Document:

EX-10.6

 Exhibit 10.6 
  

 
  

FORM OF STOCKHOLDERS AGREEMENT 

BY AND AMONG 
 EVOLENT
HEALTH, INC. 
 AND 

THE STOCKHOLDERS PARTY HERETO 

DATED AS OF [            ], 2015

  
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	   

	
	 DEFINITIONS
	   

	 Section 1.1.
		Definitions		 	2	  
	 Section 1.2.
		Other Interpretive Provisions		 	6	  
		
	 ARTICLE II
				
	
	 REPRESENTATIONS AND WARRANTIES
	   

			
	 Section 2.1.
		Existence; Authority; Enforceability		 	6	  
	 Section 2.2.
		Absence of Conflicts		 	7	  
	 Section 2.3.
		Consents		 	7	  
		
	 ARTICLE III
				
		
	 GOVERNANCE
				
			
	 Section 3.1.
		The Board		 	7	  
	 Section 3.2.
		Voting Agreement		 	11	  
	 Section 3.3.
		Additional Management Provisions		 	11	  
	 Section 3.4.
		Confidentiality		 	11	  
	 Section 3.5.
		Affiliate Transactions		 	12	  
	
	 ARTICLE IV
	   

	
	 FINANCIAL INFORMATION
	   

			
	 Section 4.1.
		Earnings Releases and Public Filings		 	13	  
	 Section 4.2.
		Significant Investment Enhanced Requirements		 	14	  
	 Section 4.3.
		Continued Compliance		 	16	  
	 Section 4.4.
		Attorney-Client Privilege		 	16	  
	
	 ARTICLE V
	   

	
	 GENERAL PROVISIONS
	   

			
	 Section 5.1.
		Company Charter and Company By-laws		 	16	  
	 Section 5.2.
		Freedom to Pursue Opportunities		 	16	  
	 Section 5.3.
		Assignment; Benefit		 	17	  
	 Section 5.4.
		Restrictions on Business Combination Transactions		 	18	  
	 Section 5.5.
		Termination		 	18	  
	 Section 5.6.
		Limits on Transfer or Issuance of Common Stock		 	18	  
	 Section 5.7.
		Severability		 	19	  
	 Section 5.8.
		Entire Agreement; Amendment		 	19	  

							
	 Section 5.9.
		Counterparts		 	20	  
	 Section 5.10.
		Notices		 	20	  
	 Section 5.11.
		Governing Law		 	22	  
	 Section 5.12.
		Jurisdiction		 	22	  
	 Section 5.13.
		Waiver of Jury Trial		 	22	  
	 Section 5.14.
		Specific Performance		 	23	  
	 Section 5.15.
		Subsequent Acquisition of Shares		 	23	  
	 Section 5.16.
		Transfer Restrictions on Class B Common Stock		 	23	  
	 Section 5.17.
		Effectiveness		 	24	  

 This STOCKHOLDERS AGREEMENT (as it may be amended from time to time in accordance with the terms
hereof, this “Agreement”), dated as of [            ], 2015, is made by and among: 

i. Evolent Health, Inc., a Delaware corporation (the “Company”); 

ii. TPG Growth II BDH, L.P., a Delaware limited partnership (“TPG Growth II BDH”) and TPG Eagle Holdings L.P., a Delaware
limited partnership (“TPG Eagle” and, together with TPG Growth II BDH, “TPG” or the “TPG Investor”); 

iii. UPMC, a Pennsylvania nonprofit corporation (“UPMC” or the “UPMC Investor”); 

iv. The Advisory Board Company, a Delaware corporation (“The Advisory Board” or “The Advisory Board
Investor”); and 
 v. such other Persons who from time to time become party hereto by executing a counterpart signature page hereof
and are designated by the Board (as defined below) as “Other Stockholders” (the “Other Stockholders” and, together with the TPG Investor, the UPMC Investor and The Advisory Board Investor, the
“Stockholders”). 
 For purposes of this Agreement, each of TPG, UPMC and The Advisory Board is a “Principal
Stockholder”. 
 RECITALS 

WHEREAS, on January 6, 2014, Evolent Health Holdings, Inc., a Delaware corporation (“Holdings”), Evolent Health LLC, a
Delaware limited liability company (“Evolent Health LLC”), TPG, UPMC, The Advisory Board and certain other Persons entered into an Amended and Restated Master Investors’ Rights Agreement (the “Prior
Agreement”); 
 WHEREAS, in connection with the IPO, the Prior Agreement is being terminated by the parties thereto; 

WHEREAS, on the date hereof, the Company has priced an initial public offering (the “IPO”) of shares of its Class A
Common Stock, par value $0.01 per share (the “Class A Common Stock”), pursuant to an Underwriting Agreement dated [            ], 2015; 

WHEREAS, in connection with the IPO (i) the preferred units of Evolent Health LLC will be converted into common units of Evolent Health
LLC, (ii) the second amended and restated operating agreement of Evolent Health LLC will be further amended and restated to establish two classes of equity consisting of the Class A common units (“Class A Common Units”) to
be held by Evolent Health, Inc. as sole managing member and the Class B common units (“Class B Common Units”) to be initially held by TPG and The Advisory Board, (iii) the shares of preferred stock of Holdings will be converted
into common stock of Holdings, (iv) pursuant to a series 

 
of share exchanges and contributions, the Company will issue shares of Class A Common Stock to certain pre-merger stockholders of Holdings and an affiliate of TPG and shares of its Class B
common stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), to TPG, The Advisory Board and Ptolemy and (v) pursuant to a series of
mergers, Holdings and an affiliate of TPG will merge with and into the Company with the Company continuing as the surviving entity and, in connection with such mergers, the Company will issue shares of Class A Common Stock to the other
pre-merger stockholders of Holdings; 
 WHEREAS, after the completion of the IPO, the Class B common units (together with shares of Class B
Common Stock) held by TPG and The Advisory Board will, subject to certain restrictions, be exchangeable from time to time at the option of the holder thereof for shares of the Class A Common Stock, pursuant to an Exchange Agreement dated
[            ], 2015 (the “Exchange Agreement”); and 

WHEREAS, the parties hereto desire to provide for certain governance rights and other matters, and to set forth the respective rights and
obligations of the Stockholders following the IPO. 
 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 are 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: 
 “90-Day Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“365-Day Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“Advisory Board Director” has the meaning set forth in Section 3.1(a). 

“Affiliate” means, with respect to any specified Person, (a) any Person that directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person or (b) in the event that the specified Person is a natural Person, a Member of the Immediate Family of such Person. As used in this definition,
the term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. For
purposes of Section 3.5, the direct and indirect subsidiaries of the Company and Evolent Health LLC shall not constitute an Affiliate of the Company or Evolent Health LLC. 

  
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 “Affiliate Transaction” has the meaning set forth in Section 3.5. 

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

“Annual Financial Statements” has the meaning set forth in Section 4.2(d). 

“Board” means the board of directors of the Company. 

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or specifically
authorized by law to be closed in the City of New York. 
 “Business Combination Transaction” has the meaning set forth in
Section 5.4. 
 “Chief Executive Officer” means the chief executive officer of the Company then in office. 

“Class A Common Stock” has the meaning set forth in the Recitals. 

“Class A Common Units” has the meaning set forth in the Recitals. 

“Class B Common Stock” has the meaning set forth in the Recitals. 

“Class B Common Units” has the meaning set forth in the Recitals. 

“Closing” means the closing of the IPO. 

“Common Stock” has the meaning set forth in the Recitals. 

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

“Company By-laws” means the by-laws of the Company in effect on the date hereof, as may be amended from time to time. 

“Company Charter” means the certificate of incorporation of the Company in effect on the date hereof, as may be amended from
time to time. 
 “Company Information” has the meaning set forth in Section 4.1(a). 

“Company Shares” means (i) all shares of Common Stock that are not then subject to vesting (including shares that were at
one time subject to vesting to the extent they have vested), (ii) all shares of Common Stock issuable upon exercise, conversion or exchange of any option, warrant or convertible security that are not then subject to vesting (including shares
that were at one time subject to vesting to the extent they have vested) (without double counting shares of Class A Common Stock issuable upon an exchange of shares of Class B Common Stock together with Class B Common Units) and (iii) all
shares of Common Stock directly or indirectly issued or issuable with respect to the securities referred to in clause (i) or (ii) above by way of unit or stock dividend or unit or stock split, or in connection with a combination of units
or shares, recapitalization, merger, consolidation or other reorganization. 

  
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 “Exchange Act” means the 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. 

“Exchange Agreement” has the meaning set forth in the Recitals. 

“Fund Indemnitors” has the meaning set forth in Section 3.1(h). 

“GAAP” means generally accepted accounting principles in the United States. 

“Indemnitee” has the meaning set forth in Section 3.1(h). 

“IPO” has the meaning set forth in the Recitals. 

“Member of the Immediate Family” means, with respect to an individual, (a) each parent, spouse (but not including a
former spouse or a spouse from whom such individual is legally separated) or child (including those adopted) of such individual and (b) each trustee, solely in his or her capacity as trustee and so long as such trustee is reasonably
satisfactory to the Company, for a trust naming only one or more of the Persons listed in sub-clause (a) as beneficiaries. 

“Necessary Action” means, with respect to a specified result, all actions reasonably necessary to cause such result, including
(i) voting or providing a written consent or proxy with respect to the Company Shares, (ii) causing the adoption of stockholders’ resolutions and amendments to the organizational documents of the Company, (iii) executing
agreements and instruments, and (iv) making, or causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are reasonably required to achieve such result. 

“Operating Agreement” means the Third Amended and Restated Operating Agreement of the Company dated as of
[            ], 2015, as such agreement may be amended from time to time. 

“Other Stockholders” has the meaning set forth in the Recitals. 

“PCAOB” has the meaning set forth in Section 4.2(c). 

“Person” means any individual, partnership, limited liability company, corporation, trust, association, estate, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Principal Stockholder” has the meaning set
forth in the Preamble. 

  
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 “Principal Stockholder Designee” has the meaning set forth in
Section 3.1(b). 
 “Ptolemy” means Ptolemy Capital, LLC, a Delaware limited liability company. 

“Public Filings” has the meaning set forth in Section 4.1(b). 

“Purported Owner” has the meaning set forth in Section 5.16(b). 

“Quarterly Financial Statements” has the meaning set forth in Section 4.2(c). 

“Registration Statement” means the Registration Statement on Form S-1, as amended, filed by the Company with the SEC in
connection with the IPO. 
 “Representatives” means, with respect to any Person, any of such Person’s officers,
directors, employees, agents, attorneys, accountants, actuaries, consultants or financial advisors or other Person associated with, or acting on behalf of, such Person. 

“Restricted Shares” has the meaning set forth in Section 5.16(b). 

“Restrictions” has the meaning set forth in Section 5.16(b). 

“SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the 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. 
 “Share Exchange” means a share exchange
involving more than 50% of the shares of the Common Stock. Share exchanges effected in accordance with the Exchange Agreement shall not constitute a “Share Exchange” for purposes of this Agreement. 

“Stockholder” has the meaning set forth in the Preamble. 

“Tax Receivables Agreement” means the tax receivables agreement by and among the Company, TPG, The Advisory Board, UPMC,
Ptolemy and certain holders of Class A Common Stock, dated [            ], 2015. 

“The Advisory Board” or “The Advisory Board Investor” has the meaning set forth in the Preamble. 

“TPG” or “TPG Investor” has the meaning set forth in the Preamble. 

“TPG Director” has the meaning set forth in Section 3.1(a). 

“Transfer” means, with respect to any Company Shares, any interest therein, or any other securities or equity interests, a
direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, 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 “Transferor” shall each have a correlative meaning. 

  
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 “Transfer Agent” has the meaning set forth in Section 5.16(b). 

“Unaffiliated Director” has the meaning set forth in Section 3.1(a). 

“Unaffiliated Directors” shall mean the Unaffiliated Director, the 90-Day Unaffiliated Director and the 365-Day Unafilliated
Director. 
 “UPMC” or “UPMC Investor” has the meaning set forth in the Preamble. 

“UPMC Director” has the meaning set forth in Section 3.1(a). 

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 

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: 
 Section 2.1. Existence; Authority; Enforceability. Such party has the power and
authority to enter into this Agreement and to perform its obligations hereunder. Such party is duly organized and validly existing under the laws of its jurisdiction of organization, and the execution of this Agreement, and the performance of its
obligations hereunder, have been authorized by all necessary action on the part of its board of directors (or equivalent) and shareholders (or other holders of equity interests), if required, and no other act or proceeding on its part is necessary
to authorize the execution of this Agreement or the performance of its obligations hereunder. This Agreement has been duly executed by it and 

  
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constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject to the effect of any laws relating to bankruptcy, reorganization, insolvency,
moratorium, fraudulent conveyance or preferential transfers, or similar laws relating to or affecting creditors’ rights generally and subject, as to enforceability, to the effect of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 Section 2.2. Absence of Conflicts. The
execution and delivery by such party of this Agreement and the performance of its obligations hereunder does not and will not (a) conflict with, or result in the breach of any provision of the constitutive documents of such party,
(b) result in any material violation, breach, conflict, default or an event of default (or an event which with notice, lapse of time, or both, would constitute a default or an event of default), or give rise to any right of acceleration or
termination or any additional material 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
law applicable to such party, except, in the case of each of (b) and (c) with respect to the Stockholders, for any such violation, breach, conflict or default that would not impair in any material respect the ability of such Stockholder to
perform its respective obligations hereunder. 
 Section 2.3. Consents. Other than as expressly required herein
or any consents which have already been obtained, no material consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by such party in connection with the execution, delivery or
performance of this Agreement. 
 ARTICLE III 

GOVERNANCE 

Section 3.1. The Board. 

(a) Composition of Initial Board. Prior to Closing, the Company and the Stockholders shall take all Necessary Action to cause the Board
to be comprised of eight directors, (i) two of whom shall be designated by TPG (each, a “TPG Director”), (ii) two of whom shall be designated by UPMC (each, a “UPMC Director”), (iii) two of whom shall
be designated by The Advisory Board (each, an “Advisory Board Director”), (iv) one of whom shall be the Chief Executive Officer and (v) one of whom shall be a director who meets the independence criteria set forth in Rule
10A-3 under the Exchange Act (an “Unaffiliated Director”). Within 90 days of the effective date of the Registration Statement, the Company and the Stockholders shall take all Necessary Action to cause the Board to increase in size
by one director to nine directors and to fill such vacancy with one additional Unaffiliated Director (the “90-Day Unaffiliated Director”) who shall 

  
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meet the independence criteria set forth in Rule 10A-3 under the Exchange Act and who shall be appointed by a majority of the Board (upon the affirmative recommendation of the Nominating and
Corporate Governance Committee of the Board). Within 365 days of the effective date of the Registration Statement, the Company and the Stockholders shall take all Necessary Action to cause the Board to increase in size by one director to ten
directors and to fill such vacancy with one additional Unaffiliated Director (the “365-Day Unaffiliated Director”) who shall meet the independence criteria set forth in Rule 10A-3 under the Exchange Act and who shall be appointed by
a majority of the Board (upon the affirmative recommendation of the Nominating and Corporate Governance Committee of the Board). The foregoing directors shall be divided into three classes of directors, each of whose members shall serve for
staggered three-year terms as follows: 
 (1) the class I directors shall include one TPG Director, one UPMC Director and
one Advisory Board Director; 
 (2) the class II directors shall include one TPG Director, one UPMC Director and one
Advisory Board Director; and 
 (3) the class III directors shall include the Chief Executive Officer, the Unaffiliated
Director, the 90-Day Unaffiliated Director and the 365-Day Unaffiliated Director. 
 The initial term of the class I directors shall expire immediately
following the Company’s first annual meeting of stockholders at which directors are elected following the completion of the IPO. The initial term of the class II directors shall expire immediately following the Company’s second annual
meeting of stockholders at which directors are elected following the completion of the IPO. The initial term of the class III directors shall expire immediately following the Company’s third annual meeting at which directors are elected
following the completion of the IPO. 
 For the avoidance of doubt, this Section 3.1(a) is applicable solely to the initial composition of the Board
and shall have no further force or effect after the 365-Day Unaffiliated Director is appointed to the Board (except that (i) a director shall remain a member of the class of directors to which he or she was assigned in accordance with this
Section 3.1(a) and (ii) the initial terms of each class of directors shall expire as set forth in this Section 3.1(a)). 
 (b)
Principal Stockholder Representation. For so long as a Principal Stockholder holds a number of shares of Common Stock representing at least the percentage of shares of Common Stock held by such Principal Stockholder as of the Closing shown
below, there shall be included in the slate of nominees recommended by the Board for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected that number of individuals designated by
such Principal Stockholder (each, a “Principal Stockholder Designee”) that, if elected, will result in such Principal Stockholder having the number of directors serving on the Board that is shown below. 

  
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	 Percent
	  	Number of Directors	 
	 40% or greater
	  	 	2	  
	 Less than 40% but greater than or equal to 5%
	  	 	1	  

 Upon any decrease in the number of directors that a Principal Stockholder is entitled to designate for election to the Board,
such Principal Stockholder shall take all Necessary Action to cause the appropriate number of Principal Stockholder Designees to offer to tender resignation. The Board shall have the option, but not the obligation, to accept any such resignations,
and if such resignation is then accepted by the Board, the Board may take all Necessary Action to cause the authorized size of the Board to be reduced accordingly. 

(c) CEO Representation. Subject to the last sentence of Section 3.1(d), if the term of the Chief Executive Officer as a director on
the Board is to expire in conjunction with any annual or special meeting of stockholders at which directors are to be elected, the Chief Executive Officer shall be included in the slate of nominees recommended by the Board for election. 

(d) Vacancies. Except as provided in Section 3.1(b), (i) each Principal Stockholder shall have the exclusive right to remove
its designees from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to cause the removal of any such designee at the request of the designating Principal Stockholder and (ii) each Principal Stockholder
or, if applicable, the Nominating and Corporate Governance Committee of the Board, shall have the exclusive right to designate for election or appointment to the Board directors to fill vacancies created by reason of death, removal or resignation of
its designees to the Board, and the Company and the other Principal Stockholders shall take all Necessary Action to cause any such vacancies to be filled by replacement directors designated by such designating Principal Stockholder as promptly as
reasonably practicable; provided, that, for the avoidance of doubt and notwithstanding anything to the contrary in this paragraph, no Principal Stockholder shall have the right to designate a replacement director, and the Company and the
other Principal Stockholders shall not be required to take any action to cause any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would result in a number of directors designated
by such Principal Stockholder in excess of the number of directors that such Principal Stockholder is then entitled to designate for membership on the Board pursuant to Section 3.1(b). If the Chief Executive Officer resigns or is terminated for
any reason, the Chief Executive Officer shall resign from the Board, and the Company and the Principal Stockholders shall take all Necessary Action to remove the Chief Executive Officer from the Board and fill such vacancy with the next Chief
Executive Officer in office. 
 (e) Additional Unaffiliated Directors. For so long as any Principal Stockholder has the right to
designate at least one director for nomination under this Agreement, the Company will take all Necessary Action to ensure that the number of directors serving on the Board shall not exceed ten; provided, that the number of directors may be
increased if necessary to satisfy the requirements of applicable laws and stock exchange regulations and applicable listing requirements. 

  
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 (f) Committees. Subject to applicable laws and stock exchange regulations, each Principal
Stockholder shall have the right to have a representative appointed to serve on each committee of the Board for so long as such Principal Stockholder has the right to designate at least one director for election to the Board. Subject to applicable
laws and stock exchange regulations and applicable listing requirements, each Principal Stockholder shall have the right to have a representative appointed as an observer to any committee of the Board to which such Principal Stockholder
(i) does not elect to have a representative appointed or (ii) is prohibited by applicable laws or stock exchange regulations or applicable listing requirements from having a representative appointed, in each case for so long as such
Principal Stockholder has the right to designate at least one director for nomination under this Agreement. Notwithstanding the foregoing, (i) not later than the Closing, one of the Unaffiliated Directors then serving shall be appointed to
serve on the Audit Committee of the Board, (ii) not later than 90 days following the effective date of the Registration Statement, two of the Unaffiliated Directors then serving shall be appointed to serve on the Audit Committee of the Board,
(iii) not later than 365 days following the effective date of the Registration Statement, three of the Unaffiliated Directors then serving shall be appointed to serve on the Audit Committee of the Board and (iv) at all times during which
this Agreement is operative and effective, the Board shall have determined that at least one director serving on the Audit Committee of the Board shall qualify as an “audit committee financial expert” under the rules and regulations of the
SEC. 
 (g) Reimbursement of Expenses. In accordance with the Company By-laws, the Company shall reimburse each TPG Director, UPMC
Director, Advisory Board Director and Principal Stockholder Designee for all reasonable and documented out-of-pocket expenses incurred in connection with such director’s or designee’s participation in the meetings of the Board or any
committee of the Board, including reasonable travel, lodging and meal expenses. 
 (h) D&O Insurance; Indemnification Priority.
The Company shall obtain customary director and officer indemnity insurance on reasonable terms. The Company hereby acknowledges that any director, officer or other indemnified person covered by any such indemnity insurance policy (any such Person,
an “Indemnitee”) may have certain rights to indemnification, advancement of expenses and/or insurance provided by TPG, UPMC, The Advisory Board or one or more of their respective Affiliates (collectively, the “Fund
Indemnitors”). The Company hereby (i) agrees that the Company and any subsidiary of the Company that provides indemnity shall be the indemnitor of first resort (i.e., its or their obligations to an Indemnitee shall be primary and any
obligation of any Fund Indemnitor to advance expenses or to provide indemnification for the same expenses or liabilities incurred by an Indemnitee shall be secondary), (ii) agrees that it shall be required to advance the full amount of expenses
incurred by an Indemnitee and shall be liable for the full amount of all expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this agreement or any other agreement
between the Company and an Indemnitee, without regard to any rights an Indemnitee may have against any Fund Indemnitor or their insurers, and (iii) irrevocably waives, relinquishes and releases the Fund Indemnitors from any and all claims
against the Fund Indemnitors 

  
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for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of an Indemnitee
with respect to any claim for which such Indemnitee has sought indemnification from the Company, as the case may be, shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such
advancement or payment to all of the rights of recovery of such Indemnitee against the Company. 
 Section 3.2.
Voting Agreement. Each Principal Stockholder agrees to cast all votes to which such Principal Stockholder is entitled in respect of its Company Shares, whether at any annual or special meeting, by written consent or otherwise, so as to cause
to be elected to the Board those individuals designated in accordance with Section 3.1(a)-(e) and to otherwise effect the intent of this Article III. 

Section 3.3. Additional Management Provisions. The Company hereby agrees and acknowledges that the Principal
Stockholder Designees of each Principal Stockholder entitled to designate a member of the Board pursuant to this Agreement shall receive such information relating to the financial condition, business, prospects or corporate affairs of the Company as
such Principal Stockholder may from time to time reasonably request, and such Principal Stockholder Designee may share such information about the Company with such Principal Stockholder. 

Section 3.4. Confidentiality. Each Stockholder agrees with the Company for the benefit of the Company that such
Stockholder will, until the second anniversary of the termination of this Agreement with respect to such Stockholder, keep confidential and will not disclose, divulge or use for any purpose (other than to monitor, increase or decrease its investment
in the Company) any confidential information obtained from the Company pursuant to this Agreement or provided by or on behalf of the Company to such Stockholder unless such confidential information (a) is known or becomes known to the public in
general (other than as a result of a breach of this Section 3.4 by such Stockholder), (b) is or has been independently developed or conceived by the Stockholder without use of the Company’s confidential information, (c) is
determined by the Company in good faith upon request of any Stockholder no longer to be confidential information (as confirmed in writing to the Stockholder by the Board) or (d) is or has been made known or disclosed to the Stockholder by a
third party without the Stockholder’s knowledge that the disclosure of such information constitutes a breach of any obligation of confidentiality such third party may have to the Company; provided, however, that a Stockholder may
disclose confidential information (i) to its attorneys, accountants, consultants and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company; (ii) to any existing or
prospective Affiliate, partner, member, stockholder or wholly owned subsidiary of such Stockholder in the 

  
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ordinary course of business; provided that such Stockholder informs such Person that such information is confidential and directs such Person to maintain the confidentiality of such
information; or (iii) subject to the terms of Article IV, as may otherwise be required by law, including, without limitation, to the extent required in periodic disclosures or for regulatory purposes; provided that the Stockholder
promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure; provided, further that nothing in this Section 3.4 shall be deemed to restrict any
Stockholder’s ability to monetize its equity investment in the Company in compliance with applicable securities laws. Notwithstanding the foregoing, each of the Company and each Stockholder acknowledges that each other Stockholder may develop
or receive from third parties information that is the same as or similar to the confidential information of the Company, and agrees that nothing in this Agreement restricts or prohibits any Stockholder (by itself or through a third party) from
developing, receiving or disclosing such information, or any products, services, concepts, ideas, systems or techniques that are similar to or compete with the products, services, concepts, ideas, systems or techniques contemplated by or embodied in
the confidential information of the Company. 
 Section 3.5. Affiliate Transactions. Neither the Company nor
Evolent Health LLC shall make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company or Evolent Health LLC involving, with respect to any such transaction or series of related transactions, payments, consideration, properties or
assets with a fair market value in excess of $2.0 million (each, an “Affiliate Transaction”), unless with respect to any Affiliate Transaction or series of related Affiliate Transactions, such Affiliate Transaction or series of
related Affiliate Transactions either (a) has been approved by a majority of the members of the Board that are disinterested with respect to such Affiliate Transaction or series of related Affiliate Transactions or (b) has been conducted
on an arm’s-length basis. For purposes of this Agreement, the following shall not constitute an “Affiliate Transaction”: (i) any transaction, contract, agreement, understanding, loan, advance or guarantee completed or in effect
upon, or prior to, the Closing and (ii) any transaction, contract, agreement or understanding relating to director and officer indemnification, advancement of expenses and/or insurance. 

  
 12 

 ARTICLE IV 

FINANCIAL INFORMATION 

Section 4.1. Earnings Releases and Public Filings. (a) During any period in which a Principal Stockholder is
(i) subject to the reporting requirements of the Exchange Act, (ii) required to file audited financial statements of the Company pursuant to Rule 3-09 of Regulation S-X and (iii) required to account for its investment in the Company
or Evolent Health LLC on a consolidated basis or under the equity method of accounting (determined in accordance with GAAP consistently applied after consultation with such Principal Stockholder’s auditors) or (b) at any other time to comply
with the Principal Stockholder’s reporting obligations under any of its debt instruments or otherwise, including to comply with any law, rule, regulation or other obligation: 

(a) Earnings Releases. The Principal Stockholders each agree that, unless required by law, rule or regulation or unless the Company
shall have consented thereto, which consent shall not be unreasonably withheld, conditioned or delayed, none of the Principal Stockholders will publicly release any quarterly or annual financial information that includes Company Information sooner
than 35 days after any quarter or year end. Except as otherwise provided in the last sentence of this paragraph or in Section 4.2(f), no such Principal Stockholder shall include any Company Information in any such earnings release without the
prior written consent of the Company, which consent shall not be unreasonably withheld, condition or delayed. As used herein, “Company Information” means any monthly, quarterly or annual financial information of the Company or any
of its subsidiaries, including Evolent Health LLC. In the event that any of the Principal Stockholders is required by law, rule or regulation, including but not limited to Regulation FD, to publicly release such Company Information prior to its
public release by the Company, such Principal Stockholder will give the Company notice of such release of Company Information as soon as practicable but no later than two Business Days prior to such release of Company Information or such shorter
period if otherwise required by law, rule or regulation and will give the Company an opportunity to review such Company Information. 
 (b)
Public Filings. Each of the Principal Stockholders and the Company shall cooperate fully with each other to the extent reasonably requested by the other in the preparation of any of their respective public filings that include Company
Information, including earnings releases, quarterly reports on Form 10-Q, annual reports on Form 10-K, any current reports on Form 8-K and any other proxy, information and registration statements, reports, notices, prospectuses, investor
presentations and any other filings made by them or any of their respective subsidiaries with the SEC, any national securities exchange or otherwise made publicly available (collectively, “Public Filings”). Unless required by law,
rule or regulation, each of the Principal Stockholders and the Company shall not publicly release any financial or other information which materially conflicts with the information of the other party that is included in any Public Filing without the
prior consent of the Company or such Principal Stockholder, as the case may be, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 13 

 Section 4.2. Significant Investment Enhanced Requirements. The
Company agrees that, (a) during any period in which a Principal Stockholder is (i) subject to the reporting requirements of the Exchange Act, (ii) required to file audited financial statements of the Company pursuant to Rule 3-09 of
Regulation S-X and (iii) required to account for its investment in the Company on a consolidated basis or under the equity method of accounting (determined in accordance with GAAP consistently applied after consultation with such Principal
Stockholder’s auditors) or (b) at any other time to comply with the Principal Stockholder’s reporting obligations under any of its debt instruments or otherwise, including to comply with any law, rule, regulation or other obligation,
in addition to any other requirements set forth in this Article IV, and only with respect to and for the benefit of such Principal Stockholder or Principal Stockholders, as the case may be at any particular time, described in this Section 4.2:

 (a) Maintenance of Books and Records. The Company shall, and shall cause each of its consolidated subsidiaries to, (i) make
and keep books, records and accounts, which, in reasonable detail, accurately and fairly reflect the transactions of the Company and its subsidiaries and (ii) devise and maintain a system of internal accounting controls sufficient to provide
reasonable assurances that: (x) transactions are executed in accordance with management’s general or specific authorization, (y) transactions are recorded as necessary (1) to permit preparation of financial statements in
conformity with GAAP or any other criteria applicable to such statements and (2) to maintain accountability for assets, and (z) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences. 
 (b) Monthly and Quarterly Financial Information. As soon as practicable, and
within 10 Business Days after the end of each month in each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder a statement of operations and balance sheet for Evolent Health, Inc. and Evolent Health LLC for such
month. As soon as practicable, and within 11 Business Days after the end of each fiscal quarter in each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder a statement of shareholders’ equity for Evolent
Health, Inc. and Evolent Health LLC for such quarter. 
 (c) Unaudited Quarterly Financial Information and Financial Statements.
Within 35 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder its estimate of the Company Information sufficient for such Principal
Stockholder to record the line item equity in loss of unconsolidated subsidiaries in its earnings release for such fiscal quarter consistent with prior practice, including an estimate of the Company’s net income or losses for such fiscal
quarter. As soon as practicable, and within 39 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, the Company shall deliver to each such Principal Stockholder the final form of the consolidated
financial statements of the Company (and notes thereto) for such periods and for the period from the beginning of the current fiscal year to the end of such quarter, prepared in accordance with Article 10 of Regulation S-X (such information is
herein referred to as the “Quarterly Financial Statements”), and the Company’s independent auditors shall 

  
 14 

 
have performed the procedures specified by the Public Company Accounting Oversight Board (United States) (“PCAOB”) for a review of interim financial information as described
in PCAOB AU 722, Interim Financial Information. Beginning 10 Business Days after the end of each such fiscal quarter, the Company shall make available to such Principal Stockholder the personnel of the Company responsible for the preparation
of such Quarterly Financial Statements for telephonic meetings. If on or before the 20th day or the 30th day after the end of any of the first three fiscal quarters of each fiscal year of the Company, the Company becomes aware that it will be unable
to deliver the Quarterly Financial Statements within 39 days after the end of such fiscal quarter, then the Company shall notify the Principal Stockholder and provide, at the Company’s expense (it being agreed and understood that the Company
shall be responsible for 50% of the fees and expenses of such Principal Stockholder’s auditors for work performed pursuant to this Section 4.2(c)), full access and cooperation from the Company’s management and personnel, along with
the Company’s auditors, in connection with a review by the auditors of such Principal Stockholder of the business, books and records of the Company. 

(d) Annual Financial Information and Financial Statements. Within 35 days after the end of each fiscal year of the Company, the Company
shall deliver to each such Principal Stockholder its estimate of the Company Information sufficient for such Principal Stockholder to record the line item equity in loss of unconsolidated subsidiaries in its earnings release and prepare its audited
financial statements for such fiscal year consistent with prior practice, including an estimate of the Company’s net income or losses for such fiscal year. As soon as practicable, and within 59 days after the end of each fiscal year of the
Company, the Company shall deliver to each such Principal Stockholder the final form of the consolidated financial statements of the Company (and notes thereto) for such year (such information is herein referred to as the “Annual Financial
Statements”), accompanied by an opinion thereon by the Company’s independent certified public accountants. Beginning 10 Business Days after the end of each such fiscal year, the Company shall make available to such Principal
Stockholder the personnel of the Company responsible for the preparation of such Annual Financial Statements for telephonic meetings. If on or before the 40th day or the 50th day after the end of any fiscal year of the Company, the Company becomes
aware that it will be unable to deliver the Annual Financial Statements within 59 days after the end of such fiscal year, then the Company shall notify the Principal Stockholder and provide, at the Company’s expense (it being agreed and
understood that the Company shall be responsible for 50% of the fees and expenses of such Principal Stockholder’s auditors for work performed pursuant to this Section 4.2(d)), full access and cooperation from the Company’s management
and personnel, along with the Company’s auditors, in connection with a review by the auditors of such Principal Stockholder of the business, books and records of the Company. 

(e) Accounting Estimates and Principles. The Company will give such Principal Stockholder reasonable notice of any proposed significant
change in accounting estimates or material changes in accounting principles from those in effect on the date hereof, including changes that are mandated or required by the SEC, the Financial Accounting Standards Board or the American Institute of
Certified Public Accountants, 

  
 15 

 
that could affect both the Company and such Principal Stockholder. In this connection, the Company will consult with such Principal Stockholder and, if requested by a Principal Stockholder, the
Company will consult with its independent public accountants with respect thereto. 
 (f) Earnings Releases. Subject to
Section 4.1(a), nothing herein shall prevent a Principal Stockholder from reflecting its net income/loss attributed to such Principal Stockholder’s investment in the Company on a timely basis in any earnings release issued by such
Principal Stockholder. 
 Section 4.3. Continued Compliance. During any period in which neither clause (a) nor
clause (b) of the first sentence of Section 4.1 applies for a Principal Stockholder, the Company agrees to use commercially reasonable efforts to provide Company Information on a timely basis to such Principal Stockholder upon the reasonable
request of such Principal Stockholder. 
 Section 4.4. Attorney-Client Privilege. The provision of any
information pursuant to this Article IV shall not be deemed a waiver of any privilege, including privileges arising under or related to the attorney-client privilege. 

ARTICLE V 
 GENERAL
PROVISIONS 
 Section 5.1. Company Charter and Company By-laws. The provisions of this Agreement shall be
controlling if any such provisions or the operation thereof conflict with the provisions of the Company Charter or the Company By-laws. The Company and the Principal Stockholders agree to take all Necessary Action to amend the Company Charter and
Company By-laws so as to avoid any conflict with the provisions hereof. 
 Section 5.2. Freedom to Pursue
Opportunities. Subject to Section 12.03 of the Company Charter and any contractual obligations by which the Company or any or all of the Principal Stockholders may be bound from time to time, none of the Principal Stockholders nor any of
their Affiliates shall have a duty to refrain from engaging, directly or indirectly, in the same or similar business activities or lines of business as the Company or any of the Company’s Affiliates, including those business activities or lines
of business deemed to be competing with the Company or any of the Company’s Affiliates. To the fullest extent permitted by law none of the Principal Stockholders nor any of their Affiliates, nor any of their respective officers or directors,
shall be liable to the Company or its 

  
 16 

 
stockholders, or to any Affiliate of the Company or such Affiliate’s stockholders or members, for breach of any fiduciary duty, solely by reason of any such activities of any Principal
Stockholder or its Affiliates, or of the participation therein by any officer or director of any Principal Stockholder or its Affiliates. To the fullest extent permitted by law, but subject to any contractual obligations by which the Company or any
or all of the Principal Stockholders may be bound from time to time, none of the Principal Stockholders nor any of its Affiliates shall have a duty to refrain from doing business with any client, customer or vendor of the Company or any of the
Company’s Affiliates, and without limiting Section 12.03 of the Company Charter, none of the Principal Stockholders nor any of their Affiliates nor any of their respective officers, directors or employees shall be deemed to have breached
his, her or its fiduciary duties, if any, to the Company or its stockholders or to any Affiliate of the Company or such Affiliate’s stockholders or members solely by reason of engaging in any such activity. Subject to any contractual provisions
by which the Company or any or all of the Principal Stockholders or their respective Affiliates may be bound from time to time, in the event that any Principal Stockholder or any of their Affiliates or any of their respective officers, directors or
employees, acquires knowledge of a potential transaction or other matter which may be a corporate opportunity for any Principal Stockholder (or any of its respective Affiliates), on the one hand, and the Company (or any of its Affiliates), on the
other hand, none of the Principal Stockholders nor any of their Affiliates, officers, directors or employees shall have any duty to communicate or offer such corporate opportunity to the Company or any of its Affiliates, and to the fullest extent
permitted by law, none of the Principal Stockholders nor any of their Affiliates, officers, directors or employees shall be liable to the Company or its stockholders, or any Affiliate of the Company or such Affiliate’s stockholders or members,
for breach of any fiduciary duty or otherwise, solely by reason of the fact that such Principal Stockholder or any of its Affiliates, officers, directors or employees acquires, pursues or obtains such corporate opportunity for itself, directs such
corporate opportunity to another person, or otherwise does not communicate information regarding such corporate opportunity to the Company or any of its Affiliates, and the Company (on behalf of itself and its Affiliates and their respective
stockholders and Affiliates) to the fullest extent permitted by law hereby waives and renounces in accordance with Section 122(17) of the DGCL any claim that such business opportunity constituted a corporate opportunity that should have been
presented to the Company or any of its Affiliates. For purposes of this Section 5.2, the term “Affiliate” shall be given the meaning assigned to such term in the Company Charter. 

Section 5.3. Assignment; Benefit. 

(a) The rights and obligations hereunder shall not be assignable without the prior written consent of the other parties hereto, subject to the
prior termination of this Agreement with respect to any Principal Stockholder in accordance with Section 5.5. Any attempted assignment of rights or obligations in violation of this Section 5.3 shall be null and void. 

  
 17 

 (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 and the Fund Indemnitors under Section 3.1(h), and the Principal Stockholders and their
Representatives under Section 5.2. 
 Section 5.4. Restrictions on Business Combination Transactions. The
Company shall not be a party to any reorganization, Share Exchange, consolidation, conversion or merger or any other transaction having an effect on stockholders substantially similar to that resulting from a reorganization, Share Exchange,
consolidation, conversion or merger (each a “Business Combination Transaction”) that includes or is in conjunction with a transaction involving the disposition, exchange or conversion of Class B Common Units for consideration unless
(a) each holder of Class A Common Stock and Class B Common Stock (together with the corresponding number of Class B Common Units) is allowed to participate pro rata in such Business Combination Transaction (as if the Class B Common Stock
(together with the corresponding number of Class B Common Units) had been exchanged immediately prior to such Business Combination Transaction for Class A Common Stock pursuant to the Exchange Agreement) and (b) the gross proceeds payable
in respect of each Class B Common Unit equals the gross proceeds that would be payable on account of such Class B Common Unit if it were exchanged immediately prior to such Business Combination Transaction into Class A Common Stock pursuant to
the Exchange Agreement. Nothing in this Section 5.4 shall be deemed to modify any of the rights of The Advisory Board, TPG, UPMC or Ptolemy set forth in the Tax Receivables Agreement. 

Section 5.5. Termination. If not otherwise stipulated, this Agreement shall terminate automatically (without any
action by any party hereto) as to each Principal Stockholder when such Principal Stockholder no longer has the right to designate any directors to the Board pursuant to Article III hereof. 

Section 5.6. Limits on Transfer or Issuance of Common Stock. The parties each acknowledge and agree that no shares
of Class A Common Stock may be issued unless (a) a corresponding number of Class A Common Units are issued therewith (including any issuances of shares of Class A Common Stock held in treasury or otherwise by the Company or any
of its subsidiaries) or (b) the issuance of shares of Class A Common Stock is to a holder of shares of Class B Common Stock in exchange for shares of Class B Common Stock (together with the corresponding

  
 18 

 
number of Class B Common Units) pursuant to the Exchange Agreement. The parties each also acknowledge and agree that no shares of Class B Common Stock may be Transferred or issued unless a
corresponding number of Class B Common Units are Transferred or issued therewith (including any transfers or issuances of shares of Class B Common Stock held in treasury or otherwise by the Company or any of its subsidiaries) and that the Company
will not register any Transfers of shares of Class B Common Stock that do not satisfy this Section 5.6. 

Section 5.7. Severability. In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable such provision shall be construed by limiting it so as to be valid, legal and enforceable to the maximum extent provided by law and the validity, legality and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby. 
 Section 5.8. Entire Agreement; Amendment. 

(a) This Agreement sets forth the entire understanding and agreement among 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. This Agreement or any provision hereof may only be amended, modified or waived, in
whole or in part, at any time by an instrument in writing signed by each of the Principal Stockholders with respect to which this Agreement is not terminated. 

(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. 

(c) The parties hereby agree to take no action to amend or repeal the provisions set forth in Section 4.04 of the Company Charter (whether
directly, by the filing of a certificate of designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) in any respect, or to adopt, amend (whether directly, by the filing of a certificate of
designations, powers, preferences, rights or privileges, by a Business Combination Transaction or otherwise) or repeal any other provision of the Company Charter which would have the effect of modifying or permitting the circumvention of the
provisions set forth in Section 4.04 of the Company Charter, unless such action is approved by the affirmative vote of the holders of not less than 75% of the voting power of the outstanding shares of Class A Common Stock entitled to vote
with respect thereto. 

  
 19 

 Section 5.9. Counterparts. This Agreement may be executed in any
number of separate counterparts 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. Counterpart signature pages to this Agreement may be delivered by facsimile or
electronic delivery (i.e., by email of a PDF signature page) and each such counterpart signature page will constitute an original for all purposes. 

Section 5.10. 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 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), at the following addresses (or at such other address as shall be specified by like notice): 
 if to the Company, to: 

Evolent Health, Inc. 
 800 N.
Glebe Road, Suite 500 
 Arlington, Virginia 22203 

Attention: Jonathan Weinberg 

Facsimile: (571) 389-6001 

E-mail: JWeinberg@evolenthealth.com 

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

Cravath, Swaine & Moore LLP 

825 Eighth Avenue 
 New York,
New York 10019 
 Attention: William V. Fogg 

Facsimile: (212) 474-1000 

E-mail: wfogg@cravath.com 

  
 20 

 if to the TPG Investor, to: 

TPG Global, LLC 
 301 Commerce
Street, Suite 3300 
 Fort Worth, Texas 76102 

Attention: General Counsel 

Facsimile: (415) 743-1501 
 with
a copy (which shall not constitute notice) to: 
 Ropes & Gray LLP 

Three Embarcadero Center 
 San
Francisco, California 94111 
 Attention: Thomas Holden, Esq. 

Facsimile: (415) 315-4823 

E-mail: thomas.holden@ropesgray.com 

if to The Advisory Board Investor, to: 

The Advisory Board Company 

2445 M St., NW 
 Washington,
D.C. 20037 
 Attention: Evan Farber 

Facsimile: (202) 266-5700 

E-mail: farbere@advisory.com 

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

Skadden, Arps, Slate, Meagher & Flom LLP 

Attention: Jeremy D. London 

Facsimile: (202) 661-8299 

E-mail: Jeremy.London@skadden.com 

  
 21 

 if to the UPMC Investor, to: 

UPMC 
 U.S. Steel Building 

600 Grant Street, 55th Floor 

Pittsburgh, Pennsylvania 15219 

Attention: Chief Legal Officer 

Facsimile: (412) 647-9193 
 with
a copy (which shall not constitute notice) to: 
 Drinker Biddle & Reath LLP 

1500 K Street, N.W. 

Washington, D.C. 20005-1209 

Attention: Gerald McCartin 

Facsimile: (202) 842-8465 

E-mail: Gerald.McCartin@dbr.com 

Section 5.11. Governing Law. THIS AGREEMENT AND ANY RELATED DISPUTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE. 
 Section 5.12. 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 5.13. Waiver of Jury Trial. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH
PARTY HERETO 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 IN CONNECTION WITH ANY OF THE ABOVE, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HERETO ACKNOWLEDGES

  
 22 

 
THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 5.13 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH IT IS RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE
TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 5.13 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 

Section 5.14. 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 5.15. 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. 
 Section 5.16.
Transfer Restrictions on Class B Common Stock. 
 (a) A holder of Class B Common Stock may only transfer shares of Class B Common
Stock to another person if such holder transfers the corresponding number of Class B Common Units to such person in accordance with the provisions of the Operating Agreement. 

(b) Any purported transfer of shares of Class B Common Stock in violation of the restrictions described in Section 5.16(a) (the
“Restrictions”) shall be null and void. If, notwithstanding the foregoing prohibition, a person shall, voluntarily or involuntarily, purportedly become or attempt to become, the purported owner (“Purported Owner”)
of shares of Class B Common Stock in violation of the Restrictions, then the Purported Owner shall not obtain any rights in and to such shares of Class B Common Stock (the “Restricted Shares”), and the purported transfer of the
Restricted Shares to the Purported Owner shall not be recognized by the Company’s transfer agent (the “Transfer Agent”). 

  
 23 

 (c) Upon a determination by the Board that a person has attempted or may attempt to transfer or
to acquire Restricted Shares in violation of Section 5.16(a), the Board may take such action as it deems advisable to refuse to give effect to such transfer or acquisition on the books and records of the Company, including without limitation to
cause the Transfer Agent to record the Purported Owner’s transferor as the record owner of the Restricted Shares, and to institute proceedings to enjoin or rescind any such transfer or acquisition. 

(d) The Board may, to the extent permitted by law, from time to time establish, modify, amend or rescind, by by-law or otherwise, regulations
and procedures not inconsistent with the provisions of this Section 5.16 for determining whether any acquisition of shares of Class B Common Stock would violate the Restrictions and for the orderly application, administration and implementation
of the provisions of this Section 5.16. Any such procedures and regulations shall be kept on file with the Secretary of the Company and with its Transfer Agent and shall be made available for inspection by any prospective transferee and, upon
written request, shall be mailed to any holder of shares of Class B Common Stock. 
 (e) The Board shall have all powers necessary to
implement the Restrictions, including without limitation the power to prohibit the transfer of any shares of Class B Common Stock in violation thereof. 

(f) Upon the transfer of any shares of Class B Common Stock to the Company by the Principal Stockholders, or their successors and assigns, such
shares of Class B Common Stock shall immediately be cancelled on the books and records of the Company and shall no longer be deemed to be issued and outstanding capital stock of the Company. 

Section 5.17. Effectiveness. This Agreement shall become operative and effective upon, but contingent on, the
effectiveness of the Company Charter. 
 [Signature pages follow] 

  
 24 

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

			
	EVOLENT HEALTH, INC.
		
	By:		 
	 Name:
		
	 Title:
		
	
	EVOLENT HEALTH LLC
		
	By:		 
	 Name:
		
	 Title:
		

  
 [Signature Page to
Stockholders Agreement] 

 
	
	With respect to the last sentence of Section 3.1(d):
	
	FRANK WILLIAMS
	   

  
 [Signature Page to
Stockholders Agreement] 

 
			
	TPG GROWTH II BDH, L.P.
		
	By:		 
	 Name:
		
	 Title:
		

  
 [Signature Page to
Stockholders Agreement] 

 
			
	TPG EAGLE HOLDINGS, L.P.
		
	By:		 
	 Name:
		
	 Title:
		

  
 [Signature Page to
Stockholders Agreement] 

 
			
	UPMC
		
	By:		 
	 Name:
		
	 Title:
		

  
 [Signature Page to
Stockholders Agreement] 

 
			
	THE ADVISORY BOARD COMPANY
		
	By:		 
	 Name:
		
	 Title:
		

  
 [Signature Page to
Stockholders Agreement]EX-10.20

 Exhibit 10.20 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (the “Agreement”) is made and entered into as of
[            ], 2015, between Evolent Health, Inc., a Delaware corporation (the “Company,” which term shall include where appropriate, any Subsidiary or any other
Affiliated Person (as hereinafter defined) thereof), and [                    ] (“Indemnitee”). 

WHEREAS, it is essential to the Company that it be able to retain and attract as directors the most capable persons available; 

WHEREAS, corporate litigation subjects directors to litigation risks and expenses, and the limitations on the availability of directors’
and officers’ liability insurance have made it increasingly difficult to attract and retain such persons; 
 WHEREAS, the Company
desires to provide Indemnitee with specific contractual assurance of Indemnitee’s rights to indemnification against litigation risks and expenses (regardless, among other things, of any amendment to or revocation of the Company’s Amended
and Restated Certificate of Incorporation and any other organizational documents of the Company, each as amended from time to time (the “Organizational Documents”), or any change in the ownership of the Company or the composition of
its Board of Directors) which indemnification is intended to be greater than that which is afforded by the Organizational Documents; 

WHEREAS, in accordance with the authorization as provided by applicable law, the Company shall maintain a policy or policies of
directors’ and officers’ liability insurance (“D & O Insurance”), covering certain liabilities which may be incurred by its directors in the performance of their obligations to the Company; 

WHEREAS, in order to induce Indemnitee to serve as a director of the Company, the Company has determined and agreed to enter into this
Agreement with Indemnitee; and 
 [WHEREAS, Indemnitee has certain rights to indemnification and/or insurance provided by
[                    ] and/or its Affiliates (collectively,
“[                    ]”) which Indemnitee and
[                    ] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the
Company’s acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to serve as a director of the Company]. 

[WHEREAS, Indemnitee and the Company previously entered into an Indemnification Agreement dated
[                    ] (the “Original Indemnification Agreement”) and wish to amend and restate the Original Indemnification
Agreement so that this Agreement shall apply with respect to all indemnifiable events under this Agreement arising on or after the date of the Original Indemnification Agreement.] 

NOW, THEREFORE, in consideration of Indemnitee’s service as a director of the Company, the parties hereto agree as follows: 

1. Definitions. For purposes of this Agreement: 

(a) “Affiliate” (and by correlation, “Affiliated”) shall mean as to any Person, any other Person that
(i) directly or indirectly controls, is controlled by, or is under common control with, such Person, or (ii) is an officer, director, general partner, trustee or manager of such specified Person or of a Person described in clause (i). 

 (b) A “Change in Control” shall be deemed to have occurred if (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned
directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or
indirectly, of securities of the Company representing 20% or more of the total voting power represented by the Company’s then outstanding Voting Securities, or (ii) during any period of two (2) consecutive years, individuals who at
the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
(2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or
(iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the Voting Securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least 80% of the total voting power represented by the Voting Securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series
of transactions) all or substantially all of the Company’s assets. 
 (c) “Company Status” describes the status of a
person who is serving or has served (i) as a director or officer of the Company, including as a member of any committee of the Board of Directors, (ii) in any capacity with respect to any employee benefit plan of the Company, or
(iii) as a manager, director, partner, trustee, officer, employee, fiduciary or agent of any other Person (as defined below) at the written request of the Company. For purposes of subsection (iii) of this Section 1(c), a director of
the Company who is serving or has served as a manager, director, partner, trustee, officer, employee or agent of a Subsidiary (as defined below) shall be deemed to be serving at the written request of the Company. 

(d) “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 (e)
“Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

(f) “Expenses” shall mean all direct and indirect fees, costs and expenses actually incurred in connection with any
Proceeding (as defined below), including, without limitation, all reasonable attorneys’ fees, disbursements and retainers, fees and disbursements of expert witnesses, private investigators and professional advisors (including, without
limitation, accountants and investment bankers), court costs, arbitration costs and fees, transcript costs, costs of investigation, witness fees, fees and expenses of experts, travel expenses, duplicating, printing and binding costs, telephone and
fax transmission charges, postage, delivery services, secretarial services and other disbursements and expenses, and shall also specifically include, without 

  
 2 

 
limitation, all reasonable attorneys’ fees and all other expenses incurred by or on behalf of Indemnitee in connection with preparing and submitting any requests or statements for
indemnification, advancement, contribution or any other right provided by this Agreement. 
 (g) “Independent Counsel”
means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material
to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 (h)
“Liabilities” shall mean judgments, damages, deficiencies, liabilities, losses, penalties, excise taxes, fines, assessments and amounts paid in settlement, including any interest and any federal, state, local or foreign taxes
imposed as a result of the actual or deemed receipt of any payment under this Agreement. 
 (i) “Person” shall mean any
individual, partnership, corporation, limited liability company, unincorporated organization or association, trust (including the trustees thereof in their capacity as such) or other entity (including any governmental entity), whether organized
under the laws of (or, in the case of individuals, resident in) the United States (or any political subdivision thereof) or any foreign jurisdiction. 

(j) “Proceeding” shall mean any threatened, pending or completed claim, action, suit, arbitration, alternate dispute
resolution process, investigation, inquiry, administrative hearing, appeal, or any other proceeding (including without limitation, stockholder claims, actions, demands, suits, proceedings, investigations and arbitrations), whether civil, criminal,
administrative, arbitrative or investigative, whether formal or informal, including a proceeding initiated by Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee’s rights hereunder, and shall include a Proceeding
pending on or before the date of this Agreement. 
 (k) “Subsidiary” shall mean any corporation, partnership, limited
liability company, joint venture, trust or other Person of which the Company owns (either directly or through or together with another Subsidiary of the Company) either (i) a general partner, managing member or other similar interest or
(ii) (A) more than 50% of the voting power of the voting capital equity interests of such corporation, partnership, limited liability company, joint venture or other Person, or (B) more than 50% of the outstanding voting capital stock
or other voting equity interests of such corporation, partnership, limited liability company, joint venture or other Person. 
 (l)
“Voting Securities” shall mean any securities of the Company which vote generally in the election of directors. 
 2.
Agreement to Indemnify. 
 (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be
entitled to the rights of indemnification provided in this Section 2(a) if, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be made, a party to or 

  
 3 

 
participant in any Proceeding other than a Proceeding by or in the right of the Company or a Proceeding instituted by Indemnitee pursuant to Section 7 of this Agreement to enforce
Indemnitee’s rights under this Agreement. Pursuant to this Section 2(a), Indemnitee shall be indemnified by the Company, to the fullest extent permitted by law, against all Expenses and Liabilities incurred or paid by Indemnitee in
connection with such Proceeding. 
 (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of
indemnification provided in this Section 2(b) if, by reason of Indemnitee’s Company Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this
Section 2(b), Indemnitee shall be indemnified by the Company, to the fullest extent permitted by law, against all Expenses and Liabilities incurred or paid by Indemnitee in connection with such Proceeding. 

(c) Indemnification for Expenses and Liabilities of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of
this Agreement to the contrary, in circumstances where indemnification is not available under Section 2(a) or 2(b), as the case may be, and to the extent that Indemnitee is, by reason of Indemnitee’s Company Status, a party to and is
successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified to the fullest extent permitted by law against all Expenses and Liabilities incurred or paid by Indemnitee in connection therewith. If Indemnitee is not
wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses and Liabilities
incurred or paid by Indemnitee in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 (d) [Additional Indemnitees. If
any of [                    ], any Affiliate of
[                    ], any Fund Indemnitor (as defined in Section 8 below) or its insurer, or any direct or indirect partner, manager, member,
stockholder, employee, director, officer or agent of such Person (collectively, the “Additional Indemnitees”) is or was a party or is threatened to be made a party to or is otherwise involved in (including, without limitation, as a
witness or responding to discovery) any Proceeding, and such Additional Indemnitee’s involvement in the Proceeding arises from the Indemnitee’s Company Status, or from such Additional Indemnitee’s financial interest (whether through
equity, debt or otherwise) in or control or alleged control of the Company, then such Additional Indemnitee shall be entitled to all of the indemnification rights and remedies (including, without limitation, the advancement of Expenses pursuant to
comparable procedures as those set forth in Section 5 with respect to advancement of Expenses therein), and shall to the extent indemnified hereunder undertake the obligations, of the Indemnitee under this Agreement to the same extent as the
Indemnitee. The Company and Indemnitee agree that the Additional Indemnitees are express third party beneficiaries of the terms hereof.] 

3. Contribution in the Event of Joint Liability. 

(a) Whether or not the indemnification provided in Sections 2 or 4 hereof is available, in respect of any threatened, pending or completed
Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall pay, in the first instance, the entire amount of any judgment or settlement of such Proceeding without requiring
Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The right of the Company 

  
 4 

 
to enter into any settlement of any Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding) is subject to the requirements of
Section 6(j) of this Agreement. 
 (b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in, or otherwise incurs any Expenses or Liabilities in connection with, any threatened, pending or completed Proceeding
in which the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the Company shall contribute to the amount of Expenses and Liabilities incurred and paid or payable by Indemnitee in proportion to the relative
benefits received by the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand,
from the transaction from which such Proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary to conform to law, be further adjusted by reference to the relative
fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, in connection
with the events that resulted in such Expenses or Liabilities, as well as any other equitable considerations which the law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company other
than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such Proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were
motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary, and the degree to which their conduct is active or passive. 

(c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless from any claims of contribution which may be brought by
officers, directors or employees of the Company other than Indemnitee who may be jointly liable with Indemnitee. 
 4. Indemnification
for Expenses of a Witness or in Response to a Subpoena. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Company Status, a witness in any Proceeding to which Indemnitee is
not a party, or receives a subpoena in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified against all Expenses or Liabilities paid or incurred by Indemnitee in connection therewith and in the manner set forth in this
Agreement. 
 5. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all
Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Company Status within two (2) business days after the receipt by the Company of a statement or statements from Indemnitee
requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding, without regard to Indemnitee’s ultimate entitlement to indemnification, and such advancement of Expenses shall continue until
such time (if any) as there is a final non-appealable judicial determination by a court of competent jurisdiction that Indemnitee is not entitled to indemnification against such Expenses. Such statement or statements shall reasonably evidence the
Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined by a court of competent jurisdiction pursuant
to a final non-appealable judicial determination that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 5 shall be unsecured and interest free and made without
regard to Indemnitee’s financial ability to repay such Expenses. 

  
 5 

 6. Procedures and Presumptions for Determination of Entitlement to Indemnification. It is
the intent of this Agreement to secure for Indemnitee rights of indemnity that are at least as favorable as may be permitted under the Organizational Documents, applicable law and public policy of the State of Delaware. Accordingly, the parties
agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 

(a) To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably requested by the Company and reasonably available to Indemnitee. 

(b) Upon written request by Indemnitee for indemnification pursuant to Section 6(a) hereof, a determination with respect to
Indemnitee’s entitlement thereto, if required by applicable law, shall be made in the specific case by one of the following three methods: (1) by a majority vote of the Disinterested Directors, even though less than a quorum, or
(2) if so requested by Indemnitee in Indemnitee’s sole discretion, by Independent Counsel in a written opinion (the party making such determination, the “Determining Party”). If there has not been a Change of Control, the
Determining Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of the Board of Directors who were directors immediately prior to
such Change in Control), the Determining Party shall be Independent Counsel. 
 (c) If the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 6(b) hereof, Independent Counsel shall be selected as provided in this Section 6(c) and the selecting party shall promptly provide written notice of such selection to the other party
hereto. Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors (such approval not to be unreasonably withheld, conditioned or delayed). The Company may, within ten (10) days after receipt of written
notice of the selection of Independent Counsel, deliver to Indemnitee a written objection to such selection; provided, however, that such objection may be asserted only on the ground that Independent Counsel so selected does not meet
the requirements of “Independent Counsel” as defined in Section 1(g) of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so
selected shall act as Independent Counsel. If a written objection is made and substantiated, (i) Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent jurisdiction
has determined that such objection is without merit and (ii) Indemnitee may select a new Independent Counsel and the Board of Directors shall have an additional ten (10) days after receipt of written notice of such selection to object. If,
within ten (10) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may
petition the Court of Chancery of the State of Delaware for resolution of any objection which shall have been made by the Company to Indemnitee’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person
selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company
agrees to pay the reasonable fees and expenses 

  
 6 

 
of Independent Counsel incurred by such Independent Counsel in connection with its acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident
to the procedures of this Section 6(c), regardless of the manner in which such Independent Counsel was selected or appointed and regardless of whether Indemnitee is ultimately determined to be entitled to indemnification hereunder. 

(d) In making a determination with respect to entitlement to indemnification hereunder, the Determining Party shall presume that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 6(a) of this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the
burden of persuasion, by clear and convincing evidence. 
 (e) Indemnitee shall be deemed to have acted in good faith and in a manner
Indemnitee reasonably believed to be in or not opposed to the best interests of the Company, or with respect to any criminal action or proceeding, to not have had a reasonable cause to believe such Indemnitee’s conduct was unlawful for purposes
of indemnification under this Agreement if Indemnitee’s actions are based on the records or books of account of the Company, including financial statements, or on information supplied to Indemnitee by the directors, officers, agents or
employees of the Company in the course of their duties, or on the advice of legal counsel for the Company or on information or records given or reports made to the Company by an independent certified public accountant or by an appraiser or other
expert selected by the Company. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of determining the right to indemnification
under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company, or with respect to any criminal action or proceeding, Indemnitee did not have a reasonable cause to believe such Indemnitee’s conduct was unlawful. Anyone seeking to overcome this presumption
shall have the burden of proof and the burden of persuasion, by clear and convincing evidence. 
 (f) If the Determining Party shall not
have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such
indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law; provided, however, that such thirty (30) day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Determining
Party in good faith requires such additional time for the obtaining or evaluating documentation and/or information relating thereto. 
 (g)
Indemnitee shall cooperate with the Determining Party, including providing to the Determining Party upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is
reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel or member of the Board of Directors shall act reasonably and in good faith in making a determination of the Indemnitee’s entitlement to
indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the Determining Party shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 

  
 7 

 (h) The Company acknowledges that a settlement or other disposition short of final judgment shall
be successful for purposes of Section 2(c) if it permits a party to avoid expense, delay, distraction, disruption and uncertainty. In the event that a Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse
judgment against Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise
in such Proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing evidence. 

(i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith
and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 

(j) Indemnitee shall have the sole right and obligation to control the defense or conduct of any claim or Proceeding with respect to
Indemnitee. The Company shall not, without the prior written consent of Indemnitee, enter into any settlement of any Proceeding in which the Indemnitee is or could reasonably become a party or which potentially or actually imposes any Expenses,
Liabilities, exposure or burden on Indemnitee unless (i) such settlement solely involves the payment of money or performance of any obligation by persons other than Indemnitee and includes an unconditional, full release of Indemnitee by all
relevant parties from all liability on any matters that are the subject of such Proceeding and an acknowledgment that Indemnitee denies all wrongdoing in connection with such matters and (ii) the Company has fully indemnified the Indemnitee
with respect to, and held Indemnitee harmless from and against, all Expenses and Liabilities incurred by Indemnitee or on behalf of Indemnitee in connection with such Proceeding. 

7. Remedies of Indemnitee. 

(a) In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to
indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification shall have been timely made pursuant to
Section 6(b) of this Agreement after receipt by the Company of the request for indemnification, or (iv) payment of indemnification is not made within thirty (30) days after a determination has been made that Indemnitee is entitled to
indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be entitled to an adjudication in the Chancery Court of the State of Delaware of Indemnitee’s entitlement to such
indemnification. Indemnitee shall commence a proceeding seeking such adjudication within one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a).
The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

  
 8 

 (b) In the event that a determination shall have been made pursuant to Section 6(b) of this
Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial, on the merits and Indemnitee shall not be prejudiced by
reason of that adverse determination under Section 6(b). 
 (c) If a determination shall have been made pursuant to Section 6(b)
of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent a prohibition of such indemnification under applicable
law. 
 (d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of Indemnitee’s rights under,
or to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all
Expenses paid or incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of expenses or insurance recovery. The Company shall, within two
(2) business days after receipt by the Company of a written request therefor from Indemnitee, advance such Expenses to Indemnitee pursuant to comparable procedures as those set forth in Section 5 with respect to advancement of
Expenses therein. 
 (e) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 7
that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding with respect to which indemnification is sought. 
 8.
Non-Exclusivity; Survival of Rights; Insurance, Subrogation, Primacy of Indemnification. 
 (a) The rights of indemnification as
provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Organizational Documents, a vote of stockholders or a resolution of directors, or otherwise. The
Company shall not adopt any amendment or alteration to, or repeal of, the Organizational Documents the effect of which would be to deny, diminish or encumber the Indemnitee’s rights to identification pursuant to this Agreement, the
Organizational Documents or applicable law prior to such amendment, alteration or repeal. To the extent that a change in applicable law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under
the Organizational Documents and this Agreement, Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other
right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other right or remedy. 

  
 9 

 (b) The Indemnitee shall be covered by the D & O Insurance and any other insurance policy or
policies providing liability insurance for directors, managers, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person
serves at the request of the Company, and Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, manager, officer, employee or agent under
such policy or policies. 
 (c) Subject to Section 8(e) of this Agreement, in the event of any payment under this Agreement, the
Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are
necessary to enable the Company to bring suit to enforce such rights. 
 (d) Subject to Section 8(e) of this Agreement, the Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 (e) [The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or insurance
provided by [                    ] and certain of its Affiliates and/or affiliated investment funds (excluding the Company and its Subsidiaries)
(collectively, the “Fund Indemnitors”). Notwithstanding anything to the contrary in the Organizational Documents, the Company hereby agrees that, to the fullest extent permitted by law, the Company: (i) is the indemnitor of
first resort (i.e., its or its insurers’ obligations to advance Expenses and to indemnify Indemnitee for Expenses and Liabilities, are primary and any obligation of the Fund Indemnitors or their insurers to advance expenses or to provide
indemnification for the same expenses or liabilities incurred by Indemnitee is secondary and excess), (ii) shall be required to advance the full amount of Expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses
and Liabilities to the extent legally permitted and as required by the terms of this Agreement and the Organizational Documents (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the
Fund Indemnitors or their insurers, and, (iii) irrevocably waives, relinquishes and releases the Fund Indemnitors and such insurers from any and all claims against the Fund Indemnitors or such insurers for contribution, subrogation or any other
recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Fund Indemnitors or their insurers on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the
Company (including in connection with a proceeding initiated by Indemnitee pursuant to Section 7 of this Agreement to enforce Indemnitee’s rights hereunder) shall affect the foregoing, and in the event of any such advancement or payment,
the Company shall promptly reimburse such Fund Indemnitor or such insurer and such Fund Indemnitor or such insurer shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the claims or rights of
recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 8(e).] 

9. Duration of Agreement. Due to the uncertain application of any statutes of limitations that may govern any Proceeding, this
Agreement shall be of indefinite duration. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the 

  
 10 

 
Company), assigns, spouses, heirs, executors and personal and legal representatives. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director or
officer of or in any other capacity for, the Company or any other Person at the Company’s request. 
 10. Security. To the
extent requested by the Indemnitee and approved by the Board of Directors of the Company, the Company may at any time and from time to time provide security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank
line of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 

11. Enforcement. 
 (a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director of the Company. 
 (b) This Agreement constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

12. Fees and Expenses. The Company or its Subsidiary, as the case may be, shall reimburse the Indemnitee for all reasonable
out-of-pocket expenses incurred in connection with the Indemnitee’s attendance at meetings of the Board of Directors of the Company or board of directors of any of the Company’s Subsidiaries and any committees thereof, including without
limitation reasonable travel, lodging and meal expenses. 
 13. Period of Limitations. No legal action shall be brought and no cause
of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such cause of
action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two- (2-) year period; provided, however, that if any shorter period of limitations
is otherwise applicable to any such cause of action, such shorter period shall govern. 
 14. Severability. If any term or other
provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated by this Agreement is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be
consummated as originally contemplated to the fullest extent possible. 
 15. Modification and Waiver. Except as provided by
Section 8(a) with respect to changes in applicable law that broaden the rights of Indemnitee to be indemnified by the Company, no supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

  
 11 

 16. Notice By Indemnitee. Indemnitee agrees to promptly notify the Company in writing upon
being served with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify
the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise except to the extent the Company is materially prejudiced thereby. 

17. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been
duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (b) mailed by certified or registered mail with postage prepaid, on the second business day after
the date on which it is so mailed: 
 1. If to Indemnitee, to the address set forth below Indemnitee’s signature hereto. 

2. If to the Company, to: 

Evolent Health, Inc. 
 800 N.
Glebe Road, Suite 500 
 Arlington, VA 22203 

Fax No.: (571) 389-6001 
 or to such other
address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 
 18. Identical
Counterparts. This Agreement may be executed and delivered (including by facsimile or .PDF transmission) in two or more counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together
shall constitute one and the same agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

19. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute
part of this Agreement or to affect the construction thereof. 
 20. Governing Law. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed in that state and without regard to any applicable conflicts of law. 

[Remainder of Page Intentionally Blank] 

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

					
	COMPANY:
	
	EVOLENT HEALTH, INC.
		
	By:		  

			Name:		
			Title:		
	
	INDEMNITEE:
		
	By:		  

			Name:		
			Title:		Director
	
	Address of Indemnitee:
	
	[                    ]
	[                    ]
	[                    ]

 [Signature Page to Indemnification
Agreement]

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