Document:

EX-10.4

 Exhibit 10.4 
 EXECUTION 
  
  

SECURITY AGREEMENT 

dated as of 

November 2, 2011 
 among 
 THE GRANTORS IDENTIFIED HEREIN 

and 
 BANK of
AMERICA, N.A., 
 as Administrative Agent 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		  	ARTICLE I	  			
			
		  	Definitions	  			
			
	 SECTION 1.01
	  	Credit Agreement	  	 	1	  
	 SECTION 1.02
	  	Other Defined Terms	  	 	1	  
			
		  	ARTICLE II	  			
			
		  	Pledge of Securities	  			
			
	 SECTION 2.01
	  	Pledge	  	 	4	  
	 SECTION 2.02
	  	Delivery of the Pledged Equity	  	 	5	  
	 SECTION 2.03
	  	Representations, Warranties and Covenants	  	 	6	  
	 SECTION 2.04
	  	Certification of Limited Liability Company and Limited Partnership Interests	  	 	7	  
	 SECTION 2.05
	  	Registration in Nominee Name; Denominations	  	 	8	  
	 SECTION 2.06
	  	Voting Rights; Dividends and Interest	  	 	8	  
			
		  	ARTICLE III	  			
			
		  	Security Interests in Personal Property	  			
			
	 SECTION 3.01
	  	Security Interest	  	 	10	  
	 SECTION 3.02
	  	Representations and Warranties	  	 	12	  
	 SECTION 3.03
	  	Covenants	  	 	14	  
			
		  	ARTICLE IV	  			
			
		  	Remedies	  			
			
	 SECTION 4.01
	  	Remedies Upon Default	  	 	16	  
	 SECTION 4.02
	  	Application of Proceeds	  	 	18	  
	 SECTION 4.03
	  	Grant of License to Use Intellectual Property	  	 	19	  
			
		  	ARTICLE V	  			
			
		  	Subordination	  			
			
	 SECTION 5.01
	  	Subordination	  	 	20	  

  
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	 	  	 	  	Page	 
			
		  	ARTICLE VI	  			
			
		  	Miscellaneous	  			
	 SECTION 6.01
	  	Notices	  	 	20	  
	 SECTION 6.02
	  	Waivers; Amendment	  	 	20	  
	 SECTION 6.03
	  	Administrative Agent’s Fees and Expenses; Indemnification	  	 	21	  
	 SECTION 6.04
	  	Successors and Assigns	  	 	21	  
	 SECTION 6.05
	  	Survival of Agreement	  	 	21	  
	 SECTION 6.06
	  	Counterparts; Effectiveness; Several Agreement	  	 	21	  
	 SECTION 6.07
	  	Severability	  	 	22	  
	 SECTION 6.08
	  	Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process	  	 	22	  
	 SECTION 6.09
	  	Headings	  	 	22	  
	 SECTION 6.10
	  	Security Interest Absolute	  	 	22	  
	 SECTION 6.11
	  	Termination or Release	  	 	23	  
	 SECTION 6.12
	  	Additional Grantors	  	 	23	  
	 SECTION 6.13
	  	Administrative Agent Appointed Attorney-in-Fact	  	 	24	  
	 SECTION 6.14
	  	General Authority of the Administrative Agent	  	 	24	  
	 SECTION 6.15
	  	Reasonable Care	  	 	25	  
	 SECTION 6.16
	  	Delegation; Limitation	  	 	25	  
	 SECTION 6.17
	  	Reinstatement	  	 	25	  
	 SECTION 6.18
	  	Miscellaneous	  	 	25	  

							
				
	 Schedule I
	 		  	Subsidiary Parties	  	
	 Schedule II
	 		  	Pledged Equity and Pledged Debt	  	
	 Schedule III
	 		  	Commercial Tort Claims	  	
				
	 Exhibits
	 		  		  	
				
	 Exhibit I
	 		  	Form of Security Agreement Supplement	  	
	 Exhibit II
	 		  	Form of Perfection Certificate	  	
	 Exhibit III
	 		  	Form of Patent Security Agreement	  	
	 Exhibit IV
	 		  	Form of Trademark Security Agreement	  	
	 Exhibit V
	 		  	Form of Copyright Security Agreement	  	

  
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 SECURITY AGREEMENT dated as of November 2, 2011, among the Grantors (as defined below)
and Bank of America, N.A., as Administrative Agent for the Secured Parties (in such capacity, the “Administrative Agent”). 
 Reference is made to the Credit Agreement dated as of November 2, 2011 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Beagle
Intermediate Holdings, Inc., a Delaware corporation, (“Holdings”), Emdeon Inc., a Delaware corporation, (the “Parent Borrower”), EBS Holdco I, LLC, a Delaware limited liability company (“EBS Holdco
I”), EBS Holdco II, LLC, a Delaware limited liability company (“EBS Holdco II”), Emdeon Business Services LLC, a Delaware limited liability company (“EBS”), Medifax-EDI Holding Company, a Delaware
corporation (together with the Parent Borrower, EBS Holdco I, EBS Holdco II and EBS, the “Borrowers” and each, a “Borrower”), certain other Subsidiaries of the Parent Borrower from time to time party thereto, Bank
of America, N.A., as Administrative Agent, each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and the other agents named therein. The Lenders have agreed to
extend credit to the Borrowers subject to the terms and conditions set forth in the Credit Agreement. The obligations of the Lenders to extend such credit are conditioned upon, among other things, the execution and delivery of this Agreement.
Holdings and the Subsidiary Parties are affiliates of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the Credit Agreement, and are willing to execute and deliver this Agreement in order to
induce the Lenders to extend such credit. Accordingly, the parties hereto agree as follows: 
 ARTICLE I 

Definitions 
 SECTION 1.01 Credit Agreement. 
 (a) Capitalized terms used in this
Agreement and not otherwise defined herein have the meanings specified in the Credit Agreement. All terms defined in the UCC (as defined herein) and not defined in this Agreement have the meanings specified therein; the term “instrument”
shall have the meaning specified in Article 9 of the UCC. 
 (b) The rules of construction specified in Article I of the Credit
Agreement also apply to this Agreement. 
 SECTION 1.02 Other Defined Terms. As used in this Agreement, the following
terms have the meanings specified below: 
 “Account Debtor” means any Person who is or who may become
obligated to any Grantor under, with respect to or on account of an Account. 
 “Accounts” has the meaning
specified in Article 9 of the UCC. 
 “Administrative Agent” has the meaning assigned to such term in the
recitals of the Agreement. 

 “Agreement” means this Security Agreement. 

“Article 9 Collateral” has the meaning assigned to such term in Section 3.01(a). 

“Borrower” and “Borrowers” has the meaning assigned to such term in the recitals of this Agreement.

 “Collateral” means the Article 9 Collateral and the Pledged Collateral. 

“Copyright License” means any written agreement, now or hereafter in effect, granting any right to any third
party under any Copyright now or hereafter owned by any Grantor or that such Grantor otherwise has the right to license, or granting any right to any Grantor under any Copyright now or hereafter owned by any third party, and all rights of such
Grantor under any such agreement. 
 “Copyrights” means all of the following now owned or hereafter acquired by
any Grantor: (a) all copyright rights in any work subject to the copyright laws of the United States, whether as author, assignee, transferee or otherwise, and (b) all registrations and applications for registration of any such copyright
in the United States, including registrations, recordings, supplemental registrations and pending applications for registration in the USCO. 
 “Credit Agreement” has the meaning assigned to such term in the preliminary statement of this Agreement. 
 “General Intangibles” has the meaning specified in Article 9 of the UCC. 
 “Grantor” means each of the Borrowers, each Guarantor that is a party hereto, and each Guarantor that is a Domestic Subsidiary that becomes a party to this Agreement after the Closing
Date. 
 “Intellectual Property” means all intellectual and similar property of every kind and nature
now owned or hereafter acquired by any Grantor, including inventions, designs, Patents, Copyrights, Licenses, Trademarks, trade secrets, the intellectual property rights in software and databases and related documentation and all additions and
improvements to the foregoing. 
 “Intellectual Property Security Agreements” means the short-form
Patent Security Agreement, short-form Trademark Security Agreement, and short-form Copyright Security Agreement, each substantially in the form attached hereto as Exhibits III, IV and V, respectively. 

“License” means any Patent License, Trademark License, Copyright License or other Intellectual Property license or
sublicense agreement to which any Grantor is a party, together with any and all (i) renewals, extensions, supplements and continuations thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or
payable the-reunder or with respect thereto including damages and payments for past, present or future in- fringements or violations thereof, and (iii) rights to sue for past, present and future violations thereof. 

  
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 “Patent License” means any written agreement, now or hereafter in
effect, granting to any third party any right to make, use or sell any invention on which a Patent, now or hereafter owned by any Grantor or that any Grantor otherwise has the right to license, is in existence, or granting to any Grantor any right
to make, use or sell any invention on which a Patent, now or hereafter owned by any third party, is in existence, and all rights of any Grantor under any such agreement. 
 “Patents” means all of the following now owned or hereafter acquired by any Grantor: (a) all letters Patent of the United States in or to which any Grantor now or hereafter has any
right, title or interest therein, all registrations and recordings thereof, and all applications for letters Patent of the United States, including registrations, recordings and pending applications in the USPTO, and (b) all reissues,
continuations, divisions, continuations-in-part, renewals, improvements or extensions thereof, and the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and
supplemented with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of each of the Grantors. 
 “Pledged Collateral” has the meaning assigned to such term in Section 2.01. 
 “Pledged Debt” has the meaning assigned to such term in Section 2.01. 
 “Pledged Equity” has the meaning assigned to such term in Section 2.01. 
 “Pledged Securities” means the Pledged Equity and Pledged Debt. 
 “Secured Obligations” means the “Obligations” (as defined in the Credit Agreement). 
 “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the Hedge Banks, the Supplemental Agents and each co-agent or sub-agent appointed by the Administrative Agent
from time to time pursuant to Section 9.01 of the Credit Agreement. 
 “Security Agreement Supplement”
means an instrument substantially in the form of Exhibit I hereto. 
 “Subsidiary Parties” means
(a) the Restricted Subsidiaries identified on Schedule I and (b) each other Restricted Subsidiary that becomes a party to this Agreement as a Subsidiary Party after the Closing Date. 

“Trademark License” means any written agreement, now or hereafter in effect, granting to any third party any right to
use any Trademark now or hereafter owned by any Grantor 

  
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or that any Grantor otherwise has the right to license, or granting to any Grantor any right to use any Trademark now or hereafter owned by any third party, and all rights of any Grantor under
any such agreement. 
 “Trademarks” means all of the following now owned or hereafter acquired by any Grantor:
(a) all trademarks, service marks, trade names, corporate names, trade dress, logos, designs, fictitious business names other source or business identifiers, now existing or hereafter adopted or acquired, all registrations and recordings
thereof, and all registration and recording applications filed in connection therewith, including registrations and registration applications in the USPTO or any similar offices in any State of the United States or any political subdivision thereof,
and all extensions or renewals thereof, as well as any unregistered trademarks and service marks used by a Grantor and (b) all goodwill connected with the use of and symbolized thereby. 

“UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York; provided that,
if perfection or the effect of perfection or non-perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC” means
the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“USCO” means the United States Copyright Office. 

“USPTO” means the United States Patent and Trademark Office. 

ARTICLE II 

Pledge of Securities 
 SECTION 2.01 Pledge. As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guarantees, each of the Grantors hereby assigns and pledges to
the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest in all of such
Grantors’ right, title and interest in, to and under: 
 (i) all Equity Interests held by it that are
listed on Schedule II and any other Equity Interests obtained in the future by such Grantor and the certificates representing all such Equity Interests (the “Pledged Equity”); provided that the Pledged Equity shall not
include (A) Excluded Assets or (B) for the avoidance of doubt, Equity Interests in excess of 65% of the issued and outstanding Equity Interests of (1) any Restricted Subsidiary that is a wholly owned Material Domestic Subsidiary that
is directly owned by the Parent Borrower or by any Subsidiary Guarantor and that (x) is treated as a disregarded entity for federal income tax purposes and (y) substantially all of the assets of which include the Equity Interests and/or
Indebtedness of one or more Foreign Subsidiaries and any other assets incidental thereto and (2) any Restricted Subsidiary that is a wholly owned Material Foreign Subsidiary that is directly owned by the Parent Borrower or by any Subsidiary
Guarantor; 

  
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 (ii) (A) the debt securities owned by it and listed opposite the name
of such Grantor on Schedule II, (B) any debt securities obtained in the future by such Grantor and (C) the promissory notes and any other instruments evidencing such debt securities (the “Pledged Debt”);
provided that the Pledged Debt shall not include any Excluded Assets; 
 (iii) all other property that
may be delivered to and held by the Administrative Agent pursuant to the terms of this Section 2.01; 

(iv) subject to Section 2.06, all payments of principal or interest, dividends, cash, instruments and other property
from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other Proceeds received in respect of, the securities referred to in clauses (i) and (ii) above; 

(v) subject to Section 2.06, all rights and privileges of such Grantor with respect to the securities and other
property referred to in clauses (i), (ii), (iii) and (iv) above; and 
 (vi) all Proceeds of any
of the foregoing 
 (the items referred to in clauses (i) through (vi) above being collectively referred to as the “Pledged
Collateral”). 
 TO HAVE AND TO HOLD the Pledged Collateral, together with all right, title, interest, powers, privileges and
preferences pertaining or incidental thereto, unto the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, forever, subject, however, to the terms, covenants and conditions hereinafter set forth.

 SECTION 2.02 Delivery of the Pledged Equity. 
 (a) Each Grantor agrees promptly (but in any event within 30 days after receipt by such Grantor or such longer period as the Administrative Agent may agree in its reasonable discretion) to deliver or
cause to be delivered to the Administrative Agent, for the benefit of the Secured Parties, any and all (i) Pledged Equity to the extent certificated and (ii) to the extent required to be delivered pursuant to paragraph (b) of this
Section 2.02, Pledged Debt. 
 (b) Each Grantor will cause any Indebtedness for borrowed money having an aggregate
principal amount in excess of $5,000,000 owed to such Grantor by any Person that is evidenced by a duly executed promissory note to be pledged and delivered to the Administrative Agent, for the benefit of the Secured Parties, pursuant to the terms
hereof. 
 (c) Upon delivery to the Administrative Agent, any Pledged Securities shall be accompanied by stock or security
powers duly executed in blank or other instruments of transfer reasonably satisfactory to the Administrative Agent and by such other instruments and documents 

  
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as the Administrative Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be deemed to supplement
Schedule II and made a part hereof; provided that failure to supplement Schedule II shall not affect the validity of such pledge of such Pledged Equity. Each schedule so delivered shall supplement any prior schedules so
delivered. 
 SECTION 2.03 Representations, Warranties and Covenants. Each Grantor represents, warrants and covenants to
and with the Administrative Agent, for the benefit of the Secured Parties, that: 
 (a) As of the date
hereof, Schedule II includes all Equity Interests, debt securities and promissory notes required to be pledged by such Grantor hereunder in order to satisfy the Collateral and Guarantee Requirement; 

(b) the Pledged Equity issued by the Parent Borrower, each other Borrower, or a wholly-owned Restricted Subsidiary
have been duly and validly authorized and issued by the issuers thereof and are fully paid and nonassessable; 

(c) except for the security interests granted hereunder, such Grantor (i) is, subject to any transfers made in
compliance with the Credit Agreement, the direct owner, beneficially and of record, of the Pledged Equity indicated on Schedule II, (ii) holds the same free and clear of all Liens, other than (A) Liens created by the Collateral
Documents and (B) nonconsensual Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement, and (iii) if requested by the Administrative Agent, will defend its title or interest thereto or therein against any and all
Liens (other than the Liens permitted pursuant to this Section 2.03(c)), however arising, of all Persons whomsoever; 
 (d) except for restrictions and limitations (i) imposed or permitted by the Loan Documents or securities laws generally, (ii) in the case of Pledged Equity of Persons that are not
Subsidiaries, transfer restrictions that exist at the time of acquisition of Equity Interests in such Persons, and (iii) except as described in the Perfection Certificate, the Pledged Collateral is freely transferable and assignable, and none
of the Pledged Collateral is subject to any option, right of first refusal, shareholders agreement, charter or bylaw provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise affect in any manner material
and adverse to the Secured Parties the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Administrative Agent of rights and remedies hereunder; 

(e) the execution and performance by the Grantors of this Agreement are within each Grantor’s corporate powers
and have been duly authorized by all necessary corporate action or other organizational action; 
 (f) no
consent or approval of any Governmental Authority, any securities exchange or any other Person was or is necessary to the validity of the pledge effected hereby, except for (i) filings and registrations necessary to perfect the Liens on the
Collateral granted by the Loan Parties in favor of the Secured Parties and (ii) the approvals, consents, 

  
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exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect (except to the extent not required to be obtained,
taken, given, or made or to be in full force and effect pursuant to the Collateral and Guarantee Requirement); 

(g) by virtue of the execution and delivery by each Grantor of this Agreement, and delivery of the Pledged
Securities to and continued possession by the Administrative Agent in the State of New York, the Administrative Agent for the benefit of the Secured Parties has a legal, valid and perfected lien upon and security interest in such Pledged Security as
security for the payment and performance of the Secured Obligations to the extent such perfection is governed by the UCC, subject only to nonconsensual Liens permitted by Section 7.01 of the Credit Agreement; and 

(h) the pledge effected hereby is effective to vest in the Administrative Agent, for the benefit of the Secured
Parties, the rights of the Administrative Agent in the Pledged Collateral to the extent intended hereby. 
 Subject to the terms
of this Agreement, each Grantor hereby agrees that upon the occurrence and during the continuance of an Event of Default, it will comply with instructions of the Administrative Agent with respect to the Equity Interests in such Grantor that
constitute Pledged Equity hereunder that are not certificated without further consent by the applicable owner or holder of such Equity Interests. 
 Notwithstanding anything to the contrary in this Agreement, to the extent any provision of this Agreement or the Credit Agreement excludes any assets from the scope of the Pledged Collateral, or from any
requirement to take any action to perfect any security interest in favor of the Administrative Agent in the Pledged Collateral, the representations, warranties and covenants made by any relevant Grantor in this Agreement with respect to the
creation, perfection or priority (as applicable) of the security interest granted in favor of the Administrative Agent (including, without limitation, this Section 2.03) shall be deemed not to apply to such excluded assets. 

SECTION 2.04 Certification of Limited Liability Company and Limited Partnership Interests. No interest in any limited liability
company or limited partnership controlled by any Grantor that constitutes Pledged Equity shall be represented by a certificate unless (i) the limited liability company agreement or partnership agreement expressly provides that such interests
shall be a “security” within the meaning of Article 8 of the UCC of the applicable jurisdiction, and (ii) such certificate shall be delivered to the Administrative Agent in accordance with Section 2.02. Any limited liability
company and any limited partnership controlled by any Grantor shall either (a) not include in its operative documents any provision that any Equity Interests in such limited liability company or such limited partnership be a
“security” as defined under Article 8 of the Uniform Commercial Code or (b) certificate any Equity Interests in any such limited liability company or such limited partnership. To the extent an interest in any limited liability company
or limited partnership controlled by any Grantor and pledged under Section 2.01 is certificated or becomes certificated, (i) each such certificate shall be delivered to the Administrative Agent, pursuant to Section 2.02(a) and
(ii) such Grantor shall fulfill all other requirements 

  
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under Section 2.02 applicable in respect thereof. Such Grantor hereby agrees that if any of the Pledged Collateral are at any time not evidenced by certificates of ownership, then each
applicable Grantor shall, to the extent permitted by applicable law, if necessary or, upon the request of the Administrative Agent, desirable to perfect a security interest in such Pledged Collateral, cause such pledge to be recorded on the equity
holder register or the books of the issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Administrative Agent the right to transfer such Pledged Collateral under the terms hereof.

 SECTION 2.05 Registration in Nominee Name; Denominations. If an Event of Default shall have occurred and be continuing
and the Administrative Agent shall have given the Parent Borrower prior written notice of its intent to exercise such rights, (a) the Administrative Agent, on behalf of the Secured Parties, shall have the right to hold the Pledged Securities in
its own name as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of the applicable Grantor, endorsed or assigned in blank or in favor of the Administrative Agent and each Grantor will promptly give to the Administrative
Agent copies of any written notices or other written communications received by it with respect to Pledged Equity registered in the name of such Grantor and (b) the Administrative Agent shall have the right to exchange the certificates
representing Pledged Equity for certificates of smaller or larger denominations for any purpose consistent with this Agreement, to the extent permitted by the documentation governing such Pledged Securities. 

SECTION 2.06 Voting Rights; Dividends and Interest. 
 (a) Unless and until an Event of Default shall have occurred and be continuing and the Administrative Agent shall have provided prior notice to the Parent Borrower that the rights of the Grantor under
this Section 2.06 are being suspended: 
 (i) Each Grantor shall be entitled to exercise any and all
voting and/or other consensual rights and powers inuring to an owner of Pledged Securities or any part thereof and each Grantor agrees that it shall exercise such rights for purposes consistent with the terms of this Agreement, the Credit Agreement
and the other Loan Documents. 
 (ii) The Administrative Agent shall promptly (after reasonable advance notice)
execute and deliver to each Grantor, or cause to be executed and delivered to such Grantor, all such proxies, powers of attorney and other instruments as such Grantor may reasonably request for the purpose of enabling such Grantor to exercise the
voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above. 

(iii) Each Grantor shall be entitled to receive and retain any and all dividends, interest, principal and other
distributions paid on or distributed in respect of the Pledged Securities to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or distributed in accordance with,
the terms and conditions of the Credit Agreement, the other Loan Documents and applicable Laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged Equity or Pledged Debt, whether
resulting from a subdivision, 

  
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combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Grantor, shall not be
commingled by such Grantor with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the Administrative Agent and the Secured Parties and shall be promptly (and in any event
within 10 Business Days or such longer period as the Administrative Agent may agree in its reasonable discretion) delivered to the Administrative Agent in the same form as so received (with any necessary endorsement reasonably requested by the
Administrative Agent). So long as no Default or Event of Default has occurred and is continuing, the Administrative Agent shall promptly deliver to each Grantor any Pledged Securities in its possession if requested to be delivered to the issuer
thereof in connection with any exchange or redemption of such Pledged Securities permitted by the Credit Agreement in accordance with this Section 2.06(a)(iii). 
 (b) Upon the occurrence and during the continuance of an Event of Default, after the Administrative Agent shall have notified the Parent Borrower of the suspension of the Grantors’ rights under
paragraph (a)(iii) of this Section 2.06, then all rights of any Grantor to dividends, interest, principal or other distributions that such Grantor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease,
and all such rights shall thereupon become vested in the Administrative Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest,
principal or other distributions received by any Grantor contrary to the provisions of this Section 2.06 shall be held in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such Grantor and
shall be promptly (and in any event within 10 days or such longer period as the Administrative Agent may agree in its reasonable discretion) delivered to the Administrative Agent upon demand in the same form as so received (with any necessary
endorsement reasonably requested by the Administrative Agent). Any and all money and other property paid over to or received by the Administrative Agent pursuant to the provisions of this paragraph (b) shall be retained by the Administrative
Agent in an account to be established by the Administrative Agent upon receipt of such money or other property and shall be applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived, the
Administrative Agent shall promptly repay to each Grantor (without interest) all dividends, interest, principal or other distributions that such Grantor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this
Section 2.06 and that remain in such account. 
 (c) Upon the occurrence and during the continuance of an Event of Default,
after the Administrative Agent shall have provided the Parent Borrower with notice of the suspension of its rights under paragraph (a)(i) of this Section 2.06, then all rights of any Grantor to exercise the voting and consensual rights and
powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Administrative Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all such rights shall thereupon become
vested in the 

  
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Administrative Agent, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless otherwise directed by the
Required Lenders, the Administrative Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Grantors to exercise such rights. After all Events of Default have been cured or waived, each
Grantor shall have the exclusive right to exercise the voting and/or consensual rights and powers that the Borrowers would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above, and the obligations of the Administrative
Agent under paragraph (a)(ii) of this Section 2.06 shall be reinstated. 
 (d) Any notice given by the Administrative Agent
to the Parent Borrower under Section 2.05 or Section 2.06 (i) shall be given in writing, (ii) may be given with respect to one or more Grantors at the same or different times and (iii) may suspend the rights of the Grantors
under paragraph (a)(i) or paragraph (a)(iii) of this Section 2.06 in part without suspending all such rights (as specified by the Administrative Agent in its sole and absolute discretion) and without waiving or otherwise affecting the
Administrative Agent’s rights to give additional notices from time to time suspending other rights so long as an Event of Default has occurred and is continuing. 
 ARTICLE III 
 Security Interests in Personal Property

 SECTION 3.01 Security Interest. 
 (a) As security for the payment or performance, as the case may be, in full of the Secured Obligations, including the Guarantees, each Grantor hereby assigns and pledges to the Administrative Agent, its
successors and assigns, for the benefit of the Secured Parties, and hereby grants to the Administrative Agent, its successors and assigns, for the benefit of the Secured Parties, a security interest (the “Security Interest”) in, all
right, title or interest in or to any and all of the following assets and properties now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest
(collectively, the “Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii) all Documents; 
 (iv) all Equipment; 

(v) all General Intangibles; 
 (vi) all Goods; 
 (vii) all Instruments; 

  
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 (viii) all Inventory; 

(ix) all Investment Property; 
 (x) all books and records pertaining to the Article 9 Collateral; 

(xi) all Fixtures; 
 (xii) all Letter-of-Credit Rights, but only to the extent constituting a supporting obligation for other Article 9 Collateral as to which perfection of security interests in such Article 9 Collateral is
accomplished solely by the filing of a UCC financing statement; 
 (xiii) all Intellectual Property;

 (xiv) all Commercial Tort Claims listed on Schedule III and on any supplement thereto received by
the Administrative Agent pursuant to Section 3.03(g); and 
 (xv) to the extent not otherwise
included, all Proceeds and products of any and all of the foregoing and all Supporting Obligations, collateral security and guarantees given by any Person with respect to any of the foregoing; 

provided that, notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in
any Excluded Assets. 
 (b) Subject to Section 3.01(e), each Grantor hereby irrevocably authorizes the Administrative Agent
for the benefit of the Secured Parties at any time and from time to time to file in any relevant jurisdiction any initial financing statements with respect to the Article 9 Collateral or any part thereof and amendments thereto that (i) indicate
the Article 9 Collateral as “all assets” or “all personal property” of such Grantor or words of similar effect as being of an equal or lesser scope or with greater detail and (ii) contain the information required by Article
9 of the Uniform Commercial Code or the analogous legislation of each applicable jurisdiction for the filing of any financing statement or amendment, including whether such Grantor is an organization, the type of organization and, if required, any
organizational identification number issued to such Grantor. Each Grantor agrees to provide such information to the Administrative Agent promptly upon any reasonable request. 
 (c) The Security Interest is granted as security only and shall not subject the Administrative Agent or any other Secured Party to, or in any way alter or modify, any obligation or liability of any
Grantor with respect to or arising out of the Article 9 Collateral. 
 (d) The Administrative Agent is authorized to file with
the USPTO or the USCO (or any successor office) such documents as may be necessary or advisable for the purpose of perfecting, confirming, continuing, enforcing or protecting the Security Interest in United States Intellectual Property of each
Grantor in which a security interest has been granted by each Grantor, without the signature of any Grantor, and naming any Grantor or the Grantor as debtors and the Administrative Agent as secured party. 

  
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 (e) Notwithstanding anything to the contrary in the Loan Documents, none of the Grantors
shall be required, nor is the Administrative Agent authorized, (i) to perfect the Security Interests granted by this Security Agreement (including Security Interests in Investment Property and Fixtures) by any means other than by
(A) filings pursuant to the Uniform Commercial Code in the office of the secretary of state (or similar central filing office) of the relevant State(s), and filings in the applicable real estate records with respect to any fixtures relating to
Mortgaged Real Property, (B) filings in United States government offices with respect to Intellectual Property of Grantor as expressly required elsewhere herein, (C) delivery to the Administrative Agent to be held in its possession of all
Collateral consisting of Instruments as expressly required elsewhere herein or (D) other methods expressly provided herein, (ii) to enter into any deposit account control agreement, securities account control agreement or any other control
agreement with respect to any deposit account, securities account or any other Collateral that requires perfection by “control,” (iii) to take any action (other than the actions listed in clauses (i)(A) and (C) above) with
respect to any assets located outside of the United States, (iv) to perfect in any assets subject to a certificate of title statute or (v) to deliver any Equity Interests except as expressly provided in Section 2.01. 

SECTION 3.02 Representations and Warranties. Each Grantor jointly and severally represents and warrants, as to itself and the
other Grantors, to the Administrative Agent and the Secured Parties that: 
 (a) Subject to Liens permitted
by Section 7.01 of the Credit Agreement, each Grantor has good and valid rights in and title (except as otherwise permitted by the Loan Documents) to the Article 9 Collateral with respect to which it has purported to grant a Security Interest
hereunder and has full power and authority to grant to the Administrative Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement,
without the consent or approval of any other Person other than any consent or approval that has been obtained. 

(b) The Perfection Certificate has been duly prepared, completed and executed and the information set forth therein is
correct and complete in all material respects (except the information therein with respect to the exact legal name of each Grantor shall be correct and complete in all respects) as of the Closing Date. Subject to Section 3.01(e), the Uniform
Commercial Code financing statements or other appropriate filings, recordings or registrations prepared by the Administrative Agent based upon the information provided to the Administrative Agent in the Perfection Certificate for filing in the
applicable filing office (or specified by notice from the Parent Borrower to the Administrative Agent after the Closing Date in the case of filings, recordings or registrations (other than filings required to be made in the USPTO and the USCO in
order to perfect the Security Interest in Article 9 Collateral consisting of United States Patents, Trademarks and Copyrights), in each case, as required by Section 6.11 of the Credit Agreement),

  
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are all the filings, recordings and registrations that are necessary to establish a legal, valid and perfected security interest in favor of the Administrative Agent (for the benefit of the
Secured Parties) in respect of all Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States (or any political subdivision thereof) and its territories and possessions pursuant to
the Uniform Commercial Code, and no further or subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary in any such jurisdiction, except as provided under applicable Law with respect to the filing of
continuation statements. 
 (c) Each Grantor represents and warrants that short-form Intellectual Property
Security Agreements containing a description of all Article 9 Collateral consisting of material United States registered Patents (and Patents for which United States registration applications are pending), United States registered Trademarks (and
Trademarks for which United States registration applications are pending) and United States registered Copyrights, respectively (other than, in each case, any Excluded Assets), have been delivered to the Administrative Agent for recording by the
USPTO and the USCO pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, (for the benefit of the Secured Parties) in respect of all Article 9 Collateral consisting of
registrations and applications for Patents, Trademarks and Copyrights. To the extent a security interest may be perfected by filing, recording or registration in USP-TO or USCO under the Federal intellectual property laws, then no further or
subsequent filing, re-filing, recording, rerecording, registration or re-registration is necessary (other than (i) such filings and actions as are necessary to perfect the Security Interest with respect to any Article 9 Collateral consisting of
Patents, Trademarks and Copyrights (or registration or application for registration thereof) acquired or developed by any Grantor after the date hereof and (ii) the UCC financing and continuation statements contemplated in
Section 3.02(b)). 
 (d) The Security Interest constitutes (i) a legal and valid security interest in
all the Article 9 Collateral securing the payment and performance of the Secured Obligations and (ii) subject to the filings described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security
interest may be perfected by filing, recording or registering a financing statement or analogous document in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial Code.
Subject to Section 3.01(e) of this Agreement, the Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral, other than (i) any statutory or similar Lien that has priority as a matter of Law and
(ii) any Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. 
 (e) The
Article 9 Collateral is owned by the Grantors free and clear of any Lien, except for Liens expressly permitted pursuant to Section 7.01 of the Credit Agreement. None of the Grantors has filed or consented to the filing of (i) any financing
statement or analogous document under the Uniform Commercial Code or any other applicable Laws covering any Article 9 Collateral, (ii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar
instrument covering 

  
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any Article 9 Collateral with the USPTO or the USCO or (iii) any assignment in which any Grantor assigns any Article 9 Collateral or any security agreement or similar instrument covering any
Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still in effect, except, in each case, for Liens expressly
permitted pursuant to Section 7.01 of the Credit Agreement and assignments permitted by the Credit Agreement. 
 (f) As of the date hereof, no Grantor has any Commercial Tort Claim in excess of $5,000,000, other than the Commercial Tort Claims listed on Schedule III. 

SECTION 3.03 Covenants. 
 (a) The Parent Borrower agrees to notify the Administrative Agent in writing promptly, but in any event within 60 days (or such longer period as the Administrative Agent may agree in its reasonable
discretion), after any change in (i) the legal name of any Grantor, (ii) the identity or type of organization or corporate structure of any Grantor, (iii) the jurisdiction of organization of any Grantor or (iv) the organizational
identification number of such Grantor, if any. 
 (b) Subject to Section 3.01(e), each Grantor shall, at its own expense,
upon the reasonable request of the Administrative Agent, take any and all commercially reasonable actions necessary to defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Administrative Agent in
the Article 9 Collateral and the priority thereof against any Lien not expressly permitted pursuant to Section 7.01 of the Credit Agreement; provided that, nothing in this Agreement shall prevent any Grantor from discontinuing the
operation or maintenance of any of its assets or properties if such discontinuance is (x) determined by such Grantor to be desirable in the conduct of its business and (y) permitted by the Credit Agreement. 

(c) Subject to Section 3.01(e), each Grantor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed
all such further instruments and documents and take all such actions as the Administrative Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security Interest and the rights and remedies created
hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement, the granting of the Security Interest and the filing of any financing statements or other documents in connection herewith
or therewith. If any amount payable under or in connection with any of the Article 9 Collateral that is in excess of $5,000,000 shall be or become evidenced by any promissory note, other instrument or debt security, such note, instrument or debt
security shall be promptly (and in any event within 30 days of its acquisition or such longer period as the Administrative Agent may agree in its reasonable discretion) pledged and delivered to the Administrative Agent, for the benefit of the
Secured Parties, duly endorsed in a manner reasonably satisfactory to the Administrative Agent. 
 (d) At its option, the
Administrative Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any time levied or placed on the Article 9 Collateral and not permitted pursuant to Section 7.01 of the Credit

  
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Agreement, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Grantor fails to do so as required by the Credit Agreement or any other Loan Document and
within a reasonable period of time after the Administrative Agent has requested that it do so, and each Grantor jointly and severally agrees to reimburse the Administrative Agent within 10 Business Days after demand for any payment made or any
reasonable expense incurred by the Administrative Agent pursuant to the foregoing authorization; provided, however, the Grantors shall not be obligated to reimburse the Administrative Agent with respect to any Intellectual Property that any
Grantor has failed to maintain or pursue, or otherwise allowed to lapse, terminate or be put into the public domain in accordance with Section 3.03(f)(iv). Nothing in this paragraph shall be interpreted as excusing any Grantor from the
performance of, or imposing any obligation on the Administrative Agent or any Secured Party to cure or perform, any covenants or other promises of any Grantor with respect to taxes, assessments, charges, fees, Liens, security interests or other
encumbrances and maintenance as set forth herein or in the other Loan Documents. 
 (e) If at any time any Grantor shall take a
security interest in any property of an Account Debtor or any other Person the value of which is in excess of $5,000,000 to secure payment and performance of an Account, such Grantor shall promptly assign such security interest to the Administrative
Agent for the benefit of the Secured Parties provided that, notwithstanding anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in any Excluded Assets. Such assignment need not be
filed of public record unless necessary to continue the perfected status of the security interest against creditors of and transferees from the Account Debtor or other Person granting the security interest. 

(f) Intellectual Property Covenants.  
 (i) Other than to the extent not prohibited herein or in the Credit Agreement or with respect to registrations and applications no longer used or useful, except to the extent failure to act would not, as
deemed by the applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, with respect to registration or pending application of each item of its Intellectual Property for which such Grantor has
standing to do so, each Grantor agrees to take, at its expense, all reasonable steps, including, without limitation, in the USPTO, the USCO and any other governmental authority located in the United States, to pursue the registration and maintenance
of each Patent, Trademark, or Copyright registration or application now or hereafter included in the Intellectual Property of such Grantor that are not Excluded Assets. 
 (ii) Other than to the extent not prohibited herein or in the Credit Agreement, or with respect to registrations and applications no longer used or useful, or except as would not, as deemed by the
applicable Grantor in its reasonable business judgment, reasonably be expected to have a Material Adverse Effect, no Grantor shall do or permit any act or knowingly omit to do any act whereby any of its Intellectual Property, excluding Excluded
Assets, may lapse, be terminated, or become invalid or unenforceable or placed in the public domain (or in the case of a trade secret, become publicly known). 

  
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 (iii) Other than as excluded or as not prohibited herein or in the Credit Agreement, or with
respect to Patents, Copyrights or Trademarks which are no longer used or useful in the applicable Grantor’s business operations or except where failure to do so would not, as deemed by the applicable Grantor in its reasonable business judgment,
reasonably be expected to have a Material Adverse Effect, each Grantor shall take all reasonable steps to preserve and protect each item of its Intellectual Property, including, without limitation, maintaining the quality of any and all products or
services used or provided in connection with any of the Trademarks, consistent with the quality of the products and services as of the date hereof, and taking reasonable steps necessary to ensure that all licensed users of any of the Trademarks
abide by the applicable license’s terms with respect to standards of quality. 
 (iv) Notwithstanding any other provision
of this Agreement, nothing in this Agreement or any other Loan Document prevents or shall be deemed to prevent any Grantor from disposing of, discontinuing the use or maintenance of, failing to pursue, or otherwise allowing to lapse, terminate or be
put into the public domain, any of its Intellectual Property to the extent permitted by the Credit Agreement if such Grantor determines in its reasonable business judgment that such discontinuance is desirable in the conduct of its business.

 (v) Within the same delivery period as required for the delivery of the annual Compliance Certificate required to be
delivered under Section 6.02(a) of the Credit Agreement the Parent Borrower shall provide a list of any additional registrations of Intellectual Property of all Grantors not previously disclosed to the Administrative Agent including such
information as is necessary for such Grantor to make appropriate filings in the USPTO and USCO. 
 (g) Commercial Tort
Claims. If the Grantors shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated by such Grantor to exceed $5,000,000 for which this clause has not been satisfied and for which a complaint in a court of
competent jurisdiction has been filed, such Grantor shall within 45 days (or such longer period as the Administrative Agent may agree in its reasonable discretion) after the end of the fiscal quarter in which such complaint was filed notify the
Administrative Agent thereof in a writing signed by such Grantor including a summary description of such claim and grant to the Administrative Agent, for the benefit of the Secured Parties, in such writing a security interest therein and in the
proceeds thereof, all upon the terms of this Agreement. 
 ARTICLE IV 

Remedies 
 SECTION 4.01 Remedies Upon Default. Upon the occurrence and during the continuance of an Event of Default, it is agreed that the Administrative Agent shall have the right to exercise any and all
rights afforded to a secured party with respect to the Secured Obligations, including the Guarantees, under the Uniform Commercial Code or other applicable Law and also may (i) require each Grantor to, and each Grantor agrees that it will at
its expense and upon request of the Administrative Agent, promptly assemble all or part of the Collateral as directed by the Administrative Agent and make it available to the Administrative Agent at a place and time to be designated by the
Administrative Agent that is reasonably convenient to both parties; (ii)

  
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occupy any premises owned or, to the extent lawful and permitted, leased by any of the Grantors where the Collateral or any part thereof is assembled or located for a reasonable period in order
to effectuate its rights and remedies hereunder or under Law, without obligation to such Grantor in respect of such occupation; provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior to such
occupancy; (iii) exercise any and all rights and remedies of any of the Grantors under or in connection with the Collateral, or otherwise in respect of the Collateral; provided that the Administrative Agent shall provide the applicable
Grantor with notice thereof prior to such exercise; and (iv) subject to the mandatory requirements of applicable Law and the notice requirements described below, sell or otherwise dispose of all or any part of the Collateral securing the
Secured Obligations at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Administrative Agent shall deem appropriate. The Administrative Agent shall be
authorized at any such sale of securities (if it deems it advisable to do so) to restrict the prospective bidders or purchasers to Persons who will represent and agree that they are purchasing the Collateral for their own account for investment and
not with a view to the distribution or sale thereof, and upon consummation of any such sale the Administrative Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such
purchaser at any sale of Collateral shall hold the property sold absolutely, free from any claim or right on the part of any Grantor, and each Grantor hereby waives (to the extent permitted by Law) all rights of redemption, stay and appraisal which
such Grantor now has or may at any time in the future have under any Law now existing or hereafter enacted. 
 The
Administrative Agent shall give the applicable Grantors 10 days’ written notice (which each Grantor agrees is reasonable notice within the meaning of Section 9-611 of the UCC or its equivalent in other jurisdictions) of the Administrative
Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or
exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and
at such place or places as the Administrative Agent may fix and state in the notice (if any) of such sale. At any such sale, the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the
Administrative Agent may (in its sole and absolute discretion) determine. The Administrative Agent shall not be obligated to make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such
Collateral shall have been given. The Administrative Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale
may, without further notice, be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made on credit or for future delivery, the Collateral so sold may be retained by the
Administrative Agent until the sale price is paid by the purchaser or purchasers thereof, but the Administrative Agent shall not incur any liability in case any such purchaser or purchasers shall fail to take up and pay for the Collateral so sold
and, in case of any such failure, such Collateral may be sold again upon like notice. At any public (or, to the extent permitted by Law, private) sale made pursuant to this Agreement, any Secured Party may bid for or purchase, free (to the extent
permitted by Law) from any right 

  
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of redemption, stay, valuation or appraisal on the part of any Grantor (all said rights being also hereby waived and released to the extent permitted by Law), the Collateral or any part thereof
offered for sale and may make payment on account thereof by using any claim then due and payable to such Secured Party from any Grantor as a credit against the purchase price, and such Secured Party may, upon compliance with the terms of sale, hold,
retain and dispose of such property without further accountability to any Grantor therefor. For purposes hereof, a written agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Administrative Agent shall
be free to carry out such sale pursuant to such agreement and no Grantor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact that after the Administrative Agent shall have entered into
such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Administrative Agent may proceed by a suit or suits at Law or
in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant
to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the UCC or its equivalent in other jurisdictions. 

Each Grantor irrevocably makes, constitutes and appoints the Administrative Agent (and all officers, employees or agents designated by
the Administrative Agent) as such Grantor’s true and lawful agent (and attorney-in-fact) during the continuance of an Event of Default (provided that the Administrative Agent shall provide the applicable Grantor with notice thereof prior
to, to the extent reasonably practicable, or otherwise promptly after, exercising such rights), for the purpose of (i) making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of
such Grantor on any check, draft, instrument or other item of payment for the proceeds of such policies if insurance, (ii) making all determinations and decisions with respect thereto and (iii) obtaining or maintaining the policies of
insurance required by Section 6.07 of the Credit Agreement or to pay any premium in whole or in part relating thereto. All sums disbursed by the Administrative Agent in connection with this paragraph, including reasonable attorneys’ fees,
court costs, expenses and other charges relating thereto, shall be payable, within 10 days of demand, by the Grantors to the Administrative Agent and shall be additional Secured Obligations secured hereby. 

SECTION 4.02 Application of Proceeds. The Administrative Agent shall apply the proceeds of any collection or sale of Collateral,
including any Collateral consisting of cash in accordance with Section 8.03 of the Credit Agreement. 
 The Administrative
Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the Administrative Agent (including pursuant to a power of sale granted by
statute or under a judicial proceeding), the receipt of the Administrative Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the Administrative Agent or such officer or be answerable in any way for the misapplication thereof. 

  
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 The Administrative Agent shall have no liability to any of the Secured Parties for actions
taken in reliance on information supplied to it as to the amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations, provided that nothing in this sentence shall prevent any Grantor from
contesting any amounts claimed by any Secured Party in any information so supplied. All distributions made by the Administrative Agent pursuant to this Section 4.02 shall be (subject to any decree of any court of competent jurisdiction) final
(absent manifest error). 
 SECTION 4.03 Grant of License to Use Intellectual Property. For the exclusive purpose of
enabling the Administrative Agent to exercise rights and remedies under this Agreement at such time as the Administrative Agent shall be lawfully entitled to exercise such rights and remedies at any time after and during the continuance of an Event
of Default, each Grantor hereby grants to the Administrative Agent a non-exclusive, royalty-free, limited license (until the termination or cure of the Event of Default) for cash, upon credit or for future delivery as the Administrative Agent shall
deem appropriate to use, license or sublicense any of the Intellectual Property now owned or hereafter acquired by such Grantor, and wherever the same may be located, and including in such license reasonable access to all media in which any of the
licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof; provided, however, that all of the foregoing rights of the Administrative Agent to use such licenses, sublicenses
and other rights, and (to the extent permitted by the terms of such licenses and sublicenses) all licenses and sublicenses granted thereunder, shall expire immediately upon the termination or cure of all Events of Default and shall be exercised by
the Administrative Agent solely during the continuance of an Event of Default and upon 10 Business Days’ prior written notice to the applicable Grantor, and nothing in this Section 4.03 shall require Grantors to grant any license that is
prohibited by any rule of law, statute or regulation, or is prohibited by, or constitutes a breach or default under or results in the termination of any contract, license, agreement, instrument or other document evidencing, giving rise to or
theretofore granted, to the extent permitted by the Credit Agreement, with respect to such property or otherwise unreasonably prejudices the value thereof to the relevant Grantor; provided, further, that any such license and any such license
granted by the Administrative Agent to a third party shall include reasonable and customary terms and conditions necessary to preserve the existence, validity and value of the affected Intellectual Property, including without limitation, provisions
requiring the continuing confidential handling of trade secrets, requiring the use of appropriate notices and prohibiting the use of false notices, quality control and inurement provisions with regard to Trademarks, patent designation provisions
with regard to Patents, copyright notices and restrictions on decompilation and reverse engineering of copyrighted software (it being understood and agreed that, without limiting any other rights and remedies of the Administrative Agent under this
Agreement, any other Loan Document or applicable Law, nothing in the foregoing license grant shall be construed as granting the Administrative Agent rights in and to such Intellectual Property above and beyond (x) the rights to such
Intellectual Property that each Grantor has reserved for itself and (y) in the case of Intellectual Property that is licensed to any such Grantor by a third party, the extent to which such Grantor has the right to grant a sublicense to

  
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such Intellectual Property hereunder). For the avoidance of doubt, the use of such license by the Administrative Agent may be exercised, at the option of the Administrative Agent, only during the
continuation of an Event of Default. Upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may also exercise the rights afforded under Section 4.01 of this Agreement with respect to Intellectual
Property contained in the Article 9 Collateral. 
 ARTICLE V 

Subordination 
 SECTION 5.01 Subordination. 
 (a) Notwithstanding any provision of this
Agreement to the contrary, all rights of the Grantors to indemnity, contribution or subrogation under applicable law or otherwise shall be fully subordinated to the payment in full in cash of the Secured Obligations. No failure on the part of the
Borrowers or any Grantor to make the payments required under applicable law or otherwise shall in any respect limit the obligations and liabilities of any Grantor with respect to its obligations hereunder, and each Grantor shall remain liable for
the full amount of the obligations of such Grantor hereunder. 
 (b) Each Grantor hereby agrees that upon the occurrence and
during the continuance of an Event of Default and after notice from the Administrative Agent, all Indebtedness owed to it by any other Grantor shall be fully subordinated to the payment in full in cash of the Secured Obligations. 

ARTICLE VI 

Miscellaneous 
 SECTION 6.01 Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 10.02 of the Credit
Agreement. All communications and notices hereunder to the Borrowers or any other Grantor shall be given to it in care of the Parent Borrower as provided in Section 10.02 of the Credit Agreement. 

SECTION 6.02 Waivers; Amendment. 
 (a) No failure or delay by any Secured Party in exercising any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges of the Secured
Parties herein provided, and provided under each other Loan Document, are cumulative and are not exclusive of any rights, remedies, powers and privileges provided by Law. No waiver of any provision of this Agreement or consent to any departure by
any Grantor therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section 6.02, and then such 

  
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waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan, the issuance of a
Letter of Credit or the provision of services under Treasury Services Agreements or Secured Hedge Agreements shall not be construed as a waiver of any Default, regardless of whether any Secured Party may have had notice or knowledge of such Default
at the time. 
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by the Administrative Agent and the Grantor or Grantors with respect to which such waiver, amendment or modification is to apply, subject to any consent required in accordance with Section 10.01
of the Credit Agreement. 
 SECTION 6.03 Administrative Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Administrative Agent shall be entitled to reimbursement of its reasonable out-of-pocket
expenses incurred hereunder and indemnity for its actions in connection herewith as provided in Sections 10.04 and 10.05 of the Credit Agreement. 
 (b) Any such amounts payable as provided hereunder shall be additional Secured Obligations secured hereby and by the other Collateral Documents. The provisions of this Section 6.03 shall remain
operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the consummation of the transactions contemplated hereby, the repayment of any of the Secured Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent or any other Secured Party. All amounts due under this Section 6.03 shall be payable
within 30 days of written demand therefor. 
 SECTION 6.04 Successors and Assigns. The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 SECTION 6.05
Survival of Agreement. All covenants, agreements, representations and warranties made by the Grantors hereunder and in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant
to this Agreement shall be considered to have been relied upon by the Secured Parties and shall survive the execution and delivery of the Loan Documents, the making of any Loans and issuance of any Letters of Credit and the provision of services
under Treasury Services Agreements or Secured Hedge Agreements, regardless of any investigation made by any Secured Party or on its behalf and notwithstanding that any Secured Party may have had notice or knowledge of any Default at the time any
credit is extended under the Credit Agreement, and shall continue in full force and effect as long as this Agreement has not been terminated or released pursuant to Section 6.11 below. 

SECTION 6.06 Counterparts; Effectiveness; Several Agreement. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or 

  
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other electronic communication of an executed counterpart of a signature page to this Agreement shall be effective as delivery of an original executed counterpart of this Agreement. This
Agreement shall become effective as to any Grantor when a counterpart hereof executed on behalf of such Grantor shall have been delivered to the Administrative Agent and a counterpart hereof shall have been executed on behalf of the Administrative
Agent, and thereafter shall be binding upon such Grantor and the Administrative Agent and their respective permitted successors and assigns, and shall inure to the benefit of such Grantor, the Administrative Agent and the other Secured Parties and
their respective permitted successors and assigns, except that no Grantor shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void)
except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement shall be construed as a separate agreement with respect to each Grantor and may be amended, modified, supplemented, waived or released with respect to any
Grantor without the approval of any other Grantor and without affecting the obligations of any other Grantor hereunder. 

SECTION 6.07 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality,
validity and enforceability of the remaining provisions of this Agreement shall not be affected or impaired thereby. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 SECTION 6.08 Governing Law; Jurisdiction; Venue; Waiver of Jury Trial; Consent to Service of Process.

 (a) The terms of Sections 10.15 and 10.16 of the Credit Agreement with respect to governing law, submission of jurisdiction,
venue and waiver of jury trial are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such terms. 
 (b) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 6.01. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by Law. 
 SECTION 6.09 Headings. Article and Section headings
and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 6.10 Security Interest Absolute. To the extent permitted by Law, all rights of the Administrative Agent hereunder, the
Security Interest, the grant of a security interest in the Pledged Collateral and all obligations of each Grantor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of the Credit Agreement,
any other Loan Document, any agreement with respect to any of the Secured Obligations or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all
or any of the Secured Obligations, or any other amendment or waiver of or any consent to any departure from the Credit Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any
Lien on other collateral, or any release or amendment or waiver of or consent 

  
 -22-

 
under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or
a discharge of, any Grantor in respect of the Secured Obligations or this Agreement. 
 SECTION 6.11 Termination or
Release. 
 (a) This Agreement, the Security Interest and all other security interests granted hereby shall terminate with
respect to all Secured Obligations and any Liens arising therefrom shall be automatically released upon termination of the Aggregate Commitments and payment in full of all Obligations (other than (i) obligations under Treasury Services
Agreements or obligations under Secured Hedge Agreements not yet due and payable and (ii) contingent obligations not yet accrued and payable) and the expiration or termination of all Letters of Credit (other than Letters of Credit in which the
Outstanding Amount of the L/C Obligations related thereto have been Cash Collateralized or otherwise back-stopped, including by “grandfathering” into any future credit facilities, in each case, on terms reasonably satisfactory to the
relevant L/C Issuer in its reasonable discretion). 
 (b) A Subsidiary Party shall automatically be released from its
obligations hereunder and the Security Interest in the Collateral of such Subsidiary Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which such Subsidiary Party ceases
to be a Subsidiary of the Parent Borrower or becomes an Excluded Subsidiary; provided that the Required Lenders shall have consented to such transaction (if and to the extent required by the Credit Agreement) and the terms of such consent did
not provide otherwise. 
 (c) Upon any sale or transfer by any Grantor of any Collateral that is permitted under the Credit
Agreement (other than a sale or transfer to another Loan Party), or upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 10.01 of the Credit Agreement, the
security interest in such Collateral shall be automatically released. 
 (d) In connection with any termination or release
pursuant to paragraph (a), (b) or (c) of this Section 6.11, the Administrative Agent shall execute and deliver to any Grantor, at such Grantor’s expense, all documents that such Grantor shall reasonably request to evidence such
termination or release and shall perform such other actions reasonably requested by such Grantor to effect such release, including delivery of certificates, securities and instruments. Any execution and delivery of documents pursuant to this
Section 6.11 shall be without recourse to or warranty by the Administrative Agent. 
 SECTION 6.12 Additional
Grantors. Pursuant to Section 6.11 of the Credit Agreement, certain additional Restricted Subsidiaries of the Grantors may be required to enter in this Agreement as Grantors. Upon execution and delivery by the Administrative Agent and a
Restricted Subsidiary of a Security Agreement Supplement, such Restricted Subsidiary shall become a Grantor hereunder with the same force and effect as if originally named as a Grantor herein. The execution and delivery of any such instrument shall
not require the consent of any other Grantor hereunder. The rights and obligations of each Grantor hereunder shall remain in full force and effect notwithstanding the addition of any new Grantor as a party to this Agreement. 

  
 -23-

 SECTION 6.13 Administrative Agent Appointed Attorney-in-Fact. Each Grantor hereby
appoints the Administrative Agent the attorney-in-fact of such Grantor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Administrative Agent may deem necessary or advisable
to accomplish the purposes hereof at any time after and during the continuance of an Event of Default, which appointment is irrevocable and coupled with an interest. Without limiting the generality of the foregoing, the Administrative Agent shall
have the right, upon the occurrence and during the continuance of an Event of Default and notice by the Administrative Agent to the applicable Grantor of the Administrative Agent’s intent to exercise such rights, with full power of substitution
either in the Administrative Agent’s name or in the name of such Grantor (a) to receive, endorse, assign and/or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral
or any part thereof; (b) to demand, collect, receive payment of, give receipt for and give discharges and releases of all or any of the Collateral; (c) to sign the name of any Grantor on any invoice or bill of lading relating to any of the
Collateral; (d) to send verifications of Accounts Receivable to any Account Debtor; (e) to commence and prosecute any and all suits, actions or proceedings at Law or in equity in any court of competent jurisdiction to collect or otherwise
realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (f) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral; (g) to notify,
or to require any Grantor to notify, Account Debtors to make payment directly to the Administrative Agent; and (h) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral,
and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Administrative Agent were the absolute owner of the Collateral for all purposes; provided that nothing herein
contained shall be construed as requiring or obligating the Administrative Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Administrative Agent, or to present or file any claim or
notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Administrative Agent and the other Secured Parties shall be accountable only
for amounts actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Grantor for any act or failure to act hereunder, except
for their own gross negligence, bad faith, or willful misconduct or that of any of their Affiliates, directors, officers, employees, counsel, agents or attorneys-in-fact, in each case, as determined by a final non-appealable judgment of a court of
competent jurisdiction. 
 SECTION 6.14 General Authority of the Administrative Agent. By acceptance of the benefits of
this Agreement and any other Collateral Documents, each Secured Party (whether or not a signatory hereto) shall be deemed irrevocably (a) to consent to the appointment of the Administrative Agent as its agent hereunder and under such other
Collateral Documents, (b) to confirm that the Administrative Agent shall have the authority to act as the exclusive agent of such Secured Party for the enforcement of any provisions of this Agreement and such other

  
 -24-

 
Collateral Documents against any Grantor, the exercise of remedies hereunder or thereunder and the giving or withholding of any consent or approval hereunder or thereunder relating to any
Collateral or any Grantor’s obligations with respect thereto, (c) to agree that it shall not take any action to enforce any provisions of this Agreement or any other Collateral Document against any Grantor, to exercise any remedy hereunder
or thereunder or to give any consents or approvals hereunder or thereunder except as expressly provided in this Agreement or any other Collateral Document and (d) to agree to be bound by the terms of this Agreement and any other Collateral
Documents. 
 SECTION 6.15 Reasonable Care. The Administrative Agent is required to use reasonable care in the custody
and preservation of any of the Collateral in its possession; provided, that the Administrative Agent shall be deemed to have used reasonable care in the custody and preservation of any of the Collateral, if such Collateral is accorded
treatment substantially similar to that which the Administrative Agent accords its own property. 
 SECTION 6.16 Delegation;
Limitation. The Administrative Agent may execute any of the powers granted under this Agreement and perform any duty hereunder either directly or by or through agents or attorneys-in-fact, and shall not be responsible for the gross negligence or
willful misconduct of any agents or attorneys-in-fact selected by it with reasonable care and without gross negligence or willful misconduct. 
 SECTION 6.17 Reinstatement. The obligations of the Grantors under this Security Agreement shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of
the Borrowers or other Loan Party in respect of the Secured Obligations is rescinded or must be otherwise restored by any holder of any of the Secured Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise.

 SECTION 6.18 Miscellaneous. The Administrative Agent shall not be deemed to have actual, constructive, direct or
indirect notice or knowledge of the occurrence of any Event of Default unless and until the Administrative Agent shall have received a notice of Event of Default or a notice from the Grantor or the Secured Parties to the Administrative Agent in its
capacity as Administrative Agent indicating that an Event of Default has occurred. 
 [Signature Pages Follow]

  
 -25-

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

			
	BEAGLE INTERMEDIATE HOLDINGS, INC.
		
	By:	 	/s/ Neil P. Simpkins
	Name: Neil P. Simpkins
	Title: President

  

			
	EMDEON INC.
		
	By:	 	/s/ George I. Lazenby, IV
	Name: George I. Lazenby, IV
	Title: Chief Executive Officer

  

			
	 EBS HOLDCO I, LLC
 EBS HOLDCO II, LLC
 EMDEON BUSINESS SERVICES LLC

MEDIFAX-EDI HOLDING COMPANY

		
	By:	 	/s/ George I. Lazenby, IV
	Name: George I. Lazenby, IV
	Title: President

 [Security Agreement Signature Page] 

 
			
	 EBS MASTER LLC
 EXPRESSBILL LLC
 THE SENTINEL GROUP SERVICES LLC

ENVOY LLC
 EQUICLAIM,
LLC
 MEDIFAX-EDI, LLC

CHAPIN REVENUE CYCLE MANAGEMENT,

    LLC
 HEALTHCARE
TECHNOLOGY MANAGEMENT SERVICES LLC
 DAKOTA IMAGING LLC
 INTERACTIVE PAYER NETWORK LLC
 CLAIMS PROCESSING SERVICE LLC

KINETRA LLC
 ADVANCED BUSINESS
FULFILLMENT, LLC
 ERX NETWORK, L.L.C.
 EMDEON FUTUREVISION LLC
 ERX AUDIT, L.L.C.

		
	By:	 	/s/ George I. Lazenby, IV
	Name: George I. Lazenby, IV
	Title: President

  

			
	 IXT SOLUTIONS, INC.
 CHAMBERLIN EDMONDS HOLDINGS, INC.
 CHAMBERLIN EDMONDS &
ASSOCIATES,
     INC.
 MEDI, INC.
 MEDIFAX, INC.
 MEDIFAX-EDI HOLDINGS, INC.
 MEDIFAX-EDI SERVICES, INC.

		
	By:	 	/s/ George I. Lazenby, IV
	Name: George I. Lazenby, IV
	Title: President

  

			
	MEDE AMERICA OF OHIO LLC
		
	By:	 	/s/ Gregory T. Stevens
	Name: Gregory T. Stevens
	Title: Secretary

 [Security Agreement Signature Page] 

 
			
	 BANK OF AMERICA, N.A., as Administrative
     Agent

		
	By:	 	/s/
	Name:
	Title:

 [Security Agreement Signature Page] 

 Schedule I to 
 the Security Agreement 
 SUBSIDIARY PARTIES 

ADVANCED BUSINESS FULFILLMENT, LLC 
 CHAMBERLIN
EDMONDS & ASSOCIATES, INC. 
 CHAMBERLIN EDMONDS HOLDINGS, INC. 
 CHAPIN REVENUE CYCLE MANAGEMENT, LLC 
 CLAIMS PROCESSING SERVICE LLC 

DAKOTA IMAGING LLC 
 EBS HOLDCO I, LLC

 EBS HOLDCO II, LLC 
 EBS MASTER LLC

 EMDEON BUSINESS SERVICES LLC 
 EMDEON
FUTUREVISION LLC 
 ENVOY LLC 

EQUICLAIM, LLC 
 ERX AUDIT, L.L.C. 

ERX NETWORK, L.L.C. 
 EXPRESSBILL LLC 

HEALTHCARE TECHNOLOGY MANAGEMENT SERVICES LLC 

INTERACTIVE PAYER NETWORK LLC 
 IXT SOLUTIONS,
INC. 
 KINETRA LLC 
 MEDE AMERICA OF
OHIO LLC 
 MEDIFAX-EDI HOLDING COMPANY 

MEDIFAX-EDI HOLDINGS, INC. 
 MEDIFAX-EDI, LLC

 MEDIFAX-EDI SERVICES, INC. 
 MEDIFAX,
INC. 
 MEDI, INC. 
 THE SENTINEL GROUP
SERVICES LLC 

 Schedule II to 
 the Security Agreement 
 PLEDGED EQUITY AND PLEDGED DEBT 

1. Pledged Equity: 
  

							
	 Current Legal Entities

Owned
	  	 Record Owner
	  	Certificate
No.
(to the extent
certificated)	  	No. Shares
	 Beagle Intermediate Holdings, Inc.
	  	Beagle Parent Corp.	  	#1	  	10
 Common Shares

				
	 Emdeon Inc.
	  	 Beagle Intermediate

    Holdings, Inc.
	  	#1	  	100
				
	 EBS Holdco I, LLC
	  	Emdeon Inc.	  	N/A	  	N/A
				
	 EBS Holdco II, LLC
	  	Emdeon Inc.	  	N/A	  	N/A
				
	 EBS Master LLC
	  	 Emdeon Inc.
  

EBS Holdco I, LLC
  
 EBS Holdco II, LLC
	  	N/A  
 N/A
  
 N/A
	  	N/A  
 N/A
  
 N/A

				
	 Emdeon Business Services LLC
	  	EBS Master LLC	  	N/A	  	N/A
				
	 ExpressBill LLC
	  	 Emdeon Business Services
     LLC
	  	N/A	  	N/A
				
	 The Sentinel Group Services LLC
	  	 Emdeon Business Services
     LLC
	  	N/A	  	N/A
				
	 IXT Solutions, Inc.
	  	 Emdeon Business Services
     LLC
	  	#13  
  

#A-10
	  	450,000 shares of
 Common
Stock
  
 600,000 shares of

Series A

Convertible

Preferred Stock

				
	 Envoy LLC
	  	Emdeon Business Services   LLC	  	N/A	  	N/A
				
	 EquiClaim, LLC
	  	Emdeon Business Services   LLC	  	N/A	  	N/A

							
	 Current Legal Entities

Owned
	  	 Record Owner
	  	Certificate
No.
(to the extent
certificated)	  	No. Shares
	 MediFAX-EDI Holding Company
	  	Emdeon Business Services     LLC	  	#5	  	78 shares of

Common Stock

				
	 MedE America of Ohio LLC
	  	Emdeon Business Services     LLC	  	N/A	  	N/A
				
	 Chamberlin Edmonds

Holdings, Inc.
	  	MediFAX-EDI Holding     Company	  	#1	  	1,000 shares of

Common Stock

				
	 Chamberlin Edmonds & Associates, Inc.
	  	 Chamberlin Edmonds

    Holdings, Inc.
  

MediFAX-EDI Holding     Company
	  	#1  
  

 
 #2
	  	96 shares of

Common Stock
  

4 shares of
 Common Stock

				
	 MediFAX-EDI, LLC
	  	MediFAX-EDI Holding     Company	  	N/A	  	N/A
				
	 Medi, Inc.
	  	MediFAX-EDI, LLC	  	#39	  	98,896,154 shares

of Common Stock

				
	 MediFAX, Inc.
	  	MediFAX-EDI, LLC	  	#3	  	1,000 shares of

Common Stock

				
	 Medifax-EDI Holdings, Inc.
	  	MediFAX-EDI, LLC	  	#2	  	1,000 shares of

Common Stock

				
	 Medifax-EDI Services, Inc.
	  	MediFAX-EDI, LLC	  	#2	  	1,000 shares of

Common Stock

				
	 Chapin Revenue Cycle Management, LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Healthcare Technology Management Services LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Dakota Imaging LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Interactive Payer Network LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Claims Processing Service LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Kinetra LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 Advanced Business Fulfillment, LLC
	  	Envoy LLC	  	N/A	  	N/A
				
	 eRx Network, L.L.C.
	  	Envoy LLC	  	N/A	  	N/A
				
	 Emdeon FutureVision LLC
	  	Envoy LLC	  	N/A	  	N/A

  
 -3-

							
	 Current Legal Entities

Owned
	  	 Record Owner
	  	Certificate
No.
(to the extent
certificated)	  	No. Shares
	 eRx Audit, L.L.C.
	  	eRx Network, L.L.C.	  	N/A	  	N/A

  

	2.	Pledged Debt: 

  

	 	•	 	 Global Intercompany Note dated as of the date hereof by and among Beagle Intermediate Holdings, Inc., Emdeon Inc., EBS Holdco I, LLC, EBS Holdco II,
LLC, Emdeon Business Services LLC, MediFAX-EDI Holding Company, Advanced Business Fulfillment, LLC, Chamberlin Edmonds & Associates, Inc., Chamberlin Edmonds Holdings, Inc., Chapin Revenue Cycle Management, LLC, Claims Processing Service
LLC, Dakota Imaging LLC, EBS Master LLC, Emdeon FutureVision LLC, Envoy LLC, EquiClaim, LLC, eRx Audit, L.L.C., eRx Network Canada, Inc., eRx Network, L.L.C., ExpressBill LLC, Healthcare Technology Management Services LLC, Interactive Payer Network
LLC, IXT Solutions, Inc., Kinetra LLC, MedE America of Ohio LLC, Medi, Inc., MediFAX, Inc., Medifax-EDI Holdings, Inc., MediFAX-EDI, LLC, Medifax-EDI Services, Inc. and The Sentinel Group Services LLC. 

 

	 	•	 	 Amended and Restated Intercompany Promissory Note dated as of November 2, 2011 by and between MediFAX-EDI Holding Company and Envoy LLC.

  

	 	•	 	 Amended and Restated Intercompany Promissory Note dated as of November 2, 2011 by and between Envoy LLC and Emdeon Business Services LLC.

  

	 	•	 	 Intercompany Promissory Note dated as of November 2, 2011 by and between Emdeon Business Services LLC and Emdeon Inc.

  
 -4-

 Schedule III to 
 the Security Agreement 
 COMMERCIAL TORT CLAIMS 

None.EX-10.5

 Exhibit 10.5 

 
  

 

STOCKHOLDERS’ AGREEMENT 
 BY AND AMONG 

BEAGLE PARENT CORP. 

BEAGLE INTERMEDIATE HOLDINGS, INC. 

BEAGLE ACQUISITION CORP. 

AND 
 THE SPONSORS, OTHER INVESTORS AND MANAGERS NAMED HEREIN 

DATED AS OF NOVEMBER 2, 2011 

 
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	5	  
			
	 Section 1.1
	 	 Definitions
	  	 	5	  
			
	 Section 1.2
	 	 Other Interpretive Provisions
	  	 	17	  
		
	 ARTICLE II REPRESENTATIONS AND WARRANTIES
	  	 	17	  
			
	 Section 2.1
	 	 Representations and Warranties of the Parties
	  	 	17	  
			
	 Section 2.2
	 	 Representations and Warranties of the Company
	  	 	18	  
			
	 Section 2.3
	 	 Representations and Warranties of Blackstone
	  	 	18	  
		
	 ARTICLE III GOVERNANCE
	  	 	19	  
			
	 Section 3.1
	 	 Board of Directors
	  	 	19	  
			
	 Section 3.2
	 	 Matters Requiring Stockholder Approval
	  	 	22	  
			
	 Section 3.3
	 	 Additional Governance Provisions
	  	 	24	  
			
	 Section 3.4
	 	 Voting Agreement
	  	 	27	  
			
	 Section 3.5
	 	 Termination of Governance Provisions
	  	 	27	  
		
	 ARTICLE IV TRANSFERS OF SHARES
	  	 	28	  
			
	 Section 4.1
	 	 Limitations on Transfer
	  	 	28	  
			
	 Section 4.2
	 	 Transfer to Permitted Transferees
	  	 	30	  
			
	 Section 4.3
	 	 Right of First Refusal
	  	 	31	  
			
	 Section 4.4
	 	 Tag-Along Rights
	  	 	32	  
			
	 Section 4.5
	 	 Drag-Along Rights
	  	 	34	  
			
	 Section 4.6
	 	 Rights and Obligations of Transferees
	  	 	38	  
			
	 Section 4.7
	 	 H&F Liquidity Rights
	  	 	39	  
			
	 Section 4.8
	 	 Termination of Transfer Restrictions
	  	 	40	  
		
	 ARTICLE V PREEMPTIVE RIGHTS
	  	 	40	  
			
	 Section 5.1
	 	 Preemptive Rights
	  	 	40	  
			
	 Section 5.2
	 	 Expenses
	  	 	42	  
		
	 ARTICLE VI REGISTRATION RIGHTS
	  	 	42	  
			
	 Section 6.1
	 	 Demand Registration
	  	 	42	  
			
	 Section 6.2
	 	 Shelf Registration
	  	 	46	  
			
	 Section 6.3
	 	 Piggyback Registration
	  	 	49	  
			
	 Section 6.4
	 	 Black-out Periods
	  	 	51	  
			
	 Section 6.5
	 	 Registration Procedures
	  	 	52	  

							
			
	 Section 6.6
	 	 Underwritten Offerings
	  	 	59	  
			
	 Section 6.7
	 	 No Inconsistent Agreements; Additional Rights
	  	 	60	  
			
	 Section 6.8
	 	 Registration Expenses
	  	 	60	  
			
	 Section 6.9
	 	 Indemnification
	  	 	61	  
			
	 Section 6.10
	 	 Rules 144 and 144A and Regulation S
	  	 	64	  
			
	 Section 6.11
	 	 Termination
	  	 	64	  
			
	 Section 6.12
	 	 Existing Registration Statements
	  	 	65	  
			
	 Section 6.13
	 	 Lock-Up
	  	 	65	  
			
	 Section 6.14
	 	 Alternative IPO Entities
	  	 	66	  
		
	 ARTICLE VII OPTIONS TO PURCHASE AND SELL SHARES
	  	 	66	  
			
	 Section 7.1
	 	 Call Options
	  	 	66	  
			
	 Section 7.2
	 	 Notices, Etc.
	  	 	68	  
			
	 Section 7.3
	 	 Vesting
	  	 	69	  
			
	 Section 7.4
	 	 Closing
	  	 	69	  
			
	 Section 7.5
	 	 Form of Payment
	  	 	70	  
			
	 Section 7.6
	 	 Sponsor Call Option
	  	 	71	  
			
	 Section 7.7
	 	 Management Put Option
	  	 	71	  
			
	 Section 7.8
	 	 Acknowledgment
	  	 	72	  
			
	 Section 7.9
	 	 Call/Put Period
	  	 	72	  
		
	 ARTICLE VIII GENERAL PROVISIONS
	  	 	72	  
			
	 Section 8.1
	 	 Merger with Emdeon
	  	 	72	  
			
	 Section 8.2
	 	 Right to Convert to a Limited Liability Company
	  	 	72	  
			
	 Section 8.3
	 	 Waiver by Stockholders
	  	 	73	  
			
	 Section 8.4
	 	 Assignment; Benefit
	  	 	73	  
			
	 Section 8.5
	 	 Freedom to Pursue Opportunities
	  	 	73	  
			
	 Section 8.6
	 	 Publicity and Confidentiality
	  	 	74	  
			
	 Section 8.7
	 	 Termination
	  	 	75	  
			
	 Section 8.8
	 	 Severability
	  	 	76	  
			
	 Section 8.9
	 	 Entire Agreement; Amendment
	  	 	76	  
			
	 Section 8.10
	 	 Counterparts
	  	 	77	  
			
	 Section 8.11
	 	 Notices
	  	 	77	  
			
	 Section 8.12
	 	 Governing Law
	  	 	79	  
			
	 Section 8.13
	 	 Jurisdiction
	  	 	79	  

  
 2 

							
			
	 Section 8.14
	 	 Waiver of Jury Trial
	  	 	79	  
			
	 Section 8.15
	 	 Specific Performance
	  	 	80	  
			
	 Section 8.16
	 	 Emdeon Liability
	  	 	80	  
			
	 Section 8.17
	 	 Subsequent Acquisition of Shares
	  	 	80	  
			
	 Section 8.18
	 	 EBS Entities; ITR Matters
	  	 	80	  
			
	 Section 8.19
	 	 Indemnification of Stockholders
	  	 	81	  
			
	 Section 8.20
	 	 Reimbursement
	  	 	83	  

  
 3 

 THIS STOCKHOLDERS’ AGREEMENT (as it may be amended from time to time in accordance with
the terms hereof, the “Agreement”), dated as of November 2, 2011, is made by and among: 
 (i) Blackstone
and H&F (each as defined below) (together, the “Sponsors”); 
 (ii) Beagle Parent Corp., a Delaware
corporation (the “Company”); 
 (iii) Beagle Intermediate Holdings, Inc., a Delaware corporation
(“Intermediate Holdings”); 
 (iv) Beagle Acquisition Corp., a Delaware corporation (including its successor
upon consummation of the Merger (as defined below), “Emdeon”); 
 (v) each other Person that has purchased or
otherwise acquired Company Shares (as defined below), including, for the avoidance of doubt, Blackstone Eagle Principal Transaction Partners L.P. and GSO COF Facility LLC (the “Other Investors”); and 

(vi) such other Persons who from time to time become party hereto by executing a counterpart signature page hereof and, at such time
(i) are designated by the Board of Directors (as defined below) as “Managers” and (ii) provide services to the Company or its subsidiaries (together with their Permitted Transferees, the “Managers” and together
with the Sponsors and the Other Investors, the “Stockholders”). 
 RECITALS 

WHEREAS, the Sponsors, the Other Investors and the Managers, will hold in the aggregate one hundred percent (100%) of the issued and
outstanding shares of Common Stock (as defined below) of the Company as of, and immediately following, the Merger (as defined below); 
 WHEREAS, Beagle Acquisition Corp., a wholly-owned subsidiary of the Company, the Company and Emdeon Inc. have entered into an Agreement and Plan of Merger, dated as of August 3, 2011 (the
“Merger Agreement”), pursuant to which Beagle Acquisition Corp. will merge with and into Emdeon Inc. (the “Merger”); 
 WHEREAS, after the Merger, the Company shall indirectly hold through Intermediate Holdings one hundred percent (100%) of the issued and outstanding common stock of Emdeon; and 

WHEREAS, the parties hereto desire to provide for the management of the Company, Intermediate Holdings and Emdeon and to set forth the
respective rights and obligations of the Stockholders generally. 

  
 4 

 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, covenants and
agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the following meanings: 
 “5% Threshold Interest Amount” means five percent (5%) or more of H&F’s Initial Share Ownership. 
 “25% Threshold Interest Amount” means twenty-five percent (25%) or more of H&F’s Initial Share Ownership. 

“Adverse Disclosure” means public disclosure of material non-public information of the Issuer which, in the Board of
Directors’ good faith judgment, after consultation with independent outside counsel to the Issuer, (i) would be required to be made in any Registration Statement filed with the SEC by the Issuer so that such Registration Statement would
not be materially misleading; (ii) would not be required to be made at such time but for the filing of such Registration Statement; and (iii) the Issuer has a bona fide business purpose for not disclosing publicly. 

“Advisory Agreement” means the Transaction and Advisory Fee Agreement, dated as of November 2, 2011 by and among
Emdeon and certain entities affiliated with Blackstone and H&F, as the same may be amended from time to time. 

“Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person (for the purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise) and (b) with respect to any natural Person, any Member of the Immediate Family of such natural Person; provided,
that in any event, (i) no Stockholder or such Stockholder’s Affiliates (other than the Company, Intermediate Holdings, Emdeon and their respective subsidiaries) shall be deemed an Affiliate of the Company or any of its subsidiaries for
purposes of this Agreement and (ii) except for purposes of Section 3.2, no Sponsor shall be considered an Affiliate of any of its portfolio companies nor shall any portfolio company of a Sponsor be considered to be an Affiliate of such
Sponsor. For the avoidance of doubt, for all purposes herein, Blackstone Eagle Principal Transaction Partners L.P. and GSO COF Facility LLC are Affiliates of Blackstone. 
 “Affiliated Officer” means an officer of the Company affiliated with any of Blackstone or H&F other than solely as a result of being an officer of the Company or any of its
Subsidiaries. 
 “Affiliated PE Fund” has the meaning set forth in Section 4.2(a). 

  
 5 

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

“Alternative IPO Entity” has the meaning set forth in Section 6.14. 

“Articles” means the certificate of incorporation and by-laws of the Company. 

“Blackstone” means, collectively, Blackstone Capital Partners VI L.P., Blackstone Family Investment Partnership VI - ESC
L.P., and Blackstone Family Investment Partnership VI L.P. and each of their respective Permitted Transferees that is or becomes a Stockholder hereunder; provided, however, that for the avoidance of doubt, neither Blackstone Eagle
Principal Transaction Partners L.P. nor GSO COF Facility LLC shall be deemed to be “Blackstone” for purposes of this Agreement. 
 “Board of Directors” means the board of directors of the Company. 

“Business Day” means any day other than a Saturday, Sunday or day on which banking institutions in New York, New York
are authorized or obligated by law or executive order to close. 
 “Cause” with respect to any holder of
Management Shares, (a) shall have the meaning, if any, set forth in the employment agreement then in effect, if any, between the holder to whom such Management Shares were originally issued and the Company or any of its subsidiaries or
(b) if there is no such meaning in such employment agreement or there is no such employment agreement then in effect, shall have the meaning set forth in the Emdeon Inc. 2009 Equity Incentive Plan. 

“Change of Control” shall be deemed to occur if: 

(a) any change in the ownership of the capital stock of the Company results in, immediately after giving effect thereto, any Person other
than the Sponsors (provided, that notwithstanding anything in Section 4.6(b) to the contrary, if Blackstone or H&F shall Transfer its Company Shares, its applicable transferee shall not be deemed to be “Blackstone” or
“H&F” for purposes of this definition of “Change of Control”) owning beneficially (within the meaning of Rule 13d-5 of the Exchange Act) directly or indirectly greater than fifty percent (50%) of the outstanding equity
securities of the Company; 
 (b) a “change of control” (as such term is defined under the Credit Agreement, dated as
of November 2, 2011, among Beagle Intermediate Holdings, Inc., Emdeon Inc., EBS Holdco I, LLC, EBS Holdco II, LLC, Emdeon Business Services LLC, Medifax-EDI Holding Company, Bank of America, N.A. and the other parties thereto (the
“Credit Agreement”)) has occurred; or 
 (c) the Company shall cease to own 100% of the Equity Interests of
Intermediate Holdings and/or Intermediate Holdings shall cease to own 100% of the Equity Interests (in each case as such term is defined under the Credit Agreement) of Emdeon. 
 “Closing Date” means November 2, 2011. 

  
 6 

 “Code” means the U.S. Internal Revenue Code of 1986, as amended. Any
reference to a section of the Code shall include a reference to any successor provision thereto. 
 “Common
Stock” shall mean the common stock of the Company, including any shares of common stock of the Company issued or issuable with respect to such common stock by way of a stock dividend or distribution payable thereon or stock split, reverse
stock split, recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof. 

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

“Company Shares” means all Sponsor Shares, Other Investor Shares and Management Shares. 

“Compete” means, with respect to a Manager, the breach by such Manager of any non-competition or non-solicitation
covenant or a material breach of any confidentiality, non-disclosure or other similar covenant made by such Manager in favor of the Company or any subsidiary of the Company, and “Competes”, “Competed” and
“Competition” will each have a correlative meaning. 
 “Competitor” means (i) any
enterprise engaged in providing revenue and payment cycle management solutions for healthcare providers (including, without limitation, physicians, hospitals, dentists, and pharmacies), patients and payors (including, without limitation, insurance
companies, government entities, HMOs, pharmacy benefits management companies and/or self-insured employer groups) for the purpose of facilitating or conducting financial, administrative and/or clinical information exchange and/or transactions;
(ii) any enterprise engaged in the printing or electronic communication of patient statements or other invoices for services rendered; and (iii) any enterprise engaged in any other type of business in which the Company or one of its
subsidiaries is also engaged, or has existing plans to be engaged in, at such applicable time, so long as such business or planned business represents or is budgeted to represent in the next fiscal year over 10% of the Company’s revenues or
profit. 
 “Convertible Securities” means any securities (other than Options or Warrants) that are convertible
into or exercisable or exchangeable for Company Shares. 
 “Deadlock Notice” has the meaning set for in
Section 3.2(b). 
 “Demand Notice” has the meaning set forth in Section 6.1(e). 

“Demand Period” has the meaning set forth in Section 6.1(d). 

“Demand Registration” has the meaning set forth in Section 6.1(a)(ii). 

“Demand Registration Statement” has the meaning set forth in Section 6.1(a)(iii). 

“Demand Suspension” has the meaning set forth in Section 6.1(f). 

“Demanding Holder” means any Sponsor Demand Holder that exercises a right to demand Registration pursuant to
Article VI. 

  
 7 

 “Disability” shall have the meaning set forth in the Emdeon Inc. 2009
Equity Incentive Plan. Notwithstanding the foregoing, if a Manager is a party to an employment or severance-benefit agreement that contains a definition of “Disability,” the definition set forth in such agreement will apply (in the case of
such Manager) in lieu of the definition set forth above during the term of such agreement. 
 “Drag-Along
Buyer” has the meaning set forth in Section 4.5(a). 
 “Drag-Along Notice” has the meaning set
forth in Section 4.5(b). 
 “Drag-Along Stockholders” has the meaning set forth in Section 4.5(b).

 “Drag-Along Transfer” has the meaning set forth in Section 4.5(a). 

“Effectiveness Date” means the date on which Holders are no longer subject to any lock-up in connection with the
Issuer’s IPO. 
 “Emdeon” has the meaning set forth in the preamble. 

“Equivalent Shares” shall mean, at any date of determination, (a) as to any outstanding shares of Common Stock,
such number of shares of Common Stock and (b) as to any outstanding Options, Warrants or Convertible Securities which constitute Company Shares, the maximum number of shares of Common Stock for which or into which such Options, Warrants or
Convertible Securities may at the time be exercised, converted or exchanged (or which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of
Equivalent Shares is to be determined). 
 “ERISA” means the Employee Retirement Income Security Act of 1974,
as amended. 
 “Escrow Agent” has the meaning set forth in Section 4.5(f). 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and any successor thereto, and any
rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Fair Market
Value” shall mean, as of any date, as to any share of Common Stock or other equity securities of any Person, the Board’s good faith determination of the fair value of such share or other equity security as of the applicable reference
date which valuation shall, for the avoidance of doubt, exclude any illiquidity or lack of marketability discounts, controlling stockholder discounts, minority discounts and/or similar discounts; provided, that in determining “Fair
Market Value” for purposes of Section 3.2(a)(iii), Section 3.2(a)(iv) and Section 3.2(a)(v), each of Blackstone and H&F will in good faith and within ten (10) Business Days of the applicable event requiring the
determination of the fair market value, deliver to the other and the Company, such party’s proposed valuation of the shares of Common Stock or other equity securities, in each case, valuing the Company on a “going concern” (rather
than an “M&A”) basis, which valuation shall, for the avoidance of doubt, exclude any illiquidity or lack of marketability discounts, controlling stockholder discounts, minority discounts and/or similar

  
 8 

 
discounts. In the event that Blackstone and H&F are unable to reach an agreement on the fair market value of such shares of Common Stock or other equity securities within five
(5) Business Days following the delivery of each party’s proposed valuation of the shares of Common Stock or other equity securities, the Board of Directors shall cause the Company to and the Company shall promptly (and in any event,
within five (5) Business Days or such longer period as may be agreed to by Blackstone and H&F) engage (at the Company’s expense) a nationally recognized investment banking or valuation firm listed on Exhibit A attached hereto
and selected by the senior management of the Company for the purpose of determining whether Blackstone’s proposed fair market value or H&F’s proposed fair market value for such shares of Common Stock or other equity securities is more
correct (and, for the avoidance of doubt, such investment banking or valuation firm may not propose or indicate any other fair market valuation). Such investment banking or valuation firm shall be instructed by the Company to provide its written
determination within (10) Business Days of its engagement. Such investment banking or valuation firm’s determination shall be (i) in writing, (ii) furnished to each of Blackstone and H&F within ten (10) Business Days,
(iii) limited in scope as to whether Blackstone’s proposed valuation or H&F’s proposed valuation of the shares of Common Stock or other equity securities is correct (and, for the avoidance of doubt, such investment banking or
valuation firm may not propose or indicate any other fair market valuation) and (iv) absent fraud or manifest error, final conclusive and binding upon the Company, Blackstone and H&F. Notwithstanding the foregoing, the “Fair Market
Value” as to any share of Common Stock as of any date prior to the date that is six (6) months following the Closing Date shall be deemed to be the Purchase Price Value other than for purposes of Article VII hereunder. 

“FINRA” means the Financial Industry Regulatory Authority. 

“Good Reason” with respect to any holder of Management Shares, shall have the meaning, if any, set forth in the
employment agreement then in effect, if any, between the holder to whom such Management Shares were originally issued and the Company or its subsidiaries; provided, that if there is no such meaning in such employment agreement or there is no
such employment agreement then in effect, shall have the meaning set forth in the Emdeon Inc. 2009 Equity Incentive Plan. 

“H&F” means, collectively, H&F Harrington AIV II, L.P., HFCP VI Domestic AIV, L.P., Hellman & Friedman
Investors VI, L.P., Hellman & Friedman Capital Executives VI, L.P. and Hellman & Friedman Capital Associates VI, L.P. and each of their respective Permitted Transferees that is or becomes a Stockholder hereunder. 

“Holder” means any holder of Registrable Securities who is a party hereto or who succeeds to rights hereunder pursuant
to Section 4.6. 
 “HSR Waiting Period” means the applicable waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976. 
 “Indemnification Sources” has the meaning set forth in
Section 8.19(b). 
 “Indemnitee-Related Entities” has the meaning set forth in Section 8.19(b).

 “Indemnitees” has the meaning set forth in Section 8.19(a). 

  
 9 

 “Indemnified Liabilities” has the meaning set forth in
Section 8.19(a). 
 “Indemnified Matters” has the meaning set forth in Section 8.19(a). 

“Initial Blackstone Holding Period” has the meaning set forth in Section 4.1(a)(i). 

“Initial Holding Period” has the meaning set forth in Section 4.1(a)(ii). 

“Initial Share Ownership” means, with respect to H&F, the aggregate number of Company Shares issued to H&F on
the date hereof, as appropriately adjusted for any stock split, stock dividend, combination, recapitalization or the like. 

“Initial Stockholder Holding Period” has the meaning set forth in Section 4.1(a)(ii). 

“Initiating Party” has the meaning set forth in Section 4.5(a). 

“Intermediate Holdings” has the meaning set forth in the preamble. 

“IPO” means the first Underwritten Offering of equity securities of the Issuer pursuant to an effective registration
(other than on Form S-4, S-8 or a comparable form under the Securities Act) under the Securities Act, which, for the avoidance of doubt, may be a QPO as the context so requires if an IPO has not previously been consummated and H&F has exercised
the H&F Liquidity Rights; provided, that for purposes of any provisions of this Agreement as they relate to H&F’s exercise of the H&F Liquidity Rights, “IPO” shall mean a QPO. 

“IPO Demand Registration” has the meaning set forth in Section 6.1(a)(i). 

“Issuer” means the first of the Company, Intermediate Holdings or Emdeon to offer its equity securities for sale in an
IPO. 
 “Issuer Free Writing Prospectus” means a free writing prospectus, as defined in Rule 433 under the
Securities Act, relating to an offer of the Registrable Securities. 
 “Issuer Public Sale” has the meaning set
forth in Section 6.3(a). 
 “Issuer Shares” means the shares of common stock or other equity securities of
the Issuer, including any shares of common stock or other equity securities of the Issuer issued or issuable with respect to such common stock or equity securities by way of a stock dividend or distribution payable thereon or stock split, reverse
stock split, recapitalization, reclassification, reorganization, exchange, subdivision or combination thereof. 
 “ITR
Interests” shall have the meaning set forth in Section 4.4(g). 
 “Jointly Indemnifiable Claims”
has the meaning set forth in Section 8.19(b). 
 “Loss” has the meaning set forth in Section 6.9(a).

  
 10 

 “Majority in Interest” shall mean, with respect to (i) Sponsor Shares,
a majority of such Sponsors Shares; (ii) Other Investor Shares, a majority of such Other Investor Share; (iii) with respect to Management Shares, a majority of such Management Shares; and (iv) with respect to Company Shares (without
any express specification as to any of the subsets thereof as described in any of the foregoing clauses (i), (ii) and/or (iii)), a majority of such Company Shares. 
 “Majority Blackstone Investors” shall mean, as of any date, the holders of a Majority in Interest of the Company Shares held by Blackstone. 

“Majority H&F Investors” shall mean, as of any date, the holders of a Majority in Interest of the Company Shares
held by H&F. 
 “Majority Managers” shall mean, as of any date, the holders of a Majority in Interest of
the Company Shares held by Managers. 
 “Managers” has the meaning set forth in the preamble. 

“Management Put Option” has the meaning set forth in Section 7.8(a). 

“Management Shares” shall mean (a) all shares of Common Stock originally issued to, or issued with respect to
shares originally issued to, or held by, a Manager, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants and
Convertible Securities originally granted or issued to a Manager (treating such Options, Warrants and Convertible Securities as a number of Company Shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible
Securities for all purposes of this Agreement except (i) for purposes of Article V and (ii) as otherwise specifically set forth herein). 
 “Marketable Securities” means securities that are traded on a national securities exchange in the United States (including the New York Stock Exchange and the Nasdaq Stock Market) or on
an established stock exchange in Europe or Asia, which securities are not subject to any restrictions on transfer as a result of applicable contract provisions, the provisions of the Securities Act (or regulations thereunder, other than the volume
and method-of-sale restrictions applicable to affiliates of an issuer pursuant to Rule 144 promulgated thereunder). 

“Marketed Underwritten Shelf Take-Down” means an Underwritten Shelf Take-Down involving a customary “road
show” (including an “electronic road show”) or other substantial marketing effort by the underwriters. 

“Material Adverse Change” means (i) any general suspension of trading in, or limitation on prices for, securities
on any national securities exchange or in the over-the-counter market in the United States; (ii) the suspension of trading of any class of Registrable Securities by the SEC or any applicable national securities exchange on which such
Registrable Securities are listed; (iii) the declaration of a banking moratorium or any suspension of payments in respect of banks in the United States; (iv) a material outbreak or escalation of armed hostilities or other international or
national calamity involving the United States or the declaration by the United States of a national emergency or war or a material change in national or international financial, 

  
 11 

 
political or economic conditions; and (v) any event, change, circumstance or effect that is or is reasonably likely to be materially adverse to the business, properties, assets, liabilities,
condition (financial or otherwise), operations, results of operations or prospects of the Issuer and its subsidiaries taken as a whole. 
 “Medifax Restructuring” has the meaning set forth in the Tax Receivable Agreement. 
 “Members of the Immediate Family” shall mean, with respect to any individual, each spouse or child or other descendants of such individual, each trust created solely for the benefit of
one or more of the aforementioned Persons and their spouses and each custodian or guardian of any property of one or more of the aforementioned Persons in his capacity as such custodian or guardian. 

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

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

“Necessary Action” means, with respect to a specified result, all actions (to the extent such actions are permitted by
law) necessary to cause such specified result, including (i) voting or providing a written consent or proxy with respect to a Stockholder’s Company Shares whether at any annual or special meeting, by written consent or otherwise,
(ii) causing the adoption of shareholders’ resolutions and amendments to the Articles, (iii) causing members of the Board of Directors (to the extent such members were nominated or designated by the Person obligated to undertake the
Necessary Action, and subject to any fiduciary duties that such members may have as directors of the Company) to act in a certain manner or causing them to be removed in the event they do not act in such a manner, (iv) executing agreements and
instruments necessary to achieve such specified result, and (v) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such
specified result. 
 “New Issuance” has the meaning set forth in Section 5.1(a). 

“Newly Issued Securities” has the meaning set forth in Section 5.1(a). 

“Non-Marketed Underwritten Shelf Take-Down” means any Underwritten Shelf Take-Down that does not constitute a Marketed
Underwritten Shelf Take-Down. 
 “Options” shall mean any options to subscribe for, purchase or otherwise
acquire shares of Common Stock. 
 “Other Investor” has the meaning set forth in the preamble. 

“Other Investor Shares” shall mean (a) all shares of Common Stock originally issued to, or issued with respect to
shares originally issued to, or held by, an Other Investor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options, Warrants or Convertible Securities and (b) all Options, Warrants
and Convertible Securities originally granted or issued to an Other Investor (treating such Options, 

  
 12 

 
Warrants and Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented by such Options, Warrants and Convertible Securities for all purposes of this
Agreement except as otherwise specifically set forth herein). 
 “Ownership Interest” means the percentage of
the outstanding shares of Common Stock owned by a Person on a fully diluted basis. 
 “Permitted Transferee”
has the meaning set forth in Section 4.2(c). 
 “Person” means an individual, partnership, limited liability
company, corporation, company, trust, association, estate, unincorporated organization or a government or any agency or political subdivision thereof. 
 “Piggyback Notice” has the meaning set forth in Section 6.3(a). 
 “Piggyback Registration” has the meaning set forth in Section 6.3(a). 
 “Preemptive Rights Notice” has the meaning set forth in Section 5.1(a). 
 “Pro Rata Portion” means: 
 (a) for purposes of Section 4.3
(with respect to the “right of first refusal”), a number of Company Shares determined by multiplying (i) the number of Company Shares subject to the “right of first refusal” by (ii) a fraction, the numerator of which is
the number of Company Shares held by the relevant ROFR Offeree and the denominator of which is the aggregate number of Company Shares held by the ROFR Offerees who have elected to purchase Company Shares covered by the relevant ROFR Notice;

 (b) for purposes of Section 4.4 (with respect to “tag-along rights”), a number of Company Shares determined by
multiplying (i) the number of Company Shares held by the Tagging Stockholder by (ii) a fraction, the numerator of which is the number of Company Shares proposed to be Transferred by the Transferring Stockholder in connection with the
Proposed Transfer and the denominator of which is the aggregate number of Company Shares held by such Transferring Stockholder; 

(c) for purposes of Section 4.5 (with respect to “drag-along rights”), a number of Company Shares determined by
multiplying (i) the number of Company Shares held by a Drag-Along Stockholder by (ii) a fraction, the numerator of which is the number of Company Shares proposed to be Transferred to the Drag-Along Buyer by all Stockholders and the
denominator of which is the aggregate number of Company Shares held by all Stockholders; and 
 (d) for purposes of
Section 5.1 (with respect to “preemptive rights”), a number of Newly Issued Securities determined by multiplying (i) the number of Newly Issued Securities that the Company or any of its subsidiaries, as applicable, proposes to
issue on the relevant issuance date by (ii) a fraction, the numerator of which is the number of Company Shares held by the relevant Stockholder entitled to participate in the applicable New Issuance who has elected to participate in such New
Issuance and the denominator of which is the aggregate number of Company Shares held by all Stockholders entitled to participate in the applicable New Issuance who have elected to participate in such New Issuance, in each case as of immediately
prior to giving effect to such New Issuance. 

  
 13 

 “Proposed Transfer” has the meaning set forth in Section 4.4(a).

 “Proposed Transferee” has the meaning set forth in Section 4.4(a). 

“Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such
prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“Purchased Management Shares” means, with respect to a Manager (or a Person to whom any Company Shares were originally
issued at the request of such Manager) or direct or indirect Permitted Transferee of a Manager (or any such Person to whom any Company Shares were originally issued at the request of such Manager), all of the Shares which are not Options or Warrants
held by such Manager, person or Permitted Transferee, if applicable. 
 “Purchase Price Value” shall mean
$1,000, as appropriately adjusted for any stock split, stock dividend, combination, recapitalization or the like. 

“Put Notice” has the meaning set forth in Section 7.8(b). 

“QPO” means the completion of a registered public offering, in combination with any previous public offering or sale of
equity securities of the Issuer, in which there has been the issuance of equity securities of the Issuer in one or more Underwritten Offerings pursuant to an effective registration under the Securities Act (other than on Form S-4, S-8 or a
comparable form under the Securities Act), which results in (i) aggregate gross proceeds of at least $200,000,000 and (ii) such equity securities being listed for trading or quotation on a national exchange or interdealer quotation system.

 “Registrable Securities” shall mean (a) all shares of Common Stock (or Issuer Shares), (b) all
shares of Common Stock (or Issuer Shares) issuable upon exercise, conversion or exchange of any Option or Warrant and (c) all shares of Common Stock (or Issuer Shares) directly or indirectly issued or issuable with respect to the securities
referred to in clauses (a) or (b) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, in each case constituting Company Shares. As to
any particular Registrable Securities, such shares shall cease to be Registrable Securities when (v) such shares shall have been Transferred in a Transfer to which Section 4.5 applies, (w) a Registration Statement with respect to the
sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such Registration Statement, (x) such securities shall have been Transferred pursuant to Rule 144,
(y) subject to the provisions of Section 4.1(d) hereof, such securities shall have been otherwise transferred, new certificates for them not bearing a legend restricting further transfer shall have been delivered by the Company and
subsequent disposition of them shall not require Registration of them under the Securities Act and such securities may be distributed without volume limitation or other restrictions on transfer under Rule 144 (including without application of
paragraphs (c), (e), (f) and (h) of Rule 144) or (z) such securities shall have ceased to be outstanding. 

  
 14 

 “Registration” means a registration with the SEC of any Registrable
Securities for offer and sale to the public under a Registration Statement. The terms “Register” and “Registering” shall have correlative meanings. 

“Registration Expenses” has the meaning set forth in Section 6.8. 

“Registration Statement” means any registration statement of the Issuer filed with, or to be filed with, the SEC under
the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated
by reference in such registration statement other than a registration statement (and related Prospectus) filed on Form S-8 or any successor form thereto. 
 “Representatives” means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, equity financing
partners or financial advisors or other Person associated with, or acting on behalf of, such Person. 
 “ROFR Election
Period” has the meaning set forth in Section 4.3(a)(ii). 
 “ROFR Notice” has the meaning set for
in Section 4.3(a)(i). 
 “ROFR Offeree” has the meaning set forth in Section 4.3(a). 

“ROFR Stockholder” has the meaning set forth in Section 4.3(a). 

“Sale Transaction” means (i) a change in the ownership of the equity securities of the Company if, immediately
after giving effect thereto, any person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than the Sponsors and their Affiliates and portfolio companies, is or becomes the
beneficial owner (within the meaning of Rule 13d-5 of the Exchange Act), directly or indirectly, of more than fifty percent (50%) of the outstanding equity securities of the Company and will have the direct or indirect power to elect a majority
of the members of the Board of Directors, including by way of merger, consolidation or otherwise, or (ii) the sale, disposition or transfer, in one or a series of related transactions, of all or substantially all of the Company’s and its
subsidiaries’ assets, taken as a whole, to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the Exchange Act) who is not a Sponsor or an Affiliate or portfolio company of
either of the Sponsors or the Company. 
 “SEC” means the United States Securities and Exchange Commission or
any successor agency having jurisdiction under the Securities Act. 
 “Securities Act” means the United States
Securities Act of 1933, as amended, and any successor thereto, and any rules and regulations promulgated thereunder, all as the same shall be in effect from time to time. 
 “Shelf Notice” has the meaning set forth in Section 6.2(c). 

  
 15 

 “Shelf Period” has the meaning set forth in Section 6.2(b).

 “Shelf Registration” means a Registration effected pursuant to Section 6.2. 

“Shelf Registration Statement” means a Registration Statement of the Issuer filed with the SEC on either (i) Form
S-3 (or any successor form or other appropriate form under the Securities Act) or (ii) if the Issuer is not permitted to file a Registration Statement on Form S-3, an evergreen Registration Statement on Form S-1 (or any successor form or other
appropriate form under the Securities Act), in each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering the Registrable Securities, as
applicable. 
 “Shelf Suspension” has the meaning set forth in Section 6.2(d). 

“Shelf Take-Down” has the meaning set forth in Section 6.2(i). 

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

“Sponsor Demand Holder” has the meaning set forth in Section 6.1(a)(ii). 

“Sponsor Director” means any director designated by Blackstone or H&F. 

“Sponsor Shares” shall mean (a) all shares of Common Stock originally issued to, or issued with respect to shares
originally issued to, or held by, a Sponsor, whenever issued, including all shares of Common Stock issued upon the exercise, conversion or exchange of any Options or Warrants and (b) all Options and Warrants originally granted or issued to a
Sponsor (treating such Options and Warrants as a number of Shares equal to the number of Equivalent Shares represented by such Options and Warrants for all purposes of this Agreement except as otherwise specifically set forth herein). 

“Stockholder” shall have the meaning set forth in the preamble. 

“Tag-Along Notice” has the meaning set forth in Section 4.4(b). 

“Tagging Stockholder” has the meaning set forth in Section 4.4(b). 

“Tax Receivable Agreement” means each of (i) the Amended and Restated Tax Receivable Agreement (Exchanges), dated
as of November 2, 2011, by and among the Company and the other Persons party thereto and (ii) the Amended and Restated Tax Receivable Agreement (Reorganizations), dated as of November 2, 2011, by and among the Company and the other
Persons party thereto. 
 “Transfer” means, with respect to any Company Shares, a direct or indirect transfer,
sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition of such Company Shares, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily or by operation
of law; and “Transferred”, “Transferee” and “Transferability” shall each have a correlative meaning. 

  
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 “Transferring ITR Holder” shall have the meaning set forth in
Section 4.4(g). 
 “Transferring Stockholder” shall have the meaning set forth in Section 4.4(a).

 “Underwritten Offering” means a Registration in which securities of the Issuer are sold to an underwriter or
underwriters on a firm commitment basis for reoffering to the public. 
 “Underwritten Shelf Take-Down” means a
Shelf Take-Down by a Sponsor which, at the request of such Sponsor, is to be in the form of an Underwritten Offering. 

“VCOC Stockholder” has the meaning set forth in Section 3.3(a). 

“Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire Company Shares. 

Section 1.2 Other Interpretive Provisions. (a) The meanings of defined terms are equally applicable to the singular and
plural forms of the defined terms. 
 (b) The words “hereof”, “herein”,
“hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and section references are to this Agreement unless otherwise specified. 

(c) The term “including” is not limiting and means “including without limitation.” 

(d) The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this
Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or
neuter forms. 
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
 Section 2.1 Representations and
Warranties of the Parties. Each of the parties to this Agreement hereby represents and warrants to each other party to this Agreement that as of the date such party executes this Agreement: 

(a) Existence; Authority; Enforceability. Such party has the power and authority to enter into this Agreement and to carry out its
obligations hereunder. In the case of parties who are not natural persons, such party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the consummation of the
transactions contemplated herein, have been authorized by all necessary action, and no other act or proceeding on its part is necessary to authorize the execution of this 

  
 17 

 
Agreement or the consummation of any of the transactions contemplated hereby. This Agreement has been duly executed by it and constitutes its legal, valid and binding obligations, enforceable
against it in accordance with its terms. 
 (b) Absence of Conflicts. The execution and delivery by such party of this
Agreement and the performance of its, his or her obligations hereunder does not and will not: (a) in the case of parties who are not natural persons, violate, conflict with, or result in the breach of any provision of the constitutive governing
documents of such party; (b) result in any violation, breach, conflict, default or event of default (or an event which with notice, lapse of time, or both, would constitute a default or event of default), or give rise to any right of
acceleration or termination or any additional payment obligation, under the terms of any material contract, agreement or permit to which such party is a party or by which such party’s assets or operations are bound or affected; or
(c) violate any material law applicable to such party. 
 (c) Consents. Other than any consents which have already
been obtained, no consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with (a) the execution, delivery or performance of this Agreement or
(b) the consummation of any of the transactions contemplated herein. 
 Section 2.2 Representations and Warranties
of the Company. The Company represents and warrants to each of the Stockholders as follows: 
 (a) As of the date hereof,
the authorized capital stock of the Company consists of (i) 1,500,000 shares of Common Stock, of which 1,211,041.75 shares were issued and outstanding immediately following the consummation of the Merger and the transactions contemplated
thereby and (ii) no other shares of capital stock of the Company are authorized, issued or outstanding. 
 (b) The Company
shall indirectly hold through Intermediate Holdings one hundred percent (100%) of the issued and outstanding capital stock of Emdeon immediately following the consummation of the Merger. 

(c) The proceeds received from the initial issuance of Company Shares have been and shall be used solely to finance the transactions
contemplated by the Merger Agreement, to pay related fees and expenses and to fund the working capital and general corporate purposes of the Company and its subsidiaries. 
 Section 2.3 Representations and Warranties of Blackstone. Blackstone hereby represents and warrants to H&F that, except as contained in this Agreement, (i) no Other Investor or other
Stockholder (other than a holder of Management Shares) that beneficially owns (within the meaning of Rule 13d-5 of the Exchange Act), whether directly or indirectly, an aggregate amount of Company Shares equal to or less than those beneficially
owned (within the meaning of Rule 13d-5 of the Exchange Act) by 

  
 18 

 
H&F as of the date hereof, is entitled to, or has been granted or received, whether directly or indirectly, whether pursuant to any stockholder arrangements, partnership arrangements, side
letter, or otherwise, any rights, powers, privileges and/or other benefits of any kind (including, for the avoidance of doubt, as to the transferability, survival and/or termination of any rights, powers, privileges and/or other benefits) arising
from, related to, or in connection with its beneficial ownership (within the meaning of Rule 13d-5 of the Exchange Act) of Company Shares that, individually or in the aggregate, are more favorable than the rights, powers, privileges and/or other
benefits granted to H&F herein and (ii) no agreement, side letter, understanding or other arrangement exists with respect thereto (other than agreements between the Company and Managers). 

ARTICLE III 
 GOVERNANCE 
 Section 3.1 Board of Directors. 

(a) Prior to an IPO, the Stockholders and the Company shall take all Necessary Action to cause the Board of Directors to be comprised of
five (5) directors, (i) one (1) of whom shall be designated by H&F (the “H&F Designee”), (ii) one (1) of whom shall be the Chief Executive Officer of Emdeon in office at such time and
(iii) three (3) of whom shall be designated by Blackstone (each, a “Blackstone Designee,” and collectively, the “Blackstone Designees”); provided, that at Blackstone’s election, the size of the
Board of Directors may be increased to seven (7) directors to accommodate the election of two (2) independent directors to be selected by Blackstone, in consultation with H&F; provided, however, that in the event that
H&F ceases to hold its 25% Threshold Interest Amount, then H&F shall no longer (x) be entitled to designate a director for election to the Board of Directors or (y) be entitled to a consultation right with respect to the election
of independent directors. Following an IPO, each Sponsor shall be entitled to nominate to the Board of Directors a percentage of the total members of the Board of Directors (or equivalent governing body of the Issuer, if applicable) equal to such
Sponsor’s (together with any Other Investors that are its Affiliates) percentage ownership of the outstanding shares of Common Stock (or Issuer Shares, if applicable) relative to the total number of outstanding shares of Common Stock (or Issuer
Shares, if applicable); provided, that each Sponsor will be entitled to nominate to the Board of Directors (or equivalent governing body of the Issuer, if applicable) at least one (1) director for so long as such Sponsor (together with
any Other Investors that are its Affiliates) continues to beneficially hold (within the meaning of Rule 13d-5 of the Exchange Act) a number of shares of Common Stock (or Issuer Shares, if applicable) equal to or greater than seven and one-half
percent (7.5%) of the outstanding shares of Common Stock (or Issuer Shares, if applicable). The Board of Directors and the board of directors or equivalent governing body of each subsidiary of the Company shall designate a chairman annually.
Following an IPO, for so long as a Sponsor has the right to nominate a director for election to the Board of Directors (or board of directors of the Issuer), (w) in connection with each election of directors, the Company (or the Issuer, if
applicable) shall nominate such Sponsor’s director nominee for election as a director as part of the slate that is included in the proxy statement (or consent solicitation or similar document) of the Company (or the Issuer, if applicable)
relating to the election of directors, and shall provide the highest level of 

  
 19 

 
support for the election of such nominee as it provides to any other individual standing for election as a director of the Company (or the Issuer, if applicable) as part of the Company’s (or
the Issuer’s) slate of directors, (x) each Stockholder shall take all Necessary Action, including voting all of its Company Shares (or Issuer Shares, if applicable) in favor of each Sponsor’s director nominee nominated in accordance
therewith, to cause such director nominee to be elected as a director of the Company (or the Issuer, if applicable), except to the extent that such Sponsor may otherwise consent in writing (provided, that no Sponsor shall be obligated to
comply with this clause (x) from and after such time as it no longer has the right to nominate a director for election to the Board of Directors (or board of directors of the Issuer)), (y) in the event that such Sponsor’s director
nominee shall cease to serve as a director for any reason (other than the failure of the stockholders of the Company (or the Issuer, if applicable) to elect such individual as a director), such Sponsor shall have the right to appoint another
director nominee to fill the vacancy resulting therefrom and (z) for the avoidance of doubt, it is understood that the failure of the stockholders of the Company (or the Issuer, if applicable) to elect such Sponsor’s director nominee shall
not affect the right of such Sponsor to designate a director nominee for election to the Board of Directors (or board of directors of the Issuer, if applicable) in connection with any future election of directors of the Company (or the Issuer, if
applicable). 
 (b) In the event that H&F no longer has the right to designate a director to the Board of Directors pursuant
to Section 3.1(a), then H&F and the Company shall take all Necessary Action to immediately remove the H&F Designee from the Board of Directors and the board of directors or equivalent governing body of each of the subsidiaries of the
Company, as applicable. 
 (c) Except as provided in Section 3.1(b), each Sponsor shall have the exclusive right to appoint
and remove its respective designees to the Board of Directors and the board of directors or equivalent governing body of each of the subsidiaries of the Company, as applicable, as well as the exclusive right to fill vacancies created by reason of
death, removal or resignation of such designees, and the Stockholders and the Company shall, and the Company shall cause each of the subsidiaries of the Company to, take all Necessary Action to cause the Board of Directors and the board of directors
or equivalent governing body of each of the subsidiaries of the Company, as applicable, to be so constituted. For the avoidance of doubt, Blackstone shall have the right to appoint and remove (in consultation with H&F) all independent directors
and fill (in consultation with H&F) vacancies created by reason of death, removal or resignation of all such independent directors. 
 (d) The initial Blackstone Designees shall be Neil P. Simpkins, Anjan Mukherjee and Michael Dal Bello. The initial H&F Designee shall be Allen R. Thorpe. The Sponsors shall take all Necessary Action
to cause the initial Board of Directors to be so constituted. Each Sponsor shall have the right, exercisable by delivering notice to the Company, to designate one (1) non-voting observer to attend any meetings of the Board of Directors. Notice
of meetings of the Board of Directors shall be furnished (together with all materials to be provided to the Board of Directors) to each non-voting observer no later than, and using the same form of communication as, notice of meetings of the Board
of Directors that are furnished to the members of the Board of Directors. 

  
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 (e) A quorum for a meeting of the Board of Directors shall require the attendance in person,
telephonically, or in any other manner permitted by applicable law, of (i) a majority of all of the members of the Board Directors and (ii) for so long as H&F has the right to designate a director to the Board of Directors pursuant to
Section 3.1(a), the H&F Designee (provided, that if the H&F Designee is absent or wishes to recuse himself or herself for any reason, such H&F Designee may appoint an alternate director or give a proxy to another director or
an alternate director of his or her choosing). At all meetings of the Board of Directors at which a quorum is established, all matters, except as otherwise provided by law or the Articles, shall be decided by the vote of the majority of the
directors in attendance at such meeting. Notwithstanding the foregoing, if the H&F Designee (or designated alternate) is not in attendance at a properly called meeting of the Board of Directors, the quorum necessary at the immediately succeeding
meeting of the Board of Directors (which, absent the consent of the H&F Designee, shall be held no earlier than two (2) and no later than ten (10) calendar days after such prior meeting) shall only require the attendance of a majority
of all of the members of the Board of Directors; provided, that proper notice was given to all members of the Board of Directors of such new meeting of the Board of Directors. The Board of Directors may also take action without a meeting
solely by unanimous written consent. The Company shall take all action to cause Section 3.1(e) and Section 3.1(f) to be included and operative in the constituent governing documents of the Company and each subsidiary of the Company,
mutatis mutandis, at all times that H&F is entitled to nominate or designate a director to the Board of Directors; provided, further, that such obligations shall apply solely with respect to each subsidiary of the
Company whose board of directors or equivalent body includes the H&F Designee. 
 (f) The Board of Directors shall meet from
time to time to discuss the business of the Company as may be presented by any member of the Board of Directors, and in any case shall meet at least quarterly. The Board of Directors may hold meetings either within or without the State of Delaware.
Meetings of the Board of Directors may be held at such time and at such place as shall from time to time be determined by the Board of Directors. Special meetings of the Board of Directors may be called by (i) the majority of the Board of
Directors, (ii) any of the Sponsor Directors or (iii) the chairman of the Board of Directors. Special meetings of the Board of Directors shall be called by delivering written notice to each member of the Board of Directors at least two
(2) Business Days’ prior to such meeting, with such notice being delivered either personally, by facsimile, by electronic mail or by any other similarly timely means of communication; provided, however, that no notice need be
given to any member of the Board of Directors who waives notice in writing before or after the meeting or who attends the meeting without objecting to the inadequacy of notice to him or her at or before the commencement of such meeting. 

(g) The Company, Intermediate Holdings and Emdeon shall take all Necessary Action to cause the persons constituting the Board of
Directors to be appointed as the sole members of the respective boards of directors and equivalent governing bodies of each of the Company’s subsidiaries, including Emdeon and Intermediate Holdings; provided, that if any Sponsor so
elects (in its sole discretion) and notifies the Company of such election in writing, such Sponsor’s designee shall not be required to be a member of the boards of directors or equivalent governing body of any one or more subsidiaries of the
Company, which may be specified in such Sponsor’s written notice. For the avoidance of doubt, prior to the date hereof, each of H&F and Blackstone has notified the Company in writing that the H&F Designee and the

  
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Blackstone Designees shall, beginning on the date hereof, serve on the boards of directors of the Company, Intermediate Holdings and Emdeon only, subject to the reservation of H&F’s and
Blackstone’s right to cause the H&F Designee and the Blackstone Designees, respectively, to be appointed to the boards of directors or equivalent governing bodies of any other subsidiary of the Company following the date hereof. 

(h) The Board of Directors, by the approval of a majority of the directors, may appoint any committee or committees for any purpose or
purposes; provided, that at all times the Board of Directors shall appoint and have in effect (i) an audit committee, (ii) a compensation committee and (iii) a nominating committee. Subject to the foregoing, each committee
appointed by the Board of Directors shall have such power and rights as may be determined by the Board of Directors and each committee shall be comprised of a number of designees of each Sponsor proportionate to the relative ownership percentage of
such Sponsor and the Other Investors that are its Affiliates of the Company Shares held by the Sponsors and the Other Investors that are their Affiliates; provided, that H&F, for so long as it has the right to designate or nominate a
director to the Board of Directors, shall have the right to designate at least one (1) member to each committee formed of the Board of Directors and the board of directors or equivalent governing body of each of the subsidiaries of the Company.

 (i) The Company or its applicable subsidiary, as the case may be, shall reimburse the directors and each non-voting observer
for all reasonable and documented out-of-pocket expenses incurred in connection with their attendance at meetings of and participation in connection with the Board of Directors, the boards of directors and equivalent governing bodies of any
subsidiary of the Company and any committees thereof, including travel, lodging and meal expenses. 
 Section 3.2
Matters Requiring Stockholder Approval. (a) The Stockholders shall take all Necessary Action to cause the Company not to take, and the Company shall not take, and shall take all action to cause its subsidiaries not to take, and
Intermediate Holdings shall not take, and shall take all action to cause its subsidiaries not to take, and Emdeon shall not take, and shall take all action to cause its subsidiaries not to take, any of the following actions without the prior written
consent of H&F (which consent may be provided or withheld in H&F’s sole discretion, and may, for the avoidance of doubt, be given by (x) the H&F Designee; provided, however, that any such written consent may only
be given in writing, which writing shall clearly indicate that such written consent is being provided by the H&F Designee (or other signatory) in his or her capacity as an officer or authorized signatory of H&F and any such written consent
given by any H&F Designee will be deemed to have been given in that individual’s capacity as an authorized representative of H&F and not in that individual’s capacity as a director of the Company or (y) the Majority H&F
Investors): 
 (i) The entry into, or amendment or termination of, any agreement or transaction, directly or
indirectly, with Blackstone or any of its Affiliates or portfolio companies, except for ordinary course transactions between the Company or any of its subsidiaries, on the one hand, and a Blackstone portfolio company, on the other hand, that are on
arms’-length terms; provided, that the terms of the Advisory Agreement are hereby approved by H&F; provided, further, that in any event, H&F shall only have such right in this clause (i) for so long as H&F
holds its 5% Threshold Interest Amount; 

  
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 (ii) An amendment of, or any change to or waiver of the provisions of the
Articles or the certificates or articles of incorporation, by-laws or equivalent constituent governing documents of the Company and/or any of its subsidiaries that would materially and adversely affect H&F or disproportionately affect H&F
relative to Blackstone, other than (A) amendments entered into to increase the number of authorized shares of Common Stock or (B) amendments entered into in connection with a Drag-Along Transfer that become effective solely upon the
consummation of such Drag-Along Transfer; provided, that in any event, H&F shall only have such consent right in this clause (ii) for so long as H&F holds its 5% Threshold Interest Amount; 

(iii) Any sale or issuance of Newly Issued Securities to Blackstone or any of its Affiliates or portfolio companies at a
price less than the Fair Market Value of such Newly Issued Securities; provided, that in any event, H&F shall only have such consent right in this clause (iii) for so long as H&F holds its 5% Threshold Interest Amount;

 (iv) Any Drag-Along Transfer or Sale Transaction in which the Stockholders will receive a form of
consideration other than cash and Marketable Securities, except in such instances (x) where the Fair Market Value of the per share consideration in such Sale Transaction is less than the Purchase Price Value or (y) for any rollover equity
issued to management by the Drag-Along Buyer or Transferee and approved by Blackstone in connection with such transaction; provided, that in any event, H&F shall only have such consent right in this clause (iv) for so long as H&F
holds its 5% Threshold Interest Amount; 
 (v) Any Transfer or series of Transfers of Company Shares by
Blackstone that would result in a Change of Control and that provides for the receipt by the Stockholders of a form of consideration other than cash and Marketable Securities, except in such instances, (x) where the Fair Market Value of the per
share consideration in such Transfer is less than the Purchase Price Value or (y) for any rollover equity issued to management by the Transferee and approved by Blackstone in connection with such transaction; provided, that in any event,
H&F shall only have such consent right in this clause (v) for so long as H&F holds its 5% Threshold Interest Amount; 
 (vi)(A) Any increase in the size of the Board of Directors to more than seven (7) directors or (B) any decrease in the size of the Board of Directors to fewer than five (5) directors;
provided, that in any event, H&F shall only have such consent right in this clause (vi) for so long as H&F holds its 25% Threshold Interest Amount; and/or 

(vii) The entry into, or amendment or termination of, any agreement or transaction, directly or indirectly, with
Blackstone Advisory Partners L.P. or any of its controlled Affiliates; provided, however, that if, and only if, H&F provides its prior written consent (which consent may be provided or withheld in H&F’s sole discretion),
H&F shall not be entitled to receive any of the transaction fees that are paid or payable by the Company or any of its subsidiaries to Blackstone Advisory Partners L.P. or any of its 

  
 23 

 
controlled Affiliates in connection with such applicable engagement ; provided, that in any event, H&F shall only have such consent right in this clause (vii) for so long as
H&F holds its 5% Threshold Interest Amount. 
 (b) In the event that any action submitted for approval pursuant to
Section 3.2(a) is not approved in accordance with the provisions hereof, either Sponsor may provide notice to the other (a “Deadlock Notice”), specifying its request that such Sponsor reconsider such matter. Upon receipt of a
Deadlock Notice, each Sponsor shall cause one or more of its representatives to promptly meet to discuss whether a solution that is acceptable to each Sponsor can be developed, and only if each Sponsor determines in its sole discretion that a
solution can be developed, such representatives shall promptly meet to negotiate in good faith to develop a solution that is reasonably acceptable to each Sponsor. 
 Section 3.3 Additional Governance Provisions. 
 (a) With respect to
each of the Sponsors and, at the request of any such Sponsor, each Affiliate thereof that directly or indirectly has an interest in the Company, in each case that is intended to qualify as a “venture capital operating company” as defined
in the Plan Asset Regulations (each, a “VCOC Stockholder”), for so long as the VCOC Stockholder, directly or through one or more conduit subsidiaries, continues to hold any shares of Common Stock in each case, without limitation or
prejudice of any the rights provided to the Sponsors hereunder, the Company shall, with respect to each such VCOC Stockholder: 
 (i) Provide such VCOC Stockholder or its designated representative with the following (it being agreed that until notice to the Company to the contrary from Blackstone or H&F (as applicable), the
members of the Board of Directors designated by Blackstone or H&F, if any, shall act as agent for each applicable VCOC Stockholder that is an Affiliate of Blackstone or H&F, as applicable, with respect to the Company’s provision of the
items required pursuant to paragraphs (2) through (4) below): 
 (1) 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 Stockholder shall reasonably request; 

(2) as soon as available and in any event within sixty (60) days after the end of each of the first three
(3) 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, in each case prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end
adjustments; 
 (3) as soon as available and in any event within one-hundred twenty (120) days after the end
of each fiscal year of the Company, a consolidated balance 

  
 24 

 
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 generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted therein, together with an auditor’s report thereon of a firm of established national reputation; 

(4) 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 Sections 13 or 15(d) of the Exchange Act, actually prepared by the Company or such subsidiary as
soon as available; 
 (5) subject to Section 3.3(a)(iv) below and upon the request of such VCOC Stockholder,
copies of all materials provided to the Board of Directors at substantially the same time as provided to the members of the Board of Directors 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 likely to result in the waiver of attorney-client privilege;
and 
 (6) such other information as the VCOC Stockholder may reasonably request. 

(ii) Make appropriate officers of the Company and its subsidiaries and members of the Board of Directors and the board of
directors or equivalent governing body of each of the Company’s subsidiaries available periodically and at such times as reasonably requested by such VCOC Stockholder for consultation with such VCOC Stockholder 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) Give such VCOC Stockholder, if such VCOC Stockholder does not at such time have the right to designate
one or more directors pursuant to Section 3.1(a) above, the right to designate one (1) non-voting board observer who will be entitled to attend all meetings of the Board of Directors and the board of directors or equivalent governing body
of each of the Company’s subsidiaries and participate in all deliberations of the Board of Directors and the board of directors or equivalent governing body of each of the Company’s subsidiaries; provided (A) that such observer
shall have no voting rights with respect to actions taken or elected not to be taken by the Board of Directors and the board of directors or equivalent governing body of each of the Company’s subsidiaries and (B) that the Company and each
of the Company’s subsidiaries shall be 

  
 25 

 
entitled to remove such observer from such portions of a meeting of the Board of Directors or the board of directors or equivalent governing body of each of the Company’s subsidiaries to the
extent such observer’s presence would be likely to result in the waiver of any attorney client privilege; 

(iv) 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 Stockholder or its designated representative in advance with respect to any significant corporate actions, including
extraordinary dividends, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the certificate of incorporation or by-laws of the Company or any of its subsidiaries, and to
provide the VCOC Stockholder or its designated representative with the right to consult with the Company and its subsidiaries with respect to such actions; and 
 (v) Provide such VCOC Stockholder or its designated representative with such other rights of consultation which such VCOC Stockholder’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; 
 provided, that the Company or the Board of Directors may require H&F to execute and deliver a confidentiality agreement reasonably acceptable to the Company prior to delivering any proprietary
and confidential information about the Company in the event that Blackstone also executes and delivers to the Company an agreement containing equivalent confidentiality obligations and restrictions; provided, further, that if the
Company shall terminate, limit the applicability of, or otherwise waive any provisions of, the agreement containing confidentiality obligations and restrictions entered into with Blackstone or its applicable Affiliates, it shall promptly notify
H&F in writing thereof, and the confidentiality agreement entered into between H&F and the Company shall be automatically terminated, amended, and/or waived to be equivalent to such agreement entered into with, and applicable to, Blackstone
or its applicable Affiliates (and such written notice shall set forth the Company’s irrevocable agreement terminating, amending, waiving or otherwise modifying the agreement entered into with H&F to provide for the foregoing). The Company
agrees to consider, in good faith, the recommendations of each VCOC Stockholder 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. 
 (b) To the extent permitted by antitrust, competition or any other applicable
law, each Stockholder agrees and acknowledges that the directors designated by Blackstone and H&F may share confidential, non-public information about the Company, Intermediate Holdings, Emdeon and their respective subsidiaries with
(i) Blackstone and (ii) H&F and its Affiliates, including Hellman & Friedman LLC, and its and their respective directors, officers and employees, respectively. 

(c) The Stockholders hereby agree, notwithstanding anything to the contrary in any other agreement or at law or in equity, that when any
Sponsor or the Other Investors that 

  
 26 

 
are its Affiliates takes any action under this Agreement solely in its capacity as a Stockholder to give or withhold its consent, such Sponsor or the Other Investors that are its Affiliates shall
have no duty (fiduciary or other) to consider the interests of the Company, Intermediate Holdings, Emdeon or any of their respective subsidiaries or the other Stockholders and may act exclusively in its own interest and shall have only the duty to
act in good faith; provided, however, that the foregoing shall in no way affect the obligations of the parties hereto to comply with the provisions of this Agreement or provisions of applicable law that may not be waived. 

Section 3.4 Voting Agreement. 
 (a) Consent to Amendment. Each Other Investor (and holder of Other Investor Shares) and Manager (and holder of Management Shares) agrees to cast all votes to which such holder is entitled in
respect of such Company Shares, whether at any annual or special meeting, by written consent or otherwise, in the same proportion as Sponsor Shares (which, for the avoidance of doubt, includes those held by both Sponsors) are voted by the Sponsors
to increase the number of authorized shares of Common Stock to the extent necessary to permit the Company to comply with the provisions of its Articles or any agreement to which the Company is a party; provided, that if an Other Investor is
an Affiliate of a Sponsor, such Other Investor agrees to cast all votes to which such Other Investor is entitled with respect to such Company Shares in the same manner as such Other Investor’s affiliated Sponsor. 

(b) Grant of Proxy. Each Other Investor (and holder of Other Investor Shares) and Manager (and holder of Management Shares) hereby
grants to each Sponsor an irrevocable proxy coupled with an interest to vote his, her or its Company Shares in accordance with his, her or its agreements contained in Section 3.1(a) and this Section 3.4, which proxy will be valid and
remain in effect until the termination of this Article III in accordance with its terms. 
 (c) Significant Transactions.
Each Other Investor (and holder of Other Investor Shares) and Manager (and holder of Management Shares) agrees to cast all votes to which such holder is entitled in respect of the Company Shares, whether at any annual or special meeting, by written
consent or otherwise, in the same proportion as Sponsor Shares (which, for the avoidance of doubt, includes those held by both Sponsors) are voted by the Sponsors to approve any sale, recapitalization, merger, consolidation, reorganization or any
other transaction or series of transactions involving the Company or its subsidiaries (or all or any portion of their respective assets) in connection with, or in furtherance of, the exercise by the Initiating Party of its rights under
Section 4.5; provided, that if an Other Investor is an Affiliate of a Sponsor, such Other Investor agrees to cast all votes to which such Other Investor is entitled with respect to such Company Shares in the same manner as such Other
Investor’s affiliated Sponsor. 
 Section 3.5 Termination of Governance Provisions. The provisions of this
Article III shall terminate and be of no further force (i) upon the unanimous written consent of the Sponsors or (ii) other than Section 3.1, Section 3.3 and Section 3.4(b), and in the case of Section 3.4(b), solely
with respect to the obligations to vote for the matters set forth therein, upon the consummation of an IPO. 

  
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 ARTICLE IV 
 TRANSFERS OF SHARES 
 Section 4.1 Limitations on Transfer.

 (a) Holding Period. 

(i) Without the prior written consent of H&F, Blackstone may not Transfer any Company Shares prior
to the earlier of (x) the second
(2nd) anniversary of the Closing Date and (y) an
IPO (the “Initial Blackstone Holding Period”), other than Transfers (i) to Permitted Transferees in accordance with Section 4.2(a) or 4.2(b) or (ii) made in accordance with the exercise of the “drag-along
rights” set forth in Section 4.5, in each such case, without regard to any other restrictions on transfer contained elsewhere in this Agreement. After the Initial Blackstone Holding Period, Blackstone may only Transfer Company Shares
(A) to Permitted Transferees in accordance with Section 4.2(a) or 4.2(b), (B) in accordance with the exercise of the “drag-along rights” set forth in Section 4.5 and/or (C) in accordance with or arising from the
exercise of the “tag-along rights” set forth in Section 4.4, in each case, without regard to any other restrictions on transfer contained elsewhere in this Agreement. 

(ii) Without the prior written consent of the Board of Directors, no Stockholder (other than
Blackstone) may Transfer any Company Shares prior to the earlier of (x) the fifth (5th) anniversary of the Closing Date and (y) an IPO (the “Initial Stockholder Holding Period,” and together with the Initial Blackstone Holding Period, the “Initial Holding
Period”), other than Transfers (i) to Permitted Transferees in accordance with Section 4.2(a) or 4.2(b), (ii) made in accordance with the exercise of the “drag-along rights” set forth in Section 4.5,
(iii) pursuant to Article VII and/or (iv) in accordance with or arising from the exercise of the “tag-along” rights set forth in Section 4.4. After the Initial Stockholder Holding Period, the Stockholders (other than
Blackstone and H&F) may only Transfer Company Shares (A) to Permitted Transferees in accordance with Section 4.2(a) or 4.2(b), (B) pursuant to Article VII, (C) in accordance with the exercise of the “drag-along
rights” set forth in Section 4.5, (D) with the prior written consent of each of the Sponsors and subject to the “rights of first refusal” set forth in Section 4.3 and/or (E) in accordance with or arising from the
exercise of the “tag-along rights” set forth in Section 4.4, in each case, without regard to any other restrictions on transfer contained elsewhere in this Agreement. After the Initial Stockholder Holding Period, H&F may freely
Transfer Company Shares, without regard to any other restrictions on transfer contained elsewhere in this Agreement. 
 (b)
Notwithstanding the foregoing, in no event shall any Stockholder be entitled to Transfer its Company Shares, whether during or after its applicable Initial Holding Period, to any Competitor; provided, however, that notwithstanding
anything herein to the contrary, such provision shall not apply with respect to Transfers of Company Shares (v) in an IPO (subject to any then-applicable lock-up obligations as provided herein), (w) in any bona fide underwritten public
offering (including pursuant to any Marketed Underwritten Shelf Take-

  
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Down or Non-Marketed Underwritten Shelf Take-Down), (x) in accordance with Rule 144 of the Securities Act, (y) pursuant to a Drag-Along Transfer and/or (z) pursuant to a Sale
Transaction effected pursuant to the H&F Liquidity Rights. In addition, and notwithstanding any provision of this Agreement to the contrary, prior to an IPO, no Stockholder shall be entitled to Transfer its Company Shares at any time if such
Transfer would: 
 (i) violate the Securities Act, or any state (or other jurisdiction) securities or “Blue
Sky” laws applicable to the Company or the Company Shares; 
 (ii) cause the Company to be required to
register Common Stock under Section 12(g) of the Exchange Act; 
 (iii) cause the Company to become subject
to the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time; or 

(iv) be a “prohibited transaction” under ERISA or the Code or cause all or any portion of the assets of the
Company to constitute “plan assets” under ERISA or Section 4975 of the Code. 
 (c) In the event of a purported
Transfer by a Stockholder of any Company Shares in violation of the provisions of this Agreement, such purported Transfer will be void and of no effect, and the Company will not give effect to such Transfer. 

(d) Each certificate evidencing the Company Shares shall bear the following restrictive legend, either as an endorsement or on the face
thereof: 
 THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY
THE TERMS OF A STOCKHOLDERS’ AGREEMENT, DATED AS OF NOVEMBER 2, 2011, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND
CONDITIONS OF SUCH STOCKHOLDERS’ AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 
 THE SECURITIES REPRESENTED BY THIS
CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 

  
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 (e) Each certificate representing Company Shares shall also have the following legend
endorsed conspicuously thereupon: 
 The shares of stock represented by this certificate were originally issued to, or issued
with respect to shares originally issued to, the following [Sponsor/Other Investor/Manager, as the case may be]:             . 

(f) In the event that the restrictive legends set forth in Section 4.1(d) or Section 4.1(e) or any portion or portions thereof,
have ceased to be applicable, from time to time, the Company shall in each such case promptly provide notice thereof to each Stockholder. The Company shall promptly provide (and in any event, no later than two (2) Business Days) any
Stockholder, or their respective transferees, at their request, without any expense to such Persons (other than applicable transfer taxes and similar governmental charges, if any), with new certificates for such securities of like tenor not bearing
the legends with respect to which the restriction has ceased and terminated (it being understood that the restriction referred to in the first paragraph of the legend in Section 4.1(d) shall cease and terminate upon the termination of this
Article IV) or not bearing such portion or portions of such restrictive legends with respect to such restriction or restrictions that have ceased and terminated. 
 Section 4.2 Transfer to Permitted Transferees. 
 (a) Any Sponsor may
Transfer any or all of its Company Shares to any Affiliate or any affiliated private equity fund of such Sponsor (which, for the avoidance of doubt, shall not include Blackstone Eagle Principal Transaction Partners L.P., GSO COF Facility LLC and/or
any other co-investment vehicle or other special purpose vehicle formed to indirectly transfer the economic, dispositive or other direct or indirect ownership interest in such Sponsor’s Company Shares or otherwise circumvent the provisions of
this Agreement) (each, an “Affiliated PE Fund”); provided, that each such Affiliate or Affiliated PE Fund of any Sponsor to which Company Shares are Transferred shall, and such Sponsor shall cause such Affiliate or Affiliated
PE Fund to, become a party to this Agreement in accordance with Sections 4.2(c) and 4.6(a), and Transfer back to such Sponsor (or to another Affiliate or Affiliated PE Fund of such Sponsor, which would otherwise be permitted to hold such Company
Shares in accordance with this Section 4.2(a)) any Company Shares it owns prior to such time that such Affiliate or Affiliated PE Fund ceases to be an Affiliate or Affiliated PE Fund of such Sponsor. 

(b) Subject to the provisions of Article VII, if applicable, (i) upon the death of any holder of Company Shares who is a natural
Person, such Company Shares may be distributed by the will or other instrument taking effect at death of such holder or by applicable laws of descent and distribution to such holder’s estate, executors, administrators and personal
representatives, and then to such holder’s heirs, legatees or distributees, whether or not such recipients are Members of the Immediate Family of such holder, and (ii) any Manager or Permitted Transferee of a Manager may Transfer any or
all of its Company Shares to a Member of the Immediate Family or an Affiliate of such Manager; provided that if Company Shares are transferred to a Permitted Transferee that is not a natural person and such Permitted Transferee subsequently ceases
to be an Affiliate of the Manager to whom such Company Shares were originally issued, then such Permitted Transferee shall, and such Manager shall cause such Permitted Transferee to, Transfer back to such Manager (or to another Permitted Transferee
of such Manager) any Company Shares it owns. 

  
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 (c) Subject to Section 4.6, no Transfer permitted under the terms of
Section 4.2(a) or Section 4.2(b) shall be effective unless the transferee of such Company Shares (each, a “Permitted Transferee”) has delivered to the Company a written acknowledgment and agreement in form and substance
reasonably satisfactory to the Company that such Company Shares to be received by such Permitted Transferee shall remain Sponsor Shares, Other Investor Shares or Management Shares, as the case may be, and shall be subject to all of the provisions of
this Agreement and that such Permitted Transferee shall be bound by, and shall be a party to, this Agreement as the holder of Sponsor Shares, Other Investor Shares or Management Shares, as the case may be, hereunder; provided, however,
that Management Shares Transferred to any Sponsor pursuant to Section 7.6 shall thereafter become Sponsor Shares hereunder. 
 Section 4.3 Right of First Refusal. (a) Following the applicable Initial Holding Period, if (x) any Other Investor (other than Blackstone Eagle Principal Transaction Partners L.P. or
GSO COF Facility LLC or their respective Transferees) desires to Transfer all or any portion of its Company Shares (any such Stockholder, a “ROFR Stockholder”), and (y) each of the Sponsors consent to the Transfer of such ROFR
Stockholder’s Company Shares, then each Other Investor that is not a ROFR Stockholder and each Sponsor (each, a “ROFR Offeree”) shall have a right of first refusal over the Transfer of such Company Shares, which shall be
exercised in the following manner: 
 (i) The ROFR Stockholder shall provide the ROFR Offerees with written
notice (a “ROFR Notice”) of its desire to Transfer such Company Shares. The ROFR Notice shall specify the number of Company Shares the ROFR Stockholder wishes to Transfer, the proposed purchase price per share (which purchase price
shall be in cash or cash equivalents only) for such Company Shares and any other terms and conditions material to the sale proposed by the ROFR Stockholder; 
 (ii) The ROFR Offerees shall have a period of up to ten (10) Business Days following receipt of the ROFR Notice (the “ROFR Election Period”), to elect to purchase (or to cause one or
more of their Affiliates to purchase), in the aggregate, all, but not less than all, of such Company Shares on the terms and conditions set forth in the ROFR Notice by delivering to the ROFR Stockholder written notice thereof. If more than one of
the ROFR Offerees agree to purchase, in the aggregate, all of such Company Shares, the ROFR Offeree shall purchase its Pro Rata Portion of the Company Shares proposed to be sold, unless such ROFR Offerees otherwise agree on the allocation of the
purchase of all of such Company Shares; 
 (iii) If the ROFR Offerees elect to purchase (or to cause one or more
of their Affiliates to purchase) all of the Company Shares which are the subject of the proposed Transfer within the ROFR Election Period, such purchase shall be consummated within thirty (30) days after the date on which each such ROFR Offeree
notifies the ROFR Stockholder of such election (subject to extension if necessary to permit the expiration or early termination of the HSR Waiting Period). Subject to Section 4.4, if the ROFR Offerees do not elect to purchase all of the Company
Shares within the ROFR Election Period, the ROFR Stockholder may Transfer all of the Company Shares specified in the ROFR Notice not purchased by the ROFR Offerees at any time within ninety (90) days

  
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following such period at a price which is not less than the purchase price specified in the ROFR Notice and on terms and conditions no more favorable, in any material respect, to the purchaser
than those specified in the ROFR Notice, and thereafter the ROFR Stockholder may not Transfer any such Company Shares without first following the procedures set forth in this Section 4.3. 

(b) In connection with the Transfer of all or any portion of a ROFR Stockholder’s Company Shares pursuant to this Section 4.3
to one or more ROFR Offerees, the ROFR Stockholder shall only be required to represent and warrant as to its authority to sell, the enforceability of agreements against the ROFR Stockholder, that the Company Shares to be transferred shall be free
and clear of any liens, adverse claims and encumbrances (other than restrictions imposed by this Agreement and pursuant to applicable federal, state and foreign securities laws), that it is the record and beneficial owner (within the meaning of Rule
13d-5 of the Exchange Act) of such Company Shares and that it has obtained or made all necessary consents, approvals, filings and notices from governmental authorities or third parties to consummate the Transfer. 

(c) The provisions of this Section 4.3 shall not apply to Transfers of Company Shares (i) to Permitted Transferees in
accordance with Section 4.2(b); (ii) pursuant to, or arising from the exercise of the “drag-along rights” set forth in Section 4.5; (iii) arising from the exercise of the “tag-along rights” set forth in
Section 4.4; (iv) pursuant to Article VII or (v) pursuant to a registered public offering. 
 Section 4.4
Tag-Along Rights. 
 (a) Following the Initial Holding Period applicable to any Stockholder, if, subject to the
provisions of Section 4.3, if applicable, such Stockholder (other than H&F) proposes to Transfer (a “Transferring Stockholder”) any or all of its Company Shares, other than (i) to a Permitted Transferee pursuant to
Section 4.2(a) or 4.2(b), (ii) Transfers pursuant to a registered public offering, or (iii) pursuant to or arising from the exercise of the “drag-along rights” set forth in Section 4.5 (a “Proposed
Transfer”), each holder of Company Shares who exercises its rights under this Section 4.4 shall have the right to Transfer its Pro Rata Portion of the Company Shares to the proposed Transferee (a “Proposed Transferee”)
on the same terms and conditions as those proposed by the Transferring Stockholder. 
 (b) The Transferring Stockholder shall
promptly give written notice (a “Tag-Along Notice”) to each other Stockholder of a Proposed Transfer, setting forth the number of Company Shares proposed to be Transferred, the name of the Transferring Stockholder, the name and
address of the Proposed Transferee, the maximum number of Company Shares the Proposed Transferee is willing to purchase, the proposed per share purchase price (or amount) and form of consideration for such Company Shares, and all other material
terms and conditions of the Proposed Transfer, including the form of the proposed agreement, if any, and a firm offer by the Proposed Transferee to purchase the Company Shares from the Stockholders in accordance with this Section 4.4. No
Transferring Stockholder shall structure the terms of any Proposed Transfer in a manner intended to unreasonably limit the ability of any other Stockholder to participate in the Proposed Transfer. Each Stockholder shall have a period of

  
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fifteen (15) Business Days from the date of receipt of the Tag-Along Notice within which to elect to sell up to its Pro Rata Portion of Company Shares in connection with such Proposed
Transfer. Any Stockholder may exercise such right by delivery of an irrevocable written notice to the Transferring Stockholder specifying the portion of its Pro Rata Portion of Company Shares it desires to include in the Proposed Transfer (each
electing Stockholder, a “Tagging Stockholder”). If the Proposed Transferee fails to purchase all Company Shares proposed to be Transferred by the Transferring Stockholder and the Tagging Stockholders, then the number of Company
Shares the Transferring Stockholder and each Tagging Stockholder is permitted to sell in such Tag-Along Transfer shall be reduced pro rata based on the relative number of Company Shares proposed to be included in the Proposed Transfer
by the Transferring Stockholder and all Tagging Stockholders and, for the avoidance of doubt, the Transferring Stockholder may not sell any Company Shares in the Proposed Transfer unless each Tagging Stockholder is entitled to sell its Pro Rata
Portion of the Company Shares Transferred to the Proposed Transferee. The Transferring Stockholder shall have a period of ninety (90) days following the expiration of the fifteen (15) Business Day period, to sell such Company Shares to the
Proposed Transferee, on the terms and conditions specified in the Tag-Along Notice which, for the avoidance of doubt, shall be no more favorable to the Transferring Stockholder than those set forth in the Tag-Along Notice. If the Transferring
Stockholder fails to sell such Company Shares to the Proposed Transferee within such ninety (90) days following the expiration of the fifteen (15) Business Day period from the date of receipt of the Tag-Along Notice, the Transferring
Stockholder shall not thereafter sell any Company Shares to the Proposed Transferee or any Person without first offering the same to the Sponsors and Other Investors in the manner provided in this Section 4.4. 

(c) Each Tagging Stockholder shall agree (i) on a pro rata basis based on the number of Company Shares to be
Transferred by the Transferring Stockholder and the Tagging Stockholders, to make the same representations, warranties and indemnities to the Proposed Transferee as made by the Transferring Stockholder in connection with the Proposed Transfer,
(ii) if required, to participate in any escrow or holdback arrangement relating to such Proposed Transfer pro rata based on the relative number of Company Shares to be Transferred by such Tagging Stockholder and all of the Tagging
Stockholders and (iii) to the same terms and conditions to the Proposed Transfer as the Transferring Stockholder agrees. All such representations, warranties and indemnities shall be made by each Tagging Stockholder and the Transferring
Stockholder severally, and not jointly and severally, and, except with respect to individual representations, warranties and indemnities of the Tagging Stockholder as to the unencumbered title to its Company Shares and the power, authority and legal
right to Transfer such Company Shares, any liability for breach of any such representations and warranties or under any indemnities shall be allocated among each Tagging Stockholder and the Transferring Stockholder pro rata based on
the relative number of Company Shares to be Transferred by each of them. Notwithstanding anything herein to the contrary, (v) in no event shall the aggregate amount of liability for any Tagging Stockholders and/or the Transferring Stockholder
exceed the U.S. dollar value of the net proceeds received by such Tagging Stockholder or the Transferring Stockholder, respectively, from the Proposed Transferee, (w) in no event shall any Tagging Stockholder be required to make any
representations or warranties, or provide any indemnities as to, or to, any other Stockholder, (x) in no event shall any Tagging Stockholder be required to agree or enter into any non-competition, non-solicitation or analogous or similar
agreements or covenants that would bind such Tagging Stockholder or its Affiliates or portfolio companies without such Tagging Stockholder’s prior written consent, (y) any deferred consideration or

  
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indemnification payments made by the Proposed Transferee relating to such Proposed Transfer shall be allocated among each Tagging Stockholder and the Transferring Stockholder pro
rata based on the relative number of Company Shares to be Transferred by each of them and (z) if the Proposed Transfer would result in a Change of Control or Sale Transaction, H&F shall have the right to sell one hundred percent
(100%) of its Company Shares in such Proposed Transfer. 
 (d) Concurrently with the consummation of the Proposed Transfer,
the Transferring Stockholder shall (i) notify each of the Tagging Stockholders thereof, (ii) remit on the same day on which such Proposed Transfer is consummated to each of the Tagging Stockholders the total consideration for the Company
Shares of the Tagging Stockholders Transferred pursuant thereto by wire transfer of immediately available funds and (iii) promptly after the consummation of such Proposed Transfer, furnish such other evidence of the completion and the date of
completion of such Proposed Transfer and the terms thereof as may be reasonably requested by the Tagging Stockholders. The Proposed Transferee in such Proposed Transfer must become a party to this Agreement if it is not already a party. 

(e) All reasonable costs and expenses incurred in connection with any Proposed Transfer that is consummated, including all attorneys fees
and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be allocated among the Transferring Stockholder and each Tagging Stockholder pro rata based on the
relative number of Company Shares to be Transferred by each of them. 
 (f) If a Stockholder Transfers any Company Shares to any
of its Affiliates, such Affiliates shall be bound by the provisions of this Section 4.4. Each Stockholder may assign its tag-along rights (in whole or in part) under the terms of this Section 4.4 to any of its Affiliates that is a
Stockholder. 
 (g) Prior to an IPO, if any of (x) Blackstone, (y) H&F or (z) an Other Investor that is an
Affiliate of a Sponsor proposes to transfer directly or indirectly (a “Transferring ITR Holder”) all or a portion of the equity securities held by Blackstone, H&F or such Other Investor or H&F or any of their respective
Affiliates, as the case may be, in any entity that is a party to the Tax Receivable Agreement (the equity interests of any such entity, the “ITR Interests”), or any rights or benefits pursuant to any such Tax Receivable Agreement,
to any Person other than to a Permitted Transferee, such Transferring ITR Holder shall offer to the other Sponsors and Other Investors that are an Affiliate of a Sponsor and who hold ITR Interests the right to participate in such transfer on the
same terms and conditions on a pro rata basis (based on its then applicable beneficial ownership (within the meaning of Rule 13d-5 of the Exchange Act) of the outstanding Company Shares of the Sponsors, Other Investors that are an
Affiliate of a Sponsor and who hold ITR Interests, and their respective Permitted Transferees). If a Transferring ITR Holder transfers directly or indirectly any of its ITR Interests to a Permitted Transferee, such Permitted Transferee shall also be
bound by the terms of this Section 4.4(g). 
 Section 4.5 Drag-Along Rights. 

(a) Subject to Section 3.2, (i) Stockholders beneficially owning (within the meaning of Rule 13d-5 of the Exchange Act) at
least fifty percent (50%) of the outstanding 

  
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Company Shares (so long as Blackstone is included in such group) or (ii) H&F (in the event that it has exercised its H&F Liquidity Rights) may approve a Sale Transaction (which, for
the avoidance of doubt, may be in one or a series of related transactions and/or in the form of a merger, consolidation, stock and/or asset purchase or any other form) to a third party that is not an Affiliate or portfolio company of such
Stockholders (a “Drag-Along Transfer” and such purchaser, the “Drag-Along Buyer”). In connection with such Drag Along Transfer, the party or parties approving such Drag Along Transfer (each such party, an
“Initiating Party”) may exercise drag-along rights with respect to all other Stockholders in accordance with the terms, conditions and procedures set forth herein; provided, that the rights of Stockholders beneficially owning
(within the meaning of Rule 13d-5 of the Exchange Act) at least fifty percent (50%) of the outstanding Company Shares to initiate a Drag-Along Transfer shall be tolled (and no Stockholder (other than H&F) may exercise its rights to initiate
a Drag-Along Transfer) for a period of up to six (6) months from and after delivery by H&F of any written request exercising the H&F Liquidity Rights; provided, that such six (6) month period shall automatically be extended
(x) if the Company has filed a Registration Statement on Form S-1 (or similar form) with the SEC and is seeking to effect an IPO, until the consummation or abandonment of such IPO, or (y) if a definitive agreement with respect to a Sale
Transaction has been entered into by the Company and such transaction remains pending, until the consummation or abandonment of such transaction. 
 (b) The Initiating Party shall promptly give notice to the Company, which shall promptly give written notice (a “Drag-Along Notice”) to each holder of Company Shares (the
“Drag-Along Stockholders”) of any election by the Initiating Party to exercise its drag-along rights under this Section 4.5, setting forth the number of Company Shares proposed to be Transferred, the name of the Initiating
Party, the name and address of the Drag-Along Buyer, the total number of Company Shares proposed to be Transferred, the proposed per share purchase price (or amount) and form of consideration for such Company Shares, and all other material terms and
conditions of the Drag-Along Transfer, including the form of the proposed agreement, if any. Such notice shall also specify the number of Company Shares such Drag-Along Stockholders shall be required to Transfer, up to such Drag-Along
Stockholders’ Pro Rata Portion of Company Shares. Not later than ten (10) Business Days after the date of the Drag-Along Notice (the “Drag-Along Sale Notice Period”), each of (i) the Drag-Along Stockholders (other
than the Sponsors and their Permitted Transferees) shall deliver to a representative of the Initiating Party designated in the Drag-Along Notice the certificates representing the Company Shares of such Drag-Along Stockholder free and clear of any
lien, with any stock (or equivalent) transfer tax stamps affixed, for delivery by such representative of such Initiating Party against delivery of the applicable consideration, together with a limited power-of-attorney in customary form authorizing
the Initiating Party or its representative to Transfer such Company Shares on the terms set forth in the Drag-Along Notice and (ii) each of the Drag-Along Stockholders shall deliver to a representative of the Initiating Party designated in the
Drag-Along Notice wire transfer or other instructions for payment or delivery of the consideration to be received by such Drag-Along Stockholder in such Drag-Along Transfer. If a Drag-Along Stockholder should fail to deliver such certificates and
limited power of attorney to the Initiating Party, as may be required pursuant to the immediately preceding sentence, the Initiating Party shall so inform the Company, and the Company shall immediately cause the books and records of the Company to
show that such Company Shares are bound by the provisions of this Section 4.5 and that such Company Shares shall be Transferred to the Drag-Along Buyer immediately upon surrender for 

  
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Transfer by the holder thereof. Any Transfer of Company Shares by a Drag-Along Stockholder pursuant to the terms hereof shall be at the same per share price for Company Shares as those sold by
the Initiating Party and specified in the Drag-Along Notice and each Drag-Along Stockholder shall receive the same relative proportion of cash and Marketable Securities as the Initiating Party. The Company and/or its subsidiaries (as may be directed
by the Initiating Party) shall promptly enter into, and each Drag-Along Stockholder shall take all Necessary Action to cause the Board of Directors to cause the Company and/or its subsidiaries (as may be directed by the Initiating Party) to promptly
enter into, such definitive agreements required by the Initiating Party to effect any such Drag-Along Transfer and promptly take all actions necessary to effect and consummate such Drag-Along Transfer, including causing the Drag-Along Notice to be
promptly provided to each of the Drag-Along Stockholders in accordance with Section 4.5. 
 (c) Each Drag-Along Stockholder
shall agree (i) to on a pro rata basis based on the number of Company Shares Transferred by the Initiating Party and Drag-Along Stockholders to make the same representations, warranties and indemnities as made by the Initiating
Party in connection with the Drag-Along Transfer, (ii) if required, to participate in any escrow or holdback arrangement relating to such Drag-Along Transfer pro rata based on the relative number of Company Shares to be
Transferred by such Drag-Along Stockholders and the Initiating Party, (iii) to the same terms and conditions to the Drag-Along Transfer as the Initiating Party agrees and (iv) not to demand or exercise appraisal or dissenters rights under
any applicable business corporation or other law with respect to a transaction subject to this Section 4.5 as to which such appraisal rights are available. All such representations, warranties and indemnities shall be made by the Initiating
Party and each Drag-Along Stockholder severally, and not jointly and severally, and, except with respect to individual representations, warranties, and indemnities of the Drag-Along Stockholder as to the unencumbered title to its Company Shares and
the power, authority and legal right to Transfer such Company Shares, any liability for breach of any such representations and warranties shall be allocated among the Initiating Party and each Drag-Along Stockholder pro rata based on
the relative number of Company Shares Transferred by each of them. Notwithstanding anything herein to the contrary, (w) in no event shall the aggregate amount of liability for the Initiating Party and/or any Drag-Along Stockholders exceed the
U.S. dollar value of the net proceeds received by the Initiating Party or such Drag-Along Stockholders, respectively, from the Drag-Along Buyer, (x) in no event shall any Drag-Along Stockholder be required to make any representations or
warranties, or provide any indemnities as to, or to, any other Stockholder, (y) in no event shall any Drag-Along Stockholder be required to agree or enter into any non-competition, non-solicitation or analogous or similar agreements or
covenants that would bind such Drag-Along Stockholder or its Affiliates or portfolio companies without the prior written consent of such Drag-Along Stockholder and (z) any deferred consideration or indemnification payments made by the
Drag-Along Buyer relating to such Drag-Along Transfer shall be allocated among each Drag-Along Stockholder and the Initiating Party pro rata based on the relative number of Company Shares to be Transferred by each of them. 

(d) In the event that any such Drag-Along Transfer is structured as a merger, consolidation, stock and/or asset sale, or similar business
combination, each Drag-Along Stockholder agrees to (i) subject to Section 3.2(a), vote in favor of the transaction and against any competing transaction or proposal and (ii) subject to Section 4.5(c), take such other action as
may be reasonably required by the Company and/or the Initiating Party to effect such 

  
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transaction. Each Drag-Along Stockholder (other than the Sponsors and the Other Investors that are their Affiliates and their respective Permitted Transferees) hereby grants to the Company and
the Initiating Party an irrevocable proxy coupled with an interest to vote his, her or its Company Shares in favor of any such Drag-Along Transfer and against any competing transaction or proposal, which proxy will be valid and remain in effect
until the consummation of such Drag-Along Transfer. 
 (e) Concurrently with the consummation of the Drag-Along Transfer, the
Initiating Party shall (i) notify each of the Drag-Along Stockholders thereof, (ii) remit on the same day on which such Drag-Along Transfer is consummated to each of the Drag-Along Stockholders the total consideration for the Company
Shares of the Drag-Along Stockholders Transferred pursuant thereto by wire transfer of immediately available funds and (iii) promptly after the consummation of such Drag-Along Transfer, furnish such other evidence of the completion and the date
of completion of such Drag-Along Transfer and the terms thereof as may be reasonably requested by the Drag-Along Stockholders. 

(f) If a Drag-Along Stockholder fails to transfer its (i) certificates representing its Company Shares subject to the Drag-Along
Transfer and (ii) limited power of attorney or duly endorsed stock (or equivalent) powers, as applicable, to the Initiating Party prior to the consummation of the Drag-Along Transfer, the Initiating Party may, at its option, in addition to all
other remedies it may have, deposit the purchase price for such Company Shares with any national bank or trust company having combined capital, surplus and undivided profits in excess of $500 million (the “Escrow Agent”), and upon
the consummation of the Drag-Along Transfer all of such Drag-Along Stockholder’s rights in and to such Company Shares shall terminate. Thereafter, upon delivery to the Company by such Drag-Along Stockholder of appropriate documentation
evidencing the Transfer of such Company Shares to the Drag-Along Buyer, the Company shall instruct the Escrow Agent to deliver the purchase price (without any interest from the date of the closing to the date of such delivery, any such interest to
accrue to the Company) to such Drag-Along Stockholder. 
 (g) Notwithstanding anything contained in this Section 4.5 to the
contrary, there shall be no liability on the part of the Initiating Party to the other Stockholders (other than the obligation to return the limited power of attorney, stock (or equivalent) powers and the certificates and other applicable
instruments representing Company Shares received by the Initiating Party) or any other Person if the Transfer of Company Shares pursuant to this Section 4.5 is not consummated for whatever reason, regardless of whether the Initiating Party has
delivered a Drag-Along Notice. Whether to effect or consummate a Transfer of Company Shares pursuant to this Section 4.5 by the Initiating Party is in the sole and absolute discretion of the Initiating Party. 

(h) All reasonable costs and expenses incurred by the Initiating Party and its Representatives in connection with any Drag-Along
Transfer, including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be promptly reimbursed upon written demand (to the extent previously paid by the
Initiating Party) and otherwise borne by the Company. 

  
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 (i) The Initiating Party may provide prospective purchasers in a Drag-Along Transfer access
to the books, records and properties of the Company and its subsidiaries, subject to such persons executing customary confidentiality agreements in favor of the Company. 
 (j) Notwithstanding anything contained in this Section 4.5 to the contrary, in no event shall Blackstone, H&F, any Other Investor that is an Affiliate of a Sponsor and who holds ITR Interests, or
any Manager be required to transfer or cause to be transferred all or any portion of the ITR Interests held by Blackstone, H&F, such Other Investor, such Manager or any of respective Permitted Transferees, or any rights or benefits pursuant to
the Tax Receivable Agreement or any similar contractual agreement between such Stockholder and the Company or any of its subsidiaries. 
 Section 4.6 Rights and Obligations of Transferees. 
 (a) Any Transfer
of Company Shares, which Transfer is otherwise in compliance herewith, shall be permitted hereunder only if the transferee of such Company Shares agrees in writing that it shall, upon such Transfer, assume with respect to such Company Shares the
transferor’s obligations under this Agreement and become a party to this Agreement for such purpose, and any other agreement or instrument executed and delivered by such transferor in respect of the Company Shares; provided,
however, that (i) this Section 4.6 shall not apply to Transfers of Company Shares to a Stockholder, and (ii) Section 4.6(a) and Section 4.6(b) shall not apply to (x) Transfers pursuant to a registered public
offering or Rule 144A sale or (y) a Drag-Along Transfer in which all of the Company Shares are Transferred to a Drag-Along Buyer. 
 (b) A Sponsor and/or Other Investor may transfer its rights set forth herein only in connection with a Transfer of its Company Shares. Upon any Transfer of Company Shares to any Person, which Transfer is
otherwise in compliance herewith, the transferee shall, upon such Transfer, assume all rights held by the transferor at the time of the Transfer with respect to such Company Shares; provided, that no Transferee (other than a Permitted
Transferee of the Transferring Stockholder) shall acquire any of the rights provided in Article III, Section 4.3, Section 4.5, Section 4.7 or Section 6.2(h) hereof by reason of such Transfer. In the event that any Sponsor
transfers one or more of its rights set forth in Section 6.1 (other than with respect to the H&F Liquidity Rights) or Section 6.2 to any Transferee of its Company Shares in compliance herewith, such Transferee shall notify the Company
of the assignment of such rights, and such Transferee shall be deemed to be either “Blackstone” or “H&F” for purposes of Section 6.1 or Section 6.2, as applicable, with respect to such rights assigned to such
Transferee. 
 (c) Without limitation as to the other provisions set forth in Sections 4.4 and/or 4.5, each Tagging Stockholder
or Drag-Along Stockholder (each, a “Participating Seller”), whether in his, her or its capacity as a Participating Seller, stockholder, officer or director of the Company, or otherwise, shall take or cause to be taken all such
actions as may be necessary or reasonably desirable in order expeditiously to consummate each Transfer pursuant to Section 4.4 or Section 4.5 hereof and any related transactions, including (i) solely in the case of a Tagging
Stockholder or Drag-Along Stockholder (in each such case, other than the Sponsors and their Permitted Transferees), executing, acknowledging and delivering consents, 

  
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assignments, waivers and other documents or instruments; (ii) furnishing information and copies of documents; filing applications, reports, returns, filings and other documents or
instruments with governmental authorities; and (iii) otherwise cooperating with the Transferring Stockholder (in a Transfer pursuant to Section 4.4 hereof) or the Initiating Party (in a Transfer pursuant to Section 4.5 hereof), as
applicable, and the Proposed Transferee or Drag-Along Buyer, as the case may be. 
 (d) Each Participating Seller agrees that to
the extent he, she or it desires to include vested and exercisable Options or Warrants in any Transfer of Company Shares pursuant to Sections 4.4 and/or 4.5, he, she or it will be deemed to have exercised, converted or exchanged such vested and
exercisable Options or Warrants immediately prior to the consummation of the Proposed Transfer or Drag-Along Transfer, as the case may be, to the extent necessary to sell Company Shares to the Proposed Transferee or Drag-Along Buyer, as the case may
be, except to the extent permitted under the terms of any such Option or Warrant and agreed to by the Transferring Stockholder or Initiating Party, as the case may be, and the Proposed Transferee or Drag-Along Buyer, as the case may be. In the event
that Options or Warrants are deemed exercised pursuant to the preceding sentence, payment of any purchase or exercise price, if applicable, and minimum statutory withholding tax amount, if any, shall be satisfied through payment of Company Shares
otherwise deliverable upon such exercise, conversion, or exchange. If any Participating Seller sells Options or Warrants in any Proposed Transfer or Drag-Along Transfer, such Participating Seller shall receive in exchange for such Options or
Warrants consideration equal to the amount (if greater than zero) determined by multiplying (a) the purchase price per Company Share received by the Transferring Stockholder or Initiating Party, as the case may be, in such Transfer less the
exercise or conversion price, if any, per share of such Option or Warrant by (b) the number of Company Shares issuable upon exercise, conversion or exchange of such Option or Warrant (to the extent exercisable, convertible or exchangeable at
the time of such Transfer), subject to reduction for any tax or other amounts required to be withheld under applicable law. 

(e) Closing. The closing of a Transfer to which Sections 4.4 or 4.5 hereof apply will take place at such time and place as
the Transferring Stockholder (in a Transfer pursuant to Section 4.4 hereof) or the Initiating Party (in a Transfer pursuant to Section 4.5 hereof) specifies by notice to each Participating Seller, each subject to any restrictions as to
timing set forth in Section 4.4 or 4.5. At the closing of any Proposed Transfer or Drag-Along Transfer, as the case may be, each Tagging Stockholder or each Drag-Along Stockholder that is a Sponsor or its Permitted Transferee, as the case may
be, shall deliver or cause to be delivered the certificates evidencing the Company Shares to be sold by such Tagging Stockholder, duly endorsed, or with stock (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and
clear of any lien, with any stock (or equivalent) transfer tax stamps affixed, against delivery of the applicable consideration. 
 Section 4.7 H&F Liquidity Rights. From and after the fifth anniversary of the Closing Date, H&F, for so long as it holds its 25% Threshold Interest Amount, shall have the right to
deliver to the Company one or more notices requiring that the Company consummate, at H&F’s election, either (a) a QPO or (b) a Sale Transaction as promptly as reasonably practicable after receipt of any such notification (such
rights, the “H&F Liquidity Rights”). Blackstone and 

  
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the Company agree to promptly take, and cause each of their subsidiaries, officers, employees, agents and representatives to promptly take, all such actions and cause to be done all such things
as may be reasonably requested by H&F in connection with any such QPO or Sale Transaction or otherwise in connection with the exercise of the H&F Liquidity Rights. Upon receipt of notice of the exercise of the H&F Liquidity Rights, the
Company shall use its reasonable best efforts to effect such a transaction, and, in connection therewith, shall keep H&F contemporaneously apprised of the status of effecting such a transaction, and consult with H&F and consider in good
faith H&F’s advice and recommendations with respect to such a transaction. All costs and expenses incurred by H&F and its Representatives and/or the Company and its subsidiaries in connection with complying with this Section 4.7,
including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be promptly reimbursed upon written demand (to the extent previously paid by H&F) and
otherwise borne by the Company; provided, that in the event such costs and expenses are incurred in connection with any QPO, such costs and expenses shall exclude any fees and disbursements to underwriters not customarily paid by the issuers
of securities in an offering similar to the applicable Underwritten Offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. For the avoidance of doubt, for so long as
H&F holds its 25% Threshold Interest Amount, the H&F Liquidity Rights shall be continuing and shall terminate only upon the earlier of (x) the consummation of a QPO and (y) the consummation of a Sale Transaction. 

Section 4.8 Termination of Transfer Restrictions. The provisions of this Article IV shall terminate and be of no further
force and effect upon the consummation of an IPO; provided, that notwithstanding the foregoing, Section 4.4 and Section 4.6 (solely as it relates to a Proposed Transfer) shall not terminate and shall survive until the earlier of
(x) the first anniversary of the consummation of an IPO and (y) the consummation of a QPO; provided, further, that notwithstanding the foregoing, Section 4.5 (solely as it relates to a Drag-Along Transfer requested by
H&F in connection with H&F’s exercise of the H&F Liquidity Rights), Section 4.6 (solely as it relates to a Drag-Along Transfer requested by H&F in connection with H&F’s exercise of the H&F Liquidity Rights) and
Section 4.7 shall not terminate and shall survive until the earlier of (x) the consummation of a QPO and (y) the consummation of a Sale Transaction. 
 ARTICLE V 
 PREEMPTIVE RIGHTS 

Section 5.1 Preemptive Rights. (a) At any time following the Closing Date until an IPO, if the Company or any of its
subsidiaries proposes to issue any equity securities, debt securities, debt securities convertible or exchangeable for any equity securities, or any option, warrant or other right to acquire any such equity or debt securities to any Person (whether
or not such Person is a Sponsor), with the exception of any issuance (i) as consideration to a third party that is not an Affiliate or portfolio company of any Stockholder in any merger, acquisition, joint venture or any other similar or
strategic transaction, (ii) in an IPO, (iii) to a third party financial institution that is not an Affiliate or portfolio company of any Stockholder in connection with 

  
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any borrowing by the Company or its subsidiaries, (iv) to (x) employees or (y) advisors or consultants that are not Affiliates of a Stockholder, pursuant to an employee incentive
plan approved by the Board of Directors, (v) by a wholly owned subsidiary to its parent, (vi) as a result of the conversion of Convertible Securities or the exercise of any Warrants, Options or other rights (in each case, having been
issued in accordance with this Section 5.1 and otherwise approved in accordance with the terms of this Agreement) and (vii) in connection with any stock split, stock combination, stock dividend, distribution or recapitalization) (a
“New Issuance” and any such securities, “Newly Issued Securities”), the Company shall provide written notice to each of the Sponsors and Other Investors that are Affiliates of a Sponsor of such anticipated issuance
no later than ten (10) Business Days prior to the anticipated issuance date (the “Preemptive Rights Notice”). The Preemptive Rights Notice shall set forth the material terms and conditions of the New Issuance, including the
name and address of the proposed Person to whom the Newly Issued Securities are proposed to be issued, the proposed purchase price for the Newly Issued Securities (on a per security and on an aggregate basis, including the maximum amount), a
description of any non-cash consideration in sufficient detail to permit a valuation thereof, the anticipated issuance date, the proposed manner of disposition, and the purpose of such New Issuance. Each of the Sponsors and Other Investors that are
Affiliates of a Sponsor shall have the right to purchase up to its Pro Rata Portion of such Newly Issued Securities at the price and on the terms and conditions specified in the Preemptive Rights Notice by delivering an irrevocable written notice to
the Company no later than three (3) Business Days before the anticipated issuance date, setting forth the number of such Newly Issued Securities for which such right is exercised. Such notice shall also include the maximum number of Newly
Issued Securities such Stockholder would be willing to purchase in the event any other Stockholder entitled to participate elects to purchase less than its Pro Rata Portion of such Newly Issued Securities. If any such Stockholder elects not to
purchase its full Pro Rata Portion of such Newly Issued Securities, the Company shall allocate any remaining amount among those Stockholders (pro rata, but up to, in the case of each such Stockholder, the maximum number specified by
such Stockholder pursuant to the immediately preceding sentence) who have indicated in their notice to the Company a desire to purchase Newly Issued Securities in excess of their respective Pro Rata Portions. 

(b) In the event the Sponsors and Other Investors that are Affiliates of a Sponsor do not purchase all such Newly Issued Securities in
accordance with the procedures set forth in Section 5.1(a), the Company or its relevant subsidiary, as applicable, shall have sixty (60) days after the expiration of the anticipated issuance date (subject to extension if necessary to
permit the expiration or early termination of the HSR Waiting Period) to sell to other Persons (excluding any Stockholder, its Affiliates and/or its portfolio companies) the remaining Newly Issued Securities at the price and on the terms and
conditions specified in the Preemptive Rights Notice. If the Company or its relevant subsidiary, as applicable, fails to sell such Newly Issued Securities within such sixty (60) days of the anticipated issuance date provided in the Preemptive
Rights Notice, the Company or its relevant subsidiary, as applicable, shall not thereafter issue or sell such Newly Issued Securities without first offering the same to the Sponsors and Other Investors that are Affiliates of a Sponsor in the manner
provided in Section 5.1(a). 
 (c) In the event that any Stockholder purchases any equity securities other than new Company
Shares pursuant to Section 5.1(a), such Stockholder shall execute a stockholders’ agreement with respect to such securities with terms that are equivalent, mutatis 

  
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mutandis, to this Agreement (including the registration rights provided for in Article VI hereof); provided, that such stockholders’ agreement shall terminate upon the same
terms and conditions as provided herein. 
 (d) Any Newly Issued Securities constituting shares of capital stock of the Company
acquired by any existing holder of Company Shares pursuant to this Article V shall be deemed for all purposes hereof to be Sponsor Shares or Other Investor Shares hereunder of like kind with the Company Shares then held by the acquiring holder.

 (e) The election by a Sponsor or Other Investor not to exercise its preemptive rights under this Section 5.1 in any one
instance shall not affect its right (other than in respect of a reduction in its Ownership Interest, if applicable) as to any future issuances of securities that shall, for the avoidance of doubt, be subject to this Section 5.1. Any attempted
Transfer of such securities by the Company or any subsidiary of the Company without first giving the Sponsors and Other Investors that are Affiliates of a Sponsor the rights described in this Section 5.1 shall be void and of no force and
effect. 
 Section 5.2 Expenses. All costs and expenses incurred by the Company or any of its subsidiaries in
connection with any proposed New Issuance (whether or not consummated), including all attorneys fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the
Company. In connection with such proposed New Issuance (whether or not consummated), the Company shall pay the fees and out-of-pocket expenses of a single law firm for all Sponsors and Other Investors that are Affiliates of a Sponsor who have
elected to participate in the purchase of Newly Issued Securities (selected by the Sponsors purchasing Newly Issued Securities). 

ARTICLE VI 

REGISTRATION RIGHTS 
 Section 6.1 Demand Registration. 
 (a) IPO and
Demand by Holders. 
 (i) Each of (A) Blackstone, at any time, and (B) H&F, in connection with
the exercise of the H&F Liquidity Rights, shall have the right, by delivering or causing to be delivered a written notice to the Issuer, to require the Issuer to register, pursuant to the terms of this Agreement, under and in accordance with the
provisions of the Securities Act, the sale of the number of shares of Issuer Shares and Registrable Securities (if any) specified by Blackstone or H&F, as the case may be, to be so issued and sold in an IPO (or QPO in the case of a written
notice delivered by H&F) (an “IPO Demand Registration”). The Stockholders acknowledge and agree that the Board of Directors shall be permitted to, at any time, cause the Issuer to register under and in accordance with the
provisions of the Securities Act, the sale of Issuer Shares and Registrable Securities. In connection with any IPO, the Issuer shall promptly (but in no event more 

  
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than five (5) Business Days after receipt of any request for an IPO Demand Registration, or the determination by the Issuer or its board of directors to effect an IPO) deliver a written
notice to each of the Sponsors and in such event each such Sponsor shall have the right to participate in such offering, whether initiated by the Issuer, its board of directors, Blackstone, H&F or any other Person, on a pro rata
basis relative to the other Sponsor, but in any event, subject to the H&F Priority Sell-Down. Notwithstanding anything in Section 4.6(b) or elsewhere herein to the contrary, Blackstone may not transfer its right to effect an IPO Demand
Registration to any Person. 
 (ii) If at any time after the Effectiveness Date, there is no currently effective
Shelf Registration Statement on file with the SEC, each of (A) Blackstone, at any time, and (B) H&F, at any time (each, a “Sponsor Demand Holder”), shall have the right to make a written request to the Issuer for
Registration of all or part of the Registrable Securities held by it on (x) Form S-1 or any successor form or any similar long-form registration statement (a “Long-Form Registration”), or (y) Form S-3 or any successor form
or any similar short-form registration statement (a “Short-Form Registration”) if the Issuer is qualified to use such short form. Any such request pursuant to clauses (i) and (ii) of this Section 6.1(a) shall
hereinafter be referred to as a “Demand Registration.” Each request for a Demand Registration shall specify (x) the kind and aggregate amount of Registrable Securities to be Registered and/or, in the case of an IPO Demand
Registration, the number of shares of Issuer Shares to be issued and sold and the number of Registrable Securities (if any) to be sold, and (y) the intended methods of disposition thereof. 

(iii) Within (x) ninety (90) days in the case of a request for a Long-Form Registration, (y) thirty
(30) days in the case of a request for a Short-Form Registration, or (z) one hundred twenty (120) days in the case of an IPO Demand Registration, the Issuer shall file a Registration Statement relating to such Demand Registration (a
“Demand Registration Statement”), and shall use its reasonable best efforts to cause (i) such Demand Registration Statement to promptly be declared effective under the Securities Act, and (ii) the offer and sale of
Registrable Securities to be otherwise registered and/or qualified under the “Blue Sky” laws of such jurisdictions as any Holder being registered under such Registration Statement or any underwriter, if any, reasonably requests.

 (b) Limitation on Demand Registrations. Subject to Section 6.1(a), (i) Blackstone shall have the right to
request up to four (4) Long-Form Registrations and (ii) H&F shall have the right to request up to three (3) Long-Form Registrations. Notwithstanding anything herein to the contrary, each of Blackstone and H&F may transfer the
rights to make such requests to any Transferee of their Company Shares; provided, that such Transfer was made in compliance with this Agreement. For the avoidance of doubt, if H&F shall have delivered an IPO Demand Registration in
connection with the exercise of the H&F Liquidity Rights, such IPO Demand Registration shall not be deemed to be a Long-Form Registration for purposes of this Agreement. Each Sponsor Demand Holder shall have an unlimited number of Short-Form
Registrations. Notwithstanding the foregoing, (i) each Sponsor Demand Holder may request no more than two (2) Demand Registrations in any 12-month period, and (ii) in no event shall the Issuer be required to effect more than a total
of two (2) Demand Registrations in any 12-month period; provided, however, that such limitations shall not apply to an IPO Demand Registration, which IPO Demand Registration may only be made as provided in Section 6.1(a)(i).

  
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 (c) Demand Withdrawal. A Demanding Holder, and any other Holder that has requested
its Registrable Securities be included in a Demand Registration pursuant to Section 6.1(e) or any Sponsor that has elected to participate in an IPO pursuant to Section 6.1(a) may withdraw all or any portion of its Registrable Securities
included in a Demand Registration from such Demand Registration at any time prior to the effectiveness of the applicable Demand Registration Statement. Upon receipt of a notice to such effect from a Demanding Holder (or if there is more than one
Demanding Holder, from all such Demanding Holders) with respect to all of the Registrable Securities included by such Demanding Holder(s) in such Demand Registration, the Issuer shall cease all efforts to secure effectiveness of the applicable
Demand Registration Statement and such Registration nonetheless shall be deemed a Demand Registration for purposes of Section 6.1(b) unless either (i) the withdrawing Demanding Holder(s) shall have paid or reimbursed the Issuer for its or
their pro rata share (relative to all Holders who had notified the Issuer that they intended to participate in the applicable Demand Registration) of all reasonable and documented out-of-pocket fees and expenses incurred by the Issuer
in connection with the Registration (based on the number of securities the Demanding Holder(s) sought to register, as compared to the total number of securities included in such Demand Registration Statement) or (ii) if such withdrawal is made
following the occurrence of a Material Adverse Change or because the Registration would require the Company to make an Adverse Disclosure. 
 (d) Effective Registration. The Issuer shall be deemed to have effected a Demand Registration if the Demand Registration Statement has become effective and remains effective for not less than one
hundred eighty (180) days (or such shorter period as will terminate when all Registrable Securities covered by such Demand Registration Statement have been sold or withdrawn), or if such Registration Statement relates to an Underwritten
Offering, 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 sales of Registrable Securities by an underwriter or dealer (the applicable period, the
“Demand Period”). No Demand Registration shall be deemed to have been effected (and shall not be deemed to be a Demand Registration for purposes of Section 6.1(b)) if (i) during the Demand Period such Registration is
interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court or (ii) the conditions to closing specified in the underwriting agreement, if any, entered into in connection with such
Registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by a participating Holder. 
 (e) Demand Notice. Promptly upon receipt of any request for a Demand Registration other than an IPO Demand Registration pursuant to Section 6.1(a) (but in no event more than five
(5) Business Days thereafter), the Issuer shall deliver a written notice (a “Demand Notice”) of any such Registration request to all other Holders of Registrable Securities, and the Issuer shall include in such Demand
Registration all such Registrable Securities with respect to which the Issuer has received written requests for inclusion therein within ten (10) Business Days after the date that the Demand Notice has been delivered. All requests made pursuant
to this Section 6.1(e) shall specify the aggregate amount of Registrable Securities to be registered and the intended method of distribution of such securities. 

  
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 (f) Delay in Filing; Suspension of Registration. If the filing, initial effectiveness
or continued use of a Demand Registration Statement at any time would require the Issuer to make an Adverse Disclosure, the Issuer may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or
suspend use of, the Demand Registration Statement (a “Demand Suspension”); provided, however, that the Issuer shall not be permitted to exercise a Demand Suspension (i) more than once during any twelve (12)-month
period, or (ii) for a period exceeding thirty (30) days on any one occasion. In the case of a Demand Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectuses in connection with any
sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Issuer shall immediately notify the Holders upon the termination of any Demand Suspension, amend or supplement the Prospectus
or any Issuer Free Writing Prospectus, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus and any Issuer Free Writing Prospectus as so amended or supplemented as
the holders may reasonably request. The Issuer shall, if necessary, supplement or make amendments to the Demand Registration Statement, if required by the registration form used by the Issuer for the Demand Registration or by the instructions
applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Demand Registration
Statement. 
 (g) Underwritten Offering. If a Demanding Holder so requests, an offering of Registrable Securities
pursuant to a Demand Registration shall be in the form of an Underwritten Offering. The Demanding Holder shall have the right to select the managing underwriter or underwriters to administer the offering; provided, that such managing
underwriter or underwriters shall be reasonably acceptable to the Issuer. 
 (h) Priority of Securities Registered Pursuant
to Demand Registrations. If the managing underwriter or underwriters of a proposed Underwritten Offering of the Registrable Securities included in a Demand Registration (or, in the case of a Demand Registration not being underwritten, the
Demanding Holders holding a majority of the Demanding Holders’ Registrable Securities included therein), advise the Board of Directors and the Sponsor Demand Holders participating in such Underwritten Offering in writing that, in its or their
opinion, the number of securities requested to be included in such Demand Registration exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) in the case of any Demand Registration other than an IPO Demand Registration (x) first, allocated pro
rata among the Holders that have requested to participate in such Demand Registration (based on the relative number of Registrable Securities requested to be included therein), but in any event, subject to the H&F Priority Sell-Down,
(y) second, and only if all the securities referred to in clause (x) have been included, the number of other securities that, in the opinion of such managing underwriter or underwriters (or Demanding Holders holding a majority of the
Demanding Holders’ Registrable Securities to be included in such Registration, if applicable) can be sold without having such adverse effect, and (ii) in the case of an IPO Demand Registration, (x) first, one hundred percent
(100%) of the securities that the Issuer proposes to issue, and (y) second, and only if all the securities referred to in clause (x) have been included, the number of Registrable Securities that,

  
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in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated pro rata among the participating
Sponsors and Other Investors that are Affiliates of a Sponsor based on the relative number of Registrable Securities requested to be included therein then held by each such Sponsor and each such Other Investor that is an Affiliate of a Sponsor, but
in any event, subject to the H&F Priority Sell-Down. 
 (i) In-Kind Distributions. In the event that, either
immediately prior to, subsequent to, or in connection with, any Registration pursuant to this Section 6.1, any Sponsor or Other Investor that is an Affiliate of a Sponsor shall distribute in-kind all or a portion of its Registrable Securities
to its partners or members, (i) such partners and member shall be permitted to sell such Registrable Securities in connection with such Registration, (ii) such Sponsor and/or its Other Investor Affiliate shall so advise the Issuer and
provide it such customary information as is necessary to permit the inclusion in, or an amendment to, the applicable Registration Statement, to provide information with respect to such partners or members, as selling security holders and
(iii) promptly following receipt of such information, the Issuer shall include in, or file an appropriate amendment to, such Registration Statement reflecting the information so provided in order to permit the resale by such partners or members
of such Registrable Securities. 
 Section 6.2 Shelf Registration. 

(a) Filing. As promptly as practicable following a demand by any Sponsor Demand Holder at any time after the Effectiveness Date,
the Issuer shall file with the SEC a Shelf Registration Statement relating to the offer and sale of Registrable Securities by any Holders thereof from time to time in accordance with the methods of distribution elected by such Holders and set forth
in the Shelf Registration Statement and, as promptly as practicable thereafter, shall use its reasonable best efforts to cause such Shelf Registration Statement to become effective under the Securities Act. If, on the date of any such demand, the
Issuer does not qualify to file a Shelf Registration Statement, then the Issuer shall promptly so notify such Sponsor Demand Holder in writing that it does not so qualify, and such Sponsor Demand Holder shall be entitled to withdraw its demand (and
such demand shall not be deemed to be a Demand Registration for purposes of Section 6.1(b)). If however, such Sponsor Demand Holder subsequently notifies the Issuer in writing that it nevertheless wishes to proceed with such demand, the
provisions of Section 6.1 shall apply instead. 
 (b) Continued Effectiveness. The Issuer shall use its reasonable
best efforts to keep any such Shelf Registration Statement continuously effective under the Securities Act in order to permit the Prospectus forming a part thereof to be usable by Holders until the earlier of (i) the date as of which all
Registrable Securities have been sold pursuant to the Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(3) of the Securities
Act and Rule 174 thereunder) and (ii) the date as of which each of the Holders is permitted to sell its Registrable Securities without Registration pursuant to Rule 144 under the Securities Act without volume limitations or other restrictions
on transfer thereunder (such period of effectiveness, the “Shelf Period”). Subject to Section 6.2(d), the Issuer shall not be deemed to have used its reasonable 

  
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best efforts to keep the Shelf Registration Statement effective during the Shelf Period if the Issuer voluntarily takes any action or omits to take any action that would result in Holders of the
Registrable Securities covered thereby not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is required by applicable law. 

(c) Shelf Notice. Promptly upon receipt of any request to file a Shelf Registration Statement (but in no event more than five
(5) Business Days thereafter), the Issuer shall deliver a written notice (a “Shelf Notice”) of any such request to all Holders specifying the amount of Registrable Securities to be Registered. The Issuer shall include in such
Shelf Registration all such Registrable Securities with respect to which the Issuer has received written requests for inclusion therein within twenty (20) Business Days after the date that the Shelf Notice has been delivered (or such longer
period of time as may be identified in the Shelf Notice). 
 (d) Suspension of Registration. If the continued use of such
Shelf Registration Statement at any time would require the Issuer to make an Adverse Disclosure, the Issuer may, upon giving at least ten (10) days’ prior written notice of such action to the Holders, suspend use of the Shelf Registration
Statement (a “Shelf Suspension”); provided, however, that the Issuer shall not be permitted to exercise a Shelf Suspension (i) more than one time during any twelve (12)-month period, or (ii) for a period
exceeding thirty (30) days on any one occasion. In the case of a Shelf Suspension, the Holders agree to suspend use of the applicable Prospectus and any Issuer Free Writing Prospectuses in connection with any sale or purchase of, or offer to
sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Issuer shall immediately notify the Holders upon the termination of any Shelf Suspension, amend or supplement the Prospectus or any Issuer Free Writing
Prospectuses, if necessary, so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented or any Issuer Free Writing Prospectus as the Holders may reasonably
request. The Issuer shall, if necessary, supplement or make amendments to the Shelf Registration Statement, if required by the registration form used by the Issuer for the Shelf Registration or by the instructions applicable to such registration
form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of the Registrable Securities then outstanding. 

(e) Underwritten Offering. If any Sponsor Demand Holder so elects, an offering of Registrable Securities under a Shelf
Registration Statement shall be in the form of an Underwritten Offering (it being understood that such election shall not be deemed to be a Demand Registration for purposes of 6.1(b)), and the Issuer shall amend or supplement the Shelf Registration
Statement for such purpose. The electing Sponsor Demand Holder shall have the right to select the managing underwriter or underwriters to administer such offering; provided, that such managing underwriter or underwriters shall be reasonably
acceptable to the Issuer. 
 (f) Priority of Securities Sold Pursuant to Shelf Registrations. If the managing underwriter
or underwriters of a proposed Underwritten Offering of the Registrable Securities included in a Shelf Registration, advise the Board of Directors and the Sponsor Demand Holders participating such Underwritten Offering in writing that, in its or
their opinion, the number of securities requested to be included in an Underwritten Offering pursuant to 

  
 47 

 
Section 6.2(e) exceeds the number which can be sold in such Underwritten Offering without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, the number of Registrable Securities to be included in such offering shall be allocated pro rata among the Holders seeking to participate in such Underwritten Offering (based
on the relative number of Registrable Securities requested to be included in such Underwritten Offering), but in any event, subject to the H&F Priority Sell-Down, to the extent necessary to reduce the total number of Registrable Securities to be
included in such Underwritten Offering to the number recommended by the managing underwriter or underwriters. 
 (g) In-Kind
Distributions. In the event that, either immediately prior to, subsequent to, or in connection with, any Registration pursuant to this Section 6.2, any Sponsor or Other Investor that is an Affiliate of a Sponsor shall distribute in-kind all
or a portion of its Registrable Securities to its partners or members, (i) such partners and member shall be permitted to sell such Registrable Securities in connection with such Registration, (ii) such Sponsor and/or its Other Investor
Affiliate shall so advise the Issuer and provide it such customary information as is necessary to permit the inclusion in, or an amendment to, the applicable Registration Statement, to provide information with respect to such partners or members, as
selling security holders and (iii) promptly following receipt of such information, the Issuer shall include in, or file an appropriate amendment to, such Registration Statement reflecting the information so provided in order to permit the
resale by such partners or members of such Registrable Securities. 
 (h) H&F Priority Sell-Down. Notwithstanding
anything herein to the contrary, for a period of two (2) years following an IPO (and, for the avoidance of doubt, including in connection with an IPO), H&F shall have the right to have its Registrable Securities represent up to fifty
percent (50%) of the Registrable Securities sold in each registered offering of Registrable Securities (excluding shares of Common Stock or other equity securities sold by the Company) (the “H&F Priority Sell-Down”).

 (i) Shelf Take Downs. Any Sponsor Demand Holder that owns Registrable Securities included in a Shelf Registration
Statement may initiate an unlimited number of offerings or sales (which may be underwritten or non-underwritten) of all or part of such Registrable Securities (a “Shelf Take-Down”), and with respect to each Shelf Take-Down, each
other Holders of Registrable Securities included in a Shelf Registration Statement shall be entitled to sell up to their pro rata portion of Registrable Securities that they previously requested be included in such Shelf Registration
Statement, subject to the H&F Priority Sell-Down. Notwithstanding anything herein to the contrary, for the avoidance of doubt, any Shelf Take-Down that is underwritten (other than a Marketed Underwritten Shelf Take-Down) will not count as a
Demand Registration of the Sponsor that initiated such Shelf Take-Down. If such Shelf Take-Down is a Marketed Underwritten Shelf Take-Down, the non-initiating Holders of Registrable Securities will have the right to sell in such Shelf Take-Down,
subject to the H&F Priority Sell-Down, a pro rata portion of their Registrable Securities that they previously requested be included in such Shelf Registration Statement pursuant to, and in accordance with, the provisions
applicable to Piggyback Registrations as set forth in Section 6.3. If such Shelf Take-Down is a Non-Marketed Underwritten Shelf Take-Down, none of the non-initiating Holders of Registrable Securities will have the right to sell in such Shelf
Take-Down any of the Registrable Securities they previously had requested be included on such Shelf Registration Statement. 

  
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 Section 6.3 Piggyback Registration. 

(a) Participation. If (x) the Issuer at any time, or from time to time, proposes to file a Registration Statement under the
Securities Act with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under Section 6.1 or 6.2, (ii) a Registration on Form S-4 or S-8 or any
successor form to such Forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Issuer pursuant to any employee stock plan or other employee benefit plan arrangement, or (iv) in
connection with an IPO) or (y) a Sponsor Demand Holder at any time, or from time to time, elects to effect a Marketed Underwritten Shelf Take-Down (in any such case, an “Issuer Public Sale”), then, as soon as reasonably
practicable (but, in the case of an Issuer Public Sale effected pursuant to clause (x) of the definition thereof, in no event less than forty-five (45) days prior to the proposed date of filing such Registration Statement), the Issuer
shall give written notice (a “Piggyback Notice”) to all the Holders of Registrable Securities. The Piggyback Notice shall offer the Holders of Registrable Securities the opportunity to Register under such Registration Statement or
sell pursuant to such Marketed Underwritten Shelf Take-Down, as the case may be, such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”); provided, that in the case of a
Marketed Underwritten Shelf Take-Down, such Holders had previously requested such Registrable Securities to be included in the applicable Shelf Registration Statement used to effect the Marketed Underwritten Shelf Take-Down. Subject to
Section 6.3(b) and the H&F Priority Sell-Down and the proviso in the immediately preceding sentence, the Issuer shall include in such Registration Statement and/or Marketed Underwritten Shelf Take-Down all such Registrable Securities which
are requested to be included therein by such Holders within fifteen (15) days (or, in the case of an Issuer Public Sale effected pursuant to clause (y) of the definition thereof, such other reasonable period (which may be shorter) as may
be set forth in the Piggyback Notice) after the receipt by such Holder of any such Piggyback Notice; provided, however, that if (A) at any time after the Piggyback Notice has been provided to Holders and prior to the effective
date of the Registration Statement filed in connection with such Registration, the Issuer shall determine for any reason not to Register or to delay Registration of such securities, the Issuer shall give written notice of such determination to each
Holder of Registrable Securities and/or (B) at any time after the Piggyback Notice has been provided to Holders and prior to the consummation of the Marketed Underwritten Shelf Take-Down, the Sponsor Demand Holder requesting such Marketed
Underwritten Shelf Take-Down shall determine for any reason not to proceed with such Marketed Underwritten Shelf Take-Down or to delay such Marketed Underwritten Shelf Take-Down, such Sponsor Demand Holder shall so notify the Issuer, and the Issuer
shall give written notice of such determination to each Holder of Registrable Securities, and, in each of the case of the foregoing clauses (A) and/or (B), thereupon, (i) (x) in the case of a determination not to Register, the Issuer
shall be relieved of its obligation to Register any Registrable Securities in connection with such Registration (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any
Holders of Registrable Securities entitled to request that such Registration be effected as a Demand Registration under Section 6.1, and (y) in the case of a 

  
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determination not to proceed with such Marketed Underwritten Shelf Take-Down, each of the Sponsor Demand Holder requesting such Marketed Underwritten Shelf Take-Down and the Issuer shall be
relieved of its obligation to effect any such Shelf Take-Down of any Registrable Securities in connection with such Marketed Underwritten Shelf Take-Down (but the Issuer shall not be relieved from its obligation to pay the Registration Expenses in
connection therewith), and (ii) (x) in the case of a determination to delay Registering, in the absence of a request for a Demand Registration, the Issuer shall be permitted to delay Registering any Registrable Securities, for the same
period as the delay in Registering such other securities, and (y) in the case of a determination to delay such Marketed Underwritten Shelf Take-Down, in the absence of a request for a Demand Registration by any other Holder contractually
entitled to such rights, each of the Sponsor Demand Holder requesting such Marketed Underwritten Shelf Take-Down and the Issuer shall be permitted to delay such Marketed Underwritten Shelf Take-Down, for the same period as the delay in effecting the
Shelf Take-Down of such other securities included in such applicable Marketed Underwritten Shelf Take-Down. Subject to Section 6.3(b) and the H&F Priority Sell-Down, if the offering pursuant to such Registration Statement is to be
underwritten, then each Holder making a request for a Piggyback Registration pursuant to this Section 6.3(a) must, and the Issuer shall make such arrangements with the managing underwriter or underwriters so that each such Holder may,
participate in such Underwritten Offering. Subject to Section 6.3(b) and the H&F Priority Sell-Down, if the offering pursuant to such Registration Statement is to be on any other basis, then each Holder making a request for a Piggyback
Registration pursuant to this Section 6.3(a) must, and the Issuer shall make such arrangements so that each such Holder may, participate in such offering on such basis. Any Holder shall have the right to withdraw all or part of its request for
inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Issuer of its request to withdraw; provided, that such request must be made in writing prior to the effectiveness of such Registration
Statement or the consummation of the Marketed Underwritten Shelf Take-Down, as the case may be. Notwithstanding anything herein to the contrary, in no event shall any Holder or any other Person have any rights to Piggyback Registration in respect of
any Non-Marketed Underwritten Shelf Take-Down. 
 (b) Priority of Piggyback Registration. If the managing underwriter or
underwriters of any proposed Underwritten Offering of Registrable Securities included in a Piggyback Registration informs the Issuer and the participating Holders of Registrable Securities in writing that, in its or their opinion, the number of
securities which such Holders and any other Persons intend to include in such offering exceeds the number which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the
securities offered or the market for the securities offered, then the securities to be included in such Registration shall be (i) first, one hundred percent (100%) of the securities that the Issuer or (subject to Section 6.7) any
Person (other than a Holder of Registrable Securities) exercising a contractual right to demand Registration, as the case may be, proposes to sell, but in any event, subject to the H&F Priority Sell-Down, and (ii) second, and only if all
the securities referred to in clause (i) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be
allocated pro rata among the Holders that have requested to participate in such Registration based on the relative number of Registrable Securities requested to be included therein then held by each such Holder, but in any event, subject to
the H&F Priority Sell-Down and (iii) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration, but in any
event, subject to the H&F Priority Sell-Down. 

  
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 (c) No Effect on Demand Registrations. No Registration of Registrable Securities
effected pursuant to a request under this Section 6.3 shall (i) be deemed to have been effected pursuant to Sections 6.1 and/or 6.2 or (ii) relieve the Issuer of its obligations under Sections 6.1 or 6.2. 

Section 6.4 Black-out Periods. 
 (a) Black-out Periods for Holders. In the case of a Registration of Registrable Securities pursuant to Sections 6.1, 6.2 or 6.3 for an Underwritten Offering or, for the avoidance of doubt, a
primary offering by the Issuer, the Holders of Registrable Securities agree, if requested by the managing underwriter or underwriters in such Underwritten Offering, not to effect any public sale or distribution of any securities (except, in each
case, as part of the applicable Registration, if permitted) that are the same as or similar to those being Registered in connection with such Registration, or any securities convertible into or exchangeable or exercisable for such securities, during
the period beginning seven (7) days before and ending one hundred eighty (180) days (in the event of the Issuer’s IPO) or ninety (90) days (subject to any customary “booster shot” extensions) (in the event of any other
Registration) (or, in either case, such lesser period as may be permitted by the Issuer or such managing underwriter or underwriters) after, the effective date of the Registration Statement filed in connection with such Registration, to the extent
timely notified in writing by the Issuer or the managing underwriter or underwriters; provided, that such restrictions shall not apply to (i) distributions-in-kind to a Holder’s partners or members, but only if such partners or
members agree to be bound by the restrictions herein, (ii) transactions relating to Company Shares, Issuer Shares or other securities acquired in open market transactions after the completion of the IPO by those Persons who (x) are the
ultimate distributee of in-kind distributions of Registrable Securities effected pursuant to, and in accordance with this Agreement and Sections 6.1(i) and/or 6.2(g) hereof (provided, that such Persons are unaffiliated limited partners or
members of the Sponsor and/or Other Investor that is an affiliate of a Sponsor) and/or (y) is an unaffiliated Transferee, which Transfer was effected pursuant to, and in accordance with this Agreement, of Registrable Securities as the result of
a charitable gift, (iii) transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein and/or (iv) any Person (other than any Person covered in clauses (i) or (ii) of this proviso) who
beneficially owns (within the meaning of Rule 13d-5 of the Exchange Act) less than five percent (5%) of the outstanding shares of Common Stock and does not serve as an officer or director of the Company or any of its subsidiaries. 

(b) Black-out Periods for the Issuer and Others. In the case of a Registration of Registrable Securities pursuant to Sections 6.1,
6.2 or 6.3 for an Underwritten Offering or, for the avoidance of doubt, a primary offering by the Issuer, the Issuer and each other Person (other than a Holder which, for the avoidance of doubt, shall be subject to the “blackout period”
provision set forth in Section 6.4(a)) who owns Registrable Securities or restricted securities of the Issuer, which securities are the same as or similar to the Registrable Securities being Registered, or any restricted securities convertible
into or exchangeable or exercisable for any such securities, shall, if requested by the Demanding Holders holding a majority of the 

  
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Demanding Holders’ Registrable Securities to be included in such Registration or the managing underwriter or underwriters, not effect any public sale or distribution of any securities which
are the same as or similar to those being Registered, or any securities convertible into or exchangeable or exercisable for such securities, during the period beginning seven (7) days before, and ending one hundred eighty (180) days (in
the event of the Issuer’s IPO) or ninety (90) days (subject to any customary “booster shot” extensions) (in all other cases) (or such lesser period as may be permitted by such Holders or such managing underwriter or underwriters)
after, the effective date of the Registration Statement filed in connection with such Registration (or, in the case of an offering under a Shelf Registration Statement, the date of the closing under the underwriting agreement in connection
therewith), to the extent timely notified in writing by a Holder of Registrable Securities covered by such Registration Statement or the managing underwriter or underwriters. Notwithstanding the foregoing, the Issuer may effect a public sale or
distribution of securities of the type described above and during the periods described above if such sale or distribution is made pursuant to Registrations on Form S-8 or any successor form to such Form or as part of any Registration of securities
for offering and sale to employees or directors of the Issuer pursuant to any employee stock plan or other employee benefit plan arrangement. The Issuer shall use its reasonable best efforts to obtain from each Person (other than a Holder which, for
the avoidance of doubt, shall be subject to the “blackout period” provision set forth in Section 6.4(a)) that owns Registrable Securities or restricted securities of the Issuer which securities are the same as or similar to the
Registrable Securities being Registered, or any restricted securities convertible into or exchangeable or exercisable for any of such securities, an agreement not to effect any public sale or distribution of such securities during any such period
referred to in this paragraph, except as part of any such Registration, if permitted. Notwithstanding anything in this Section 6.4(b) to the contrary, nothing in this Section 6.4(b) shall apply to (i) distributions-in-kind to a
Holder’s partners or members but only if such partners or members agree to be bound by the restrictions herein and/or (ii) transfers to Affiliates, but only if such Affiliates agree to be bound by the restrictions herein. Without limiting
the foregoing (but subject to Section 6.7), if after the date hereof the Issuer grants any Person (other than a Holder of Registrable Securities) any rights to demand or participate in a Registration, the Issuer agrees that the agreement with
respect thereto shall include such Person’s agreement to comply with any black-out period required by this Section 6.4 as if it were a Holder hereunder). 
 Section 6.5 Registration Procedures. 
 (a) In connection with the
Issuer’s Registration obligations under Sections 6.1, 6.2 and 6.3, the Issuer shall use its reasonable best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended method or methods
of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Issuer shall: 
 (i) prepare the required Registration Statement including all exhibits and financial statements required under the Securities Act to be filed therewith, and before filing a Registration Statement,
Prospectus or any Issuer Free Writing Prospectus, or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of

  
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all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel and (y) except in the case of a
Registration under Section 6.3, not file any Registration Statement, Prospectus or any Issuer Free Writing Prospectus or amendments or supplements thereto to which the Holders of a majority of Registrable Securities, or any Sponsor with
Registrable Securities, covered by such Registration Statement or the underwriters, if any, shall reasonably object; 
 (ii) as soon as reasonably practicable (but no later than thirty (30) days after a request for a Demand Registration or Shelf Registration on Form S-3 (or any successor form or other appropriate form
under the Securities Act) or ninety (90) days after a request for a Demand Registration or Shelf Registration on Form S-1 (or any successor form or other appropriate form under the Securities Act)) file with the SEC a Registration Statement
relating to the Registrable Securities including all exhibits and financial statements required by the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration Statement to become effective under the Securities Act
as soon as practicable; 
 (iii) prepare and file with the SEC such amendments and post-effective amendments to
such Registration Statement and supplements to the Prospectus or any Issuer Free Writing Prospectus as may be (x) reasonably requested by the Holders of a majority of participating Registrable Securities or by any Sponsor with Registrable
Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration effective for
the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with
the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement; 

(iv) notify the participating Holders of Registrable Securities and the managing underwriter or underwriters, if any, and
(if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Issuer (a) when the applicable Registration Statement or any amendment thereto
has been filed or becomes effective, and when the applicable Prospectus, any amendment or supplement to such Prospectus, any Issuer Free Writing Prospectus or any amendment or supplement to such Issuer Free Writing Prospectus has been filed,
(b) of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement, such Prospectus, such Issuer Free Writing Prospectus or for
additional information (whether before or after the effective date of the Registration Statement), (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other
regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Issuer in any
applicable underwriting agreement cease to be true and correct in all material respects, and (e) of the receipt by the Issuer of 

  
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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 threatening of any proceeding for
such purpose; 
 (v) promptly notify each selling Holder of Registrable Securities and the managing underwriter
or underwriters, if any, when the Issuer becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing
Prospectus contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or Issuer Free Writing Prospectus, in light of the
circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary
during such time period to amend or supplement such Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and
file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall correct
such misstatement or omission or effect such compliance; 
 (vi) use its reasonable best efforts to prevent, or
obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus or any Issuer Free Writing Prospectus; 

(vii) promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such
information as the managing underwriter or underwriters and the Holders of a majority of Registrable Securities being sold agree or any participating Sponsor requests should be included therein relating to the plan of distribution with respect to
such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such
Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment; 
 (viii) furnish to each
selling Holder of Registrable Securities and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective
amendment thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference); 

(ix) deliver to each selling Holder of Registrable Securities and each underwriter, if any, without charge, as many copies
of the applicable Prospectus (including each preliminary prospectus) and any amendment or supplement thereto, each Issuer Free Writing Prospectus and such other documents as such Holder or underwriter

  
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may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Issuer shall consent to the use of such
Prospectus or any Issuer Free Writing Prospectus or any amendment or supplement thereto by each of the selling Holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities
covered by such Prospectus or any amendment or supplement thereto or Issuer Free Writing Prospectus); 
 (x) on
or prior to the date on which the applicable Registration Statement becomes effective, use its reasonable best efforts to register or qualify, and cooperate with the selling Holders of Registrable Securities, the managing underwriter or
underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or “Blue Sky” laws of each state and other jurisdiction of the
United States as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such registration
or qualification in effect for such period as required by Section 6.1(d) or Section 6.2(b), as applicable, provided, that the Issuer shall not be required to qualify generally to do business in any jurisdiction where it is not then
so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject; 
 (xi) cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request at least two (2) Business Days
prior to any sale of Registrable Securities to the underwriters; 
 (xii) 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 agencies or authorities 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; 
 (xiii) not later than the
effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for
deposit with The Depository Trust Company; 
 (xiv) make such representations and warranties to the Holders of
Registrable Securities being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in underwritten public offerings similar to the offering then being undertaken; 

(xv) enter into such customary agreements (including underwriting and indemnification agreements) and take all such other
actions as the Holders of at least a 

  
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majority of any Registrable Securities being sold, any participating Sponsor or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the
registration and disposition of such Registrable Securities; 
 (xvi) obtain for delivery to the Holders of
Registrable Securities being registered and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Issuer dated the most recent effective date of the Registration Statement or, in the event of an Underwritten
Offering, the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

 (xvii) in the case of an Underwritten Offering, obtain for delivery to the Issuer and the managing underwriter
or underwriters, with copies to the Holders of Registrable Securities included in such Registration, a cold comfort letter from the Issuer’s independent certified public accountants (and, if necessary, any other independent certified public
accountants of any subsidiary of the Issuer or any business acquired by the Issuer for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of
the type customarily covered by cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

 (xviii) cooperate with each seller of Registrable Securities and each underwriter, 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; 
 (xix) use its reasonable best efforts to comply with all applicable securities laws and make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(xx) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the
applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 
 (xxi) use its best efforts to cause all (i) Issuer Shares and Registrable Securities (if any) to be offered and sold by the Issuer and the selling Holders (if applicable) in connection with the IPO
to be authorized to be listed on a national securities exchange and (ii) Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any of the Issuer’s equity securities are
then listed or quoted and on each inter-dealer quotation system on which any of the Issuer’s equity securities are then quoted; 
 (xxii) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by a representative appointed by the majority of the Holders of Registrable Securities covered by
the applicable Registration Statement, by 

  
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any participating Sponsor, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by
such Holders, either Sponsor, or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Issuer, and cause all of the Issuer’s officers, directors and employees and the independent
public accountants who have certified its financial statements to make themselves available to discuss the business of the Issuer and to supply all information reasonably requested by any such Person in connection with such Registration Statement as
shall be necessary to enable them to exercise their due diligence responsibility; provided, however, that any such Person gaining access to information regarding the Issuer pursuant to this Section 6.5(a)(xxii) shall agree to hold
in strict confidence and shall not make any disclosure or use any information regarding the Issuer which the Issuer determines in good faith to be confidential, and of which determination such Person is notified, unless (v) the release of such
information is requested or required (by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process), (w) disclosure of such information, in the opinion of counsel to such Person, is
otherwise required by law, (x) such information is or becomes publicly known other than through a breach of this or any other agreement of which such Person has knowledge, (y) such information is or becomes available to such Person on a
non-confidential basis from a source other than the Issuer or (z) such information is independently developed by such Person; 
 (xxiii) in the case of an Underwritten Offering, cause the senior executive officers of the Issuer to participate in the customary “road show” presentations that may be reasonably requested by
the managing underwriter or underwriters in any such Underwritten Offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto; 

(xxiv) take no direct or indirect action prohibited by Regulation M under the Exchange Act; 

(xxv) take all reasonable action to ensure that any Issuer Free Writing Prospectus utilized in connection with any
registration covered by Section 6.1, 6.2 or 6.3 complies in all material respects with the Securities Act, is filed in accordance with the Securities Act to the extent required thereby, is retained in accordance with the Securities Act to the
extent required thereby and, when taken together with the related Prospectus, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; and 
 (xxvi) take all such other commercially reasonable actions as are
necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities. 
 (b) To the extent
the Issuer is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Issuer files any Shelf Registration Statement, the Issuer shall include in such Shelf Registration Statement such disclosures as may be required by
Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic 

  
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manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the
filing of a prospectus supplement rather than a post-effective amendment. 
 (c) The Issuer may require each seller of
Registrable Securities as to which any Registration is being effected pursuant to this Article VI to furnish to the Issuer such information regarding the distribution of such securities and such other information relating to such Holder and its
ownership of Registrable Securities as the Issuer may from time to time reasonably request in writing and the Issuer may exclude from such registration the Registrable Securities of any such Holder who unreasonably fails to furnish such information
within a reasonable time after receiving such request. Each Holder of Registrable Securities agrees to furnish such information to the Issuer and to cooperate with the Issuer as reasonably necessary to enable the Issuer to comply with the provisions
of this Agreement. 
 (d) Each Holder of Registrable Securities agrees that, upon receipt of any notice from the Issuer of the
happening of any event of the kind described in Section 6.5(a)(v), such holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus or Issuer Free Writing Prospectus, as the case may be, contemplated by Section 6.5(a)(v), or until such Holder is advised in writing by the Issuer that the use of the Prospectus or Issuer Free Writing
Prospectus, as the case may be, may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus or such Issuer Free Writing Prospectus or any amendments or supplements thereto
and if so directed by the Issuer, such Holder shall deliver to the Issuer (at the Issuer’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus or any Issuer Free Writing Prospectus
covering such Registrable Securities current at the time of receipt of such notice. In the event the Issuer shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be
extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the
supplemented or amended Prospectus or such Issuer Free Writing Prospectus contemplated by Section 6.5(a)(v) or is advised in writing by the Issuer that the use of the Prospectus may be resumed. 

(e) If any Registration Statement or comparable statement under the “Blue Sky” laws refers to any Holder by name or otherwise
as the Holder of any securities of the Issuer, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such Holder and the Issuer, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Issuer’s securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Issuer, or (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Issuer, as advised by counsel, required by the Securities Act or any similar federal statute or any
“Blue Sky” or securities law then in force, the deletion of the reference to such Holder. 
 (f) Holders may seek to
register different types of Registrable Securities simultaneously and the Issuer shall use its reasonable best efforts to effect such Registration and sale in accordance with the intended method or methods of disposition specified by such Holders.

  
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 Section 6.6 Underwritten Offerings. 

(a) Shelf and Demand Registrations. If requested by the underwriters for any Underwritten Offering requested by Sponsor Demand
Holders pursuant to a Registration under Section 6.1 or Section 6.2, the Issuer shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the
Sponsor Demand Holder that has requested such Underwritten Offering and the underwriters, and to contain such representations and warranties by the Issuer and such other terms as are generally prevailing in agreements of that type, including
indemnities no less favorable to the recipient thereof than those provided in Section 6.9. The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with such Sponsor Demand Holder in the
negotiation of the underwriting agreement and such Sponsor Demand Holder shall give consideration to the reasonable suggestions of the Issuer regarding the form thereof. All Holders of Registrable Securities to be distributed by such underwriters
shall be parties to such underwriting agreement, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of, the Issuer to and for the benefit of such Holders of Registrable
Securities as are customarily made by issuers to selling stockholders in underwritten public offerings similar to the applicable Underwritten Offering and (ii) provide that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement also shall be conditions precedent to the obligations of such Holders of Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties
to or agreements with the Issuer or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities, such Holder’s intended method of distribution and any other
representations required to be made by the Holder under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering. 

(b) Piggyback Registrations. If the Issuer proposes to register any of its securities under the Securities Act as contemplated by
Section 6.3 and such securities are to be distributed in an Underwritten Offering through one or more underwriters, the Issuer shall, if requested by any Holder of Registrable Securities pursuant to Section 6.3 and subject to the
provisions of Sections 6.3(a) and 6.3(b), use its reasonable best efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration all the Registrable Securities to be offered
and sold by such Holder among the securities of the Issuer to be distributed by such underwriters in such Registration. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement
between the Issuer and such underwriters, which underwriting agreement shall (i) contain such representations and warranties by, and the other agreements on the part of, the Issuer to and for the benefit of such Holders of Registrable
Securities as are customarily made by issuers to selling stockholders in secondary underwritten public offerings and (ii) provide that any or all of the conditions precedent to the obligations of such underwriters under such underwriting
agreement also shall be conditions precedent to the obligations of such 

  
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Holders of Registrable Securities. Any such Holder of Registrable Securities shall not be required to make any representations or warranties to or agreements with the Issuer or the underwriters
other than representations, warranties or agreements regarding such Holder, such Holder’s title to the Registrable Securities and such Holder’s intended method of distribution or any other representations required to be made by the Holder
under applicable law, and the aggregate amount of the liability of such Holder shall not exceed such Holder’s net proceeds from such Underwritten Offering. 
 (c) Participation in Underwritten Registrations. Subject to the provisions of Section 6.6(a) and (b) above, no Person may participate in any Underwritten Offering hereunder 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 questionnaires, powers of
attorney, indemnities, underwriting agreements and other documents, all of which shall be in customary form, and which are required under the terms of such underwriting arrangements. Notwithstanding anything in this Section 6.6(c) to the
contrary, (x) in no event shall any Holder or any other Person have any rights to Piggyback Registration in respect of any Non-Marketed Underwritten Shelf Take-Down and (y) any and all Piggyback Registrations shall be subject to the
H&F Priority Sell-Down. 
 (d) Price and Underwriting Discounts. In the case of an Underwritten Offering under
Section 6.1 or 6.2, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Sponsor Demand Holder that has requested such Underwritten Offering. In addition, in the case of any
Underwritten Offering, each of the Holders may withdraw their request to participate in the Registration pursuant to Section 6.1, 6.2 or 6.3 after being advised of such price, discount and other terms and shall not be required to enter into any
agreements or documentation that would require otherwise. 
 Section 6.7 No Inconsistent Agreements; Additional
Rights. The Issuer shall not hereafter enter into, and is not currently a party to, any agreement with respect to its securities which is inconsistent with the rights granted to the Holders of Registrable Securities by this Agreement. From and
after the date of this Agreement, the Company, Intermediate Holdings and Emdeon and shall not, and each shall cause its subsidiaries not to, without the prior written consent of each of Blackstone and H&F, enter into any agreement with any
Holder or prospective Holder of any securities of the Issuer that would allow such Holder or prospective Holder to (i) require the Issuer to effect a Registration or (ii) include any securities in any registration filed under Sections 6.1,
6.2 or 6.3 hereof, unless, in each case, under the terms of such agreement, such Holder or prospective Holder may include such securities in any such Registration only to the extent that the inclusion of such securities will not diminish the amount
of Registrable Securities that are included in such Registration. 
 Section 6.8 Registration Expenses. All expenses
incident to the Issuer’s performance of or compliance with this Agreement shall be paid by the Issuer, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC
or FINRA, (ii) all fees and expenses in connection with compliance with any securities or “Blue Sky” laws, (iii) all printing, duplicating, word processing, messenger, 

  
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telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of
printing prospectuses and Issuer Free Writing Prospectuses), (iv) all fees and disbursements of counsel for the Issuer and of all independent certified public accountants of the Issuer (including the expenses of any special audit and cold
comfort letters required by or incident to such performance), (v) Securities Act liability insurance or similar insurance if the Issuer so desires or the underwriters so require in accordance with then-customary underwriting practice,
(vi) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vii) all applicable rating agency
fees with respect to the Registrable Securities, (viii) all reasonable fees and disbursements of legal counsel for each Sponsor and one counsel on behalf of all Other Investors that are Affiliates of a Sponsor (provided, that such
Sponsor and its Other Investor Affiliates shall use reasonable efforts to use a single legal counsel for all of them if reasonably practicable), (ix) any reasonable fees and disbursements of underwriters customarily paid by issuers or sellers
of securities, (x) all fees and expenses of any special experts or other Persons retained by the Issuer in connection with any Registration, (xi) all of the Issuer’s internal expenses (including all salaries and expenses of its
officers and employees performing legal or accounting duties) and (xii) all expenses related to the “road-show” for any Underwritten Offering, including all travel, meals and lodging. All such expenses are referred to herein as
“Registration Expenses.” The Issuer shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the applicable Underwritten Offering, including
underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities. 

Section 6.9 Indemnification. 
 (a) Indemnification by the Issuer. The Issuer shall indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities, each shareholder, member, manager,
limited or general partner thereof, each shareholder, member, manager, limited or general partner of each such shareholder, member, manager, limited or general partner, each of their respective Affiliates, portfolio companies, officers, directors,
shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties,
judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a “Loss” and collectively “Losses”) arising out of or
based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary
Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any other disclosure document produced by or on behalf of the Issuer or any of its subsidiaries including reports and
other documents filed under the Exchange Act or any Issuer Free Writing Prospectus or amendment thereof or supplement thereto, (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein (in the case of a Prospectus, preliminary Prospectus or any Issuer Free Writing Prospectus in light of the circumstances under which they were made) not misleading or (iii) any actions or inactions or

  
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proceedings in respect of the foregoing whether or not such indemnified party is a party thereto. This indemnity shall be in addition to any liability the Issuer may otherwise have. Such
indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. The Issuer shall also indemnify
underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the
Exchange Act) to the same extent as provided above with respect to the indemnification of the indemnified parties. 
 (b)
Indemnification by the Selling Holder of Registrable Securities. Each selling Holder of Registrable Securities agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Issuer, its
directors and officers and each Person who controls (within the meaning of the Securities Act or the Exchange Act) the Issuer from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement
under which such Registrable Securities were Registered under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference
therein or any Issuer Free Writing Prospectus or amendment thereof or supplement thereto), or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a
Prospectus, preliminary Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, in the case of each of the foregoing clauses (i) and (ii), to the extent, but only to the
extent, that such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Issuer specifically for inclusion in such Registration Statement and has not been corrected in a subsequent writing
prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim. In no event shall the liability of any selling Holder of Registrable Securities pursuant to Section 6.9(b) be greater in amount than the
dollar amount of the net proceeds received by such Holder under the sale of Registrable Securities giving rise to such indemnification obligation less any amounts paid by such Holder pursuant to Section 6.9(d). The Issuer shall be entitled to
receive indemnities from underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, to the same extent as provided above (with appropriate modification) with respect to information
furnished in writing by such Persons specifically for inclusion in any Prospectus or Registration Statement. 
 (c) Conduct
of Indemnification Proceedings. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided, that any delay or
failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such
indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to indemnification hereunder shall have the right to select and employ
separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying party has agreed in writing to pay such fees or expenses,
(ii) the indemnifying party shall have failed to assume the defense of such claim 

  
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within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the
indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or
(iv) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the
indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the
indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party. No indemnifying party shall consent to entry of any judgment or enter into any settlement
which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of an unconditional release from all liability in respect to such claim or litigation without the prior written consent of such
indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It
is understood that the indemnifying party or parties shall not, except as specifically set forth in this Section 6.9(c), in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees,
disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties,
(y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a
conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the
reasonable fees and expenses of such additional counsel or counsels. 
 (d) Contribution. If for any reason the
indemnification provided for in paragraphs (a) and (b) of this Section 6.9 is unavailable to an indemnified party (other than as a result of exceptions contained in paragraphs (a) and (b) of this Section 6.9) or
insufficient in respect of any Losses referred to therein, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is appropriate to reflect the relative
fault of the indemnifying party on the one hand and the indemnified party or parties on the other hand in connection with the acts, statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. In
connection with any Registration Statement filed with the SEC by the Issuer, the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand shall be determined by reference to, among other things, whether
any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 6.9(d) were determined by pro
rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to 

  
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in this Section 6.9(d). 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. The amount paid or payable by an indemnified party as a result of the Losses referred to in Sections 6.9(a) and 6.9(b) shall be deemed to include, subject to the limitations set forth
above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6.9(d), in connection with any Registration
Statement filed by the Issuer, a selling Holder of Registrable Securities shall not be required to contribute any amount in excess of the dollar amount of the net proceeds received by such holder under the sale of Registrable Securities giving rise
to such contribution obligation less any amounts paid by such Holder pursuant to Section 6.9(b). If indemnification is available under this Section 6.9, the indemnifying parties shall indemnify each indemnified party to the full extent
provided in Sections 6.9(a) and 6.9(b) hereof without regard to the provisions of this Section 6.9(d). The remedies provided for in this Section 6.9 are not exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity. 
 Section 6.10 Rules 144 and 144A and Regulation S.
After the IPO, the Issuer shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Issuer is not required to file such reports, it will,
upon the request of any Holder of Registrable Securities, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S
under the Securities Act, as such Rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it will take such further action as any Holder of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions
provided by (i) Rules 144, 144A or Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder of Registrable
Securities, the Issuer will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof. 
 Section 6.11 Termination. The rights and obligations provided for in this Article VI shall terminate at such time as there are no longer any Registrable Securities held by any Holder(s),
except for the provisions of Sections 6.9 and 6.10, which shall survive any such termination. The rights and obligations of any Stockholder under this Article VI (except for the provisions of Sections 6.9 and 6.10) shall terminate at such times as
(i) such time that such Stockholder fails to own greater than one percent (1%) of the issued and outstanding Common Stock and (ii) such Stockholder would otherwise be permitted to sell all of its remaining shares of Common Stock
pursuant to Rule 144 during any three-month period without volume or manner of sale restrictions. 

  
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 Section 6.12 Existing Registration Statements. Notwithstanding anything herein
to the contrary and subject to applicable law and regulation, the Issuer may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the
Holders, a registration statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall
be construed accordingly; provided, that such previously filed registration statement may be amended to add the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the
filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other registration statements by or at a specified time and the Issuer has, in lieu of then filing such
registration statements or having such registration statements become effective, designated a previously filed or effective registration statement as the relevant registration statement for such purposes in accordance with the preceding sentence,
such references shall be construed to refer to such designated registration statement. 
 Section 6.13
Lock-Up. Without the prior written consent of the underwriters managing any Public Offering, for a period beginning seven days immediately preceding and ending on the 90th day (or in the case of the IPO, the 180th day, in the case of a holder of Other Investor Shares or Management
Shares) following the effective date of the registration statement used in connection with such offering, no holder of Other Investor Shares or Management Shares (whether or not a selling shareholder pursuant to such registration statement) shall
(a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise Transfer, directly or indirectly, any shares of
Company Shares or any securities convertible into or exercisable or exchangeable for such Company Shares or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of
ownership of Company Shares, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of such Company Shares or such other securities, in cash or otherwise; provided, however, that the
foregoing restrictions shall not apply to (i) transactions relating to Company Shares, Issuer Shares or other securities acquired in open market transactions after the completion of the IPO by those Persons who (x) are the ultimate
distributee of in-kind distributions of Registrable Securities effected pursuant to, and in accordance with this Agreement and Sections 6.1(i) and/or 6.2(g) (provided, that such Persons are unaffiliated limited partners or members of the
Sponsor and/or Other Investor that is an affiliate of a Sponsor) hereof and/or (y) is an unaffiliated Transferee, which Transfer was effected pursuant to, and in accordance with this Agreement, of Registrable Securities as the result of a
charitable gift, (ii) Transfers to Permitted Transferees of such holder in accordance with the terms of this Agreement, (iii) conversions of shares of Company Shares into other classes of Company Shares without change of holder or
(iv) any Person who beneficially owns (within the meaning of Rule 13d-5 of the Exchange Act) less than five percent (5%) of the outstanding shares of Common Stock and does not serve as an officer or director of the Company or any its
subsidiaries. For the avoidance of doubt, the restrictions set forth this Section 6.13 are in addition to those set forth in Section 6.4. 

  
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 Section 6.14 Alternative IPO Entities. In the event that (i) the Company,
Intermediate Holdings or Emdeon or (ii) H&F (in connection with the exercise of its H&F Liquidity Right), in either such case, elect to effect an underwritten public offering of equity securities of any of the parent entities or
subsidiaries of the Company (each such entity, an “Alternative IPO Entity”) rather than the equity securities of the Company, Intermediate Holdings or Emdeon, whether as a result of a reorganization or otherwise, and in the case of
each of the foregoing clauses (i) and (ii), Blackstone and H&F have each provided their prior written consent with respect thereto, the Company, Intermediate Holdings or Emdeon (as applicable) shall cause any such Alternative IPO Entity to
negotiate in good faith to enter into an agreement with the Sponsors that provides the Sponsors and Other Investors that are Affiliates of a Sponsor with registration rights with respect to the equity securities of such Alternative IPO Entity that
are the same as the registration rights provided to the Sponsors and Other Investors that are Affiliates of a Sponsor in this Agreement. 
 ARTICLE VII 
 OPTIONS TO PURCHASE AND SELL SHARES. 

Section 7.1 Call Options. Except as the Company may otherwise agree in writing with any Manager with respect to Company
Shares held by such Manager (or any Person to whom any Company Shares were originally issued at the request of such Manager) or originally issued to such Manager (or other Person at the request of such Manager) but held by one or more direct or
indirect Permitted Transferees (collectively, the “Management Call Group”), upon any termination of the employment with the Company and its subsidiaries of any Manager (whether such termination is by the Company, by such Manager or
otherwise), the Company will have the right to purchase for cash all or any portion of Purchased Management Shares held by the Management Call Group on the following terms (the “Management Call Option”): 

(a) General. For all Purchased Management Shares, the following terms will apply: 

(i) Termination other than for Cause. If a Manager’s employment is terminated for any
reason other than for Cause (including as a result of death, Disability or resignation for Good Reason), but excluding if a Manager resigns his or her employment without Good Reason prior to the third (3rd) anniversary of the Closing (or, if
later, the third (3rd) anniversary of the date on
which a Manager commences employment with the Company and its subsidiaries), the Company (or its designated assignee) will have the right, on one or more occasions, at any time up to and including the date that is 180 days following the later to
occur of (x) the termination of such Manager’s employment and (y) the date that is six (6) months plus one (1) day following the most recent acquisition of Purchased Management Shares from the Company by any member of such
Manager’s Management Call Group, to purchase from such Management Call Group, and upon the exercise of such call right each member of such Management Call Group shall sell to the Company (or its designated assignee), all (or a portion, as
designated by the Company, or its designated assignee) of the Purchased Management 

  
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Shares held by such member of the Management Call Group as of the date as of which such call right is exercised at a price equal to the Fair Market Value of the Purchased Management Shares being
sold, determined as of the date specified in such Management Call Notice (as defined below), which date shall be no earlier than the date that is six (6) months plus one (1) day following the most recent acquisition from the Company by any
member of such Manager’s Management Call Group of any such Purchased Management Shares that are to be purchased by the Company pursuant to such exercised call right and shall be no later than the last date on which the Company is permitted to
issue a Management Call Notice in respect of such Purchased Management Shares under this Section 7.1(a)(i). 

(ii) Termination for Cause. If a Manager’s employment is terminated for Cause (or it is determined that such
Manager’s employment could have been terminated for Cause at the time such Manager resigned or his or her employment was otherwise terminated), the Company (or its designated assignee) will have the right, on one or more occasions, at any time
up to and including the date that is 180 days following the later to occur of (x) the termination of such Manager’s employment and (y) the date that is six (6) months plus one (1) day following the most recent acquisition of
Purchased Management Shares from the Company by any member of such Manager’s Management Call Group, to purchase from such Manager’s Management Call Group, and upon the exercise of such call right each member of such Management Call Group
shall sell to the Company (or its designated assignee), all (or a portion, as designated by the Company or its designated assignee) of the Purchased Management Shares held by such member of the Management Call Group as of the date as of which such
call right is exercised at a price (the “Bad Leaver Price”) equal to the lesser of (A) the Fair Market Value of the Purchased Management Shares being sold, determined as of the date specified in such Management Call Notice,
which date shall be no earlier than the date that is six (6) months plus one (1) day following the most recent acquisition from the Company by any member of such Manager’s Management Call Group of any such Purchased Management Shares
that are to be purchased by the Company pursuant to such exercised call right and shall be no later than the last date on which the Company is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this
Section 7.1(a)(ii), and (B) the excess, if any, of the price paid, if any, by such Manager for such Purchased Management Shares over all amounts distributed to the holder of the Purchased Management Shares prior to the date of purchase
(the “Original Purchase Price”); provided, that for purposes of the foregoing clause (ii), the price paid by a Manager for a Company Share acquired upon exercise of an Option or Warrant will be deemed to be equal to the exercise
price of such Option or Warrant (less any amounts distributed to the holder of the Purchased Management Shares prior to the date of purchase), determined as of the date specified in such Management Call Notice (as defined below), which date shall be
no later than the last date on which the Company is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this Section 7.1(a)(ii); provided further that the price paid by a Manager for a Company Share
acquired upon exercise of an Option subject to that certain Option Rollover Agreement dated as of November 2, 2011 between such Manager and the Company shall be determined pursuant to Section 1.4(b) thereof. 

  
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 (iii) Violation of Non-Competition Obligations. If a Manager’s
employment is terminated for any reason or if a Manager resigns his or her employment for any reason and, within twelve (12) months of such termination or resignation, such Manager Competes, the Company (or its designated assignee) will have
the right, on one or more occasions, at any time up to and including the date that is one hundred eighty (180) days following the later to occur of (x) the first date on which the Company receives notice that such Manager Competed and
(y) the date that is six (6) months plus one (1) day following the most recent acquisition of Purchased Management Shares from the Company by any member of such Manager’s Management Call Group, to purchase from such Management
Call Group, and upon the exercise of such call right each member of such Management Call Group shall sell to the Company (or its designated assignee), all (or a portion, as designated by the Company or its designated assignee) of the Purchased
Management Shares held by such member of the Management Call Group as of the date as of which such call right is exercised at a price equal to the Bad Leaver Price, determined as of the date specified in such Management Call Notice (as defined
below), which date shall be no later than the last date on which the Company is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this Section 7.1(a)(iii). 

(iv) Resignation without Good Reason prior to the Third Anniversary. If, prior to the third
(3rd) anniversary of the Closing (or, if later, third
(3rd) anniversary of the date on which a Manager
commences employment with the Company and its subsidiaries, the Manager resigns his or her employment without Good Reason (and, for the avoidance of doubt, other than upon death or Disability), the Company (or its designated assignee) will have the
right, on one or more occasions, at any time up to and including the date that is 180 days following the later to occur of (x) termination of such Manager’s employment and (y) the date that is six (6) months plus one (1) day
following the most recent acquisition of Purchased Management Shares from the Company by any member of such Manager’s Management Call Group, to purchase from such Management Call Group, and upon the exercise of such call right each member of
such Management Call Group shall sell to the Company (or its designated assignee), all (or a portion, as designated by the Company, or its designated assignee) of the Purchased Management Shares held by such member of the Management Call Group as of
the date as of which such call right is exercised at a price equal to the Bad Leaver Price, determined as of the date specified in such Management Call Notice (as defined below), which date shall be no later than the last date on which the Company
is permitted to issue a Management Call Notice in respect of such Purchased Management Shares under this Section 7.1(a)(iv). 
 Section 7.2 Notices, Etc. Any Management Call Option may be exercised by delivery of written notice thereof (the “Management Call Notice”) to all members of the applicable
Management Call Group from whom the Company has elected to purchase Purchased Management Shares no later than the end of the applicable period specified in Section 7.1. The Management Call Notice shall state that the Company has elected to
exercise the Management Call Option, the number of Purchased Management Shares with respect to which the Management Call Option is being exercised and the price or date for determining the price of such shares. 

  
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 Section 7.3 Vesting. The rights of the Company and the Sponsors to purchase
Company Shares under this Article are in addition to, and do not modify, any vesting or exercisability requirements that may be included in the terms of any such Company Shares. 

Section 7.4 Closing. 
 (a) The closing of any purchase and sale of Company Shares pursuant to this Article VII shall occur on such date as the Company shall specify, which date shall not be later than ninety (90) days
after the fiscal quarter-end immediately following the date of delivery of the Management Call Notice (provided, that such time may be extended as necessary to comply with requirements of the HSR Waiting Period or applicable foreign antitrust
laws or other applicable legal requirements) at the principal office of the Company, or at such other time and location as the parties to such purchase may mutually determine. 
 (b) At the closing of any purchase and sale of Company Shares following the exercise of any Management Call Option, the holders of Company Shares to be sold shall deliver to the Company a certificate or
certificates representing the Company Shares to be purchased by the Company, duly endorsed, or with stock (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and clear of any lien or encumbrance, with any necessary
stock (or equivalent) transfer tax stamps affixed, and the Company shall pay to such holder by certified or bank check or wire transfer of immediately available federal funds the purchase price of the Company Shares being purchased by the Company.
The delivery of a certificate or certificates for Company Shares by any Person selling Company Shares pursuant to any Management Call Option will be deemed a representation and warranty by such Person that: (i) such Person has full right, title
and interest in and to such Company Shares; (ii) such Person has all necessary power and authority and has taken all necessary action to sell such Company Shares as contemplated; and (iii) such Company Shares are free and clear of any and
all liens or encumbrances. 

  
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 Section 7.5 Form of Payment. 

(a) If (i) any payment of cash is required upon the purchase of Company Shares by the Company upon the exercise of any Management
Call Option or Management Put Option or (ii) any payment on a promissory note issued under this Section 7.5 comes due, and, in either case, such payment (or any dividend to fund such payment) would (or with notice or the lapse of time or
both would) constitute, result in or give rise to a breach or violation of the terms or provisions of, or result in a default, event of default or right or cause of action under, any guarantee, financing or security agreement, indenture or document
entered into by the Company or any of its subsidiaries and in effect on such date in respect of indebtedness for borrowed money or debt security, would be prohibited under Section 160 (“Section 160”) of the General Corporation
Law of the State of Delaware (the “DGCL”), or would otherwise violate the DGCL (or if the Company or any such subsidiary reincorporates in another jurisdiction, the applicable business corporation law of such jurisdiction), then, to
the extent permitted by Section 160 (or such other applicable business corporation law): 
 (i) in the case
of a cash payment due at a closing of any purchase of Company Shares by the Company upon the exercise of any Management Call Option or Management Put Option, the Company will issue a promissory note in the aggregate principal amount of such payment,
the principal amount of which note will be due and payable in four equal annual installments, the first such installment becoming due and payable on the first anniversary of the issuance of such note (in each case subject to subsection 7.5(a)(iii)
below) and interest will accrue thereon at a rate equal to the prime rate (as reported in the Wall Street Journal Eastern Edition) plus three percent (3%); 
 (ii) in the case of a cash payment in respect of a promissory note issued under this Section 7.5, notwithstanding any of the provisions of such note, including the stated maturity of such note and
the stated date on which interest payments are due, such payment will not become due and payable until such time as such payment can be made without violating any such agreement or applicable law; and 

(iii) notwithstanding the terms of any promissory note issued pursuant to this Section 7.5, the Company must pay off
the promissory note immediately prior to or upon the earliest of (i) a Sale Transaction, (ii) the IPO (but only to the extent of the net proceeds received by the Company in such IPO), (iii) five (5) Business Days after the date
on which a cash payment paying off such promissory note could be made (1) without (immediately or with notice or the lapse of time or both) constituting, resulting in or giving rise to any breach or violation of the terms or provisions of, or
result in a default, event of default or right or cause of action under, any guarantee, financing or security agreement, indenture or document entered into by the Company or any of its subsidiaries and in effect on such date in respect of
indebtedness for borrowed money or debt security, (2) that would not be prohibited under Section 160 (or such other applicable business corporation law), and (3) that would not otherwise violate the DGCL (or if the Company or any such
subsidiary reincorporates in another jurisdiction, the applicable business corporation law of such jurisdiction) and (iv) the date on which any cash dividend or distribution is made in respect of Company Shares. At any such time, the Company
shall promptly notify the holder of such promissory note and make a payment on each such promissory note. If more than one such promissory note is outstanding at the time of payment, payment shall be made to the holders of all such promissory notes
on a pro rata basis. 
 (b) In the event that the Company has exercised its call right pursuant to
Section 7.3 with respect to Company Shares held by (i) a Manager who (A) Competes within twelve (12) months of such Manager’s termination of employment or resignation as described in Section 7.1(a)(iii) or (B) is
determined to have been eligible for termination for Cause, in either case following the Company’s exercise of such call right, and/or (ii) one or more members of such Manager’s Management Call Group that held Company Shares, such
Manager and/or such members of such Manager’s Management Call Group will be obligated to deliver to the Company, within five (5) days following notice from the Company that such amount is due, an amount equal to the product of (x) the
number of Company Shares purchased in connection with the exercise of the call right, multiplied by (y) the excess, if any, of the price paid for such Company Shares over the Bad Leaver Price for such Company Shares. 

  
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 Section 7.6 Sponsor Call Option. If the Company elects not to purchase (pursuant
to Section 7.1 hereof) any or all Purchased Management Shares held by a Manager or one or more members of such Manager’s Management Call Group, the Company shall notify the Sponsors and Other Investors that are Affiliates of a Sponsor and
the Sponsors and such Other Investors may purchase (on a pro rata basis based on the aggregate number of Company Shares then owned by the Sponsors and Other Investors that are Affiliates of a Sponsor) any or all of the remaining
Purchased Management Shares held by such Persons for the purchase price identified in Section 7.1 hereof; provided, that nothing in this Section 7.6 will operate to extend the time within which the Management Call Notice may be
delivered pursuant to Section 7.2 hereof. 
 Section 7.7 Management Put Option. 

(a) If a Manager’s employment with the Company and its subsidiaries either (i) terminates due to the death of such Manager or
(ii) is terminated by the Company and its subsidiaries as a result of the Disability of such Manager, such Manager and such Manager’s Immediate Family shall have the right, for a period of 90 days following the 180th day after the date of
termination of such Manager’s employment, to sell to the Company, and the Company shall be required to purchase, subject to the provisions of Section 7.5, on one occasion from such Manager or such Manager’s Immediate Family, all of
such Manager’s Company Shares at a price equal to the Fair Market Value of the Company Shares being purchased (measured as of the purchase date) (the “Management Put Option”); provided that the exercise of such right may
be delayed by the Company to the extent any such delay is necessary to avoid the application of adverse accounting treatment to the Company. 
 (b) If a Manager or a Manager’s Immediate Family, as applicable, desires to exercise its Management Put Option pursuant to Section 7.7(a), such Manager or such Manager’s Immediate Family,
as applicable, shall send written notice to the Company setting forth such Manager or such Manager’s Immediate Family, as applicable, intention to sell all of such Manager’s Company Shares, as applicable, pursuant to Section 7.7(a)
(the “Put Notice”). No Put Notice shall be effective unless received prior to the date of the IPO or a Sale Transaction. 
 (c) The closing of any purchase and sale of Company Shares pursuant to this Section 7.7 shall occur on such date as the Company shall specify at the principal office of the Company, or at such other
time and location as the parties to such purchase may mutually determine. 
 (d) At the closing of any purchase and sale of
Company Shares following the exercise of any Management Put Option, the holders of Company Shares to be sold shall deliver to the Company a certificate or certificates representing the Company Shares to be purchased by the Company, duly endorsed, or
with stock (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and clear of any lien or encumbrance, with any necessary stock (or equivalent) transfer tax stamps affixed, and the Company shall pay to such holder by
certified or bank check or wire transfer of immediately available federal funds the purchase price of the Company Shares being purchased by the Company. The delivery of a certificate or certificates for Company Shares by any Person selling Company
Shares pursuant to any Management Put 

  
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Option will be deemed a representation and warranty by such Person that: (i) such Person has full right, title and interest in and to such Company Shares; (ii) such Person has all
necessary power and authority and has taken all necessary action to sell such Company Shares as contemplated; and (iii) such Company Shares are free and clear of any and all liens or encumbrances. 

Section 7.8 Acknowledgment. Each holder of Company Shares acknowledges and agrees that neither the Company, nor any Person
directly or indirectly affiliated with the Company (in each case whether as a director, officer, manager, employee, agent or otherwise), will have any duty or obligation to affirmatively disclose to him, her or it, and he, she or it will not have
any right to be advised of, any material information regarding the Company or otherwise at any time prior to, upon, or in connection with any termination of his, her or its employment by the Company and its subsidiaries upon the exercise of any
Management Call Option or Management Put Option or any purchase of the Company Shares in accordance with the terms hereof. 

Section 7.9 Call/Put Period. The foregoing provisions of this Article VII will expire with respect to any Management Share
not called or put, if not earlier expired in accordance with the provisions of this Article VII, prior to the earlier of the closing of (a) a Sale Transaction and (b) the IPO. 

ARTICLE VIII 
 GENERAL PROVISIONS 
 Section 8.1 Merger with Emdeon. Subject to
Section 8.18(a), in the event of any merger, statutory share exchange or other business combination of the Company with Intermediate Holdings, Emdeon or any of the Company’s subsidiaries, (i) each of the Stockholders and Intermediate
Holdings or Emdeon (or, if different, the surviving entity of the merger) shall execute a stockholders’ agreement with terms that are the same as this Agreement (including the registration rights provided for in Article VI hereof);
provided, that such stockholders’ agreement shall terminate upon the same terms and conditions as provided herein, (ii) the Company shall distribute any securities issued to the Company pursuant to such merger to the Stockholders
pro rata in accordance with their respective Ownership Interests, and (iii) the Company shall cause any registration rights held by the Company in respect of any securities of Intermediate Holdings or Emdeon (or, if different, the
surviving entity of the merger) distributed by the Company to be assigned to the Stockholders pro rata in accordance with their respective Ownership Interests. 
 Section 8.2 Right to Convert to a Limited Liability Company. If the Company, pursuant to the decision of the Board of Directors, undertakes to convert to a limited liability company, then the
Stockholders shall cooperate in good faith to effectuate such conversion from a Delaware corporation to a limited 

  
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liability company organized under the laws of Delaware or another jurisdiction, which may require the conversion of their Common Stock into units or other securities in the Company or another
successor entity. The Board of Directors, without the requirement for any action or approval of any Stockholder, shall have the exclusive power and authority to approve and authorize any such conversion; provided, that notwithstanding
anything herein or in the Articles to the contrary, the Company shall have first obtained the prior written consent of each of Blackstone and H&F prior to undertaking or effecting a conversion to a limited liability company. Upon such an
election, the Stockholders shall, at the expense of the Company, as soon as practicable thereafter execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, all instruments and documents that may be reasonably
requested by the Board of Directors to best effectuate the conversion of the Company to a limited liability company while continuing in full force and effect, to the extent consistent with such conversion, the terms, provisions, and conditions of
this Agreement, including all rights, protections and benefits afforded to parties to this Agreement. All Stockholders shall work together in good faith to accomplish the conversion in the most tax-advantageous manner reasonably available.

 Section 8.3 Waiver by Stockholders. The rights and obligations contained in this Agreement are in addition to the
relevant provisions of the Articles in force from time to time and shall be construed to comply with such provisions. To the extent that this Agreement is determined to be in contravention of the Articles, this Agreement shall constitute a waiver by
each Stockholder, to the fullest extent permissible under applicable laws, of any right such Stockholder may have pursuant to the Articles that is inconsistent with this Agreement and the Stockholders and the Company shall take all Necessary Action
to effect an amendment of the Articles, to the extent permissible under applicable law, in order to resolve such contravention. 

Section 8.4 Assignment; Benefit. 
 (a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto except as provided under Article IV. Any attempted assignment of rights or
obligations in violation of this Section 8.4 shall be null and void. 
 (b) This Agreement shall be binding upon and shall
inure to the benefit of the parties hereto, and their respective successors and permitted assigns, and there shall be no third-party beneficiaries to this Agreement other than the Indemnitees under Sections 6.9 and 8.19. 

Section 8.5 Freedom to Pursue Opportunities. In recognition of the fact that the Sponsors and their respective Affiliates
(including any Other Investors that are Affiliates of a Sponsor) and portfolio companies currently engage in, and may in the future engage in, the same or similar activities or lines of business as the Company and its subsidiaries and have an
interest in the same areas and types of corporate opportunities as the Company and its subsidiaries, and in recognition of the benefits to be derived by the Company and its subsidiaries through its and their continued contractual, corporate and
business relations with the Sponsors and Other Investors that are Affiliates of a Sponsor (including possible service of 

  
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directors, officers and employees of the Sponsors as directors, officers and employees of the Company and its subsidiaries), the Company and its subsidiaries disclaim and renounce any interest or
expectancy in, or being offered the opportunity to participate in, any corporate opportunity not expressly allocated to it pursuant to this Section 8.5 to the fullest extent permitted by applicable laws, including Section 122(17) of the
General Corporation Law of the State of Delaware. The parties expressly acknowledge and agree to the fullest extent permitted by applicable law that: (i) each Sponsor, Other Investor that is an Affiliate of a Sponsor, Sponsor Director (other
than any independent director) and Affiliated Officer of the Company currently have, and will in the future have or will consider acquiring, investments in numerous companies with respect to which such Sponsor, any such Other Investors that are
Affiliates of a Sponsor, any of such Sponsor Directors (other than any independent director) or any of such Affiliated Officers of the Company may serve as an advisor, a director or in such other capacity and, in recognition that such Sponsor, Other
Investors that are Affiliates of a Sponsor, Sponsor Directors (other than any independent director) and Affiliated Officers of the Company have myriad duties to various investors and partners and, in anticipation that the Company and its
subsidiaries, on the one hand, and the Sponsor, Other Investors that are Affiliates of a Sponsor, Sponsor Directors (other than any independent director) and Affiliated Officers of the Company, on the other hand, may engage in the same or similar
activities or lines of business and have an interest in the same areas of corporate opportunities; (ii) each Sponsor, Other Investor that is an Affiliate of a Sponsor, Sponsor Director (other than any independent director) and Affiliated
Officer of the Company has the right to, and shall have no duty (contractual or otherwise) not to, (x) directly or indirectly engage in the same or similar business activities or lines of business as the Company or any of its subsidiaries,
including those deemed to be competing with the Company or any of its subsidiaries, or (y) directly or indirectly do business with any client or customer of the Company or any of its subsidiaries; and (iii) in the event that a Sponsor,
Other Investor that is an Affiliate of a Sponsor, Sponsor Director (other than any independent director) or Affiliated Officer of the Company acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Company
or any of its subsidiaries, such Sponsor, Other Investor that is an Affiliate of a Sponsor, Sponsor Director (other than any independent director) or Affiliated Officer of the Company shall have no duty (contractual or otherwise) to communicate or
present such corporate opportunity to the Company or any of its subsidiaries, as the case may be, and, notwithstanding any provision of this Agreement or the Articles to the contrary, shall not be liable to the Company or its subsidiaries,
Affiliates or Stockholders for breach of any duty (contractual or otherwise) by reason of the fact that such Sponsor, Other Investor that is an Affiliate of a Sponsor, Sponsor Director (other than any independent director) or Affiliated Officer of
the Company, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another Person, or does not present such opportunity to the Company or any of its subsidiaries. Each of the Company, Intermediate
Holdings and Emdeon covenants and agrees that as of the date hereof, and hereafter at all times, the Articles and the certificates of incorporation and by-laws and/or equivalent governing documents of Intermediate Holdings and Emdeon and each of the
Company’s subsidiaries shall contain the renouncement, disclaimer, waiver and acknowledgement equivalent to that as set forth in this Section 8.5. 
 Section 8.6 Publicity and Confidentiality. Each Stockholder shall keep confidential this Agreement, the transactions contemplated hereby and any non-public information relating to the Company
or any of its subsidiaries and shall not disclose, issue any 

  
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press release or otherwise make any public statement in connection therewith without the prior written consent of the Sponsors (not to be unreasonably withheld); provided, that such
Stockholder may disclose any such information (i) as has become generally available to the public, (ii) to its employees and professional advisers who need to know such information and agree to keep it confidential, (iii) to the
extent required in order to comply with reporting obligations to its partners, members, or other equity holders (including the employees and professional advisors of such equity holders) who have agreed (subject to customary exceptions) to keep such
information confidential, (iv) to persons who have expressed a bona fide interest in becoming limited partners, members or other equity holders in such Stockholder or its related investment funds, in each case who have agreed to
keep such information confidential, (v) to the extent necessary in order to comply with any law, order, regulation, ruling or stock exchange rules applicable to such Stockholder, (vi) as may be required in connection with a registered
offering, (vii) to prospective purchasers in a Proposed Transfer or a Drag Along Transfer (subject to such persons executing customary confidentiality agreements in favor of the Company) and/or (viii) as may be required in response to any
summons or subpoena or in connection with any litigation, it being agreed that, unless such information has been generally available to the public, if such information is being requested pursuant to a summons or subpoena or a discovery request in
connection with a litigation, (x) such Stockholder shall, to the extent permitted by applicable law, give the Company notice of such request and shall cooperate with the Company at the Company’s request so that the Company may, at its cost
and in its discretion, seek a protective order or other appropriate remedy, if available, and (y) in the event that such protective order is not obtained (or sought by the Company after notice), such Stockholder (a) shall furnish only that
portion of the information which, in accordance with the advice of counsel, is legally required to be furnished and (b) will exercise its reasonable efforts to obtain assurances that confidential treatment will be accorded such information.

 Section 8.7 Termination. 
 (a) To the extent not otherwise terminated by the express provisions of this Agreement, this Agreement shall terminate only (i) by written consent of each of the Sponsors, (ii) by written
consent of each of Blackstone and H&F, as applicable, in connection with a Drag-Along Sale involving the transfer, in a single transaction or series of related transactions (including any merger, consolidation or sale of assets), of not less
than eighty percent (80%) of the outstanding shares of Common Stock to one or more Persons (other than to a Sponsor or any of its Affiliates or portfolio companies), (iii) upon the dissolution or liquidation of the Company, automatically
(without any action by any party hereto) and (iv) as to each Stockholder when such Stockholder ceases to hold any Company Shares, except that nothing herein will relieve any such Stockholder from liability for any breach of this Agreement prior
to such termination. Notwithstanding anything contained herein to the contrary, the provisions of Section 6.9 and Sections 8.3 through 8.20 (other than Section 8.18) shall survive any termination of any provisions of this Agreement.

 (b) Upon termination of this Agreement, unless otherwise agreed, the parties hereto shall take all Necessary Action to amend
the Articles to remove any provisions that are in such documents solely due to the existence of this Agreement. 

  
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 Section 8.8 Severability. In the event that any provision of this Agreement
shall be invalid, illegal or unenforceable, all other provisions of this Agreement will nevertheless remain in full force and effect. Upon such determination that any provision of this Agreement is invalid, illegal or unenforceable, the parties
hereto will negotiate in good faith to modify this Agreement so as to achieve the original intent of the parties. 

Section 8.9 Entire Agreement; Amendment. (a) This Agreement (together with the Advisory Agreement) sets forth the entire
understanding and agreement between the parties with respect to the transactions contemplated herein and supersedes and replaces any prior understanding, agreement or statement of intent, in each case written or oral, of any kind and every nature
with respect hereto. No provision of this Agreement may be amended, supplemented, modified or waived in whole or in part at any time without the express written consent of the holders of a Majority in Interest of Company Shares; provided,
that any such amendment, supplement, modification or waiver that would be materially adverse to any Sponsor or disproportionately affects a Sponsor relative to the other Sponsor shall require the prior written consent of such affected Sponsor (by
the Majority Blackstone Investors and/or Majority H&F Investors, as the case may be); provided, further, that any such amendment, supplement, modification, waiver or termination of any provision hereunder that would affect the
rights of the Managers (but only to the extent such Managers were specifically granted such rights by name as “Managers”) shall require the prior written consent of the Majority Managers. Notwithstanding anything herein to the contrary, if
there shall be a breach or inaccuracy of the representations and warranties set forth in Section 2.3, Blackstone, the Company and/or its applicable subsidiaries shall promptly provide H&F written notice of such breach or inaccuracy upon
becoming aware of such breach or inaccuracy (which notice shall describe in reasonable detail such breach or inaccuracy), and thereafter, upon written notice of H&F delivered to the Company, this Agreement shall be automatically amended without
any further action by any Person, to provide H&F with such rights, powers, privileges and/or other benefits of any kind that H&F may request in any such written notice, which rights, powers, privileges and/or other benefits had been granted
to Other Investors or Stockholders who beneficially owned (within the meaning of Rule 13d-5 of the Exchange Act), whether directly or indirectly, an aggregate amount of Company Shares equal to or less than those beneficially owned (within the
meaning of Rule 13d-5 of the Exchange Act) by H&F as of the date hereof. Except as set forth above, or as otherwise reflected in the Articles, there are no other agreements with respect to the governance of the Company between any Stockholders
or any of their Affiliates or portfolio companies. 
 (b) No waiver of any breach of any of the terms of this Agreement shall be
effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as
a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy
hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the
exercise of any other right, power or remedy. 

  
 76 

 Section 8.10 Counterparts. This Agreement may be executed in any number of
separate counterparts (including by facsimile or by electronic mail if in .pdf format) each of which when so executed shall be deemed to be an original and all of which together shall constitute one and the same agreement. 

Section 8.11 Notices. Unless otherwise specified herein, all notices, consents, approvals, reports, designations, requests,
waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be given, made or delivered by personal hand-delivery, by facsimile transmission, by electronic mail, by mailing
the same in a sealed envelope, registered first-class mail, postage prepaid, return receipt requested, or by air courier guaranteeing overnight delivery (and such notice shall be deemed to have been duly given, made or delivered (a) on the date
received, if delivered by personal hand delivery, (b) on the date received, if delivered by facsimile transmission, by electronic mail or by registered first-class mail prior to 5:00 p.m. prevailing local time on a Business Day, or if delivered
after 5:00 p.m. prevailing local time on a Business Day or on a day other than a Business Day, on the first Business Day thereafter and (c) two (2) Business Days after being sent by air courier guaranteeing overnight delivery), addressed
to the Stockholder at the following addresses (or at such other address for a Stockholder as shall be specified by like notice): 
 (i) if to Blackstone, to: 
 c/o The Blackstone Group 

345 Park Avenue 

New York, New York 10154 

	 	Attention:	John G. Finley 

	 	Facsimile:	(212) 583-5749 

 with a
copy (which shall not constitute notice) to: 
 Ropes & Gray LLP 

The Prudential Tower 
 800 Boylston Street 
 Boston, Massachusetts 02119 

	 	Attention:	David C. Chapin 

	 	 	Jonathan M. Grandon 

	 	 	R. Newcomb Stillwell 

	 	Facsimile:	(617) 951-7050 

 (ii) if to H&F, to: 
 c/o Hellman & Friedman LLC 

One Maritime Plaza 

  
 77 

 12th Floor 
 San Francisco, California 94111 

	 	Attention:	Allen R. Thorpe 

	 	 	Arrie R. Park 

	 	Facsimile:	(415) 788-0176 

 with a copy
(which shall not constitute notice) to: 
 Simpson Thacher & Bartlett LLP 

2550 Hanover Street 
 Palo Alto, California 94304 

	 	Attention:	Richard Capelouto 

	 	Facsimile:	(650) 251-5002 

 and

 Simpson Thacher & Bartlett LLP 
 425 Lexington Avenue 
 New York, New York 10017 

	 	Attention:	Patrick J. Naughton 

	 	Facsimile:	(212) 455-2502 

 (iii) if to the Company or Intermediate Holdings to: 
 c/o The Blackstone Group

 345 Park Avenue 
 New York, New York 10154 

	 	Attention:	John G. Finley 

	 	Facsimile:	(212) 583-5749 

 with a copy (which shall not constitute notice) to: 
 Ropes & Gray LLP

 The Prudential Tower 
 800 Boylston Street 
 Boston, Massachusetts 02119 

	 	Attention:	David C. Chapin 

	 	 	Jonathan M. Grandon 

	 	 	R. Newcomb Stillwell 

	 	Facsimile:	(617) 951-7050 

 (iv) if to Emdeon to: 
 Emdeon Inc. 

3055 Lebanon Pike, Suite 1000 
 Nashville, Tennessee 37214 
 Attention: Gregory T. Stevens 

Facsimile:  (615) 340-6153 

  
 78 

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

Ropes & Gray LLP 
 The Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 

	 	Attention:	David C. Chapin 

	 	 	Jonathan M. Grandon 

	 	 	R. Newcomb Stillwell 

	 	Facsimile:	(617) 951-7050 

 (v) if to any other Stockholder, to such Stockholder’s address appearing on the stock books of the Company or to such other address as may be designated by such Stockholder in writing to the Company.

 Section 8.12 Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO ANY CHOICE OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 Section 8.13 Jurisdiction. ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AGREEMENT MAY BE BROUGHT EXCLUSIVELY IN THE COURTS OF THE STATE OF DELAWARE OR (TO THE
EXTENT SUBJECT MATTER JURISDICTION EXISTS THEREFOR) THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE, AND THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF BOTH SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. ANY ACTIONS OR
PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION. 

Section 8.14 Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH STOCKHOLDER
WAIVES, AND COVENANTS THAT SUCH PARTY WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR
IN ANY WAY CONNECTED WITH THE DEALINGS OF ANY STOCKHOLDER OR THE COMPANY IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. The Company or any Stockholder may file
an original counterpart or a copy of this Section 8.14 with any court as written evidence of the consent of the Stockholders to the waiver of their rights to trial by jury. 

  
 79 

 Section 8.15 Specific Performance. It is hereby agreed and acknowledged that it
will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them by this Agreement and that, in the event of any such failure, an aggrieved party will be
irreparably damaged and will not have an adequate remedy at law. Any such party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief, including specific
performance, to enforce such obligations, without the posting of any bond, and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that there is an adequate
remedy at law. 
 Section 8.16 Emdeon Liability. Emdeon and Intermediate Holdings agree that each shall be jointly
and severally liable with the Company with respect to all of the Company’s payment and other obligations hereunder, including any payments for any breach by the Company of the provisions hereof and any indemnification obligations hereunder.

 Section 8.17 Subsequent Acquisition of Shares. Any equity securities of the Company acquired subsequent to the
date hereof by a Stockholder shall be subject to the terms and conditions of this Agreement and shall be deemed for all purposes hereof to be Sponsor Shares, Other Investor Shares or Management Shares hereunder of like kind with the Shares then held
by the acquiring holder. 
 Section 8.18 EBS Entities; ITR Matters. 

(a) From and after the date hereof until the first anniversary of the consummation of the Medifax Restructuring, the Company shall not,
and the Company shall cause each of its subsidiaries not to, cause or permit (i) EBS Holdco I, LLC (“Holdco I”) or EBS Holdco II, LLC (“Holdco II”) to merge, liquidate or change its current election to be
treated as a corporation for tax purposes or (ii) either of Holdco I or Holdco II to distribute their respective interests in EBS Master LLC; provided, that the provisions of this Section 8.18 shall not apply if the Company or
Emdeon is unable to obtain the legal opinion referred to in Section 6.4(a) of the Tax Receivable Agreements within a reasonable period of time (but in no event less than nine (9) months) following the Closing Date. 

(b) The Company expressly assumes and agrees to perform all of the covenants, agreements and obligations of Emdeon under each of the Tax
Receivable Agreements and the Amended and Restated Tax Receivable Agreement (Management), dated as of November 2, 2011, by and among the Company and the other Persons party thereto, in the same manner and to the same extent that Emdeon would be
required to perform; provided, that for the avoidance of doubt, such assumption and agreement by the Company shall not in any way relieve or diminish the obligation of Emdeon to perform its covenants, agreements and obligations under any such
agreement. 

  
 80 

 Section 8.19 Indemnification of Stockholders. 

(a) Each of the Company, Intermediate Holdings and Emdeon will indemnify, exonerate and hold the Stockholders and each of their
respective partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers,
controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action, suits, claims, liabilities, losses, damages and costs and
out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them after the date of this Agreement (collectively, the “Indemnified Liabilities”),
arising out of any action, cause of action, suit, arbitration or claim (“Indemnified Matters”) arising directly or indirectly out of, or in any way relating to, (i) such Stockholder’s or its Affiliates’ ownership of
shares of Common Stock or other securities of the Company or such Stockholder’s or its Affiliates’ control or ability to influence the Company or any of its subsidiaries to the extent such Indemnified Matter is based upon, involves or
arises out of conduct or occurrences during the period from and after the Closing (other than any such Indemnified Liabilities to the extent such Indemnified Liabilities arise out of any breach of this Agreement or any other agreement between the
Company or any of its subsidiaries and such Indemnitee by such Indemnitee or its Affiliates or other related Persons or the breach of any fiduciary or other duty or obligation of such Indemnitee to its direct or indirect equity holders or creditors
or to the extent such control or the ability to control the Company or any of its subsidiaries derives from such Stockholder’s or its Affiliates’ capacity as an officer or director of the Company or any of its Subsidiaries) or
(ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its subsidiaries to the extent such Indemnified Matter is based upon, involves or arises out of conduct or occurrences during the period
from and after the Closing; provided, however, that if and to the extent that the foregoing undertaking may be unavailable or unenforceable for any reason, the Company, Intermediate Holdings and Emdeon will make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under applicable law. For the purposes of this Section 8.19, none of the circumstances described in the limitations contained in the
proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any
Indemnitee as to any previously advanced indemnity payments made by the Company, Intermediate Holdings or Emdeon, then such payments shall be promptly repaid by such Indemnitee to the Company, Intermediate Holdings and Emdeon. The rights of any
Indemnitee to indemnification hereunder will be in addition to any other rights any such Person may have under any other agreement or instrument to which such Indemnitee 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. 

  
 81 

 (b) The Company, Intermediate Holdings and Emdeon acknowledge and agree that the Company,
Intermediate Holdings and Emdeon shall be fully and primarily responsible for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claims (as defined below), pursuant to and in accordance
with (as applicable) the terms of (i) the General Corporation Law of the State of Delaware, as amended, (ii) the Articles, (iii) the certificate of incorporation, as amended, of Intermediate Holdings or Emdeon, (iv) the bylaws,
as amended, of Intermediate Holdings or Emdeon, (v) any director indemnification agreement, (vi) this Agreement, (vii) any other agreement between the Company or any of its subsidiaries, on the one hand, and the Indemnitee, on the
other hand, pursuant to which the Indemnitee is indemnified, (viii) the laws of the jurisdiction of incorporation or organization of any subsidiary of the Company, (ix) the certificate of incorporation, certificate of organization, bylaws,
partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or other organizational or governing documents of any subsidiary of the Company or (x) any insurance coverage provided to any source (other
than the Company or any of its subsidiaries or the insurer under and pursuant to an insurance policy of the Company or any of its subsidiaries) ((i) through (x) collectively, the “Indemnification Sources”), irrespective of any
right of recovery the Indemnitee may have from any corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise from whom an Indemnitee may be entitled to indemnification with respect to which,
in whole or in part, the Company, Intermediate Holdings Emdeon or any other subsidiary of the Company may also have an indemnification obligation (collectively, the “Indemnitee-Related Entities”) or insurance coverage Indemnitee may
have from any insurer providing insurance coverage to any source (other than the Company or any of its subsidiaries or the insurer under and pursuant to an insurance policy of the Company or any of its subsidiaries). Under no circumstance shall the
Company, Intermediate Holdings, Emdeon or any other subsidiary of the Company be entitled to any right of subrogation or contribution against the Indemnitee-Related Entities and no right of advancement or recovery the Indemnitee may have from the
Indemnitee-Related Entities shall reduce or otherwise alter the rights of the Indemnitee or the obligations of the Company, Intermediate Holdings, Emdeon or any other subsidiary of the Company under the Indemnification Sources or from any insurer
providing insurance coverage to any source (other than the Company or any of its subsidiaries or the insurer under and pursuant to an insurance policy of the Company or any of its subsidiaries). In the event that any of the Indemnitee-Related
Entities shall make any payment to the Indemnitee in respect of indemnification with respect to any Jointly Indemnifiable Claim, (x) the Company or any of its subsidiaries shall indemnify, reimburse and hold harmless the Indemnitee-Related
Entity making such payment to the extent of such payment promptly upon written demand from such Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by the Company or any of its subsidiaries pursuant to clause (x),
the Indemnitee-Related Entity making such payment shall be subrogated to the extent of the outstanding balance of such payment to all of the rights of recovery of the Indemnitee against the Company, Intermediate Holdings, Emdeon, or the applicable
subsidiary of the Company, as applicable, and (z) Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary to secure such rights, including the execution of such documents as may be
necessary to enable the Indemnitee-Related Entities effectively to bring suit to enforce such rights. The Company, Intermediate Holdings, Emdeon and Indemnitee agree that each of the Indemnitee-Related Entities shall be third-party beneficiaries
with respect to this Section 8.19(b), entitled to enforce this Section 8.19(b) as though each such Indemnitee-Related Entity were a party to this Agreement. The Company shall cause each of its subsidiaries to perform the terms and
obligations of this Section 8.19(b) as 

  
 82 

 
though each such subsidiary was a party to this Agreement. For purposes of this Section 8.19(b), the term “Jointly Indemnifiable Claims” shall be broadly construed and shall
include, without limitation, any Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (1) the Company, Intermediate Holdings, Emdeon or any other subsidiary of the Company pursuant to the
Indemnification Sources, on the one hand, and (2) any Indemnitee-Related Entity pursuant to any other agreement between any Indemnitee-Related Entity and the Indemnitee pursuant to which the Indemnitee is indemnified, the laws of the
jurisdiction of incorporation or organization of any Indemnitee-Related Entity and/or the certificate of incorporation, certificate of organization, bylaws, partnership agreement, operating agreement, certificate of formation, certificate of limited
partnership or other organizational or governing documents of any Indemnitee-Related Entity, on the other hand. 
 (c)
Notwithstanding anything to the contrary contained in this Agreement, for purposes of Section 8.19, the term Indemnitees shall not include any Stockholder (other than Blackstone and/or H&F) or any of such Stockholder’s (other than
Blackstone’s and/or H&F’s) partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents or any of the partners, stockholders, members, Affiliates, directors,
officers, fiduciaries, managers, controlling Persons, employees and agents of any of the foregoing who is an officer or director of the Company or any of the Company’s subsidiaries in such capacity as officer or director. Such officers and
directors (which, for the avoidance of doubt, does not refer to any Blackstone Designee and/or H&F Designee) will be subject to reasonable and customary separate indemnification in such capacity through the certificate of incorporation, by-laws
and other instruments. 
 (d) As of the date hereof, the Company, Intermediate Holdings and Emdeon have obtained, and at all
times hereafter shall maintain, customary director and officer liability insurance coverage on terms reasonably satisfactory to each of the Sponsors. 
 Section 8.20 Reimbursement. At or promptly after the Closing, the Company, Intermediate Holdings and Emdeon will pay directly or reimburse, or cause to be paid directly or reimbursed,
(i) each of the Sponsors and their respective Affiliates for their reasonable and documented, third party, out-of-pocket costs and expenses (including attorneys’ fees) incurred in connection with preparing, negotiating and finalizing this
Agreement, the Advisory Agreement, the Merger Agreement, each related agreement entered into by such Sponsor, and the transactions contemplated thereby in connection therewith and (ii) the reasonable legal fees and related expenses (in an
approximate amount previously discussed with the Sponsors) incurred in connection with work performed prior to the Closing by one (1) counsel employed by the Managers in connection with the negotiation and execution of this Agreement and all
other equity arrangements that are negotiated and executed in connection with the Merger. In addition, and for avoidance of doubt, the Company, Intermediate Holdings and Emdeon will promptly reimburse each of the Sponsors and their respective
Affiliates for their costs and expenses as provided elsewhere in this Agreement. All payments or reimbursement for such costs and expenses will be made by wire transfer in same-day funds to the bank account designated by such Sponsor or its relevant
Affiliate. 

  
 83 

 [Remainder of page intentionally left blank] 

  
 84 

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

			
	BEAGLE PARENT CORP.
		
	By:	 	 /s/ Neil P. Simpkins

		 	Name: Neil P. Simpkins
		 	Title: President
		 	
	BEAGLE INTERMEDIATE HOLDINGS CORP.
		
	By:	 	 /s/ Neil P. Simpkins

		 	Name: Neil P. Simpkins
		 	Title: President
	
	BEAGLE ACQUISITION CORP.
		
	By:	 	 /s/ Neil P. Simpkins

		 	Name: Neil P. Simpkins
		 	Title: President

  

[Stockholders’ Agreement Signature Page] 

			
	BLACKSTONE CAPITAL PARTNERS VI L.P.
		
	By:	 	Blackstone Management Associates VI L.L.C.,
		 	its General Partner
		
	By:	 	BMA VI L.L.C.,
		 	its Sole Member
		
	By:	 	 /s/ Neil P. Simpkins

	Name:	 	Neil P. Simpkins
	Title:	 	Senior Managing Director
	
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI-ESC L.P.
		
	By:	 	BCP VI Side-By-Side GP, L.L.C.
		 	its General Partner
		
	By:	 	 /s/ Neil P. Simpkins

	Name:	 	Neil P. Simpkins
	Title:	 	Senior Managing Director
	
	BLACKSTONE FAMILY INVESTMENT PARTNERSHIP VI L.P.
		
	By:	 	 BCP VI Side-By-Side GP, L.L.C.
 its General Partner

		
	By:	 	 /s/ Neil P. Simpkins

	Name:	 	Neil P. Simpkins
	Title:	 	Senior Managing Director

  

[Stockholders’ Agreement Signature Page] 

			
	 BLACKSTONE EAGLE PRINCIPAL
 TRANSACTION PARTNERS L.P.

		
	By:	 	Blackstone Management Associates VI L.L.C.,
		 	its General Partner
		
	By:	 	BMA, VI L.L.C.
		 	its Sole Member
		
	By:	 	 /s/ Neil P. Simpkins

	Name:	 	Neil P. Simpkins
	Title:	 	Senior Managing Director

  

[Stockholders’ Agreement Signature Page] 

			
	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 R. Thorpe

	Name:	 	Allen R. 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 R. Thorpe

	Name:	 	Allen R. Thorpe
	Title:	 	Managing Director
	
	HELLMAN & FRIEDMAN INVESTORS VI, L.P.
		
	By:	 	Hellman & Friedman LLC,
		 	its general partner
		
	By:	 	 /s/ Allen R. Thorpe

	Name:	 	Allen R. Thorpe
	Title:	 	Managing Director

  

[Stockholders’ Agreement Signature Page] 

			
	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 R. Thorpe

	Name:	 	Allen R. 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 R. Thorpe

	Name:	 	Allen R. Thorpe
	Title:	 	Managing Director

  

[Stockholders’ Agreement Signature Page] 

			
	GSO COF FACILITY LLC
		
	By:	 	GSO Capital Partners LP as Collateral Manager
		
	By:	 	 /s/ Marisa J. Beeney

	Name:	 	Marisa J. Beeney
	Title:	 	Authorized Signatory

  

[Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Adam Hameed

	Adam Hameed

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Tommy Lewis

	Tommy Lewis

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Tom Turi

	Tom Turi

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Ulrich Breehbühl

	Ulrich Breehbühl

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Sajid A. Khan

	Sajid A. Khan

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ J. Philip Hardin

	J. Philip Hardin

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Patrick Coughlin

	Patrick Coughlin

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Miriana Paramore

	Miriana Paramore

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Mark Lyle

	Mark Lyle

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Gregory Stevens

	Gregory Stevens

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ George I. Lazenby, IV

	George I. Lazenby, IV

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Gary D. Stuart

	Gary D. Stuart

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Frank J. Manzella

	Frank J. Manzella

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Damien Creavin

	Damien Creavin

 [Stockholders’ Agreement Signature Page] 

 
	
	 /s/ Bob A. Newport, Jr.

	Bob A. Newport, Jr.

 [Stockholders’ Agreement Signature Page] 

 Exhibit A 
 Barclays Capital Inc. 
 Credit Suisse Securities (USA) LLC 

Goldman, Sachs & Co. 
 J.P. Morgan
Securities, LLC 
 Morgan Stanley & Co. LLC 
 UBS Securities LLC

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