Document:

exv10w2

Exhibit 10.2

EXECUTION COPY

 

 

STOCKHOLDERS’ AGREEMENT

by and among

EMDEON INC.,

HELLMAN & FRIEDMAN CAPITAL ASSOCIATES VI, L.P.,

HELLMAN & FRIEDMAN CAPITAL EXECUTIVES VI, L.P.,

HFCP VI DOMESTIC AIV, L.P.,

H&F HARRINGTON AIV II, L.P.,

HELLMAN & FRIEDMAN INVESTORS VI, L.P.,

GENERAL ATLANTIC PARTNERS 83, L.P.,

GENERAL ATLANTIC PARTNERS 84, L.P.,

GAP-W, LLC

GAPSTAR, LLC,

GAPCO GMBH & CO. KG,

GAP COINVESTMENTS CDA, L.P.,

GAP COINVESTMENTS III, LLC,

GAP COINVESTMENTS IV, LLC,

(solely for the purposes of Article I, Article V, Section 6.1, Section 6.2, Section 6.3,

Section 6.4, Section 6.5 and Article VII)

THE MANAGEMENT STOCKHOLDERS NAMED HEREIN

and

(solely for the purposes of Article I, Article V, Section 6.1, Section 6.2, Section 6.3, 
Section
6.4, Section 6.5 and Article VII)

THE ERX STOCKHOLDERS NAMED HEREIN

 

Dated as of August 5, 2009

 

 

 

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	2	 
	 
	 	 	 	 	 	 
	Section 1.1
	 	Certain Definitions	 	 	2	 
	Section 1.2
	 	Interpretive Provisions	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE II CORPORATE GOVERNANCE	 	 	15	 
	 
	 	 	 	 	 	 
	Section 2.1
	 	Board of Directors	 	 	15	 
	Section 2.2
	 	Conflicting Charter Provisions	 	 	21	 
	Section 2.3
	 	Controlled Company	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE III INFORMATION RIGHTS; VCOC RIGHTS	 	 	21	 
	 
	 	 	 	 	 	 
	Section 3.1
	 	Information Rights; VCOC Rights	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE IV PRIORITIES UPON TRANSFER	 	 	25	 
	 
	 	 	 	 	 	 
	Section 4.1
	 	Order of Priorities Among the Institutional Stockholders	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE V REGISTRATION RIGHTS	 	 	27	 
	 
	 	 	 	 	 	 
	Section 5.1
	 	Demand Rights	 	 	27	 
	Section 5.2
	 	Piggyback Registration Rights	 	 	30	 
	Section 5.3
	 	Form S-3 Registration	 	 	32	 
	Section 5.4
	 	Shelf Take Downs	 	 	36	 
	Section 5.5
	 	Selection of Underwriters	 	 	38	 
	Section 5.6
	 	Withdrawal Rights; Expenses	 	 	38	 
	Section 5.7
	 	Registration and Qualification	 	 	38	 
	Section 5.8
	 	Underwriting; Due Diligence	 	 	43	 
	Section 5.9
	 	Indemnification and Contribution	 	 	44	 
	Section 5.10
	 	Cooperation; Information by Selling Holder	 	 	47	 
	Section 5.11
	 	Rule 144	 	 	48	 
	Section 5.12
	 	Holdback Agreement	 	 	48	 
	Section 5.13
	 	Suspension of Sales	 	 	48	 
	Section 5.14
	 	Third Party Registration Rights	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE VI TRANSFERS	 	 	49	 
	 
	 	 	 	 	 	 
	Section 6.1
	 	Restrictions on Transfer	 	 	49	 
	Section 6.2
	 	Transferee Stockholders	 	 	51	 
	Section 6.3
	 	Tag-Along Right	 	 	51	 
	Section 6.4
	 	Legend	 	 	53	 
	Section 6.5
	 	Further Limits on Transfer or Issuance of Class B Shares	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE VII GENERAL	 	 	54	 
	 
	 	 	 	 	 	 
	Section 7.1
	 	Certificate of Incorporation	 	 	54	 

(i)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 7.2
	 	Covenants with respect to EBS Master	 	 	54	 
	Section 7.3
	 	Amendments; Waivers	 	 	55	 
	Section 7.4
	 	Termination	 	 	56	 
	Section 7.5
	 	Further Assurances	 	 	56	 
	Section 7.6
	 	Binding Effect; Assignment	 	 	57	 
	Section 7.7
	 	Entire Agreement	 	 	57	 
	Section 7.8
	 	Rights of Stockholders Independent	 	 	57	 
	Section 7.9
	 	Confidentiality	 	 	57	 
	Section 7.10
	 	Governing Law	 	 	58	 
	Section 7.11
	 	Jurisdiction and Venue	 	 	59	 
	Section 7.12
	 	Specific Enforcement	 	 	59	 
	Section 7.13
	 	Headings	 	 	59	 
	Section 7.14
	 	Counterparts	 	 	59	 
	Section 7.15
	 	Notices	 	 	59	 
	Section 7.16
	 	Representation By Counsel; Interpretation	 	 	61	 
	Section 7.17
	 	Severability	 	 	61	 
	Section 7.18
	 	Expenses	 	 	61	 
	Section 7.19
	 	Indemnification	 	 	61	 
	Section 7.20
	 	No Third Party Beneficiaries	 	 	62	 

Exhibit A    Amended and Restated Certificate of Incorporation of the Company

Exhibit B    By-laws of the Company

Exhibit C    Form of Joinder to Stockholders’ Agreement

Exhibit D    Specified Value and Target

(ii) 

 

STOCKHOLDERS’ AGREEMENT

          This STOCKHOLDERS’ AGREEMENT (as amended, supplemented or restated from time to time, this
“Agreement”) is entered into as of August 5, 2009, by and among Emdeon Inc., a Delaware
corporation (the “Company”), Hellman & Friedman Capital Associates VI, L.P., a Delaware
limited partnership (“HF Stockholder 1”), Hellman & Friedman Capital Executives VI, L.P., a
Delaware limited partnership (“HF Stockholder 2”), HFCP VI Domestic AIV, L.P., a Delaware
limited partnership (“HF Stockholder 3”), H&F Harrington AIV II, L.P., a Delaware limited
partnership (“HF Stockholder 4”), Hellman & Friedman Investors VI, L.P., a Delaware limited
partnership (“HF Stockholder 5” and, together with HF Stockholder 1, HF Stockholder 2, HF
Stockholder 3 and HF Stockholder 4 and their respective Permitted Transferees, the “HF
Stockholders”), General Atlantic Partners 83, L.P., a Delaware limited partnership (“GA
Stockholder 1”), General Atlantic Partners 84, L.P., a Delaware limited partnership (“GA
Stockholder 2”), GAP-W,LLC, a Delaware limited liability company (“GA Stockholder 3”),
GapStar, LLC, a Delaware limited liability company (“GA Stockholder 4”), GAPCO GmbH & Co.
KG, a Germany Gesellshaft mit beschränkter Haftung (“GA Stockholder 5”), GAP Coinvestments
CDA, L.P., a Delaware limited partnership (“GA Stockholder 6”), GAP Coinvestments III, LLC,
a Delaware limited liability company (“GA Stockholder 7”), and GAP Coinvestments IV, LLC, a
Delaware limited liability company (“GA Stockholder 8” and, together with GA Stockholder 1,
GA Stockholder 2, GA Stockholder 3, GA Stockholder 4, GA Stockholder 5, GA Stockholder 6, GA
Stockholder 7 and their respective Permitted Transferees, the “GA Stockholders” and,
together with the HF Stockholders, the “Institutional Stockholders”), (solely for the
purposes of Article I, Article V, Section 6.1, Section 6.2, Section 6.3, Section 6.4, Section 6.5
and Article VII and without any rights or remedies under any other section hereof) the persons
listed on the signature pages hereof under “Management Stockholders” (together with their
respective Permitted Transferees, the “Management Stockholders”), and (solely for the
purposes of Article I, Article V, Section 6.1, Section 6.2, Section 6.3, Section 6.4, Section 6.5
and Article VII and without any rights or remedies under any other section hereof) the persons
listed on the signature pages hereof under “eRx Stockholders” (together with their respective
Permitted Transferees, the “eRx Stockholders”), on the following terms and conditions.
Capitalized terms used herein and not otherwise defined shall have the respective meanings set
forth in Section 1.1.

RECITALS

          WHEREAS, EBS Master LLC, a Delaware limited liability company of which the Company is managing
member (“EBS Master”), the HF Stockholders, certain Affiliates of the GA Stockholders and
the eRx Stockholders are parties to the Fifth Amended and Restated Limited Liability Company
Agreement of EBS Master, dated as of July 2, 2009, as amended by Amendment No. 1, dated as of
August 5, 2009 (the “Existing EBS Master LLC Agreement”);

          WHEREAS, Section 7.4 of the Existing EBS Master LLC Agreement requires the parties to take
certain actions in order to effect an initial public offering by

 

 

the Company, including the execution of this Agreement, Amendment No. 2 to the Existing EBS
Master LLC Agreement, and the Sixth Amended and Restated Limited Liability Company Agreement of EBS
Master (in the form attached as an exhibit to the Reorganization Agreement, and as executed and
delivered by the parties thereto and as may subsequently be amended, supplemented or restated from
time to time, the “Amended EBS Master LLC Agreement”);

          WHEREAS, in accordance with Section 7.4 of the Existing EBS Master LLC Agreement, the parties
hereto wish to enter into this Agreement to restrict the transfer of the Shares by, and to provide
certain rights, including registration rights, priorities upon transfer and the right to nominate
certain directors of the Company, for the Institutional Stockholders; and

          WHEREAS, the parties hereto wish to enter into this Agreement to restrict the transfer of the
Shares by, and to provide certain rights, including registration rights, for the Management
Stockholders and the eRx Stockholders.

          NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.1 Certain Definitions. As used in this Agreement and any Schedules and Exhibits that may be attached to this
Agreement, the following definitions shall apply:

          “Affiliate” means, with respect to any specified Person, any other Person that,
directly or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with, such specified Person. The term “affiliated” shall have the
correlative meaning. For purposes of this Agreement, (i) the GA Stockholders, GA LLC and GAP-W
shall each be deemed to be Affiliates of one another, (ii) the HF Stockholders, HF Fund I, HF Fund
II, HF Fund III, HF Fund IV, HF Fund V, HF Fund VI, HF Fund VII and H&F shall each be deemed to be
Affiliates of one another, (iii) no portfolio company of GA LLC (or its Affiliates) shall be deemed
or treated as an Affiliate of the Company, EBS Master or the GA Stockholders and (iv) no portfolio
company of H&F (or its Affiliates) shall be deemed or treated as an Affiliate of the Company, EBS
Master or the HF Stockholders.

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

          “Amended EBS Master LLC Agreement” has the meaning set forth in the recitals.

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          “beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of
the rules promulgated under the Exchange Act.

          “Board” means the Board of Directors of the Company.

          “Business Day” means any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by Law to be closed in the City of New York.

          “Charter” means the Amended and Restated Certificate of Incorporation and By-laws of
the Company, as the same may be amended, supplemented and/or restated from time to time, copies of
which (as in effect on the IPO Date) are attached hereto as Exhibit A and Exhibit
B, respectively.

          “Class A Shares” means the shares of Class A common stock, par value $0.00001 per
share, of the Company, or any other Equity Securities of the Company into which such stock is
reclassified or reconstituted.

          “Class B Shares” means the shares of Class B common stock, par value $0.00001 per
share, of the Company, or any other Equity Securities of the Company into which such stock is
reclassified or reconstituted (other than by Exchange).

          “Code” means the Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law.)

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

          “Company Securities” means Other Securities sought to be included in a registration
for the Company’s account.

          “Confidential Information” has the meaning set forth in Section 7.9.

          “control” (including the terms “controlled by” and “under common control
with”), with respect to the relationship between or among two or more Persons, means the
possession, directly or indirectly or as trustee, personal representative or executor, of the power
to direct or cause the direction of the affairs or management of a Person, whether through the
ownership of voting securities, as trustee, personal representative or executor, by contract,
credit arrangement or otherwise.

          “Credit Facilities” means (i) the First Lien Credit Agreement, dated as of November
16, 2006, by and among GA EBS Merger, LLC, as borrower, Medifax-EDI Holding Company, as additional
borrower, EBS Master, as parent, the lenders party thereto, Citibank, N.A., as administrative
agent, collateral agent, Swingline Lender and Issuing Bank, Citigroup Global Markets Inc. and
Deutsche Bank Securities Inc., as joint lead arrangers, Deutsche Bank Trust Company Americas, as
syndication agent and Bear Stearns Corporate Lending Inc., as documentation agent, as amended by
Amendment No. 1 dated as of March 9, 2007 and Amendment No. 2 dated as of July 7, 2009, and as the

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same may be further amended, supplemented and/or restated from time to time and (ii) Second
Lien Credit Agreement, dated as of November 16, 2006, by and among GA EBS Merger, LLC, as borrower,
Medifax-EDI Holding Company, as additional borrower, EBS Master, as parent, the lenders party
thereto, Citibank, N.A., as administrative agent, collateral agent, Swingline Lender and Issuing
Bank, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as joint lead arrangers,
Deutsche Bank Trust Company Americas, as syndication agent and Bear Stearns Corporate Lending Inc.,
as documentation agent, as amended by Amendment No. 1 dated as of July 7, 2009, and as the same may
further be amended, supplemented and/or restated from time to time.

          “Demand” has the meaning set forth in Section 5.1(a).

          “Demand Registration” has the meaning set forth in Section 5.1(a).

          “DGCL” means the General Corporation Law of the State of Delaware, as amended from
time to time (or any corresponding provisions of succeeding law).

          “Director” means any of the individuals elected or appointed to serve on the Board.

          “Disclosure Package” means (i) the preliminary prospectus, (ii) each Free Writing
Prospectus and (iii) all other information that is deemed, under Rule 159 under the Securities Act,
to have been conveyed to purchasers of securities at the time of sale (including a contract of
sale).

          “EBS Master” has the meaning set forth in the recitals.

          “Equity Securities” means (i) with respect to a partnership, limited liability company
or similar Person, any and all units, interests, rights to purchase, warrants, options or other
equivalents of, or other ownership interests in, any such Person as well as debt or equity
instruments convertible, exchangeable or exercisable into any such units, interests, rights or
other ownership interests and (ii) with respect to a corporation, any and all shares, interests,
participation or other equivalents (however designated) of corporate stock, including all common
stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing,
including any debt instrument convertible or exchangeable into any of the foregoing.

          “eRx Permitted Transferee” means any of (i) a trust established by or for the benefit
of an eRx Stockholder of which only such eRx Stockholder and his or her immediate family members
are beneficiaries, (ii) any Person established for the benefit of, and beneficially owned solely
by, an entity eRx Stockholder or the sole individual direct or indirect owner of an entity eRx
Stockholder, (iii) upon an individual eRx Stockholder’s death, an executor, administrator or
beneficiary of the estate of the deceased eRx Stockholder, (iv) with respect to Class A Shares held
by Lyle Holdings, LP, Mark Lyle (and upon his death, an executor, administrator or beneficiary of
his estate) or a trust established by or for the benefit of Mark Lyle of which only Mark Lyle and
his or her immediate family members are beneficiaries, and (v) with respect to

4

 

Class A Shares held by National Health Systems, Inc. (“NHS”) any controlled Affiliate of
NHS, Ken Hill or his immediate family members for so long as such Person remains a controlled
Affiliate of NHS, Ken Hill or his immediate family members.

          “eRx Shares” means any Shares held by an eRx Stockholder or eRx Permitted Transferee.

          “eRx Stockholders” has the meaning set forth in the preamble.

          “Escrow Agreement” means the Escrow Agreement, dated as of July 2, 2009, by and among
Longhorn Members Representative, LLC, EBS Master, Envoy LLC, and U.S. Bank National Association, as
escrow agent.

          “Escrowed Shares” means Shares held in accordance with the Escrow Agreement.

          “Exchange” means an exchange of Shares pursuant to Section 3.7 of the Amended EBS
Master LLC Agreement.

          “Exchange Act” means the Securities Exchange Act of 1934, and the rules and
regulations promulgated thereunder, as the same may be amended from time to time (or any
corresponding provisions of succeeding law).

          “Existing EBS Master LLC Agreement” has the meaning set forth in the recitals.

          “FINRA” means the Financial Industry Regulatory Authority, or any successor
self-regulatory organization.

          “Form S-3” means such form under the Securities Act as is in effect on the date hereof
or any successor form under the Securities Act subsequently adopted by the SEC which permits
inclusion or incorporation of substantial information by reference to other documents filed by the
Company with the SEC.

          “Form S-3 Registration Statement” has the meaning set forth in Section 5.3(c).

          “Form S-3 Shelf Registration Statement” has the meaning set forth in Section 5.3(c).

          “Free Writing Prospectus” means any “free writing prospectus,” as defined in Rule 405
under the Securities Act.

          “GA LLC” means General Atlantic LLC, a Delaware limited liability company.

          “GA Permitted Transferee” means any investment fund Affiliated with a GA Stockholder
that was formed to make or hold multiple investments and not formed

5

 

for the specific purpose of making or facilitating an investment in the Company, provided that
the direct or indirect investment in the Company by such fund will not constitute a larger
percentage of such fund’s aggregate investments than the agreement of limited partnership or
operating agreement of such fund would permit.

          “GA Registration Party” means, collectively, those persons listed in clause (i) of the
definition of “Registration Party.”

          “GA Stockholder 1” has the meaning set forth in the preamble.

          “GA Stockholder 2” has the meaning as set forth in the preamble.

          “GA Stockholder 3” has the meaning as set forth in the preamble.

          “GA Stockholder 4” has the meaning as set forth in the preamble.

          “GA Stockholder 5” has the meaning as set forth in the preamble.

          “GA Stockholder 6” has the meaning as set forth in the preamble.

          “GA Stockholder 7” has the meaning as set forth in the preamble.

          “GA Stockholder 8” has the meaning as set forth in the preamble.

          “GA Stockholders” has the meaning set forth in the preamble.

          “GAAP” means United States generally accepted accounting principles and practices in
effect from time to time.

          “GAP-W” means GAP-W, LLC, a Delaware limited liability company.

          “Governmental Entity” means any federal, national, supranational, state, provincial,
local, foreign or other government, governmental, stock exchange, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.

          “H&F” means Hellman & Friedman LLC, a Delaware limited liability company.

          “HF Fund I” means, collectively, Hellman & Friedman Capital Partners, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

          “HF Fund II” means, collectively, Hellman & Friedman Capital Partners II, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

6

 

          “HF Fund III” means, collectively, Hellman & Friedman Capital Partners III, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

          “HF Fund IV” means, collectively, Hellman & Friedman Capital Partners IV, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

          “HF Fund V” means, collectively, Hellman & Friedman Capital Partners V, L.P., a
Delaware limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

          “HF Fund VI” means, collectively, Hellman & Friedman Capital Partners VI, L.P., a
Delaware limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F or Affiliates of H&F.

          “HF Fund VII” means, collectively, Hellman & Friedman Capital Partners VII, L.P., a
Cayman Islands exempted limited partnership, and the parallel funds and alternative investment
vehicles related thereto, all of which are directly or indirectly controlled by H&F or Affiliates
of H&F, and any successor fund thereto so long as such successor fund is directly or indirectly
controlled by H&F or Affiliates of H&F.

          “HF Funds” means HF Fund I, HF Fund II, HF Fund III, HF Fund IV, HF Fund V, HF Fund
VI, and HF Fund VII.

          “HF Permitted Transferee” means any investment fund Affiliated with an HF Stockholder
that was formed to make or hold multiple investments and not formed for the specific purpose of
making or facilitating an investment in the Company (or, in the case of “alternative investment
vehicles” formed by, and that have the same partners with the same proportionate interests as an HF
Fund, the HF Fund was formed to make multiple investments and not formed for the specific purpose
of making or facilitating an investment in the Company), provided that the direct or indirect
investment in the Company by such fund will not constitute a larger percentage of such fund’s
aggregate investments than the agreement of limited partnership of such fund would permit.

          “HF Registration Party” means, collectively, those persons listed in clause (ii) of
the definition of “Registration Party.”

          “HF Stockholder 1” has the meaning set forth in the preamble.

          “HF Stockholder 2” has the meaning set forth in the preamble.

          “HF Stockholder 3” has the meaning set forth in the preamble.

7

 

          “HF Stockholder 4” has the meaning set forth in the preamble.

          “HF Stockholder 5” has the meaning set forth in the preamble.

          “HF Stockholders” has the meaning set forth in the preamble.

          “Holder” means any Person owning or having the right to acquire Registrable Securities
or any assignee thereof in accordance with Section 5.1(c).

          “Indemnified Liabilities” has the meaning set forth in Section 7.19.

          “Indemnified Parties” has the meaning set forth in Section 7.19.

          “Independent Director” means a Director who is, as of the date of such Director’s
election or appointment and as of any other date on which the determination is being made, an NYSE
Independent Director and an SEC Independent Director.

          “Initial Post-IPO Period” has the meaning set forth in Section 2.1(d)(i).

          “Initiating Shelf Holder” has the meaning set forth in Section 5.4(a).

          “Institutional Stockholders” has the meaning set forth in the preamble and shall also
include any Person that executes this Agreement as an Institutional Stockholder, and any other
Person who shall become a party to or bound by this Agreement as an additional or substituted
Institutional Stockholder as set forth herein, that has not made a disposition of all Shares held
by such Person.

          “IPO” means the first Public Offering of Class A Shares in a firm commitment
underwriting.

          “IPO Date” means the date on which the IPO is consummated.

          “IPO Registration Statement” means the initial registration statement filed under the
Securities Act with respect to the IPO.

          “Law” means any federal, national, supranational, state, provincial, local or similar
statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including
common law).

          “Legal Action” has the meaning set forth in Section 7.11.

          “Liability” means any liability or obligation, whether known or unknown, asserted or
unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether
due or to become due, regardless of when asserted.

          “Liquidating Events” has the meaning attributed to such term in the Amended EBS Master
LLC Agreement.

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          “Management Permitted Transferee” means any of (i) a trust established by or for the
benefit of a Management Stockholder of which only such Management Stockholder and his or her
immediate family members are beneficiaries, (ii) any Person established for the benefit of, and
beneficially owned solely by, an entity Management Stockholder or the sole individual direct or
indirect owner of an entity Management Stockholder, and (iii) upon an individual Management
Stockholder’s death, an executor, administrator or beneficiary of the estate of the deceased
Management Stockholder.

          “Management Shares” means any Shares held by a Management Stockholder or a Management
Permitted Transferee.

          “Management Stockholders” has the meaning set forth in the preamble.

          “Marketed Underwritten Shelf Take-Down” has the meaning set forth in Section 5.4(b).

          “Non-Marketed Underwritten Shelf Take-Down” has the meaning set forth in Section
5.4(c).

          “Non-Marketed Underwritten Shelf Take-Down Notice” has the meaning set forth in
Section 5.4(d).

          “NYSE” means the New York Stock Exchange or other stock exchange or securities market
on which the Class A Shares are at any time listed or quoted.

          “NYSE Independent Director” means a Director who qualifies, as of the date of such
Director’s election or appointment to the Board and as of any other date on which the determination
is being made, as an “Independent Director” under the listing requirements of the NYSE, as amended
from time to time, as determined by the Board without the vote of such Director.

          “Ordinary S-3 Registration Statement” has the meaning set forth in Section 5.3(e).

          “Other Securities” means securities of the Company sought to be included in a
registration other than Registrable Securities.

          “Other Stockholder” has the meaning set forth in Section 6.3(a).

          “Permitted Transferees” means, collectively, the GA Permitted Transferees, HF
Permitted Transferees, Management Permitted Transferees and eRx Permitted Transferees.

          “Person” means any individual, partnership, firm, corporation, limited liability
company, association, trust, unincorporated organization or other entity, as well as any syndicate
or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

9

 

          “Piggyback Notice” has the meaning set forth in Section 5.2(a).

          “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor
at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or
any successor regulations as the same may be amended from time to time.

          “Pro Rata Commencement Time” has the meaning set forth in Section 4.1(a)(i)(A).

          “Pro Rata Take-Down Portion” has the meaning set forth in Section 5.4(f).

          “Public Offering” means a public offering of Class A Shares pursuant to an effective
registration statement (other than on Form S-4, Form S-8 or their respective equivalents) filed by
the Company under the Securities Act.

          “Registrable Securities” means Class A Shares owned by the Institutional Stockholders,
Management Stockholders and eRx Stockholders, including any Class A Shares issuable or issued upon
conversion or exchange of other securities of the Company or any of its Subsidiaries (including,
for the avoidance of doubt, any Class A Shares issuable upon exchange of Units and the
corresponding Class B Shares), until (i) a registration statement covering such Class A Shares has
been declared effective by the SEC and such Class A Shares have been disposed of pursuant to such
effective registration statement, (ii) such Class A Shares are sold under circumstances in which
all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the
Securities Act are met or (iii) such Class A Shares are otherwise Transferred, the Company has
delivered a new certificate or other evidence of ownership for such Class A Shares not bearing the
legend required pursuant to this Agreement and such Class A Shares may be resold without limitation
or subsequent registration under the Securities Act; provided, that Registrable Securities
shall not include restricted securities that have not yet vested or Escrowed Shares.

          “Registration Expenses” means any and all expenses incident to performance of or
compliance with any registration of securities pursuant to Article V, including (i) the fees,
disbursements and expenses of the Company’s counsel and accountants, including for special audits
and comfort letters; (ii) all expenses, including filing fees, in connection with the preparation,
printing and filing of the registration statement, any preliminary prospectus or final prospectus,
any other offering document and amendments and supplements thereto and the mailing and delivering
of copies thereof to any underwriters and dealers; (iii) the cost of printing or producing any
underwriting agreements and blue sky or legal investment memoranda and any other documents in
connection with the offering, sale or delivery of the securities to be disposed of; (iv) all
expenses in connection with the qualification of the securities to be disposed of for offering and
sale under state securities laws, including the fees and disbursements of counsel for the
underwriters and the Selling Holders in connection with such qualification and in connection with
any blue sky and legal investment surveys;

(v) the filing fees incident to securing any required review by FINRA of the terms of the

10

 

sale of the securities to be disposed of; (vi) transfer agents’ and registrars’ fees and
expenses and the fees and expenses of any other agent or trustee appointed in connection with such
offering; (vii) all security engraving and security printing expenses; (viii) all fees and expenses
payable in connection with the listing of the securities on any securities exchange or automated
interdealer quotation system or the rating of such securities; (ix)all expenses with respect to
road shows that the Company is obligated to pay pursuant to Section 5.7(o); (x) the reasonable fees
and expenses of counsel for each of the Registration Parties participating in the registration
incurred in connection with any such registration; and (xi) any other fees and disbursements of
underwriters customarily paid by the Selling Holders, but excluding underwriting discounts and
commissions and transfer taxes, if any (which underwriting discounts and commissions and transfer
taxes shall be borne by the Selling Holders and, if selling securities in such offering, the
Company, pro rata in accordance with the total amount of securities sold in such offering by each
such Person in accordance with Section 5.6(b)).

          “Registration Party” means any of: (i) any GA Stockholder or any of its respective
Transferees under Section 5.1(c) holding Registrable Securities, (ii) any HF Stockholder or any of
its respective Transferees under Section 5.1(c) holding Registrable Securities, (iii) any
Management Stockholder or Management Permitted Transferee holding Registrable Securities and (iv)
and any eRx Stockholder or eRx Permitted Transferee holding Registrable Securities.

          “Reorganization Agreement” means the Reorganization Agreement, dated as of August 4,
2009, by and among the Company, EBS Acquisition II, LLC, Hellman & Friedman Capital Associates VI,
L.P., Hellman & Friedman Capital Executives VI, L.P., HFCP VI Domestic AIV, L.P., H&F Harrington
AIV I, L.P., H&F GP, Harrington, H&F AIV II, GA Pubco Sub, HF Pubco Sub, Plan Member, the eRx
Stockholders and EBS Master, as it may be amended, supplemented or restated from time to time.

          “Sale Notice” has the meaning set forth in Section 6.3(b).

          “SEC” means the Securities and Exchange Commission, or any successor agency.

          “SEC Independent Director” means a Director who qualifies, as of the date of such
Director’s election or appointment to the Board and as of any other date on which the determination
is being made, as an “Independent Director” under Rule 10A-3 under the Exchange Act as well as any
other requirement of the U.S. securities laws which is then applicable to the Company, as
determined by the Board without the vote of such Director.

          “Second Post-IPO Period” has the meaning set forth in Section 2.1(d)(i).

          “Securities Act” means the Securities Act of 1933, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time (or any corresponding
provisions of succeeding law).

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          “Selling Holders” means, with respect to any registration statement, any Registration
Party whose Registrable Securities are included therein.

          “Shares” means any shares of common stock of the Company, including the Class A
Shares, the Class B Shares and any Shares issued in exchange for shares of any Subsidiaries of the
Company, and shall also include any Equity Security issued in respect of or in exchange for Shares,
whether by way of dividend or other distribution, split, recapitalization, merger, rollup
transaction, consolidation, conversion or reorganization.

          “Shelf Holder” means any holder of Registrable Securities that are included in the
Form S-3 Shelf Registration Statement.

          “Shelf Take-Down” has the meaning set forth in Section 5.4(a).

          “Stockholders” means, collectively, the Institutional Stockholders, Management
Stockholders and eRx Stockholders.

          “Subsidiary” means, with respect to any specified Person, any other Person with
respect to which such specified Person (i) has, directly or indirectly, the power, through the
ownership of securities or otherwise, to elect a majority of directors or similar managing body or
(ii) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.
Notwithstanding the foregoing, EBS Master will be considered a Subsidiary of the Company for as
long as the Company directly or indirectly owns any Units of EBS Master.

          “Tag-Along Notice” has the meaning set forth in Section 6.3(b).

          “Tag-Along Right” has the meaning set forth in Section 6.3(a).

          “Tag-Along Sale Transaction” has the meaning set forth in Section 6.3(a).

          “Tag-Along Seller” has the meaning set forth in Section 6.3(a).

          “Tax Distribution” has the meaning attributed to such term in the Amended EBS Master
LLC Agreement.

          “Transfer” means, as a noun, any voluntary or involuntary, direct or indirect (whether
through a change of control of the Transferor or any Person that controls the Transferor, the
issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise),
transfer, sale, pledge or hypothecation or other disposition and, as a verb, voluntarily or
involuntarily, directly or indirectly (whether through a change of control of the Transferor or any
Person that controls the Transferor, the issuance or transfer of Equity Securities of the
Transferor or any Person that controls the Transferor, by operation of law or otherwise), to
transfer, sell, pledge or hypothecate or otherwise dispose of; provided, that (i) a change
in the relative equity ownership in GA LLC or H&F among the individual officers, directors,
managers, partners or other

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individual controlling persons of GA LLC or H&F, as applicable (in each case, as compared to
the relative equity ownership thereof as of the Effective Date), shall not of itself constitute a
“Transfer,” (ii) a pledge by GAP LP, GA LLC, GAP Coinvestments III, GAP Coinvestments IV, GapStar,
Gmbh Coinvestment or GAP-W (collectively, the “GA Entities”) or their controlled Affiliates
of Equity Securities of the Company under any credit facility of a GA Entity shall not of itself
constitute a “Transfer,” and (iii) a pledge by any HF Stockholder or its controlled Affiliates of
Common Stock under any credit facility of an HF Stockholder shall not of itself constitute a
“Transfer.” For the avoidance of doubt, (a) any Transfer, directly or indirectly, of any Equity
Securities of any GA Stockholder to any Person that is not a partner or member of a GA Entity shall
be considered a Transfer by the GA Stockholder, (b) any Transfer, directly or indirectly, of any
Equity Securities of any HF Stockholder to any Person that is not a partner in HF Fund VI shall be
considered a Transfer by the HF Stockholder, (c) any assignment of Equity Securities of any of the
GA Entities or HF Fund VI that results in a Person holding directly or indirectly Equity Securities
in a GA Stockholder or an HF Stockholder will not be considered a Transfer, and (d) any assignment
of Equity Interests of NHS among Ken Hill and his family members will not be considered a Transfer.
The terms “Transferee,” “Transferor,” “Transferred,” and other forms of
the word “Transfer” shall have the correlative meanings.

          “Underwritten Shelf Take-Down” has the meaning set forth in Section 5.4(b).

          “Underwritten Shelf Take-Down Notice” has the meaning set forth in Section 5.4(b).

          “VCOC Equityholder” has the meaning set forth in Section 3.1(c).

          “Voting Power” means the aggregate number of votes authorized by the Company’s Amended
and Restated Certificate of Incorporation, as it may be amended, supplemented or restated from time
to time, to be cast in the election of directors by the holders of all outstanding securities of
the Company entitled to vote in the election of a majority of the directors of the Company.

          Section 1.2 Interpretive Provisions. For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires:

          (a) the terms defined in Section 1.1 have the meanings assigned to them in Section 1.1 and are
applicable to the singular as well as the plural forms of such terms;

          (b) all accounting terms not otherwise defined herein have the meanings assigned under the
United States generally accepted accounting principles and practices in effect from time to time;

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          (c) all references to currency, monetary values and dollars set forth herein shall mean United
States (U.S.) dollars and all payments hereunder shall be made in United States dollars;

          (d) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule,
such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless
otherwise indicated;

          (e) the word “or” is not exclusive and whenever the words “include”, “includes” or “including”
are used in this Agreement, they shall be deemed to be followed by the words “without limitation”;

          (f) pronouns of either gender or neuter shall include, as appropriate, the other pronoun
forms;

          (g) the words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any particular provision of this
Agreement;

          (h) if any GA Stockholder shall hereafter Transfer any of its Shares to any of the GA
Permitted Transferees in accordance with Section 6.1, the term “GA Stockholder” shall mean the GA
Stockholders and such GA Permitted Transferees, taken together, and any right, obligation or action
that may be exercised or taken at the election of the GA Stockholders may be exercised or taken at
the election of the GA Stockholders and such GA Permitted Transferees who, collectively, hold a
majority of all of the Voting Power held by the GA Stockholders and the GA Permitted Transferees;

          (i) if any HF Stockholder shall hereafter Transfer any of its Shares to any of the HF
Permitted Transferees in accordance with Section 6.1, the term “HF Stockholder” shall mean the HF
Stockholders and such HF Permitted Transferees, taken together, and any right, obligation or action
that may be exercised or taken at the election of the HF Stockholders may be exercised or taken at
the election of the HF Stockholders and such HF Permitted Transferees who, collectively, hold a
majority of all of the Voting Power held by the HF Stockholders and the HF Permitted Transferees;

          (j) if any Management Stockholder shall hereafter Transfer any of its Shares to any of the
Management Permitted Transferees in accordance Section 6.1, the term “Management Stockholder” shall
mean the Management Stockholders and such Management Permitted Transferees, taken together, and any
right, obligation or action that may be exercised or taken at the election of the Management
Stockholders may be exercised or taken at the election of the Management Stockholders and such
Management Permitted Transferees who, collectively, hold a majority of all of the Voting Power held
by the Management Stockholders and the Management Permitted Transferees; and

          (k) if any eRx Stockholder shall hereafter Transfer any of its Shares to any of the eRx
Permitted Transferees in accordance Section 6.1, the term “eRx Stockholder” shall mean the eRx
Stockholders and such eRx Permitted Transferees, taken together, and any right, obligation or
action that may be exercised or taken at the election

14

 

of the eRx Stockholders may be exercised or taken at the election of the eRx Stockholders and
such eRx Permitted Transferees who, collectively, hold a majority of all of the Voting Power held
by the eRx Stockholders and the eRx Permitted Transferees.

ARTICLE II

CORPORATE GOVERNANCE

          Section 2.1 Board of Directors.

          (a) Size. On and after the IPO Date, the Board shall consist of nine Directors;
provided, that the Board shall further increase the number of Independent Directors to the
extent necessary to comply with applicable Law and the NYSE rules. If the number of Directors on
the Board is increased pursuant to the proviso of the immediately preceding sentence, then the GA
Stockholders and the HF Stockholders shall agree to proportionate increases to the number of
Directors that each is entitled to nominate as set forth in Section 2.1(b) after giving effect to
all such increases to the size of the Board.

          (b) Composition. Subject to Section 2.1(a), the rights of the GA Stockholders and the HF
Stockholders to nominate Directors shall be as follows:

	 	(i)	 	So long as the GA Stockholders in the
aggregate beneficially own a number of Class A Shares equal to (x)
more than 40% of the aggregate number of Class A Shares outstanding
immediately prior to the consummation of the IPO (excluding
Management Shares and eRx Shares but including all Class A Shares
issuable to the HF Stockholders in exchange for Class B Shares and
Units), they shall be entitled to nominate three Directors, (y) not
more than 40% but more than 20% of the aggregate number of Class A
Shares outstanding immediately prior to the consummation of the IPO
(excluding Management Shares and eRx Shares but including all Class A
Shares issuable to the HF Stockholders in exchange for Class B Shares
and Units), they shall be entitled to nominate two Directors and (z)
not more than 20% but more than 5% of the aggregate number of Class A
Shares outstanding immediately prior to the consummation of the IPO
(excluding Management Shares and eRx Shares but including all Class A
Shares issuable to the HF Stockholders in exchange for Class B Shares
and Units), they shall be entitled to nominate one Director.
	 
	 	(ii)	 	So long as the HF Stockholders in the
aggregate beneficially own a number of Class A Shares (including
Class A Shares issuable to the HF Stockholders in exchange for Class
B Shares and Units) equal to (x) more

15

 

	 	 	 	than 20% of the aggregate number of Class A Shares outstanding
immediately prior to the consummation of the IPO (excluding
Management Shares and eRx Shares but including all Class A Shares
issuable to the HF Stockholders in exchange for Class B Shares and
Units), they shall be entitled to nominate two Directors and (y)
not more than 20% but more than 5% of the aggregate number of
Class A Shares outstanding immediately prior to the consummation
of the IPO (excluding Management Shares and eRx Shares but
including all Class A Shares issuable to the HF Stockholders in
exchange for Class B Shares and Units), they shall be entitled to
nominate one Director. Unless otherwise agreed by the HF
Stockholders, the Board nomination rights provided in this Section
2.1(b)(ii) will be exercised by the HF Stockholders as follows:
HF Stockholder 3 will nominate the first Director and HF
Stockholder 4 will nominate the second Director.
	 
	 	(iii)	 	In connection with each election of
directors, the HF Stockholders and the GA Stockholders will have the
right to jointly nominate one Director who must be an Independent
Director and will cooperate and take all reasonable actions necessary
to jointly nominate such Independent Director; provided, that
at any time after the date hereof (A) if the HF Stockholders are no
longer entitled to nominate at least one Director pursuant to this
Section 2.1(b) but the GA Stockholders are entitled to nominate at
least one Director pursuant to this Section 2.1(b), then the GA
Stockholders shall have the sole right to nominate such Independent
Director by delivering a written notice to the Company and the HF
Stockholders, (B) if the GA Stockholders are no longer entitled to
nominate at least one Director pursuant to this Section 2.1(b) but
the HF Stockholders are entitled to nominate at least one Director
pursuant to this Section 2.1(b), then the HF Stockholders shall have
the sole right to nominate such Independent Director by delivering a
written notice to the Company and the GA Stockholders, and (C) if
neither the GA Stockholders, on the one hand, nor the HF
Stockholders, on the other hand, are entitled to nominate at least
one Director pursuant to this Section 2.1(b), then neither the GA
Stockholders nor the HF Stockholders shall have the right to nominate
an Independent Director.
	 
	 	(iv)	 	The Company hereby agrees (A) to include
the nominees of the GA Stockholders and the HF Stockholders nominated

16

 

	 		 	pursuant to this Section 2.1(b) as the nominees to the Board on each slate of nominees for election of the Board proposed by
management of the Company, (B) to recommend the election of such
nominees to the shareholders of the Company and (C) without
limiting the foregoing, to otherwise use its reasonable best
efforts to cause such nominees to be elected to the Board.

          (c) Nominations. The initial Director nominees of the GA Stockholders are Mark Dzialga,
Jonathan Korngold, and Tracy Bahl. The initial Director nominees of the HF Stockholders are Philip
Hammarskjold and Allen Thorpe. The initial Independent Director jointly nominated by the HF
Stockholders and the GA Stockholders in accordance with Section 2.1(b)(iii) is James Kever. The
remaining initial directors of the Company are Dinyar Devitre, George Lazenby and Philip Pead, none
of whom are nominees of either the GA Stockholders or the HF Stockholders. With respect to any
Director to be nominated by the Institutional Stockholders other than the initial Directors listed
above, an Institutional Stockholder shall nominate its Director or Directors by delivering to the
Company its written statement at least 30 days prior to the one-year anniversary of the preceding
annual meeting nominating its Director or Directors and setting forth such Director’s or Directors’
business address, telephone number, facsimile number and e-mail address; provided, that if
an Institutional Stockholder shall fail to deliver such written notice, such Institutional
Stockholder shall be deemed to have nominated the Director(s) previously nominated (or designated
pursuant to this Section 2.1(c)) by such Institutional Stockholder who is/are currently serving on
the Board. The Independent Director nominated in accordance with Section 2.1(b)(iii) shall be
nominated by the GA Stockholders and the HF Stockholders delivering to the Company a written
statement nominating such Independent Director.

          (d) Right to Delegate; Committees. The Company shall establish and maintain an audit
committee, a compensation committee and a nominating committee of the Board, as well as such other
Board committees as the Board deems appropriate from time to time or as may be required by
applicable Law or the NYSE rules. The committees shall have such duties and responsibilities as
are customary for such committees, subject to the provisions of this Agreement and shall be
composed as follows:

	 	(i)	 	The audit committee shall be composed as
follows: (A) during the 90-day period that will commence on the date
of effectiveness of the IPO Registration Statement (the “Initial
Post-IPO Period”), the audit committee shall consist of the
following three Directors: one Independent Director (who shall
satisfy the “audit committee financial expert” requirements as such
term is defined by Item 407(d)(5) of Regulation S-K), one Director
nominated by the GA Stockholders (but only if the GA Stockholders are
then entitled to nominate Directors) and one Director nominated by
the HF Stockholders (but only if the HF Stockholders

17

 

	 	 	 	are then entitled to nominate Directors); (B) upon the completion of the Initial Post-IPO Period and until one year from
the date of effectiveness of the IPO Registration Statement (the
“Second Post-IPO Period”), the audit committee shall
consist of the following three Directors: two Independent
Directors (at least one of whom shall satisfy the “audit committee
financial expert” requirements as such term is defined by Item
407(d)(5) of Regulation S-K) and one Director nominated by the GA
Stockholders (but only if the GA Stockholders are then entitled to
nominate Directors) or one Director nominated by the HF
Stockholders (but only if the HF Stockholders are then entitled to
nominate Directors) as determined by mutual agreement of the GA
Stockholders and the HF Stockholders; and (C) upon the completion
of the Second Post-IPO Period, the audit committee shall consist
of at least three Independent Directors (at least one of whom
shall satisfy the “audit committee financial expert” requirements
as such term is defined by Item 407(d)(5) of Regulation S-K).
	 
	 	(ii)	 	The compensation committee shall consist
of: an NYSE Independent Director, a Director nominated by the GA
Stockholders (but only if the GA Stockholders are then entitled to
nominate Directors) and a Director nominated by the HF Stockholders
(but only if the HF Stockholders are then entitled to nominate
Directors) and, following such time as the (x) GA Stockholders in the
aggregate beneficially own a number of Class A Shares equal to less
than 10% of the aggregate number of Class A Shares outstanding
immediately prior to the consummation of the IPO (excluding
Management Shares and eRx Shares but including all Class A Shares
issuable to the HF Stockholders in exchange for Class B Shares and
Units) and (y) HF Stockholders in the aggregate beneficially
own a number of Class A Shares (including all Class A Shares issuable
to the HF Stockholders in exchange for Class B Shares and Units)
equal to less than 10% of the aggregate number of Class A Shares
outstanding immediately prior to the consummation of the IPO
(excluding Management Shares and eRx Shares but including all Class A
Shares issuable to the HF Stockholders in exchange for Class B Shares
and Units), such additional members as determined by the Board.
	 
	 	(iii)	 	The nominating committee shall consist of:
an NYSE Independent Director, a Director nominated by the GA

18

 

	 	 	 	Stockholders (but only if the GA Stockholders are then entitled to nominate Directors) and a Director nominated by the HF
Stockholders (but only if the HF Stockholders are then entitled to
nominate Directors) and, following such time as the (x) GA
Stockholders in the aggregate beneficially own a number of Class A
Shares equal to less than 10% of the aggregate number of Class A
Shares outstanding immediately prior to the consummation of the
IPO (excluding Management Shares and eRx Shares but including all
Class A Shares issuable to the HF Stockholders in exchange for
Class B Shares and Units) and (y) HF Stockholders in the
aggregate beneficially own a number of Class A Shares (including
all Class A Shares issuable to the HF Stockholders in exchange for
Class B Shares and Units) equal to less than 10% of the aggregate
number of Class A Shares outstanding immediately prior to the
consummation of the IPO (excluding Management Shares and eRx
Shares but including all Class A Shares issuable to the HF
Stockholders in exchange for Class B Shares and Units), such
additional members as determined by the Board.
	 
	 	(iv)	 	Any other committee of the Board shall
consist of at least one Director nominated by the GA Stockholders
(but only if the GA Stockholders are then entitled to nominate
Directors) and at least one Director nominated by the HF Stockholders
(but only if the HF Stockholders are then entitled to nominate
Directors) and, following such time as the (x) GA Stockholders in the
aggregate beneficially own a number of Class A Shares equal to less
than 10% of the aggregate number of Class A Shares outstanding
immediately prior to the consummation of the IPO (excluding
Management Shares and eRx Shares but including all Class A Shares
issuable to the HF Stockholders in exchange for Class B Shares and
Units) and (y) HF Stockholders in the aggregate beneficially
own a number of Class A Shares (including all Class A Shares issuable
to the HF Stockholders in exchange for Class B Shares and Units)
equal to less than 10% of the aggregate number of Class A Shares
outstanding immediately prior to the consummation of the IPO
(excluding Management Shares and eRx Shares but including all Class A
Shares issuable to the HF Stockholders in exchange for Class B Shares
and Units), such additional members as determined by the Board;
provided that, in the event that no Director nominated by either of
the HF Stockholders or the GA Stockholders is eligible to serve on a
special committee, the

19

 

	 	 	 	members of such committee shall be determined by the Board.

Notwithstanding the foregoing, the Board (upon the recommendation of the nominating committee of
the Board) shall, only to the extent necessary to comply with applicable Law and the NYSE rules,
modify the composition of any such committee to the extent required to comply with such applicable
Law and the NYSE rules. If any vacant Director position on any committee of the Board results from
an Institutional Stockholder no longer being entitled to nominate Directors, then such vacant
position shall be filled by the Board in accordance with the last sentence of Section 2.1(f).

          (e) Removal. Directors shall serve until their resignation or removal or until their
successors are nominated; provided, that if the number of Directors that any Institutional
Stockholder is entitled to nominate pursuant to Section 2.1(b) is reduced by one or more Directors,
then the GA Stockholders or HF Stockholders, as the case may be, shall, to the extent requested by
the HF Stockholders or GA Stockholders, as applicable, promptly cause such number of its
then-nominated Directors equal to the number by which the number of its nominated Directors has
been so reduced as aforesaid to resign from the Board. Each Institutional Stockholder agrees that
if, at any time, it is then entitled to vote for the removal of Directors, it will not vote any of
its Shares in favor of the removal of any Director who shall have been nominated in accordance with
this Section 2.1, unless the Person or Persons entitled to nominate such Director shall have
consented to such removal in writing, provided that if the Person or Persons entitled to
nominate any Director pursuant to this Section 2.1 shall request in writing the removal, with or
without cause, of such Director, each Institutional Stockholder shall vote its Shares in favor of
such removal. Each Institutional Stockholder shall cause any Director nominated by it (including
any Independent Director that such Institutional Stockholder may have jointly nominated) to resign
from the Board, or from service on any committee of the Board, and all Institutional Stockholders
then entitled to vote for the removal of Directors shall vote their Shares in favor of the removal
of such Director, if at any time such Director does not satisfy any applicable requirements of
applicable Law or the NYSE rules for service on the Board or such committee.

          (f) Vacancies. If any Director dies or is unwilling or unable to serve as such or is
otherwise removed or resigns from office (other than pursuant to the proviso to the first sentence
of Section 2.1(e) regarding a reduction in the size of the Board due to a reduction in the number
of Directors an Institutional Stockholder is entitled to nominate pursuant to Section 2.1(b)), then
the Institutional Stockholder or Institutional Stockholders whose previously nominated Director
shall have been removed or shall have resigned shall promptly nominate a successor to such
Director, in accordance with this Section 2.1. Each Institutional Stockholder then entitled to
vote for the election of such successor as a Director agrees that it will vote its Shares, or
execute a proxy or written consent, as the case may be, and each Institutional Stockholder and the
Company agree to take such other actions as may be necessary, in each case, in order to ensure that
such successor is elected to the Board as promptly as practicable. If neither the GA Stockholders
nor the HF Stockholders are entitled to participate in the nomination of any vacant Director
position(s), such vacant Director position(s) shall be filled by the Board

20

 

(upon the recommendation of the nominating committee of the Board, if then existing) in
accordance with the Charter and this Agreement.

          (g) Expense Reimbursement. The Company shall reimburse each Director for all necessary and
proper costs and expenses (including travel expenses) incurred in connection with such Director’s
attendance and participation at meetings of the Board, or any committee thereof.

          (h) Actions by Institutional Stockholders. Each Institutional Stockholder shall, at any time
it is then entitled to vote for the election of Directors to the Board, vote all of its Shares or
execute proxies or written consents, as the case may be, and take all other necessary action in
order to ensure that the composition of the Board complies with (and includes all of the requisite
nominees in accordance with) this Section 2.1.

          Section 2.2 Conflicting Charter Provisions. Each Institutional Stockholder shall vote its Shares or execute proxies or written
consents, as the case may be, and shall take all other actions necessary, to ensure that the
Company’s Charter (a) facilitates, and does not at any time conflict with, any provision of this
Agreement and (b) permits each Institutional Stockholder to receive the benefits to which each such
Institutional Stockholder is entitled under this Agreement.

          Section 2.3 Controlled Company.

          (a) The Institutional Stockholders agree and acknowledge that,

	 	(i)	 	by virtue of this Agreement, they are
acting as a “group” within the meaning of the NYSE rules as of the
date hereof, and
	 
	 	(ii)	 	by virtue of the combined Voting Power of
the Institutional Stockholders of more than 50% of the total Voting
Power outstanding as of the IPO Date, the Company qualifies as of the
IPO Date as a “controlled company” within the meaning of the NYSE
rules.

          (b) For so long as the Company qualifies as a “controlled company” for purposes of the NYSE
rules, the Company will elect to be a “controlled company” for purposes of the NYSE rules, and will
disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for
that determination. If the Company ceases to qualify as a “controlled company” for purposes of the
NYSE rules, the Institutional Stockholders and the Company will take whatever action may be
reasonably necessary, if any, to cause the Company to comply with the NYSE rules as then in effect.

ARTICLE III

INFORMATION RIGHTS; VCOC RIGHTS

          Section 3.1 Information Rights; VCOC Rights.

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          (a) Information Rights. At the request of any Institutional Stockholder, the Company shall
deliver to such Institutional Stockholder the following:

	 	(i)	 	As soon as available after the end of each
monthly accounting period, a copy of the unaudited monthly management
report, which shall include the unaudited consolidated balance sheet
and income statement of the Company and its Subsidiaries, if any,
after the end of such month.
	 
	 	(ii)	 	As soon as practicable following Board
approval, a copy of the annual strategic plan and budget of the
Company.
	 
	 	(iii)	 	With reasonable promptness, such other
information and data with respect to the Company or any of its
Subsidiaries as from time to time may be reasonably requested by such
Institutional Stockholder.
	 
	 	(iv)	 	The Company will (and will cause its
Subsidiaries to) give (x) each such Institutional Stockholder, and
its respective employees and contract personnel primarily engaged by
such Institutional Stockholder and (y) with the reasonable advance
notice to, and the reasonable consent of, the Company (such consent
not to be reasonably withheld, conditioned or delayed), such
Institutional Stockholder’s outside accountants, auditors, legal
counsel and other authorized representatives and agents, (A)
reasonable access during reasonable business hours to the properties,
assets, books, contracts, commitments, reports and records of the
Company and its Subsidiaries, and furnish to them all such documents,
records and information with respect to the properties, assets and
business of the Company and its Subsidiaries and copies of any work
papers relating thereto as such Institutional Stockholder shall from
time to time reasonably request; and (B) reasonable access during
reasonable business hours to the Company, its Subsidiaries and their
respective employees as may be necessary or useful to such
Institutional Stockholder in its reasonable judgment in connection
with their review of the properties, assets and business of the
Company and its Subsidiaries and the above-mentioned documents,
records and information.

          (b) Credit Facility Reports. The Company shall also furnish to each of the Institutional
Stockholders at their request a copy of any periodic reports required to be provided by the Company
pursuant to the Credit Facilities.

22

 

          (c) VCOC Equityholder. With respect to each HF Stockholder and, at the request of an HF
Stockholder, each Affiliate thereof that indirectly has an interest in the Company and that
acknowledges and agrees to be bound by Section 7.9, in each case that is intended to qualify as a
“venture capital operating company” as defined in the Plan Asset Regulations (each, a “VCOC
Equityholder”), for so long as the VCOC Equityholder, directly or through one or more conduit
Subsidiaries, continues to hold any Equity Securities of the Company, in each case without
limitation or prejudice of any the rights provided to any of the HF Stockholders hereunder, the
Company shall, with respect to each such VCOC Equityholder:

	 	(i)	 	Provide such VCOC Equityholder or its
designated representative with the following:

	 	(A)	 	the right to visit and
inspect any of the offices and properties of the Company and
its Subsidiaries and inspect and copy the books and records
of the Company and its Subsidiaries, at such times as the
VCOC Equityholder shall reasonably request;
	 
	 	(B)	 	as soon as available and in
any event within 60 days after the end of each of the first
three quarters of each fiscal year of the Company,
consolidated balance sheets of the Company and its
Subsidiaries as of the end of such period, and consolidated
statements of income and cash flows of the Company and its
Subsidiaries for the period then ended prepared in conformity
with GAAP applied on a consistent basis, except as otherwise
noted therein, and subject to the absence of footnotes and to
year-end adjustments;
	 
	 	(C)	 	as soon as available and in
any event within 120 days after the end of each fiscal year
of the Company, a consolidated balance sheet of the Company
and its Subsidiaries as of the end of such year, and
consolidated statements of income and cash flows of the
Company and its Subsidiaries for the year then ended prepared
in conformity with GAAP applied on a consistent basis, except
as otherwise noted therein, together with an auditor’s report
thereon of a firm of established national reputation;
	 
	 	(D)	 	to the extent the Company
or any of its Subsidiaries is required by law or pursuant to
the terms of any outstanding indebtedness of the Company or
such Subsidiary to prepare such reports, any annual

23

 

	 	 	 	reports, quarterly reports and other periodic reports
pursuant to Section 13 or 15(d) of the Exchange Act,
actually prepared by the Company or such Subsidiary as
soon as available; and
	 
	 	(E)	 	subject to Section
3.1(c)(iii) below, copies of all materials provided to the
Board at substantially the same time as provided to the Board
and, if requested, copies of the materials provided to the
board of directors (or equivalent governing body) of any
Subsidiary of the Company; provided that the Company or such
Subsidiary shall be entitled to exclude portions of such
materials to the extent providing such portions would be
reasonably likely to result in the waiver of attorney-client
privilege;

	 	(ii)	 	Make the Board and appropriate officers of
the Company and its Subsidiaries available periodically and at such
times as reasonably requested by such VCOC Equityholder for
consultation with such VCOC Equityholder or its designated
representative with respect to matters relating to the business and
affairs of the Company and its Subsidiaries, including significant
changes in management personnel and compensation of employees,
introduction of new products or new lines of business, important
acquisitions or dispositions of plants and equipment, significant
research and development programs, the purchasing or selling of
important trademarks, licenses or concessions or the proposed
commencement or compromise of significant litigation;
	 
	 	(iii)	 	To the extent consistent with applicable
law (and with respect to events which require public disclosure, only
following the Company’s public disclosure thereof through applicable
securities law filings or otherwise), inform the VCOC Equityholder or
its designated representative in advance with respect to any
significant Company actions, including extraordinary dividends,
mergers, acquisitions or dispositions of assets, issuances of
significant amounts of debt or equity and material amendments to the
organizational documents of the Company, and provide the VCOC
Equityholder or its designated representative with the right to
consult with the Company with respect to such actions;
	 
	 	(iv)	 	Give such VCOC Equityholder the right to
designate one non-voting board observer who will be entitled to
attend all

24

 

	 	 	 	meetings of the Board and participate in all deliberations of the
Board, provided that such observer shall have no voting rights
with respect to actions taken or elected not to be taken by the
Board, and provided, further, that the Company shall be entitled
to exclude such observer from such portions of a Board meeting to
the extent such observer’s presence would be reasonably likely to
result in the waiver of attorney-client privilege; and
	 
	 	(v)	 	Provide such VCOC Equityholder or its
designated representative with such other rights of consultation
which such VCOC Equityholder’s counsel may determine to be reasonably
necessary under applicable legal authorities promulgated after the
date hereof to qualify its investment in the Company as a “venture
capital investment” for purposes of the Plan Assets Regulation.

          The Company agrees to consider, in good faith, the recommendations of each VCOC Equityholder
or its designated representative in connection with the matters on which it is consulted as
described above, recognizing that the ultimate discretion with respect to all such matters shall be
retained by the Company. The obligations of the Company set forth in Section 3.1(c) and Section
3.1(d) are expressly intended to create third party beneficiary rights of each VCOC Equityholder.

          (d) In the event that the Company ceases to qualify as an “operating company” (within the
meaning of the first sentence of 29 C.F.R. § 2510.3-101(c)(1) of the Plan Asset Regulations), then
the Company and each party hereto will cooperate in good faith to take all reasonable action
necessary to provide that the investment (or at least 51% of the investment valued at cost) of each
VCOC Equityholder shall continue to qualify as a “venture capital investment” (as defined in 29
C.F.R. § 2510.3-101(d) of the Plan Asset Regulations).

ARTICLE IV

PRIORITIES UPON TRANSFER

          Section 4.1 Order of Priorities Among the Institutional Stockholders.

          (a) Notwithstanding anything to the contrary in this Agreement, unless otherwise agreed by the
GA Stockholders and the HF Stockholders, any Transfer of the Company’s Equity Securities (including
Transfers effected by secondary sales of the Company’s Equity Securities in all Public Offerings
and whether or not initiated by the Company, Transfers made pursuant to Rule 144 under the
Securities Act, and Transfers effected by any other sales, hedging transactions or other
dispositions) by the GA Stockholders and the HF Stockholders other than Transfers to their
respective Permitted Transferees or pursuant to an Exchange, in each case as permitted by Section
6.1, shall be made in accordance with Article V and Article VI and the following order of
priorities:

25

 

	 	(i)	 	if the IPO is consummated on or before
September 30, 2009, then:

	 	(A)	 	if and only if the
Specified Value (as defined in Exhibit D) is equal to
or greater than the Target (as defined in Exhibit D),
then (1) first, in any proposed Transfer by the GA
Stockholders or the HF Stockholders, the GA Stockholders and
the HF Stockholders shall be entitled to Transfer their
Equity Securities on a 70%/30% basis (i.e., the GA
Stockholders, 70%, and the HF Stockholders, 30%, of the total
amount of Equity Securities included in such Transfer by the
GA Stockholders and the HF Stockholders) until such time as
the aggregate portion of the Voting Power held by the GA
Stockholders equals or is less than the aggregate portion of
the Voting Power held by the HF Stockholders (such time, the
“Pro Rata Commencement Time”); and (2)
second, following the Pro Rata Commencement Time, the
GA Stockholders and the HF Stockholders shall be entitled to
Transfer their Equity Securities on a pro rata basis in
accordance with the respective portions of the Voting Power
held by the GA Stockholders on the one hand and the HF
Stockholders on the other hand; and
	 
	 	(B)	 	if and only if the
Specified Value is less than the Target, then in any proposed
Transfer by the GA Stockholders or the HF Stockholders, the
GA Stockholders and the HF Stockholders shall be entitled to
Transfer their Equity Securities on a pro rata basis in
accordance with the respective portions of the Voting Power
held by the GA Stockholders on the one hand and the HF
Stockholders on the other hand; and

	 	(ii)	 	if the IPO is not consummated on or before
September 30, 2009, then:

	 	(A)	 	first, in any
proposed Transfer by the GA Stockholders or the HF
Stockholders, the GA Stockholders and the HF Stockholders
shall be entitled to Transfer their Equity Securities on an
80%/20% basis (i.e., the GA Stockholders, 80%, and the HF
Stockholders, 20%, of the total amount of Equity Securities
included in such Transfer by

26

 

	 	 	 	the GA Stockholders and the HF Stockholders) until the Pro
Rata Commencement Time; and
	 
	 	(B)	 	second, following
the Pro Rata Commencement Time, the GA Stockholders and the
HF Stockholders shall be entitled to Transfer their Equity
Securities on a pro rata basis in accordance with the
respective portions of the Voting Power held by the GA
Stockholders on the one hand and the HF Stockholders on the
other hand.

For the avoidance of doubt, to the extent that the number of the Company’s Equity Securities being
Transferred in any Transfer will result in the Pro Rata Commencement Time occurring, then clause
(1) of Section 4.1(a)(i)(A) or Section 4.1(a)(ii)(A), as the case may be, will be applicable to
such Transfer up to the point of such Transfer where the Pro Rata Commencement Time occurs and
clause (2) of Section 4.1(a)(i)(A) or Section 4.1(a)(ii)(B), as the case may be, will be applicable
to the remainder of the Company’s Equity Securities being Transferred in such Transfer.

          (b) For the avoidance of doubt, the priorities upon Transfer of the Company’s Equity
Securities in this Article IV shall not restrict any Institutional Stockholder from initiating a
Transfer of the Company’s Equity Securities in accordance with this Agreement; provided,
that such Institutional Stockholder complies with the provisions of this Agreement and that the
other Institutional Stockholders are afforded the priorities and other rights specified herein.
For the avoidance of doubt, nothing in this Article IV shall obligate an Institutional Stockholder
to participate in any Transfer or proposed Transfer, and no failure by an Institutional Stockholder
to participate in a Transfer to the extent entitled to participate shall impair the right of such
Institutional Stockholder to participate in any future Transfers pursuant to this Article IV based
on the relative ownership of Equity Securities of the Institutional Stockholders at the time of any
such future Transfer.

ARTICLE V

REGISTRATION RIGHTS

          Section 5.1 Demand Rights.

          (a) Demand Rights. Subject to the terms and conditions of this Agreement (including Section
5.1(b)), upon written notice delivered by a GA Registration Party or HF Registration Party (a
“Demand”) at any time requesting that the Company effect the registration (a “Demand
Registration”) under the Securities Act (including a registration to be made on a delayed or
continuous basis under Rule 415 under the Securities Act) of any or all of the Registrable
Securities held by such Registration Party, which Demand shall specify the number and type of such
Registrable Securities to be registered and the intended method or methods of disposition of such
Registrable Securities, the Company shall promptly give written notice of such Demand to all other
Registration Parties and other Persons who may have piggyback registration

27

 

rights with respect to such Demand Registration and shall promptly file the appropriate
registration statement and use its reasonable best efforts to effect the registration under the
Securities Act and applicable state securities laws of (i) the Registrable Securities which the
Company has been so requested to register by such Registration Party in the Demand, and (ii) all
other Registrable Securities which the Company has been requested to register by the Holders
thereof (other than, with respect to the IPO only, the eRx Stockholders) by written request given
to the Company within 30 days after the giving of such written notice by the Company (which request
shall specify the intended method of disposition of such Registrable Securities), in each case
subject to Section 5.1(f), all to the extent required to permit the disposition (in accordance with
such intended methods of disposition) of the Registrable Securities to be so registered.

          (b) Limitations on Demand Rights. Each GA Registration Party shall be entitled to make five
Demands under Section 5.1(a) (and is hereby deemed to have made one of its five Demands for the
IPO) and each HF Registration Party shall be entitled to make four Demands under Section 5.1(a);
provided, that the GA Registration Parties and the HF Registration Parties shall only be
entitled to make a Demand pursuant to Section 5.1(a) if such Registration Party, together with all
other Registration Parties delivering the Demand, are requesting the registration of Registrable
Securities with an aggregate estimated market value of at least $100 million. No registration
effected pursuant to Section 5.2, Section 5.3 or Section 5.4 shall be counted as a request for a
Demand for purposes of Section 5.1(a) unless such request is for a Marketed Underwritten Shelf
Take-Down pursuant to Section 5.4.

          (c) Assignment of Demand Rights and Piggyback Rights. In connection with the Transfer of
Registrable Securities to any Person in accordance with Article VI, a Registration Party may assign
(i) the right to exercise one Demand pursuant to Section 5.1(a) with respect to each $100 million
in estimated fair market value of consideration received by such Registration Party in such
Transfer and (ii) the right to participate in any registration pursuant to the terms of Section
5.1(a)(ii) or Section 5.2. In the event of any such assignment, references to the Registration
Parties in Section 5.1(a) and Section 5.2 shall be deemed to refer to the relevant Transferee, as
appropriate. The relevant Registration Party shall give prompt written notice of any such
assignment to the Company and the other Registration Parties.

          (d) Company Blackout Rights. With respect to any registration statement filed, or to be
filed, pursuant to this Section 5.1, if (i) the Company determines in good faith that such
registration would cause the Company to disclose material non-public information, which disclosure
(x) would be required to be made in any registration statement so that such registration statement
would not be materially misleading, (y) would not be required to be made at such time but for the
filing or effectiveness of such registration statement and (z) would be materially detrimental to
the Company or would materially interfere with any material financing, acquisition, corporate
reorganization or merger or other similar transaction involving the Company or any of its
Subsidiaries, and that, as a result of such potential disclosure or interference, it is in the best
interests of the Company to defer the filing or effectiveness of such registration statement at
such time or suspend the Selling Holders’ use of any prospectus which is a

28

 

part of the registration statement, and (ii) the Company promptly furnishes to the Selling Holders a certificate signed
by the chief executive officer of the Company to that effect, then the Company shall have the right
to defer such filing or effectiveness or suspend the continuance of such effectiveness for a period
of not more than 60 days (in which event, in the case of a suspension, such Selling Holder shall
discontinue sales of Registrable Securities pursuant to such registration statement);
provided, that the Company shall not use this right, together with any other deferral or
suspension of the Company’s obligations under Section 5.1 or Section 5.3, more than once in any
12-month period. The Company shall promptly notify the Selling Holders of the expiration of any
period during which it exercised its rights under this Section 5.1(d). The Company agrees that, in
the event it exercises its rights under this Section 5.1(d), it shall, as promptly as practicable
following the expiration of the applicable deferral or suspension period, file or update and use
its reasonable best efforts to cause the effectiveness of, as applicable, the applicable deferred
or suspended registration statement.

          (e) Fulfillment of Registration Obligations. Notwithstanding any other provision of this
Agreement, a registration requested pursuant to this Section 5.1 shall not be deemed to have been
effected (i) if the registration statement is withdrawn without becoming effective, (ii) if after
it has become effective such registration is interfered with by any stop order, injunction or other
order or requirement of the SEC or other Governmental Entity for any reason other than a
misrepresentation or an omission by a Selling Holder Affiliated with the Registration Party that
made the Demand relating to such registration and, as a result thereof, the Registrable Securities
requested to be registered cannot be completely distributed in accordance with the plan of
distribution set forth in the related registration statement; provided, that if such
registration is a shelf registration pursuant to Section 5.3, such registration shall be deemed to
have been effected if such registration statement remains effective for the period specified in
Section 5.3, (iii) if not a shelf registration and the registration does not contemplate an
underwritten offering, if it does not remain effective for at least 180 days (or such shorter
period as will terminate when all securities covered by such registration statement have been sold
or withdrawn); or if not a shelf registration and such registration statement contemplates an
underwritten offering, if it does not remain effective for at least 180 days plus such longer
period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required
by Law to be delivered in connection with the sale of Registrable Securities by an underwriter or
dealer or (iv) in the event of an underwritten offering, if the conditions to closing specified in
the purchase agreement or underwriting agreement entered into in connection with such registration
are not satisfied or waived other than by reason of some wrongful act or omission by a Selling
Holder Affiliated with the Registration Party that made the Demand relating to such registration.

          (f) Cutbacks in Demand Registration. If the lead underwriter or managing underwriter advises
the Company in writing (with a copy to each Selling Holder) that, in such firm’s good faith view,
the number of Registrable Securities and Other Securities requested to be included in a Demand
Registration exceeds the number which can be sold in such offering without being likely to have a
significant adverse effect upon the price, timing or distribution of the offering and sale of the
Registrable

29

 

Securities and Other Securities then contemplated, the Company shall include in such
registration:

	 	(i)	 	first, subject to the priorities described
in Article IV with respect to the GA Registration Parties and HF
Registration Parties, Registrable Securities that are requested to be
included in such registration pursuant to Section 5.1(a), pro rata on
the basis of the relative number of such fully vested Registrable
Securities owned by the Institutional Stockholders, Management
Stockholders and eRx Stockholders seeking such registration (other
than with respect to the IPO in the case of the eRx Stockholders, who
shall not have registration rights with respect thereto); and
	 
	 	(ii)	 	second, the Other Securities held by any
holder thereof with a contractual right to include such Other
Securities in such registration that can be sold without having the
adverse effect referred to above, pro rata on the basis of the
relative number of such fully vested Other Securities owned by the
Persons seeking such registration.

          (g) IPO. The parties hereto agree that (i) the notice required to be delivered by the Company
pursuant to the first sentence of Section 5.1(a) with respect to the IPO shall be deemed to have
been delivered to all Registration Parties (other than the eRx Stockholders, who shall not have
registration rights with respect to the IPO) and (ii) any Registration Party (other than the eRx
Stockholders, who shall not have registration rights with respect to the IPO) that has not
requested any Registrable Securities to be included for sale in the IPO prior to the date hereof
shall be deemed to have waived any rights to register any Registrable Securities in the IPO under
this Section 5.1.

          Section 5.2 Piggyback Registration Rights.

          (a) Notice and Exercise of Rights. If the Company at any time proposes or is required to
register any of its Class A Shares or any other Equity Securities under the Securities Act (other
than a Demand Registration, including the IPO, pursuant to Section 5.1), whether or not for sale
for its own account, in a manner that would permit registration of Registrable Securities for sale
for cash to the public under the Securities Act, subject to the last sentence of this Section
5.2(a) and to Section 5.4(d), it shall at each such time give prompt written notice (the
“Piggyback Notice”) to each Registration Party of its intention to do so, which Piggyback
Notice shall specify the number and class or classes (or type or types) of Registrable Securities
to be registered. Upon the written request of any Registration Party made within 30 days after
receipt of the Piggyback Notice by such Person (which request shall specify the number of
Registrable Securities intended to be disposed of), subject to the other provisions of this Article
V, the Company shall effect, in connection with the registration of such Class A Shares or other
Equity Securities, the registration under the Securities Act of all Registrable Securities which
the Company has been so requested to register; provided, that in no event shall the

30

 

Company be required to register pursuant to this Section 5.2 any securities of a class or type
other than the classes or types described in the Piggyback Notice. Notwithstanding anything to the
contrary contained in this Section 5.2, the Company shall not be required to effect any
registration of Registrable Securities under this Section 5.2 incidental to the registration of any
of its securities on Forms S-4 or S-8 (or any similar or successor form providing for the
registration of securities in connection with mergers, acquisitions, exchange offers, subscription
offers, dividend reinvestment plans or stock option or other executive or employee benefit or
compensation plans) or any other form that would not be available for registration of Registrable
Securities.

          (b) Determination Not to Effect Registration. If at any time after giving such Piggyback
Notice and prior to the effective date of the registration statement filed in connection with such
registration the Company shall determine for any reason not to register the securities originally
intended to be included in such registration, the Company may, at its election, give written notice
of such determination to the Selling Holders and thereupon the Company shall be relieved of its
obligation to register such Registrable Securities in connection with the registration of
securities originally intended to be included in such registration, without prejudice, however, to
the right of a GA Registration Party or HF Registration Party immediately to request that such
registration be effected as a registration under Section 5.1 (including a shelf registration under
Section 5.3) to the extent permitted thereunder.

          (c) Cutbacks in Company Offering. If the registration referred to in the first sentence of
Section 5.2(a) is to be an underwritten registration on behalf of the Company, and the lead
underwriter or managing underwriter advises the Company in writing (with a copy to each Selling
Holder) that, in such firm’s good faith view, the number of Other Securities and Registrable
Securities requested to be included in such registration exceeds the number which can be sold in
such offering without being likely to have a significant adverse effect upon the price, timing or
distribution of the offering and sale of the Other Securities and Registrable Securities then
contemplated, the Company shall include in such registration:

	 	(i)	 	first, all Company Securities; and
	 
	 	(ii)	 	second, subject to the priorities described
in Article IV with respect to the GA Registration Parties and HF
Registration Parties, Registrable Securities and Other Securities
that are requested to be included in such registration pursuant to
this Section 5.2 and the terms of any other agreement providing for
registration rights to which the Company is a party that can be sold
without having the adverse effect referred to above, pro rata on the
basis of the relative number of such fully vested Registrable
Securities and fully vested Other Securities owned by the Persons
seeking such registration.

31

 

          (d) Cutbacks in Other Offerings. If the registration referred to in the first sentence of
Section 5.2(a) is to be an underwritten registration other than on behalf of the Company, and the
lead underwriter or managing underwriter advises the Selling Holders in writing (with a copy to the
Company) that, in such firm’s good faith view, the number of Registrable Securities and Other
Securities requested to be included in such registration exceeds the number which can be sold in
such offering without being likely to have a significant adverse effect upon the price, timing or
distribution of the offering and sale of the Registrable Securities and Other Securities then
contemplated, the Company shall include in such registration:

	 	(i)	 	first, the Other Securities held by any
holder thereof with a contractual right to include such Other
Securities in such registration prior to any other Person; and
	 
	 	(ii)	 	second, subject to the priorities described
in Article IV with respect to the GA Registration Parties and HF
Registration Parties, Registrable Securities and any remaining Other
Securities (other than Company Securities) that are requested to be
included in such registration pursuant to this Section 5.2 and the
terms of any agreement providing for registration rights to which the
Company is a party that can be sold without having the adverse effect
referred to above, pro rata on the basis of the relative number of
such fully vested Registrable Securities and fully vested Other
Securities owned by the Persons seeking such registration.

          (e) Expiration. Notwithstanding any other provision of this Agreement, the right of any
Registration Party to include securities of a particular class in a registration pursuant to this
Section 5.2 shall expire at such time as all Registrable Securities of such class held by such
Registration Party are eligible to be sold to the public pursuant to Rule 144 without limitation as
a result of the volume restrictions set forth therein.

          Section 5.3 Form S-3 Registration.

          (a) Notwithstanding anything in Section 5.1 or Section 5.2 to the contrary, in case the
Company shall receive from any GA Registration Party or HF Registration Party or, subject to
Section 5.3(b), Management Stockholder or eRx Stockholder a written request or requests that the
Company effect a registration on Form S-3 and any related qualification or compliance with respect
to all or a part of the Registrable Securities owned by such Registration Party, and the Company is
then eligible to use Form S-3 for the resale of Registrable Securities, the Company, subject to
Section 5.3(b), will:

	 	(i)	 	promptly give written notice of the
proposed registration, and any related qualification or compliance,
to all other Registration Parties; and

32

 

	 	(ii)	 	promptly file and use its reasonable best
efforts to effect such registration and all such qualifications and
compliances as may be so requested and as would permit or facilitate
the sale and distribution of all or such portion of such Registration
Party’s Registrable Securities as are specified in such request,
together with all or such portion of the Registrable Securities of
any other Registration Party joining in such request as are specified
in a written request given within 15 days after receipt of such
written notice from the Company; provided, that the Company
shall not be obligated to effect any such registration, qualification
or compliance pursuant to this Section 5.3 (or, with respect to a
request under Section 5.4, any Shelf Take-Down pursuant to Section
5.4):

	 	(A)	 	if Form S-3 is not
available for such offering by the Registration Parties;
	 
	 	(B)	 	if the Registration
Parties, together with the holders of any Other Securities
entitled to inclusion in such registration (or Shelf
Take-Down, as applicable), propose to sell Registrable
Securities at an aggregate price to the public (net of any
underwriters’ discounts or commissions) of less than $15
million;
	 
	 	(C)	 	if the Company shall
furnish to the Registration Parties a certificate signed by
the Company’s chief executive officer or chairman of the
Board stating that in the good faith judgment of the Board as
evidenced by a resolution by the Board, it would be seriously
detrimental to the Company and its stockholders for such Form
S-3 registration to be effected (or, with respect to a Shelf
Take-Down under Section 5.4, for the securities of the
Company to be sold pursuant thereto) at such time, in which
event the Company shall have the right to defer the filing of
the Form S-3 registration statement (or Shelf Take-Down) for
a period of not more than 60 days after receipt of the
request of the Registration Party under this Section 5.3 (or
Section 5.4, as applicable); provided, that the
Company shall not utilize this right, together with any other
deferral or suspension of the Company’s obligations under
Section 5.1 or this Section 5.3, more than once in any
12-month period;

33

 

	 	(D)	 	subject to Section 5.3(e),
if the Company has, within the six-month period preceding the
date of such request, already effected one registration on
Form S-3 for a Registration Party pursuant to this Section
5.3 (or effected one Shelf Take-Down pursuant to Section 5.4,
as applicable); provided, that any such registration
shall be deemed to have been “effected” if the registration
statement relating thereto (x) has become or been declared or
ordered effective under the Securities Act, and any of the
Registrable Securities of the Registration Party included in
such registration have actually been sold thereunder, (y) has
remained effective for a period of at least 180 days in the
case of a registration on Form S-3 for a GA Registration
Party or HF Registration Party and (z) has remained effective
for a period of at least 90 days in the case of a
registration on Form S-3 for the eRx Stockholders; or
	 
	 	(E)	 	in any particular
jurisdiction in which the Company would be required to
qualify to do business or to execute a general consent to
service of process in effecting such registration,
qualification or compliance.

          (b) With respect to Management Stockholders and eRx Stockholders: (i) the Management
Stockholders shall only be entitled to request that the Company effect a registration on Form S-3
pursuant to Section 5.3(a) (A) on or after the date that is twelve months following the IPO Date
and (B) on no more than two occasions and (ii) the eRx Stockholders shall only be entitled to
request that the Company effect a registration on Form S-3 pursuant to Section 5.3(a) (A) on or
after the date that is eighteen months following the IPO Date and (B) on no more than one occasion.
In order for the eRx Stockholders or Management Stockholders to exercise this request, the written
request provided under Section 5.3(a) shall be signed by eRx Stockholders or Management
Stockholders, as applicable, holding in excess of 50% of the portion of the Voting Power held by
eRx Stockholders or Management Stockholders, respectively (or, in the case of the Management
Stockholders, such lesser amount as may be agreed to by the Board). A registration requested under
this Section 5.3(b) shall not be deemed to have been effected upon the occurrence of any of the
events specified in Section 5.1(e); provided, that the Management Stockholders or eRx
Stockholders, as applicable, did not request withdrawal of the applicable registration statement.

          (c) Subject to the foregoing, the Company shall file a registration statement covering the
Registrable Securities and Other Securities so requested to be registered promptly after receipt of
the request or requests of the Registration Parties (the “Form S-3 Registration Statement”)
and any such Registration Party may request that

34

 

such Form S-3 Registration Statement constitute a shelf offering on a delayed or continuous
basis in accordance with Rule 415 under the Securities Act (a “Form S-3 Shelf Registration
Statement”), in which case the provisions of Section 5.4 shall also be applicable.

          (d) If the GA Registration Parties or HF Registration Parties intend to distribute the
Registrable Securities covered by their request under this Section 5.3 by means of an underwriting
(it being agreed that the Management Stockholders and the eRx Stockholders shall not be entitled to
request an underwritten offering), they shall so advise the Company as a part of their request made
pursuant to this Section 5.3 and, subject to the limitations set forth in Section 5.3(a), the
Company shall include such information in the written notice referred to in Section 5.3(a). In
such event, the right of any Registration Party to include Registrable Securities in such
registration (or Underwritten Shelf Take-Down, as applicable) shall be conditioned upon such
Registration Party’s participation in such underwriting and the inclusion of such Registration
Party’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority
in interest of the GA Registration Parties and HF Registration Parties participating in the
registration (or Underwritten Shelf Take-Down, as applicable) and the requesting GA Registration
Party or HF Registration Party) to the extent provided herein. All Registration Parties proposing
to distribute their securities through such underwriting shall (together with the Company as
provided in Section 5.7) enter into an underwriting agreement in customary form with the
underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of
this Section 5.3 or Section 5.4, if the managing underwriter advises the Company and the
Registration Parties participating in such underwriting in writing that marketing factors require a
limitation of the number of shares to be underwritten, then the Company shall so advise all such
Registration Parties, and, subject to the priorities described in Article IV with respect to the GA
Registration Parties and HF Registration Parties, the number of shares of Registrable Securities
that may be included in the underwriting shall be allocated first among all such Registration
Parties, in proportion (as nearly as practicable) to the Voting Power held by each such
Registration Party at the time of the filing of the registration statement; provided,
however, that the number of shares of Registrable Securities held by such Registration
Parties to be included in such underwriting shall not be reduced unless all Other Securities are
first entirely excluded from the underwriting. Registrable Securities excluded or withdrawn from
such underwriting shall be withdrawn from the registration (or Underwritten Shelf Take-Down, as
applicable).

          (e) Notwithstanding the foregoing, if the Company shall receive from any Holders of
Registrable Securities then outstanding a written request or requests under Section 5.3 that the
Company effect a registration statement on Form S-3 that includes only those items and that
information that is required to be included in parts I and II of such Form, and does not include
any additional or extraneous items of information (e.g., a lengthy description of the
Company or the Company’s business) (an “Ordinary S-3 Registration Statement”), then Section
5.3(a)(ii)(D) shall not apply to such Ordinary S-3 Registration Statement request.

35

 

          Section 5.4 Shelf Take Downs.

          (a) Any Selling Holder of Registrable Securities included in a Form S-3 Shelf Registration
Statement (an “Initiating Shelf Holder”) may initiate an offering or sale of all or part of
such Registrable Securities (a “Shelf Take-Down”), in which case the provisions of this
Section 5.4 shall apply.

          (b) If an Initiating Shelf Holder who is a GA Registration Party or HF Registration Party so
elects in a written request delivered to the Company (an “Underwritten Shelf Take-Down
Notice”), a Shelf Take-Down may be in the form of an underwritten offering (an
“Underwritten Shelf Take-Down”) and, subject to the limitations set forth in the proviso to
Section 5.3(a)(ii), the Company shall file and effect an amendment or supplement to its Form S-3
Shelf Registration Statement for such purpose as soon as practicable; provided, that any
such Marketed Underwritten Shelf Take-Down (as defined below) shall be deemed to be, for purposes
of Section 5.1(b) and Section 5.1(f), a Demand. For the avoidance of doubt, the Management
Stockholders and the eRx Stockholders shall not be entitled to request an Underwritten Shelf
Take-Down. Such Initiating Shelf Holder shall indicate in such Underwritten Shelf Take-Down Notice
whether it intends for such Underwritten Shelf Take-Down to involve a customary “road show”
(including an “electronic road show”) or other substantial marketing effort by the underwriters (a
“Marketed Underwritten Shelf Take-Down”). Upon receipt of an Underwritten Shelf Take-Down
Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf
Take-Down, the Company shall promptly (but in any event no later than ten days prior to the
expected date of such Marketed Underwritten Shelf Take-Down) give written notice of such Marketed
Underwritten Shelf Take-Down to all other Shelf Holders and, subject to the priorities described in
Article IV with respect to the GA Registration Parties and HF Registration Parties, shall permit
the participation of all such Shelf Holders that request inclusion in such Marketed Underwritten
Shelf Take-Down who respond in writing within five days after the receipt of such notice of their
election to participate. The provisions of Section 5.3(d) (other than the first sentence thereof)
shall apply with respect to the right of the Initiating Shelf Holder and any other Shelf Holder to
participate in any Underwritten Shelf Take-Down.

          (c) If the Initiating Shelf Holder desires to effect a Shelf Take-Down that does not
constitute a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf
Take-Down”), the Initiating Shelf Holder shall so indicate in a written request delivered to
the Company no later than two Business Days prior to the expected date of such Non-Marketed
Underwritten Shelf Take-Down, which request shall include (i) the total number of Registrable
Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (ii)
the expected plan of distribution of such Non-Marketed Underwritten Shelf Take-Down and (iii) the
action or actions required (including the timing thereof) in connection with such Non-Marketed
Underwritten Shelf Take-Down (including the delivery of one or more stock certificates representing
shares of Registrable Securities to be sold in such Non-Marketed Underwritten Shelf Take-Down),
and, subject to the limitations set forth in the proviso to Section 5.3(a)(ii), the Company shall
file and effect an amendment or supplement to its Form S-3 Shelf Registration Statement for such
purpose as soon as practicable.

36

 

          (d) Upon receipt of a written request pursuant to Section 5.4(c) from any GA Registration
Party or HF Registration Party, the Company shall provide written notice (a “Non-Marketed
Underwritten Shelf Take-Down Notice”) of such Non-Marketed Underwritten Shelf Take-Down
promptly to all GA Registration Parties and HF Registration Parties (other than the requesting
party), which Non-Marketed Underwritten Shelf Take-Down Notice shall set forth (i) the total number
of Registrable Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf
Take-Down, (ii) the expected plan of distribution of such Non-Marketed Underwritten Shelf
Take-Down, (iii) that each recipient of such Non-Marketed Underwritten Shelf Take-Down Notice
(each, a “Notice Recipient”) shall have the right, upon the terms and subject to the
conditions set forth in this Section 5.4(d) and subject to the priorities described in Article IV,
to elect to sell up to its Pro Rata Take-Down Portion and (iv) the action or actions required
(including the timing thereof) in connection with such Non-Marketed Underwritten Shelf Take-Down
with respect to each Notice Recipient that elects to exercise such right (including the delivery of
one or more stock certificates representing shares of Registrable Securities held by such Notice
Recipient to be sold in such Non-Marketed Underwritten Shelf Take-Down). Upon receipt of such
Non-Marketed Underwritten Shelf Take-Down Notice, subject to the priorities described in Article
IV, each such Notice Recipient may elect to sell up to its Pro Rata Take-Down Portion with respect
to each such Non-Marketed Underwritten Shelf Take-Down, by taking such action or actions referred
to in clause (iv) above in a timely manner; provided, that each such Notice Recipient that
elects to participate in such Non-Marketed Underwritten Shelf Take-Down may condition its
participation on the Non-Marketed Underwritten Shelf Take-Down being completed within ten Business
Days of its acceptance at a net price per share to such Notice Recipient of not less than 95% of
the closing price for the shares on their principal trading market on the trading day immediately
prior to such Notice Recipient’s election to participate. Notwithstanding anything to the contrary
herein, this Section 5.4(d) shall not apply to any Non-Marketed Underwritten Shelf Take-Down
initiated at a time when the priorities described in Article IV have been fully satisfied or
expired.

          (e) Notwithstanding the delivery of any Non-Marketed Underwritten Shelf Take-Down Notice, but
subject to the proviso in the penultimate sentence of Section 5.4(d), all determinations as to
whether to complete any Non-Marketed Underwritten Shelf Take-Down and as to the timing, manner,
price and other terms of any Non-Marketed Underwritten Shelf Take-Down contemplated by Section
5.4(d) shall be at the discretion of the Initiating Shelf Holder; provided, that so long as
the priorities described in Article IV have not been fully satisfied or expired, if such
Non-Marketed Underwritten Shelf Take-Down is completed, the Initiating Shelf Holder must, subject
to the priorities described in Article IV, include each Notice Recipient’s Pro Rata Take-Down
Portion in such Non-Marketed Underwritten Shelf Take-Down if such Notice Recipient has complied
with the penultimate sentence of Section 5.4(d).

          (f) For purposes of this Section 5.4, “Pro Rata Take-Down Portion” shall mean, with
respect to any Non-Marketed Underwritten Shelf Take-Down and each Initiating Shelf Holder and each
other Notice Recipient delivering such notice with respect to and participating in such
Non-Marketed Underwritten Shelf Take-Down, a

37

 

number equal to the product of the following: (i) the total number of Registrable Securities
to be included in such Non-Marketed Underwritten Shelf Take-Down and (ii) a fraction, the numerator
of which is the total number of Registrable Securities beneficially owned by such Initiating Shelf
Holder or other Notice Recipient, as applicable, and the denominator of which is the total number
of Registrable Securities beneficially owned by the Initiating Shelf Holder and all the other
Notice Recipient delivering such a notice and participating in such Non-Marketed Underwritten Shelf
Take-Down.

          Section 5.5 Selection of Underwriters. In the event that any registration pursuant to this
Article V shall involve, in whole or in part, an underwritten offering, the underwriter or
underwriters shall be designated by the Registration Party (or in the case of a Shelf Take-Down,
the Initiating Shelf Holder) that requested such underwritten offering in accordance with this
Article V, which underwriter or underwriters shall be reasonably acceptable to the Company and the
Selling Holders holding a majority of the Registrable Securities to be included in such offering.

          Section 5.6 Withdrawal Rights; Expenses.

          (a) A Selling Holder may withdraw all or any part of its Registrable Securities from any
registration (including a registration effected pursuant to Section 5.1) by giving written notice
to the Company of its request to withdraw at any time. Except in the case of a withdrawal of
Registrable Securities made within 30 days of receipt by such Selling Holder of a certificate or
notice from the Company that it will defer the filing or effectiveness of a registration statement
pursuant to Section 5.1(d) or Section 5.3(a)(ii)(C), the Company shall be entitled to reimbursement
for any SEC registration fees incurred by the Company in connection with the registration of the
Registrable Securities so withdrawn (unless such registration fees can be used in connection with
the registration of other securities by the Company, including in connection with a future
registration). In the case of a withdrawal prior to the effective date of a registration
statement, any Registrable Securities so withdrawn shall be reallocated among the remaining
participants in accordance with the applicable provisions of this Agreement.

          (b) Except as provided herein, the Company shall pay all Registration Expenses with respect to
a particular offering (or proposed offering). Except as provided herein, each Selling Holder and
the Company shall be responsible for its own fees and expenses of counsel and financial advisors
and their internal administrative and similar costs, as well as their respective pro rata shares of
underwriters’ commissions and discounts, which shall not constitute Registration Expenses.

          Section 5.7 Registration and Qualification. If and whenever the Company is required to effect the
registration of any Registrable Securities under the Securities Act as provided in this Article V,
the Company shall as promptly as practicable:

          (a) Registration Statement. Prepare and (as soon thereafter as practicable and in any event,
no later than 30 days after the end of the applicable period

38

 

specified in Section 5.1(a) within
which requests for registration may be given to the
Company) file a registration statement under the Securities Act relating to the Registrable
Securities to be offered and use its reasonable best efforts to cause such registration statement
to become effective as promptly as practicable thereafter, and keep such registration statement
effective for 180 days or, if earlier, until the distribution contemplated in the registration
statement has been completed; provided, that in the case of any registration of Registrable
Securities on Form S-3 which are intended to be offered on a continuous or delayed basis, such
180-day period shall be extended, if necessary, to keep the registration statement continuously
effective, supplemented and amended to the extent necessary to ensure that it is available for
sales of such Registrable Securities, and to ensure that it conforms with the requirements of this
Agreement, the Securities Act and the policies, rules and regulations of the SEC as announced from
time to time, until the earlier of when (i) the Selling Holders have sold all of such Registrable
Securities and (ii) the Selling Holders may sell all of such Registrable Securities without
limitation pursuant to Rule 144 under the Securities Act as determined by the counsel to the
Company pursuant to a written opinion letter to such effect, addressed and acceptable to the
Company’s transfer agent and the affected Institutional Stockholders, Management Stockholders or
eRx Stockholders, as the case may be; provided, further, that notwithstanding the
foregoing, the Company shall be entitled to withdraw any registration of Registrable Securities on
Form S-3 requested by an eRx Stockholder 90 days after its effectiveness; furnish to the lead
underwriter or underwriters, if any, and to the Selling Holders who have requested that Registrable
Securities be covered by such registration statement, prior to the filing thereof with the SEC, a
copy of the registration statement, and each amendment thereof, and a copy of any prospectus, and
each amendment or supplement thereto (excluding amendments caused by the filing of a report under
the Exchange Act); and use its reasonable best efforts to reflect in each such document, when so
filed with the SEC, such comments as such Persons reasonably may on a timely basis propose;

          (b) Amendments; Supplements. Prepare and file with the SEC such amendments and supplements to
such registration statement and the prospectus used in connection therewith as may be (i)
reasonably requested by any Selling Holder (to the extent such request relates to information
relating to such Selling Holder), or (ii) necessary to keep such registration statement effective
and to comply with the provisions of the Securities Act with respect to the disposition of all
Registrable Securities until the earlier of (A) such time as all of such Registrable Securities
have been disposed of in accordance with the intended methods of disposition set forth in such
registration statement and (B) if a Form S-3 registration, the expiration of the applicable period
specified in Section 5.7(a) and, if not a Form S-3 registration, the applicable period specified in
Section 5.1(e); provided, that any such required period shall be extended for such number
of days (x) during any period from and including the date any written notice contemplated by
paragraph (f) below is given by the Company until the date on which the Company delivers to the
Selling Holders the supplement or amendment contemplated by paragraph (f) below or written notice
that the use of the prospectus may be resumed, as the case may be, and (y) during which the
offering of Registrable Securities pursuant to such registration statement is interfered with by
any stop order, injunction or other order or requirement of the SEC or any other governmental
agency or court; provided, further,

39

 

that the Company will have no obligation to a
Selling Holder participating on a
“piggyback” basis in a registration statement that has become effective to keep such
registration statement effective for a period beyond 180 days from the effective date of such
registration statement. The Company will respond promptly to any comments received from the SEC
and request acceleration of effectiveness promptly after it learns that the SEC will not review the
registration statement or after it has satisfied comments received from the SEC. With respect to
each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure
that no Registrable Securities be sold “by means of” (as defined in Rule 159A(b) under the
Securities Act) such Free Writing Prospectus or other materials without the prior written consent
of the Selling Holders of the Registrable Securities covered by such registration statement, which
Free Writing Prospectuses or other materials shall be subject to the review of counsel to such
Selling Holders, and make all required filings of all Free Writing Prospectuses with the SEC;

          (c) Copies. Furnish to the Selling Holders and to any underwriter of such Registrable
Securities such number of conformed copies of such registration statement and of each such
amendment and supplement thereto (in each case including all exhibits), such number of copies of
the prospectus included in such registration statement (including each preliminary prospectus,
summary prospectus and Free Writing Prospectus), in conformity with the requirements of the
Securities Act, such documents incorporated by reference in such registration statement or
prospectus, and such other documents, as such Selling Holders or such underwriter may reasonably
request, and upon request a copy of any and all transmittal letters or other correspondence to or
received from, the SEC or any other Governmental Entity or self regulatory body or other body
having jurisdiction (including any domestic or foreign securities exchange) relating to such
offering;

          (d) Blue Sky. Register and qualify the securities covered by such registration statement
under such other securities or blue sky laws of such jurisdictions as shall be reasonably requested
by the Selling Holders and do any and all other acts and things which may be reasonably necessary
or advisable to enable such Selling Holders to consummate the disposition in such jurisdictions of
the Registrable Securities owned by such Selling Holder; provided, that the Company shall
not be required in connection therewith or as a condition thereto to qualify to do business or to
file a general consent to service of process in any such states or jurisdictions;

          (e) Delivery of Certain Documents. (i) Furnish to each Selling Holder and to any underwriter
of such Registrable Securities an opinion of counsel for the Company (which opinion (in form, scope
and substance) shall be reasonably satisfactory to the managing underwriters, if any, or, in the
case of a non-underwritten offering, to the Selling Holders) addressed to each Selling Holder and
any underwriter of such Registrable Securities and dated the date of the closing under the
underwriting agreement (if any) (or if such offering is not underwritten, dated the effective date
of the applicable registration statement) covering the matters customarily covered in opinions
requested in sales of securities or underwritten offerings, (ii) furnish to each Selling Holder and
any underwriter of such Registrable Securities a “cold comfort” and “bring-down” letter addressed
to each Selling Holder and any underwriter of such Registrable Securities and

40

 

signed by the
independent public accountants who have audited the financial statements
of the Company included in such registration statement, in each such case covering
substantially the same matters with respect to such registration statement (and the prospectus
included therein) as are customarily covered in accountants’ letters delivered to underwriters in
underwritten public offerings of securities and such other matters as any Selling Holder may
reasonably request and, in the case of such accountants’ letter, with respect to events subsequent
to the date of such financial statements and (iii) cause such authorized officers of the Company to
execute customary certificates as may be requested by any Selling Holder or any underwriter of such
Registrable Securities;

          (f) Notification of Certain Events; Corrections. Promptly notify the Selling Holders and any
underwriter of such Registrable Securities in writing (i) of the occurrence of any event as a
result of which the registration statement or the prospectus included in such registration
statement, as then in effect, includes an untrue statement of a material fact or omits to state any
material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading, (ii) of any request by the SEC or
any other regulatory body or other body having jurisdiction for any amendment of or supplement to
any registration statement or other document relating to such offering, and (iii) if for any other
reason it shall be necessary to amend or supplement such registration statement or prospectus in
order to comply with the Securities Act and, in any such case as promptly as reasonably practicable
thereafter, prepare and file with the SEC an amendment or supplement to such registration statement
or prospectus which will correct such statement or omission or effect such compliance;

          (g) Notice of Effectiveness. Notify the Selling Holders and the lead underwriter or
underwriters, if any, and (if requested) confirm such advice in writing, as promptly as reasonably
practicable after notice thereof is received by the Company (i) when the applicable registration
statement or any amendment thereto has been filed or becomes effective and when the applicable
prospectus or any amendment or supplement thereto has been filed, (ii) of any comments by the SEC,
(iii) of the issuance by the SEC of any stop order suspending the effectiveness of such
registration statement or any order preventing or suspending the use of any preliminary or final
prospectus or the initiation or threat of any proceedings for such purposes and (iv) of the receipt
by the Company of any notification with respect to the suspension of the qualification of the
Registrable Securities for offering or sale in any jurisdiction or the initiation or threat of any
proceeding for such purpose;

          (h) Stop Orders. Use its reasonable best efforts to prevent the entry of, and use its best
efforts to obtain as promptly as reasonably practicable the withdrawal of, any stop order with
respect to the applicable registration statement or other order suspending the use of any
preliminary or final prospectus;

          (i) Plan of Distribution. Promptly incorporate in a prospectus supplement or post-effective
amendment to the applicable registration statement such information as the lead underwriter or
underwriters, if any, and the Selling Holders holding a majority of each class of Registrable
Securities being sold agree (with respect

41

 

to the relevant class) should be included therein
relating to the plan of distribution with
respect to such class of Registrable Securities; and make all required filings of such
prospectus supplement or post-effective amendment as promptly as reasonably practicable after being
notified of the matters to be incorporated in such prospectus supplement or post-effective
amendment;

          (j) Other Filings. Use its reasonable best efforts to cause the Registrable Securities
covered by the applicable registration statement to be registered with or approved by such other
Governmental Entities as may be necessary to enable the seller or sellers thereof or the
underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

          (k) FINRA Compliance. Cooperate with each Selling Holder and each underwriter or agent, if
any, participating in the disposition of such Registrable Securities and their respective counsel
in connection with any filings required to be made with FINRA;

          (l) Listing. Use its reasonable best efforts to cause all such Registrable Securities
registered pursuant to such registration to be listed and remain on each securities exchange and
automated interdealer quotation system on which identical securities issued by the Company are then
listed;

          (m) Transfer Agent; Registrar; CUSIP Number. Provide a transfer agent and registrar for all
Registrable Securities registered pursuant to such registration and a CUSIP number for all such
Registrable Securities, in each case not later than the effective date of the applicable
registration statement;

          (n) Compliance; Earnings Statement. Otherwise use its reasonable best efforts to comply with
all applicable rules and regulations of the SEC, and make available to each Selling Holder, as soon
as reasonably practicable, an earning statement covering the period of at least twelve months, but
not more than eighteen months, beginning with the first month after the effective date of the
applicable registration statement, which earnings statement shall satisfy the provisions of Section
11(a) of the Securities Act;

          (o) Road Shows. To the extent reasonably requested by the lead or managing underwriters in
connection with an underwritten offering pursuant to Section 5.1 (including a Form S-3 underwritten
offering pursuant to Section 5.3), send appropriate officers of the Company to attend any “road
shows” scheduled in connection with any such underwritten offering, with all out of pocket costs
and expenses incurred by the Company or such officers in connection with such attendance to be paid
by the Company;

          (p) Certificates. Unless the relevant securities are issued in book-entry form, furnish for
delivery in connection with the closing of any offering of Registrable Securities pursuant to a
registration effected pursuant to this Article V unlegended certificates representing ownership of
the Registrable Securities being sold in such

42

 

denominations as shall be requested by any Selling
Holder or the underwriters of such
Registrable Securities (it being understood that the Selling Holders will use their reasonable
best efforts to arrange for delivery to the Depository Trust Company); and

          (q) Reasonable Best Efforts. Use its reasonable best efforts to take all other steps
necessary to effect the registration of the Registrable Securities contemplated hereby.

          Section 5.8 Underwriting; Due Diligence.

          (a) If requested by the underwriters for any underwritten offering of Registrable Securities
pursuant to a registration requested under this Article V, the Company shall enter into an
underwriting agreement with such underwriters for such offering, which agreement will contain such
representations and warranties by the Company and such other terms and provisions as are
customarily contained in underwriting agreements generally with respect to secondary distributions
to the extent relevant, including indemnification and contribution provisions substantially to the
effect and to the extent provided in Section 5.9, and agreements as to the provision of opinions of
counsel and accountants’ letters to the effect and to the extent provided in Section 5.7(e). The
Selling Holders on whose behalf the Registrable Securities are to be distributed by such
underwriters shall be parties to any such underwriting agreement, and the representations and
warranties by, and the other agreements on the part of, the Company to and for the benefit of such
underwriters, shall also be made to and for the benefit of such Selling Holders and the conditions
precedent to the obligations of such underwriters under such underwriting agreement shall also be
conditions precedent to the obligations of such Selling Holders to the extent applicable. Subject
to the following sentence, such underwriting agreement shall also contain such representations and
warranties by such Selling Holders and such other terms and provisions as are customarily contained
in underwriting agreements with respect to secondary distributions, when relevant. No Selling
Holder shall be required in any such underwriting agreement or related documents to make any
representations or warranties to or agreements with the Company or the underwriters other than
customary representations, warranties or agreements regarding such Selling Holder’s title to
Registrable Securities and any written information provided by the Selling Holder to the Company
expressly for inclusion in the related registration statement.

          (b) In connection with the preparation and filing of each registration statement registering
Registrable Securities under the Securities Act pursuant to this Article V, the Company shall make
available upon reasonable notice at reasonable times and for reasonable periods for inspection by
each Selling Holder, by any managing underwriter or underwriters participating in any disposition
to be effected pursuant to such registration statement, and by any attorney, accountant or other
agent retained by any Selling Holder or any managing underwriter, all pertinent financial and other
records, pertinent corporate documents and properties of the Company, and cause all of the
Company’s officers, directors and employees and the independent public accountants who have
certified the Company’s financial statements to make themselves available to discuss the business
of the Company and to supply all information reasonably requested

43

 

by any such Selling Holders,
managing underwriters, attorneys, accountants or agents in
connection with such registration statement as shall be necessary to enable them to exercise
their due diligence responsibility (subject to entry by each party referred to in this clause (b)
into customary confidentiality agreements in a form reasonably acceptable to the Company).

          (c) In the case of an underwritten offering requested by the Registration Parties pursuant to
Section 5.1 or Section 5.3 or an Underwritten Shelf Take-Down pursuant to Section 5.4, the price,
underwriting discount and other financial terms for the Registrable Securities of the related
underwriting agreement shall be determined by the Selling Holders holding a majority of the
Registrable Securities to be included in such offering. In the case of any underwritten offering
of securities by the Company pursuant to Section 5.2, such price, discount and other terms shall be
determined by the Company, subject to the right of Selling Holders to withdraw their Registrable
Securities from the registration pursuant to Section 5.6(a).

          (d) Subject to Section 5.8(a), no Person may participate in an underwritten offering
(including an Underwritten Shelf Take-Down) unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Persons entitled
to approve such arrangements and (ii) completes and executes all customary questionnaires, powers
of attorney, indemnities, underwriting agreement and other documents reasonably required under the
terms of such underwriting arrangements.

          Section 5.9 Indemnification and Contribution.

          (a) Indemnification by the Company. In the case of each offering of Registrable Securities
made pursuant to this Article V, the Company agrees to indemnify and hold harmless, to the extent
permitted by Law, each Selling Holder, each underwriter of Registrable Securities so offered and
each Person, if any, who controls or is alleged to control (within the meaning set forth in the
Securities Act) any of the foregoing Persons, the Affiliates of each of the foregoing, and the
officers, directors, partners, employees and agents of each of the foregoing, against any and all
losses, liabilities, costs (including reasonable attorney’s fees and disbursements), claims and
damages, joint or several, to which they or any of them may become subject, under the Securities
Act or otherwise, including any amount paid in settlement of any litigation commenced or
threatened, insofar as such losses, liabilities, costs, claims and damages (or actions or
proceedings in respect thereof, whether or not such indemnified Person is a party thereto) arise
out of or are based upon any untrue statement by the Company or alleged untrue statement by the
Company of a material fact contained in the registration statement (or in any preliminary, final or
summary prospectus included therein) or in the Disclosure Package, or in any offering memorandum or
other offering document relating to the offering and sale of such Registrable Securities prepared
by the Company or at its direction, or any amendment thereof or supplement thereto, or in any
document incorporated by reference therein, or any omission by the Company or alleged omission by
the Company to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a prospectus or preliminary prospectus, in light of the

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circumstances under which they were made) not misleading; provided, however, that
the
Company shall not be liable to any Person in any such case to the extent that any such loss,
liability, cost, claim or damage arises out of or relates to any untrue statement or alleged untrue
statement, or any omission, if such statement or omission shall have been made in reliance upon and
in conformity with information relating to such Person furnished in writing to the Company by or on
behalf of such Person expressly for inclusion in the registration statement (or in any preliminary,
final or summary prospectus included therein), offering memorandum or other offering document, or
any amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of any such Person and shall survive the
transfer of such securities.

          (b) Indemnification by Selling Holders. In the case of each offering made pursuant to this
Agreement, each Selling Holder, by exercising its registration rights hereunder, agrees to
indemnify and hold harmless, to the extent permitted by Law, the Company, each other Selling Holder
and each Person, if any, who controls or is alleged to control (within the meaning set forth in the
Securities Act) any of the foregoing, any Affiliate of any of the foregoing, and the officers,
directors, partners, employees and agents of each of the foregoing, against any and all losses,
liabilities, costs (including reasonable attorney’s fees and disbursements), claims and damages to
which they or any of them may become subject, under the Securities Act or otherwise, including any
amount paid in settlement of any litigation commenced or threatened, insofar as such losses,
liabilities, costs, claims and damages (or actions or proceedings in respect thereof, whether or
not such indemnified Person is a party thereto) arise out of or are based upon any untrue statement
made by such Selling Holder of a material fact contained in the registration statement (or in any
preliminary, final or summary prospectus included therein) or in the Disclosure Package relating to
the offering and sale of such Registrable Securities prepared by the Company or at its direction,
or any amendment thereof or supplement thereto, or any omission by such Selling Holder of a
material fact required to be stated therein or necessary to make the statements therein (in the
case of a prospectus or preliminary prospectus, in light of the circumstances under which they were
made) not misleading, but in each case only to the extent that such untrue statement of a material
fact occurs in reliance upon and in conformity with, or such material fact is omitted from,
information relating to such Selling Holder furnished in writing to the Company by or on behalf of
such Selling Holder expressly for inclusion in such registration statement (or in any preliminary,
final or summary prospectus included therein) or Disclosure Package, or any amendment thereof or
supplement thereto.

          (c) Indemnification Procedures. Each party entitled to indemnification under this Section 5.9
shall give notice to the party required to provide indemnification promptly after such indemnified
party has actual knowledge that a claim is to be made against the indemnified party as to which
indemnity may be sought, and shall permit the indemnifying party to assume the defense of such
claim or litigation resulting therefrom and any related settlement and settlement negotiations,
subject to the limitations on settlement set forth below; provided, that counsel for the
indemnifying party, who shall conduct the defense of such claim or any litigation resulting
therefrom, shall be approved by the indemnified party (whose approval shall not unreasonably be

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withheld), and the indemnified party may participate in such defense at such party’s
expense; and provided, further, that the failure of any indemnified party to
give notice as provided herein shall not relieve the indemnifying party of its obligations under
this Section 5.9, except to the extent the indemnifying party is actually prejudiced by such
failure to give notice. Notwithstanding the foregoing, an indemnified party shall have the right
to retain separate counsel, with the reasonable fees and expenses of such counsel being paid by the
indemnifying party, if representation of such indemnified party by the counsel retained by the
indemnifying party would be inappropriate due to actual or potential differing interests between
such indemnified party and any other party represented by such counsel or if the indemnifying party
has failed to assume the defense of such action. No indemnified party shall enter into any
settlement of any litigation commenced or threatened with respect to which indemnification is or
may be sought without the prior written consent of the indemnifying party (such consent not to be
unreasonably withheld). No indemnifying party, in the defense of any such claim or litigation,
shall, except with the consent of each indemnified party, consent to entry of any judgment or enter
into any settlement that does not include as an unconditional term thereof the giving by the
claimant or plaintiff to such indemnified party of a release, reasonably satisfactory to the
indemnified party, from all liability in respect to such claim or litigation. Each indemnified
party shall furnish such information regarding itself or the claim in question as an indemnifying
party may reasonably request in writing and as shall be reasonably required in connection with
defense of such claim and litigation resulting therefrom.

          (d) Contribution. If the indemnification provided for in this Section 5.9 shall for any
reason be unavailable (other than in accordance with its terms) to an indemnified party in respect
of any loss, liability, cost, claim or damage referred to therein, then each indemnifying party
shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by
such indemnified party as a result of such loss, liability, cost, claim or damage in such
proportion as shall be appropriate to reflect the relative fault of the indemnifying party on the
one hand and the indemnified party on the other with respect to the statements or omissions which
resulted in such loss, liability, cost, claim or damage as well as any other relevant equitable
considerations. The relative fault shall be determined by reference to whether the untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the indemnifying party on the one hand or the indemnified
party on the other, the intent of the parties and their relative knowledge, access to information
and opportunity to correct or prevent such statement or omission. The amount paid or payable by an
indemnified party as a result of the loss, cost, claim, damage or liability, or action in respect
thereof, referred to above in this paragraph (d) shall be deemed to include, for purposes of this
paragraph (d), any legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
Notwithstanding anything in this Section 5.9(d) to the contrary, no indemnifying party (other than
the Company) shall be required pursuant to this Section 5.9(d) to contribute any amount in excess
of the amount by which the net proceeds received by such

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indemnifying party from the sale of
Registrable Securities in the offering to which the
losses of the indemnified parties relate exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or
omission. The parties hereto agree that it would not be just and equitable if contribution
pursuant to this Section 5.9(d) were determined by pro rata allocation or by any other method of
allocation which does not take into account the equitable considerations referred to in this
Section.

          (e) Indemnification/Contribution under State Law. Indemnification and contribution similar to
that specified in the preceding paragraphs of this Section 5.9 (with appropriate modifications)
shall be given by the Company and the Selling Holders and underwriters with respect to any required
registration or other qualification of securities under any state Law or governmental authority.

          (f) Obligations Not Exclusive. The obligations of the parties under this Section 5.9 shall be
in addition to any liability which any party may otherwise have to any other Person.

          (g) Survival. For the avoidance of doubt, the provisions of this Section 5.9 shall survive
any termination of this Agreement.

          (h) Limitation of Selling Holder Liability. The liability of any Selling Holder under this
Section 5.9 shall be several and not joint and in no event shall the liability of any Selling
Holder under this Section 5.9 be greater in amount than the dollar amount of the net proceeds
received by such Selling Holder under the sale of the Registrable Securities giving rise to such
indemnification/contribution obligation.

          (i) Third Party Beneficiary. Each of the indemnified Persons referred to in this Section 5.9
shall be a third party beneficiary of the rights conferred to such Person in this Section.

          Section 5.10 Cooperation; Information by Selling Holder.

          (a) It shall be a condition of each Selling Holder’s rights under this Article V that such
Selling Holder cooperate with the Company by entering into any undertakings and taking such other
action relating to the conduct of the proposed offering which the Company or the underwriters may
reasonably request as being necessary to insure compliance with federal and state securities laws
and the rules or other requirements of FINRA or which are otherwise customary and which the Company
or the underwriters may reasonably request to effectuate the offering.

          (b) Each Selling Holder shall furnish to the Company such information regarding such Selling
Holder and the distribution proposed by such Selling Holder as the Company may reasonably request
in writing and as shall be reasonably required in connection with any registration, qualification
or compliance referred to in this Article V. The Company shall have the right to exclude from the
registration any Selling Holder that does not comply with this Section 5.10.

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          (c) At such time as an underwriting agreement with respect to a particular underwriting is
entered into, the terms of any such underwriting agreement shall govern with respect to the matters
set forth therein to the extent inconsistent with this Article V; provided, that the
indemnification provisions of such underwriting agreement as they relate to the Selling Holders are
customary for registrations of the type then proposed and provide for indemnification by such
Selling Holders only with respect to written information furnished by such Selling Holders.

          Section 5.11 Rule 144. Following a Public Offering, the Company shall use its reasonable best efforts to ensure
that the conditions to the availability of Rule 144 under the Securities Act set forth in paragraph
(c) of Rule 144 shall be satisfied. The Company agrees to use its reasonable best efforts to file
with the SEC in a timely manner all reports and other documents required of the Company under the
Securities Act and the Exchange Act, at any time after it has become subject to such reporting
requirements. Upon the request of any Registration Party for so long as such information is a
necessary element of such Person’s ability to avail itself of Rule 144, the Company will deliver to
such Person (i) a written statement as to whether it has complied with such requirements and (ii) a
copy of the most recent annual or quarterly report of the Company, and such other reports and
documents so filed as such Person may reasonably request in availing itself of any rule or
regulation of the SEC allowing such Person to sell any such securities without registration.

          Section 5.12 Holdback Agreement. Each of the Company and each Holder of Registrable Securities (whether or not such
Registrable Securities are covered by a registration statement filed pursuant to Section 5.1 or
Section 5.2) agrees, if requested (pursuant to a timely written notice) by the managing underwriter
or underwriters in an underwritten offering, not to effect any public sale or distribution of any
of the Registrable Securities, including a sale pursuant to Rule 144 (except as part of such
underwritten offering), during the period beginning ten days prior to, and ending up to 90 days (or
such lesser period applicable to Selling Holders that are selling in such offering) after, the
closing date of the underwritten offering made pursuant to such registration statement. The
foregoing provisions shall not apply to the Company or any other Person if such Person is prevented
by applicable statute or regulation from entering into any such agreement; provided,
however, that any such Person shall undertake not to effect any public sale or distribution
of the class of securities covered by such registration statement (except as part of the
underwritten offering) during such period unless it has provided 60 days’ prior written notice of
such sale or distribution to the managing underwriter.

          Section 5.13 Suspension of Sales. Each Selling Holder participating in a registration agrees that, upon receipt of notice
from the Company pursuant to Section 5.7(f), such Selling Holder will discontinue disposition of
its Registrable Securities pursuant to such registration statement until receipt of the copies of
the supplemented or amended prospectus contemplated by Section 5.7(f), or until advised in writing
by the Company that the use of the prospectus may be resumed, as the case may be, and, if so
directed by the Company, such Selling Holder will deliver to the Company

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(at the Company’s expense) all copies, other than permanent file copies then in such Selling Holder’s
possession, of the prospectus covering such Registrable Securities which are current at the time of
the receipt of the notice of the event described in Section 5.7(f).

          Section 5.14 Third Party Registration Rights. Nothing in this Agreement shall be deemed to prevent the Company from providing registration rights to any other Person on such terms as the Board deems desirable in its sole
discretion; provided, that so long as (i) the HF Stockholders collectively own Shares
representing at least 50% of the portion of the Voting Power (as adjusted for stock splits and the
like) represented by Shares owned by the HF Stockholders immediately prior to the consummation of
the IPO, such registration rights are approved in writing by the HF Stockholders and (ii) the GA
Stockholders collectively own Shares representing at least 50% of the portion of the Voting Power
(as adjusted for stock splits and the like) represented by Shares owned by the GA Stockholders
immediately prior to the consummation of the IPO, such registration rights are approved in writing
by the GA Stockholders.

ARTICLE VI

TRANSFERS

          Section 6.1 Restrictions on Transfer.

          (a) From and after the date hereof no Institutional Stockholder shall, nor shall its direct
and indirect equity holders, Transfer all or any portion of its Shares, directly or indirectly,
without the prior written consent of the HF Stockholders (in the case of a Transfer by the GA
Stockholders), and the GA Stockholders (in the case of a Transfer by the HF Stockholders) except
for Transfers (i) by any HF Stockholder to an HF Permitted Transferee (it being understood that
Class B Shares shall only be Transferred with the corresponding Units), provided such HF
Permitted Transferee executes and delivers to the parties hereto a joinder in the form attached
hereto as Exhibit C agreeing to be bound by the terms and provisions of this Agreement,
(ii) by any GA Stockholder to a GA Permitted Transferee, provided such GA Permitted
Transferee executes and delivers to the parties hereto a joinder in the form attached as
Exhibit C agreeing to be bound by the terms and provisions of this Agreement, (iii) of
Class A Shares by an Institutional Stockholder in (x) a Tag-Along Sale Transaction or pursuant to
the exercise of Tag-Along Rights, in accordance with Section 6.3 (including in a Transfer made in
accordance with Rule 144 under the Securities Act) or (y) in a Transfer not subject to Section 6.3
because such Institutional Stockholder and its Affiliates collectively beneficially own less than
5% of the outstanding Shares immediately prior to such Transfer, (iv) of Class A Shares by an
Institutional Stockholder in a Public Offering pursuant to Article V or (v) of Class B Shares in an
Exchange or to the Company in accordance with Section 8.1(c) of the Amended EBS Master LLC
Agreement (it being understood that Class B Shares shall only be Transferred with the corresponding
Units).

          (b) From and after the date hereof, no eRx Stockholder shall Transfer all or any portion of
its Shares, directly or indirectly, without the prior written consent of the HF Stockholders and
the GA Stockholders except for Transfers (i) to an eRx

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Permitted Transferee, provided such eRx Permitted Transferee executes and delivers to
the parties hereto a joinder in the form attached hereto as Exhibit C agreeing to be bound
by the terms and provisions of this Agreement (it being understood that Class B Shares shall only
be Transferred with the corresponding Units), (ii) of Class A Shares pursuant to the exercise of
Tag-Along Rights in accordance with Section 6.3 (including in a Transfer made in accordance with
Rule 144 under the Securities Act), (iii) in accordance with Rule 144 under the Securities Act,
(iv) of Class A Shares in a Public Offering or (v) of Class B Shares in an Exchange or to the
Company in accordance with Section 8.1(c) of the Amended EBS Master LLC Agreement (it being
understood that Class B Shares shall only be Transferred with the corresponding Units).

          (c) From and after the date hereof, no Management Stockholder shall Transfer all or any
portion of its Shares, directly or indirectly, without the prior written consent of the HF
Stockholders and the GA Stockholders except for Transfers (i) to a Management Permitted Transferee,
provided such Management Permitted Transferee executes and delivers to the parties hereto a
joinder in the form attached hereto as Exhibit C agreeing to be bound by the terms and
provisions of this Agreement (it being understood that Class B Shares shall only be Transferred
with the corresponding Units), (ii) of Class A Shares pursuant to the exercise of Tag-Along Rights
in accordance with Section 6.3 (including in a Transfer made in accordance with Rule 144 under the
Securities Act), (iii) in accordance with Rule 144 under the Securities Act, (iv) of Class A Shares
in a Public Offering or (v) of Class B Shares in an Exchange or to the Company in accordance with
Section 8.1(c) of the Amended EBS Master LLC Agreement (it being understood that Class B Shares
shall only be Transferred with the corresponding Units).

          (d) If, notwithstanding the other provisions of this Section 6.1, all or any portion of a
Stockholder’s Shares are Transferred in violation of the other provisions of this Section 6.1,
involuntarily, by operation of law or otherwise, then without limiting any other rights and
remedies available to the other parties under this Agreement or otherwise, the Transferee of such
Shares (or portion thereof) shall not be permitted to become a party to this Agreement as an
Institutional Stockholder, eRx Stockholder or Management Stockholder, as the case may be, as set
forth in Section 6.2, or be entitled to any rights as an Institutional Stockholder, eRx Stockholder
or Management Stockholder hereunder, as the case may be, and, in the case of an Institutional
Stockholder, the Institutional Stockholder whose Shares have been Transferred in violation of the
other provisions of this Section 6.1 shall, together with its Affiliates, lose all rights it may
have pursuant to Section 2.1, but will continue to be bound by all obligations hereunder, unless
each Institutional Stockholder consents in writing to such Transferee becoming an Institutional
Stockholder, which consent shall be granted or withheld in each Institutional Stockholder’s sole
discretion. Any attempted or purported Transfer of all or a portion of the Shares held by such
Stockholder in violation of this Section 6.1 shall be null and void and of no force or effect
whatsoever, such Stockholder will not be treated as an owner of Shares for purposes of this
Agreement or otherwise, and the Company will not register such Transfer of Shares.

          (e) If any Permitted Transferee to which Shares have been Transferred in accordance with this
Agreement ceases to be a Permitted Transferee of such

50

 

Stockholder, such Permitted Transferee shall, and the relevant Stockholder shall cause such
Permitted Transferee to, Transfer back to such Stockholder (or to another Permitted Transferee of
such Stockholder) any Shares it owns on or prior to the date that such Permitted Transferee ceases
to be a Permitted Transferee of such Stockholder.

          Section 6.2 Transferee Stockholders. A Transferee of Shares pursuant to this Article VI who is a Permitted Transferee shall, in
each case, become an Institutional Stockholder, Management Stockholder or eRx Stockholder, as the
case may be, subject to Section 7.6, and must (a) satisfy the requirements of this Article VI,
including Section 6.1, (b) execute a joinder in the form attached hereto as Exhibit C
agreeing to be bound by the terms and provisions of this Agreement and assuming all of the
Transferor’s then existing and future Liabilities arising under or relating to this Agreement, and
(c) represent that the Transfer was made in accordance with all applicable securities laws and
regulations. Unless agreed to in writing by all Institutional Stockholders, the joinder by a
Stockholder to this Agreement shall not result in the release of the Transferor from any Liability
that the Transferor may have to each remaining Stockholder or to the Company under this Agreement
or any other written agreement, contract, lease, sublease, license, sublicense, obligation, promise
or undertaking between the Company or any of its Subsidiaries, on the one hand, and such Transferor
or any of its Affiliates, on the other hand. Written notice of joinder of a Person to this
Agreement as a Stockholder shall be sent promptly by the Transferor to each remaining Stockholder
and the Company.

          Section 6.3 Tag-Along Right.

          (a) In connection with any direct or indirect Transfer (other than (x) a Public Offering
pursuant to Article V, which shall be governed by the provisions of Article V, (y) a distribution
of Equity Securities of the Company by any Institutional Stockholder to its members, partners,
unitholders or stockholders, and (z) an Exchange) for value of any Class A Shares (including any
Class A Shares issuable or issued upon conversion or exchange of other securities of the Company or
any of its Subsidiaries) by (i) a GA Stockholder that, together with all other GA Stockholders,
beneficially owns at least 5% of the outstanding Shares immediately prior to such Transfer, to any
Person other than a GA Permitted Transferee or (ii) an HF Stockholder that, together with all other
HF Stockholders, beneficially owns at least 5% of the outstanding Shares immediately prior to such
Transfer, to any Person other than an HF Permitted Transferee (such proposed Transferor, in either
case, a “Tag-Along Seller” and such proposed Transfer, a “Tag-Along Sale
Transaction”), each other Institutional Stockholder, each Management Stockholder and each eRx
Stockholder (an “Other Stockholder”) shall have the right to sell a proportionate amount of
its vested Class A Shares (including any Class A Shares issuable or issued upon conversion or
exchange of vested other securities of the Company or any of its Subsidiaries) based on the
relative number of such Class A Shares owned by such Other Stockholder, subject to the priorities
set forth in Article IV with respect to the GA Stockholders and HF Stockholders, to such third
party for the same price per Class A Share and on the same other terms and conditions as are
applicable to the Tag-Along Seller, including that any such Other Stockholder will be required to
make the same representations, warranties or indemnifications (and, if necessary, to contribute

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proceeds to an escrow account to secure any such indemnification claims) on a several and pro
rata basis (in proportion to the number of Shares being Transferred by each) with all other
participating Stockholders with respect to its Class A Shares, and to take on any other recourse or
liability, as applicable to the Tag-Along Seller in connection with such Tag-Along Sale Transaction
(a “Tag-Along Right”); provided, however, that no Other Stockholder will be
required to enter into non-competition or similar agreements or take on any other recourse,
indemnification obligations or liability, other than with respect to a proportionate holdback,
escrow or similar arrangement; provided, further that the proceeds of any Transfer
of Escrowed Shares by an eRx Stockholder shall remain subject to the Escrow Agreement in accordance
with the terms thereof.

          (b) If the Tag-Along Seller wishes to complete a Tag-Along Sale Transaction, the Tag-Along
Seller will send a notice to the Other Stockholders (a “Sale Notice”), which Sale Notice
shall describe in reasonable detail the proposed Tag-Along Sale Transaction, including the price
and material terms thereof. In determining the price for purposes of the foregoing sentence, there
shall be taken into account any other consideration to be received, directly or indirectly, from
the Transferee or its Affiliates, by the Tag-Along Seller or its Affiliates in connection with or
relating to the Tag-Along Sale Transaction. Each Other Stockholder receiving the Sale Notice will
have the right to exercise its Tag-Along Right by written notice (a “Tag-Along Notice”)
given by such Other Stockholder to the Tag-Along Seller which shall state the portion of such Other
Stockholder’s Class A Shares to be sold. An Other Stockholder must elect to exercise its Tag-Along
Right under this Section 6.3(b) by delivering a Tag-Along Notice to the Tag-Along Seller in writing
within ten Business Days of the receipt of a Sale Notice. Upon receipt of a Tag-Along Notice, each
such Other Stockholder shall be irrevocably obligated to Transfer a pro rata portion of its Class A
Shares (and the corresponding portion of its Class A Shares) for a purchase price equal to the
purchase price per Class A Share described in the Sale Notice, and upon the other terms and
conditions of such transaction (and otherwise take all reasonably necessary action to cause
consummation of the proposed transaction and becoming a party to the transfer agreement).

          (c) If any Other Stockholder elects not to exercise or fails to exercise its Tag-Along Right
within ten Business Days of receipt of the Sale Notice, the Tag-Along Seller may, within 90 days
after delivery of the Sale Notice to the Other Stockholders, consummate the Tag-Along Sale
Transaction on the terms and conditions described in the Sale Notice and without selling any
portion of the Class A Shares held by any Other Stockholder so electing not to or failing to
exercise its Tag-Along Right. If the terms and conditions of the Tag-Along Sale Transaction are
revised to be more favorable to the Tag-Along Seller than those described in the Sale Notice, the
proposed Tag-Along Sale Transaction to be conducted will be considered a separate Tag-Along Sale
Transaction and shall be subject to the Tag-Along Right and shall require compliance by the
Tag-Along Seller with the procedure described in this Section 6.3.

          (d) Notwithstanding the provisions of Section 6.3(b) and Section 6.3(c), in the event of a
Tag-Along Sale Transaction that is a sale in a broker’s transaction (as defined in subsection (f)
of Rule 144 under the Securities Act), the Tag-Along Seller shall not be required to specify the
proposed price in the Sale Notice. The

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Tag-Along Seller shall instead be required to cooperate with the Other Stockholders in order to permit
any Other Stockholder delivering a Tag-Along Notice to sell a proportionate amount of its Class A
Shares, subject to the priorities set forth in Article IV with respect to the GA Stockholders and
HF Stockholders, for the same price per Class A Share and on the same other terms and conditions as
are applicable to the Tag-Along Seller in such broker’s transaction. No Tag-Along Seller shall
Transfer all or any portion of its Shares in a Tag-Along Transaction in accordance with Rule 144
under the Securities Act unless (i) if an HF Stockholder, Management Stockholder or eRx Stockholder
that holds units of EBS Master elects to exercise its Tag-Along Right, a Form S- 3 Shelf
Registration Statement permitting such HF Stockholder, Management Stockholder or eRx Stockholder to
participate in the Tag-Along Transaction shall then be effective and (ii) each Other Stockholder
(excluding an HF Stockholder, Management Stockholder or eRx Stockholder that holds units of EBS
Master) electing to exercise its Tag-Along Right is otherwise then also able to Transfer its Shares
in such Tag-Along Transaction without having to register such Shares pursuant to the Securities
Act.

          Section 6.4 Legend.

          (a) Each certificate representing a Share, if any, will be stamped or otherwise imprinted with
a legend in substantially the following form:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.
THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS
SPECIFIED IN THE STOCKHOLDERS’ AGREEMENT OF EMDEON INC. DATED AS OF AUGUST 5,
2009, AMONG THE STOCKHOLDERS LISTED THEREIN, AS IT MAY BE AMENDED,
SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME, AND NO TRANSFER OF THESE
SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN
REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF
THE ISSUER OF SUCH SECURITIES.”

          (b) If any Class A Shares shall be either (i) disposed of pursuant to a registration statement
that has been declared effective by the SEC or (ii) sold under circumstances in which all of the
applicable conditions of Rule 144 are met, the Company, upon the written request of the holder
thereof, shall issue to such holder a new certificate evidencing such Class A Shares without the
legend required by Section 6.4(a) endorsed thereon. If any Class A Shares cease to be subject to
any and all restrictions on

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Transfer set forth in this Agreement, the Company, upon the written request of the holder
thereof, shall issue to such holder a new certificate evidencing such Class A Shares without the
second sentence of the legend required by Section 6.4(a) endorsed thereon.

          Section 6.5 Further Limits on Transfer or Issuance of Class B Shares. The parties each acknowledge and agree that no Class B Shares may be Transferred unless a corresponding number of units of EBS Master are Transferred therewith (including any issuances or
transfers of Class B Shares, held in treasury or otherwise, by the Company or any of its
Subsidiaries) and that the Company will not register any Transfer of Class B Shares that does not
satisfy this Section 6.5.

ARTICLE VII

GENERAL

          Section 7.1 Certificate of Incorporation. The Amended and Restated Certificate of Incorporation of the Company, a copy of which (as
in effect on the IPO Date) is attached hereto as Exhibit A, as may be amended, supplemented
and/or restated from time to time, shall provide (a) that the Company elects not to be governed by
Section 203 of the DGCL and (b) for a renunciation of corporate opportunities presented to the GA
Stockholders and the HF Stockholders (and their respective Affiliates and Director nominees) to the
extent permitted by Section 122(17) of the DGCL and substantially on the terms and conditions set
forth in Exhibit A. Nothing herein or in the Amended and Restated Certificate of
Incorporation of the Company shall entitle any class of Shares to a separate class vote (x) in
respect of any merger, consolidation, reorganization or similar event that constitutes a
Disposition Event (as defined in the Amended and Restated Certificate of Incorporation of the
Company as in effect on the IPO Date) in which holders of Class B Common Stock are required to
exchange Class B Common Stock and Units pursuant to Section 3.7(h) of the Amended EBS Master LLC
Agreement and receive consideration in such Disposition Event in accordance with the terms of the
Amended EBS Master LLC Agreement as in effect prior to such Disposition Event, or (y) in respect of
the issuance of any new class or series of preferred stock of the Company that does not by its
terms alter or change the express terms of any of the Class A Shares or Class B Shares.

          Section 7.2 Covenants with respect to EBS Master.

          (a) Except with the prior written consent of all of the GA Stockholders and the HF
Stockholders:

	 	(i)	 	the Company shall, and shall cause EBS
Master to, comply with all terms and provisions of the Amended EBS
Master LLC Agreement (including, for the avoidance of doubt, rights
and obligations with respect to (i) the issuance, redemption and
repurchase of Equity Securities, (ii) consideration payable and
ability to participate in a tender or exchange offer,
Reclassification Event, Pubco Offer or other Disposition Event (as
such terms are defined in the

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	 	 	 	Amended EBS Master LLC Agreement), (iii) dividends and
distributions and (iv) Transfer of units of EBS Master); and

	 	(ii)	 	the Amended EBS Master LLC Agreement after
it first takes effect shall not be amended, supplemented and/or
modified and no provision thereof shall be waived.

          The Parties hereto acknowledge and agree that nothing in this Section 7.2(a) shall affect the
rights of the members of EBS Master under the Amended EBS Master LLC Agreement.

          (b) The Company shall cause EBS Master to make any and all distributions required by Section
5.1(c) of the Amended EBS Master LLC Agreement prior to commencement of any dissolution, winding up
or liquidation of EBS Master pursuant to Section 10.1 of the Amended EBS Master LLC Agreement.

          Section 7.3 Amendments; Waivers. The terms and provisions of this Agreement may be waived, modified or amended only with the
written approval of (a) the Company, (b) GA Stockholders holding Shares with a majority of the
Voting Power of all Shares then held by the GA Stockholders and (c) HF Stockholders holding Shares
with a majority of the Voting Power of all Shares then held by the HF Stockholders;
provided, however, that the written approval of (x) the Management Stockholders
holding Shares with a majority of the portion of the Voting Power represented by all Shares then
held by the Management Stockholders shall be required for any amendment or modification to Article
V, Article VI or to this Section 7.3, in each case solely insofar as such amendment or modification
(individually or when aggregated with all such amendments and modifications) materially and
adversely alters the rights, remedies or obligations of the Management Stockholders relative to the
rights, remedies and obligations of the Institutional Stockholders and (y) eRx Stockholders holding
Shares with a majority of the portion of the Voting Power represented by all Shares then held by
the eRx Stockholders shall be required for any amendment or modification to Article V, Article VI
or to this Section 7.3, in each case solely insofar as such amendment or modification (individually
or when aggregated with all such amendments and modifications) materially and adversely alters the
rights, remedies or obligations of any eRx Stockholders relative to the rights, remedies and
obligations of the Institutional Stockholders. Notwithstanding the foregoing, (i) the Company,
(ii) GA Stockholders holding Shares with a majority of the Voting Power of all Shares then held by
the GA Stockholders and (iii) HF Stockholders holding Shares with a majority of the Voting Power of
all Shares then held by the HF Stockholders, may amend this Agreement pursuant to Section 2.3 of
the Reorganization Agreement (as defined in the Amended EBS Master LLC Agreement) without the
consent of any other Person. No waiver of any provision or default under, nor consent to any
exception to, the terms of this Agreement or any agreement contemplated hereby shall be effective
unless in writing and signed by the party to be bound and then only to the specific purpose, extent
and instance so provided.

55

 

          Section 7.4 Termination.

          (a) The provisions of this Agreement shall terminate as follows:

	 	(i)	 	the provisions of Article II, clause (a) of
Section 7.1 and Section 7.2(a)(ii) shall terminate at such time as
(x) the GA Stockholders collectively own less than 5% of the Voting
Power and (y) the HF Stockholders collectively own less than
5% of the Voting Power;
	 
	 	(ii)	 	the provisions of Article IV and Article VI
shall terminate at such time as either: (A) the GA Stockholders
collectively own less than 25% of the Voting Power and the HF
Stockholders collectively own less than 25% of the Voting Power or
(B) the two-year anniversary of the IPO Date has passed;
	 
	 	(iii)	 	the provisions of Article V shall
terminate with respect to any Institutional Stockholder, Management
Stockholder or eRx Stockholder, as the case may be, at such time as
such Institutional Stockholder, Management Stockholder or eRx
Stockholder ceases to own any Shares; provided,
however, that Section 5.9 shall survive such termination to
the extent applicable to such Institutional Stockholder, Management
Stockholder or eRx Stockholder with respect to any offering of
Registrable Securities completed on or before the date such
Institutional Stockholder, Management Stockholder or eRx Stockholder
ceased to own any Shares; and
	 
	 	(iv)	 	the provisions of clause (b) of Section 7.1
shall terminate at such time as the Board no longer includes any
nominees of the GA Stockholders and the HF Stockholders.

          (b) Termination of any provisions of this Agreement shall not relieve any party from any
Liability for the breach of any obligations set forth in this Agreement prior to such termination.
Notwithstanding anything contained herein to the contrary, the provisions of Section 7.3 through
Section 7.20 shall survive any termination of any provisions of this Agreement.

          Section 7.5 Further Assurances. Each party agrees that it will from time to time, upon the reasonable request of another
party, execute such documents and instruments and take such further action as may be required to
accomplish the purposes of this Agreement.

56

 

          Section 7.6 Binding Effect; Assignment.

          (a) Subject to Section 7.6(b), all of the terms and provisions of this Agreement shall be
binding upon the parties and their respective heirs, successors and permitted assigns.

          (b) Neither this Agreement nor any right, remedy or Liability arising hereunder or by reason
hereof shall be assignable by any party pursuant to any Transfer of Shares or otherwise, except (i)
assignments by Institutional Stockholders, Management Stockholders and eRx Stockholders in
connection with Transfers to Permitted Transferees in accordance with Section 6.1 and (ii) as
provided in Section 5.1(c).

          (c) The Management Stockholders and eRx Stockholders are parties solely for the purposes of
Article I, Article V, Section 6.1, Section 6.2, Section 6.3, Section 6.4, Section 6.5 and Article
VII and shall not have any rights, remedies or obligations under any other provisions of this
Agreement.

          (d) For any Person other than the Company whose name is set forth on the signature pages
hereto, in the event that such Person executes and delivers this Agreement prior to such Person
owning any shares of capital stock of the Company or acquiring Class A Shares or Class B Shares
pursuant to the “Reorganization Transactions” contemplated by the Reorganization Agreement, the
applicable provisions of this Agreement shall become binding upon such Person when such Person
first acquires shares of capital stock of the Company.

          Section 7.7 Entire Agreement. This Agreement, together with all Exhibits and Schedules hereto and thereto and all other
agreements referenced therein and herein, constitute the entire agreement between the parties
hereto pertaining to the subject matter hereof and supersede all prior and contemporaneous
agreements, understandings, negotiations and discussions, whether oral or written, of the parties
and there are no warranties, representations or other agreements between the parties in connection
with the subject matter hereof except as specifically set forth herein and therein.

          Section 7.8 Rights of Stockholders Independent. The rights available to the Institutional Stockholders and Management Stockholders under
this Agreement and at law shall be deemed to be several and not dependent on each other and each
such right accordingly shall be construed as complete in itself and not by reference to any other
such right. Any one or more and/or any combination of such rights may be exercised by an
Institutional Stockholder, Management Stockholder and/or the Company from time to time and no such
exercise shall exhaust the rights or preclude another Institutional Stockholder or Management
Stockholder from exercising any one or more of such rights or combination thereof from time to time
thereafter or simultaneously.

          Section 7.9 Confidentiality. Subject to the final sentence of this Section 7.9, each Institutional Stockholder
recognizes and acknowledges that it has and may in the future receive certain confidential and
proprietary information and trade

57

 

secrets of the Company or any of its Subsidiaries, including confidential information of the
Company or any of its Subsidiaries regarding identifiable, specific and discrete business
opportunities being pursued by the Company or any of its Subsidiaries (the “Confidential
Information”). Each Institutional Stockholder (on behalf of itself and, to the extent that
such Institutional Stockholder would be responsible for the acts of the following persons under
principles of agency law, its directors, officers, shareholders, partners, employees, agents and
members) agrees that it will not, during or after the term of this Agreement, whether directly or
indirectly through an Affiliate or otherwise, take commercial or proprietary advantage of or profit
from any Confidential Information or disclose Confidential Information to any Person for any reason
or purpose whatsoever, except (a) to authorized directors, officers, representatives, agents and
employees of the Company or any of its Subsidiaries and as otherwise may be proper in the course of
performing such Institutional Stockholder’s obligations, or enforcing such Institutional
Stockholder’s rights, under this Agreement and the agreements expressly contemplated hereby; (b) as
part of such Institutional Stockholder’s normal reporting, rating or review procedure (including
normal credit rating or pricing process), or in connection with such Institutional Stockholder’s or
such Institutional Stockholder’s Affiliates’ normal fund raising, marketing, informational or
reporting activities, or to such Institutional Stockholder’s (or any of its Affiliates’)
Affiliates, auditors, attorneys or other agents; provided that no disclosure of
Confidential Information shall be made pursuant to this clause (b) unless the recipient enters into
an agreement not to disclose such Confidential Information or is otherwise required to keep such
Confidential Information confidential; (c) to any bona fide prospective purchaser of the equity or
assets of such Institutional Stockholder or its Affiliates or the Shares held by such Institutional
Stockholder, or prospective merger partner of such Institutional Stockholder or its Affiliates,
provided that such purchaser or merger partner acknowledges and agrees to be bound by the
provisions of this Section 7.9 or (d) as is required to be disclosed by order of a Governmental
Entity, or by subpoena, summons or legal process, or by Law (provided that, to the extent
permitted by Law, the Institutional Stockholder required to make such disclosure shall provide to
the Board prompt notice of such disclosure). For purposes of this Section 7.9, “Confidential
Information” shall not include any information of which (x) such Person learns from a source
other than the Company or any of its Subsidiaries, or any of their representatives, employees,
agents or other service providers, and in each case who is not known by such Person to be bound by
a confidentiality obligation, or (y) is disclosed in a prospectus or other documents for
dissemination to the public. The provisions of this Section 7.9 shall continue in effect against
each Institutional Stockholder so long such as such Institutional Stockholder continues to be an
Institutional Stockholder and for a period of five years thereafter.

          Section 7.10 Governing Law. This Agreement, the legal relations between the parties and any claim, action, suit,
arbitration, inquiry, proceeding or investigation by or before any Governmental Entity, whether
contractual or non-contractual, instituted by any party with respect to matters arising under or
growing out of or in connection with or in respect of this Agreement shall be governed by and
construed in accordance with the Laws of the State of Delaware applicable to contracts made and
performed in such State and without regard to conflicts of law doctrines, except

58

 

to the extent that certain matters are preempted by federal law or are governed as a matter of
controlling law by the law of the jurisdiction of organization of the respective parties.

          Section 7.11 Jurisdiction and Venue. The parties hereto hereby agree and consent to be subject to the jurisdiction of any
federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit
or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The
parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any
such Legal Action. Each of the parties hereto further irrevocably consents to the service of
process out of any of the aforementioned courts in any such Legal Action by the mailing of copies
thereof by registered mail, postage prepaid, to such party at its address set forth in this
Agreement, such service of process to be effective upon acknowledgment of receipt of such
registered mail. Nothing in this Section 7.11 shall affect the right of any party hereto to serve
legal process in any other manner permitted by Law.

          Section 7.12 Specific Enforcement. The parties hereto acknowledge that the remedies at law of the other parties for a breach
or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any
party to this Agreement, without posting any bond, and in addition to all other remedies that may
be available, shall be entitled to obtain equitable relief in the form of specific performance, a
temporary restraining order, a temporary or permanent injunction or any other equitable remedy that
may then be available.

          Section 7.13 Headings. The descriptive headings of the Articles, Sections and subsections of this Agreement are
for convenience only and do not constitute a part of this Agreement.

          Section 7.14 Counterparts. This Agreement and any amendment hereto or any other agreement (or document) delivered pursuant hereto may be executed in one or more counterparts and by different parties in separate
counterparts. All of such counterparts shall constitute one and the same agreement (or other
document) and shall become effective (unless otherwise provided therein) when one or more
counterparts have been signed by each party and delivered to the other party.

          Section 7.15 Notices. Any notice or other communication hereunder must be given in writing and (a) delivered in
person, (b) transmitted by facsimile or telecommunications mechanism, provided, that any
notice so given is also mailed as provided in clause (c), or (c) mailed by certified or registered
mail, postage prepaid, receipt requested as follows:

59

 

If to the HF Stockholders, addressed to it at:

c/o Hellman & Friedman LLC

One Maritime Plaza

12th Floor

San Francisco, CA 94111

Telephone: (415) 788-5111

Facsimile: (415) 788-0176

Attention: General Counsel

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

Simpson Thacher & Bartlett LLP

2550 Hanover Street

Palo Alto, CA 94304

Telephone: (650) 251- 5000

Facsimile: (650) 251-5002

Attention: Richard Capelouto, Esq.

If to the GA Stockholders, addressed to it at:

c/o General Atlantic Service Company, LLC

3 Pickwick Plaza

Greenwich, CT 06830

Telephone: (203) 629-8600

Facsimile: (203) 618-9207

Attention: Christopher G. Lanning, Esq.

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

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Telephone: (212) 373-3000

Facsimile: (212) 757-3990

Attention: Matthew W. Abbott, Esq.

If to the Company, addressed to:

3055 Lebanon Pike, Suite 1000

Nashville, TN 37214

Telephone: (615) 932-3000

Facsimile: (615) 340-6153

Attention: General Counsel

with copies (which shall not constitute notice) to the HF Stockholders and the GA
Stockholders;

60

 

If to a Management Stockholder or an eRx Stockholder, to the address or facsimile
number set forth on the signature pages hereto with respect to such Management
Stockholder or such eRx Stockholder, as applicable;

or to such other address or to such other person as either party shall have last designated by such
notice to the other party. Each such notice or other communication shall be effective (i) if given
by telecommunication, when transmitted to the applicable number so specified in (or pursuant to)
this Section 7.15 and an appropriate answerback is received or, if transmitted after 4:00 p.m.
local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a
day that is not a Business Day in the jurisdiction to which such notice is sent, then on the
immediately following Business Day, (ii) if given by mail, on the first Business Day in the
jurisdiction to which such notice is sent following the date three days after such communication is
deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given
by any other means, on the Business Day when actually received at such address or, if not received
on a Business Day, on the Business Day immediately following such actual receipt.

          Section 7.16 Representation By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been represented by counsel
in connection with this Agreement and the transactions contemplated by this Agreement.
Accordingly, any rule of law, or any legal decision that would require interpretation of any
claimed ambiguities in this Agreement against the party that drafted it has no application and is
expressly waived.

          Section 7.17 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by
any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law
shall remain in full force and effect; provided, that the essential terms and conditions of
this Agreement for all parties remain valid, binding and enforceable.

          Section 7.18 Expenses. The Company will reimburse each of the GA Stockholders and the HF Stockholders for all
reasonable out-of-pocket fees and expenses incurred by each in connection with the transactions
contemplated by this Agreement.

          Section 7.19 Indemnification. The Company will indemnify, exonerate and hold the Institutional Stockholders and each of
their respective partners, stockholders, members, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents of each of the partners, stockholders, members,
directors, officers fiduciaries, managers, controlling Persons, employees and agents of each of the
foregoing (collectively, the “Indemnified Parties”) free and harmless from and against any
and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and other
out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses)
incurred by the Indemnified Parties or any of them before or after the date of this Agreement
(collectively, the “Indemnified Liabilities”), arising out of any actual or threatened
action, cause of action, suit, or claim arising directly or indirectly out of such Institutional
Stockholder’s or its other Indemnified Party’s actual, alleged or deemed control or ability to
influence the Company or any of its Subsidiaries or the actual or

61

 

alleged act or omission of such Institutional Stockholder’s Director nominee(s) including for
any alleged act or omission arising out of or in connection with the IPO (other than any such
Indemnified Liabilities that arise out of any breach of this Agreement by such Indemnified party or
other related Persons); provided that if and to the extent that the foregoing undertaking
may be unavailable or unenforceable for any reason, the Company hereby agrees to make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is
permissible under applicable law. The rights of any Indemnified Party to indemnification hereunder
will be in addition to any other rights any such Person may have under any other agreement or
instruction to which such Indemnified Party is or becomes a party or is or otherwise becomes a
beneficiary or under law or regulation or under the certificate of incorporation or bylaws of the
Company or any of its Subsidiaries and shall extend to such Indemnified Party’s successors and
assigns. Each of the Indemnified Parties shall be a third party beneficiary of the rights
conferred to such Indemnified Party in this Section 7.19.

          Section 7.20 No Third Party Beneficiaries. Except as expressly provided in Section 3.1, Section 5.9 and Section 7.19, nothing in this
Agreement, express or implied, is intended to confer upon any party, other than the parties hereto
and their respective successors and permitted assigns, any rights or remedies under this Agreement
or otherwise create any third party beneficiary hereto.

[Signatures on Next Page]

62

 

          IN WITNESS WHEREOF, each of the parties hereto has caused this Stockholders’ Agreement to be
executed by its duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	COMPANY:

EMDEON INC.

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

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	INSTITUTIONAL STOCKHOLDERS:

HELLMAN & FRIEDMAN CAPITAL ASSOCIATES VI, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 	 
	 	 	its General Partner
 	 
	 	By:  	                       Hellman & Friedman LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 	 	 	 	 
	 	HELLMAN & FRIEDMAN CAPITAL EXECUTIVES VI, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                       Hellman & Friedman LLC,
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 	 	 	 	 
	 	HFCP VI DOMESTIC AIV, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 	 
	 	 	its General Partner 	 
	 	 	 	 	 
	 	By:  	                       Hellman & Friedman LLC,
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	H&F HARRINGTON AIV II, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                       Hellman & Friedman LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 
	 	HELLMAN & FRIEDMAN INVESTORS VI, L.P.

 	 
	 	By:  	Hellman & Friedman LLC,
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	 GENERAL ATLANTIC PARTNERS 83, L.P.

 	 
	 	 	 
	 	By:  	                    General Atlantic GenPar, L.P.,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                    General Atlantic LLC,
 	 
	 	 	its General Partner 	 
	 	 	 	 	 
	 	By:  	                    /s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Director
 	 
	 	GENERAL ATLANTIC PARTNERS 84, L.P.

 	 
	 	By:  	General Atlantic GenPar, L.P.,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                    General Atlantic LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                    /s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Director 	 
	 	 	 	 	 
	 	GAP Coinvestments CDA, L.P.

 	 
	 	By:  	General Atlantic LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                   /s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Director 	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	GAP-W, LLC

 	 
	 	By:  	General Atlantic GenPar, L.P.,
 	 
	 	 	its Manager 	 
	 	 	 	 	 
	 	By:  	                   General Atlantic LLC,
 	 
	 	 	its General Partner 	 
	 	 	 
	 	By:  	                   /s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Director 	 
	 	 	 	 	 
	 	GAPSTAR, LLC

 	 
	 	By:  	/s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Vice President and CFP 	 
	 	 	 	 	 
	 	GAP Coinvestments III, LLC

 	 
	 	By:  	/s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Member 	 
	 	 	 	 	 
	 	GAP Coinvestments IV, LLC

 	 
	 	By:  	/s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Managing Member 	 
	 
	 	GAPCO GmbH & Co. KG

 	 
	 	By:  	GAPCO Management GMBH,
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 	By:  	                    /s/ Thomas J. Murphy
 	 
	 	 	Name:  	Thomas J. Murphy 	 
	 	 	Title:  	Procuration Officer 	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	MANAGEMENT STOCKHOLDERS:

 	 
	 	By:  	/s/ Tracy L. Bahl
 	 
	 	 	Name:  	Tracy L. Bahl 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Edward Caldwell
 	 
	 	 	Name:  	Edward Caldwell 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Patrick Coughlin
 	 
	 	 	Name:  	Patrick Coughlin 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Damien Creavin
 	 
	 	 	Name:  	Damien Creavin 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Dinyar S. Devitre
 	 
	 	 	Name:  	Dinyar S. Devitre 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ J. Philip Hardin
 	 
	 	 	Name:  	J. Philip Hardin 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Jim D. Kever
 	 
	 	 	Name:  	Jim D. Kever 	 
	 	 	Address:

Facsimile: 	 
	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Sajid A. Khan
 	 
	 	 	Name:  	Sajid A. Khan 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ George I. Lazenby, IV
 	 
	 	 	Name:  	George I. Lazenby, IV 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Frank J. Manzella
 	 
	 	 	Name:  	Frank J. Manzella 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Bob A. Newport Jr.
 	 
	 	 	Name:  	Bob A. Newport Jr. 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Philip M. Pead
 	 
	 	 	Name:  	Philip M. Pead 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Ben Scully
 	 
	 	 	Name:  	Ben Scully 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Ryan L. Smith
 	 
	 	 	Name:  	Ryan L. Smith 	 
	 	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	By:  	                     /s/ Gregory Stevens
 	 
	 	 	Name:  	Gregory Stevens 	 
	 	 	Address:

Facsimile: 	 
	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Gary D. Stuart
 	 
	 	 	Name:  	Gary D. Stuart 	 
	 	 	Address:

Facsimile: 	 
	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	ERX STOCKHOLDERS

 	 
	 	/s/ James Fehring
 	 
	 	Name:  	James Fehring 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                         /s/ Barry Guld
 	 
	 	Name:  	Barry Guld 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                         /s/ Michael Ingram
 	 
	 	Name:  	Michael Ingram 	 
	 	Address:

Facsimile: 	 
	 

	 	 	 	 	 
	 	 	 
	 	LYLE HOLDINGS, LP

 	 
	 	By: 	/s/ Mark Lyle
 	 
	 	 	Name:  	Mark Lyle 	 
	 	 	Title:  	President and Member 	 
	 	 	Address:  	 
	 	 	Facsimile:  	 
	 

	 	 	 	 	 
	 	 	 
	 	 	 
	 	                                                         /s/ Kevin Mahoney
 	 
	 	Name:  	Kevin Mahoney 	 
	 	Address:

Facsimile: 	 
	 

[Signature Page to the Stockholders’ Agreement]

 

 

	 	 	 	 	 
	 	NATIONAL HEALTH SYSTEMS, INC.

 	 
	 	By:  	/s/ Michael Ingram
 	 
	 	 	Name:  	Michael Ingram 	 
	 	 	Title:  	EVP & CFO 	 
	 	 	Address: 	 
	 	 	Facsimile: 	 
	 

	 	 	 	 	 
	 	 	 
	 	NOW TECHNOLOGY, INC.

 	 
	 	By:  	/s/ Marty Monroe
 	 
	 	 	Name:  	Marty Monroe 	 
	 	 	Title:  	Vice President 	 
	 	 	Address: 	 
	 	 	Facsimile: 	 
	 

	 	 	 	 	 
	 	 	 
	 	/s/ Richard Sage
 	 
	 	Name:  	Richard Sage 	 
	 	Address:

Facsimile: 	 
	 

[Signature Page to the Stockholders’ Agreement]

 

 

EXHIBIT A

AMENDED & RESTATED CERTIFICATE OF INCORPORATION OF THE
COMPANY

(see attached)

 

 

EXHIBIT B

BY-LAWS OF THE COMPANY

(see attached)

 

 

EXHIBIT C

FORM OF JOINDER TO STOCKHOLDERS’ AGREEMENT

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by
the undersigned (the “Joining Party”) in accordance with the Stockholders’ Agreement, dated
as of August 5, 2009 (the “Stockholders’ Agreement”), by and among Emdeon Inc., Hellman &
Friedman Capital Associates VI, L.P., Hellman & Friedman Capital Executives VI, L.P., HFCP VI
Domestic AIV, L.P., H&F Harrington AIV II, L.P., Hellman & Friedman Investors VI, L.P., General
Atlantic Partners 83, L.P., General Atlantic Partners 84, L.P., GAP-W, LLC, GapStar, LLC, GAPCO
GmbH & Co. KG, GAP Coinvestments CDA, L.P., GAP Coinvestments III, LLC, GAP Coinvestments IV, LLC,
the Management Stockholders named therein and the eRx Stockholders named therein, as the same may
be amended, supplemented and/or restated from time to time. Capitalized terms used herein and not
otherwise defined shall have the respective meanings ascribed to such terms in the Stockholders’
Agreement.

The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder
Agreement, the Joining Party shall be deemed to be a party to the Stockholders’ Agreement as of the
date hereof and shall have those rights of [Insert if Transferee is a GA Permitted Transferee—a
“GA Stockholder” and] [Insert if Transferee is an HF Permitted Transferee—an “HF Stockholder” and]
[Insert if Transferee is a GA Permitted Transferee or an HF Permitted Transferee—an “Institutional
Stockholder”] [Insert if Transferee is a Management Permitted Transferee—a “Management
Stockholder”] [Insert if Transferee is an eRx Permitted Transferee—an “eRx Stockholder”] that are
stated in the Stockholders’ Agreement as being applicable to such Joining Party. The Joining Party
hereby (i) ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions
and conditions contained in the Stockholders’ Agreement, and (ii) assumes all of the Transferor’s
existing and future Liabilities arising under or relating to the Stockholders’ Agreement.

This Joinder Agreement is for the benefit of the parties to the Stockholders’ Agreement. The
Joining Party hereby agrees, upon executing this Joinder Agreement, to deliver a copy of the
executed Joinder Agreement to each party to the Stockholders’ Agreement in accordance with Section
7.15 thereto.

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written
below.

	 	 	 	 	 
	Date: _______________
 	 	 
	 	[NAME OF JOINING PARTY]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	Address for notices:  	 

 

 

	 	 	 	 	 

EXHIBIT D

SPECIFIED VALUE AND TARGET

     “Specified Value” means the initial public offering price per share of the Class A
Shares in the IPO.

     “Target” means a price per share of Class A Shares as agreed to by the GA
Stockholders and the HF Stockholders and set forth in a written notice delivered to the Company
prior to pricing the IPO.exv10w3

Exhibit 10.3

Execution Copy

SIXTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

EBS MASTER LLC

DATED AS OF AUGUST 17, 2009

 

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS	 	 	3	 
	Section 1.1
	 	Definitions	 	 	3	 
	Section 1.2
	 	Interpretive Provisions	 	 	17	 
	 
	 	 	 	 	 	 
	ARTICLE II ORGANIZATION OF THE LIMITED LIABILITY COMPANY	 	 	18	 
	Section 2.1
	 	Formation	 	 	18	 
	Section 2.2
	 	Filing	 	 	18	 
	Section 2.3
	 	Name	 	 	18	 
	Section 2.4
	 	Registered Office; Registered Agent	 	 	18	 
	Section 2.5
	 	Principal Place of Business	 	 	18	 
	Section 2.6
	 	Purpose; Powers	 	 	18	 
	Section 2.7
	 	Term	 	 	18	 
	Section 2.8
	 	Intent	 	 	18	 
	Section 2.9
	 	Independent Activities	 	 	19	 
	 
	 	 	 	 	 	 
	ARTICLE III OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	 	 	20	 
	Section 3.1
	 	Authorized Units; General Provisions With Respect to Units	 	 	20	 
	Section 3.2
	 	Voting Rights	 	 	23	 
	Section 3.3
	 	Capital Contributions; Unit Ownership	 	 	23	 
	Section 3.4
	 	Capital Accounts	 	 	24	 
	Section 3.5
	 	Member Loans	 	 	25	 
	Section 3.6
	 	Other Matters	 	 	25	 
	Section 3.7
	 	Exchange of Units	 	 	25	 
	Section 3.8
	 	Tender Offers and Other Events with Respect to the Managing Member	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE IV ALLOCATIONS OF PROFITS AND LOSSES	 	 	31	 
	Section 4.1
	 	Profits and Losses	 	 	31	 
	Section 4.2
	 	Section 754 Election	 	 	31	 
	Section 4.3
	 	Regulatory and Curative Allocations; Other Allocations	 	 	32	 
	Section 4.4
	 	Allocations for Tax Purposes	 	 	34	 
	Section 4.5
	 	Other Allocation Rules	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE V DISTRIBUTIONS	 	 	35	 
	Section 5.1
	 	Amount and Time of Distributions	 	 	35	 
	Section 5.2
	 	Tax Distributions	 	 	36	 
	Section 5.3
	 	Distribution Upon Withdrawal	 	 	38	 

(i)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	ARTICLE VI MANAGEMENT	 	 	38	 
	Section 6.1
	 	The Managing Member; Fiduciary Duties	 	 	38	 
	Section 6.2
	 	Officers	 	 	39	 
	Section 6.3
	 	Warranted Reliance by Officers on Others	 	 	40	 
	Section 6.4
	 	Indemnification of the Managing Member, Officers and the Tax Matters Member	 	 	40	 
	Section 6.5
	 	Maintenance of Insurance or Other Financial Arrangements	 	 	41	 
	Section 6.6
	 	Resignation or Termination of Managing Member	 	 	42	 
	Section 6.7
	 	No Inconsistent Obligations	 	 	42	 
	Section 6.8
	 	Reclassification Events of Pubco	 	 	42	 
	Section 6.9
	 	Managing Member Dividends and Distributions	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE VII ROLE OF MEMBERS	 	 	43	 
	Section 7.1
	 	Rights or Powers	 	 	43	 
	Section 7.2
	 	Voting	 	 	43	 
	Section 7.3
	 	Various Capacities	 	 	44	 
	 
	 	 	 	 	 	 
	ARTICLE VIII TRANSFERS OF INTERESTS	 	 	44	 
	Section 8.1
	 	Restrictions on Transfer	 	 	44	 
	Section 8.2
	 	Notice of Transfer	 	 	46	 
	Section 8.3
	 	Transferee Members	 	 	46	 
	Section 8.4
	 	Legend	 	 	46	 
	 
	 	 	 	 	 	 
	ARTICLE IX ACCOUNTING	 	 	47	 
	Section 9.1
	 	Books of Account	 	 	47	 
	Section 9.2
	 	VCOC Rights	 	 	47	 
	Section 9.3
	 	Fiscal Year	 	 	50	 
	Section 9.4
	 	Tax Returns; Information	 	 	50	 
	Section 9.5
	 	Tax Matters Member	 	 	50	 
	Section 9.6
	 	Withholding Tax Payments and Obligations	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE X DISSOLUTION AND TERMINATION	 	 	52	 
	Section 10.1
	 	Liquidating Events	 	 	52	 
	Section 10.2
	 	Bankruptcy	 	 	52	 
	Section 10.3
	 	Procedure	 	 	52	 
	Section 10.4
	 	Rights of Members	 	 	54	 
	Section 10.5
	 	Notices of Dissolution	 	 	54	 
	Section 10.6
	 	Reasonable Time for Winding Up	 	 	54	 
	Section 10.7
	 	No Deficit Restoration	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE XI GENERAL	 	 	54	 
	Section 11.1
	 	Amendments; Waivers	 	 	54	 
	Section 11.2
	 	Further Assurances	 	 	55	 
	Section 11.3
	 	Successors and Assigns	 	 	55	 
	Section 11.4
	 	Entire Agreement	 	 	56	 

(ii)

 

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	 
	 	 	 	 	 	 
	Section 11.5
	 	Rights of Members Independent	 	 	56	 
	Section 11.6
	 	Confidentiality	 	 	56	 
	Section 11.7
	 	Governing Law	 	 	57	 
	Section 11.8
	 	Jurisdiction and Venue	 	 	57	 
	Section 11.9
	 	Headings	 	 	57	 
	Section 11.10
	 	Counterparts	 	 	57	 
	Section 11.11
	 	Notices	 	 	57	 
	Section 11.12
	 	Representation By Counsel; Interpretation	 	 	59	 
	Section 11.13
	 	Severability	 	 	59	 
	Section 11.14
	 	Expenses	 	 	59	 
	Section 11.15
	 	No Third Party Beneficiaries	 	 	59	 
	 
	 	 	 	 	 	 
	Schedule I Members	 	 	 	 
	 
	 	 	 	 	 	 
	Exhibit A Members, IPO Date Capital Account Balance and Interests	 	 	 	 

(iii)

 

SIXTH AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

EBS MASTER LLC

          This SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as amended, supplemented
or restated from time to time, this “Agreement”) is entered into as of August 17, 2009, by
and among EBS MASTER LLC, a Delaware limited liability company (the “Company”), and the
Persons listed on Schedule I from time to time, pursuant to the provisions of the Act, on
the following terms and conditions. Capitalized terms used herein and not otherwise defined have
the respective meanings set forth in Section 1.1.

RECITALS

          WHEREAS, the Company was formed pursuant to a Certificate of Formation filed in the office of
the Secretary of State of the State of Delaware on September 20, 2006 and is currently governed by
the Fifth Amended and Restated Limited Liability Company Agreement, dated as of July 2, 2009, of
the Company, as amended by Amendment No. 1 and Amendment No. 2 thereto (as so amended, the
“Fifth Amended LLC Agreement”);

          WHEREAS, pursuant to the terms of the Reorganization Agreement, the parties thereto have
agreed to consummate the reorganization of the Company contemplated by Section 7.4 of the Fifth
Amended LLC Agreement and to take the other actions contemplated in such Reorganization Agreement
(collectively, the “Reorganization”);

          WHEREAS, in connection with the Reorganization, among other things:

               (i) on September 2, 2008, EBS Acquisition LLC was converted into a Delaware corporation and
changed its name to Emdeon Inc. (as so converted, “Pubco”);

               (ii) H&F Harrington AIV I, L.P. was dissolved and distributed its Units to Hellman & Friedman
Investors VI, L.P., a Delaware limited partnership (“H&F GP”), and H&F Harrington, Inc., a
Delaware corporation (“Harrington”);

               (iii) Harrington merged with and into EBS Holdco II, LLC, a Delaware limited liability company
and a wholly-owned Subsidiary of Pubco (“HF Pubco Sub”), and HF Pubco Sub succeeded to the
Units held by Harrington;

1

 

               (iv) EBS Acquisition II LLC merged with and into EBS Holdco I, LLC, a Delaware limited
liability company and a wholly-owned Subsidiary of Pubco (“GA Pubco Sub”), and GA Pubco Sub
succeeded to the Units held by EBS Acquisition II LLC;

               (v) the Plan Member was liquidated and the Management Members received Unvested Units and
Vested Units in exchange for their interests in the Plan Member; and

               (vi) the Company’s Amended and Restated EBS Incentive Plan and its rights, authorities and
obligations thereunder were transferred to and assumed by Pubco, outstanding vested awards
thereunder were converted into shares of Class A Stock, and the unvested awards thereunder were
converted into unvested restricted stock unit awards entitling the holder thereof to receive shares
of Class A Stock upon vesting;

          WHEREAS, following the transactions set forth above, the Members of the Company consist of
those Persons listed on Schedule I as of the date hereof;

          WHEREAS, in connection with the Reorganization, Pubco is issuing shares of Class A Stock to
the public in the initial underwritten public offering of shares of its stock (the “IPO”),
and contributing a portion of the net proceeds received by it from the IPO to the Company in
exchange for a number of Units equal to the number of shares of Class A Stock issued in the IPO for
such proceeds;

          WHEREAS, in connection with the Reorganization, Pubco is issuing shares of its Class B Stock
to the H&F Continuing Members, each of which shares of Class B Stock, together with a corresponding
Unit, may be exchanged with the Company for one share of Class A Stock;

          WHEREAS, in connection with the Reorganization, Pubco is issuing shares of its Class B Stock
to (i) the Management Members, each of which shares of Class B Stock, together with a corresponding
Vested Unit, may be exchanged with the Company for one share of Class A Stock and (ii) the eRx
Members, each of which shares of Class B Stock, together a corresponding Unit, may be exchanged
with the Company for one share of Class A Stock;

          WHEREAS, the Members of the Company desire that Pubco continue as the sole managing Member of
the Company (in its capacity as managing Member as well as in any other capacity, the “Managing
Member”);

          WHEREAS, the Members of the Company desire to amend and restate the Fifth Amended LLC
Agreement; and

          WHEREAS, this Agreement shall supersede the Fifth Amended LLC Agreement in its entirety as of
the date hereof.

2

 

          NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound, the parties hereby agree as follows:

ARTICLE I

DEFINITIONS

          Section 1.1 Definitions(a) . As used in this Agreement and the Schedules and Exhibits attached to this Agreement,
the following definitions shall apply:

          “Act” means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq.,
as amended from time to time (or any corresponding provisions of succeeding law).

          “Action” means any claim, action, suit, arbitration, inquiry, proceeding or
investigation by or before any Governmental Entity.

          “Adjusted Basis” has the meaning given such term in Section 1011 of the Code.

          “Adjusted Capital Account Deficit” means the deficit balance, if any, in such Member’s
Capital Account at the end of any Fiscal Year, with the following adjustments:

(a) credit to such Capital Account any amount that such Member is obligated to
restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c), as well as any
addition thereto pursuant to the next to last sentences of the Treasury Regulations
Sections 1.704-2(g)(1) and 1.704-2(i)(5) after taking into account thereunder any
changes during such year in Company Minimum Gain and in the minimum gain
attributable to any Member Nonrecourse Debt; and

(b) debit to such Capital Account the items described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

This definition of Adjusted Capital Account Deficit is intended to comply with the provisions of
Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently
therewith.

          “Affiliate” means, with respect to any specified Person, any other Person that,
directly or indirectly through one or more intermediaries, controls, is controlled by, or is under
common control with, such specified Person. The term “affiliated” shall have the
correlative meaning. For purposes of this Agreement, (a) the H&F Continuing Members, H&F AIV II,
HF Fund I, HF Fund II, HF Fund III, HF Fund IV, HF Fund V, HF Fund VI, HF Fund VII and H&F shall
each be deemed to be Affiliates of one another,
(b) no portfolio company of GA LLC (or its Affiliates) shall be deemed or treated as an

3

 

Affiliate of the Managing Member, GA LLC (or its Affiliates), or the Company and (c) no portfolio
company of H&F (or its Affiliates) shall be deemed or treated as an Affiliate of the H&F Continuing
Members, H&F AIV II, the Managing Member or the Company.

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

          “Annual Target Tax Distribution” has the meaning set forth in Section 5.2(a).

          “beneficially own” and “beneficial owner” shall be as defined in Rule 13d-3 of
the rules promulgated under the Exchange Act.

          “Business Day” means any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by Law to be closed in the City of New York.

          “Capital Account” means, with respect to any Member, the Capital Account maintained
for such Member in accordance with Section 3.4 of this Agreement.

          “Capital Contributions” means, with respect to any Member, the amount of cash and the
initial Gross Asset Value of any property (other than cash) contributed to the Company with respect
to the Units held or purchased by such Member.

          “Cash Amount” has the meaning assigned to it in Section 3.7(g).

          “Certificate of Incorporation” means the Amended and Restated Certificate of
Incorporation of the Managing Member, as in effect on the date hereof and as the same may be
amended or restated from time to time.

          “Class A Stock” shall, as applicable, (i) mean the Class A Common Stock, par value
$0.00001 per share, of the Managing Member or (ii) following any consolidation, merger,
reclassification or other similar event involving the Managing Member, mean any shares or other
securities of the Managing Member or any other Person or cash or other property that become payable
in consideration for the Class A Stock or into which the Class A Stock is exchanged or converted as
a result of such consolidation, merger, reclassification or other similar event.

          “Class B Stock” shall, as applicable, (i) mean the Class B Common Stock, par value
$0.00001 per share, of the Managing Member or (ii) following any consolidation, merger,
reclassification or other similar event involving the Managing Member, mean any shares or other
securities of the Managing Member or any other Person or cash or other property that become payable
in consideration for the Class B Stock or into which the Class B Stock is exchanged or converted as
a result of such consolidation, merger, reclassification or other similar event.

4

 

          “Code” means the Internal Revenue Code of 1986, as amended from time to time (or any
corresponding provisions of succeeding law.)

          “Company” has the meaning set forth in the preamble to this Agreement.

          “Company Minimum Gain” has the meaning of “partnership minimum gain” set forth in
Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d). It is further understood that Company
Minimum Gain shall be determined in a manner consistent with the rules of Regulations Section
1.702-2(b)(2) including the requirement that if the adjusted Gross Asset Value of property subject
to one or more Nonrecourse Liabilities differs from its adjusted tax basis, Company Minimum Gain
shall be determined with reference to such Gross Asset Value.

          “Confidential Information” has the meaning set forth in Section 11.6.

          “Contract” means any written agreement, contract, lease, sublease, license,
sublicense, obligation, promise or undertaking.

          “control” (including the terms “controlled by” and “under common control
with”), with respect to the relationship between or among two or more Persons, means the
possession, directly or indirectly or as trustee, personal representative or executor, of the power
to direct or cause the direction of the affairs or management of a Person, whether through the
ownership of voting securities, as trustee, personal representative or executor, by contract,
credit arrangement or otherwise.

          “Credit Facilities” means (a) the First Lien Credit Agreement, dated as of November
16, 2006, by and among GA EBS Merger, LLC, as borrower, Medifax-EDI Holding Company, as additional
borrower, the Company, as parent, the lenders party thereto, Citibank, N.A., as administrative
agent, collateral agent, Swingline Lender and Issuing Bank, Citigroup Global Markets Inc. and
Deutsche Bank Securities Inc., as joint lead arrangers, Deutsche Bank Trust Company Americas, as
syndication agent and Bear Stearns Corporate Lending Inc., as documentation agent, as amended by
Amendment No. 1 dated as of March 9, 2007 and Amendment No. 2 dated as of July 7, 2009, and as the
same may be further amended, supplemented and/or restated from time to time and (b) Second Lien
Credit Agreement, dated as of November 16, 2006, by and among GA EBS Merger, LLC, as borrower,
Medifax-EDI Holding Company, as additional borrower, the Company, as parent, the lenders party
thereto, Citibank, N.A., as administrative agent, collateral agent, Swingline Lender and Issuing
Bank, Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as joint lead arrangers,
Deutsche Bank Trust Company Americas, as syndication agent and Bear Stearns Corporate Lending Inc.,
as documentation agent, as amended by Amendment No. 1 dated as of July 7, 2009, and as the same may
be further amended, supplemented and/or restated from time to time.

          “Depreciation” means, for each Fiscal Year, an amount equal to the depreciation,
amortization, or other cost recovery deduction allowable with respect to an asset for such Fiscal
Year, except that if the Gross Asset Value of an asset differs from its Adjusted Basis for federal
income tax purposes at the beginning of such Fiscal Year,

5

 

Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value
as the federal income tax depreciation, amortization, or other cost recovery deduction for such
Fiscal Year bears to such beginning Adjusted Basis; provided, however, that if the
Adjusted Basis for federal income tax purposes of an asset at the beginning of such Fiscal Year is
zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Tax Matters Member.

          “Disposition Event” means any merger, consolidation or other business combination,
whether effectuated through one transaction or series of related transactions (including a tender
offer followed by a merger in which holders of Class A Stock receive the same consideration per
share paid in the tender offer), unless, following such transaction, all or substantially all of
the holders of the voting power of all outstanding classes of Pubco Common Stock and series of
preferred stock of the Managing Member that are generally entitled to vote in the election of
directors prior to such transaction or series of transactions continue to hold a majority of the
voting power of the surviving entity (or its parent) resulting from such transaction or series of
transactions in substantially the same proportions as immediately prior to such transaction or
series of transactions.

          “DGCL” means the General Corporation Law of the State of Delaware, as amended from
time to time (or any corresponding provisions of succeeding law).

          “EBS Business” means: (a) the business of operating an electronic data interchange
clearinghouse for the electronic routing of healthcare claims, encounters, eligibility verification
requests, electronic remittance advice, and other administrative healthcare transactions between
healthcare providers and payers; (b) the business of printing, inserting and mailing paper-based
explanations of patient benefits forms, explanation of healthcare provider payments forms and
patient statements of healthcare providers; and (c) such other business as described in Amendment
No. 3 to the Registration Statement on Form S-1 of Pubco (File No. 333-153451) filed with the
Securities and Exchange Commission on July 9, 2009.

          “EBS LLC” means Emdeon Business Services LLC, a Delaware limited liability company.

          “Equity Securities” means (a) with respect to a partnership, limited liability company
or similar Person, any and all units, interests, rights to purchase, warrants, options or other
equivalents of, or other ownership interests in, any such Person as well as debt or equity
instruments convertible, exchangeable or exercisable into any such units, interests, rights or
other ownership interests and (b) with respect to a corporation, any and all shares, interests,
participation or other equivalents (however designated) of corporate stock, including all common
stock and preferred stock, or warrants, options or other rights to acquire any of the foregoing,
including any debt instrument convertible or exchangeable into any of the foregoing.

6

 

          “eRx Members” means those Members listed under “eRx Members” on the signature pages
hereto and any eRx Permitted Transferees to whom Units are Transferred.

          “eRx Merger Agreement” means the Agreement and Plan of Merger, dated as of July 2,
2009, by and among the Company, Envoy LLC, Emdeon Merger Sub LLC, eRx Network, L.L.C. and the
Members’ Representative (as defined therein).

          “eRx Permitted Transferee” means any of (a) a trust established by or for the benefit
of an eRx Member of which only such eRx Member and his or her immediate family members are
beneficiaries, (b) any Person established for the benefit of, and beneficially owned solely by, an
entity eRx Member or the sole individual direct or indirect owner of an entity eRx Member, (c) upon
an individual eRx Member’s death, an executor, administrator or beneficiary of the estate of the
deceased eRx Member, (d) with respect to eRx Units held by Lyle Holdings, LP, Mark Lyle (and upon
his death, an executor, administrator or beneficiary of his estate) or a trust established by or
for the benefit of Mark Lyle of which only Mark Lyle and his or her immediate family members are
beneficiaries, and (e) with respect to eRx Units held by National Health Systems, Inc.
(“NHS”) any controlled Affiliate of NHS, Ken Hill or his immediate family members for so
long as such Person remains a controlled Affiliate of NHS, Ken Hill or his immediate family
members.

          “Escrow Agreement” means the Escrow Agreement, dated as of July 2, 2009, by and among
Longhorn Members Representative, LLC, the Company, Envoy LLC, and U.S. Bank National Association,
as escrow agent.

          “Escrowed Units” means Units held in accordance with the Escrow Agreement.

          “Exchange Act” means the Securities Exchange Act of 1934, and the rules and
regulations promulgated thereunder, as the same may be amended from time to time (or any
corresponding provisions of succeeding law).

          “Exchange Date” has the meaning set forth in Section 3.7(c).

          “Exchange Notice” has the meaning set forth in Section 3.7(b).

          “Fair Market Value” means the fair market value of any property as determined in good
faith by the Managing Member after taking into account such factors as the Managing Member shall
deem appropriate.

          “Fifth Amended LLC Agreement” has the meaning set forth in the recitals to this
Agreement.

          “Fiscal Year” means (a) the period commencing on the closing date of the transactions
contemplated by the Merger Agreement and ending on December 31st, (b) any subsequent 12 month
period commencing on January 1st and ending on

7

 

December
31st, or (c) any portion of the period described in clause (b) for which the Company is
required to allocate Profits, Losses and other items of Company income, gain, loss or deduction
pursuant to Article IV hereof.

          “GA LLC” means General Atlantic LLC, a Delaware limited liability company.

          “GA Pubco Sub” has the meaning set forth in the recitals to this Agreement.

          “GAAP” means United States generally accepted accounting principles and practices in
effect from time to time.

          “Governmental Entity” means any federal, national, supranational, state, provincial,
local, foreign or other government, governmental, stock exchange, regulatory or administrative
authority, agency or commission or any court, tribunal, or judicial or arbitral body.

          “Gross Asset Value” means, with respect to any asset, the asset’s Adjusted Basis for
federal income tax purposes, except as follows:

(a) the initial Gross Asset Value of any asset contributed by a Member to the
Company shall be the gross Fair Market Value of such asset;

(b) the Gross Asset Values of all Company assets shall be adjusted to equal their
respective gross Fair Market Values as of the following times: (i) the acquisition
of an additional interest in the Company by any new or existing Member in exchange
for more than a de minimis Capital Contribution; (ii) the distribution by the
Company to a Member of more than a de minimis amount of Property as consideration
for an interest in the Company; (iii) the issuance by the Company of interests in
the Company that are profits interests; and (iv) the liquidation of the Company
within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g);
provided, however, that adjustments pursuant to clauses (i), (ii)
and (iii) above shall be made only if the Managing Member reasonably determines
that such adjustments are necessary or appropriate to reflect the relative economic
interests of the Members in the Company;

(c) the Gross Asset Value of any Company asset distributed to any Member shall be
adjusted to equal the gross Fair Market Value of such asset on the date of
distribution; and

(d) the Gross Asset Values of Company assets shall be increased (or decreased) to
reflect any adjustments to the adjusted basis of such assets pursuant to Code
Section 734(b) or Code Section 743(b), but only to the extent that such adjustments
are taken into account in determining Capital Accounts pursuant to Treasury
Regulations Section 1.704-1(b)(2)(iv)(m)

8

 

and subsection (f) in the definition of “Profits” and “Losses”
below and Section 3.4 hereof; provided, however, that Gross Asset
Values shall not be adjusted pursuant to this subsection to the extent the Managing
Member determines that an adjustment pursuant to subsection (b) of this definition
is necessary or appropriate in connection with a transaction that would otherwise
result in an adjustment pursuant to this subsection (d).

If the Gross Asset Value of an asset has been determined or adjusted pursuant to
subsections (a), (b) or (d) of this definition of Gross Asset Value, such Gross Asset Value
shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Profits and Losses.

          “H&F” means Hellman & Friedman LLC, a Delaware limited liability company.

          “H&F AIV II” means H&F Harrington AIV II, L.P., a Delaware limited partnership
directly or indirectly controlled by H&F.

          “H&F Continuing Members” means, collectively, HF GP, Hellman & Friedman Capital
Associates VI, L.P., a Delaware limited partnership, Hellman & Friedman Capital Executives VI,
L.P., a Delaware limited partnership, and HFCP VI Domestic AIV, L.P., a Delaware limited
partnership, and their H&F Permitted Transferees to whom Units are Transferred.

          “H&F GP” has the meaning set forth in the recitals to this Agreement.

          “H&F Permitted Transferee” means any investment fund Affiliated with an H&F Continuing
Member or H&F AIV II, that was formed to make multiple investments and not formed for the specific
purpose of making or facilitating an investment in the Company (or, in the case of “alternative
investment vehicles” formed by, and that have the same partners with the same proportionate
interests as an HF Fund, the HF Fund was formed to make multiple investments and not formed for the
specific purpose of making or facilitating an investment in the Company), provided that the direct
or indirect investment in the Company by such fund will not constitute a larger percentage of such
fund’s aggregate investments than the agreement of limited partnership of such fund would permit.

          “Harrington” has the meaning set forth in the recitals to this Agreement.

          “HF Fund I” means, collectively, Hellman & Friedman Capital Partners, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

          “HF Fund II” means, collectively, Hellman & Friedman Capital Partners II, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

9

 

          “HF Fund III” means, collectively, Hellman & Friedman Capital Partners III, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

          “HF Fund IV” means, collectively, Hellman & Friedman Capital Partners IV, L.P., a
California limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

          “HF Fund V” means, collectively, Hellman & Friedman Capital Partners V, L.P., a
Delaware limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

          “HF Fund VI” means, collectively, Hellman & Friedman Capital Partners VI, L.P., a
Delaware limited partnership, and the parallel funds and alternative investment vehicles related
thereto, all of which are directly or indirectly controlled by H&F.

          “HF Fund VII” means, collectively, Hellman & Friedman Capital Partners VII, L.P., a
Cayman Islands exempted limited partnership, and the parallel funds and alternative investment
vehicles related thereto, all of which are directly or indirectly controlled by H&F or Affiliates
of H&F and any successor fund thereto so long as such successor fund is directly or indirectly
controlled by H&F or Affiliates of H&F.

          “HF Funds” means HF Fund I, HF Fund II, HF Fund III, HF Fund IV, HF Fund V, HF Fund VI
and HF Fund VII.

          “HF Pubco Sub” has the meaning set forth in the recitals to this Agreement.

          “HLTH” means HLTH Corporation, a Delaware corporation.

          “Indebtedness” means (a) all indebtedness for borrowed money (including capitalized
lease obligations, sale-leaseback transactions or other similar transactions, however evidenced),
(b) any other indebtedness that is evidenced by a note, bond, debenture, draft or similar
instrument, (c) notes payable and (d) lines of credit and any other agreements relating to the
borrowing of money or extension of credit.

          “Indemnified Person” has the meaning set forth in Section 6.4(a).

          “Interest” means the entire interest of a Member in the Company, including the Units
and all of such Member’s rights, powers and privileges under this Agreement and the Act.

          “Investors Tax Receivable Agreement (Exchanges)” means the Tax Receivable Agreement
(Exchanges), dated as of August 17, 2009, by and among Pubco,

10

 

H&F ITR Holdco, L.P., GA ITR Holdco, L.P. and GA-H&F ITR Holdco, L.P., as the same may be
amended, supplemented or restated from time to time.

          “Investors Tax Receivable Agreement (Reorganizations)” means the Tax Receivable
Agreement (Reorganizations), dated as of August 17, 2009, by and among Pubco, H&F ITR Holdco, L.P.,
GA ITR Holdco, L.P. and GA-H&F ITR Holdco, L.P., as the same may be amended, supplemented or
restated from time to time.

          “IPO” has the meaning set forth in the recitals to this Agreement.

          “IPO Date Capital Account Balance” means, with respect to any Member, the positive
Capital Account balance of such Member as of the date hereof, the amount or deemed value of which
is set forth on Exhibit A.

          “Law” means any federal, national, supranational, state, provincial, local or similar
statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including
common law).

          “Legal Action” has the meaning set forth in Section 11.8.

          “Liability” means any liability or obligation, whether known or unknown, asserted or
unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether
due or to become due, regardless of when asserted.

          “Liquidating Events” has the meaning set forth in Section 10.1.

          “Loss” means any and all losses, damages, claims, costs and expenses, interest,
awards, judgments and penalties (including reasonable attorneys’ fees and expenses, but excluding
any allocation of corporate overhead, internal legal department costs and other internal costs and
expenses).

          “Management Members” means those Members listed under “Management Members” on the
signature pages hereto and any Management Permitted Transferees to whom Units are Transferred.

          “Management Permitted Transferee” means any of (a) a trust established by or for the
benefit of a Management Member of which only such Management Member and his or her immediate family
members are beneficiaries; (b) any Person established for the benefit of, and beneficially owned
solely by, an entity Management Member or the sole individual direct or indirect owner of an entity
Management Member; and (c) upon an individual Management Member’s death, an executor, administrator
or beneficiary of the estate of the deceased Management Member.

          “Management Tax Receivable Agreement” means the Tax Receivable Agreement (Management),
dated as of August 17, 2009, by and among Pubco and certain members of the senior management of the
Company, as the same may be amended, supplemented or restated from time to time.

11

 

          “Managing Member” has the meaning set forth in the recitals to this Agreement.

          “Member” means any Person that executes this Agreement as a Member, and any other
Person admitted to the Company as an additional or substituted Member, that has not made a
disposition of such Person’s entire Interest.

          “Member Minimum Gain” has the meaning ascribed to “partner nonrecourse debt minimum
gain” set forth in Treasury Regulations Section 1.704-2(i). It is further understood that the
determination of Member Minimum Gain and the net increase or decrease in Member Minimum Gain shall
be made in the same manner as required for such determination of Company Minimum Gain under
Treasury Regulations Sections 1.704-2(d) and -2(g)(3).

          “Member Nonrecourse Debt” has the meaning of “partner nonrecourse debt” set forth in
Section 1.704-2(b)(4) of the Treasury Regulations.

          “Member Nonrecourse Deductions” has the meaning of “partner nonrecourse deductions”
set forth in Sections 1.704-2(i)(1) and 1.704-2(i)(2) of the Treasury Regulations.

          “Merger Agreement” means the Amended and Restated Agreement and Plan of Merger, dated
as of November 15, 2006, among Emdeon Corporation (now known as HLTH), EBS Holdco, Inc., the
Company, EBS LLC, MEDIFAX-EDI Holding Company, EBS Acquisition LLC, GA EBS Merger LLC and EBS
Merger Co.

          “Non-Escrowed Units” means Units held by the eRx Members that are not subject to the
Escrow Agreement.

          “Nonrecourse Deductions” has the meaning set forth in Section 1.704-2(b)(1) of the
Treasury Regulations.

          “Nonrecourse Liability” has the meaning set forth in Section 1.704-2(b)(3) of the
Treasury Regulations.

          “Nonrefundable Tax Distributions” means the portion of any Tax Distribution with
respect to any of the Units that are forfeited, cancelled, or terminated in accordance with the
terms and conditions of this Agreement and the applicable Vesting Agreements or the Escrow
Agreement.

          “Notice” has the meaning set forth in Section 3.3(d).

          “NYSE” means the New York Stock Exchange.

          “Original Effective Date” means November 16, 2006.

          “Other Similar Activities” has the meaning set forth in Section 2.9.

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          “Person” means any individual, partnership, firm, corporation, limited liability
company, association, trust, unincorporated organization or other entity, as well as any syndicate
or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act.

          “Plan Asset Regulations” means the regulations issued by the U.S. Department of Labor
at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or
any successor regulations as the same may be amended from time to time.

          “Plan Member” means EBS Executive Incentive Plan LLC, a Delaware limited liability
company.

          “President and Chief Executive Officer” has the meaning set forth in Section 6.2(b).

          “Prime Rate” means, on any date of determination, a rate per annum equal to the rate
of interest most recently published by The Wall Street Journal as the “prime rate” at large U.S.
money center banks.

          “Profits” and “Losses” mean, for each Fiscal Year or other period, an amount
equal to the Company’s taxable income or loss for such year or period, determined in accordance
with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required
to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or
loss), with the following adjustments:

(a) any depreciation, amortization and/or cost recovery deductions with respect to
any asset shall be deemed to be equal to the Depreciation available with respect to
such asset;

(b) any income or gain of the Company that is exempt from federal income tax and
not otherwise taken into account in computing Profits or Losses shall be added to
such taxable income or loss;

(c) any expenditures of the Company described in Code Section 705(a)(2)(B) or
treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations
Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing
Profits or Losses, shall be subtracted from such taxable income or loss;

(d) in the event the Gross Asset Value of any Company asset is adjusted pursuant to
subsection (b) or (c) or the definition of Gross Asset Value above, the amount of
such adjustment shall be taken into account as gain or loss from the disposition of
such asset for purposes of computing Profits or Losses;

13

 

(e) gain or loss resulting from any disposition of Company assets with respect to
which gain or loss is recognized for federal income tax purposes shall be computed
with reference to the Gross Asset Value of the asset disposed of, notwithstanding
that the adjusted tax basis of such asset differs from its Gross Asset Value; and

(f) any items of income, gain, loss or deduction which are specifically allocated
pursuant to the provisions of Sections 4.3 through 4.5 hereof shall not be taken
into account in computing Profits and Losses for any taxable year.

          “Property” means all real and personal property owned by the Company from time to
time, including both tangible and intangible property.

          “Pubco” has the meaning set forth in the recitals to this Agreement.

          “Pubco Common Stock” means all classes and series of common stock of the Managing
Member, including the Class A Stock and Class B Stock.

          “Pubco Offer” has the meaning set forth in Section 3.8.

          “Purchase Agreement” means the Securities Purchase Agreement, dated as of February 8,
2008, by and among HLTH, SYN Business Holdings, Inc., the Company, Hellman & Friedman Capital
Associates IV, L.P., Hellman & Friedman Capital Executives VI, L.P., HFCP VI Domestic AIV, L.P.,
H&F Harrington AIV I, L.P., EBS Acquisition LLC and EBS Acquisition II LLC.

          “Quarterly Tax Distribution” has the meaning set forth in Section 5.2(a).

          “Reclassification Event” means any of the following: (i) any reclassification or
recapitalization of the Pubco Common Stock (other than a change in par value, or from par value to
no par value, or from no par value to par value, or as a result of a subdivision or combination or
any transaction subject to Section 3.1(g)), (ii) any merger, consolidation or other combination
involving the Managing Member, or (iii) any sale, conveyance, lease, or other disposal of all or
substantially all the properties and assets of the Managing Member to any other Person, in each of
clauses (i), (ii) or (iii), as a result of which holders of Pubco Common Stock shall be entitled to
receive cash, securities or other property for their shares of Pubco Common Stock.

          “Regulatory Allocations” has the meaning set forth in Section 4.3(g).

          “Reorganization” has the meaning set forth in the recitals to this Agreement.

          “Reorganization Agreement” means the Reorganization Agreement, dated as of August 4,
2009, by and among the Managing Member, EBS Acquisition II, LLC, Hellman & Friedman Capital
Associates VI, L.P., Hellman & Friedman Capital

14

 

Executives VI, L.P., HFCP VI Domestic AIV, L.P., H&F Harrington AIV I, L.P., H&F GP,
Harrington, H&F AIV II, GA Pubco Sub, HF Pubco Sub, Plan Member, the eRx Members and the Company,
as it may be amended, supplemented or restated from time to time.

          “Securities Act” means the Securities Act of 1933, and the rules and regulations
promulgated thereunder, as the same may be amended from time to time (or any corresponding
provisions of succeeding law).

          “Stockholders’ Agreement” means the Stockholders’ Agreement, dated as of August 5,
2009, by and among the Managing Member, Hellman & Friedman Capital Associates VI, L.P., Hellman &
Friedman Capital Executives VI, L.P., HFCP VI Domestic AIV, L.P., H&F Harrington AIV II, L.P., H&F
GP, General Atlantic Partners 83, L.P., General Atlantic Partners 84, L.P., GAP-W LLC, GapStar,
LLC, GAPCO GmbH & Co. KG, GAP Coinvestments CDA, L.P., GAP Coinvestments III, LLC, and GAP
Coinvestments IV, LLC, the Management Stockholders (as defined therein) and the eRx Stockholders
(as defined therein), as it may be amended, supplemented or restated from time to time.

          “Subsequent Effective Date” means February 8, 2008.

          “Subsidiary” means, with respect to any specified Person, any other Person with
respect to which such specified Person (a) has, directly or indirectly, the power, through the
ownership of securities or otherwise, to elect a majority of directors or similar managing body or
(b) beneficially owns, directly or indirectly, a majority of such Person’s Equity Securities.

          “Tax Distributions” has the meaning set forth in Section 5.2(a).

          “Tax Matters Member” means the “tax matters partner” as defined in Code Section
6231(a)(7) and as appointed in Section 9.5.

          “Tax Receivable Agreements” means the Investors Tax Receivable Agreement
(Reorganizations), the Investors Tax Receivable Agreement (Exchanges) and the Management Tax
Receivable Agreement.

          “Trading Day” means a day during which trading securities generally occurs on the NYSE
or, if the shares of Class A Stock are not listed on the NYSE, on the principal national securities
exchange on which the shares of Class A Stock are then listed or, if the shares of Class A Stock
are not listed on a national securities exchange, on the automated quotation system on which the
shares of Class A Stock are then authorized for quotation.

          “Transfer” means, as a noun, any voluntary or involuntary, direct or indirect (whether
through a change of control of the Transferor or any Person that controls the Transferor, the
issuance or transfer of Equity Securities of the Transferor, by operation of law or otherwise),
transfer, sale, pledge or hypothecation or other disposition

15

 

and, as a verb, voluntarily or involuntarily, directly or indirectly (whether through a change
of control of the Transferor or any Person that controls the Transferor, the issuance or transfer
of Equity Securities of the Transferor or any Person that controls the Transferor, by operation of
law or otherwise), to transfer, sell, pledge or hypothecate or otherwise dispose of;
provided, that (i) a change in the relative equity ownership in H&F among the individual
officers, directors, managers, partners or other individual controlling persons of H&F (in each
case, as compared to the relative equity ownership thereof as of the date hereof), shall not of
itself constitute a “Transfer” and (ii) a pledge by any H&F Continuing Member or its controlled
Affiliates of the Equity Securities of the Company under any credit facility of an H&F Continuing
Member shall not of itself constitute a “Transfer.” For the avoidance of doubt, (a) any Transfer,
directly or indirectly, of any Equity Securities of any H&F Continuing Member to any Person that is
not a partner in HF Fund VI shall be considered a Transfer by the H&F Continuing Member, (b) any
assignment of Equity Securities of HF Fund VI that results in a Person holding directly or
indirectly any Equity Securities in an H&F Continuing Member will not be considered a Transfer, (c)
any assignment of Equity Interests of NHS among Ken Hill and his family members will not be
considered a Transfer and (d) any Transfer of Class A Stock shall not be considered a Transfer by
any Member. For the avoidance of doubt, any distribution of Equity Securities of the Company by
any H&F Continuing Member to their respective members, partners or unitholders will be considered a
Transfer. The terms “Transferee,” “Transferor,” “Transferred,” and other
forms of the word “Transfer” shall have the correlative meanings.

          “Transfer Agent” has the meaning set forth in Section 3.7(b).

          “Treasury Regulations” means pronouncements, as amended from time to time, or their
successor pronouncements, which clarify, interpret and apply the provisions of the Code, and which
are designated as “Treasury Regulations” by the United States Department of the Treasury.

          “Units” means the Units issued hereunder (including the Unvested Units, the Vested
Units, the Escrowed Units and the Non-Escrowed Units) and shall also include any equity security
issued in respect of or in exchange for Units, whether by way of dividend or other distribution,
split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization.

          “Unvested Unit” means, on any date of determination, any Unit held by a Management
Member that is not a Vested Unit.

          “VCOC Equityholder” has the meaning set forth in Section 9.2(a).

          “Vested Unit” means, on any date of determination, any Unit held by a Management
Member that is “vested” in accordance with such Management Member’s applicable Vesting Agreement.

          “Vesting Agreement” means, with respect to each Management Member, that certain Common
Stock Subscription and EBS Unit Vesting Agreement, by and

16

 

among such Management Member, the Company and the Managing Member, as the same may be amended
or restated from time to time.

          “Volume Weighted Average Price” means, on any date of determination, the volume
weighted average sale price per share of the Class A Stock on the NYSE on such date, or if the
Class A Stock is not listed on the NYSE, on the principal national securities exchange on which the
Class A Stock is then listed or, if the Class A Stock is not listed on a national securities
exchange, an automated quotation system on which the Class A Stock is then listed or authorized for
quotation, in each case as reported by Bloomberg Financial Markets (or any successor thereto)
through its “Volume at Price” functions and ignoring any block trades (which, for purposes of this
definition means any transfer of more than 100,000 shares (subject to adjustment to reflect stock
dividends, stock splits, stock combinations and other similar events)).

          “Winding-Up Member” has the meaning set forth in Section 10.3(a).

          Section 1.2 Interpretive Provisions.
For all purposes of this Agreement, except as otherwise expressly provided or unless the
context otherwise requires:

          (a) the terms defined in Section 1.1 have the meanings assigned to them in Section 1.1 and are
applicable to the singular as well as the plural forms of such terms;

          (b) all accounting terms not otherwise defined herein have the meanings assigned under GAAP;

          (c) all references to currency, monetary values and dollars set forth herein shall mean United
States (U.S.) dollars and all payments hereunder shall be made in United States dollars;

          (d) when a reference is made in this Agreement to an Article, Section, Exhibit or Schedule,
such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement unless
otherwise indicated;

          (e) whenever the words “include”, “includes” or “including” are used in this Agreement, they
shall be deemed to be followed by the words “without limitation”;

          (f) “or” is not exclusive;

          (g) pronouns of either gender or neuter shall include, as appropriate, the other pronoun
forms; and

          (h) the words “hereof”, “herein” and “hereunder” and words of similar import, when used in
this Agreement, refer to this Agreement as a whole and not to any particular provision of this
Agreement.

17

 

ARTICLE II

ORGANIZATION OF THE LIMITED LIABILITY COMPANY

          Section 2.1 Formation. The Company has been formed as a limited liability company subject to the provisions of the
Act upon the terms, provisions and conditions set forth in this Agreement.

          Section 2.2 Filing. The Company’s Certificate of Formation has been filed with the Secretary of State of the
State of Delaware in accordance with the Act. The Members shall execute such further documents
(including amendments to such Certificate of Formation) and take such further action as is
appropriate to comply with the requirements of Law for the formation or operation of a limited
liability company in Delaware and in all states and counties where the Company may conduct its
business.

          Section 2.3 Name. The name of the Company is “EBS MASTER LLC” and all business of the Company shall be
conducted in such name or, in the discretion of the Managing Member, under any other name.

          Section 2.4 Registered Office; Registered Agent. The location of the registered office of the Company in the State of Delaware is 1209
Orange Street, Wilmington, Delaware 19801, or at such other place as the Managing Member from time
to time may select. The name and address for service of process on the Company in the State of
Delaware are The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, or such
other qualified Person as the Managing Member may designate from time to time and its business
address.

          Section 2.5 Principal Place of Business. The principal place of business of the Company shall be located in such place as is
determined by the Managing Member from time to time.

          Section 2.6 Purpose; Powers. The purpose of the Company shall be to operate the EBS Business, together with all
activities and transactions that are necessary or appropriate in connection therewith, and to
conduct any other business activities permitted from time to
time under the Act as such business activities may be determined by the Managing Member. The
Company has the power to do any and all acts necessary, appropriate, proper, advisable, incidental
or convenient to or in furtherance of the purposes of the Company set forth in this Section 2.6.

          Section 2.7 Term. The term of the Company commenced on the date of filing of the Certificate of Formation of
the Company with the office of the Secretary of State of the State of Delaware in accordance with
the Act and shall continue indefinitely. The Company may be dissolved and its affairs wound up
only in accordance with Article X hereof.

          Section 2.8 Intent. It is the intent of the Members that the Company be operated in a manner consistent with
its treatment as a “partnership” for federal and state income tax purposes. It is also the intent
of the Members that the Company not be

18

 

operated or treated as a “partnership” for purposes of
Section 303 of the Federal Bankruptcy Code. Neither the Company nor any Member shall take any
action inconsistent with the express intent of the parties hereto as set forth in this Section 2.8.

          Section 2.9 Independent Activities. Except as set forth in Section 11.6 or any other written agreements with the Company that
may be in effect from time to time and by which an H&F Continuing Member, an eRx Member or their
respective Affiliates may be bound restricting that Person’s activities (including, in the case of
the eRx Members, any restrictive covenant under, or other agreement entered into pursuant to, the
eRx Merger Agreement), the Members acknowledge and understand that the H&F Continuing Members, the
eRx Members and/or one or more of their respective Affiliates may hereafter (1) engage in business
activities or develop or market products, or invest or acquire businesses or assets which may be
the same as or similar to and may compete with the business conducted by the Company or any of its
Subsidiaries, (2) do business with any client or customer of the Company or any of its Subsidiaries
and (3) invest or own any interest publicly or privately or develop a business relationship with,
any Person engaged in the same or similar activities or lines of business as, or otherwise in
competition with, the Company (“Other Similar Activities”). Without limiting Section 11.6
or any other written agreements with the Company that may be in effect from time to time and by
which an H&F Continuing Member, an eRx Member or their respective Affiliates may be bound
restricting that Person’s activities (including, in the case of the eRx Members, any restrictive
covenant under, or other agreement entered into pursuant to, the eRx Merger Agreement), for
purposes of the H&F Continuing Members’, the eRx Members’ and their respective Affiliates’
liability in such capacity under this Agreement, to the fullest extent permitted by applicable Law,
neither this Agreement nor any activity undertaken pursuant hereto shall prevent the H&F Continuing
Members, the eRx Members or any of their respective Affiliates from engaging in whatever activities
they
choose, including Other Similar Activities, whether the same are competitive with the Company
or otherwise, and any such activities may be undertaken (pursuant to an acquisition or otherwise)
without having or incurring any obligation to offer any interest in such activities to the Company
or any other Member or consult with the Company, any officer or any other Member regarding such
activities, or require any Member to permit the Company or any other Member, any officer or any of
their respective Affiliates to participate in any manner in such activities, and as a material part
of the consideration for the execution of this Agreement by each H&F Continuing Member and eRx
Member, the Company and each other Member hereby waives, relinquishes, and renounces any such
right, expectancy or claim of participation. Except as set forth in Section 6.1(b) with respect to
the Managing Member, each Member expressly disclaims any fiduciary duties to or from any other
Member due to such Member’s status as a Member.

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ARTICLE III

OWNERSHIP AND CAPITAL CONTRIBUTIONS;

CAPITAL ACCOUNTS

          Section 3.1
Authorized Units; General Provisions With Respect to Units.

          (a) Subject to the provisions of this Agreement, the Company shall be authorized to issue
from time to time up to an aggregate of 400,000,000 Units and such other Equity Securities as the
Managing Member shall determine in accordance with Section 3.3. Each authorized Unit may be issued
pursuant to such agreements as the Managing Member shall approve, including pursuant to Vesting
Agreements, options and warrants. The Company may reissue any Units that have been repurchased or
acquired by the Company.

          (b) Each outstanding Unit shall be identical (except as provided in Section 3.3).

          (c) Initially, none of the Units will be represented by certificates. If the Managing Member
determines that it is in the interest of the Company to issue certificates representing the Units,
certificates will be issued and the Units will be represented by those certificates, and this
Agreement shall be amended as necessary or desirable to reflect the issuance of certificated Units
for purposes of the Uniform Commercial Code. Nothing contained in this Section 3.1(c) shall be
deemed to authorize or permit any Member to Transfer its Units except as otherwise permitted under
this Agreement.

          (d) The total number of Units issued and outstanding and held by the Members is set forth on
Exhibit A (as amended from time to time in accordance with the terms of this Agreement) as
of the date set forth therein.

          (e) If at any time the Managing Member issues a share of its Class A Stock (including in the
IPO) or any other Equity Security of the Managing Member (other than shares of Class B Stock), (i)
the Company shall issue to the Managing Member one Unit (if the Managing Member issues a share of
Class A Stock), or such other Equity Security of the Company (if the Managing Member issues Equity
Securities other than Class A Stock) corresponding to the Equity Securities issued by the Managing
Member, and with substantially the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Equity Securities of the
Managing Member and (ii) the net proceeds received by the Managing Member with respect to the
corresponding share of Class A Stock or other Equity Security, if any, shall be concurrently
transferred to the Company; provided, however, that if the Managing Member issues
any shares of Class A Stock (including in the IPO) or other Equity Securities some or all of the
net proceeds of which are to be used to fund expenses or other obligations of the Managing Member
for which the Managing Member would be permitted a cash distribution pursuant to clause (ii) of
Section 5.1(c), then the Managing Member shall not be required to transfer such net proceeds to the
Company

20

 

which are used or will be used to fund such expenses or obligations; provided,
further, that if the Managing Member issues any shares of Class A Stock in order to
purchase or fund the purchase from a Member of a number of Units (and shares of Class B Stock)
equal to the number of shares of Class A Stock so issued, then the Company shall not issue any new
Units in connection therewith and the Managing Member shall not be required to transfer such net
proceeds to the Company (it being understood that such net proceeds shall instead be transferred to
such Member as consideration for such purchase). Notwithstanding the foregoing, this Section
3.1(e) shall not apply (A) to the issuance and distribution to holders of shares of Pubco Common
Stock of rights to purchase Equity Securities of the Managing Member under a “poison pill” or
similar shareholders rights plan (it being understood that upon exchange of Units for Class A
Stock, such Class A Stock will be issued together with a corresponding right), or to the issuance
under the Managing Member’s employee benefit plans of any warrants, options, other rights to
acquire Equity Securities of the Managing Member or rights or property that may be converted into
or settled in Equity Securities of the Managing Member, but shall in each of the foregoing cases
apply to the issuance of Equity Securities of the Managing Member in connection with the exercise
or settlement of such rights, warrants, options or other rights or property and (B) as otherwise
determined by the Managing Member in accordance with Section 3.1(h) with respect to issuances of
Equity Security other than Class A Stock. Except pursuant to Section 3.7 or as otherwise
determined by the Managing Member in accordance with Section 3.1(h), (x) the Company may not issue
any additional Units to the Managing Member or any of its Subsidiaries unless substantially
simultaneously the Managing Member or such Subsidiary issues or sells an equal number of shares of
the Managing Member’s Class A Stock to another Person, and (y) the Company may not issue any other
Equity Securities of the Company to the Managing Member or any of its Subsidiaries unless
substantially simultaneously the Managing Member or such Subsidiary issues or sells, to another
Person, an equal number of shares of a new class or series of Equity Securities of the Managing
Member or such Subsidiary with substantially the same rights to dividends and distributions
(including distributions upon liquidation) and other economic rights as those of such Equity
Securities of the Company.

          (f) Except as otherwise determined by the Managing Member in accordance with Section 3.1(h),
(i) the Managing Member or any of its Subsidiaries may not redeem, repurchase or otherwise acquire
any shares of Class A Stock (including upon forfeiture of any unvested shares of Class A Stock or
the acquisition of any such shares deposited in escrow) unless substantially simultaneously the
Company redeems, repurchases or otherwise acquires from the Managing Member an equal number of
Units for the same price per security and (ii) the Managing Member or any of its Subsidiaries may
not redeem or repurchase any other Equity Securities of the Managing Member unless substantially
simultaneously the Company redeems or repurchases from the Managing Member an equal number of
Equity Securities of the Company of a corresponding class or series with substantially the same
rights to dividends and distributions (including distributions upon liquidation) and other economic
rights as those of such Equity Securities of the Managing Member for the same price per security.
Except pursuant to Section 3.7 or as otherwise determined by the Managing Member in

21

 

accordance with Section 3.1(h): (A) the Company may not redeem, repurchase or otherwise
acquire any Units from the Managing Member or any of its Subsidiaries unless substantially
simultaneously the Managing Member or such Subsidiary redeems, repurchases or otherwise acquires an
equal number of shares of Class A Stock for the same price per security from holders thereof, and
(B) the Company may not redeem, repurchase or otherwise acquire any other Equity Securities of the
Company from the Managing Member or any of its Subsidiaries unless substantially simultaneously the
Managing Member or such Subsidiary redeems, repurchases or otherwise acquires for the same price
per security an equal number of Equity Securities of the Managing Member of a corresponding class
or series with substantially the same rights to dividends and distributions (including distribution
upon liquidation) and other economic rights as those of such Equity Securities of the Managing
Member. Notwithstanding the foregoing, to the extent that any consideration payable to the
Managing Member in connection with the redemption or repurchase of any shares of Class A Stock or
other Equity Securities of the Managing Member or any of its Subsidiaries consists (in whole or in
part) of shares of Class A Stock or such other Equity Securities (including, for the avoidance of
doubt, in connection with the cashless exercise of an option or warrant), then the redemption or
repurchase of the corresponding Units or other Equity Securities of the Company shall be
effectuated in an equivalent manner.

          (g) The Company shall not in any manner effect any subdivision (by any stock split, stock
dividend, reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the outstanding Units unless accompanied by an
identical subdivision or combination, as applicable, of the outstanding Pubco Common Stock, with
corresponding changes made with respect to any other exchangeable or convertible securities. The
Managing Member shall not in any manner effect any subdivision (by any stock split, stock dividend,
reclassification, recapitalization or otherwise) or combination (by reverse stock split,
reclassification, recapitalization or otherwise) of the outstanding Pubco Common Stock unless
accompanied by an identical subdivision or combination, as applicable, of the outstanding Units,
with corresponding changes made with respect to any other exchangeable or convertible securities.

          (h) Notwithstanding anything to the contrary in Section 3.1(e) or Section 3.1(f):

               (i) if at any time the Managing Member shall determine that either of the Credit
Facilities shall not permit the Managing Member or the Company to comply with the
provisions of Section 3.1(e) or Section 3.1(f) in connection with the issuance, redemption
or repurchase of any shares of Class A Stock or other Equity Securities of the Managing
Member or any of its Subsidiaries or any Units or other Equity Securities of the Company
then, with the prior written consent of the H&F Continuing Members (not to be unreasonably
withheld), the Managing Member may in good faith implement an economically equivalent
alternative arrangement without complying with such provisions; and

22

 

               (ii) if (a) the Managing Member incurs any indebtedness and desires to transfer the
proceeds of such indebtedness to the Company, and (b) the Managing Member is unable to lend
the proceeds of such indebtedness to the Company on an equivalent basis because of
restrictions in either of the Credit Facilities, then notwithstanding Section 3.1(e) or
Section 3.1(f), with the prior written consent of the H&F Continuing Members (not to be
unreasonably withheld), the Managing Member may in good faith implement an economically
equivalent alternative arrangement in connection with the transfer of proceeds to the
Company using preferred Equity Securities of the Company without complying with such
provisions.

          Section 3.2 Voting Rights. No Member has any voting right except with respect to those matters specifically reserved
for a Member vote under the Act and for matters expressly requiring the approval of Members under
this Agreement; provided, that the eRx Units shall have no voting rights and in no event
will the eRx Members have any voting rights with respect to the eRx Units except as expressly and
specifically set forth in Section 11.1. Except as otherwise required by the Act, each Unit will
entitle the holder thereof to one vote on all matters to be voted on by the Members. Except as
otherwise expressly provided in this Agreement, the holders of Units having voting rights (which,
for the avoidance of doubt, excludes eRx Units) will vote together as a single class on all matters
to be approved by the Members.

          Section 3.3 Capital Contributions; Unit Ownership.

          (a) Capital Contributions. Each Member named on Exhibit A shall be credited with the
IPO Date Capital Account Balance set forth on Exhibit A in respect of its Interest
specified thereon. No Member shall be required to make additional Capital Contributions.

          (b) Issuance of Additional Units or Interests. Except as otherwise expressly provided in this
Agreement, the Managing Member shall have the right to authorize and cause the Company to issue on
such terms (including price) as may be determined by the Managing Member (i) subject to the
limitations of Section 3.1, additional Units or other Equity Securities in the Company (including
creating preferred interests or other classes or series of securities having such rights,
preferences and privileges as determined by the Managing Member), and (ii) obligations, evidences
of Indebtedness or other securities or interests convertible or exchangeable into Units or other
Equity Securities in the Company; provided that, at any time following the date hereof, in
each case the Company shall not issue Equity Securities in the Company to any Person unless such
Person shall have executed a counterpart to this Agreement and all other documents, agreements or
instruments deemed necessary or desirable in the discretion of the Managing Member. In that event,
the Managing Member shall amend
Exhibit A to reflect such additional issuances and resulting dilution, which shall be
borne pro rata by all Members based on their Units and the respective terms thereof.

          (c) Unvested Units and Vested Units. Each Management Member has been issued the number of
Units set forth on Exhibit A, which identifies the number of

23

 

such Management Member’s Unvested Units and Vested Units as of the date hereof. Except as set forth in Section 5.2,
distributions shall not be made in respect of Unvested Units. Unvested Units shall be subject to
the applicable Vesting Agreements and the Managing Member shall have sole and absolute discretion
to interpret the Vesting Agreements and to adopt such amendments thereto or otherwise determine the
terms and conditions of such Unvested Units in accordance with this Agreement and the applicable
Vesting Agreements. The Members and the Company shall comply with the provisions of the Internal
Revenue Service Revenue Procedures 93-27 and 2001-43 with respect to all such Units.

          (d) Safe Harbor. Each of the Members agrees that (i) the Company is authorized and directed
to elect the safe harbor described in the proposed Revenue Procedure contained in the Internal
Revenue Service Notice 2005-43 (such notice, as it may be modified or supplemented, the
“Notice”) and (ii) the Company and each of its Members (including a Person to whom a
membership interest is transferred in connection with the performance of services) agrees to comply
with all of the requirements of the safe harbor described in the proposed Revenue Procedure with
respect to all membership interests transferred in connection with the performance of services
while the election is in effect. Each of the Members and the Company agrees not to report the
income tax effects of the Safe Harbor Partnership Interest (as defined in the proposed Revenue
Procedure Notice) to the U.S. tax authorities in a manner inconsistent with the requirements of the
proposed Revenue Procedure, including the failure to provide appropriate information returns. Each
of the Members acknowledges that the Notice contains a proposed Revenue Procedure and that the
Notice and Revenue Procedure may undergo changes prior to their finalization. Each Member hereby
irrevocably grants to the Managing Member a power-of-attorney coupled with an interest to amend
this Agreement to conform to any changes to the Notice reflected in the finalized Notice and/or
Revenue Procedure in order to permit the Company and its Members to qualify for the safe harbor
election.

          Section 3.4 Capital Accounts. A Capital Account shall be maintained for each Member in accordance with the provisions of
Treasury Regulation Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations,
the other provisions of this Agreement. The Capital Account balance of each of the Members as of
the date hereof is its respective IPO Date Capital Account Balance set forth on Exhibit A.
Thereafter, each Member’s Capital Account shall be (a) credited with such Member’s share of
Profits, any individual items of income and gain allocated to such Member pursuant to the
provisions of Article IV hereof, and the amount of additional cash, or the value as determined by
the Managing Member of any asset (net of any Liabilities assumed by the Company and
Liabilities to which the asset is subject) contributed to the Company by such Member, and (b)
debited with the Member’s share of Losses, any individual items of deduction and loss allocated to
such Member pursuant to the provisions of Article IV hereof, the amount of any cash distributed to
such Member and the value as determined by the Managing Member of any asset distributed to such
Member (net of any Liabilities assumed by the Member and Liabilities to which the asset is
subject).

24

 

          Section 3.5 Member Loans. Any Member may, with the approval of the Managing Member, lend or advance money to the
Company or any of its Subsidiaries. Any such transaction shall be carried out on customary terms
and conditions and on an arm’s length basis. If any Member shall make any loan or loans to the
Company or any of its Subsidiaries, the amount of any such loan or advance shall not be treated as
a Capital Contribution but shall be a debt due from the Company, unless otherwise agreed by the
Members. No Member shall be obligated to make any loan or advance to the Company or any of its
Subsidiaries.

          Section 3.6 Other Matters.

          (a) No Member shall demand or receive a return on or of its Capital Contributions or withdraw
from the Company without the consent of the Managing Member. Under circumstances requiring a
return of any Capital Contributions, no Member has the right to receive property other than cash.

          (b) No Member shall receive any interest, salary, compensation, draw or reimbursement with
respect to its Capital Contributions or its Capital Account, or for services rendered or expenses
incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise
provided in or contemplated by this Agreement.

          (c) The Liability of each Member shall be limited as set forth in the Act and other applicable
Law and, except as expressly set forth in this Agreement or required by Law, no Member shall be
personally liable for any debt or Liability of the Company, whether arising in contract, tort or
otherwise, solely by reason of being a Member of the Company.

          (d) A Member shall not be required to restore a deficit balance in its Capital Account, to
lend any funds to the Company or to make any additional contributions or payments to the Company.

          (e) The Company shall not be obligated for the repayment of any Capital Contributions of any
Member.

          Section 3.7 Exchange of Units.

          (a) Subject to adjustment as provided in Section 3.7(d) and subject to the Managing Member’s
rights described in Section 3.7(g), each of the H&F Continuing Members, the Management Members and
the eRx Members shall be entitled to exchange with the Company, at any time and from time to time,
any or all of such Member’s Units (other than any Unvested Units held by the Management Members),
as follows:

               (i) in the case of the H&F Continuing Members and the eRx Members, one Unit together with one
share of Class B Stock will be exchangeable for one share of Class A Stock; and

25

 

               (ii) in the case of the Management Members, one Vested Unit together with one share of Class B
Stock will be exchangeable for one share of Class A Stock.

Each such exchange of Units for Pubco Common Stock shall be treated for U.S. federal income tax
purposes as a sale of the exchanging Member’s Units to the Managing Member in exchange for Pubco
Common Stock.

          (b) In order to exercise the exchange right under Section 3.7(a), the exchanging Member shall
present and surrender the certificate or certificates representing such Units and shares of Class B
Stock (in each case, if certificated) during usual business hours at the principal executive
offices of the Managing Member, or if any agent for the registration or transfer of shares of Class
B Stock is then duly appointed and acting (the “Transfer Agent”), at the office of the
Transfer Agent, accompanied by written notice (the “Exchange Notice”) to the Managing
Member and the Transfer Agent stating that the exchanging Member elects to exchange with the
Company a stated number of Units and shares of Class B Stock represented, if applicable, by such
certificate or certificates, to the extent specified in such notice, and (if the Class A Stock to
be received is to be issued other than in the name of the exchanging Member) specifying the name(s)
of the Person(s) in whose name or on whose order the Class A Stock is to be issued.

          (c) If required by the Managing Member, any certificate for Units and shares of Class B Stock
(in each case, if certificated) surrendered for exchange with the Company shall be accompanied by
instruments of transfer, in form reasonably satisfactory to the Managing Member and the Transfer
Agent, duly executed by the holder of such Units and shares of Class B Stock or such holder’s duly
authorized representative. As promptly as practicable after the receipt of such notice and the
surrender to the Company of the certificate or certificates, if any, representing such Units and
shares of Class B Stock (but in any event by the Exchange Date, as defined below), the Managing
Member shall issue and deliver to the Company, and the Company shall deliver at such office to such
holder, or on such holder’s written order, a certificate or certificates, if applicable, for the
number of full shares of Class A Stock issuable upon
such exchange, and the Company shall deliver such shares of Class B Stock to the Managing
Member. Each exchange of Units and shares of Class B Stock shall be deemed to have been effected
on (i) the Business Day after the date on which the Exchange Notice shall have been received by the
Managing Member or the Transfer Agent, as applicable (subject to receipt by the Managing Member or
the Transfer Agent, as applicable, within three Business Days thereafter of any required
instruments of transfer as aforesaid) or (ii) such later date specified in or pursuant to the
Exchange Notice (such date identified in clause (i) or (ii), as applicable, the “Exchange
Date”), and the Person or Persons in whose name or names any certificate or certificates for
shares of Class A Stock (which certificates shall bear any legends as may be required in accordance
with applicable Law) shall be issuable upon such exchange as aforesaid shall be deemed to have
become, on the Exchange Date, the holder or holders of record of the shares represented thereby.
Notwithstanding anything herein to the contrary, any holder

26

 

may withdraw or amend an exchange
request, in whole or in part, prior to the effectiveness of the exchange, at any time prior to 5:00
p.m., New York City time, on the Business Day immediately preceding the Exchange Date (or any such
later time as may be required by applicable Law) by delivery of a written notice of withdrawal to
the Transfer Agent, specifying (1) the certificate numbers of the withdrawn Units and shares of
Class B Stock, (2) if any, the number of Units and shares of Class B Stock as to which the Exchange
Notice remains in effect and (3) if the holder so determines, a new Exchange Date or any other new
or revised information permitted in an Exchange Notice. An Exchange Notice may specify that the
exchange is to be contingent (including as to timing) upon the consummation of a purchase by
another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of
shares of the Class A Stock into which the Units and shares of Class B Stock are exchangeable, or
contingent (including as to timing) upon the closing of an announced merger, consolidation or other
transaction or event in which the Class A Stock would be exchanged or converted or become
exchangeable for or convertible into cash or other securities or property.

          (d) In the event one class or series of Pubco Common Stock (the “Existing Securities”)
is converted into another class or series of Pubco Common Stock (the “New Securities”),
then an H&F Continuing Member, Management Member or eRx Member otherwise entitled to receive
Existing Securities upon exchange shall instead be entitled to receive on exchange the amount of
the New Securities that such Member would have received if the exchange of Units had occurred
immediately before the effective date of such event and the Existing Securities received by such
Member had been converted into the New Securities. No adjustments in respect of dividends or
distributions on any Unit will be made on the exchange of any Unit, and if the Exchange Date with
respect to a Unit occurs after the record date for the payment of a dividend or other distribution
on Units but before the date of the payment, then the registered Member holding the Unit at the
close of business on the record date will be entitled to receive the dividend or other distribution
payable on the Unit on the payment date (without duplication of any distribution to which such
holder may be entitled under Section 5.2) notwithstanding the exchange of the Unit or the default
in payment of the dividend or distribution due on the Exchange Date.

          (e) The Managing Member shall at all times reserve and keep available out of its authorized
but unissued Equity Securities, solely for the purpose of issuance upon exchange of Units and Class
B Stock, such number of shares of Class A Stock that shall be issuable upon the exchange of all
such outstanding Units and Class B Stock; provided, that nothing contained herein shall be
construed to preclude the Managing Member from satisfying its obligations in respect of the
exchange of the Units for shares of Class A Stock by delivery of purchased shares of Class A Stock
which are held in the treasury of the Managing Member. The Managing Member covenants that all
shares of Class A Stock that shall be issued upon exchange of Units and Class B Stock shall, upon
issuance thereof, be validly issued, fully paid and non-assessable.

          (f) The issuance of Class A Stock upon exchange of Units and Class B Stock shall be made
without charge to the exchanging Members for any stamp or other

27

 

similar tax in respect of such issuance; provided, however, that if any such shares are to be issued in a name
other than that of the exchanging Member, then the Person or Persons requesting the issuance
thereof shall pay to the Managing Member the amount of any tax that may be payable in respect of
any transfer involved in such issuance or shall establish to the satisfaction of the Managing
Member that such tax has been paid or is not payable.

          (g) (i) Notwithstanding anything to the contrary in this Section 3.7, but subject to Section
3.7(h), an exchanging Member shall be deemed to have offered to sell its or his Units (other than
any Unvested Unit) and Class B Stock as described in the Exchange Notice to the Managing Member,
and the Managing Member may, in its sole and absolute discretion, solely by means of delivery of
Call Election Notices and/or Revocation Notices in accordance with, and subject to the terms of,
this Section 3.7(g), elect to purchase directly and acquire such Units and Class B Stock on the
Exchange Date by paying to the exchanging Member either (at the option of the Managing Member in
its sole and absolute discretion as specified in the then-applicable Call Election Notice) (x) the
Cash Amount for the shares of Class A Stock such exchanging Member would otherwise receive pursuant
to Section 3.7(a) or (y) that number of shares of Class A Stock such exchanging Member would
otherwise receive pursuant to Section 3.7(a), whereupon the Managing Member shall, in the case of
each of clauses (x) and (y), acquire the Units and Class B Stock offered for exchange by the
exchanging Member and shall be treated for all purposes of this Agreement as the owner of such
Units and Class B Stock. Notwithstanding the foregoing, any purchase by the Managing Member of
Units and Class B Stock that would otherwise be exchanged for shares of Class A Stock in connection
with and sold in a Pubco Offer shall be for the same amount and type of consideration that the
Member would have received in the Pubco Offer. In the event the Managing Member shall exercise its
right to purchase Units and Class B Stock in the manner described in the first sentence of this
Section 3.7(g), each of the exchanging Member, the Company and the Managing Member, as the case may
be, shall treat the transaction between the Managing Member and the exchanging Member for federal
income tax purposes as a sale of the exchanging Member’s Units and Class B Stock to the Managing
Member. For purposes of this Section 3.7, “Cash Amount” means (A) only if the Exchange
Notice for the relevant exchange provides that the exchange is to be
contingent upon the consummation of a purchase by another Person (whether in a tender or
exchange offer or otherwise) of shares of the Class A Stock, the amount and type of cash or other
property (or combination of types of property) to which the exchanging Member would be entitled to
receive in such purchase; or (B) otherwise, the amount of cash per share of Class A Stock equal to
the Volume Weighted Average Price of such share of Class A Stock on the date that the Exchange
Notice is delivered to the Company. The Managing Member may only pay the Cash Amount from proceeds
of offerings of a number of shares of Class A Stock equal to the number of Units covered by such
Exchange Notice or pro rata distributions under Section 5.1(c).

               (ii) The Managing Member may at any time in its sole discretion deliver written notice (a
“Call Election Notice”) to each other Member setting forth its election to exercise its
call right as contemplated by this Section 3.7(g). Subject

28

 

to the remainder of this Section
3.7(g)(ii), a Call Election Notice will be effective until such time as the Managing Member amends
such Call Election Notice with a superseding Call Election Notice or revokes such Call Election
Notice by delivery of a written notice of revocation delivered to each other Member (a
“Revocation Notice”). A Call Election Notice may be amended or revoked by the Managing
Member at any time; provided that any Exchange Notice delivered by a Member will not,
without such Member’s written consent, be affected by the subsequent delivery of a Revocation
Notice or by an Exchange Notice that is not effective until after the Exchange Date. Following
delivery of a Revocation Notice, the Managing Member may deliver a new Call Election Notice
pursuant to this Section 3.7(g). The delivery or amendment of a Call Election Notice shall not
have the effect of causing the call right under this Section 3.7(g) to be exercised with respect to
Units exchangeable for shares proposed to be sold in an underwritten offering, if the holders of
such Units have notified the Company prior to such delivery or amendment that they contemplate
undertaking such an underwritten offering (unless such holders otherwise agree in writing with the
Company). Any amendment of a Call Election Notice will not be effective until thirty (30) Trading
Days after its delivery to each Member (other than the Managing Member). The call right under this
Section 3.7(g) shall in all events be exercised in each of the following cases either in full or
not at all: (A) with respect to all Units of a Member subject to any single Exchange Notice
(including as amended) or (B) with respect to all Units held by affiliated Members subject to any
Exchange Notice(s) (including as amended) with the same Exchange Date.

               (iii) Each Call Election Notice shall specify:

          (1) whether the Managing Member elects to pay in the Cash Amount or in shares
of Class A Stock,

          (2) the date from which it shall be effective (which shall be no earlier than
thirty (30) Trading Days after delivery),

          (3) whether and to what extent the call right will be exercised with respect
to exchanges made contingent upon the consummation of a purchase by another Person
(in a tender or exchange
offer, underwritten offering or otherwise) of shares of the Class A Stock to
be issued in the exchange or to other contingent exchanges, and

          (4) at the option of the Managing Member, a limitation on the exercise of the
call to Exchange Notices covering a specified minimum or maximum number of Units.

          (h) Notwithstanding any other provision of this Agreement, if a Disposition Event is approved
and consummated in accordance with applicable Law, at the request of the Company (or following such
Disposition Event, its successor) or the Managing Member (or following such Disposition Event, its
successor), each of the H&F Continuing Members, the Management Members and the eRx Members shall be
required to exchange with the Company (subject to the Managing Member’s rights described in Section
3.7(g), except that the Managing Member shall not be entitled to elect to

29

 

purchase Units and shares
of Class B Stock for the Cash Amount under this Section 3.7(h)), at any time and from time to time
after, or simultaneously with, the consummation of such Disposition Event, all of such Member’s
Units and shares of Class B Stock; provided that, in the event of a Disposition Event
intended to qualify as a reorganization within the meaning of Section 368(a) of the Code or as a
transfer described in Section 351(a) or Section 721 of the Code, the H&F Continuing Members, the
Management Members and the eRx Members shall not be required to exchange their Units and shares of
Class B Stock unless either (i) the H&F Continuing Members collectively own less than 20% of the
Units and shares of Class B Stock held by them immediately prior to the IPO (after giving effect to
any unit or stock split, reverse unit or stock split, unit or stock distribution or dividend or
similar event) or (ii) as part of such transaction, the holders (other than the Managing Member and
its Subsidiaries) of Units and shares of Class B Stock are permitted to exchange their Units and
such shares for securities in a transaction that is expected to permit such exchange without
current recognition of gain or loss (except to the extent that property other than securities is
received in such exchange), based on a “should” or “will” level opinion from independent tax
counsel of recognized standing and expertise. For the avoidance of doubt in connection with a
Disposition Event, in no event shall the holders (other than the Managing Member and its
Subsidiaries) of Units and shares of Class B Stock be entitled to receive aggregate consideration
for each Unit and corresponding share of Class B Stock that is greater than the consideration
payable in respect of each share of Class A Stock (it being understood that payments under or in
respect of the Tax Receivable Agreements shall not be considered part of any such consideration).

          (i) If the Class A Stock is listed on a securities exchange, the Managing Member shall use its
reasonable best efforts to cause all Class A Stock issued upon an exchange of Units to be listed on
the same securities exchange at the time of such issuance.

          (j) No exchange pursuant to this Section 3.7 shall impair the right of the exchanging Member
to receive any distributions payable on the Units so exchanged in respect of a record date that
occurs prior to the Exchange Date for such exchange. For the avoidance of doubt, no exchanging
Member shall be entitled to receive, in respect of
a single record date, distributions or dividends both on Units exchanged by such Member and on
Pubco Common Stock received by such Member in such exchange.

          Section 3.8 Tender Offers and Other Events with Respect to the Managing Member.
In the event that a tender offer, share exchange offer, issuer bid, take-over bid,
recapitalization or similar transaction with respect to Class A Stock (a “Pubco Offer”) is
proposed by the Managing Member or is proposed to the Managing Member or its stockholders and
approved by the board of directors of the Managing Member or is otherwise effected or to be
effected with the consent or approval of the board of directors of the Managing Member, the holders
(other than the Managing Member and its Subsidiaries) of Units and shares of Class B Stock shall be
permitted to participate in such Pubco Offer by delivery of a contingent Exchange Notice in
accordance with the last sentence of Section 3.7(c). In the case of a Pubco Offer proposed by the
Managing Member, the Managing Member will use its reasonable best

30

 

efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and
permit the holders (other than the Managing Member and its Subsidiaries) of Units and shares of
Class B Stock to participate in such Pubco Offer to the same extent or on an economically
equivalent basis as the holders of shares of Class A Stock without discrimination; provided
that, without limiting the generality of this sentence, the Managing Member will use its reasonable
best efforts expeditiously and in good faith to ensure that such holders of Units may participate
in each such Pubco Offer without being required to exchange Units and shares of Class B Stock (or,
if so required, to ensure that any such exchange shall be effective only upon, and shall be
conditional upon, the closing of such Pubco Offer and only to the extent necessary to tender or
deposit to the Pubco Offer in accordance with the last sentence of Section 3.7(c), or, as
applicable, to the extent necessary to exchange the number of Units and shares being repurchased).
Nothing in this Section 3.8 shall affect the right of the Managing Member to purchase Units and
shares of Class B Stock, to the extent exercised under Section 3.7(g), upon the closing of such
Pubco Offer for the amount per share and type of cash or other property as is paid for the Class A
Stock in the Pubco Offer. For the avoidance of doubt, in no event shall the holders (other than
the Managing Member and its Subsidiaries) of Units and shares of Class B Stock be entitled to
receive in such Pubco Offer aggregate consideration for each Unit and corresponding share of Class
B Stock that is greater than the consideration payable in respect of each share of Class A Stock in
connection with a Pubco Offer (it being understood that payments under or in respect of the Tax
Receivable Agreements shall not be considered part of any such consideration).

ARTICLE IV

ALLOCATIONS OF PROFITS AND LOSSES

          Section 4.1 Profits and Losses. Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent
necessary, individual items of income, gain, loss, deduction or credit) of the Company shall be
allocated among the Members in a manner such that,
after giving effect to the special allocations set forth in Sections 4.2 and 4.3, the Capital
Account balance of each Member, immediately after making such allocation, is, as nearly as
possible, equal to (i) the distributions that would be made to such Member pursuant to Section
10.3(b) if the Company were dissolved, its affairs wound up and its assets sold for cash equal to
their Gross Asset Value, all Company Liabilities were satisfied (limited with respect to each
nonrecourse Liability to the Gross Asset Value of the assets securing such Liability), and the net
assets of the Company were distributed, in accordance with Section 10.3(b), to the Members
immediately after making such allocation, minus (ii) such Member’s share of Company Minimum Gain
and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets. For
purposes of the allocations determined in accordance with this Section 4.1, the amount of
distributions pursuant to Section 10.3(b) shall be computed by assuming that all of the Unvested
Units then outstanding are Vested Units and all Escrowed Units are Non-Escrowed Units.

          Section 4.2 Section 754 Election. The Company shall ensure that it has in effect at all times an election described in
Section 754 of the Code. To the extent an

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adjustment to the adjusted tax basis of any Company
asset pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts,
the amount of that adjustment to the Capital Accounts shall be treated as an item of gain (if the
adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the
asset), and such gain or loss shall be specially allocated to the Members in the manner consistent
with the manner in which their Capital Accounts are required to be adjusted pursuant to that
Treasury Regulation.

          Section 4.3 Regulatory and Curative Allocations; Other Allocations.

          (a) Company Minimum Gain Chargeback. Except as otherwise provided in Section 1.704-2(f) of
the Treasury Regulations, notwithstanding any other provision of this Agreement, if there is a net
decrease in Company Minimum Gain during any Fiscal Year, each Member shall be specially allocated
items of Company income and gain for such Fiscal Year (and, if necessary, for subsequent Fiscal
Years) in an amount equal to the portion of that Member’s share of the net decrease in Company
Minimum Gain during such year that is allocable to the disposition of any Company assets subject to
one or more Nonrecourse Liabilities of the Company. Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be allocated to each Member
pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury
Regulation Section 1.704-2(j)(2)(i). Any Member’s share of any net decrease in Company Minimum
Gain shall be determined in accordance with Treasury Regulation Section 1.704-2(g). This section
is intended to comply with the minimum gain chargeback requirement in the Treasury Regulations and
shall be interpreted consistently therewith.

          (b) Member Minimum Gain Chargeback. Notwithstanding any other provision of this Agreement
except Section 4.3(a), if there is a net decrease in Member Minimum Gain attributable to Member
Nonrecourse Debt during any Fiscal Year, each Member who has a share of the Member Minimum Gain
attributable to such Member Nonrecourse Debt shall be specially allocated items of Company income
and gain for such year (and, if necessary, subsequent years) in an amount equal to the portion of
such Member’s share of the net decrease of Member Minimum Gain. Allocations pursuant to the
previous sentence shall be made in proportion to the respective amounts required to be allocated to
each Member pursuant thereto. The items to be so allocated shall be determined in accordance with
Treasury Regulation Section 1.704-2(j)(2)(ii). Any Member’s share of the net decrease in Member
Minimum Gain shall be determined in accordance with Treasury Regulation Section 1.704-2(i)(5).
This section is intended to comply with the partner recourse debt minimum gain chargeback
requirements in the Treasury Regulations and shall be interpreted consistently therewith.

          (c) Qualified Income Offset. In the event any Member unexpectedly receives any adjustment,
allocation or distribution described in Treasury Regulation paragraph (4), (5) or (6) of Section
1.704-1(b)(2)(ii)(d), items of income and gain shall be specially allocated to the Members in an
amount and manner sufficient to eliminate, to

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the extent required by the Treasury Regulations, the
Adjusted Capital Account Deficit of that Member as quickly as possible.

          (d) Gross Income Allocation. If any Member has a deficit Capital Account balance at the end
of any Fiscal Year that is in excess of the sum of (i) the amount that such Member is obligated to
restore and (ii) the amount that the Member is deemed to be obligated to restore pursuant to the
penultimate sentence of Treasury Regulation Sections 1.704-2(g)(1) and (i)(5), that Member shall be
specially allocated items of Company income and gain in the amount of such excess as quickly as
possible, provided that an allocation pursuant to this Section 4.3(d) shall be made only if
and to the extent that such Member would have a deficit Capital Account in excess of such sum after
all other allocations provided for in this Article IV have been made as if Sections 4.3(c) and
4.3(d) were not in this Agreement.

          (e) Nonrecourse Deductions. Nonrecourse Deductions for any Fiscal Year shall be specially
allocated to the Members pro rata in proportion to their Units. The amount of Nonrecourse
Deductions for a Fiscal Year shall equal the excess, if any, of the net increase, if any, in the
amount of Company Minimum Gain during that Fiscal Year over the aggregate amount of any
distributions during that Fiscal Year of proceeds of a Nonrecourse Liability that are allocable to
an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury
Regulation Section 1.704-2(d).

          (f) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions for any Fiscal Year
shall be specially allocated to the Member who bears economic risk of loss with respect to the
Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance
with Treasury Regulation Section 1.704-2(i). The amount of Member Nonrecourse Deductions with
respect to a Member Nonrecourse Debt for a Fiscal Year equals the excess, if any, of the net
increase, if any, in the amount of Member Minimum Gain attributable to such Member Nonrecourse Debt
during that Fiscal Year over the aggregate amount of any distributions during that Fiscal Year to
the Member that bears the economic risk of loss for such Member Nonrecourse Debt to the extent such
distributions are from the proceeds of such Member Nonrecourse Debt and are allocable to an
increase in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Section 1.704-2(i)(1).

          (g) Curative Allocations. The allocations set forth in Sections 4.3(a) through 4.3(f) (the
“Regulatory Allocations”) are intended to comply with certain requirements of Treasury
Regulation Section 1.704-1(b) and 1.704-2. Notwithstanding any other provision of this Article IV
(other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future
Regulatory Allocations) shall be taken into account in allocating other items of income, gain, loss
and deduction among the Members so that, to the extent possible, the net amount of such allocation
of other items and the Regulatory Allocations to each Member should be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred. This
Section 4.3(g) is intended to minimize to the extent possible and to the

33

 

extent necessary any
economic distortions which may result from application of the Regulatory Allocations and shall be
interpreted in a manner consistent therewith.

          Section 4.4 Allocations for Tax Purposes.

          (a) Tax Allocations. Except as otherwise provided in this Section 4.4, each item of income,
gain, loss and deduction of the Company for federal income tax purposes shall be allocated among
the Members in the same manner as such item is allocated under Sections 4.1 through 4.3 hereof in
accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv), and to the extent
consistent with such regulations, the other provisions of this Agreement.

          (b) Contributed Property. Items of income, gain, loss and deduction with respect to any
property contributed to the Company shall, solely for tax purposes, be allocated among the Members
in accordance with Code Section 704(c) and the Treasury Regulations thereunder so as to take
account of any variation between the Adjusted Basis and the initial Gross Asset Value of such
property. Unless the Members otherwise agree, allocations pursuant to this Section 4.4(b) shall
use the “traditional method” as set forth in Treasury Regulation Section 1.704-3(b).

          (c) Adjustments to Value of Property. In the event the Gross Asset Value of any Company asset
is adjusted pursuant to subsection (b) of the definition of Gross Asset Value, subsequent
allocations of income, gain, loss and deduction with respect to that asset shall take into account
any variation between the Gross Asset Value of that asset before such adjustment and its Gross
Asset Value after such adjustment in the same manner as the variation between Adjusted Basis and
Gross Asset Value is taken
into account under Section 4.4(a) hereof with respect to contributed property, and such
variation shall be allocated in accordance with the principles of Treasury Regulation Section
1.704-1(b)(2)(iv)(f) and Section 4.4(b) hereof.

          (d) Recapture of Deductions and Credits. If any “recapture” of deductions or credits
previously claimed by the Company is required under the Code upon the sale or other taxable
disposition of any Company property, those recaptured deductions or credits shall, to the extent
possible, be allocated to the Members in accordance with Treasury Regulation Section 1.1245-1(e).

          (e) Limited Application. Allocations pursuant to this Section 4.4 are solely for purposes of
federal, state and local taxes and shall not affect or in any way be taken into account in
computing any Member’s Capital Account or share of Profits, Losses, other items or distributions
pursuant to any provision of this Agreement.

          (f) Allocation of Excess Nonrecourse Liabilities. All “excess nonrecourse liabilities,” as
such term is defined in Treasury Regulation Section 1.752-3(a)(3), shall be allocated to the
Members pro rata in proportion to their Units.

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          Section 4.5 Other Allocation Rules.

          (a) The Members are aware of the income tax consequences of the allocations made by this
Article IV and the economic impact of the allocations on the amounts receivable by them under this
Agreement. The Members hereby agree to be bound by the provisions of this Article IV in reporting
their share of Company income and loss for income tax purposes.

          (b) For purposes of determining the Profits, Losses, or any other items allocable to any
period, Profits, Losses, and any such other items shall be determined on a daily, monthly or other
basis, as determined by the Managing Member using any permissible method under Code Section 706 and
the Treasury Regulations thereunder.

ARTICLE V

DISTRIBUTIONS

          Section 5.1 Amount and Time of Distributions.

          (a) Except as set forth in this Section 5.1 or Section 5.2 (including the last sentence of
Section 5.2(a)), and the restrictions set forth in any class or series of Equity Securities created
pursuant to Section 3.3, each distribution shall be made to the Members only at such times as the
Managing Member shall reasonably determine and shall be made to the Members pro rata in proportion
to their respective Units.

          (b) Notwithstanding the provisions of Section 5.1(a), a Management Member holding an Unvested
Unit shall only be entitled to receive a distribution in respect of such Unvested Unit in an amount
equal to the Tax Distributions with respect to such Unvested Unit in accordance with Section 5.2.
The Company shall maintain in a segregated account any other amounts that were otherwise
distributable to each Management Member in respect of each Unvested Unit that were not distributed
as a result of this Section 5.1(b). After the end of each Fiscal Year, the Company shall
distribute to each such Management Member an amount equal to the excess of (i) the aggregate amount
previously distributable under Section 5.1(a) with respect to each Unvested Unit that shall have
become a Vested Unit as of the end of such Fiscal Year held by such Management Member (determined
without giving effect to the first sentence of this Section 5.1(b)) over (ii) the amounts
previously distributed to such Management Member with respect to such Unvested Unit.

          (c) Notwithstanding the provisions of Section 5.1(a), the Managing Member, in its sole
discretion, may authorize that (i) cash be paid to the Managing Member (which payment shall be made
without pro rata distributions to the other Members) in exchange for the redemption, repurchase or
other acquisition of the Managing Member’s Units to the extent that such cash payment is used to
redeem, repurchase or otherwise acquire an equal number of shares of Class A Stock in accordance
with Section 3.1(f), and (ii) to the extent that the Managing Member determines that expenses or
other obligations of the Managing Member are related to its role as the managing Member of the
Company or the business and affairs of the

35

 

Managing Member that are conducted through the Company
or any of the Company’s direct or indirect Subsidiaries, cash distributions be made to the Managing
Member (which distributions shall be made without pro rata distributions to the other Members) in
amounts required for the Managing Member to pay (A) operating, administrative and other similar
costs incurred by the Managing Member, including payments in respect of Indebtedness and preferred
stock, to the extent used or will be used by the Managing Member to pay expenses or other
obligations described in this clause (ii) (in either case only to the extent economically
equivalent Indebtedness or Equity Securities of the Company were not issued to the Managing
Member), payments representing interest with respect to payments not made when due under the terms
of the Tax Receivables Agreements and payments pursuant to any legal, tax, accounting and other
professional fees and expenses (but, for the avoidance of doubt, excluding any tax liabilities of
the Managing Member), (B) any judgments, settlements, penalties, fines or other costs and expenses
in respect of any claims against, or any litigation or proceedings involving, the Managing Member,
(C) fees and expenses related to any securities offering, investment or acquisition transaction
(whether or not successful) authorized by the board of directors of the Managing Member and (D)
other fees and expenses in connection with the maintenance of the existence of the Managing Member
(including any costs or expenses associated with being a public company listed on a national
securities exchange). For the avoidance of doubt, distributions made under this Section 5.1(c) may
not be used to pay or facilitate dividends or distributions on the Pubco Common Stock.

          (d) Except as otherwise provided in this Agreement, any distributions may be made in cash or
in kind, or partly in cash and partly in kind, as determined by the Managing Member. Upon any
distribution in kind, the distribution shall be treated as if the property were sold for its Gross
Asset Value, and the proceeds therefor distributed to the Members. The deemed gain or loss on such
disposition shall be included in the calculation of Profit and Loss for the period in which the
distribution occurred.

          Section 5.2 Tax Distributions.

          (a) With respect to each Fiscal Year, the Company shall make distributions to each Member pro
rata in accordance with their respective Annual Target Tax Distributions. The “Annual Target
Tax Distribution” of a Member shall mean the product of (i) the excess of the Company’s total
taxable income allocable to the Member in respect of such Fiscal Year over taxable losses allocated
to the Member in prior Fiscal Years and, in the case of the Managing Member, in the period
commencing on the Original Effective Date and ending on the Subsequent Effective Date, to the
extent such losses have not previously been taken into account to reduce taxable income pursuant to
this provision (ignoring partner level Section 743 adjustments except as described in subparagraph
(c) below), and (ii) the highest maximum combined marginal federal, state and local income tax
rates generally applicable to an individual resident (or, if higher, a corporation resident) in New
York City, New York may be subject. Amounts distributed pursuant to this Section 5.2 shall be
referred to as “Tax Distributions.” Tax Distributions pursuant to this Section 5.2(a)
shall be estimated by the Tax Matters Member on a quarterly basis and, to the extent feasible (as
determined with the approval of the

36

 

disinterested members of the board of directors of the Managing
Member including a majority of the Independent Directors (as defined in the Stockholders Agreement)
in the case of Tax Distributions to the eRx Members), shall be distributed to the Members (together
with a statement showing the calculation of such Tax Distribution and an estimate of taxable income
allocable to each Member for such period) on a quarterly basis on the date that is five Business
Days prior to whichever of April 15th, June 15th, September 15th or December 15 falls (or other
dates for which corporations are required to make quarterly estimated tax payments for U.S. federal
income tax purposes) (a “Quarterly Tax Distribution”) within the relevant quarter to
facilitate the payment of estimated taxes by the Members or their beneficial owners. Quarterly Tax
Distributions shall be based upon the estimated taxable income of the Company for the Fiscal Year
through the end of the month prior to the month in which such Quarterly Tax Distribution is made
(and shall (A) utilize the same methodology for calculating the amount of such Quarterly Tax
Distribution described above for Annual Target Tax Distributions and (B) take into account prior
Tax Distributions made with respect to such Fiscal Year); provided, that with respect to
the final Quarterly Tax Distribution for a Fiscal Year, such distribution shall be based upon
taxable income of the Company for the full Fiscal Year. A final accounting for Tax Distributions
shall be made for each taxable year after the Company’s actual taxable income has been determined
and (x) any shortfall in the amount of Tax Distributions the Members received for such taxable year
based on such
final determination shall promptly be distributed to such Members, and (y) any excess in the
amount of Tax Distributions the Members received for such taxable year shall be applied against the
subsequent Tax Distributions due to such Members. Tax Distributions to a Member (other than
Nonrefundable Tax Distributions) shall be offset against and reduce subsequent distributions (other
than Tax Distributions) to which a Member would otherwise be entitled to receive pursuant to
Section 5.1 and/or Section 10.3 of this Agreement.

          (b) In the event of any audit adjustment by a taxing authority which affects the calculation
of the Annual Target Tax Distribution for any Fiscal Year, or in the event the Company files an
amended return which has such effect, the Annual Target Tax Distribution with respect to such year
shall be recalculated by giving effect to such audit adjustment or changes reflected in the amended
return, as applicable (and by including therein an additional amount that, when distributed to the
Members pursuant to this sentence, will be sufficient to cover any interest or penalties incurred
by any of Member or former Member in connection therewith), and the Members and former Members who
were Members during the relevant tax year shall be entitled to an additional distribution or shall
refund any overpayment required on the basis of such audit recalculated Annual Target Tax
Distribution amount.

          (c) Solely for purposes of computing Annual Target Tax Distributions, the Company’s taxable
income or loss shall be computed on the basis that the common tax bases of the Company’s assets
were adjusted on the Original Effective Date in a manner that corresponds to (i) the Section 743
adjustments of the Managing Member in respect of such assets as of the Original Effective Date,
divided by (ii) 52%, except to the extent otherwise agreed by the H&F Continuing Members and the
Managing Member.

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For purposes of this calculation, the deemed increases or decreases in the tax
bases of the Company’s assets described in the preceding sentence will be treated in the same
manner as the Section 743 adjustments of the Managing Member with respect to such assets. For
example, if the Managing Member received a partner level amortizable basis adjustment to goodwill
of $190 million in respect of its Units on the Original Effective Date, the Company may be treated
for purposes of computing Annual Target Tax Distributions as having received a hypothetical common
basis adjustment to amortizable goodwill of $365 million (190 divided by 0.52) on the Original
Effective Date. For the avoidance of doubt, the Section 743 adjustments of the H&F Continuing
Members, the Section 743 adjustment of HF Pubco Sub and the Section 743 adjustment of GA Pubco Sub
as a result of the transactions contemplated by the Purchase Agreement shall not be taken into
account for purposes of calculating Tax Distributions under this Section 5.2(c).

          (d) In addition to the foregoing but subject to any restrictions set forth in any Indebtedness
of the Company, the Company shall make distributions five Business Days prior to June 1st and
December 1st of each Fiscal Year to the Members pro rata in proportion to their respective Units
such that the Managing Member shall receive an amount pursuant to this Section 5.2(d) equal to any
tax that (i) is not determined on the basis of the Company’s taxable income but is payable by the
Managing Member due to the Managing Member’s ownership of Units in the Company and (ii) accrues as
of such
June 1st or December 1st for the current or any prior Fiscal Year but with respect to which no
prior distribution has been made pursuant to this Section 5.2(d). For the avoidance of doubt,
distributions made pursuant to this Section 5.2(d) shall be determined by reference to certain tax
liabilities of the Managing Member but shall be made to all Members on a pro rata basis.

          Section 5.3 Distribution Upon Withdrawal. No withdrawing Member shall be entitled to receive any distribution or the value of such
Member’s Interest in the Company as a result of withdrawal from the Company prior to the
liquidation of the Company, except as specifically provided in this Agreement.

ARTICLE VI

MANAGEMENT

          Section 6.1 The Managing Member; Fiduciary Duties.

          (a) Pubco shall be the sole managing Member of the Company. Except as otherwise required by
Law, (i) the managing Member shall have full and complete charge of all affairs of the Company,
(ii) the management and control of the Company’s business activities and operations shall rest
exclusively with the managing Member, and the managing Member shall make all decisions regarding
the business, activities and operations of the Company (including the incurrence of costs and
expenses) in its sole discretion without the consent of any other Member and (iii) the Members
other than the managing Member (in their capacity as such) shall not participate in the control,
management, direction or operation of the activities or affairs of the Company and shall have no
power to act for or bind the Company.

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          (b) In connection with the performance of its duties as the managing Member of the Company,
the managing Member acknowledges that it will owe to the Members the same fiduciary duties as it
would owe to the stockholders of a Delaware corporation if it were a member of the board of
directors of such a corporation and the Members were stockholders of such corporation. The parties
acknowledge that the Managing Member will take action through its board of directors, and that the
members of the Managing Member’s board of directors will owe comparable fiduciary duties to the
stockholders of the Managing Member. The Managing Member will use all commercially reasonable and
appropriate efforts and means, as determined in good faith by the Managing Member, to minimize any
conflict of interest between the Members, on the one hand, and the stockholders of the Managing
Member, on the other hand, and to effectuate any transaction that involves or affects any of the
Company, the Managing Member, the Members and/or the stockholders of the Managing Member in a
manner that does not (i) disadvantage the Members or their interests relative to the stockholders
of the Managing Member or (ii) advantage the stockholders of the Managing Member relative to the
Members or (iii) treats the Members and the stockholders of the Managing Member
differently; provided, that in the event of a conflict between the interests of the
stockholders of the Managing Member and the interests of the other Members, the other Members agree
that the Managing Member shall discharge its fiduciary duties to the other Members by acting in the
best interests of the Managing Member’s stockholders.

          Section 6.2 Officers.

          (a) The managing Member may appoint, employ or otherwise contract with any Person for the
transaction of the business of the Company or the performance of services for or on behalf of the
Company, and the managing Member may delegate to any such Persons such authority to act on behalf
of the Company as the managing Member may from time to time deem appropriate.

          (b) The initial president and chief executive officer of the Company (the “President and
Chief Executive Officer”) will be George Lazenby, subject to the terms of the employment
agreement between EBS LLC and George Lazenby, dated as of March 29, 2007 (as the same may be
amended from time to time).

          (c) Except as otherwise set forth herein, the President and Chief Executive Officer will be
responsible for the general and active management of the business of the Company and its
Subsidiaries and will see that all orders of the Managing Member are carried into effect. The
President and Chief Executive Officer will report to the managing Member and have the general
powers and duties of management usually vested in the office of president and chief executive
officer of a corporation organized under the DGCL, subject to the terms of this Agreement, and will
have such other powers and duties as may be prescribed by the managing Member or this Agreement.
The President and Chief Executive Officer will have the power to execute bonds, mortgages and other
contracts requiring a seal, under the seal of the Company, except where required or permitted by
Law to be otherwise signed and executed, and except where the

39

 

signing and execution thereof will be
expressly delegated by the managing Member to some other officer or agent of the Company.

          (d) Except as set forth herein, the managing Member may appoint officers at any time, and the
officers may include one or more vice presidents, a secretary, one or more assistant secretaries, a
chief financial officer, a general counsel, a treasurer, one or more assistant treasurers, a chief
operating officer, an executive chairman, and any other officers that the managing Member deems
appropriate. Except as set forth herein, the officers will serve at the pleasure of the managing
Member, subject to all rights, if any, of such officer under any contract of employment. Any
individual may hold any number of offices, and an officer may, but need not, be a Member of the
Company. The officers will exercise such powers and perform such duties as specified in this
Agreement or as determined from time to time by the managing Member.

          (e) Subject to this Agreement and to the rights, if any, of an officer under a contract of
employment, any officer may be removed, either with or without
cause, by the managing Member. Any officer may resign at any time by giving written notice to
the managing Member. Any resignation will take effect at the date of the receipt of that notice or
at any later time specified in that notice; and, unless otherwise specified in that notice, the
acceptance of the resignation will not be necessary to make it effective. Any resignation is
without prejudice to the rights, if any, of the Company under any contract to which the officer is
a party. A vacancy in any office because of death, resignation, removal, disqualification or any
other cause will be filled in the manner prescribed in this Agreement for regular appointments to
that office.

          Section 6.3 Warranted Reliance by Officers on Others. In exercising their authority and performing their duties under this Agreement, the
officers shall be entitled to rely on information, opinions, reports, or statements of the
following persons or groups unless they have actual knowledge concerning the matter in question
that would cause such reliance to be unwarranted:

          (a) one or more employees or other agents of the Company or in subordinates whom the officer
reasonably believes to be reliable and competent in the matters presented; and

          (b) any attorney, public accountant, or other person as to matters which the officer
reasonably believes to be within such person’s professional or expert competence.

          Section 6.4 Indemnification of the Managing Member, Officers and the Tax Matters
Member.

          (a) Unless otherwise provided in Section 6.4(d), the Company, its receiver or its trustee (in
the case of its receiver or trustee, to the extent of the assets of the Company) shall indemnify,
save harmless, and pay all judgments and claims against the managing Member, any of the officers or
the Tax Matters Member (each, an “Indemnified Person”) relating to any Liability or damage
incurred by reason of any act

40

 

performed or omitted to be performed by any Indemnified Person (in
such capacity) in good faith relating to or in connection with the business or affairs of the
Company, including reasonable attorneys’ fees incurred by the Indemnified Person in connection with
the defense of any action based on any such act or omission, which attorneys’ fees shall be paid as
incurred. In the event it is later determined that the Indemnified Person was not entitled to any
attorneys’ fees paid to it in accordance with this Section 6.4(a), such Indemnified Person shall
promptly reimburse the Company for such payments together with interest on such amounts accruing
from the date of advancement of such payments until the date of repayment (calculated on the basis
of a 360 day year) at the Prime Rate as in effect from time to time.

          (b) Unless otherwise provided in Section 6.4(d), in the event of any action by a Member
against any Indemnified Person, including a Company derivative suit, the Company shall indemnify,
save harmless, and pay all expenses of such Indemnified Person, including reasonable attorneys’
fees, incurred in the defense of such action.

          (c) Unless otherwise provided in Section 6.4(d), the Company shall indemnify, save harmless
and pay all expenses, costs, or Liabilities of any Indemnified Person, if for the benefit of the
Company, at the direction of the managing Member, and in accordance with this Agreement if said
Indemnified Person makes any deposit or makes any other similar payment or assumes any obligation
in connection with any business proposed to be acquired by the Company and suffers any financial
loss as the result of such action.

          (d) Notwithstanding the provisions of Sections 6.4(a), 6.4(b) and 6.4(c) above, (i) such
Sections shall be enforced only to the maximum extent permitted by Law and (ii) no Indemnified
Person shall seek or be entitled to indemnification for any fraud, intentional misconduct, gross
negligence or knowing violation of the Law made or committed by his, her or itself or any of his,
her or its Affiliates which was material to the cause of action or other matter giving rise to a
potential claim for indemnification.

          (e) An Indemnified Person shall be fully protected in relying in good faith upon the records
of the Company and upon such information, opinions, reports or statements presented to the Company
by any Person as to matters the Indemnified Person reasonably believes are within such other
Person’s professional or expert competence, including information, opinions, reports or statements
as to the value and amount of the assets, Liabilities, Profits or Losses or any other facts
pertinent to the existence and amount of assets from which distributions to Members might properly
be paid.

          (f) The obligations of the Company set forth in this Section 6.4 are expressly intended to
create third party beneficiary rights of each of the Indemnified Persons and shall survive any
termination of this Agreement.

          Section 6.5 Maintenance of Insurance or Other Financial Arrangements. In compliance with applicable Law, the Company (with the approval of the managing Member)
may purchase and maintain insurance or make other financial

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arrangements on behalf of any Person
who is or was a Member, employee or agent of the Company, or at the request of the Company is or
was serving as a manager, director, officer, employee or agent of another limited liability
company, corporation, partnership, joint venture, trust or other enterprise, for any Liability
asserted against such Person and Liability and expenses incurred by such Person in such Person’s
capacity as such, or arising out of such Person’s status as such, whether or not the Company has
the authority to indemnify such Person against such Liability and expenses.

          Section 6.6 Resignation or Termination of Managing Member. Pubco shall not, by any means, resign as, cease to be or be replaced as managing Member
except in compliance with this Section 6.6. No termination or replacement of Pubco as managing
Member shall be effective unless proper provision is made, in compliance with this Agreement, so
that the obligations of Pubco, its successor (if applicable) and any new managing Member and the
rights of all Members under this Agreement and applicable Law remain in full force and effect. No
appointment of a Person other than Pubco (or following a Disposition Event, its successor) as
managing Member shall be effective unless Pubco (or its successor, as applicable) and the new
managing Member (as applicable) provide all other Members with contractual rights, directly
enforceable by such other Members against Pubco (or its successor, as applicable) and the new
managing Member (as applicable), to cause (a) Pubco to comply with all Pubco’s obligations under
this Agreement (including its obligations under Section 3.7) other than those that must necessarily
be taken in its capacity as managing Member and (b) the new managing Member to comply with all the
managing Member’s obligations under this Agreement.

          Section 6.7 No Inconsistent Obligations. Managing Member represents that it does not have any contracts, other agreements, duties or
obligations that are inconsistent with its duties and obligations (whether or not in its capacity
as Managing Member) under this Agreement and covenants that, except as permitted by Section 6.1, it
will not enter into any contracts or other agreements or undertake or acquire any other duties or
obligations that are inconsistent with such duties and obligations.

          Section 6.8 Reclassification Events of Pubco. If a Reclassification Event occurs, the Managing Member or its successor, as the case may
be, shall, as and to the extent necessary, amend this Agreement in compliance with Section 11.1,
and enter into any necessary supplementary or additional agreements, to ensure that, following the
effective date of the Reclassification Event: (i) the exchange rights of holders of Units set forth
in Section 3.7 provide that each Unit and share of Class B Stock is exchangeable for the same
amount and same type of property, securities or cash (or combination thereof) that one share of
Class A Stock becomes exchangeable for or converted into as a result of the Reclassification Event
and (ii) Pubco or the successor to Pubco, as applicable, is obligated to deliver such property,
securities or cash upon such exchange. Pubco shall not consummate or agree to consummate any
Reclassification Event unless the successor Person, if any, becomes obligated to comply with the
obligations of Pubco (in whatever capacity) under this Agreement. For the avoidance of doubt, the
provisions of this Section 6.8 shall not affect the right of the Company or the Managing Member to
require an exchange pursuant to Section 3.7(h) upon the consummation of a Disposition Event.

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          Section 6.9 Managing Member Dividends and Distributions. Except as otherwise determined by the Managing Member with the consent of the H&F
Continuing Members, the Managing Member shall not make any dividend or other distribution on any
shares of Class A Stock (other than a dividend payable entirely in shares of capital stock of the
Managing Member that is made in accordance with Section 3.1(g)) except solely with the proceeds of
distributions received by the Managing Member in respect of Units pursuant to Section 5.1(a)
(which, for the avoidance of doubt, does not include Tax Distributions) that were paid pro rata to
all holders of Units.

ARTICLE VII

ROLE OF MEMBERS

          Section 7.1 Rights or Powers.

          (a) Other than the Managing Member, the Members, acting in their capacity as Members, shall
not have any right or power to take part in the management or control of the Company or its
business and affairs or to act for or bind the Company in any way. Notwithstanding the foregoing,
the Members have all the rights and powers specifically set forth in this Agreement and, to the
extent not inconsistent with this Agreement, in the Act. A Member, any Affiliate thereof or an
employee, stockholder, agent, director or officer of a Member or any Affiliate thereof, may also be
an employee or be retained as an agent of the Company. The existence of these relationships and
acting in such capacities will not result in the Member (other than the Managing Member) being
deemed to be participating in the control of the business of the Company or otherwise affect the
limited liability of the Member. Except as specifically provided herein, a Member (other than the
Managing Member) shall not, in its capacity as a Member, take part in the operation, management or
control of the Company’s business, transact any business in the Company’s name or have the power to
sign documents for or otherwise bind the Company.

          (b) The Company shall, from time to time, as and when required, cause EBS LLC and each of the
Company’s other Subsidiaries to make distributions upon their respective equity interests in
aggregate amounts necessary to allow the Company to make Tax Distributions to the Members as
provided in Section 5.2(a).

          Section 7.2 Voting.

          (a) Meetings of the Members may be called upon the written request of Members holding at least
5% of the outstanding Units. Such request shall state the location of the meeting and the nature
of the business to be transacted at the meeting. Written notice of any such meeting shall be given
to all Members not less than two
Business Days nor more than 30 days prior to the date of such meeting. Members may vote in
person, by proxy or by telephone at any meeting of the Members and may waive advance notice of such
meeting; provided, that the eRx Members shall not be entitled to any vote at such meeting
with respect to eRx Units. Whenever the vote or consent of Members is permitted or required under
this Agreement, such vote or consent may be given at a meeting of the Members or may be given in
accordance with the procedure

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prescribed in this Section 7.2. Except as otherwise expressly
provided in this Agreement, the affirmative vote of the Members holding a majority of the
outstanding Units, excluding eRx Units held by eRx Members, shall constitute the act of the
Members.

          (b) Each Member may authorize any Person or Persons to act for it by proxy on all matters in
which such Member is entitled to participate, including waiving notice of any meeting, or voting or
participating at a meeting. Every proxy must be signed by such Member or its attorney-in-fact. No
proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise
provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it.

          (c) Each meeting of Members shall be conducted by an officer designated by the Managing Member
or such other individual person as the Managing Member deems appropriate.

          (d) Any action required or permitted to be taken by the Members may be taken without a meeting
if the requisite Members whose approval is necessary consent thereto in writing.

          Section 7.3 Various Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to
time act in various capacities, including as a Member and as the Tax Matters Member.

ARTICLE VIII

TRANSFERS OF INTERESTS

          Section 8.1 Restrictions on Transfer.

          (a) Except as provided in Section 3.7 and Section 8.1(c) and except for the Transfers (i) by
an H&F Continuing Member to an H&F Permitted Transferee, (ii) by a Management Member to a
Management Permitted Transferee, provided, that any and all such Transfers shall not at any
time result in greater than sixteen (16) Management Members (including Management Permitted
Transferees) as parties to this Agreement or (iii) by an eRx Member of Non-Escrowed Units to an eRx
Permitted Transferee, provided, that any and all such Transfers shall not at any time
result in greater than eight (8) eRx Members (including eRx Permitted Transferees) as parties to
this Agreement, no Member shall, nor shall its direct and indirect equity holders, Transfer all or
any portion
of its Interest, directly or indirectly, without the prior written consent of the Managing
Member. If, notwithstanding the provisions of this Section 8.1(a), all or any portion of a
Member’s Interests are Transferred in violation of this Section 8.1(a), involuntarily, by operation
of law or otherwise, then without limiting any other rights and remedies available to the other
parties under this Agreement or otherwise, the Transferee of such Interest (or portion thereof)
shall not be admitted to the Company as a Member or be entitled to any rights as a Member
hereunder, and the Transferor will continue to be bound by all obligations hereunder, unless the
Managing Member consents in writing to such admission, which consent shall be granted or withheld
in the Managing Member’s sole discretion. Any attempted or purported Transfer of all or a portion
of a Member’s

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Interests in violation of this Section 8.1(a) shall be null and void and of no force
or effect whatsoever. In the event a Transfer of any Interests (other than a Transfer of Interests
pursuant to Section 3.7) causes a termination of the Company for tax purposes under Section 708 of
the Code, the transferring Member shall indemnify and hold harmless the other Members with respect
to the net amount of any incremental tax costs resulting from such termination. For the avoidance
of doubt, the restrictions on Transfer contained in this Article VIII shall not apply to the
Transfer of any capital stock of the Managing Member; provided that no shares of Class B
Stock may be Transferred unless a corresponding number of Units are Transferred therewith in
accordance with this Agreement.

          (b) In addition to any other restrictions on Transfer herein contained, including the
provisions of this Article VIII, in no event may any Transfer or assignment of Interests by any
Member be made (i) to any Person who lacks the legal right, power or capacity to own Interests;
(ii) if in the opinion of legal counsel or a qualified tax advisor to the Company such Transfer
presents a material risk that such Transfer would cause a termination of the Company for federal or
state income tax purposes; (iii) if in the opinion of legal counsel or a qualified tax advisor to
the Company such Transfer presents a material risk that such Transfer would cause the Company to
cease to be classified as a partnership or to be classified as a “publicly traded partnership”
within the meaning of Section 7704(b) of the Code for federal income tax purposes; (iv) if such
Transfer would cause the Company to become, with respect to any employee benefit plan subject to
Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(e)(2) of the Code); (v) if such Transfer would, in the opinion
of counsel to the Company, cause any portion of the assets of the Company to constitute assets of
any employee benefit plan pursuant to the Plan Asset Regulation or otherwise cause the Company to
be subject to regulation under ERISA; (vi) if such Transfer requires the registration of such
Interests pursuant to any applicable federal or state securities Laws; or (viii) if such Transfer
subjects the Company to regulation under the Investment Company Act or the Investment Advisors Act
of 1940, each as amended (or any succeeding law).

          (c) Notwithstanding the provisions of Section 8.1(a), (i) each of the H&F Continuing Members
may exchange all or a portion of the Units owned by such Member in accordance with Section 3.7 of
this Agreement or, if the Managing Member and the exchanging Member shall mutually agree, Transfer
such Units, together with a
corresponding number of shares of Class B Stock, to the Managing Member for other
consideration at any time following the consummation of the IPO, (ii) each of the eRx Members may
exchange all or a portion of the Units owned by such eRx Member in accordance with Section 3.7 of
this Agreement or, if the Managing Member and the exchanging eRx Member shall mutually agree,
Transfer such Units, together with a corresponding number of shares of Class B Stock, to the
Managing Member for other consideration at any time following the consummation of the IPO, and
(iii) each of the Management Members may exchange all or a portion of the Vested Units owned by
such Management Member in accordance with Section 3.7 of this Agreement or, if the Managing Member
and the exchanging Management Member shall mutually agree,

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Transfer such Units, together with a
corresponding number of shares of Class B Stock, to the Managing Member for other consideration at
any time following the consummation of the IPO.

          Section 8.2 Notice of Transfer. Other than in connection with Transfers made pursuant to Section 3.7, each Member shall,
after complying with the provisions of this Agreement, but in any event no later than three
Business Days following any Transfer of Interests, give written notice to the Company of such
Transfer. Each such notice shall describe the manner and circumstances of the Transfer.

          Section 8.3 Transferee Members. A Transferee of Interests pursuant to this Article VIII shall have the right to become a Member
only if (i) the requirements of this Article VIII are met, (ii) such Transferee executes an
instrument reasonably satisfactory to the Managing Member agreeing to be bound by the terms and
provisions of this Agreement and assuming all of the Transferor’s then existing and future
Liabilities arising under or relating to this Agreement, (iii) such Transferee represents that the
Transfer was made in accordance with all applicable securities Laws, (iv) the Transferor or
Transferee shall have reimbursed the Company for all reasonable expenses (including attorneys’ fees
and expenses) of any Transfer or proposed Transfer of a Member’s Interest, whether or not
consummated and (v) if such Transferee or his or her spouse is a resident of a community property
jurisdiction, then such Transferee’s spouse shall also execute an instrument reasonably
satisfactory to the Managing Member agreeing to be bound by the terms and provisions of this
Agreement to the extent of his or her community property or quasi-community property interest, if
any, in such Member’s Interest. Unless agreed to in writing by the Managing Member, the admission
of a Member shall not result in the release of the Transferor from any Liability that the
Transferor may have to each remaining Member or to the Company under this Agreement or any other
Contract between the Managing Member, the Company or any of its Subsidiaries, on the one hand, and
such Transferor or any of its Affiliates, on the other hand. Written notice of the admission of a
Member shall be sent promptly by the Company to each remaining Member. Notwithstanding anything to
the contrary in this Section 8.3, and except as otherwise provided in this Agreement, following a
Transfer by (a) one or more H&F Continuing Members (or a transferee of the type described in this
clause (a)) to an HF Permitted Transferee of all or substantially all
of their Interests, (b) one or more eRx Members (or a transferee of the type included in this
clause (b)) to an eRx Permitted Transferee of all or substantially all of their Interests, or (c)
one or more Management Members (or a transferee of the type described in this clause (c)) to a
Management Permitted Transferee of all or substantially all of their Interests, such transferee
shall succeed to all of the rights of such H&F Continuing Members, eRx Members or Management
Member, as applicable, under this Agreement.

          Section 8.4 Legend. Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a
legend in substantially the following form:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.

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THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH
REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.

THE TRANSFER AND VOTING OF THESE SECURITIES IS SUBJECT TO THE CONDITIONS
SPECIFIED IN THE SIXTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT OF EBS MASTER LLC DATED AS OF AUGUST 17, 2009, AMONG THE MEMBERS
LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME
TO TIME, AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL
SUCH CONDITIONS HAVE BEEN FULFILLED. COPIES OF SUCH AGREEMENT MAY BE
OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS
CERTIFICATE TO THE SECRETARY OF THE ISSUER OF SUCH SECURITIES.”

ARTICLE IX

ACCOUNTING

          Section 9.1 Books of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of
account in which full and correct entries shall be made of all its business transactions pursuant
to a system of accounting established and administered in accordance with GAAP, and shall set aside
on its books all such proper accruals and reserves as shall be required under GAAP.

          Section 9.2 VCOC Rights

          (a) With respect to each H&F Continuing Member and, at the request of an H&F Continuing
Member, each Affiliate thereof that indirectly has an interest in the Company and that acknowledges
and agrees to be bound by Section 11.6, in each case that is intended to qualify as a “venture
capital operating company” as defined in the Plan Asset Regulations (each, a “VCOC
Equityholder”), for so long as the VCOC Equityholder, directly or through one or more conduit
Subsidiaries, continues to hold any Equity Securities of the Company (or any securities into which
such Equity Securities may be converted or exchanged), in each case without limitation or prejudice
of any of the rights provided to any of the H&F Continuing Members hereunder, the Company shall,
with respect to each such VCOC Equityholder:

               (i) Provide such VCOC Equityholder or its designated representative with the following:

	 	(A)	 	the right to visit and
inspect any of the offices and properties of the Company and
its Subsidiaries and inspect and copy the books and records
of the

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	 	 	 	Company and its Subsidiaries, at such times as the
VCOC Equityholder shall reasonably request;
	 
	 	(B)	 	as soon as available and in
any event within 60 days after the end of each of the first
three quarters of each fiscal year of the Company,
consolidated balance sheets of the Company and its
Subsidiaries as of the end of such period, and consolidated
statements of income and cash flows of the Company and its
Subsidiaries for the period then ended prepared in conformity
with GAAP applied on a consistent basis, except as otherwise
noted therein, and subject to the absence of footnotes and to
year end adjustments;
	 
	 	(C)	 	as soon as available and in
any event within 120 days after the end of each fiscal year
of the Company, a consolidated balance sheet of the Company
and its Subsidiaries as of the end of such year, and
consolidated statements of income and cash flows of the
Company and its Subsidiaries for the year then ended prepared
in conformity with GAAP applied on a consistent basis, except
as otherwise noted therein, together with an auditor’s report
thereon of a firm of established national reputation;
	 
	 	(D)	 	to the extent the Company
or any of its Subsidiaries is required by law or pursuant to
the terms of any outstanding Indebtedness of the Company or
such
Subsidiary to prepare such reports, any annual reports,
quarterly reports and other periodic reports pursuant to
Section 13 or 15(d) of the Exchange Act, actually prepared
by the Company or such Subsidiary as soon as available;
and
	 
	 	(E)	 	subject to Section
9.2(a)(iii) below, copies of all materials provided to the
Managing Member at substantially the same time as provided to
the Managing Member and, if requested, copies of the
materials provided to the board of directors (or equivalent
governing body) of any Subsidiary of the Company; provided
that the Company or such Subsidiary shall be entitled to
exclude portions of such materials to the extent providing
such portions 

48

 

	 	 	 	would be reasonably likely to result in the
waiver of attorney-client privilege.

               (ii) Make the Managing Member and appropriate officers of the Company and its Subsidiaries
available periodically and at such times as reasonably requested by such VCOC Equityholder for
consultation with such VCOC Equityholder or its designated representative with respect to matters
relating to the business and affairs of the Company and its Subsidiaries, including significant
changes in management personnel and compensation of employees, introduction of new products or new
lines of business, important acquisitions or dispositions of plants and equipment, significant
research and development programs, the purchasing or selling of important trademarks, licenses or
concessions or the proposed commencement or compromise of significant litigation;

               (iii) To the extent consistent with applicable Law (and with respect to events which require
public disclosure, only following the Company’s public disclosure thereof through applicable
securities law filings or otherwise), inform the VCOC Equityholder or its designated representative
in advance with respect to any significant Company actions, including extraordinary dividends,
mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity
and material amendments to the organizational documents of the Company, and provide the VCOC
Equityholder or its designated representative with the right to consult with the Company with
respect to such actions;

               (iv) Give such VCOC Equityholder the right to designate one non-voting board observer who will
be entitled to attend all meetings of the board of directors of Managing Member and participate in
all deliberations of the board of directors of Managing Member, provided that such observer
shall have no voting rights with respect to actions taken or elected not to be taken by the board
of directors of Managing Member, and provided, further, that such observer shall
acknowledge and agree to be bound by Section 11.6 and the Company shall be entitled to exclude such
observer from such portions of such a board meeting to the extent such observer’s presence
would be reasonably likely to result in the waiver of attorney-client privilege; and

               (v) Provide such VCOC Equityholder or its designated representative with such other rights of
consultation which such VCOC Equityholder’s counsel may determine to be reasonably necessary under
applicable legal authorities promulgated after the date hereof to qualify its investment in the
Company as a “venture capital investment” for purposes of the Plan Assets Regulation.

          The Company agrees to consider, in good faith, the recommendations of each VCOC Equityholder
or its designated representative in connection with the matters on which it is consulted as
described above, recognizing that the ultimate discretion with respect to all such matters shall be
retained by the Company. The obligations of the Company set forth in this Section 9.2 are
expressly intended to create third party beneficiary rights of each VCOC Equityholder.

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          (b) In the event that the Company ceases to qualify as an “operating company” (within the
meaning of the first sentence of 29 C.F.R. § 2510.3-101(c)(1) of the Plan Asset Regulations), then
the Company and each party hereto will cooperate in good faith to take all reasonable action
necessary to provide that the investment (or at least 51% of the investment valued at cost) of each
VCOC Equityholder shall continue to qualify as a “venture capital investment” (as defined in 29
C.F.R. § 2510.3-101(d) of the Plan Asset Regulations).

          Section 9.3 Fiscal Year. Subject to Section 706 of the Code, the Fiscal Year of the Company shall be the 12-month
period commencing on the first day of January and ending on the 31st day of December until changed
by the Managing Member.

          Section 9.4 Tax Returns; Information. The Tax Matters Member shall arrange for the preparation and timely filing of all income
and other tax and informational returns of the Company. As soon as practicable (but in no event
more than 55 days) after the end of each Fiscal Year, the Tax Matters Member shall prepare and
submit to the Managing Member for its review and approval the Company’s tax returns for such Fiscal
Year. The Tax Matters Member shall furnish to each Member a copy of each approved return and
statement, together with any schedules or other information which each Member may require in
connection with such Member’s own tax affairs as soon as practicable (but in no event more than 60
days after the end of each Fiscal Year).

          Section 9.5 Tax Matters Member. The Managing Member is specially authorized and appointed to act as the “Tax Matters
Member” under the Code and in any similar capacity
under state or local Law. The Tax Matters Member may retain, at the Company’s expense, such
outside counsel, accountants and other professional consultants as it may reasonably deem necessary
in the course of fulfilling its obligations as Tax Matters Member.

          Section 9.6 Withholding Tax Payments and Obligations. If withholding taxes are paid or required to be paid in respect of payments made to or by
the Company, such payments or obligations shall be treated as follows:

          (a) If the Company receives proceeds in respect of which a tax has been withheld, the Company
shall be treated as having received cash in an amount equal to the amount of such withheld tax,
and, for all purposes of this Agreement but subject to Section 9.6(d), each Member shall be treated
as having received a distribution pursuant to Section 5.1 equal to the portion of the withholding
tax allocable to such Member, as determined by the Managing Member in its discretion.

          (b) The Company is authorized to withhold from any payment made to, or any distributive share
of, a Member any taxes required by Law to be withheld.

          (c) Neither the Company nor the Managing Member shall be liable for any excess taxes withheld
in respect of any Member, and, in the event of

50

 

overwithholding, a Member’s sole recourse shall be
to apply for a refund from the appropriate Governmental Entity.

          (d) Any taxes withheld pursuant to Sections 9.6(a) or 9.6(b) shall be treated as if
distributed to the relevant Member to the extent an amount equal to such withheld taxes would then
be distributable to such Member, and, to the extent in excess of such distributable amounts, as a
demand loan payable by the Member to the Company with interest at the Prime Rate in effect from
time to time, compounded annually. The Managing Member may, in its discretion, either demand
payment of the principal and accrued interest on such demand loan at any time, and enforce payment
thereof by legal process, or may withhold from one or more distributions to a Member amounts
sufficient to satisfy such Member’s obligations under any such demand loan.

          (e) If the Company is required by Law to make any payment to a Governmental Entity that is
specifically attributable to a Member or a Member’s status as such (including federal withholding
taxes, state personal property taxes, and state unincorporated business taxes), then such Member
shall indemnify and contribute to the Company in full for the entire amount of taxes paid (plus
interest, penalties and related expenses if the failure of the Company to make such payment is due
to the fault of the Member) (which payment shall not be deemed a Capital Contribution for purposes
of this Agreement). The Managing Member may offset distributions to which a Person is otherwise
entitled under this Agreement against such Person’s obligation to indemnify the Company under this
Section 9.6.

          (f) If the Company, the Managing Member or any of their respective Affiliates, or any of their
respective shareholders, partners, members, officers, directors, employees, managers and, as
determined by the Managing Member in its discretion, consultants or agents, becomes liable as a
result of a failure to withhold and remit taxes in respect of any Member, then such Member shall
provide evidence satisfactory to the Managing Member that it has paid the taxes to which the
failure to withhold relates and, to the fullest extent permitted by Law, indemnify and hold
harmless the Company, the Managing Member or any of their respective Affiliates, or any of their
respective shareholders, partners, members, officers, directors, employees, managers and, as
determined by the Managing Member in its discretion, consultants or agents, as the case may be, in
respect of all taxes, including interest and penalties, and any expenses incurred in any
examination, determination, resolution and payment of such liability if the liability for failure
to withhold and remit taxes was due to the fault of the Member. The provisions contained in this
Section 9.6(f) shall survive the termination of the Company, the termination of this Agreement and
the Transfer of any Interest.

          (g) In the event that the Company receives a refund of taxes previously withheld by a third
party from one or more payments to the Company, the economic benefit of such refund shall be
apportioned among the Members in a manner reasonably determined by the Managing Member to offset
the prior operation of this Section 9.6 in respect of such withheld taxes.

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ARTICLE X

DISSOLUTION AND TERMINATION

          Section 10.1 Liquidating Events. The Company shall dissolve and commence winding up and liquidating upon the first to occur
of the following (“Liquidating Events”):

          (a) The sale of all or substantially all of the assets of the Company; and

          (b) The unanimous written agreement of the Managing Member and the H&F Continuing Members to
dissolve, wind up, and liquidate the Company.

          The Members hereby agree that the Company shall not dissolve prior to the occurrence of a
Liquidating Event and that no Member shall seek a dissolution of the Company, under Section 18-802
of the Act or otherwise, other than based on the matters set forth in subsections (a) and (b)
above. If it is determined by a court of competent jurisdiction that the Company has dissolved
prior to the occurrence of a Liquidating Event, the Members hereby agree to continue the business
of the Company without a winding up or liquidation.

          Section 10.2 Bankruptcy. For purposes of this Agreement, the “bankruptcy” of a Member shall mean the occurrence of
any of the following: (a) any Governmental Entity shall take possession of any substantial part of
the property of that Member or shall assume control over the affairs or operations thereof, or a
receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued
with respect to any substantial part thereof, and such possession, assumption of control,
appointment, writ or order shall continue for a period of 90 consecutive days; or (b) a Member
shall admit in writing of its inability to pay its debts when due, or make an assignment for the
benefit of creditors; or apply for or consent to the appointment of any receiver, trustee or
similar officer or for all or any substantial part of its property; or shall institute (by
petition, application, answer, consent or otherwise) any bankruptcy, insolvency, reorganization,
arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under the Laws
of any jurisdiction; or (c) a receiver, trustee or similar officer shall be appointed for such
Member or with respect to all or any substantial part of its property without the application or
consent of that Member, and such appointment shall continue undischarged or unstayed for a period
of 90 consecutive days or any bankruptcy, insolvency, reorganization, arrangements, readjustment of
debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application
or otherwise) against that Member and shall remain undismissed for a period of 90 consecutive days.

          Section 10.3 Procedure.

          (a) In the event of the dissolution of the Company for any reason, the Members shall commence
to wind up the affairs of the Company and to liquidate the Company’s investments; provided
that if a Member is in bankruptcy or dissolved, another

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Member, who shall be the Managing Member
(“Winding-Up Member”) shall commence to wind up the affairs of the Company and, subject to
Section 10.4(a), such Winding-Up Member shall have full right and unlimited discretion to determine
in good faith the time, manner and terms of any sale or sales of the Property or other assets
pursuant to such liquidation, having due regard to the activity and condition of the relevant
market and general financial and economic conditions. The Members shall continue to share profits,
losses and distributions during the period of liquidation in the same manner and proportion as
though the Company had not dissolved. The Company shall engage in no further business except as
may be necessary, in the reasonable discretion of the Managing Member or the Winding-Up Member, as
applicable, to preserve the value of the Company’s assets during the period of dissolution and
liquidation.

          (b) Following the payment of all expenses of liquidation and the allocation of all Profits and
Losses as provided in Article IV, the proceeds of the liquidation and any other funds of the
Company shall be distributed in the following order of priority:

               (i) First, to the payment and discharge of all of the Company’s debts and Liabilities to
creditors (whether third parties or Members), in the order of
priority as provided by Law, except any obligations to the Members in respect of their Capital
Accounts;

               (ii) Second, to set up such cash reserves which the Managing Member reasonably deems necessary
for contingent or unforeseen Liabilities or future payments described in Section 10.3(b)(i) (which
reserves when they become unnecessary shall be distributed in accordance with the provisions of
subsection (iv), below); and

               (iii) Third, subject to Section 5.2(b), the balance to the Members, pro rata in proportion to
their respective Units other than Unvested Units; provided, that with respect to any Vested
Unit that shall have become a Vested Unit during the Fiscal Year of such liquidation, the
Management Members shall also be entitled to receive the amount otherwise distributable with
respect to such Vested Unit in accordance with the last sentence of Section 5.1(b).

          (c) Except as provided in Section 10.4(a), no Member shall have any right to demand or receive
property other than cash upon dissolution and termination of the Company.

          (d) Upon the completion of the liquidation of the Company and the distribution of all Company
funds, the Company shall terminate and the Managing Member or the Winding-Up Member, as the case
may be, shall have the authority to execute and record a certificate of cancellation of the
Company, as well as any and all other documents required to effectuate the dissolution and
termination of the Company.

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          Section 10.4 Rights of Members.

          (a) Each Member irrevocably waives any right that it may have to maintain an action for
partition with respect to the property of the Company.

          (b) Except as otherwise provided in this Agreement, (i) each Member shall look solely to the
assets of the Company for the return of its Capital Contributions, and (ii) no Member shall have
priority over any other Member as to the return of its Capital Contributions, distributions or
allocations (it being understood that distributions in respect of the Unvested Units shall only be
made in accordance with Section 5.1(b)).

          Section 10.5 Notices of Dissolution. In the event a Liquidating Event occurs or an event occurs that would, but for provisions
of Section 10.1 hereof, result in a dissolution of the Company, the Company shall, within 30 days
thereafter, (a) provide written notice thereof to each of the Members and to all other parties with
whom the Company regularly conducts business (as determined in the discretion of the Managing
Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act
or any other applicable Law.

          Section 10.6 Reasonable Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs
of the Company and the liquidation of its assets in order to minimize any losses that might
otherwise result from such winding up.

          Section 10.7 No Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member,
it being expressly understood that the distribution of liquidation proceeds shall be made solely
from existing Company assets.

ARTICLE XI

GENERAL

          Section 11.1 Amendments; Waivers.

          (a) The terms and provisions of this Agreement may be waived, modified or amended (including
by means of merger, consolidation or other business combination to which the Company is a party, it
being understood that any such merger, consolidation or other business combination that constitutes
a Disposition Event in which each of the H&F Continuing Members, the Management Members and the eRx
Members are required to exchange all of such Member’s Units and shares of Class B Stock pursuant to
Section 3.7(h) and receive consideration in such Disposition Event in accordance with the terms of
this Agreement as in effect prior to such Disposition Event shall not be deemed an amendment hereof
as long as such exchange provisions in Section 3.7(h) are not modified) only with the approval of
the Managing Member; provided, however, that no amendment to this Agreement may:

54

 

               (i) modify the limited liability of any Member, or increase the liabilities or obligations of
any Member, in each case, without the consent of each such affected Member; or

               (ii) materially alter or change any rights, preferences or privileges of any Interests in a
manner that is different or prejudicial relative to any other Interests, without the approval of a
majority in interest of the Members holding the Interests affected in such a different or
prejudicial manner.

          (b) Notwithstanding the foregoing subsection (a), (i) the Managing Member, acting alone, may
amend this Agreement, including Exhibit A, to reflect the admission of new Members,
Transfers of Interests, the issuance of additional Units or Equity Securities, each as provided by
the terms of this Agreement, and, subject to Section 11.1(a), subdivisions or combinations of Units
made in compliance with Section 3.1(g), (ii) any amendment that adversely affects the Interests of
the H&F Continuing Members relative to any other Members will require the consent of a majority in
interest
of the H&F Continuing Members, (iii) any amendment that adversely affects the Management
Members relative to the other Members will require the consent of a majority in interest of the
Management Members, (iv) in no event shall any waiver, modification or amendment of this Agreement
(including any waiver, modification or amendment of this Agreement effected as a result of any
merger or consolidation of the Company with or into any other Person) require the consent of the
eRx Members unless (in which case only the consent of the eRx Members holding a majority of the eRx
Units is required) such waiver, modification or amendment (individually or when aggregated with all
such waivers, modifications and amendments) alters or changes (A) any economic rights, preferences
or privileges of the eRx Units, in each case, in a manner that is materially adverse relative to
other Units, or (B) Section 6.1(b), Section 11.1(a)(i) or this clause (iv) of this Section 11.1(b)
hereof in a manner that is adverse to the eRx Members and (v) notwithstanding the foregoing
subsection (a) or any of the foregoing in this subsection (b), the Managing Member and a majority
in interest of the H&F Continuing Members, acting alone, may amend this Agreement pursuant to
Section 2.3 of the Reorganization Agreement.

          (c) No waiver of any provision or default under, nor consent to any exception to, the terms of
this Agreement or any agreement contemplated hereby shall be effective unless in writing and signed
by the party to be bound and then only to the specific purpose, extent and instance so provided.

          Section 11.2 Further Assurances. Each party agrees that it will from time to time, upon the reasonable request of another
party, execute such documents and instruments and take such further action as may be required to
accomplish the purposes of this Agreement.

          Section 11.3 Successors and Assigns. All of the terms and provisions of this Agreement shall be binding upon the parties and
their respective successors and assigns, but shall inure to the benefit of and be enforceable by
the successors and assigns of any Member only to the extent that they are permitted successors and
assigns pursuant

55

 

to the terms hereof. No party may assign its rights hereunder except as herein
expressly permitted.

          Section 11.4 Entire Agreement. This Agreement, together with all Exhibits and Schedules hereto and all other agreements
referenced therein and herein, constitute the entire agreement between the parties hereto
pertaining to the subject matter hereof and supersede all prior and contemporaneous agreements,
understandings, negotiations and discussions, whether oral or written, of the parties and there are
no warranties, representations or other agreements between the parties in connection with the
subject matter hereof except as specifically set forth herein and therein.

          Section 11.5 Rights of Members Independent. The rights available to the Members under this Agreement and at Law shall be deemed to be
several and not dependent on each other and each such right accordingly shall be construed as
complete in itself and not by reference to any other such right. Any one or more and/or any
combination of such rights may be exercised by a Member and/or the Company from time to time and no
such exercise shall exhaust the rights or preclude another Member from exercising any one or more
of such rights or combination thereof from time to time thereafter or simultaneously.

          Section 11.6 Confidentiality. Subject to the final sentence of this Section 11.6, each Member recognizes and acknowledges
that it has and may in the future receive certain confidential and proprietary information and
trade secrets of the Company or any of its Subsidiaries, including confidential information of the
Company or any of its Subsidiaries, regarding identifiable, specific and discrete business
opportunities being pursued by the Company or any of its Subsidiaries (the “Confidential
Information”). Each Member (on behalf of itself and, to the extent that such Member would be
responsible for the acts of the following persons under principles of agency law, its directors,
officers, shareholders, partners, employees, agents and members) agrees that it will not, during or
after the term of this Agreement, whether directly or indirectly through an Affiliate or otherwise,
take commercial or proprietary advantage of or profit from any Confidential Information or disclose
Confidential Information to any Person for any reason or purpose whatsoever, except (i) to
authorized directors, officers, representatives, agents and employees of the Company or any of its
Subsidiaries and as otherwise may be proper in the course of performing such Member’s obligations,
or enforcing such Member’s rights, under this Agreement and the agreements expressly contemplated
hereby; (ii) as part of such Member’s normal reporting, rating or review procedure (including
normal credit rating or pricing process), or in connection with such Member’s or such Member’s
Affiliates’ normal fund raising, marketing, informational or reporting activities, or to such
Member’s (or any of its Affiliates’) Affiliates, auditors, attorneys or other agents;
provided that no disclosure of Confidential Information shall be made pursuant to this
clause (ii) unless the recipient enters into an agreement not to disclose such Confidential
Information or is otherwise required to keep such Confidential Information confidential; (iii) to
any bona fide prospective purchaser of the equity or assets of such Member or its Affiliates or the
Units held by such Member, or prospective merger partner of such Member or its Affiliates,
provided that such purchaser or merger

56

 

partner acknowledges and agrees to be bound by the
provisions of this Section 11.6 or (iv) as is required to be disclosed by order of a Governmental
Entity, or by subpoena, summons or legal process, or by Law (provided that, to the extent
permitted by Law, the Member required to make such disclosure shall provide to the Managing Member
prompt notice of such disclosure). For purposes of this Section 11.6, “Confidential
Information” shall not include any information of which (x) such Person learns from a source
other than the Company or any of its Subsidiaries, or any of their representatives, employees,
agents or other service providers, and in each case who is not known by such Person to be bound by
a confidentiality obligation, or (y) is disclosed in a prospectus or other
documents for dissemination to the public. The provisions of this Section 11.6 shall continue
in effect against each Member so long such as such Member continues to be a Member and for a period
of five years thereafter.

          Section 11.7 Governing Law. This Agreement, the legal relations between the parties and any Action, whether contractual
or non-contractual, instituted by any party with respect to matters arising under or growing out of
or in connection with or in respect of this Agreement shall be governed by and construed in
accordance with the Laws of the State of Delaware applicable to contracts made and performed in
such State and without regard to conflicts of law doctrines, except to the extent that certain
matters are preempted by federal Law or are governed as a matter of controlling Law by the Law of
the jurisdiction of organization of the respective parties.

          Section 11.8 Jurisdiction and Venue. The parties hereto hereby agree and consent to be subject to the jurisdiction of any
federal court of the District of Delaware or the Delaware Court of Chancery over any action, suit
or proceeding (a “Legal Action”) arising out of or in connection with this Agreement. The
parties hereto irrevocably waive the defense of an inconvenient forum to the maintenance of any
such Legal Action. Each of the parties hereto further irrevocably consents to the service of
process out of any of the aforementioned courts in any such Legal Action by the mailing of copies
thereof by registered mail, postage prepaid, to such party at its address set forth in this
Agreement, such service of process to be effective upon acknowledgment of receipt of such
registered mail. Nothing in this Section 11.8 shall affect the right of any party hereto to serve
legal process in any other manner permitted by law.

          Section 11.9 Headings. The descriptive headings of the Articles, Sections and subsections of this Agreement are
for convenience only and do not constitute a part of this Agreement.

          Section 11.10 Counterparts. This Agreement and any amendment hereto or any other agreement (or document) delivered
pursuant hereto may be executed in one or more counterparts and by different parties in separate
counterparts. All of such counterparts shall constitute one and the same agreement (or other
document) and shall become effective (unless otherwise provided therein) when one or more
counterparts have been signed by each party and delivered to the other party.

          Section 11.11 Notices. Any notice or other communication hereunder must be given in writing and (a) delivered in
person, (b) transmitted by facsimile or

57

 

telecommunications mechanism, provided, that any
notice so given is also mailed as provided in clause (c), or (c) mailed by certified or registered
mail, postage prepaid, receipt requested as follows:

If to any of the H&F Continuing Members, addressed to it at:

c/o Hellman & Friedman LLC

One Maritime Plaza

12th Floor

San Francisco, CA 94111

Telephone: (415) 788-5111

Facsimile: (415) 788-0176

Attention: General Counsel

With copies (which shall not constitute notice) to:

Simpson Thacher & Bartlett LLP

2550 Hanover Street

Palo Alto, CA 94304

Telephone: (650) 251-5000

Facsimile: (650) 251-5002

Attention: Richard Capelouto, Esq.

If to the Company, the Managing Member, GA Pubco Sub or HF Pubco Sub, addressed to
it at:

3055 Lebanon Pike, Suite 1000

Nashville, TN 37214

Telephone: (615) 932-3000

Facsimile: (615) 340-6153

Attention: General Counsel

With copies (which shall not constitute notice) to:

Paul, Weiss, Rifkind, Wharton & Garrison LLP

1285 Avenue of the Americas

New York, NY 10019-6064

Telephone: (212) 373-3000

Facsimile: (212) 757-3990

Attention: John C. Kennedy, Esq.

If to a Management Member or an eRx Member, to the address or facsimile number set
forth on the signature pages hereto with respect to such Management Member or such
eRx Member, as applicable;

or to such other address or to such other person as either party shall have last designated by such
notice to the other parties. Each such notice or other communication shall be

58

 

effective (i) if
given by telecommunication, when transmitted to the applicable number so specified in (or pursuant
to) this Section 11.11 and an appropriate answerback is received or, if transmitted after 4:00 p.m.
local time on a Business Day in the jurisdiction to which such notice is sent or at any time on a
day that is not a Business Day in the jurisdiction to which such notice is sent, then on the
immediately following Business Day, (ii) if given by mail, on the first Business Day in the
jurisdiction to which such notice is sent following the date three days after such communication is
deposited in the mails with first class postage prepaid, addressed as aforesaid or (iii) if given
by any other means, on the Business Day when actually received at such address or, if not received
on a Business Day, on the Business Day immediately following such actual receipt.

          Section 11.12 Representation By Counsel; Interpretation. The parties acknowledge that each party to this Agreement has been represented by counsel
in connection with this Agreement and the transactions contemplated by this Agreement.
Accordingly, any rule of Law, or any legal decision that would require interpretation of any
claimed ambiguities in this Agreement against the party that drafted it has no application and is
expressly waived.

          Section 11.13 Severability. If any provision of this Agreement is determined to be invalid, illegal or unenforceable by
any Governmental Entity, the remaining provisions of this Agreement, to the extent permitted by Law
shall remain in full force and effect, provided, that the essential terms and conditions of
this Agreement for all parties remain valid, binding and enforceable.

          Section 11.14 Expenses. Except as otherwise provided in this Agreement, in the Reorganization Agreement or in the
Stockholders Agreement, each party shall bear its own expenses in connection with the transactions
contemplated by this Agreement.

          Section 11.15 No Third Party Beneficiaries. Except as expressly provided in Section 6.4 and Section 9.2, nothing in this Agreement,
express or implied, is intended to confer upon any party, other than the parties hereto and their
respective successors and permitted assigns, any rights or remedies under this Agreement or
otherwise create any third party beneficiary hereto.

[Signatures on Next Page]

59

 

          IN WITNESS WHEREOF, each of the parties hereto has caused this Sixth Amended and Restated
Limited Liability Company Agreement to be executed by its duly authorized officers as of the day
and year first above written.

	 	 	 	 	 
	 	COMPANY:

EBS MASTER LLC

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	EVP, General Counsel and Secretary 	 
	 
	 	MANAGING MEMBER:

EMDEON INC.

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	EVP, General Counsel, and Secretary 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	OTHER MEMBERS:

HELLMAN & FRIEDMAN INVESTORS VI, L.P.

 	 
	 	By:  	Hellman & Friedman LLC,
 its General Partner
 	 
	 	 	 
	 	By:  	                        /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 
	 	HELLMAN & FRIEDMAN CAPITAL ASSOCIATES VI, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 its General Partner
 	 
	 	 	 
	 	By:  	                       Hellman & Friedman LLC,
 its General Partner
 	 
	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 
	 	HELLMAN & FRIEDMAN CAPITAL EXECUTIVES VI, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P.,
 its General Partner
 	 
	 	 	 
	 	By:  	                       Hellman & Friedman LLC, 
its General Partner
 	 
	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	HFCP VI DOMESTIC AIV, L.P.

 	 
	 	By:  	Hellman & Friedman Investors VI, L.P., 
its General Partner
 	 
	 	 	 
	 	By:  	                       Hellman & Friedman LLC,
 its General Partner
 	 
	 	 	 
	 	By:  	                       /s/ Allen Thorpe
 	 
	 	 	Name:  	Allen Thorpe 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	EBS HOLDCO I, LLC

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	Secretary 	 
	 
	 	EBS HOLDCO II, LLC

 	 
	 	By:  	/s/ Gregory T. Stevens
 	 
	 	 	Name:  	Gregory T. Stevens 	 
	 	 	Title:  	Secretary 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	MANAGEMENT MEMBERS:

 	 
	 	/s/ Tracy L. Bahl
 	 
	 	Name:  	Tracy L. Bahl 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Edward Caldwell
 	 
	 	Name:  	Edward Caldwell 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Patrick Coughlin
 	 
	 	Name:  	Patrick Coughlin 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Damien Creavin
 	 
	 	Name:  	Damien Creavin 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Dinyar S. Devitre
 	 
	 	Name:  	Dinyar S. Devitre 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                      /s/ J. Philip Hardin
 	 
	 	Name:  	J. Philip Hardin 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Jim D. Kever
 	 
	 	Name:  	Jim D. Kever 	 
	 	Address:

Facsimile: 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	 	 
	 	                                                       /s/ Sajid A. Khan
 	 
	 	Name:  	Sajid A. Khan 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ George I. Lazenby, IV
 	 
	 	Name:  	George I. Lazenby, IV 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Frank J. Manzella
 	 
	 	Name:  	Frank J. Manzella 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                      /s/ Bob A. Newport Jr.
 	 
	 	Name:  	Bob A. Newport Jr. 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Philip M. Pead
 	 
	 	Name:  	Philip M. Pead 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Ben Scully
 	 
	 	Name:  	Ben Scully 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Ryan L. Smith
 	 
	 	Name:  	Ryan L. Smith 	 
	 	Address:

Facsimile: 	 
	 
	 	 	 
	 	                                                       /s/ Gregory Stevens
 	 
	 	Name:  	Gregory Stevens 	 
	 	Address:

Facsimile: 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

	 	 	 	 	 
	 	 	 
	 	                                                       /s/ Gary D. Stuart
 	 
	 	Name:  	Gary D. Stuart 	 
	 	Address:

Facsimile: 	 
	 

[Signature Page to the Sixth Amended and Restated Limited Liability Company Agreement]

 

 

SCHEDULE I

MEMBERS

Emdeon Inc.

Hellman & Friedman Investors VI, L.P.

Hellman & Friedman Capital Associates VI, L.P.

Hellman & Friedman Capital Executives VI, L.P.

HFCP VI Domestic AIV, L.P.

EBS Holdco II, LLC

EBS Holdco I, LLC

MANAGEMENT MEMBERS

Tracy L. Bahl

Edward Caldwell

Patrick Coughlin

Damien Creavin

Dinyar S. Devitre

J. Philip Hardin

Jim D. Kever

Sajid A. Khan

George Lazenby

Frank J. Manzella

Bob Newport Jr.

Philip M. Pead

Ben Scully

Ryan L. Smith

Gregory Stevens

Gary D. Stuart

eRx MEMBERS

None

 

 

EXHIBIT A

MEMBERS, IPO DATE CAPITAL ACCOUNT BALANCE AND INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Beginning Net	 	IPO Date Capital	 	 	 	 	 	Percentage of Class	 	Date Issued by the
	Members	 	Capital	 	Balance	 	Units	 	of Units	 	Company
	Emdeon Inc.
	 	$	320,113,126	 	 	TBD	 	 	52,000,000	 	 	 	56.41	%	 	November 16, 2006
	 
	 	 	 	 	 	 	 	 	 	 	349,166	 	 	 	 	 	 	August 11, 2009
	 
	 	 	 	 	 	 	 	 	 	 	1,850,000	 	 	 	 	 	 	August 12, 2009
	 
	 	 	 	 	 	 	 	 	 	 	10,725,000	 	 	 	 	 	 	August 17, 2009
	EBS Holdco I, LLC
	 	$	165,000,000	(1)	 	TBD	 	 	13,773,913.04	 	 	 	11.97	%	 	February 8, 2008
	EBS Holdco II, LLC
	 	$	139,433,869	(2)	 	TBD	 	 	11,639,696.86	 	 	 	10.11	%	 	February 8, 2008
	Hellman & Friedman
Capital Associates
VI, L.P.
	 	$	135,300	 	 	TBD	 	 	11,294.61	 	 	 	0.01	%	 	February 8, 2008
	Hellman & Friedman
Capital Executives
VI, L.P.
	 	$	1,197,200	 	 	TBD	 	 	99,940.18	 	 	 	0.09	%	 	February 8, 2008
	HFCP VI Domestic
AIV, L.P.
	 	$	267,734,100	 	 	TBD	 	 	22,349,977.04	 	 	 	19.42	%	 	February 8, 2008
	Hellman & Friedman
Investors VI, L.P.
	 	$	1,499,531	(3)	 	TBD	 	 	125,178.27	 	 	 	0.11	%	 	February 8, 2008

 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Beginning Net	 	IPO Date Capital	 	Units	 	Percentage of	 	Date Issued by the
	Management Members	 	Capital	 	Balance	 	(Vested/ Unvested/ Total)	 	Class of Units	 	Company
	George Lazenby
	 	 	N/A	 	 	TBD	 	 	117,907 / 392,603 / 510,510	 	 	 	0.44	%	 	August 11, 2009
	Ed Caldwell
	 	 	N/A	 	 	TBD	 	 	11,304 / 41,691 / 52,995	 	 	 	0.05	%	 	August 11, 2009
	Pat Coughlin
	 	 	N/A	 	 	TBD	 	 	59,184 / 122,567 / 181,751	 	 	 	0.16	%	 	August 11, 2009
	Damien Creavin
	 	 	N/A	 	 	TBD	 	 	27,520 / 98,113 / 125,633	 	 	 	0.11	%	 	August 11, 2009
	Philip Hardin
	 	 	N/A	 	 	TBD	 	 	25,575 / 107,835 / 133,410	 	 	 	0.12	%	 	August 11, 2009
	Sajid Kahn
	 	 	N/A	 	 	TBD	 	 	46,190 / 161,902 / 208,092	 	 	 	0.18	%	 	August 11, 2009
	Bob Newport
	 	 	N/A	 	 	TBD	 	 	30,000 / 124,997 / 154,997	 	 	 	0.13	%	 	August 11, 2009
	Ben Scully
	 	 	N/A	 	 	TBD	 	 	24,553 / 39,260 / 63,813	 	 	 	0.06	%	 	August 11, 2009
	Ryan Smith
	 	 	N/A	 	 	TBD	 	 	11,304 / 41,691 / 52,995	 	 	 	0.05	%	 	August 11, 2009
	Gary Stuart
	 	 	N/A	 	 	TBD	 	 	46,676 / 159,472 / 206,148	 	 	 	0.18	%	 	August 11, 2009
	Tracy Bahl
	 	 	N/A	 	 	TBD	 	 	12,977 / 271,464 / 284,441	 	 	 	0.25	%	 	August 11, 2009
	Greg Stevens
	 	 	N/A	 	 	TBD	 	 	19,443 / 89,922 / 109,365	 	 	 	0.10	%	 	August 11, 2009
	Frank Manzella
	 	 	N/A	 	 	TBD	 	 	0 / 60,698 / 60,698	 	 	 	0.05	%	 	August 11, 2009
	Dinyar Devitre
	 	 	N/A	 	 	TBD	 	 	0 / 7,239 / 7,239	 	 	 	0.01	%	 	August 11, 2009
	Jim Kever
	 	 	N/A	 	 	TBD	 	 	0 / 7,239 / 7,239	 	 	 	0.01	%	 	August 11, 2009
	Phil Pead
	 	 	N/A	 	 	TBD	 	 	0 / 7,239 / 7,239	 	 	 	0.01	%	 	August 11, 2009
	 
	TOTAL
	 	 	N/A	 	 	TBD	 	 	115,090,731	(4)	 	 	100.00	%	 	 	 	 

 

			
	(1)	 	Amount represents the beginning net capital balance of EBS Holdco I, LLC’s predecessor, EBS
Acquisition II LLC.
	 
	(2)	 	Amount represents 98.936% of the beginning net capital balance of EBS Holdco II, LLC’s
predecessor, H&F Harrington AIV I, L.P.
	 
	(3)	 	Amount represents 1.064% of the beginning net capital balance of Hellman & Friedman Investors
VI, L.P.’s predecessor, H&F Harrington AIV I, L.P.
	 
	(4)	 	Amount excludes 733,598 Units that may be issued to Emdeon Inc. upon the vesting of restricted
stock units issued to participants in the Company’s Amended and Restated EBS Incentive Plan.

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