Document:

EX-4.9

 Exhibit 4.9 

 
  
 Emdeon Inc. 
 $375,000,000 11 1/4% Senior Notes due 2020  

REGISTRATION RIGHTS AGREEMENT 
 dated November 2, 2011 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 1.
	 	 DEFINITIONS
	  	 	1	  
			
	 2.
	 	 EXCHANGE OFFER
	  	 	5	  
			
	 3.
	 	 SHELF REGISTRATION
	  	 	9	  
			
	 4.
	 	 ADDITIONAL INTEREST
	  	 	10	  
			
	 5.
	 	 REGISTRATION PROCEDURES
	  	 	11	  
			
	 6.
	 	 REGISTRATION EXPENSES
	  	 	19	  
			
	 7.
	 	 INDEMNIFICATION AND CONTRIBUTION
	  	 	20	  
			
	 8.
	 	 RULES 144 AND 144A
	  	 	24	  
			
	 9.
	 	 UNDERWRITTEN REGISTRATIONS
	  	 	24	  
			
	 10.
	 	 MISCELLANEOUS
	  	 	25	  

  
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 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is dated as of November 2, 2011, and is entered into by and
among BEAGLE ACQUISITION CORP., a Delaware corporation (“Beagle”), which shall be merged with and into EMDEON INC., a Delaware corporation (the “Company”), with the Company continuing as the surviving corporation,
the guarantors listed on Schedule I hereto (the “Guarantors”), Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. as Representatives of the several initial
purchasers named on Annex A-1 to the Purchase Agreement referenced below (collectively, the “Initial Purchasers”) and the several GS Note Purchasers named in Annex A-2 to the Purchase Agreement (collectively, the “GS Note
Purchasers” and, together with the Initial Purchasers, the “Purchasers”). 
 This
Agreement is entered into in connection with the Purchase Agreement, dated October 28, 2011 (as supplemented by the joinder agreement dated the date hereof by and among the Company, the Guarantors and the Initial Purchasers, the
“Purchase Agreement”), by and among Beagle and the Purchasers, which provides for, among other things, the sale by Beagle to the Initial Purchasers of $375,000,000 in aggregate principal amount of Beagle’s 11 1/4% senior notes due 2020 (the “Notes”). The Notes
are issued under an indenture, as supplemented by a supplemental indenture, each dated as of the date hereof (such indenture, as amended or supplemented from time to time, the “Indenture”), by and among (as applicable) Beagle, the
Company, the Guarantors and Wilmington Trust, National Association, as trustee (the “Trustee”). Pursuant to the Purchase Agreement and the Indenture, the Guarantors are required to guarantee, on an unsecured senior basis with
respect to the Notes (the “Guarantees”) the obligations of Beagle and the Company under the Notes and the Indenture. References to the “Securities” shall mean, collectively, the Notes and the Guarantees. In order to
induce the Purchasers to enter into the Purchase Agreement, the Company has agreed to provide the registration rights set forth in this Agreement for the benefit of the Purchasers and any subsequent holder or holders of the Securities on the terms,
and subject to the conditions, set forth herein. The execution and delivery of this Agreement is a condition to the Purchasers’ obligations under the Purchase Agreement. 

The parties hereby agree as follows: 
 1. Definitions 
 As used in this Agreement, the following terms shall have
the following meanings: 
 2019 Notes: The $375.0 million in aggregate principal amount of the Company’s 11% senior
notes due 2019 referred to in the 2019 Notes Registration Rights Agreement. 
 2019 Notes Registration Rights Agreement:
The registration rights agreement for the 2020 Notes, dated the date hereof, as amended by the Joinder Agreement thereto, dated as of the date hereof, by and among Beagle, the Company, the Guarantors and the Representatives. 

Additional Interest: See Section 4(a) hereof. 

 Advice: See the last paragraph of Section 5 hereof. 

Agreement: See the introductory paragraphs hereto. 
 Applicable Period: See Section 2(b) hereof. 
 Beagle: See the
introductory paragraphs hereto. 
 Board: See Section 3(a) hereof. 

Business Day: Shall have the meaning ascribed to such term in Rule 14d-1 under the Exchange Act. 

Company: See the introductory paragraphs hereto. 
 Effectiveness Date: With respect to any Shelf Registration Statement, the 90th day after the Filing Date with respect thereto; provided, however, that if the Effectiveness Date would
otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 

Effectiveness Period: See Section 3(a) hereof. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

Exchange Notes: See Section 2(a) hereof. 
 Exchange Notes Guarantees: See Section 2(a) hereof. 
 Exchange
Offer: See Section 2(a) hereof. 
 Exchange Offer Registration Statement: See Section 2(a) hereof.

 Exchange Securities: See Section 2(a) hereof. 

Filing Date: The 90th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided,
however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 
 FINRA: See Section 5(r) hereof. 
 GS Note Purchasers: See the
introductory paragraphs hereto. 
 Guarantees: See the introductory paragraphs hereto. 

Guarantors: See the introductory paragraphs hereto. 
 Holder: Any holder of a Registrable Security or Registrable Securities, including, where applicable, each Participating Broker-Dealer. 

  
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 Indenture: See the introductory paragraphs hereto. 

Information: See Section 5(n) hereof. 
 Initial Purchasers: See the introductory paragraphs hereto. 
 Initial
Shelf Registration: See Section 3(a) hereof. 
 Inspectors: See Section 5(n) hereof. 

Issue Date: November 2, 2011, the date of original issuance of the Notes. 

Notes: See the introductory paragraphs hereto. 
 Participant: See Section 7(a) hereof. 
 Participating
Broker-Dealer: See Section 2(b) hereof. 
 Person: An individual, trustee, corporation, partnership, limited
liability company, joint stock company, trust, unincorporated association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof. 
 Private Exchange
Notes: See Section 2(b) hereof. 
 Prospectus: The prospectus included in any Registration Statement (including,
without limitation, any prospectus subject to completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A under the Securities Act and
any term sheet filed pursuant to Rule 434 under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the
introductory paragraphs hereof. 
 Purchasers: See the introductory paragraphs hereto. 

Records: See Section 5(n) hereof. 
 Registrable Securities: Each Security upon its original issuance and at all times subsequent thereto, each Exchange Security as to which Section 2(c)(iv) hereof is applicable upon original
issuance and at all times subsequent thereto and each Private Exchange Note (and the related Guarantees) upon original issuance thereof and at all times subsequent thereto, until, in each case, the earliest to occur of (i) a Registration
Statement (other than, with respect to any Exchange Securities as to which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Security, Exchange Security or Private Exchange Note (and the

  
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related Guarantees) has been declared effective by the SEC and such Security, Exchange Security or such Private Exchange Note (and the related Guarantees), as the case may be, has been disposed
of in accordance with such effective Registration Statement, (ii) such Security has been exchanged pursuant to the Exchange Offer for an Exchange Security or Exchange Securities that may be resold without restriction under state and federal
securities laws, (iii) such Security, Exchange Security or Private Exchange Note (and the related Guarantees), as the case may be, ceases to be outstanding for purposes of the applicable Indenture or (iv) the later of (x) the date
which is two years after the date the Securities were originally issued and (y) the date upon which such Security, Exchange Security or Private Exchange Note (and the related Guarantees), as the case may be, has been resold in compliance with
Rule 144; provided that such Security, Exchange Security or Private Exchange Note (and the related Guarantees) does not bear any restrictive legend relating to the Securities Act and does not bear a restricted CUSIP number. 

Registration Default: See Section 4(a) hereof. 
 Registration Statement: Any registration statement of the Company that covers any of the Securities, the Exchange Securities or the Private Exchange Notes (and the related Guarantees) filed with
the SEC under the Securities Act, including, in each case, the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be
incorporated by reference in such registration statement. 
 Rule 144: Rule 144 under the Securities Act. 

Rule 144A: Rule 144A under the Securities Act. 
 Rule 405: Rule 405 under the Securities Act. 
 Rule 415: Rule 415
under the Securities Act. 
 Rule 424: Rule 424 under the Securities Act. 

SEC: The U.S. Securities and Exchange Commission. 
 Securities: See the introductory paragraphs hereto. 
 Securities
Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 
 Shelf
Notice: See Section 2(c) hereof. 
 Shelf Registration: See Section 3(b) hereof. 

Shelf Registration Statement: Any Registration Statement relating to a Shelf Registration. 

Shelf Suspension Period: See Section 3(a) hereof. 

  
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 Subsequent Shelf Registration: See Section 3(b) hereof. 

TIA: The Trust Indenture Act of 1939, as amended. 
 Trustee: The trustee under the Indenture and the trustee under any indenture (if different) governing the Exchange Securities and Private Exchange Notes (and the related Guarantees). 

Underwritten registration or underwritten offering: A registration in which securities of the Company are sold to an underwriter
for reoffering to the public. 
 Except as otherwise specifically provided, all references in this Agreement to acts, laws,
statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any amendments thereto and all subsequent Regulatory
Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A. 
 2. Exchange Offer 
 (a) Unless the Exchange Offer would violate applicable
law or any applicable interpretation of the staff of the SEC, each of the Company and the Guarantors shall use their respective commercially reasonable efforts to file with the SEC one or more Registration Statements (each, an “Exchange
Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Securities for a like aggregate principal amount of
debt securities of the applicable series of the Company (such debt securities, the “Exchange Notes”), guaranteed, to the extent applicable, on an unsecured senior basis by the Guarantors, (the “Exchange Notes
Guarantees” and, together with the Exchange Notes, the “Exchange Securities”), that are substantially identical in all material respects to the Notes except that the Exchange Notes (i) shall contain no restrictive
legend thereon, (ii) shall accrue interest from (A) the later of (x) the last date on which interest was paid on such Notes or (y) if such Notes are surrendered for exchange on a date in a period that includes the record date for
an interest payment date to occur on or after the date of such exchange and as to which interest will be paid, the date of such interest payment date or (B) if no such interest has been paid, from the Issue Date and (iii) shall be entitled
to the benefits of the Indenture or a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in
either case, has been qualified under the TIA. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Company and the Guarantors shall use their respective
commercially reasonable efforts to (x) prepare and file with the SEC the Exchange Offer Registration Statement with respect to the Exchange Offer; (y) keep the Exchange Offer open for at least 20 Business Days (or longer if required by
applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or prior to the 365th day following the Issue Date. 

  
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 Each Holder (including, without limitation, each Participating Broker-Dealer) that
participates in the Exchange Offer, as a condition to participation in the Exchange Offer, will be required to represent to the Company in writing (which may be contained in the applicable letter of transmittal) substantially to the effect that:
(i) any Exchange Securities acquired in exchange for Registrable Securities tendered are being acquired in the ordinary course of business of the Person receiving such Exchange Securities, whether or not such recipient is such Holder itself;
(ii) at the time of the commencement or consummation of the Exchange Offer neither such Holder nor, to the actual knowledge of such Holder, any other Person receiving Exchange Securities from such Holder has an arrangement or understanding with
any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of the Securities Act; (iii) neither the Holder nor, to the knowledge of such Holder, any other
Person receiving Exchange Securities from such Holder is an “affiliate” (as defined in Rule 405) of either the Company or any Guarantor; (iv) if such Holder is not a broker-dealer, neither such Holder nor, to the knowledge of such
Holder, any other Person receiving Exchange Securities from such Holder is engaging in or intends to engage in a distribution of the Exchange Securities; and (v) if such Holder is a Participating Broker Dealer, such Holder has acquired the
Registrable Securities for its own account in exchange for Securities that were acquired as a result of market-making activities or other trading activities and that it will comply with the applicable provisions of the Securities Act (including, but
not limited to, the prospectus delivery requirements thereunder). 
 Upon consummation of the Exchange Offer in accordance with
this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Securities that are Private Exchange Notes (and the related Guarantees), Exchange Securities as to which
Section 2(c)(iv) hereof is applicable and Exchange Securities held by Participating Broker-Dealers, and the Company and the Guarantors shall have no further obligation to register Registrable Securities (other than Private Exchange Notes (and
the related Guarantees) and Exchange Securities as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 

(b) The Company shall include within the Prospectus contained in the Exchange Offer Registration Statement a section entitled “Plan
of Distribution,” which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter” status of any broker-dealer that is the “beneficial owner”
(as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange Offer (a “Participating Broker Dealer”), whether such positions or policies have been publicly disseminated by the
staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the
SEC, the use of the Prospectus by all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell the Exchange Securities in compliance with the Securities Act. 

Each of the Company and the Guarantors shall use its commercially reasonable efforts to keep the Exchange Offer Registration Statement
effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered 

  
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by all Persons subject to the prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the
Exchange Securities; provided, however, that such period shall not be required to exceed 90 days, such period as extended, if at all, pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”).

 If, prior to consummation of the Exchange Offer, the Initial Purchasers hold any Notes acquired by them that have the status
of an unsold allotment in the initial distribution, the Company, upon the request of the Initial Purchasers, shall simultaneously with the delivery of the Exchange Notes issue and deliver to the Initial Purchasers, in exchange (the “Private
Exchange”) for such Notes held by any such Holder, a like principal amount of notes (the “Private Exchange Notes”) of the Company, guaranteed by the Guarantors, that are identical in all material respects to the Exchange
Notes except for the placement of a restrictive legend on such Private Exchange Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes if permitted
by the CUSIP Service Bureau. 
 In connection with the Exchange Offer, the Company and the Guarantors shall:

 (1) mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy
of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
 (2) use their respective commercially reasonable efforts to keep the Exchange Offer open for not less than 20 Business Days from the date that notice of the Exchange Offer is mailed to Holders (or longer
if required by applicable law); 
 (3) utilize the services of a depositary for the Exchange Offer with an
address in the Borough of Manhattan, The City of New York or in Wilmington, Delaware; 
 (4) permit Holders to
withdraw tendered Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer remains open; and 
 (5) otherwise comply in all material respects with all laws, rules and regulations applicable to the Exchange Offer. 
 As soon as practicable after the close of the Exchange Offer and any Private Exchange, the Company and the Guarantors shall: 

(1) accept for exchange all Registrable Securities validly tendered and not validly withdrawn pursuant to the Exchange
Offer and any Private Exchange; 
 (2) deliver to the Trustee for cancellation all Registrable Securities so
accepted for exchange; and 

  
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 (3) cause the Trustee to authenticate and deliver promptly to each Holder of
Notes, Exchange Notes or Private Exchange Notes, as the case may be, equal in principal amount to the Notes of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a depositary, authentication
and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement.

 The Exchange Offer and the Private Exchange shall not be subject to any conditions, other than that (i) the Exchange
Offer or Private Exchange, as the case may be, does not violate applicable law or any applicable interpretation of the staff of the SEC; (ii) no action or proceeding shall have been instituted or threatened in any court or by any governmental
agency which might materially impair the ability of the Company to proceed with the Exchange Offer or the Private Exchange, and no material adverse development shall have occurred in any existing action or proceeding with respect to the Company;
(iii) all governmental approvals shall have been obtained, which approvals the Company deems necessary for the consummation of the Exchange Offer or Private Exchange and (iv) the Holders shall have satisfied customary conditions relating
to the delivery of Securities and the execution and delivery of customary documentation relating to the Exchange Offer. 
 The
Exchange Securities and the Private Exchange Notes (and related guarantees) shall be issued under (i) the Indenture or (ii) an indenture substantially identical in all material respects to the Indenture and which, in either case, have been
qualified under the TIA or are exempt from such qualification and shall provide that the Exchange Securities shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such other indenture shall provide that the
Exchange Notes, the Private Exchange Notes and the Notes shall vote and consent together on all matters as one class and that none of the Exchange Notes, the Private Exchange Notes or the Notes will have the right to vote or consent as a separate
class on any matter. 
 (c) If, (i) because of any change in law or in currently prevailing interpretations of the staff of
the SEC, the Company or the Guarantors are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated within 365 days of the Issue Date, (iii) any holder of Private Exchange Notes so requests in writing to the
Company at any time within 30 days after the consummation of the Exchange Offer, or (iv) in the case of any Holder that participates in the Exchange Offer, such Holder does not receive Exchange Securities on the date of the exchange that may be
sold without restriction under state and federal securities laws (other than due solely to the status of such Holder as an affiliate of the Company or any Guarantor within the meaning of the Securities Act) and so notifies the Company within 30 days
after such Holder first becomes aware of such restrictions (but in any event no later than 30 days after the consummation of the Exchange Offer), in the case of each of clauses (i) to and including (iv) of this sentence, then the Company
and the Guarantors shall promptly deliver to the Trustee (to deliver to the Holders) written notice thereof (the “Shelf Notice”) and shall file a Shelf Registration pursuant to Section 3 hereof. 

  
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 3. Shelf Registration 

If at any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 

(a) Shelf Registration. The Company and the Guarantors shall promptly file with the SEC a Registration Statement for an offering
to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities (the “Initial Shelf Registration”). The Company and the Guarantors shall use their respective commercially reasonable efforts to file
with the SEC the Initial Shelf Registration on or prior to the Filing Date. The Initial Shelf Registration shall be on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by Holders in the manner or
manners designated by them (including, without limitation, one or more underwritten offerings). 
 The Company and the
Guarantors shall use their respective commercially reasonable efforts to cause the Shelf Registration to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Initial Shelf Registration continuously
effective under the Securities Act until the earliest of (i) the date that is one year following the effective date of such Shelf Registration Statement, (ii) such shorter period ending when all Registrable Securities covered by the
Initial Shelf Registration have been sold in the manner set forth and as contemplated in the Initial Shelf Registration or, if applicable, a Subsequent Shelf Registration or (iii) the date upon which all Registrable Securities have been sold
(the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration shall be extended to the extent required to permit dealers to comply with the applicable
prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. Notwithstanding anything to the contrary in this Agreement, at any time, the Company may delay the filing of any Initial Shelf Registration
Statement or delay or suspend the effectiveness thereof, for a reasonable period of time, but not in excess of 60 consecutive days or more than three (3) times during any calendar year (each, a “Shelf Suspension Period”), if
the Board of Directors of the Company or a similar governing body of any parent company of the Company (each, a “Board”) determines reasonably and in good faith that the filing of any such Initial Shelf Registration Statement or the
continuing effectiveness thereof would require the disclosure of non-public material information that, in the reasonable judgment of such Board, would be detrimental to the Company if so disclosed or would otherwise materially adversely affect a
financing, acquisition, disposition, merger or other material transaction or such action is required by applicable law. 
 (b)
Withdrawal of Stop Orders; Subsequent Shelf Registrations. If the Initial Shelf Registration or any Subsequent Shelf Registration ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the
sale of all of the Securities registered thereunder), the Company and the Guarantors shall use their respective commercially reasonable efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall
file an additional Shelf Registration Statement pursuant to Rule 415 covering all of the Registrable Securities covered by and not sold under the Initial Shelf Registration or an earlier Subsequent Shelf Registration (each, a “Subsequent
Shelf Registration”). If a Subsequent Shelf Registration is filed, the Company and the Guarantors shall use their respective commercially reasonable efforts to cause the Subsequent Shelf Registration to be declared effective under the
Securities Act as soon as practicable after such filing and to keep such 

  
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subsequent Shelf Registration continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number of days during which the Initial Shelf
Registration or any Subsequent Shelf Registration was previously continuously effective. As used herein, the term “Shelf Registration” means the Initial Shelf Registration and any Subsequent Shelf Registration. 

(c) Supplements and Amendments. The Company and the Guarantors shall promptly supplement and amend the Shelf Registration if
required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate principal amount of the
Registrable Securities (or their counsel) covered by such Registration Statement with respect to the information included therein with respect to one or more of such Holders, or, if reasonably requested by any underwriter of such Registrable
Securities, with respect to the information included therein with respect to such underwriter. 
 4. Additional Interest

 (a) The Company, the Guarantors and the Initial Purchasers agree that the Holders will suffer damages if the Company and the
Guarantors fail to fulfill their obligations under Section 2 or Section 3 hereof, as further specified in this Section 4 (each, a “Registration Default”), and that it would not be feasible to ascertain the extent of
such damages with precision. Accordingly, the Company and the Guarantors agree to pay, jointly and severally, as liquidated damages, additional interest on the Notes (“Additional Interest”) if (A) the Company and the Guarantors
have neither (i) exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the Exchange Offer nor (ii) had a Shelf Registration Statement declared effective, in either case on or prior to the 365th
day after the Issue Date, (B) notwithstanding clause (A), the Company and the Guarantors are required to file a Shelf Registration Statement and such Shelf Registration Statement is not declared effective on or prior to the 90th day after the
date such Registration Statement filing was requested or required or (C), if applicable, a Shelf Registration has been declared effective and such Shelf Registration ceases to be effective at any time during the Effectiveness Period (other than
because of the sale of all of the Securities registered thereunder), then Additional Interest shall accrue on the principal amount of the Notes then outstanding (but, following the consummation of the Exchange Offer, only on the principal amount of
such Notes that could not be exchanged or were not exchanged as specified in Section 2(c) hereof) at a rate of 0.25% per annum (which rate will be increased by an additional 0.25% per annum for each subsequent 90-day period that such
Additional Interest continues to accrue, provided that the rate at which such Additional Interest accrues may in no event exceed 1.00% per annum) (such Additional Interest to be calculated by the Company) commencing on the (x) 366st
day after the Issue Date, in the case of (A) above, (y) the 366st day after the date such Shelf Registration Statement filing was requested or required in the case of (B) above or (z) the day such Shelf Registration ceases to be
effective in the case of (C) above; provided, however, that upon the exchange of the Exchange Securities for all Securities tendered (in the case of clause (A) of this Section 4), upon the effectiveness of the applicable
Shelf Registration Statement (in the case of (B) of this Section 4), or upon the effectiveness of the applicable Shelf Registration Statement which had ceased to remain effective (in the case of (C) of this Section 4), Additional
Interest on the Notes in respect of which such events relate as a result of such 

  
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clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. Notwithstanding any other provisions of this Section 4, the Company and the Guarantors shall not be
obligated to pay Additional Interest provided in Section 4(a)(B) hereof during a Shelf Suspension Period permitted by Section 3(a) hereof. The obligation of the Company and the Guarantors to pay Additional Interest as set forth in this
Section 4 shall be the sole and exclusive monetary remedy of the Holders and Participating Broker-Dealers for any Registration Default. Notwithstanding anything to the contrary herein, (i) the amount of Additional Interest payable shall
not increase because more than one Registration Default has occurred and is continuing and (ii) a Holder or Participating Broker-Dealer that is not entitled to the benefits of the Shelf Registration shall not be entitled to Additional Interest
with respect to any Registration Default that pertains to the Shelf Registration. 
 (b) The Company shall notify the Trustee
within five Business Days after the occurrence of a Registration Default in respect of which Additional Interest is required to be paid. Any amounts of Additional Interest due pursuant to clause (a) of this Section 4 will be payable in
cash semiannually on each June 30 and December 31 (to the holders of record on the June 15 and December 15 immediately preceding such dates), in each case commencing with the first such date occurring after any such Additional
Interest commences to accrue. The amount of Additional Interest will be determined by the Company by multiplying the applicable Additional Interest rate by the applicable principal amount of the Registrable Securities (as determined pursuant to
Section 4(a) hereof), multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30 day months and, in
the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 
 5. Registration
Procedures 
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the
Company and the Guarantors shall use their respective commercially reasonable efforts to effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the Company and the Guarantors hereunder the Company and the Guarantors shall: 
 (a) Use their respective commercially reasonable efforts to prepare and file with the SEC (prior to the applicable Filing Date in the case of a Shelf Registration), a Registration Statement or
Registration Statements as prescribed by Section 2 or 3 hereof, and use their respective commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein; provided,
however, that if (1) such filing is pursuant to Sections 2 or 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period relating thereto from whom the Company has received prior written notice that it will be a Participating Broker-Dealer in the
Exchange Offer, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Company and the Guarantors shall furnish to and afford (x) counsel for the GS Note Purchasers (in the case of a filing pursuant
to Section 2 hereof under clause (1) above), (y) counsel for the Holders of the Registrable 

  
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Securities covered by such Registration Statement (with respect to a Registration Statement filed pursuant to Section 3 hereof) or (z) counsel for such Participating Broker-Dealer (with
respect to any such Registration Statement), as the case may be, and counsel to the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference
therein and all exhibits thereto) proposed to be filed (in each case at least three Business Days prior to such filing). The Company and the Guarantors shall not file any Registration Statement or Prospectus or any amendments or supplements thereto
if the Holders of a majority in aggregate principal amount of the Registrable Securities covered by such Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object. 

(b) Prepare and file with the SEC such amendments and post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period, the Applicable Period or until consummation of the Exchange Offer, as the case may be; cause the
related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424; and comply with the provisions of the Securities Act and the Exchange Act applicable to them with
respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer
covered by any such Prospectus in all material respects. The Company and the Guarantors shall be deemed not to have used their respective commercially reasonable efforts to keep a Registration Statement effective if they voluntarily take any action
that is reasonably expected to result in selling Holders of the Registrable Securities covered thereby or Participating Broker-Dealers seeking to sell Exchange Securities not being able to sell such Registrable Securities or such Exchange Securities
during that period unless such action is required by applicable law or permitted by this Agreement. 
 (c) If (1) a Shelf
Registration is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period relating thereto from whom the Company has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of
Registrable Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker-Dealer (with respect to any such Registration Statement), as the case may be, their counsel and the managing
underwriters, if any, promptly (but in any event within three Business Days), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Company, one conformed copy of
such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending
the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a

  
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prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Securities or resales of Exchange Securities by Participating Broker-Dealers the
representations and warranties of the Company and the Guarantors contained in any agreement (including any underwriting agreement) contemplated by Section 5(m) hereof cease to be true and correct in all material respects, (iv) of the
receipt by the Company and the Guarantors of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Securities or the Exchange Securities to be sold
by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known
that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or
amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of the Company’s determination that a post-effective amendment to a Registration Statement would be
appropriate. 
 (d) Use their respective commercially reasonable efforts to prevent the issuance of any order suspending the
effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Securities or the Exchange Securities to be sold
by any Participating Broker-Dealer, for sale in any jurisdiction. 
 (e) If a Shelf Registration is filed pursuant to
Section 3 hereof and if requested during the Effectiveness Period by the managing underwriter or underwriters (if any) or the Holders of a majority in aggregate principal amount of the Registrable Securities being sold in connection with an
underwritten offering, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the managing underwriter or underwriters (if any), such Holders or counsel for either of them
reasonably request to be included therein and (ii) make all required filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company and the Guarantors have received notification of the matters to
be incorporated in such prospectus supplement or post-effective amendment. 
 (f) If (l) a Shelf Registration is filed
pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who
seeks to sell Exchange Securities during the Applicable Period, furnish to each selling Holder of Registrable Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof) and to each such Participating Broker-Dealer
(with respect to any such Registration Statement) and to their respective counsel and each managing underwriter, if any, upon request and at the sole expense of the Company, one conformed copy of the Registration Statement

  
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or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated
therein by reference and all exhibits. 
 (g) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or
(2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during
the Applicable Period, deliver to each selling Holder of Registrable Securities (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating Broker Dealer (with respect to any such Registration
Statement), as the case may be, their respective counsel, and the underwriters, if any, at the sole expense of the Company, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or
supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Company and the Guarantors hereby consent to the use of such Prospectus and
each amendment or supplement thereto by each of the selling Holders of Registrable Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering
and sale of the Registrable Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any amendment or supplement thereto. 

(h) Prior to any public offering of Registrable Securities or any delivery of a Prospectus contained in the Exchange Offer Registration
Statement by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, use their respective commercially reasonable efforts to register or qualify, and to cooperate with the selling Holders of Registrable
Securities or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or
qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters
reasonably request in writing; provided, however, that where Exchange Securities held by Participating Broker-Dealers or Registrable Securities are offered other than through an underwritten offering, the Company and the Guarantors
agree to use their respective commercially reasonable efforts to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such registration or
qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things necessary or advisable to enable the disposition in such jurisdictions of the
Exchange Securities held by Participating Broker-Dealers or the Registrable Securities covered by the applicable Registration Statement; provided, however, that the Company and the Guarantors shall not be required to (A) qualify
generally to do business in any jurisdiction where they are not then so qualified, (B) take any action that would subject them to general service of process in any such jurisdiction where they are not then so subject or (C) subject
themselves to taxation in excess of a nominal dollar amount in any such jurisdiction where they are not then so subject. 
 (i)
If a Shelf Registration is filed pursuant to Section 3 hereof, cooperate with 

  
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the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable
Securities to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Securities to be in such denominations (subject to applicable
requirements contained in the Indenture) and registered in such names as the managing underwriter or underwriters, if any, or Holders may reasonably request. 
 (j) [Reserved]. 
 (k) If (1) a Shelf Registration is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Securities during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole
expense of the Company, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated therein by reference so that (but only to such an extent that), as thereafter
delivered to the purchasers of the Registrable Securities being sold thereunder (with respect to a Registration Statement filed pursuant to Section 3 hereof) or to the purchasers of the Exchange Securities to whom such Prospectus will be
delivered by a Participating Broker-Dealer (with respect to any such Registration Statement), any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (l) Prior to the
effective date of the first Registration Statement relating to the Registrable Securities, (i) if then in certificated form, provide the Trustee with certificates for the Registrable Securities in a form eligible for deposit with The Depository
Trust Company and (ii) provide a CUSIP number for the Registrable Securities. 
 (m) In connection with any underwritten
offering of Registrable Securities pursuant to a Shelf Registration, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities (including, without limitation, a customary condition to
the obligations of the underwriters that the underwriters shall have received “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent
certified public accountants of the Company (and, if necessary, any other independent certified public accountants of the Company, or of any business acquired by the Company, for which financial statements and financial data are, or are required to
be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in
connection with underwritten offerings of debt securities similar to the Securities), and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the
disposition of such Registrable Securities and, in such connection, (i) make such representations and warranties to, and covenants with, the underwriters with respect to the business of the Company and the Guarantors (including any acquired
business, properties or entity, 

  
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if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers
to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when reasonably requested; (ii) use their respective commercially reasonable efforts to obtain the written opinions
of counsel to the Company and the Guarantors, and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in
opinions reasonably requested in underwritten offerings (it being agreed that Ropes & Gray LLP is deemed to be counsel that is reasonably acceptable); and (iii) if an underwriting agreement is entered into, the same shall contain
indemnification provisions and procedures requested by the underwriters or no less favorable to the sellers than those set forth in Section 7 hereof (or such other provisions and procedures reasonably acceptable to Holders of a majority in
aggregate principal amount of Registrable Securities covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The above shall be done at each closing under such underwriting agreement, or as and to the
extent required thereunder. 
 (n) If (1) a Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, make available for inspection by any Initial Purchaser, any selling Holder of such Registrable Securities being sold (with respect to a Registration Statement filed pursuant to Section 3 hereof), or each such Participating
Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Securities, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer
(with respect to any such Registration Statement), as the case may be, or underwriter (any such Initial Purchasers, Holders, Participating Broker-Dealers, underwriters, attorneys, accountants or agents, collectively, the
“Inspectors”), upon written request, at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, pertinent corporate documents and instruments of each of the Company and the
Guarantors and subsidiaries of each of the Company and the Guarantors (collectively, the “Records”), as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers,
directors and employees of the Company and the Guarantors and any of their respective subsidiaries to supply, during reasonable business hours, all information (“Information”) reasonably requested by any such Inspector in connection
with such due diligence responsibilities. Each Inspector shall agree in writing that it will keep the Records and Information confidential, to use the Information only to the extent necessary for due diligence purposes under applicable securities
laws, to abstain from using the Information as the basis for any market transactions in Securities of the Company (or for any purpose other than the satisfaction of its due diligence responsibilities in connection with such Shelf Registration or
Exchange Offer Registration Statement, as applicable) and that it will not disclose any of the Records or Information that the Company and the Guarantors determine, in good faith, to be confidential and notifies the Inspectors in writing are
confidential unless (i) the disclosure of such Records or Information is necessary to avoid or correct a material misstatement or omission in such Registration Statement or Prospectus (in the case of any Prospectus, considered in the light of
the circumstances under which it was made), (ii) the release of such Records or Information is ordered pursuant to a subpoena or other order from a court of competent 

  
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jurisdiction, (iii) disclosure of such Records or Information is necessary or advisable, in the reasonable opinion of counsel for any Inspector, in connection with any action, claim, suit or
proceeding, directly or indirectly, involving or potentially involving such Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising
hereunder or thereunder, or (iv) the information in such Records or Information has been made generally available to the public other than by an Inspector or an “affiliate” (as defined in Rule 405) thereof; provided, that the
foregoing gathering of Records and Information by the Inspectors shall, to the greatest extent possible, be coordinated on behalf of Holders and any other parties entitled thereto (including any Participating Broker-Dealers) by one counsel
designated by them; and provided, further, that prior written notice shall be provided as soon as practicable to the Company of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of
this sentence to permit the Company to obtain a protective order (or waive the provisions of this paragraph (n)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if
practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder (including any Participating Broker-Dealer) or any Inspector. 

(o) Provide an indenture trustee for the Registrable Securities or the Exchange Securities, as the case may be, and cause the Indenture
or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Registrable Securities; and in connection
therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Securities, to effect such changes (if any) to such indenture as may be required for such indenture to be so qualified in accordance with the terms of
the TIA; and execute, and use its commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture
to be so qualified in a timely manner. 
 (p) Comply in all material respects with all applicable rules and regulations of the
SEC, and make generally available to their securityholders with regard to any applicable Registration Statement a consolidated earning statement (which need not be audited) satisfying the provisions of Section 11(a) of the Securities Act and
Rule 158 thereunder (or any similar rule promulgated under the Securities Act) for the 12-month period beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the first Registration Statement
required by this Agreement; provided that this requirement shall be deemed satisfied by the Company by complying with the applicable reporting covenant of the Indenture. 

(q) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Securities by Holders to the
Company (or to such other Person as directed by the Company), in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees), as the case may be, if then in certificated form, the Company shall mark, or cause to
be marked, on such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or the Private Exchange Notes (and the related Guarantees), as the case may be; in no event shall such Registrable
Securities be marked as paid or otherwise satisfied. 

  
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 (r) Cooperate with each seller of Registrable Securities covered by any Registration
Statement and each underwriter, if any (including any “qualified independent underwriter” that is required to be retained in accordance with the rules and regulations of the Financial Industry Regulatory Authority
(“FINRA”)), participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA. 

(s) Use their respective commercially reasonable efforts to take all other steps reasonably necessary to effect the registration of the
Exchange Securities and/or Registrable Securities covered by a Registration Statement contemplated hereby. 
 The Company may
require each seller of Registrable Securities as to which any registration is being effected to furnish to the Company in writing such information regarding such seller and the distribution of such Registrable Securities as the Company may, from
time to time, reasonably request. The Company may exclude from such registration the Registrable Securities of any seller so long as such seller fails to furnish such information in writing within a reasonable time after receiving such request. Each
seller as to which any Shelf Registration is being effected agrees to furnish promptly in writing to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such seller not
materially misleading. 
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any
securities of the Company, then such Holder shall have the right to require (to the extent not objected to by the SEC) (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the
holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii) in the event that such reference to such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder
in any amendment or supplement to the Registration Statement filed or prepared subsequent to the time that such reference ceases to be required. 
 Each Holder of Registrable Securities and each Participating Broker-Dealer agrees by its acquisition of such Registrable Securities or Exchange Securities to be sold by such Participating Broker Dealer,
as the case may be, that, upon actual receipt of any notice from the Company of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of
such Registrable Securities covered by such Registration Statement or Prospectus or Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s
receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be resumed, and
has received copies of any amendments or supplements thereto. In the event that the Company shall give any such notice, each of the Applicable Period and the Effectiveness Period shall be extended by the number of days during such periods from and
including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement or 

  
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Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of the supplemented or amended Prospectus contemplated by
Section 5(k) hereof or (y) the Advice. 
 6. Registration Expenses 

(a) All fees and expenses incident to the performance of or compliance with this Agreement by the Company and the Guarantors of their
obligations under Sections 2, 3, 5 and 8 hereof shall be borne by the Company and the Guarantors, jointly and severally, whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes effective or
the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection with an underwritten
offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities or
Exchange Securities and determination of the eligibility of the Registrable Securities or Exchange Securities for investment under the laws of such jurisdictions in the United States (x) where the Holders of Registrable Securities are located,
in the case of the Exchange Securities, or (y) as provided in Section 5(h) hereof, in the case of Registrable Securities or Exchange Securities to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing
expenses, including, without limitation, printing Prospectuses if the printing of Prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Securities
included in any Registration Statement or in respect of Registrable Securities or Exchange Securities to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) fees and expenses of the Trustee and any
exchange agent retained by the Company and the Guarantors and their counsel, (iv) fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration, fees and disbursements of one firm of counsel, plus
one local counsel (if necessary) for all of the sellers of Registrable Securities selected by the Holder of a majority in aggregate principal amount of Registrable Securities covered by such Shelf Registration (which counsel shall be reasonably
satisfactory to the Company) exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m) hereof (including, without
limitation, the expenses of any “cold comfort” letters required by or incident to such performance), (vi) rating agency fees, if any, and any fees associated with making the Registrable Securities or Exchange Securities eligible for
trading through The Depository Trust Company, (vii) Securities Act liability insurance, if the Company and the Guarantors desire such insurance, (viii) fees and expenses of all other Persons retained by the Company and the Guarantors,
(ix) internal expenses of the Company and the Guarantors (including, without limitation, all salaries and expenses of officers and employees of the Company and the Guarantors performing legal or accounting duties), (x) the expense of any
annual audit, (xi) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable and (xii) the
expenses relating to printing, word processing and distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. 

  
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 (b) In connection with any Registration Statement required by this Agreement (other than the
Exchange Offer Registration Statement), the Company and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being resold pursuant to the “Plan of Distribution”
contained in the Shelf Registration Statement for the reasonable fees and disbursements of not more than one counsel, who shall be Cahill Gordon & Reindel LLP or such other counsel as may be chosen by the Holders of a
majority in principal amount of the Transfer Restricted Securities for whose benefit such Shelf Registration Statement is being prepared. 
 7. Indemnification and Contribution. 
 (a) The Company and the Guarantors
jointly and severally agree to indemnify and hold harmless each Holder of Registrable Securities and each Participating Broker-Dealer selling Exchange Securities during the Applicable Period, and each Person, if any, who controls such Person or its
affiliates within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”) against any losses, claims, damages or liabilities, joint or several, to which any Participant may
become subject under the Securities Act, the Exchange Act or otherwise, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

(i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Company or any of the Guarantors shall have furnished any amendments or supplements thereto); or 

(ii) the omission or alleged omission to state, in any Registration Statement (or any amendment thereto) or Prospectus (as
amended or supplemented if the Company or any of the Guarantors shall have furnished any amendments or supplements thereto), a material fact required to be stated therein or necessary to make the statements therein (in the case of any such
Prospectus, in the light of the circumstances under which such statement was made) not misleading; 
 and agree (subject to the limitations set
forth in the proviso to this sentence) to reimburse, as incurred, the Participant for any reasonable legal or other expenses incurred by the Participant in connection with investigating, defending against or appearing as a third-party witness in
connection with any such loss, claim, damage, liability or action; provided, however, neither the Company nor the Guarantors will be liable in any case under this Section 7(a) to the extent that any such loss, claim, damage, or
liability (A) arises out of or is based upon any untrue statement or omission or alleged untrue statement or alleged omission made in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Company
or any of the Guarantors shall have furnished any amendments or supplements thereto) or any amendment or supplement thereto in reliance upon and in conformity with written information relating to any Participant furnished to the Company or the
Guarantors by such Participant specifically for use therein or (B) arising from an offer or sale of Securities or Exchange Securities occurring during a Shelf Suspension Period by a Holder or Participating Broker-Dealer to whom the Company
theretofore provided notice thereof pursuant to Section 5(c) hereof. The indemnity provided for in this Section 7 will be in addition to any liability that the Company or any of the Guarantors

  
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may otherwise have to the indemnified parties. The Company and the Guarantors shall not be liable under this Section 7 to any indemnified party regarding any settlement or compromise or
consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent is consented to by the Company and the Guarantors, which consent shall not be unreasonably withheld. 

(b) Each Participant, severally and not jointly, agrees to indemnify and hold harmless the Company, the Guarantors, their respective
directors (or equivalent), their respective officers who sign any Registration Statement and each person, if any, who controls the Company or any Guarantor within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act against any losses, claims, damages or liabilities to which the Company, the Guarantors or any such director, officer or controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any Registration Statement or Prospectus or any
amendment or supplement thereto, (ii) the omission or the alleged omission to state therein a material fact necessary to make the statements therein not misleading (in the case of any such Prospectus, in the light of the circumstances under
which such statements were made), in each case to the extent, but only to the extent, that such untrue statement or omission or alleged untrue statement or alleged omission was made in reliance upon and in conformity with written information
concerning such Participant furnished to the Company or the Guarantors by or on behalf of such Participant specifically for use therein or (iii) an offer or sale of Securities or Exchange Securities occurring during a Shelf Suspension Period by
a Holder or Participating Broker-Dealer to whom the Company theretofore provided notice thereof pursuant to Section 5(c) hereof; and subject to the limitation set forth immediately preceding this clause, will reimburse, as incurred, any
reasonable legal or other expenses incurred by the Company, the Guarantors or any such director, officer or controlling person in connection with investigating or defending against or appearing as a third-party witness in connection with any such
loss, claim, damage, liability or action in respect thereof. The indemnity provided for in this Section 7 will be in addition to any liability that the Participants may otherwise have to the indemnified parties. A Participant shall not be
liable under this Section 7 to any indemnified party regarding any settlement or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification
or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such Participant, which consent shall not be
unreasonably withheld. 
 (c) Promptly after receipt by an indemnified party under this Section 7 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party of the commencement thereof in writing; but the omission to
so notify the indemnifying party (i) will not relieve it from any liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the
indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the 

  
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indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraphs (a) and (b) above. The indemnifying party shall be
entitled to appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the indemnified party or parties except as set forth
below); provided, however, that such counsel shall be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel (including local counsel) to represent the indemnified
party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of
counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest (based on the advice of counsel to the indemnified party); (ii) such action includes both the indemnified party
and the indemnifying party and the indemnified party shall have reasonably concluded (based on the advice of counsel to the indemnified party) that there may be legal defenses available to it and/or other indemnified parties that are different from
or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time after notice
of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood and agreed that the indemnifying party shall not, in
connection with any proceeding or separate but related or substantially similar proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one
separate firm (in addition to one local counsel in each applicable jurisdiction) representing the indemnified parties under paragraph (a) or paragraph (b) of this Section 7, as the case may be, who are parties to such action or
actions. Any such separate firm for any Participants shall be designated in writing by Participants who sold a majority in interest of the Registrable Securities and Exchange Securities sold by all such Participants in the case of paragraph
(a) of this Section 7 or the Company in the case of paragraph (b) of this Section 7. An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of
any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such
claim or action) unless such settlement, compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include any statement as to, or any
admission of, fault, culpability or failure to act by or on behalf of any indemnified party. All fees and expenses reimbursed pursuant to this paragraph (c) shall be reimbursed as they are incurred and following a written request therefor.

 (d) After notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and
approval by such indemnified party of counsel appointed to defend such action, the indemnifying party will not be liable to such indemnified party under this Section 7 for any legal or other expenses, other than reasonable costs of
investigation, subsequently incurred by such indemnified party in connection with the defense thereof, unless (i) the indemnified party shall have employed separate counsel in accordance with the third

  
 -22-

 
sentence of paragraph (c) of this Section 7 or (ii) the indemnifying party has authorized in writing the employment of counsel for the indemnified party at the expense of the
indemnifying party. After such notice from the indemnifying party to such indemnified party, the indemnifying party will not be liable for the costs and expenses of any settlement of such action effected by such indemnified party without the prior
written consent of the indemnifying party (which consent shall not be unreasonably withheld), unless such indemnified party waived in writing its rights under this Section 7, in which case the indemnified party may effect such a settlement
without such consent. 
 (e) In circumstances in which the indemnity agreement provided for in the preceding paragraphs of this
Section 7 is unavailable to, or insufficient to hold harmless, an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) (other than for the reasons specified in Section 7(a) or 7(b)
hereof, including by virtue of the failure of an indemnified party to notify the indemnifying party of its right to indemnification pursuant to paragraph (a) or (b) of this Section 7, where such failure materially prejudices the
indemnifying party (through the forfeiture of substantial rights or defenses)), each indemnifying party, in order to provide for just and equitable contribution, shall contribute to the amount paid or payable by such indemnified party as a result of
such losses, claims, damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the relative benefits received by the indemnifying party or parties on the one hand and the indemnified party on the
other from the offering of the Securities or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the indemnifying party or parties
on the one hand and the indemnified party on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative
benefits received by the Company and the Guarantors on the one hand and the Participants on the other shall be deemed to be in the same proportion that the total net proceeds from the offering (before deducting expenses) of the Securities received
by the Company bear to the total discounts and commissions received by the Participants in connection with the initial sale of the Securities by the Company (or if such Participant did not receive a discount from the Company with respect to the
initial sale of the Securities by the Company, the net proceeds received by such Participant from the sale of Securities, Exchange Securities or Private Exchange Notes pursuant to such Registration Statement). The relative fault of the parties shall
be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors on
the one hand, or the Participants on the other hand, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission, and any other equitable
considerations appropriate in the circumstances. The parties agree that it would not be equitable if the amount of such contribution were determined by pro rata or per capita allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the first sentence of this paragraph (e). Notwithstanding any other provision of this paragraph (e), no Participant shall be obligated to make contributions hereunder that in the aggregate exceed
the total discounts, commissions and other compensation or net proceeds, as applicable, on the sale of Securities received by such Participant in connection with the sale of the Securities, less the aggregate amount of any damages that such
Participant has otherwise been required to pay by reason 

  
 -23-

 
of the untrue or alleged untrue statements or the omissions or alleged omissions to state a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this paragraph (e), each person, if any, who controls a Participant within the
meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act shall have the same rights to contribution as the Participants, and each director, member or manager, as applicable, of each of the Company and the Guarantors,
each officer of each of the Company and the Guarantors and each person, if any, who controls each of the Company and the Guarantors within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, shall have the
same rights to contribution as the Company and the Guarantors. 
 8. Rules 144 and 144A 

The Company and the Guarantors covenant and agree that they will use their respective commercially reasonable efforts to file the reports
required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any
time the Company and the Guarantors are not required to file such reports and do not otherwise file such reports pursuant to the terms of the Indenture, the Company and the Guarantors will, upon the request of any Holder or beneficial owner of
Registrable Securities, make available such information necessary to permit sales pursuant to Rule 144A. The Company and the Guarantors further covenant and agree, for so long as any Registrable Securities remain outstanding that they will take such
further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of
the exemptions provided by Rule 144 under the Securities Act and Rule 144A unless the Company and the Guarantors are then subject to Section 13 or 15(d) of the Exchange Act or otherwise file such reports pursuant to the terms of the Indenture
and reports filed thereunder satisfy the information requirements of Rule 144A then in effect. 
 9. Underwritten
Registrations. 
 The Company and the Guarantors shall not be required to assist in an underwritten offering unless
requested by the Holders of a majority in aggregate principal amount of the Registrable Securities. If any of the Registrable Securities covered by any Shelf Registration are to be sold in an underwritten offering, the investment banker or
investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Securities included in such offering and shall be reasonably acceptable to the
Company and the Guarantors. 
 No Holder of Registrable Securities may participate in any underwritten registration hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 

  
 -24-

 10. Miscellaneous 

(a) No Inconsistent Agreements. None of the Company or the Guarantors have as of the date hereof entered, and none of the Company
or the Guarantors shall after the date of this Agreement enter, into any agreement with respect to any of the Company’s securities that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s other issued and outstanding
securities, if any, under any such agreements. None of the Company or the Guarantors will enter into any agreement with respect to any of the Company’s securities which will grant to any Person piggy-back registration rights with respect to any
Registration Statement; provided, however, that the Company may include in any Exchange Offer Registration Statement or Shelf Registration the 2019 Notes for the purpose of performing its obligation under the 2019 Notes Registration Rights
Agreement so long as and to the extent that the inclusion of such 2019 Notes does not materially adversely affect the rights granted to the Holders of Registrable Securities in this Agreement. 

(b) Adjustments Affecting Registrable Securities. The Company shall not, directly or indirectly, take any action with respect to
the Registrable Securities as a class that would adversely affect the ability of the Company and the Guarantors to consummate the Exchange Offer on the terms specified herein or effect any Shelf Registration required by this Agreement. 

(c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Company and the Guarantors, and (II) (A) the Holders of not less than a majority in aggregate principal amount of the then
outstanding Registrable Securities and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount of the Exchange Notes held
by all Participating Broker-Dealers; provided, however, that Section 7 hereof and this Section 10(c) may not be amended, modified or supplemented without the prior written consent of each Holder and each Participating
Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Securities or Exchange Securities, as the case may be, disposed of pursuant to any Registration Statement) affected by any such amendment,
modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Securities whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Securities may be given by Holders of at least a majority in aggregate principal amount of
the Registrable Securities being sold pursuant to such Registration Statement; and provided, further, that no consent is necessary from any Holder or Participating Broker-Dealer in the event that this Agreement is amended, modified or
supplemented for the purpose of curing any ambiguity, defect or inconsistency that does not adversely affect the rights of any Holder or Participating Broker-Dealer (as applicable). 

(d) Notices. All notices and other communications (including, without limitation,

  
 -25-

 
any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile:

 (i) If to a Holder of the Registrable Securities or any Participating Broker-Dealer, at the most current
address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the applicable Indenture, with a copy in like manner to the Initial Purchasers as follows: 

Barclays Capital Inc. 
 745 Seventh Avenue 
 New York, New York 10019 

Facsimile: (646) 834-8133 
 Attention: Syndicate Registration 
 with a copy, in the case of any notice
pursuant to Section 7 hereof, to: 
 Director of Litigation 

Office of the General Counsel 
 Barclays Capital Inc. 
 745 Seventh Ave. 

New York, New York 10019 
 Facsimile: (212) 520-0421 
 with a copy to: 

Cahill Gordon & Reindel LLP 
 80 Pine Street 
 New York, New York 10005 

Facsimile: (212) 269-5420 
 Attention: Stuart G. Downing, Esq. 
 Attention: Jennifer B. Ezring, Esq.

 (ii) If to the Initial Purchasers, at the address specified in Section 10(d)(i) hereof; 

(iii) If to the GS Note Purchasers 
 200 West Street 
 New York, New York 10282 

Facsimile: (212) 357-5505 
 Attention: Oliver Thym, Managing Director 
 with a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 
 One New York Plaza 
 New York, New York 10004 

Facsimile: (212) 859-4000 
 Attention: F. William Reindel 

  
 -26-

 (iv) If to Beagle, at the address as follows: 

c/o The Blackstone Group 
 345 Park Avenue 
 New York, NY 10154 

Facsimile: (212) 583-5749 
 Attention: Vikrant Sawhney 
 with a copy to: 

Ropes & Gray LLP 
 800 Boylston Street 
 Boston, Massachusetts 02199-3600 

Facsimile: (617) 235-0514 
 Attention: Craig E. Marcus, Esq. 
 (iii) If to the Company or any
of the Guarantors, at the address as follows: 
 Emdeon Inc. 

3055 Lebanon Pike, Suite 1000 
 Nashville, Tennessee 37214 
 Facsimile: (615) 340-6153 

Attention: Gregory T. Stevens 
 with a copy to: 
 Ropes & Gray LLP 

800 Boylston Street 
 Boston, Massachusetts 02199-3600 
 Facsimile: (617) 235-0514 

Attention: Craig E. Marcus, Esq. 
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; one Business Day after being timely delivered to a next-day air courier; and upon receipt of confirmation, if sent by facsimile. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture.

 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties, including, without limitation, 

  
 -27-

 
and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder and provided, further, that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture. 

(f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 

(h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH
OF THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their respective commercially reasonable efforts to find
and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have
executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
 (j) Notes Held by the Company or Any of the Guarantors or Any of Their Respective Affiliates. Whenever the consent or approval of Holders of a specified percentage of Registrable Securities is
required hereunder, Registrable Securities held by either the Company or any of the Guarantors or any of their respective controlled affiliates (as such term is defined in Rule 405) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage. 
 (k) Third-Party Beneficiaries. Holders of Registrable
Securities and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons to the extent necessary to protect the rights of the Holders hereunder. 

(l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein 

  
 -28-

 
and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one
hand and the Company and the Guarantors on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are
merged herein and replaced hereby. 
 [Remainder of Page Intentionally Blank] 

  
 -29-

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	BEAGLE ACQUISITION CORP.
		
	By:	 	 /s/ Geoffrey Strong

		 	Name: Geoffrey Strong
		 	Title:   Secretary
	
	EMDEON INC.
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title:   Secretary
	
	EBS MASTER LLC
	EXPRESSBILL LLC
	THE SENTINEL GROUP SERVICES LLC
	ENVOY LLC
	EQUICLAIM, LLC
	MEDIFAX-EDI, LLC
	 CHAPIN REVENUE CYCLE MANAGEMENT, LLC

	 HEALTHCARE TECHNOLOGY
MANAGEMENT SERVICES LLC

	DAKOTA IMAGING LLC
	INTERACTIVE PAYER NETWORK LLC
	CLAIMS PROCESSING SERVICE, LLC
	KINETRA LLC
	ADVANCED BUSINESS FUL FILLMENT, LLC
	ERX NETOWRK, L.L.C.
	EMDEON FUTUREVISION LLC
	ERX AUDIT, L.L.C.
	EBS HOLDCO I, LLC
	EBS HOLDCO II, LLC
	EMDEON BUSINESS SERVICES LLC
	MEDE AMERICA OF OHIO LLC

 [2020 Registration Rights Agreement Signature Page] 

 
			
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title:   Secretary
	
	IXT SOLUTIONS, INC.
	 CHAMBERLIN EDMONDS HOLDINGS, INC.

	 CHAMBERLIN EDMONDS & ASSOCIATES, INC.

	MEDI, INC.
	MEDIFAX, INC.
	MEDIFAX-EDI HOLDING COMPANY
	MEDIFAX-EDI HOLDINGS, INC.
	MEDIFAX-EDI SERVICES, INC.
		
	By:	 	 /s/ Gregory T. Stevens

		 	Name: Gregory T. Stevens
		 	Title:   Secretary

 [2020 Registration Rights Agreement Signature Page] 

 The foregoing Agreement is hereby 
 confirmed and accepted as of the 
 date first above written. 

BARCLAYS CAPITAL INC. 
 MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED 
 CITIGROUP GLOBAL MARKETS INC. 
 Acting on behalf of themselves 
 and as the Representatives of 

the several Initial Purchasers 
  

			
	By:	 	Barclays Capital Inc.
		
	By:	 	 /s/

		 	Authorized Signatory
		
	By:	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
		
	By:	 	 /s/ Sarang Gadkari

		 	Sarang Gadkari
		 	Managing Director
		
	By:	 	Citigroup Global Markets Inc.
		
	By:	 	 /s/ Caesar Wyszomirski

		 	Authorized Signatory

 [2020 Registration Rights Agreement Signature Page] 

 The foregoing Agreement is hereby confirmed and accepted by the GS Note Purchasers as of the date first
above written. 
  

			
	GSMP V ONSHORE US, LTD.
		
	By:	 	 /s/ John E. Bowman

		 	Vice President
	
	GSMP V OFFSHORE US, LTD.
		
	By:	 	 /s/ John E. Bowman

		 	Vice President
	
	GSMP V INSTITUTIONAL US, LTD.
		
	By:	 	 /s/ John E. Bowman

		 	Vice President
	
	GSLP I OFFSHORE HOLDINGS FUND A, L.P.
		
	By:	 	Goldman, Sachs & Co., Duly Authorized
		
	By:	 	 /s/ John E. Bowman

		 	Managing Director
	
	GSLP I OFFSHORE HOLDINGS FUND B, L.P.
		
	By:	 	Goldman, Sachs & Co., Duly Authorized
		
	By:	 	 /s/ John E. Bowman

		 	Managing Director
	
	GSLP I OFFSHORE HOLDINGS FUND C, L.P.
		
	By:	 	Goldman, Sachs & Co., Duly Authorized
		
	By:	 	 /s/ John E. Bowman

		 	Managing Director

 [2020 Registration Rights Agreement Signature Page] 

			
	GSLP I ONSHORE HOLDINGS FUND, L.L.C.
	
	By: Goldman, Sachs & Co., as Attorney-in-fact
		
	By:	 	 /s/ John E. Bowman

		 	Managing Director

 [2020 Registration Rights Agreement Signature Page]EX-10.1

 Exhibit 10.1 
 EXECUTION COPY 
 This TRANSACTION AND ADVISORY FEE AGREEMENT (this
“Agreement”) is dated as of November 2, 2011, and is between Beagle Parent Corp., a Delaware corporation (the “Company”), Beagle Intermediate Holdings, Inc., a Delaware corporation
(“Intermediate Holdings”), Beagle Acquisition Corp., a Delaware corporation (“Merger Sub”) (which will merge with and into Emdeon Inc., a Delaware corporation (“Emdeon”)),
Blackstone Management Partners L.L.C., a Delaware limited liability company (“BMP”), and Hellman & Friedman, L.P., a Delaware limited partnership (“H&F” and together with BMP, the
“Managers”). 
 BACKGROUND 

1. Emdeon, the Company and its wholly-owned subsidiary, Merger Sub, entered into an Agreement and Plan of Merger, dated as of
August 3, 2011 (the “Merger Agreement”), in accordance with which Merger Sub will merge with and into Emdeon, with Emdeon continuing as the surviving corporation (the “Merger”). 

2. Pursuant to an equity commitment letter dated August 3, 2011, Blackstone Capital Partners VI L.P. (“BCP
VI”), an affiliate of BMP, committed to contribute up to $870,000,000 to the equity capital of Parent in order to enable Parent and Merger Sub to consummate the Merger. 

3. Pursuant to (i) an equity rollover agreement dated August 3, 2011 and (ii) an interim investors agreement dated
August 3, 2011, H&F Harrington AIV II, L.P., HFCP VI Domestic AIV, L.P., Hellman & Friedman Investors VI, L.P., Hellman & Friedman Capital Executives VI, L.P. and Hellman & Friedman Capital Associates VI, L.P.
(collectively, the “H&F Funds”), affiliates of H&F committed to contribute shares of the capital stock of Emdeon and its subsidiaries having an aggregate value equal to up to $330,000,000 to the Company in order to
enable the Company and Merger Sub to consummate the Merger. 
 4. Each of the Managers has expertise in the areas of finance,
strategy, investment, acquisitions and other matters relating to the Company and its business. 
 5. Each of the Managers, in
its own separate capacity, has facilitated the Merger and certain other related transactions (collectively, the “Transactions”) through its provision of financial and structural analysis, due diligence investigations, other
advice and negotiation assistance with all relevant parties to the Transactions. Each of the Managers, in its own separate capacity, has also provided advice and negotiation assistance with relevant parties in connection with certain financing
matters related to the Transactions. 
 6. BCP VI and the H&F Funds intend that the Company avail itself, for the term of
this Agreement, of each of the Managers’ expertise in providing financial and structural analysis, due diligence investigations, corporate strategy and other advice and negotiation assistance, which BCP VI and the H&F Funds believe will be
beneficial to the Company, and each of the Managers, in its own separate capacity, desire to provide the services to the Company as set forth in this Agreement in consideration of the payment of the fees described below. 

 7. The rendering by each of the Managers of the services described in this Agreement has
been made and will be made on the basis that the Company will pay, or cause to be paid, the fees described below. 
 In
consideration of the premises and agreements contained herein and of other good and valuable consideration, the sufficiency of which are hereby acknowledged, the parties agree as follows: 

AGREEMENT 

SECTION 1. Transaction and M&A Advisory Fees. In consideration of each of the Managers, in its own separate capacity,
providing financial and structural analysis, due diligence investigations, corporate strategy and other advice and negotiation assistance necessary in order to enable the Transactions to be consummated, the Company will pay the Managers,
concurrently with the closing of the Merger on the date of this Agreement (the “Closing Date”), a non-refundable transaction fee (the “Closing Fee”) of $30,000,000. The Closing Fee shall be divided
among the Managers, and paid by the Company to each of the Managers simultaneously, as follows: (i) BMP will be entitled to $28,050,000 and (ii) H&F will be entitled to $1,950,000. 

SECTION 2. Appointment. The Company hereby engages each of the Managers, in its own separate capacity, to render the
Services (as defined in Section 3(a), below) on the terms and subject to the conditions of this Agreement. 
 SECTION 3.
Services. 
 (a) Each Manager, in its own separate capacity, agrees that until the Termination Date (as defined
below) or the earlier termination of its obligations under this Section 3(a) pursuant to Section 4(e) hereof, it will render to the Company, by and through itself and its affiliates and such of their respective officers, employees,
representatives, agents and third parties as such Manager in its sole discretion may designate from time to time (“Representatives”), monitoring, advisory and consulting services in relation to the affairs of the Company and
its subsidiaries, including, without limitation, (i) advice regarding the structure, distribution and timing of private or public debt or equity offerings and advice regarding relationships with the Company and its subsidiaries’ lenders
and bankers, including in relation to the selection, retention and supervision of independent auditors, outside legal counsel, investment bankers or other financial advisors or consultants, (ii) advice regarding the strategy of the Company and
its subsidiaries, (iii) advice regarding the structuring and implementation of equity participation plans, employee benefit plans and other incentive arrangements for certain key executives of the Company, (iv) general advice regarding
dispositions and/or acquisitions, (v) advice regarding the business of the Company and its subsidiaries, (vi) advice relating to and approving major capital projects and (vii) such other advice directly related to or ancillary to the
above financial advisory services as may be reasonably requested by the Company (collectively, the “Services”). No Manager will have any obligation to provide any other services to the Company absent an agreement between both
the Managers and the Company over the scope of such other services and the payment therefor. 

  
 -2-

 (b) It is expressly agreed that the Services to be rendered hereunder will not include
investment banking or other financial advisory services, which may be provided by the Managers or their affiliates in connection with future acquisitions, divestitures, dispositions, mergers, consolidations, restructurings, refinancing,
recapitalizations, issuances of private or public debt or equity securities (including, without limitation, an initial public offering of equity securities, financing or similar transaction involving the Company or any of its subsidiaries), in each
case in compliance with Section 3.2(a)(i) of the Stockholders’ Agreement, dated as of the date hereof (the “Stockholders’ Agreement”), by and among BCP VI, the H&F Funds, Parent, Intermediate Holdings, Beagle
Acquisition Corp. and the other parties thereto. Whether or not the Company engages a Manager or its affiliates in connection with the provision of services of the type specified in the immediately preceding sentence, at BMP’s election (and
upon such election, reasonably prompt delivery of written notice of such election to the Company and H&F), in consideration of the Services being rendered by each of the Managers in accordance with Section 3(a), the Company will pay, or
will cause to be paid, to the Managers upon the consummation of: 
 (i) any such acquisition, divestiture,
disposition, merger, consolidation, restructuring or recapitalization, a non-refundable and irrevocable fee equal to (x) 1.0% of the aggregate enterprise value of the acquired, divested, disposed, merged, consolidated, restructured or
recapitalized entity (calculated, on a consolidated basis for such entity, as the sum of (1) the market value of its common equity (or the fair market value thereof if not publicly traded), (2) the value of its preferred stock (at
liquidation value), (3) the book value of its minority interests and (4) its aggregate long- and short- term debt, less its cash and cash equivalents (other than any amount of cash deemed to be permanently required in the business)), or
(y) if such transaction is structured as an asset purchase or sale, 1.0% of the consideration paid for or received in respect of the assets acquired or disposed of (including the amount of any liabilities assumed by the buyer in the
transaction); 
 (ii) any such financing or refinancing, a non-refundable and irrevocable fee equal to 1.0% of
the aggregate value of the securities subject to such financing or refinancing; and 
 (iii) any such issuance,
a non-refundable and irrevocable fee equal to 1.0% of the aggregate value of the securities subject to such issuance. 
 Any of the foregoing
transactions fees paid or payable are herein referred to as a “Transaction Fee.” Any such Transaction Fee will be divided among the Managers, and paid by the Company to each of the Managers simultaneously, on the Agreed Upon
Basis (as defined in Section 5). 
 SECTION 4. Advisory Fee. 

(a) In addition to any Transaction Fee payable pursuant to Section 3(b) above, in further consideration of the Services being
rendered by each of the Managers in accordance with Section 3(a), the Company will pay, or will cause to be paid, to the Managers, in advance of the relevant fiscal year, an annual non-refundable advisory fee (the “Advisory
Fee”) equal to $6,000,000, unless such other amount as may be mutually agreed upon between BMP, on the one 

  
 -3-

 
hand, and the Company’s Board of Directors, on the other hand; provided, that any such mutually agreed upon amount shall not exceed two percent (2%) of Consolidated EBITDA (as
defined in the Credit Agreement among Intermediate Holdings, Emdeon, the other Borrowers from time to time party thereto. Bank of America, N.A., as the Administrative Agent, the other agents listed therein and each lender from time to time party
thereto, dated as of November 2, 2011 for such fiscal year (such amount to be paid, the “EBITDA Amount”); provided, further, that subject to Section 4(c), if mutually agreed by BMP, on the one hand,
and the Company’s Board of Directors, on the other hand, that the Advisory Fee be based on the EBITDA Amount, then the amount of the Advisory Fee shall be paid based on the Company’s then most current estimate of the projected EBITDA
Amount for the fiscal year immediately preceding the date upon which the Advisory Fee is paid. The Advisory Fee shall be divided among the Managers, and paid by the Company to each of the Managers simultaneously, on the Agreed Upon Basis.

 (b) The Advisory Fee for the period beginning on the Closing Date and ending December 31, 2011 shall be paid on the
closing of the Merger in respect of Services to be rendered during such period, and shall be a prorated amount based on the number of days from and after, but including, the date of this Agreement until, and including, December 31, 2011 and
assuming a 365-day year. Thereafter, the Advisory Fee for each subsequent 12-month period shall be paid in advance on the first business day of January in each year, beginning on January 3, 2012. 

(c) Following the receipt of audited financial statements for the immediately preceding fiscal year, the Company shall recalculate the
EBITDA Amount and, only if previously mutually agreed by both the Managers, on the one hand, and the Company’s Board of Directors, on the other hand, that the Advisory Fee be based on the EBITDA Amount, the Advisory Fee, in each case, for the
current fiscal year on the basis of such audited financial statements. If it had been previously agreed by both the Managers, on the one hand, and the Company’s Board of Directors, on the other hand, that the Advisory Fee be based on the EBITDA
Amount, then, based on the recalculation described in the immediately preceding sentence, (A) if the recalculated Advisory Fee is greater than the Advisory Fee previously paid by the Company to the Managers in respect of such current fiscal
year, then the Company shall simultaneously pay to each Manager such Manager’s share of the difference between such amounts and (B) if the recalculated Advisory Fee is less than the Advisory Fee previously paid by the Company to the
Managers in respect of such current fiscal year, then each Manager shall pay to the Company such Manager’s share of the difference between such recalculated Advisory Fee and the Advisory Fee paid by the Company in respect of such current fiscal
year. Any payment required by the preceding sentence shall be paid by the Company or the Managers, as applicable, no later than two business days following the determination of the amount of such payment. 

(d) To the extent the Company cannot pay, or cause to be paid, the Advisory Fee for any reason, including by reason of any prohibition on
such payment pursuant to any applicable law or the terms of any debt financing of the Company or its subsidiaries, the payment by the Company or any of its subsidiaries to the Managers of the accrued and payable Advisory Fee will be deferred and
will be payable immediately on the earlier of (i) the first date on which the payment of such deferred Advisory Fee is no longer prohibited under any contract applicable to the Company and the Company and its subsidiaries, as applicable, is
otherwise able to make 

  
 -4-

 
such payment, or cause such payment to be made and (ii) the total or partial liquidation, dissolution or winding up of the Company. Notwithstanding anything to the contrary herein, under any
applicable law or under any contract applicable to the Company or its subsidiaries, any forbearance of collection of the Advisory Fee by the Managers shall not be deemed to be a subordination of such payments to any other person, entity or creditor
of the Company or its subsidiaries. Any such forbearance shall be at each Manager’s sole option and discretion and shall in no way impair such Manager’s right to collect such payments. Any installment of the Advisory Fee not paid on the
scheduled due date will bear interest, payable in cash when the underlying installment is paid, at an annual rate of 10%, compounded quarterly, from the date due until paid. The Company shall pay the amounts underlying any unpaid portion of the
Advisory Fee (including any accrued interest thereon) to the Managers simultaneously on the Agreed Upon Basis as, and to the extent, sufficient funds become available to the Company. 

(e) Notwithstanding anything to the contrary contained in this Agreement, BMP may elect, in its sole discretion by notice to the Company,
at any time at or after a change of control of the Company, a sale of all or substantially all of the assets of the Company or an initial public offering of the equity of the Company, any of its subsidiaries or its or their successors or any direct
or indirect parent entity of the Company (or at any time thereafter) (a “Trigger Event”) for each Manager to receive, in consideration of such Manager’s role in facilitating the same and in settlement of the termination
of the Services, (i) any remaining accrued and unpaid Advisory Fees (including interest, if any, payable by the Company under this Agreement) and (ii) in addition to any fees owing to such Manager in connection with such transaction
pursuant to Section 3(b) hereof, a single lump sum non-refundable cash payment (the “Lump Sum Fee”) equal to the then present value (using a discount rate equal to the yield to maturity on the close of business on the
business day immediately preceding the date the Lump Sum Fee is payable of the class of outstanding U.S. government bonds having a final maturity closest to the assumed Termination Date described below (the “Discount Rate”))
of such Manager’s share of all then current and future Advisory Fees payable to such Manager under this Agreement, assuming the Termination Date is the twelfth anniversary of the date of such election and assuming that the EBITDA Amount
continues to grow at a rate that is the higher of (x) an assumed 5% growth rate and (y) the “organic” (i.e., not attributable to any acquisitions, joint ventures or other similar transactions) growth rate for the 12-month
period ended as of the date of such election by BMP, in each case during the successive 12-month periods ending prior to the payment of such Lump Sum Fee. Promptly after the receipt of such written notice the Company shall pay such Manager’s
share of the Lump Sum Fee and any accrued and unpaid Advisory Fees (including any applicable interest) to such Manager by wire transfer in same-day funds to the bank account or accounts designated by such Manager, which payment shall not be
refundable under any circumstances. Upon the giving of such notice, the obligation of such Manager to provide the Services hereunder, and the obligations of the Company to pay Advisory Fees with respect to future periods (except as provided above),
will be terminated, but all other provisions of this Agreement will continue unaffected. 
 (f) To the extent the Company does
not pay, or cause to be paid, any portion of the Lump Sum Fee by reason of any prohibition on such payment pursuant to any applicable law, the terms of any agreement or indenture governing indebtedness of the Company or its subsidiaries, any unpaid
portion of the Lump Sum Fee shall be paid to each electing Manager immediately on the earlier of (i) the first date on which the payment of such unpaid amount is no 

  
 -5-

 
longer prohibited under any such agreement or indenture applicable to the Company and the Company or its subsidiaries, as applicable, is otherwise able to make such payment, or cause such payment
to be made and (ii) the total or partial liquidation, dissolution or winding up of the Company. Notwithstanding anything to the contrary herein, under any applicable law or under any contract applicable to the Company or its subsidiaries, any
forbearance of collection of the Lump Sum Fee by an electing Manager shall not be deemed to be a subordination of such payments to any other person, entity or creditor of the Company or its subsidiaries. Any such forbearance shall be at such
Manager’s sole option and discretion and shall in no way impair such Manager’s right to collect such payments. Any portion of the Lump Sum Fee not paid on the scheduled due date shall bear interest at an annual rate equal to 10% per
annum, compounded quarterly, from the date due until paid. The Company shall pay the amounts underlying any unpaid portion of the Lump Sum Fee (including any accrued interest thereon) to the Managers simultaneously on the Agreed Upon Basis as, and
to the extent, sufficient funds become available to the Company 
 SECTION 5. Certain Definitions. As used in this
Agreement, the following terms shall have the following meanings: 
 (a) “Agreed Upon Basis” shall mean:

 (i) prior to the consummation of the Medifax Restructuring, with respect to BMP, 72.5%, and with respect to
H&F, 27.5%; and 
 (ii) following the consummation of Medifax Restructuring: 

 

	 	(x)	with respect to BMP, 100%, and with respect to H&F, 0%, but only until BMP receives $4,363,636.36 of Advisory Fees and/or Transaction Fees paid by the Company
following the consummation of the Medifax Restructuring, and thereafter 

  

	 	(y)	with respect to BMP, 72.5%, and with respect to H&F, 27.5%. 

 (b) “Medifax Restructuring” shall have the meaning set forth in each of (i) the Amended and Restated Tax Receivable Agreement (Exchanges), dated as of November 2, 2011, by and
among Emdeon and the other Persons party thereto and (ii) the Amended and Restated Tax Receivable Agreement (Reorganizations), dated as of November 2, 2011, by and among Emdeon and the other Persons party thereto. 

SECTION 6. Reimbursements. In addition to the fees payable pursuant to this Agreement, the Company will pay, or cause to be
paid, directly, or reimburse each of the Managers and their affiliates for, their respective Out-of-Pocket Expenses (as defined below). For the purposes of this Agreement, the term “Out-of-Pocket Expenses” means the
out-of-pocket costs and expenses incurred (a) by each of the Managers and their affiliates in connection with the Transactions (including prior to the Closing (as defined in the Merger Agreement)) and (b) by each of the Managers and their
affiliates in connection with the Services or other services provided by them under this Agreement, or otherwise incurred by BCP VI or the H&F Funds or their respective affiliates from time to time in the future in connection with their
ownership (such as complying with reporting requirements of the Securities and Exchange Commission) or 

  
 -6-

 
subsequent direct or indirect sale or transfer of capital stock of the Company or its successor, including, without limitation, (i) fees and disbursements of any independent professionals
and organizations, including, without limitation, independent accountants, outside legal counsel or consultants, retained by either or both of the Managers or any of their affiliates, (ii) costs of any outside services or independent
contractors such as financial printers, couriers, business publications, on-line financial services or similar services, retained or used by either or both of the Managers or any of their affiliates, and (iii) transportation, per diem costs or
any similar expense not associated with either or both of the Managers* or their affiliates’ ordinary operations. For the avoidance of doubt, the term “Out-of-Pocket Expenses” shall not be include any financing fees incurred by a
Manager or its Affiliates. All payments or reimbursements for Out-of-Pocket Expenses will be made by wire transfer in same-day funds promptly upon or as soon as practicable following request for payment or reimbursement in accordance with this
Agreement, to the bank account indicated to the Company by the relevant payee. 
 SECTION 7. Indemnification. The
Company shall indemnify and hold harmless each Manager, its affiliates and their respective partners (both general and limited), members (both managing and otherwise), investment funds, principals, shareholders, officers, directors, employees,
agents and representatives (each such person being an “Indemnified Party”) from and against any and all actions, suits, investigations, losses, claims, damages and liabilities, including, without limitation, in connection
with seeking indemnification, whether joint or several (each, a “Liability” and collectively, the “Liabilities”), related to, arising out of or in connection with the Services or other services
contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance cither or both of the Managers of the Services or other services contemplated by, this Agreement, whether or not pending or threatened, whether or not
an Indemnified Party is a party, whether or not resulting in any liability and whether or not such action, claim, suit, investigation or proceeding is initiated or brought by the Company. The Company will reimburse any Indemnified Party for all
reasonable costs and expenses (including reasonable attorneys’ fees and expenses and any other litigation-related expenses) as they are incurred in connection with investigating, preparing, pursuing, defending or assisting in the defense of any
action, claim, suit, investigation or proceeding for which the Indemnified Party would be entitled to indemnification under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Indemnified Party is a
party thereto. The Company agrees that it will not, without the prior written consent of the Indemnified Party, settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the
matters contemplated hereby (if any Indemnified Party is a party thereto or has been threatened to be made a party thereto) unless such settlement, compromise or consent includes an unconditional release of the Indemnified Party from all liability,
without future obligation or prohibition on the part of the Indemnified Party, arising or that may arise out of such claim, action or proceeding, and does not contain an admission of guilt or liability on the part of the Indemnified Party. The
Company will not be liable under the foregoing indemnification provision with respect to any particular loss, claim, damage, liability, cost or expense of an Indemnified Party that is determined by a court, in a final judgment from which no further
appeal may be taken, to have resulted solely from the gross negligence or willful misconduct of such Indemnified Party. The attorneys’ fees and other expenses of an Indemnified Party shall be paid by the Company as they are incurred upon
receipt, in each case, of an undertaking by or on behalf of the Indemnified Party to repay such amounts if it is finally judicially determined that the Liabilities in question resulted solely from the gross negligence or willful misconduct of such
Indemnified Party. 

  
 -7-

 The rights of an Indemnified Party to indemnification hereunder will be in addition to any
other rights and remedies any such person may have under any other agreement or instrument to which each Indemnified Party is or becomes a party or is or otherwise becomes a beneficiary or under any law or regulation. If the Indemnified Parties
related to each of the Managers are similarly situated with respect to their interests in connection with a matter that may be a Liability and such Liability is not based on a third-party claim, the Indemnified Parties may enforce their rights
pursuant to this Section 7 with respect to such Liability only with the consent of all of the Managers. 
 Each of the
Company, Intermediate Holdings and Emdeon acknowledges that certain of the officers and employees of the Managers (each an “Affiliate Indemnitee”), have rights to indemnification or advancement of expenses provided by the
Managers and certain of their respective affiliates (collectively, the “Affiliate Indemnitors”) and/or insurance from insurance carriers providing insurance coverage to the Managers. Each of the Company, Intermediate Holdings
and Emdeon agrees (i) that the Company, Intermediate Holdings and/or Emdeon, as the case may be, is the indemnitor of first resort with respect to all indemnifiable claims against the Affiliate Indemnitees, whether arising under this Agreement
or otherwise related to the Company, Intermediate Holdings, Emdeon or any of their respective affiliates (i.e., its obligations to the Affiliate Indemnitees are primary and any obligation of the Affiliate Indemnitors to advance expenses or to
provide indemnification, or any obligation of an insurer of any Affiliate Indemnitor to provide coverage, for the same expenses or liabilities incurred by the Affiliate Indemnitees are secondary), (ii) that the Company, Intermediate Holdings
and/or Emdeon, as the case may be, will be required to advance the full amount of expenses incurred by the Affiliate Indemnitees and will 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 and the certificate of incorporation or by-laws of the Company, Intermediate Holdings and Emdeon (or any other agreement between the Company, Intermediate Holdings or
Emdeon, on the one hand, and the Affiliate Indemnitees, on the other hand), without regard to any rights the Affiliate Indemnitees may have against the Affiliate Indemnitors or their insurers, and (iii) that each of the Company, Intermediate
Holdings and Emdeon irrevocably waives, relinquishes and releases the Affiliate Indemnitors and their insurers from any and all claims against the Affiliate Indemnitors and their insurers for contribution, subrogation or any other recovery of any
kind in respect thereof. Each of the Company, Intermediate Holdings and Emdeon agrees to indemnify the Affiliate Indemnitors and their insurers directly for any amounts that the Affiliate Indemnitors or their insurers pay as indemnification or
advancement on behalf of an Affiliate Indemnitee and for which the Affiliate Indemnitee may be entitled to indemnification from the Company, Intermediate Holdings or Emdeon, as the case may be, in connection with serving as a director or officer of
the Company or its subsidiaries. Each of the Company, Intermediate Holdings and Emdeon further agrees that no advancement or payment by the Affiliate Indemnitors or their insurers on behalf of an Affiliate Indemnitee with respect to any claim for
which such Affiliate Indemnitee has sought indemnification from the Company, Intermediate Holdings or Emdeon will affect the foregoing and the Affiliate Indemnitors and their insurers will be subrogated to the extent of such advancement or payment
to all of the rights of recovery of such Affiliate Indemnitee against the Company, Intermediate Holdings and 

  
 -8-

 
Emdeon, and each of the Company, Intermediate Holdings and Emdeon will, and will cause the Affiliate Indemnitee to, cooperate with the Affiliate Indemnitors and their insurers in pursuing such
rights. 
 SECTION 8. Accuracy of Information. The Company shall furnish or cause to be furnished to each Manager
such information as such Manager believes reasonably appropriate to rendering the Services and other services contemplated by this Agreement and to comply with the Securities and Exchange Commission or other legal requirements relating to the
beneficial ownership by either or both of the Managers or their respective affiliates and their respective members, officers and employees of equity securities of the Company (all such information so furnished, the
“Information”). The Company recognizes and confirms that each Manager (a) will use and rely primarily on the Information and on information available from generally recognized public sources in performing the Services
and other services contemplated by this Agreement without having independently verified the same, (b) does not assume responsibility for the accuracy or completeness of the Information and such other information and (c) is entitled to rely
upon the Information without independent verification. 
 SECTION 9. Term. This Agreement will become effective
upon the execution of this Agreement by the parties hereto and (except as otherwise provided herein) will continue in full force until the twelfth anniversary of the date hereof; provided that this Agreement will automatically renew for
successive one-year periods unless terminated by the Managers upon thirty (30) days prior written notice (such termination date, the “Termination Date”); provided, however, that this Agreement will
immediately terminate with respect to any Manager upon the disposition of more than 95% of the shares of the Company’s common stock owned, directly or indirectly, by affiliates of such Manager as of the Closing Date. Notwithstanding the
foregoing, (x) no termination of this Agreement will affect the obligations of the Company to pay, or cause to be paid, any amounts accrued but not yet paid as of the date of such termination, (y) Section 6 hereof will remain in
effect following any termination of this Agreement with respect to Out-of-Pocket Expenses that were incurred prior to or within a reasonable period of time after the Termination Date, but which have not been paid to any Manager or its affiliates in
accordance with Section 6 hereof, and (z) the provisions of Sections 4(d), 4(f), 7, 8, 9, 10 and 11 hereof will survive after the Termination Date. The Advisory Fee will accrue and be payable with respect to the entire fiscal year of the
Company in which the Termination Date occurs, except as otherwise provided in Section 4(e). 
 SECTION 10.
Disclaimer, Opportunities, Release and Limitation of Liability. 
 (a) Disclaimer; Standard of Care. Neither
of the Managers makes any representations or warranties, express or implied, in respect of the Services to be provided hereunder. In no event shall any Manager or any Indemnified Party be liable to (i) the Company or any of its affiliates for
any act, alleged act, omission or alleged omission related to, arising out of or in connection with the Services or other services contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance by such Manager of
the Services or other services contemplated by, this Agreement, in each case that does not constitute gross negligence or willful misconduct of such Manager as determined by a final, non-appealable determination of a court of competent jurisdiction
and/or (ii) the other Manager or any of such other Manager’s affiliates for any liabilities incurred, suffered or borne by such other Manager or any of such other Manager’s affiliates pursuant to the Services provided under, or
otherwise arising from, related to, or in connection with, this Agreement. 

  
 -9-

 (b) Freedom to Pursue Opportunities. (i) In recognition of the fact that each
Manager and its affiliates (x) currently have, and will in the future have or will consider acquiring, investments in other enterprises that engage or may engage in the same or similar activities or lines of business as the Company or any of
its subsidiaries or which the Company or any of its subsidiaries may be interested in acquiring (collectively, “Competing Activities”) and (y) may serve as an advisor, a director or in some other capacity in connection
with one or more Competing Activities, and (ii) and in further recognition of the fact that each Manager and its affiliates have myriad duties to various investors and partners, and in further recognition of the benefits to be derived by the
Company and its subsidiaries hereunder and the difficulties which may confront any advisor who desires and endeavors fully to satisfy such advisor’s duties in determining the full scope of such duties in any particular situation, the provisions
of this Section 10(b) are set forth to regulate, define and guide the conduct of certain affairs of the Company and its subsidiaries as they may involve a Manager and its affiliates. Except as each Manager may otherwise agree in writing after
the date hereof: 
 (i) Each Manager and its affiliates shall have the right: (A) to directly or indirectly
engage in any business (including, without limitation, any business activities or lines of business that are the same as or similar to those pursued by, or competitive with, the Company and its subsidiaries); (B) to directly or indirectly do
business with any client or customer of the Company and its subsidiaries; (C) to take any other action that such Manager believes in good faith is necessary to or appropriate to fulfill its obligations as described in the first sentence of this
Section 10(b); and (D) not to present potential transactions, matters or business opportunities to the Company or any of its subsidiaries. 
 (ii) Each Manager and its affiliates shall have the right to pursue, directly or indirectly, any such opportunity for themselves, and to direct any such opportunity to another person. 

(iii) Each Manager and its affiliates shall have no duty (contractual or otherwise) to communicate or present any
corporate opportunities to the Company or any of its affiliates or to refrain from any actions specified in Section 10(b)(i) hereof, and the Company, on its own behalf and on behalf of its affiliates, hereby irrevocably waives any right to
require such Manager or any of its affiliates to act in a manner inconsistent with the provisions of this Section 10(b). 
 (iv) No Manager nor any of its affiliates shall be liable to the Company or any of its affiliates for breach of any duty (contractual or otherwise) by reason of any activities or omissions of the types
referenced to in this Section 10(b) or of any such person’s participation therein. 
 (c) Release. The Company
hereby irrevocably and unconditionally releases and forever discharges each Manager and its affiliates and their respective partners (both general and limited), members (both managing and otherwise), shareholders, officers, directors, employees,
agents and representatives from any and all liabilities, claims and causes of action 

  
 -10-

 
related to, arising out of or in connection with the Services or other services contemplated by this Agreement or the engagement of such Manager pursuant to, and the performance by such Manager
of the Services or other services contemplated by, this Agreement that the Company may have, or may claim to have, on or after the date hereof, or otherwise as a result of engaging in Competing Activities after the Closing, except with respect to
any act or omission that constitutes gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent jurisdiction. Each Manager hereby irrevocably and unconditionally releases and forever
discharges the other Manager and its affiliates and their respective partners (both general and limited), members (both managing and otherwise), shareholders, officers, directors, employees, agents and representatives from any and all liabilities,
claims and causes of action related to, arising out of or in connection with the Services provided by such other Manager or other services contemplated by this Agreement to be provided by such other Manager or the engagement of such other Manager
pursuant to, and the performance by such other Manager of the Services or other services contemplated by, this Agreement to be performed by such other Manager that such Manager may have, or may claim to have, on or after the date hereof, or
otherwise as a result of such other Manager engaging in Competing Activities after the Closing. 
 (d) Limitation of
Liability. In no event will any Manager or any Indemnified Party be liable to the Company or any of its affiliates related to, arising out of or in connection with the Services or other services contemplated by this Agreement or the engagement
of any Manager pursuant to, and the performance by any Manager of the Services or other services contemplated by, this Agreement, or otherwise as a result of engaging in Competing Activities after the Closing, that the Company may have, or may claim
to have, on or after the date hereof, (i) for any indirect, special, incidental or consequential damages, including, without limitation, lost profits or savings, whether or not such damages are foreseeable, or for any third-party claims
(whether based in contract, tort or otherwise), except with respect to any act or omission by such Manager that constitutes gross negligence or willful misconduct as determined by a final, non-appealable determination of a court of competent
jurisdiction or (ii) for an amount in excess of the fees actually received by such Manager hereunder. 
 (e) Several Not
Joint Obligations. The obligations of each Manager under this Agreement are several and not joint with the obligations of the other Manager, and no Manager shall be responsible in any way for the performance of the obligations of the other
Manager under this Agreement. 
 SECTION 11. Miscellaneous. 

(a) Intermediate Holdings and Emdeon agree that each shall be jointly and severally liable with the Company with respect to all of the
Company’s payment and other obligations hereunder, including any payments for any breach by the Company of the provisions hereof and any indemnification obligations hereunder. 

(b) No amendment or waiver of any provision of this Agreement, or consent to any departure by any party hereto from any such provision,
will be effective unless it is in writing and signed by each of the parties hereto. Any amendment, waiver or consent will be effective only in the specific instance and for the specific purpose for which given. The waiver by any party of any breach
of this Agreement will not operate as or be construed to be a waiver by such party of any subsequent breach. 

  
 -11-

 (c) Any notices or other communications required or permitted hereunder shall be made in
writing and will be sufficiently given if delivered personally or sent by facsimile with confirmed receipt, or by overnight courier, addressed as follows or to such other address of which the parties may have given written notice: 

if to BMP: 
 c/o
Blackstone Capital Partners VI L.P. 
 345 Park Avenue 
 New York, New York 10154 
 Attention:     John G. Finley

 Facsimile:     (212) 583-5749 
 with a copy (which shall not constitute notice) to: 
 Ropes & Gray LLP

 The Prudential Tower 
 800 Boylston Street 
 Boston, Massachusetts 02119 

Attention:    David C. Chapin 
         Jonathan M. Grandon 
         R. Newcomb Stillwell 
 Facsimile:
  (617) 951-7050 
 if to H&F: 
 c/o Hellman & Friedman LLC. 
 One Maritime Plaza,
12th Floor 

San Francisco, California 94111 
 Attention:    Allen R. Thorpe 

        Arrie R. Park 

Facsimile:    (415) 788-0176 
 with a copy (which shall not constitute notice) to: 
 Simpson Thacher &
Bartlett LLP 
 2550 Hanover Street 
 Palo Alto, California 94304 
 Attention:     Richard Capelouto

 Facsimile:      (650) 251-5002 

and 

  
 -12-

 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York, New York 10017 
 Attention:     Patrick J. Naughton

 Facsimile:      (212) 455-2502 

if to the Company or Intermediate Holdings: 
 c/o Blackstone Capital Partners VI L.P. 
 345 Park Avenue 

New York, New York 10154 
 Attention:     John G. Finley 
 Facsimile:
     (212) 583-5749 
 with a copy (which shall not constitute notice) to: 

Ropes & Gray LLP 
 The Prudential Tower 
 800 Boylston Street 

Boston, Massachusetts 02119 
 Attention:    David C. Chapin 

        Jonathan M. Grandon 

        R. Newcomb Stillwell 

Facsimile:    (617) 951-7050 
 if to Emdeon: 
 Emdeon Inc. 

3055 Lebanon Pike, Suite 1000 
 Nashville, Tennessee 37214 
 Attention:     General Counsel

 Facsimile:      (615) 340-6153 
 Unless otherwise specified herein, such notices or other communications will be deemed received (i) on the date delivered, if delivered personally or sent by facsimile with confirmed receipt, and
(ii) one business day after being sent by overnight courier. 
 (d) This Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof, and supersedes all previous oral and written (and all contemporaneous oral) negotiations, commitments, agreements and understandings relating hereto. 

(e) This Agreement will be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to any choice
of law provisions that would result in the application of the laws of any other state. 

  
 -13-

 (f) Each party to this Agreement, by its execution hereof, (i) hereby irrevocably
submits to the exclusive jurisdiction of the Court of Chancery sitting in Wilmington, Delaware or (to the extent subject matter jurisdiction exists therefor) the United States District Court for the District of Delaware for the purpose of any
action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (ii) hereby waives to the extent not prohibited
by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the
above-named court, that its property is exempt or immune from attachment or execution, that any such proceeding brought in the above-named court is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by
such court and (iii) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof or thereof other than before the above-named court nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation to any court other than the above-named court whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any
litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (i) above. Notwithstanding the foregoing, any party
to this Agreement may commence and maintain an action to enforce a judgment of the above-named court in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by
Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 11(c) hereof is reasonably calculated to give actual notice. 

(g) Neither this Agreement nor any of the rights or obligations hereunder may be assigned by (i) the Company, Intermediate Holdings
or Emdeon without the prior written consent of each of the Managers or (ii) either Manager without the prior written consent of Company, Intermediate Holdings or Emdeon; provided, however, that each Manager may assign or transfer
its duties or interests hereunder to any of its affiliates at the sole discretion of such Manager. Subject to the foregoing, the provisions of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns. Subject to the next sentence, no person or party other than the parties hereto and their respective successors or permitted assigns is intended to be a beneficiary of this Agreement. The parties acknowledge and agree that
each Manager and its affiliates and their respective partners (both general and limited), members (both managing and otherwise), shareholders, officers, directors, employees, agents and representatives are intended to be third-party beneficiaries
under Sections 7 and 10 hereof. 
 (h) This Agreement may be executed by one or more parties to this Agreement on any number of
separate counterparts (including by facsimile and electronic mail in portable document format), and all of said counterparts taken together will be deemed to constitute one and the same instrument. 

  
 -14-

 (i) In the event that any provision of this Agreement shall be invalid, illegal or
unenforceable, all other provisions of this Agreement will nevertheless remain in full force and effect. Upon such determination that any provision of this Agreement is invalid, illegal or unenforceable, the parties hereto will negotiate in good
faith to modify this Agreement so as to achieve the original intent of the parties. 
 (j) Each payment made by the Company
pursuant to this Agreement shall be paid by wire transfer of immediately available federal funds to such account or accounts as specified by the applicable Managers to whom such payment is to be made to the Company prior to such payment. 

[Remainder of page intentionally left blank] 

  
 -15-

 IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this
Transaction and Advisory Fee Agreement as of the date first written above. 
  

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

  

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

  

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

 [Signature Page to Transaction and Advisory Fee Agreement] 

 
			
	 BLACKSTONE MANAGEMENT PARTNERS
     L.L.C.

		
	By:	 	 Blackstone Holdings I, L.P.,

its sole member

		
	By:	 	 Blackstone Holdings I/II, G.P.,
 its General Partner

		
	By:	 	/s/ Neil P. Simpkins
	Name: Neil P. Simpkins
	Title: Senior Managing Director

 [Signature Page to Transaction and Advisory Fee Agreement] 

 
			
	HELLMAN & FRIEDMAN, L.P.
		
	 By:
	 	 Hellman & Friedman, LLC,
 its general partner

		
	By:	 	/s/ Allen R. Thorpe
		 	Name: Allen R. Thorpe
		 	Title: Managing Director

 [Signature Page to Transaction and Advisory Fee Agreement]

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