licensee has a license to access and use Licensed Data, including a description of the Licensed Data and its Source Data. 

4.2 Exceptions to Confidential Information. The restrictions set forth in this Section 4 shall not apply to that part of
Discloser’s Confidential Information that Recipient is able to demonstrate by documentary evidence: 
 4.2.1 was rightfully in
Recipient’s possession prior to receipt from Discloser; 
 4.2.2 was in publicly available at the time of receipt from Discloser or
subsequently becomes publicly available through no fault of Recipient or its Representatives (for the avoidance of doubt, the fact that individual components of information are publicly available, but a particular compilation or integration of such
components is not, does not relieve Recipient of its obligations of confidentiality and nonuse under this Section 4 with regard to the compilation or integration of such components); 

4.2.3 is lawfully received by Recipient from a Third Party having a right of further disclosure; or 

4.2.4 is developed independently by Recipient or its Representatives without reference to or use of any of Discloser’s Confidential
Information. 
 4.3 Disclosure Required by Law. The restrictions set forth in this Section 4 shall not apply to the extent that
Receiving Party is required to disclose Confidential Information pursuant to any applicable Law; provided, however, that prior to any such disclosure Recipient shall make all reasonable efforts to notify Discloser and Recipient shall cooperate with
Discloser’s efforts to seek a protective order or otherwise to contest and avoid such disclosure at Discloser’s own cost and expense, and further provided that Recipient shall disclose only that portion of such Confidential Information
that Recipient is legally required to disclose. A Party may disclose the text and terms of this Agreement in regulatory filings, including filings with the United States Securities and Exchange Commission; provided, however, that the Party required
to disclose will consult with the other Party prior to any such disclosure and shall seek confidential treatment for those provisions of this Agreement as requested by such other Party. 

4.4 Return of Confidential Information. Upon termination or expiration of this Agreement or at Discloser’s earlier written
request, Recipient shall return, and shall cause its Representatives to return, all documentary, electronic or other tangible forms of Confidential Information (that are still subject to confidentiality obligations hereunder) provided by Discloser,
including without limitation, any and all extracts, summaries or abstracts thereof, and any and all 

  
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and associated correspondence 
 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 
copies of any of the foregoing, or, at Discloser’s request, destroy all or such parts of Discloser’s Confidential Information as Discloser shall direct. Notwithstanding the foregoing,
Recipient may retain copies of such of Discloser’s Confidential Information as is reasonably necessary for regulatory and business archival purposes, subject to the ongoing obligation to maintain the confidentiality of such information and
Recipient shall not be required to destroy electronic files containing Confidential Information that are made in the ordinary course of its business information back-up procedures pursuant to its electronic
record retention and destruction practices that apply to its own general electronic files and information. 
 4.5 Remedy. Each Party
agrees that its obligations under this Section 4 are necessary and reasonable in order to protect the other Party and the other Party’s business, and that monetary damages may be inadequate to compensate the other Party for any breach of
the terms of this Agreement. Accordingly, each Party agrees and acknowledges that any such violation or threatened violation may cause irreparable injury to the other Party, and that, in addition to any other remedies that may be available, the
other Party shall be entitled to seek injunctive relief against the threatened breach of this Agreement or a SOW or the continuation of any such breach. 

4.6 Survival of Obligations. The obligations set forth in this Section 4 shall survive expiration or termination of this Agreement
for a period of five years. 
 5. Proprietary Rights. 

5.1 Connect LLC’s Proprietary Rights. As between the Parties, Connect LLC (and its licensors, providers and suppliers, where
applicable) owns and shall retain all Intellectual Property Rights in and to the Licensed Data and Connect LLC’s Confidential Information. 

5.2 Licensee’s Proprietary Rights. As between the Parties, Licensee owns and shall retain all Intellectual Property Rights in and
to (a) any derivative works of the Licensed Data created by or on behalf of Licensee or its Affiliates and (b) Licensee’s Confidential Information. 

5.3 Reservation of Rights. Except for the rights and licenses expressly granted in this Agreement, no other rights are granted by
either party, and all other rights are expressly reserved. 
 6. Warranties; Warranty Disclaimer. 

6.1 Warranty. Connect LLC represents, warrants and covenants to Licensee as follows: 

6.1.1 Connect LLC has lawful right and authority to enter into this Agreement, without conflict with any obligations it has to any third
party. 
 6.1.2 Connect LLC complies with all applicable Laws (including HIPAA) and the Certification in collecting, storing and maintaining
Source Data and creation of the Licensed Data. Connect LLC or third parties disclosing the Source Data to Connect LLC have obtained all authorizations, consents or other permissions required by Law from the individuals who are the subject of the
Source Data. Connect LLC has the lawful right to create the Licensed Data and provide Licensee with the rights and licenses granted in this Agreement. 

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

 

 6.1.3 Connect LLC owns or otherwise has all rights necessary to provide the Licensed Data to
Licensee without violation of the Intellectual Property Rights of any third party. 
 6.1.4 Connect LLC will use all reasonable efforts to
continue to collect Source Data throughout the Term of this Agreement in substantially similar volume or greater than Change Healthcare Solutions, L.L.C., did immediately prior to the closing of the Defmitive Agreement. 

6.2 Warranty. Licensee represents, warrants and covenants to Connect LLC as follows: 

6.2.1 Licensee has lawful right and authority to enter into this Agreement, without conflict with any obligations it has to any third party.

 6.2.2 Licensee complies with all applicable Laws (including HIPAA) and the Certification in collecting, storing and maintaining Source
Data and creation of the Licensed Data during the Transition Services Period. 
 6.3 Warranty Disclaimer. EXCEPT FOR THE WARRANTIES
EXPRESSLY SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY WARRANTIES, AND EACH PARTY HEREBY DISCLAIMS ALL OTHER WARRANTIES, ORAL OR WRITTEN, WHETHER EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, RELATING TO THIS AGREEMENT, INCLUDING, WITHOUT
LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, AND ALL WARRANTIES ARISING FROM COURSE OF PERFORMANCE, COURSE OF DEALING OR USAGE IN TRADE. 

7. Indemnification. 
 7.1
Connect LLC Obligations. Connect LLC agrees to defend (at Connect LLC’s expense) Licensee, Licensee’s Affiliates and Sublicensees, and each of their respective Authorized Users and Representatives (collectively, the
“Licensee Indemnitees”) against all claims, actions, suits or proceedings (each, a “Claim”) brought by a third party against any of the Licensee Indemnitees arising out of, relating to or resulting from
(a) breach of any of Connect LLC’s representations, warranties or obligations set forth in this Agreement or (b) Connect LLC’s or its Affiliates’, or any of their respective Representatives’, gross negligence or
intentional misconduct. In addition, Connect LLC agrees to pay and indemnify the Licensee Indemnitees for all judgments, settlement amounts, liabilities, costs and expenses (collectively, “Losses”) awarded by a court of competent
jurisdiction, agreed to as part of a settlement, or otherwise incurred as a result of any such Claim. 
 7.2 Licensee Obligations.
Licensee agrees to defend (at Licensee’s expense) Connect LLC and its Representatives (collectively, the “EC Indemnitees”) against all Claims brought by a third party against any of the EC Indemnitees arising out of, relating
to or resulting from (a) breach of any of Licensee’s representations, warranties or obligations set forth in this Agreement or (b) Licensee’s or its Affiliates, or any of their respective Representatives’, gross negligence
or intentional misconduct. In addition, Licensee agrees to pay and indemnify the EC Indemnitees for all Losses awarded by a court of competent jurisdiction, agreed to as part of a settlement, or otherwise incurred as a result of any such Claim. 

  
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 7.3 Procedure. 

7.3.1 The responsible Party under Section 7.1 or Section 7.2 (“Indemnitee”) agrees to notify the other Party
(“Indemnitor”) in writing, promptly after receipt of actual notice of any Claim for which it seeks to recover, provided, however, that any delay or failure in notification shall not relieve Indemnitor of its obligations hereunder
except to the extent that Indemnitor is actually prejudiced by such delay or failure to notify. 
 7.3.2 Indemnitor shall have sole control
and authority with respect to the defense, litigation, compromise or settlement of such Claim except to the extent that any settlement involves material commitments, responsibilities or obligations on the part of any of the Indemnitees, in which
case such settlement shall require the prior written consent of Indemnitee, which consent shall not be unreasonably delayed, conditioned or withheld. Notwithstanding the foregoing, Indemnitee may assume such defense if (a) Indemnitor does not
promptly assume diligently defending the Claim with competent counsel free of a material conflict of interest with Indemnitee, or ceases such defense at any time, (b) Indemnitee has provided Indemnitor with 30 days’ prior written notice
that it intends to assume such defense (or such lesser period necessary to preserve Indemnitee’s rights or prevent further damage to Indemnitee) and (b) Indemnitor does not promptly commence (or resume) such defense within such 30-day period (or such lesser period). Indemnitee agrees to provide reasonable information, cooperation and assistance as required by Indemnitor (at Indemnitor’s expense). 

7.3.3 For any Claim for such Indemnitor controls the defense, Indemnitee reserves the right to participate at its own cost in any proceedings
with counsel of its own choosing, provided, however, that Indemnitee shall at all times be subject to Indemnitor’s sole control and authority with respect to defending, litigating or settling the Claim. 

8. Limitation of Liability. EXCEPT FOR BREACH OF SECTION 6.1 or 6.2, AND EXCEPT FOR AMOUNTS PAYABLE IN CONNECTION WITH A PARTY’S
OBLIGATIONS UNDER SECTION 7, IN NO EVENT SHALL EITHER PARTY BE LIABLE CONCERNING ANY SUBJECT MATTER OF THIS AGREEMENT, REGARDLESS OF THE FORM OF ANY CLAIM OR ACTION (WHETHER IN CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE), FOR ANY
(A) INDIRECT, PUNITIVE, INCIDENTAL, RELIANCE, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES INCLUDING, BUT NOT LIMITED TO, LOSS OF BUSINESS, REVENUES, PROFITS OR GOODWILL, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR (B) AGGREGATE
DAMAGES IN EXCESS OF TEN MILLION DOLLARS ($10,000,000). THESE LIMITATIONS ARE INDEPENDENT FROM ALL OTHER PROVISIONS OF THIS AGREEMENT AND SHALL APPLY NOTWITHSTANDING THE FAILURE OF ANY REMEDY PROVIDED HEREIN. 

9. Miscellaneous. 
 9.1
Relationship of Parties. In the performance of this Agreement, the Parties will at all times be independent contractors, and this Agreement shall not constitute, or be deemed to constitute, either Party as an employee, agent, partner or joint
venturer of the other. 

  
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 9.2 Assignment. This Agreement and the rights hereunder may not be assigned by either
Party without the prior written consent of the other, except that either Party (with notice but without consent) may assign this Agreement in its entirety to any successor to all or substantially all of its business that concerns this Agreement
(whether by sale of equity or assets, merger, consolidation or otherwise). Any attempted assignment in violation hereof will be void and of no effect. This Agreement will be binding upon, and inure to the benefit of, the successors, representatives,
and permitted assigns of the Parties. For the avoidance of doubt, Connect LLC may transfer any of its businesses, contracts or other assets generating the Source Data to a third party only if the third party agrees to provide the applicable Source
Data for de-identification in accordance with the terms and conditions of this Agreement. 
 9.3
Governing Law; Dispute Resolution; Jurisdiction. 
 9.3.1 This Agreement and any related dispute shall be governed by and construed
in accordance with the applicable Laws of the State of Delaware, without regard to its conflicts of Law principles. 
 9.3.2 In the event of
a dispute between the Parties under this Agreement (each, a “Dispute”), prior to commencing any litigation, action or other proceeding (other than an action for interim injunctive relief pending final resolution of the Dispute)
related to any such Dispute, the Parties will attempt to resolve such Dispute by good faith negotiations for a period of 45 days. If the Parties fail to reach a resolution mutually satisfactory to both Parties within such time period, the Dispute
may be referred by either Party for resolution by a court in accordance with Section 9.3.3. 
 9.3.3 For the purposes of any suit,
action or other proceeding arising out of or relating to this Agreement (each, an “Action”), each Party to this Agreement irrevocably submits, to the fullest extent permitted by applicable Law, to the exclusive jurisdiction of any
federal or state court sitting in the State of Delaware and the appellate courts having jurisdiction of appeals in such courts. For the purposes of any Action, each Party irrevocably and unconditionally waives, to the fullest extent permitted by
Applicable Law, any objection to the laying of venue in any federal or state court sitting in the State of Delaware. 
 9.4 Entire
Agreement; Interpretation. This Agreement (including Exhibit A) constitutes the entire agreement between the Parties with regard to, and supersedes all prior negotiations, understandings or agreements (oral or written) between the Parties
relating to, the subject matter of this Agreement (and all past dealing or industry custom). This Agreement may be executed in two counterparts, each of which is an original, but together constituting one and the same instrument. Execution of a
facsimile copy shall have the same force and effect as execution of an original, and a facsimile signature shall be deemed an original and valid signature. No changes, modifications or waivers may be made to this Agreement unless in writing and
signed by both Parties. The failure of either Party to enforce its rights under this Agreement at any time for any period will not be construed as a waiver of such rights. Except as specifically provided otherwise, each right and remedy in this
Agreement is in addition to any other right or remedy, at law or in equity, and the exercise of one right or remedy will not be deemed a waiver of any other right or remedy. If any provision of this Agreement is determined to be illegal or
unenforceable, that provision will be limited or eliminated to the minimum extent necessary so that this Agreement will otherwise remain in full force and effect and enforceable. 

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

 

 9.5 Notices. All notices and communications shall be in English (or in the case of
communications that cannot be provided in English, accompanied by English translations) in writing and delivered personally or by internationally-recognized overnight express courier providing evidence of delivery, addressed as follows, or to such
other address as may be designated from time to time in accordance with this section: 
  

			
	 If to Connect LLC, to:

 
 eRx Network Holdings, Inc.
100 Lexington Street, Suite
400
Fort Worth, TX 76102
Attention: Mark Doerr, Chief Executive Officer
Facsimile: (615) 340-6049
	  	 with a copy to:
  

eRx Network Holdings, Inc.
3055 Lebanon Road, Suite 1000
Nashville, TN 37214
Attention: Colin Ford, Vice President &
General Counsel
Facsimile: (615) 340-6049-6049

		
	 If to Licensee, to:

 
 Change Healthcare, Inc.
3055 Lebanon Pike, Suite
1000
Nashville, TN 37214
Attention: Doug Hebenthal
Facsimile: ________________
	  	 with a copy to:
  

Change Healthcare, Inc.
3055 Lebanon Pike, Suite 1000
Nashville, TN 37214
Attention: General Counsel
Facsimile: (615) 340-6153

 Any notice, communication or document (excluding payment) required to be given or made shall be deemed given or made and
effective upon actual receipt or, if earlier, three business days after deposit with an internationally-recognized overnight express courier with charges prepaid. 

[Signature page follows.] 

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

 

 IN WITNESS WHEREOF, each Party has caused its duly authorized representative to execute this Agreement
as of the Effective Date. 
  

													
	eRx Network, LLC	 		 	Change Healthcare, Inc.
					
	By:	 	/s/ Colin Ford	 		 	By:	 	/s/ Gregory T. Stevens

		 	Name:	 	Colin Ford
	 		 		 	Name:	 	Gregory T. Stevens

		 	Title:	 	Vice President and General Counsel	 		 		 	Title:	 	General Counsel and Secretary

 [Signature Page eRx Data License]EX-10.25

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

 

 Exhibit 10.25 

CHANGE HEALTHCARE INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 
  

	1.	 Purpose and Term. 

(a) The purpose of the Change Healthcare Inc. 2019 Employee Stock Purchase Plan, as it may be amended and/or restated from time to time (the
“Plan”), is to give Eligible Employees of Change Healthcare Inc., a Delaware corporation (the “Company”), and its Designated Companies an opportunity to purchase shares of Common Stock and to promote its best
interests and enhance its long-term performance. The Company intends for each Offering to qualify as an “employee stock purchase plan” under Code Section 423 (each, a “Section 423 Offering”) and the
Plan shall be construed so as to comply with the requirements of Code Section 423 with respect to Section 423 Offerings. Any provisions required to be included in the Plan under Code Section 423 are hereby included as fully as though
set forth in the Plan. Notwithstanding the foregoing, the Committee may also authorize Offerings that are not intended to comply with the requirements of Code Section 423, which may, but are not required to, be made pursuant to any rules,
procedures, or sub-plans (collectively, “Sub-Plans”) adopted by the Committee for such purpose (each, a “Non-Section 423 Offering”). 
 (b) The effective date of the Plan shall be
                , 2019 (the “Effective Date”). The term of the Plan shall continue until terminated by the Board pursuant to
Section 13 or the date on which all of the shares of Common Stock available for issuance under the Plan have been issued. 
  

	2.	 Certain Definitions. 

Any term not expressly defined in the Plan but defined for purposes of Code Section 423 will have the same definition herein. In addition
to terms defined elsewhere in the Plan, the following terms shall have the meanings given below unless the Committee determines otherwise: 

(a) “Affiliate” means any entity, other than a Subsidiary, that directly or through one or more intermediaries is controlled
by, or is under common control with, the Company, as determined by the Committee. 
 (b) “Applicable Law” means any
applicable laws, rules and regulations (or similar guidance), including but not limited to the General Corporation Law of the State of Delaware, the Securities Act, the Exchange Act, the Code and the listing or other rules of any applicable stock
exchange, and the applicable laws of any foreign country or jurisdiction where Purchase Rights are, or will be, granted. References to any applicable laws, rules and regulations, including references to any sections or other provisions of applicable
laws, rules and regulations, also refer to any successor or amended provisions thereto unless the Committee determines otherwise. Further, references to any section of a law shall be deemed to include any regulations or other interpretive guidance
under such section, unless the Committee determines otherwise. 
 (c) “Board” means the Board of Directors of the Company.

  

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

 

 (d) “Change in Control” shall have the meaning given such term in the Change
Healthcare Inc. 2019 Omnibus Incentive Plan or any successor plan thereto, in each case, as amended and/or restated from time to time (the “Omnibus Incentive Plan”). 

(e) “Code” means the U.S. Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or U.S.
Treasury Regulation thereunder will include such section or regulation, any valid regulation or other official applicable guidance promulgated under such section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation. 
 (f) “Committee” means the Compensation Committee of the Board,
which has authority to administer the Plan pursuant to Section 3. All references to the Committee in the Plan shall include any administrator to which the Committee has delegated any part of its responsibilities and powers
pursuant to Section 3(b). 
 (g) “Common Stock” means shares of the common stock of the Company,
par value $0.001 per share, and any successor securities. 
 (h) “Company” means Change Healthcare Inc., a Delaware
corporation, and any successor thereto. 
 (i) “Compensation” means, unless otherwise determined by the Committee, a
Participant’s cash earnings, including base salary, wages, bonuses, commissions and other forms of incentive compensation (but excluding gifts, prizes, awards, relocation payments, severance, tips, gratuities, or similar elements of
compensation), determined as of the date of the Contribution or such other date or dates as may be determined by the Committee. The Committee may, in its discretion, on a uniform and nondiscriminatory basis, establish a different definition of
Compensation for an Offering. 
 (j) “Contributions” means the amount of Compensation contributed by a Participant through
payroll deductions to fund the exercise of a Purchase Right; provided, however, that “Contributions” may also include other payments that the Committee may permit a Participant to make to fund the exercise of a Purchase Right
to the extent payroll deductions are not permitted by Applicable Law, as determined by the Company in its sole discretion. 
 (k)
“Designated Company” means any Subsidiary or Affiliate, whether now existing or existing in the future, that has been designated by the Committee from time to time in its sole discretion as eligible to participate in the Plan. The
Committee may designate Subsidiaries or Affiliates as Designated Companies in a Non-Section 423 Offering. For purposes of a Section 423 Offering, only the Company and its Subsidiaries may be Designated
Companies; provided, however, that at any given time, a Subsidiary that is a Designated Company under a Section 423 Offering will not be a Designated Company under a Non-Section 423
Offering. 
 (l) “Eligible Employee” means any Employee of the Company or a Designated Company except (unless otherwise
determined by the Committee): 
 (i) any Employee who has been employed for less than 90 days; 

  
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 (ii) any Employee whose customary employment is for less than 20 hours per
week; or 
 (iii) any Employee whose customary employment is for not more than five months in any calendar year; 

provided, however, that the Committee may determine prior to any Offering Period that Employees outside the United States who are
participating in a separate Offering or in separate Offerings shall be “Eligible Employees” even if they do not meet the requirements of (ii) and (iii) above if and to the extent required by Applicable Law; provided,
further, that the Committee, in its discretion, from time to time may, prior to the Offering Period for all Purchase Rights to be granted on the first day of such Offering Period in an Offering determine (for each Section 423 Offering,
on a uniform and nondiscriminatory basis or as otherwise permitted by U.S. Treasury Regulation Section 1.423-2) that the definition of Eligible Employee will or will not include an individual if such
individual: (A) has not completed at least 90 days of service since such individual’s last hire date (or such lesser period of time as may be determined by the Committee in its discretion), (B) customarily works less than 20 hours per
week (or such lesser period of time as may be determined by the Committee in its discretion), (C) customarily works less than five months per calendar year (or such lesser period of time as may be determined by the Committee in its discretion),
(D) is a highly compensated employee within the meaning of Code Section 414(q), or (E) is a highly compensated employee within the meaning of Code Section 414(q) with compensation above a certain level or is an officer or subject
to the disclosure requirements of Section 16(a) of the Exchange Act (provided that the exclusion is applied with respect to each Section 423 Offering in an identical manner to all highly compensated employees of the Company or a
Designated Company, as applicable, whose employees are participating in such Offering). 
 No Employee shall be granted a Purchase Right
under the Plan if, immediately after such grant, the Employee would own or hold options to purchase stock of the Company or a Related Corporation possessing 5% or more of the total combined voting power or value of all classes of stock of such
corporation, as determined in accordance with Code Section 423(b)(3). For these purposes, the attribution rules of Code Section 424(d) shall apply in determining the stock ownership of such Employee. For purposes of a Non-Section 423 Offering, the provisions of Section 5(i) shall apply. 
 (m)
“Employee” means an employee of the Company or a Subsidiary or Affiliate. For the purposes herein, the existence of an employment relationship will be determined in accordance with U.S. Treasury Regulation Section 1.421-l(h).

 (n) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

(o) “Fair Market Value” means, unless the Committee determines otherwise, on a given date (the “valuation
date”) (i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such
sales on that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any 

  
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national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing bid price and ask price reported on such date, or, if there is
no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale basis, then Fair
Market Value shall be determined by the Committee in good faith to be the fair market value of the Common Stock. Notwithstanding any provision of the Plan to the contrary, no determination made with respect to the Fair Market Value of the Common
Stock subject to a Purchase Right shall be inconsistent with Code Section 423 in the case of a Section 423 Offering. 
 (p)
“Grant Date” means the date of grant of a Purchase Right. The Grant Date shall be the first day with respect to each Offering Period. 

(q) “Initial Offering Period” means the initial Offering Period that begins and ends on the dates determined by the Committee.

 (r) “Offering” means a grant of Purchase Rights to purchase shares of Common Stock under the Plan. Each Offering will be
a Section 423 Offering or a Non-Section 423 Offering. Unless otherwise specified by the Committee, each Offering shall be deemed a separate Offering, even if the dates and other terms of the applicable
Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply to each such Offering. With respect to Section 423 Offerings, the terms of each Offering need not be identical; provided that the
terms of the Plan and an Offering together satisfy Code Section 423 and the U.S. Treasury Regulations thereunder; provided, however, that a Non-Section 423 Offering is not required to
satisfy such regulations. 
 (s) “Offering Period” means any period, including the Initial Offering Period, with respect to
which a Purchase Right may be granted; provided that in no event shall an Offering Period be greater than 27 months. Following commencement of the Initial Offering Period, a new Offering Period shall begin. Notwithstanding the foregoing, the
Committee shall have the power to change the frequency and duration of the Offering Periods with respect to any Offering as it deems appropriate from time to time. 

(t) “Parent” means any present or future corporation that is or which would be a “parent corporation” of the Company
as that term is defined in Code Section 424. 
 (u) “Participant” means an Eligible Employee who is a participant in
the Plan. 
 (v) “Plan” means the Change Healthcare Inc. 2019 Employee Stock Purchase Plan, as it may be amended and/or
restated. 
 (w) “Purchase Date” means the date of exercise of a Purchase Right. The Purchase Date shall be the Purchase
Period End Date with respect to each Purchase Period. 
 (x) “Purchase Period” means, unless otherwise determined by the
Committee, each six-month period during which an Offering is made to Eligible Employees pursuant to the Plan. There shall be one Purchase Period in each Offering Period, with such Purchase Periods beginning
and ending on the dates determined by the Committee or its designees in its or their discretion. 

  
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Notwithstanding the foregoing, the first Purchase Period in the Initial Offering Period shall begin and end on the dates determined by the Committee or its designees in its or their discretion,
as applicable. Further, the Committee shall have the power to change the duration of Purchase Periods (including the Purchase Period Start Date and the Purchase Period End Date for any Purchase Period) with respect to any Offering; provided
that such change is announced a reasonable period of time prior to the effective date of such change; provided, further, that in no event shall a Purchase Period be greater than 27 months. 

(y) “Purchase Period End Date” means the last day of each Purchase Period. Unless otherwise determined by the Committee, there
shall be one Purchase Period End Date in each Offering Period. 
 (z) “Purchase Period Start Date” means the first day of
each Purchase Period. Unless otherwise determined by the Committee, there shall be one Purchase Period Start Date in each Offering Period. 

(aa) “Purchase Price” means the price per share of Common Stock subject to a Purchase Right, as determined in accordance with
Section 6(b). 
 (bb) “Purchase Right” means an option granted hereunder which entitles a
Participant to purchase shares of Common Stock in accordance with the terms of the Plan. 
 (cc) “Related Corporation” means
a Parent or Subsidiary. 
 (dd) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(ee) “Subsidiary” means any present or future corporation that is or would be a “subsidiary corporation” of the
Company as that term is defined in Code Section 424. 
 (ff) “Tax-Related
Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment on account or other tax-related items arising in relation to a Participant’s participation in the Plan.

  

	3.	 Administration. 

(a) The Plan shall be administered by the Committee, unless the Board elects to assume administration of the Plan in whole or in part.
References to the “Committee” include the Board if it is acting in an administrative capacity with respect to the Plan. Committee members shall be intended to qualify as “independent directors” (or terms of similar meaning) if
and to the extent required under Applicable Law. However, the fact that a Committee member shall fail to qualify as an independent director shall not invalidate any Purchase Right or other action taken by the Committee under the Plan. 

(b) In addition to action by meeting in accordance with Applicable Law, any action of the Committee may be taken by a written instrument signed
by all of the members of the Committee and any action so taken by written consent shall be as fully effective as if it had been taken by a majority of the members at a meeting duly held and called. Subject to the provisions of the Plan and
Applicable Law, the Committee shall have full and final authority, in its discretion, 

  
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 pursuant to Rule 83 of the Securities and Exchange Commission. 

 

 
to take any action with respect to the Plan, including, without limitation, the following: (i) to establish, amend and rescind rules and regulations for the administration of the Plan;
(ii) to prescribe the form(s) of any agreements or other instruments used in connection with the Plan; (iii) to determine the terms and provisions of the Purchase Rights; (iv) to determine eligibility and adjudicate all disputed
claims filed under the Plan, including whether Eligible Employees shall participate in a Section 423 Offering or a Non-Section 423 Offering and which Subsidiaries and Affiliates shall be Designated
Companies participating in either a Section 423 Offering or a Non-Section 423 Offering; (v) reconcile any inconsistency in, correct any defect in, and/or supply any omission in the Plan and any
instrument or agreement relating to, or Purchase Rights granted under, the Plan; and (vi) to construe and interpret the Plan, the Purchase Rights, the rules and regulations, and the agreements or other written instruments, and to make all other
determinations necessary or advisable for the administration of the Plan, including, without limitation, the adoption of such Sub-Plans as are necessary or appropriate to permit the participation in the Plan
by Eligible Employees who are foreign nationals or employed outside the United States, as further set forth in Section 3(c) below. Every finding, decision and determination made by the Committee will, to the full extent
permitted by Applicable Law, be final and binding upon all parties. Except to the extent prohibited by the Plan or Applicable Law, and subject to such terms and conditions as may be established by the Committee, the Committee may appoint one or more
agents to assist in the administration of the Plan and may delegate any part of its responsibilities and powers to any such person or persons appointed by it. No member of the Board or Committee, as applicable, shall be liable while acting as
administrator for any action or determination made in good faith with respect to the Plan or any Purchase Right granted thereunder. 
 (c)
Notwithstanding any provision to the contrary in this Plan, the Committee may adopt such Sub-Plans relating to the operation and administration of the Plan to accommodate the specific requirements of local
laws and procedures for jurisdictions outside of the United States, the terms of which Sub-Plans may take precedence over other provisions of this Plan, with the exception of
Section 4, but unless otherwise superseded by the terms of such Sub-Plan, the provisions of this Plan shall govern the operation of such
Sub-Plan. To the extent inconsistent with the requirements of Code Section 423, any such Sub-Plan shall be considered part of a
Non-Section 423 Offering, and Purchase Rights granted thereunder shall not be required by the terms of the Plan to comply with Code Section 423. Without limiting the generality of the foregoing, the
Committee is authorized to adopt Sub-Plans for particular non-U.S. jurisdictions that modify the terms of the Plan to meet applicable local requirements regarding,
without limitation, (i) eligibility to participate, (ii) the definition of Compensation, (iii) the dates and duration of Offering Periods or Purchase Periods or other periods during which Participants may make Contributions towards
the purchase of shares of Common Stock, (iv) the method of determining the Purchase Price and the discount from Fair Market Value at which shares of Common Stock may be purchased, (v) any minimum or maximum amount of Contributions a
Participant may make during an Offering Period or other specified period under the applicable Sub-Plan, (vi) the treatment of Purchase Rights upon a Change in Control or a change in capitalization of the
Company, (vii) the handling of payroll deductions, (viii) establishment of bank, building society or trust accounts to hold Contributions, (ix) payment of interest, (x) conversion of local currency, (xi) obligations to pay
payroll tax, (xii) determination of beneficiary designation requirements, (xiii) withholding procedures, and (xiv) handling of share issuances. 

  
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	4.	 Shares Subject to Plan; Limitations on Purchases and Purchase Rights.

 (a) Shares Subject to Plan. The aggregate number of shares of Common Stock available for the issuance of
shares pursuant to the Plan shall be no more than 15,000,000 shares, which number shall be automatically increased on the first day of each fiscal year following the fiscal year in which the Effective Date falls in an amount equal to the least of
(x) 7,700,000 shares of Common Stock, (y) 2.5% of the total number of shares of Common Stock outstanding on the last day of the immediately preceding fiscal year (assuming that all Units held by MCK Members (as such terms are defined in
the Omnibus Incentive Plan) had been exchanged for an equal number of shares of Common Stock) and (z) a lower number of shares of Common Stock as determined by the Board, subject to adjustment pursuant to Section 10.
Shares of Common Stock distributed pursuant to the Plan shall be authorized but unissued shares, treasury shares or shares purchased on the open market or by private purchase. For avoidance of doubt, up to the maximum number of shares of Common
Stock reserved under this Section 4(a) may be used to satisfy purchases of shares of Common Stock under Section 423 Offerings and any remaining portion of such maximum number of shares of Common Stock may be used to
satisfy purchases of shares of Common Stock under Non-Section 423 Offerings. The Company hereby reserves sufficient authorized shares of Common Stock to provide for the exercise of Purchase Rights. In the
event that any Purchase Right expires unexercised or is terminated, surrendered or canceled without being exercised, in whole or in part, for any reason, the number of shares of Common Stock subject to such Purchase Right shall again be available
for issuance under the Plan and shall not reduce the aggregate number of shares of Common Stock available for the grant of Purchase Rights or issuance under the Plan. 

(b) Limitations on Purchases and Purchase Rights. If, on a given Purchase Period End Date, the number of shares of Common Stock with
respect to which Purchase Rights are to be exercised exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be
practicable and as it shall determine to be equitable, and in no event shall the number of shares offered for purchase during any Offering Period exceed the number of shares then available under the Plan. In addition, in connection with any
Offering, the Committee may specify a maximum number of shares of Common Stock that may be purchased by any single Participant on any Purchase Date during such Offering. In connection with each Offering, the Committee may specify a maximum aggregate
number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering. Further, in connection with each Offering that contains more than one Purchase Date, the Committee may specify a maximum aggregate number of shares
of Common Stock that may be purchased by all Participants on any or each Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed any such
maximum aggregate number, then, in the absence of any Committee action otherwise, the Company shall make a pro rata allocation of the shares available in as uniform a manner as shall be practicable and as it shall determine to be equitable. In the
event that any pro rata allocation is made pursuant to this Section 4(b), any Contributions of a Participant not applied to the purchase of shares during such Offering Period shall be returned to such Participant (without
interest, unless otherwise required by Applicable Law). Notwithstanding the foregoing, the Committee has authority, by resolution or otherwise, to modify the limitations on the number of shares of Common Stock that may be purchased by a Participant
in any particular Offering Period or any particular Purchase Period. 

  
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	5.	 Eligibility and Participation; Payroll Deductions. 

(a) General. Purchase Rights may only be granted to Eligible Employees. 

(b) Initial Eligibility. Any Eligible Employee who has completed 90 days’ employment and is employed by the Company or a Designated
Company on the date such Eligible Employee’s participation in the Plan is to become effective shall be eligible to be a Participant during any Offering Period that begins on or after the end of such 90
day-period. An Employee who becomes an Eligible Employee on or after the Grant Date will not be eligible to participate in such Offering Period but may participate in any subsequent Offering Period;
provided that such Employee is still an Eligible Employee as of the Grant Date of such subsequent Offering Period. 
 (c) Leave of
Absence. For purposes of participation in the Plan, a person on leave of absence shall be deemed to be an Employee for the first 90 days of such leave of absence and such Employee’s employment shall be deemed to have terminated at the close
of business on the 90th day of such leave of absence unless such Employee shall have returned to regular full-time or part-time employment (as the case may
be) prior to the close of business on such 90th day or unless such Employee has a right to reemployment that is guaranteed either by statute or contract (including, for avoidance of doubt, any
guaranteed right to reemployment provided under any non-U.S. law, contract or policy). Termination by the Company of any Employee’s leave of absence, other than termination of such leave of absence on
return to full-time or part-time employment, shall terminate an Employee’s employment for all purposes of the Plan and shall terminate such Employee’s participation in the Plan and right to exercise any Purchase Right, unless such Employee
has a right to reemployment that is guaranteed either by statute or contract. 
 (d) Commencement of Participation. An Eligible
Employee shall become a Participant by completing an authorization for Contributions on the form provided by the Company (and such other documents as may be required by the Committee) and delivering such forms and documents to the Company or an
agent designated by the Company on or before the date set therefor by the Committee, which date shall be prior to the Grant Date for the applicable Offering Period. Contributions for a Participant during an Offering Period shall commence on the
applicable Purchase Period Start Date when the Participant’s authorization for a Contribution becomes effective and shall continue for successive Purchase Periods during which the Participant is eligible to participate in the Plan, unless
authorizations are withdrawn or participation is terminated, as provided in Section 8. 
 (e) Amount of
Contributions; Determination of Compensation. At the time a Participant files an authorization for Contributions, a Participant shall elect to have deductions or other Contributions made from the Participant’s pay on each payday while
participating in an Offering Period at a rate of not less than 1% nor more than 15% (in whole percentages only) of Compensation. Such Compensation rates shall be determined by the Committee in a nondiscriminatory manner consistent with the
provisions of Code Section 423 in the case of a Section 423 Offering. 
 (f) Participant’s Account; No Interest. All
Contributions made by a Participant shall be credited to the Participant’s account under the Plan. A Participant may not make any separate cash payment into such account except when on leave of absence and then only as provided in
Section 5(h) or unless otherwise required by Applicable Law. In no event shall interest accrue on any Contributions made by a Participant, unless otherwise required by Applicable Law. 

  
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 (g) Changes in Payroll Deductions. A Participant may withdraw, terminate or
discontinue participation in the Plan as provided in Section 8, but no other change can be made during an Offering Period and, specifically, a Participant may not alter the amount of Contributions for that Offering Period.
Notwithstanding the foregoing, to the extent necessary to comply with the limitation of Code Section 423(b)(8), or Section 2(l), Section 4 and/or Section 12(a) of the
Plan, a Participant’s Contribution election may be decreased to 0% at any time during an Offering Period. In such event, Contributions shall continue at the newly elected rate with respect to the next Offering Period, unless otherwise provided
under the terms of the Plan or as otherwise determined by the Committee. 
 (h) Participation During Leave of Absence.
If a Participant goes on a leave of absence, such Participant shall have the right to elect to: (i) withdraw the balance in such Participant’s account pursuant to Section 8; (ii) discontinue Contributions to
the Plan but remain a Participant in the Plan; or (iii) remain a Participant in the Plan during such leave of absence, authorizing Contributions to be made from payments by the Company or a Subsidiary or Affiliate to the Participant during such
leave of absence and undertaking to make cash payments to the Plan at the end of each payroll period to the extent that amounts payable by the Company or any Subsidiary or Affiliate to such Participant are insufficient to meet such
Participant’s authorized Contributions. 
 (i) Special Eligibility Rules for Foreign Participants. Notwithstanding the provisions
of Section 2(l), Eligible Employees who are citizens or residents of a foreign jurisdiction (without regard to whether they are also citizens of the United States or resident aliens) may be excluded from the Plan or an
Offering if (i) the grant of a Purchase Right under the Plan or Offering to a citizen or resident of the foreign jurisdiction is prohibited under Applicable Law; or (ii) compliance with the Applicable Law would cause the Plan or Offering
to violate the requirements of Code Section 423. In the case of a Non-Section 423 Offering, an Eligible Employee (or group of Eligible Employees) may be excluded from participation in the Plan or an
Offering if the Committee has determined, in its sole discretion, that participation of such Eligible Employee(s) is not advisable or practicable for any reason. Further, notwithstanding the provisions of Section 2(l), an
Employee who does not otherwise qualify as an Eligible Employee may, in the Committee’s discretion, participate in a Non-Section 423 Offering if and to the extent required by Applicable Law. 

 

	6.	 Grant of Purchase Rights. 

(a) Number of Shares Subject to Purchase Right. On the Grant Date, a Participant shall be granted a Purchase Right to purchase,
on each Purchase Period End Date of the Offering Period to which such Grant Date relates, at the applicable Purchase Price, such number of shares of Common Stock as is determined by dividing (x) the amount of the Participant’s
Contributions accumulated as of the Purchase Period End Date and retained in the Participant’s account as of the Purchase Period End Date by (y) the applicable Purchase Price (as determined in accordance with
Section 6(b)); provided, however, that (i) no Participant may purchase shares of Common Stock in excess of the limitations set forth in Section 4(b) or
Section 12(a), and the number of shares subject to a Purchase Right shall be adjusted as necessary to conform to such limitations; and (ii) in no event shall the aggregate number of shares deemed to be subject to
Purchase Rights during an 

  
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Offering Period exceed the number of shares then available under the Plan or the maximum number of shares that a participant may purchase for any single Offering Period and for any single
Purchase Period (in each case, as provided in Section 4), and the number of shares deemed to be subject to Purchase Rights shall be adjusted as necessary to conform to these limitations. The Fair Market Value of the shares
of Common Stock shall be determined as provided in Section 2(o) and Section 6(b), and a Participant’s Compensation shall be determined according to Section 2(i). 

(b) Purchase Price. The Purchase Price per share of Common Stock purchased with Contributions made during an Offering Period for a
Participant shall be equal to 85% (or such greater percentage as may be determined by the Committee prior to the commencement of an Offering Period in which such Purchase Period occurs) of the lesser of (i) the Fair Market Value per share of
Common Stock on the applicable Purchase Period End Date or (ii) the Fair Market Value of a share of Common Stock on the applicable Grant Date in which the Purchase Period occurs; provided that in no event shall the Purchase Price per
share be less than the par value per share of the Common Stock; provided, further that the Committee may determine prior to a Purchase Period to calculate the Purchase Price for such Purchase Period solely by reference to the Fair
Market Value of a share of Common Stock on the applicable Purchase Period End Date or Grant Date, or based on the greater (rather than the lesser) of such values. 
  

	7.	 Exercise of Purchase Rights. 

(a) Automatic Exercise. Unless a Participant gives written notice to the Company or an agent designated by the Company of withdrawal at
least 30 days prior to the end of the Offering Period or terminates employment as hereinafter provided, the Participant’s Purchase Rights will be deemed to have been exercised automatically on the Purchase Period End Date applicable to such
Offering Period, for the purchase of the number of shares of Common Stock that the Participant’s accumulated Contributions at that time will purchase at the applicable Purchase Price (but not in excess of the number of shares for which Purchase
Rights have been granted to the Participant pursuant to Section 4 and Section 6(a)). 

(b) Termination of Purchase Right. A Purchase Right shall expire on the earlier of (i) the date of termination of the
Participant’s employment, except as otherwise provided in Section 5(h) (regarding leaves of absence), or as otherwise required by Applicable Law, or (ii) the end of the last day of the applicable Purchase Period.

 (c) Fractional Shares; Excess Amounts. Fractional shares will not be issued under the Plan, unless otherwise determined by the
Committee. Any excess Contributions in a Participant’s account that would have been used to purchase fractional shares will be automatically re-invested in a subsequent Offering Period unless the
Participant timely revokes such Participant’s authorization to re-invest such excess amounts or the Company elects to return such Contributions to the Participant. Except as permitted by the foregoing or
as otherwise determined by the Committee, any amounts that were contributed but not applied toward the purchase of shares of Common Stock shall not be carried forward to future Offering Periods and shall be returned to Participants. 

  
 10 

  

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

 

 (d) Share Certificates; Credit to Participant Accounts. As promptly as practicable
after the Purchase Period End Date of each Purchase Period, the shares of Common Stock purchased by a Participant for the Purchase Period shall be credited to such Participant’s account maintained by the Company, a stock brokerage or other
financial services firm designated by the Company or the Participant or other similar entity, unless the Participant elects to have the Company deliver to the Participant certificates for the shares of Common Stock purchased upon exercise of the
Participant’s Purchase Right. If a Participant elects to have shares credited to the Participant’s account (rather than certificates issued), a report will be made available to such Participant after the close of each Purchase Period
stating the entries made to such Participant’s account, the number of shares of Common Stock purchased and the applicable Purchase Price. 
  

	8.	 Withdrawal; Termination of Employment. 

(a) Withdrawal. A Participant may withdraw Contributions credited to the Participant’s account during an Offering Period at any
time prior to the last day of such Offering Period by giving sufficient prior written notice to the Company or an agent designated by the Company. All of the Participant’s Contributions credited to the Participant’s account will be paid to
the Participant promptly (without interest, unless otherwise required by Applicable Law) after receipt of the Participant’s notice of withdrawal, and no further Contributions will be made from the Participant’s Compensation during such
Offering Period. The Company may, at its option, treat any attempt to borrow by a Participant on the security of such Participant’s accumulated Contributions as an election to withdraw such Contributions. A Participant’s withdrawal from
any Offering Period will not have any effect upon the Participant’s eligibility to participate in any subsequent Offering Period or in any similar plan which may hereafter be adopted by the Company. Notwithstanding the foregoing, if a
Participant withdraws during an Offering Period, Contributions shall not resume at the beginning of a succeeding Offering Period unless the Participant is eligible to participate and the Participant delivers to the Company or an agent designated by
the Company a new, completed authorization form (and such other documents as may be required by the Committee) and otherwise complies with the terms of the Plan. 

(b) Termination of Employment; Participant Ineligibility. Upon termination of a Participant’s employment for any reason (including
but not limited to termination due to death but excluding a leave of absence for a period of less than 90 days or a leave of absence of any duration where reemployment is guaranteed by either statute or contract), or in the event that a Participant
otherwise ceases to be an Eligible Employee, the Participant’s participation in the Plan shall be terminated, unless otherwise required by Applicable Law. In the event of a Participant’s termination of employment or in the event that a
Participant otherwise ceases to be an Eligible Employee, the Contributions credited to the Participant’s account will be returned (without interest, unless otherwise required by Applicable Law) to the Participant, or, in the case of death, to a
beneficiary duly designated on a form acceptable to the Committee. Any unexercised Purchase Rights granted to a Participant during any Offering Period then in effect shall be deemed to have expired on the date of the Participant’s termination
of employment or the date the Participant otherwise ceases to be an Eligible Employee, unless terminated earlier in accordance with the terms of the Plan, and no further Contributions will be made for the Participant’s account. 

  
 11 

  

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

 

	9.	 Transferability. 

No Purchase Right (or rights attendant to a Purchase Right) may be transferred, assigned, pledged or hypothecated (whether by operation of law
or otherwise), except as provided by will or the laws of descent and distribution, and no Purchase Right shall be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of
a Purchase Right, or levy of attachment or similar process upon the Purchase Right not specifically permitted in the Plan, shall be null and void and without effect. A Purchase Right may be exercised during a Participant’s lifetime only by the
Participant. 
  

	10.	 Dilution and Other Adjustments; Change in Control. 

(a) Adjustments; Right to Issue Additional Securities. If there is any change in the outstanding shares of Common Stock because of a
merger, Change in Control, consolidation, recapitalization or reorganization involving the Company, or if the Board declares a stock dividend, stock split distributable in shares of Common Stock or reverse stock split, other distribution (other than
ordinary or regular cash dividends) or combination or reclassification of the Common Stock, or if there is a similar change in the capital stock structure of the Company affecting the Common Stock (excluding conversion of convertible securities by
the Company and/or the exercise of warrants by their holders), then the number and type of shares of Common Stock reserved for issuance under the Plan shall be correspondingly adjusted, and the Committee shall, subject to Applicable Law, make such
adjustments to Purchase Rights (such as the number and type of shares subject to a Purchase Right and the Purchase Price of a Purchase Right) or to any provisions of this Plan as the Committee deems equitable to prevent dilution or enlargement of
Purchase Rights or as may otherwise be advisable. Nothing in the Plan, a Purchase Right or any related instrument shall limit the ability of the Company to issue additional securities of any type or class. 

(b) Change in Control. In addition, without limiting the effect of Section 10(a), in the event of a Change in
Control, the Committee’s discretion shall include but shall not be limited to the authority to provide for any of, or a combination of any of, the following: (i) each Purchase Right shall be assumed or an equivalent purchase right shall be
substituted by the successor entity or parent or subsidiary of such successor entity; (ii) a date selected by the Committee on or before the date of consummation of such Change in Control shall be treated as a Purchase Date and all outstanding
Purchase Rights shall be exercised on such date; (iii) all outstanding Purchase Rights shall terminate and the accumulated Contributions will be refunded to each Participant upon or prior to the Change in Control (without interest, unless
otherwise required by Applicable Law); or (iv) outstanding Purchase Rights shall continue unchanged. 
  

	11.	 Stockholder Approval of Plan. 

The Plan is subject to the approval by the stockholders of the Company, which approval shall be obtained within 12 months before or after the
date of adoption of the Plan by the Board. Amendments to the Plan shall be subject to stockholder approval to the extent, if any, as may be required by Code Section 423 or other Applicable Law. 

  
 12 

  

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

 

	12.	 Limitations on Purchase Rights. 

Notwithstanding any other provisions of the Plan: 

(a) No Employee shall be granted a Purchase Right under the Plan which permits an Employee rights to purchase stock under all employee stock
purchase plans (as defined in Code Section 423) of the Company and any Related Corporation to accrue at a rate which exceeds $25,000 of Fair Market Value of such stock (determined at the time of the grant of such Purchase Right) for each
calendar year in which such Purchase Right is outstanding at any time in the case of a Section 423 Offering. Any Purchase Right shall be deemed to be modified to the extent necessary to satisfy this Section 12(a). 

(b) In accordance with Code Section 423, all Employees granted Purchase Rights under the Plan who are participating in a Section 423
Offering shall have the same rights and privileges under the Plan, except that the amount of Common Stock which may be purchased by any Employee under Purchase Rights granted pursuant to the Plan shall bear a uniform relationship to the total
compensation (or the basic or regular rate of compensation) of all Employees. All rules and determinations of the Committee in the administration of the Plan shall be uniformly and consistently applied to all persons in similar circumstances. 

 

	13.	 Amendment and Termination of the Plan and Purchase Rights.

 (a) Amendment and Termination of Plan. The Plan may be amended, altered, suspended and/or terminated at any
time by the Board; provided that approval of an amendment to the Plan by the stockholders of the Company shall be required to the extent, if any, that stockholder approval of such amendment is required by Applicable Law. 

(b) Amendment and Termination of Purchase Rights. The Committee may (subject to the provisions of Code Section 423 (for
Section 423 Offerings) and Section 13(a)) amend, alter, suspend and/or terminate any Purchase Right, prospectively or retroactively, but (except as otherwise expressly provided in the Plan) such amendment, alteration,
suspension or termination of a Purchase Right shall not, without the written consent of a Participant with respect to an outstanding Purchase Right, materially adversely affect the rights of the Participant with respect to the Purchase Right. 

(c) Amendments to Comply with Applicable Law. Notwithstanding Section 13(a) and
Section 13(b), the following provisions shall apply: 
 (i) The Committee shall have unilateral
authority, subject to the provisions of Code Section 423 (for Section 423 Offerings), to amend the Plan and any Purchase Right (without Participant consent) to the extent necessary to comply with Applicable Law or changes to Applicable
Law. 
 (ii) The Committee shall have unilateral authority to make adjustments to the terms and conditions of Purchase Rights
in recognition of unusual or nonrecurring events affecting the Company or any Related Corporation, or the financial statements of the Company or any Related Corporation, or of changes in Applicable Law, or accounting principles, if the Committee
determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan or necessary or appropriate to comply with applicable accounting
principles or Applicable Law. 

  
 13 

  

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

 

	14.	 Designation of Beneficiary. 

The Committee, in its discretion, may authorize a Participant to designate in writing a person or persons as such Participant’s
beneficiary, which beneficiary shall, in the event of such Participant’s death, be entitled to the rights, if any, to which the Participant would otherwise be entitled. The Committee shall have discretion to approve the form or forms of such
beneficiary designations, to determine whether such beneficiary designations will be accepted, and to interpret such beneficiary designations. If a deceased Participant failed to designate a beneficiary, or if the designated beneficiary does not
survive such Participant, any rights that would have been exercisable by the Participant and any benefits distributable to such Participant shall be exercised by or distributed to the legal representative of the estate of such Participant, unless
otherwise determined by the Committee. 
  

	15.	 Miscellaneous. 

(a) Compliance with Applicable Law. The Company may impose such restrictions on Purchase Rights, shares of Common Stock and any other
benefits underlying Purchase Rights hereunder as it may deem advisable, including without limitation restrictions under the federal securities laws, the requirements of any stock exchange or similar organization and any blue sky, state or foreign
securities or other Applicable Law. Notwithstanding any other Plan provision to the contrary, the Company shall not be obligated to issue, deliver or transfer shares of Common Stock under the Plan or take any other action, unless such delivery or
action is in compliance with Applicable Law (including but not limited to the requirements of the Securities Act). The Company will be under no obligation to register shares of Common Stock or other securities with the Securities and Exchange
Commission or to effect compliance with the exemption, registration, qualification or listing requirements of any state securities laws, stock exchange or similar organization, and the Company will have no liability for any inability or failure to
do so. The Company may cause a restrictive legend or legends to be placed on any certificate issued pursuant to a Purchase Right hereunder in such form as may be prescribed from time to time by Applicable Law or as may be advised by legal counsel.

 (b) No Obligation to Exercise Purchase Rights. The grant of a Purchase Right shall impose no obligation upon a Participant to
exercise such Purchase Right. 
 (c) Application of Funds. The proceeds received by the Company from the sale of Common Stock pursuant
to Purchase Rights will be used for general corporate purposes. 
 (d) Taxes. At any time a Participant incurs a taxable event as a
result of the Participant’s participation in the Plan, a Participant must make adequate provision for any Tax-Related Items. Participants are solely responsible and liable for the satisfaction of all Tax-Related Items, and the Company shall not have any obligation to indemnify or otherwise hold any Participant harmless from any or all of such Tax-Related Items. The Company
shall have no responsibility to take or refrain from taking any actions in order to achieve a certain tax result for a Participant or any other person. 

  
 14 

  

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

 

 In their sole discretion, the Company or, as applicable, the Designated Company that employs
the Participant, may, unless the Committee determines otherwise, satisfy their obligations to withhold Tax-Related Items by (i) withholding from the Participant’s compensation, (ii) repurchasing
a sufficient whole number of shares of Common Stock issued following exercise having an aggregate Fair Market Value sufficient to pay the Tax-Related Items required to be withheld with respect to the shares of
Common Stock, (iii) withholding from proceeds from the sale of shares of Common Stock issued upon exercise, either through a voluntary sale or a mandatory sale arranged by the Company, or (iv) any other method deemed acceptable by the
Committee. 
 (e) Right to Terminate Employment. Nothing in the Plan, a Purchase Right or any agreement or instrument related to the
Plan shall confer upon an Employee the right to continue in the employment of the Company, any Related Corporation or Affiliate or affect any right which the Company, any Related Corporation or Affiliate may have to terminate the employment of such
Employee. Except as otherwise provided in the Plan or under Applicable Law, all rights of a Participant with respect to Purchase Rights granted hereunder shall terminate upon the termination of employment of the Participant. 

(f) Rights as a Stockholder. No Participant or other person shall have any rights as a stockholder unless and until certificates for
shares of Common Stock are issued to the Participant or such shares are credited to the Participant’s account on the records of the Company or a designee. 

(g) Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to
have been duly given when received in the form and manner specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

(h) Governing Law. All questions pertaining to the validity, construction and administration of the Plan and Purchase Rights granted
hereunder shall be determined in conformity with the laws of the State of Delaware, without regard to the principles of conflicts of laws, to the extent not inconsistent with Code Section 423 (for Section 423 Offerings) or other applicable
federal laws of the United States. 
 (i) Elimination of Fractional Shares. Subject to Section 7(c), if
under any provision of the Plan which requires a computation of the number of shares of Common Stock subject to a Purchase Right, the number so computed is not a whole number of shares of Common Stock, such number of shares of Common Stock shall be
rounded down to the next whole number. 
 (j) Severability. If any provision of the Plan shall be held illegal or invalid for any
reason, such illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

(k) Gender and Number. Except where otherwise indicated by the context, words in any gender shall include any other gender, words in the
singular shall include the plural and words in the plural shall include the singular. 
 (l) Rules of Construction. Headings are given
to the sections of the Plan solely as a convenience to facilitate reference. 

  
 15 

  

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

 

 (m) Successors and Assigns. The Plan shall be binding upon the Company, its successors
and assigns, and Participants, their executors, administrators and permitted transferees and beneficiaries. 
 (n) Purchase Right
Documentation. The grant of any Purchase Right under the Plan shall be evidenced by such documentation, if any, as may be determined by the Committee or its designee. Such documentation may state terms, conditions and restrictions applicable to
the Purchase Right and may state such other terms, conditions and restrictions, including but not limited to terms, conditions and restrictions applicable to shares of Common Stock or other benefits subject to a Purchase Right, as may be established
by the Committee. 
 (o) Uncertificated Shares. Notwithstanding anything in the Plan to the contrary, to the extent the Plan provides
for the issuance of stock certificates to reflect the issuance of shares of Common Stock, the issuance may, in the Company’s discretion, be effected on a non-certificated basis, to the extent not
prohibited by the Company’s certificate of incorporation or bylaws or by Applicable Law. 
 (p) Compliance with Recoupment, Ownership
and Other Policies or Agreements. Notwithstanding anything in the Plan to the contrary and subject to the provisions of Code Section 423 (for Section 423 Offerings), the Committee may, at any time (during or following termination of
employment or service for any reason), determine that a Participant’s rights, payments and/or benefits with respect to a Purchase Right (including but not limited to any shares issued or issuable with respect to a Purchase Right) shall be
subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any other conditions applicable to a Purchase Right. Such events may include, but shall not be limited to, termination of
employment for cause, violation of policies of the Company or a Related Corporation or Affiliate, breach of non-solicitation, non-competition, confidentiality, non-disparagement or other covenants, other conduct by the Participant that is determined by the Committee to be detrimental to the business or reputation of the Company, any Related Corporation or Affiliate, and/or
other circumstances where such reduction, cancellation, forfeiture or recoupment is required by Applicable Law. In addition, without limiting the effect of the foregoing, as a condition to the grant of a Purchase Right or receipt or retention of
shares of Common Stock, cash or any other benefit under the Plan, (i) the Committee may, at any time, require that a Participant comply with any compensation recovery (or “clawback”), stock ownership, stock retention or other policies
or guidelines adopted by the Company, a Related Corporation or Affiliate, each as in effect from time to time and to the extent applicable to the Participant, and (ii) each Participant shall be subject to such compensation recovery, recoupment,
forfeiture or other similar provisions as may apply under Applicable Law. 
 (q) Plan Controls. Unless the Committee determines
otherwise, in the event of a conflict between any term or provision contained in the Plan and an express term contained in any documentation related to the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

  
 16 

  

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

 

 (r) Administrative Costs. The Company or a Related Corporation or Affiliate will pay
the expenses incurred in the administration of the Plan other than any fees or transfer, excise or similar taxes imposed on the transaction pursuant to which any shares of Common Stock are purchased. The Participant will pay any transaction fees,
commissions or similar costs on any sale of shares of Common Stock and may also be charged the reasonable costs associated with issuing a stock certificate or similar matters. 

(s) Notice of Disqualifying Disposition. Each Participant who participates in a Section 423 Offering and is subject to taxation in
the United States shall give the Company prompt written notice of any disposition or other transfer of shares of Common Stock acquired pursuant to the exercise of a Purchase Right, if such disposition or transfer is made within two years after the
Grant Date or within one year after the Purchase Date. 
 (t) Data Protection. By participating in the Plan or accepting any rights
granted under it, each Participant consents to the collection and processing of personal data relating to the Participant so that the Company and its Affiliates can fulfill their obligations and exercise their rights under the Plan and generally
administer the Plan. This data will include, but may not be limited to, data about participation in the Plan and shares offered or received, purchased, or sold under the Plan from time to time and other appropriate financial and other data about the
Participant and the Participant’s participation in the Plan. 
 (u) No Trust or Fund Created. Neither the Plan nor any Purchase
Right shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any of its Affiliates, on the one hand, and a Participant or other Person, on the other hand. No provision of the
Plan or any Purchase Right shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any
assets, nor shall the Company be obligated to maintain separate bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights
under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service
providers under general law. 
  

	16.	 Code Section 409A; Tax
Qualification. 

 Purchase Rights to purchase shares of Common Stock granted under a Section 423
Offering are exempt from the application of Code Section 409A and Code Section 457A. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Committee determines that a Purchase Right may be
subject to Code Section 409A or Code Section 457A or that any provision in the Plan would cause a Purchase Right under the Plan to be subject to Code Section 409A or Code Section 457A, the Committee may amend the terms of the
Plan and/or of an outstanding Purchase Right, or take such other action the Committee determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding Purchase Right or future Purchase Right
from or to allow any such Purchase Rights to comply with Code Section 409A or Code Section 457A, but only to the extent any such amendments or action by the Committee would not violate Code Section 409A or Code Section 457A.
Notwithstanding the foregoing, the Company shall not have any obligation to indemnify or otherwise protect the Participant from any obligation to pay any taxes, interest or penalties pursuant to Code Section 409A or Code Section 457A. The
Company makes no representation that the Purchase Right to purchase shares of Common Stock under the Plan is compliant with Code Section 409A or Code Section 457A. 

  
 17

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