Document:

exv10w25

 Exhibit 10.25

EMDEON INC.

RESTRICTED SHARE UNIT AWARD AGREEMENT

     THIS RESTRICTED SHARE UNIT AWARD AGREEMENT (this “Agreement”) is made and entered into
effective as of the       day of                     , 2010 (the “Grant Date”), between Emdeon Inc., a
Delaware corporation, “Emdeon,” and together with its Affiliates and Subsidiaries, the “Company”),
and                      (the “Grantee”). Capitalized terms not otherwise defined herein shall have
the meaning ascribed to such terms in the Emdeon Inc. 2009 Equity Incentive Plan, as amended (the
“Plan”).

     WHEREAS, the Company has adopted the Plan to provide for the grant of awards based on Class A
common stock of Emdeon to employees, directors and consultants of the Company;

     NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

     1. Grant of Restricted Share Units

          (a) The Company hereby grants to the Grantee an award (the “Award”) of                     
Restricted Share Units (the “RSUs”), each with respect to one Share, on the terms and conditions
set forth in this Agreement and as otherwise provided in the Plan.

          (b) The Grantee’s rights with respect to the Award shall remain forfeitable at all
times prior to the dates on which the restrictions shall lapse in accordance with Section 2 hereof.

     2. Terms; Restricted Period

          (a) Except as provided herein, the “Restricted Period” for the RSUs granted herein
shall expire as set forth on Exhibit A hereto.

          (b) No dividend equivalents shall be paid or payable with respect to the RSUs
covered by this Award. The Grantee shall not be entitled to voting rights with respect to the RSUs
covered by this Award.

          (c) None of the RSUs may be sold, assigned, transferred, pledged, hypothecated or
otherwise encumbered or disposed of during the Restricted Period as to such RSUs.

          (d) Except as otherwise determined by the Committee at or after the grant of the
Award hereunder, any RSUs as to which the applicable “Restricted Period” has not expired shall be
forfeited, and all rights of the Grantee to such Awards shall terminate, without further obligation
on the part of the Company, unless the Grantee remains in the continuous employment of the Company
for the entire Restricted Period.

 

 

          (e) Notwithstanding the foregoing provisions of this Section 2, if (i) there is a
Change in Control and (ii) the Committee chooses not to accelerate the expiration of the Restricted
Period as to all RSUs awarded hereunder (as to which such Restricted Period has not previously
expired), then the Restricted Period shall automatically expire as to all RSUs awarded hereunder
(as to which such Restricted Period has not previously expired) upon the earlier of:

	 	(i)	 	the Grantee’s termination of employment with the Company, but
only if such termination results from (y) the decision by the Company to
terminate the Grantee’s employment other than for Cause or (z) the decision by
the Grantee to terminate employment with the Company for Good Reason, or
	 
	 	(ii)	 	365 days following such Change in Control, but only if the
Grantee then remains in employment with the Company.

          All references to the Company in this Section 2 shall include any Affiliate and any legal
successor to the Company and its Affiliates.

     3. Termination of Restrictions. Settlement of an RSU shall be made as soon
as administratively practicable following (but in all events within 30 days of, with the payment
date determined by the Company in it’s sole discretion) the termination of the Restricted Period
related to such RSU. Subject to the provisions of the Plan, any settlement of an RSU pursuant to
this Award shall be made through the issuance to the Grantee (or to the executors or administrators
of the Grantee’s estate, after the Company’s receipt of notification of the Grantee’s death, as the
case may be) of a stock certificate or a notation in book-entry at the Company’s transfer agent for
a number of Shares equal to the number of the RSUs to be settled.

     4. No Right to Continued Employment. This Agreement shall not be construed
as giving the Grantee the right to be retained in the employ of, or in any other relation to,
Emdeon or any of its Affiliates or Subsidiaries, and Emdeon (and its Affiliates and Subsidiaries)
may at any time dismiss the Grantee from employment or other service, free from any liability or
any claim under the Plan or this Award (but subject to the terms of the Grantee’s Employment
Agreement, if any as in effect from time to time).

     5. Adjustments. The Committee shall make adjustments in the terms and
conditions of this Award in recognition of unusual or nonrecurring events (including, without
limitation, the events described in Section 4.2 of the Plan) affecting the Company whenever the
Committee determines that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available under this Award.

     6. Amendment to Award. Subject to the restrictions contained in the Plan,
the Committee may waive any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate the Award and the Restricted Period, prospectively or
retroactively; provided that except as otherwise provided in the Plan, any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would adversely affect the
rights of the Grantee with respect to the Award shall not to that extent be effective without the
consent of the Grantee.

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     7. Withholding of Taxes. Upon the lapse of the Restricted Period and the
issuance of Shares with respect to any portion of this Award, the Company shall satisfy any
applicable withholding obligations or withholding taxes as set forth by Internal Revenue Service
(or applicable state law) guidelines for the Employer’s minimum statutory withholding with respect
to the Grantee (the “Withholding Taxes”) and issue Shares to the Grantee without restriction. As a
condition to the issuance of Shares upon the settlement of the RSUs hereunder, the Company may
require the Grantee to pay to the Company, and the Company shall have the right and is hereby
authorized to withhold from any payments hereunder or from any compensation or other amount owing
to the Grantee, an amount of cash necessary for the Company to satisfy any Withholding Taxes in
respect of this Award. In the sole and absolute discretion of the Committee, the Company may
satisfy the required Withholding Taxes by withholding from the Shares otherwise issuable pursuant
to the settlement of the Award that number of whole Shares necessary to satisfy the Withholding
Taxes with respect to such Shares based on the Fair Market Value of the Shares as of the date the
Restricted Period ends.

     8. Plan Governs. The Grantee hereby acknowledges receipt of a copy of the
Plan and agrees to be bound by all the terms and provisions thereof. The terms of this Award are
governed by the terms of the Plan, and in the case of any inconsistency between the terms of this
Award and the terms of the Plan, the terms of the Plan shall govern.

     9. Severability. If any provision of this Agreement is, or becomes, or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or the
Award, or would disqualify the Plan or Award under any laws deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, Person or Award, and the remainder of the Plan and Award shall remain in full force
and effect.

     10. Notices. All notices required to be given under this Agreement shall be
deemed to be received if delivered or mailed as provided for herein, to the parties at the
following addresses, or to such other address as either party may provide in writing from time to
time.

	 	 	 
	To the Company:

	 	Emdeon Inc.
	 

	 	3055 Lebanon Pike, Suite 1000
	 

	 	Nashville, Tennessee 37214
	 

	 	Attn: Corporate Secretary
	 
	 	 
	To the Grantee:

	 	The address then maintained with respect to the Grantee in the
Company’s records.

     11. Governing Law. The validity, construction and effect of this Agreement
shall be determined in accordance with the laws of the State of Delaware without giving effect to
conflicts of laws principles.

     12. Successors in Interest. This Agreement shall inure to the benefit of
and be binding upon any successor to the Company. All obligations imposed upon the Grantee and all
rights granted

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to the Company under this Agreement shall be binding upon the Grantee’s heirs, executors,
administrators and successors.

     13. Resolution of Disputes. Any dispute or disagreement which may arise
under, or as a result of, or in any way related to, the interpretation, construction or application
of this Agreement shall be determined by the Committee. Any determination made hereunder shall be
final, binding and conclusive on the Grantee and the Company for all purposes.

     14. Covenants. As further consideration for the grant of RSUs pursuant to
this Agreement, the Grantee acknowledges and agrees to those certain covenants set forth in the
Trade Secret and Proprietary Information Covenants Agreement (the “TSPI Agreement”) executed on or
about the date hereof. The covenants in the TSPI Agreement do not supersede or replace any other
confidentiality, non-competition or non-solicitation agreement entered into between the Grantee and
Emdeon (or any of its Affiliates or Subsidiaries) to the extent that such confidentiality,
non-competition and/or non-solicitation agreement is more protective of the business of the
Company.

     15. Section 409A.

          (a) For the avoidance of doubt, the RSUs granted under this Agreement are intended to be
exempt from or otherwise comply with Section 409A of the Code and the regulations and guidance
promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent
permitted, this Agreement shall be interpreted to be either exempt from or in compliance therewith.
In no event whatsoever shall the Company be liable for any additional tax, interest or penalty that
may be imposed on the Grantee by Code Section 409A or damages for failing to comply with Code
Section 409A.

          (b) Notwithstanding any other payment schedule provided herein to the contrary, if the Grantee
is deemed on the date of termination to be a “specified employee” within the meaning of that term
under Section 409A(a)(2)(B) of the Code, then any payment due under this Agreement that is
considered “deferred compensation” under Section 409A of the Code payable on account of a Grantee’s
“separation from service” shall not be made until the date which is the earlier of (A) the
expiration of the six (6) month period measured from the date of such “separation from service” of
the Grantee, and (B) the date of Grantee’s death (the “Delay Period”) to the extent required under
Code Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this
Section 15(b) shall be paid to the Grantee in a lump sum in accordance with the Agreement.

          (c) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of “deferred compensation” (as such term is
defined in Code Section 409A) upon or following a termination of employment unless such termination
is also a “separation from service” from the Company within the meaning of Code Section 409A (and,
more specifically, Treasury Regulation 1.409A-1(h)) and, for purposes of any such provision of this
Agreement, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service.”

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     IN WITNESS WHEREOF, the parties have caused this Restricted Share Unit Award Agreement to be
duly executed effective as of the day and year first above written.

	 	 	 	 	 
	 	EMDEON INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	GRANTEE:

 	 
	 	

 	 
	 	 	 
	 	 	 

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Exhibit A

Expiration of Restricted Period

Subject to the terms of this Agreement and the Plan, the Restricted Period of the RSUs will expire
in accordance with the following schedule:

6exv10w27

Exhibit 10.27

EMDEON INC.

EMPLOYEE STOCK PURCHASE PLAN

ARTICLE I.

INTRODUCTION

     1.1 ESTABLISHMENT OF PLAN. Emdeon Inc., a Delaware corporation (the “Company”), adopts the
following employee stock purchase plan for its eligible employees. This Plan shall be known as the
Emdeon Inc. Employee Stock Purchase Plan.

     1.2 PURPOSE. The purpose of this Plan is to provide an opportunity for eligible employees of
the Employer to become stockholders in the Company. It is believed that broad-based employee
participation in the ownership of the business will help to achieve the unity of purpose conducive
to the continued growth of the Employer and to the mutual benefit of its employees and
stockholders.

     1.3 QUALIFICATION. This Plan is intended to be an employee stock purchase plan which
qualifies for favorable Federal income tax treatment under Section 423 of the Code and is intended
to comply with the provisions thereof, including the requirement of Section 423(b)(5) of the Code
that all Employees granted options to purchase Stock under the Plan have the same rights and
privileges with respect to such options.

     1.4 RULE 16B-3 COMPLIANCE. This Plan is intended to comply with Rule 16b-3 under the
Securities Exchange Act of 1934, and should be interpreted in accordance therewith.

ARTICLE II.

DEFINITIONS

     As used herein, the following words and phrases shall have the meanings specified below:

     2.1 BOARD OF DIRECTORS. The Board of Directors of the Company.

     2.2 CLOSING MARKET PRICE. The closing price of the Stock as reported in the consolidated
trading of the New York Stock Exchange listed securities; provided that if there should be any
material alteration in the present system of reporting sales prices of such Stock, or if such Stock
should no longer be listed on the New York Stock Exchange, the market value of the Stock as of a
particular date shall be determined in such a method as shall be specified by the Plan
Administrator.

     2.3 CODE. The Internal Revenue Code of 1986, as amended from time to time.

     2.4 COMMENCEMENT DATE. The first day of each Option Period. The first Commencement Date
shall be July 1, 2010.

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     2.5 CONTRIBUTION ACCOUNT. The account established on behalf of a Participant to which shall
be credited the amount of the Participant’s contribution, pursuant to Article V.

     2.6 EFFECTIVE DATE. July 1, 2010.

     2.7 EMPLOYEE. Each employee of the Employer except:

          (a) any employee who has been employed less than one (1) year;

          (b) any employee whose customary employment is twenty (20) hours per week or less; or

          (c) any employee whose customary employment is for not more than five (5) months in any
calendar year.

     2.8 EMPLOYER. The Company and any corporation (i) which is a Subsidiary of the Company, (ii)
which is authorized by the Board of Directors to adopt this Plan with respect to its Employees, and
(iii) which adopts this Plan. The term “Employer” shall include any corporation into which an
Employer may be merged or consolidated or to which all or substantially all of its assets may be
transferred, provided that the surviving or transferee corporation would qualify as a Subsidiary
under Section 2.18 hereof and that such corporation does not affirmatively disavow this Plan. For
purposes of this Plan, the term “corporation” means a corporation as defined in Section
1.421-1(i)(1) of the Treasury Regulations, which definition includes a limited liability company
taxable as a corporation for all Federal tax purposes.

     2.9 EXERCISE DATE. The last trading date of each Option Period on the New York Stock
Exchange.

     2.10 EXERCISE PRICE. The price per share of the Stock to be charged to Participants at the
Exercise Date, as determined in Section 6.3.

     2.11 FIVE-PERCENT STOCKHOLDER. An Employee who owns five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Company or any parent or Subsidiary
thereof. In determining this five percent test, shares of stock which the Employee may purchase
under outstanding options, as well as stock attributed to the Employee under Section 424(d) of the
Code, shall be treated as stock owned by the Employee in the numerator, but shares of stock which
may be issued under options shall not be counted in the total of outstanding shares in the
denominator.

     2.12 GRANT DATE. The first trading date of each Option Period on the New York Stock Exchange.

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     2.13 OPTION PERIOD. Successive periods of six (6) months (i) commencing on January 1 and
ending on June 30 and (ii) commencing on July 1 and ending on December 31.

     2.14 PARTICIPANT. Any Employee of an Employer who has met the conditions for eligibility as
provided in Article IV and who has elected to participate in the Plan.

     2.15 PLAN. The Emdeon Inc. Employee Stock Purchase Plan.

     2.16 PLAN ADMINISTRATOR. The committee composed of one or more individuals to whom authority
is delegated by the Board of Directors to administer the Plan. The initial committee shall be the
Compensation Committee of the Board of Directors.

     2.17 STOCK. Those shares of common stock of the Company which are reserved pursuant to
Section 6.1 for issuance upon the exercise of options granted under this Plan.

     2.18 SUBSIDIARY. Any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company if, at the time of the granting of the option, each of the
corporations other than the last corporation in the chain owns stock possessing fifty percent (50%)
or more of the combined voting power of all classes of stock in one of the other corporations in
such chain.

ARTICLE III.

STOCKHOLDER APPROVAL

     3.1 STOCKHOLDER APPROVAL REQUIRED. This Plan must be approved by the stockholders of the
Company within the period beginning twelve (12) months before and ending twelve (12) months after
its adoption by the Board of Directors.

     3.2 STOCKHOLDER APPROVAL FOR CERTAIN AMENDMENTS. Without the approval of the stockholders of
the Company, no amendment to this Plan shall (i) increase the number of shares reserved under the
Plan, other than as provided in Section 10.3, (ii) alter the designation of corporations whose
employees shall be permitted to participate in the Plan, except as permitted in Section
1.423-2(c)(4) of the Treasury Regulations or (iii) alter the granting corporation or the Stock
available for purchase under the Plan. Approval by stockholders must occur within one (1) year of
such amendment or such amendment shall be void ab initio, comply with applicable provisions of the
corporate certificate of incorporation and bylaws of the Company, and comply with Delaware law
prescribing the method and degree of stockholder approval required for issuance of corporate stock
or options.

ARTICLE IV.

ELIGIBILITY AND PARTICIPATION

     4.1 CONDITIONS. Each Employee shall become eligible to become a Participant on the
Commencement Date next following the date he has been employed for one (1) year. No Employee who
is a Five-Percent Stockholder shall be eligible to participate in the Plan.

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Notwithstanding anything to the contrary contained herein, no individual who is not an
Employee shall be granted an option to purchase Stock under the Plan.

     4.2 APPLICATION FOR PARTICIPATION. Each Employee who becomes eligible to participate shall be
furnished a summary of the Plan and an enrollment form. If such Employee elects to participate
hereunder, he shall complete such form and file it with his Employer no later than fifteen (15)
days prior to the next Commencement Date. The completed enrollment form shall indicate the amount
of Employee contributions authorized by the Employee. If no new enrollment form is filed by a
Participant in advance of any Option Period after the initial Option Period, that Participant shall
be deemed to have elected to continue to participate with the same contribution previously elected
(subject to the limit of ten percent (10%) of base pay). If any Employee does not elect to
participate in any given Option Period, he may elect to participate on any future Commencement Date
so long as he continues to meet the eligibility requirements.

     4.3 DATE OF PARTICIPATION. All Employees who elect to participate shall be enrolled in the
Plan commencing with the first pay date after the Commencement Date following their submission of
the enrollment form. Upon becoming a Participant, the Participant shall be bound by the terms of
this Plan, including any amendments whenever made.

     4.4 ACQUISITION OR CREATION OF SUBSIDIARY. If the stock of a corporation is acquired by the
Company or another Employer so that the acquired corporation becomes a Subsidiary, or if a
Subsidiary is created, the Subsidiary in either case shall automatically become an Employer and its
Employees shall become eligible to participate in the Plan on the first Commencement Date after the
acquisition or creation of the Subsidiary, as the case may be. Notwithstanding the foregoing, the
Board of Directors may by appropriate resolutions (i) provide that the acquired or newly created
Subsidiary shall not be a participating Employer, (ii) specify that the acquired or newly created
Subsidiary will become a participating Employer on a Commencement Date other than the first
Commencement Date after the acquisition or creation, or (iii) attach any condition whatsoever to
eligibility of the employees of the acquired or newly created Subsidiary, except to the extent such
condition would not comply with Section 423 of the Code.

ARTICLE V.

CONTRIBUTION ACCOUNT

     5.1 EMPLOYEE CONTRIBUTIONS. The enrollment form signed by each Participant shall authorize
the Employer to deduct from the Participant’s compensation an after-tax amount during each payroll
period not less than one hundred dollars ($100.00) nor more than an amount which is ten percent
(10%) of the Participant’s base pay on the Commencement Date. A Participant’s base pay shall be
determined before subtracting any elective deferrals to a qualified plan under Section 401(k) of
the Code, salary reduction contributions to a cafeteria plan under Section 125 of the Code or
elective deferrals to a nonqualified deferred compensation plan. The dollar amount deducted each
payday shall be credited to the Participant’s Contribution Account. Participant contributions will
not be permitted to commence at any time during the Option Period other than on the Commencement
Date. Unless otherwise determined by the Plan

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Administrator with respect to an Option Period, no interest will accrue on any contributions
or on the balance in a Participant’s Contribution Account.

     5.2 MODIFICATION OF CONTRIBUTION RATE. No change shall be permitted in a Participant’s amount
of withholding except upon a Commencement Date, and then only if the Participant files a new
enrollment form with the Employer at least fifteen (15) days in advance of the Commencement Date
designating the desired withholding rate. Notwithstanding the foregoing, a Participant may notify
the Employer at any time (except during the periods from June 21 through June 30 and December 22
through December 31) that he wishes to discontinue his contributions. This notice shall be in
writing and on such forms as provided by the Employer and shall become effective as of a date
provided on the form not more than fifteen (15) days following its receipt by the Employer. The
Participant shall become eligible to recommence contributions on the next Commencement Date.

     5.3 WITHDRAWAL OF CONTRIBUTIONS. A Participant may elect to withdraw the balance of his
Contribution Account at any time during the Option Period prior to the Exercise Date (except during
the periods from June 21 through June 30 and December 22 through December 31). The option granted
to a Participant shall be canceled upon his withdrawal of the balance in his Contribution Account.
This election to withdraw must be in writing on such forms as may be provided by the Employer. If
contributions are withdrawn in this manner, further contributions during that Option Period will be
discontinued in the same manner as provided in Section 5.2, and the Participant shall become
eligible to recommence contributions on the next Commencement Date.

     5.4 LIMITATIONS ON CONTRIBUTIONS. During each Option Period, the total contributions by a
Participant to his Contribution Account shall not exceed ten percent (10%) of the Participant’s
base pay for the Option Period. If a Participant’s total contributions should exceed this limit,
the excess shall be returned to the Participant after the end of the Option Period, without
interest.

ARTICLE VI.

ISSUANCE AND EXERCISE OF OPTIONS

     6.1 RESERVED SHARES OF STOCK. The Company shall initially reserve eight million nine hundred
thousand (8.9 million) shares of Stock for issuance upon exercise of the options granted under this
Plan.

     6.2 ISSUANCE OF OPTIONS. On the Grant Date each Participant shall be deemed to receive an
option to purchase Stock with the number of shares and Exercise Price determined as provided in
this Article VI, subject to the maximum limits specified in Section 6.6(a). All such options shall
be automatically exercised on the following Exercise Date, except for options which are canceled
when a Participant withdraws the balance of his Contribution Account or which are otherwise
terminated under the provisions of this Plan.

     6.3 DETERMINATION OF EXERCISE PRICE. The Exercise Price of the options granted under this
Plan for any Option Period shall be between eighty-five percent (85%)

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and one-hundred percent (100%) of the Closing Market Price of the Stock on either the Grant
Date or the Exercise Date (or the lesser of such amounts on such dates during each Option Period),
in any case, as permitted by Section 423 of the Code. The Plan Administrator, in its sole
discretion, shall determine the percentage of the Exercise Price and the date or dates upon which
such Exercise Price will be based for each Option Period and shall provide notice of such
provisions to Participants prior to the Commencement Date of each Option Period.

     6.4 PURCHASE OF STOCK. On an Exercise Date, all options shall be automatically exercised,
except that the options of a Participant who has terminated employment pursuant to Section 7.1 or
who has withdrawn all his contributions shall expire. The Contribution Account of each Participant
shall be used to purchase the maximum number of whole shares of Stock determined by dividing the
Exercise Price into the balance of the Participant’s Contribution Account. Any money remaining in
a Participant’s Contribution Account representing a fractional share shall remain in his
Contribution Account to be used in the next Option Period along with new contributions in the next
Option Period; provided, however, that if the Participant does not enroll for the next Option
Period, the balance remaining shall be returned to him in cash, without interest.

     6.5 TERMS OF OPTIONS. Options granted under this Plan shall be subject to such amendment or
modification as the Employer shall deem necessary to comply with any applicable law or regulation,
including but not limited to Section 423 of the Code, and shall contain such other provisions as
the Employer shall from time to time approve and deem necessary; provided, however, that any such
provisions shall comply with Section 423 of the Code.

     6.6 LIMITATIONS ON OPTIONS. The options granted hereunder are subject to the following
limitations:

          (a) The maximum number of shares of Stock which may be purchased by any Participant on an
Exercise Date shall be two thousand five hundred (2,500) shares. Any contributions remaining in a
Participant’s Contribution Account due to the 2,500 share limit for a Option Period shall be
returned to that Participant, without interest. This maximum number of shares shall be adjusted as
determined by the Plan Administrator in accordance with, and upon the occurrence of an event
described in, Section 10.3.

          (b) No Participant shall be permitted to accrue the right to purchase during any calendar year
Stock under this Plan (or any other Plan of the Employer, a parent or a Subsidiary which is
qualified under Section 423 of the Code) having a fair market value of greater than twenty-five
thousand dollars ($25,000.00) (as determined on the Grant Date for the Option Period during which
each such share of Stock is purchased) as provided in Section 423(b)(8) of the Code.

          (c) No option may be granted to a Participant if the Participant immediately after the option
is granted would be a Five-Percent Stockholder.

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          (d) No Participant may assign, transfer or otherwise alienate any options granted to him under
this Plan, otherwise than by will or the laws of descent and distribution, and such options must be
exercised during the Participant’s lifetime only by him.

     6.7 PRO-RATA REDUCTION OF OPTIONED STOCK. If the total number of shares of Stock to be
purchased under options by all Participants on an Exercise Date exceeds the number of shares of
Stock remaining authorized for issuance under Section 6.1, a pro-rata allocation of the shares of
Stock available for issuance will be made among Participants in proportion to their respective
Contribution Account balances on the Exercise Date, and any money remaining in the Contribution
Accounts shall be returned to the Participants, without interest.

     6.8 STATE SECURITIES LAWS. Notwithstanding anything to the contrary contained herein, the
Company shall not be obligated to issue shares of Stock to any Participant if to do so would
violate any State (or other applicable) securities law applicable to the sale of Stock to such
Participant. In the event that the Company refrains from issuing shares of Stock to any
Participant in reliance on this Section, the Company shall return to such Participant the amount in
such Participant’s Contribution Account that would otherwise have been applied to the purchase of
Stock.

ARTICLE VII.

TERMINATION OF PARTICIPATION

     7.1 TERMINATION OF EMPLOYMENT. Any Employee whose employment with the Employer is terminated
during the Option Period prior to the Exercise Date for any reason except death, disability or
retirement at or after age 65 shall cease being a Participant immediately. The balance of that
Participant’s Contribution Account shall be paid to such Participant as soon as practical after his
termination. The option granted to such Participant shall be null and void.

     7.2 DEATH. If a Participant should die while employed by the Employer, no further
contributions on behalf of the deceased Participant shall be made. The legal representative of the
deceased Participant may elect to withdraw the balance in said Participant’s Contribution Account
by notifying the Employer in writing prior to the Exercise Date in the Option Period during which
the Participant died (except during the periods from June 21 through June 30 and December 22
through December 31). In the event no election to withdraw is made on or before the June 20 or
December 21 preceding the Exercise Date, the balance accumulated in the deceased Participant’s
Contribution Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any
money remaining which is insufficient to purchase a whole share shall be paid to the legal
representative.

     7.3 RETIREMENT. If a Participant should retire from the employment of the Employer at or
after attaining age 65, no further contributions on behalf of the retired Participant shall be
made. The Participant may elect to withdraw the balance in his Contribution Account by notifying
the Employer in writing prior to the Exercise Date in the Option Period during which the
Participant retired (except during the periods from June 21 through June 30 and December 22

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through December 31). In the event no election to withdraw is made on or before the June 20
or December 21 preceding the Exercise Date, the balance accumulated in the retired Participant’s
Contribution Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any
money remaining which is insufficient to purchase a whole share shall be paid to the retired
Participant.

     7.4 DISABILITY. If a Participant should terminate employment with the Employer on account of
disability, as determined by reference to the definition of “disability” in the Employer’s
long-term disability plan, no further contributions on behalf of the disabled Participant shall be
made. The Participant may elect to withdraw the balance in his Contribution Account by notifying
the Employer in writing prior to the Exercise Date in the Option Period during which the
Participant became disabled (except during the periods from June 21 through June 30 and December 22
through December 31). In the event no election to withdraw is made on or before the June 20 or
December 21 preceding the Exercise Date, the balance accumulated in the disabled Participant’s
Contribution Account shall be used to purchase shares of Stock in accordance with Section 6.4. Any
money remaining which is insufficient to purchase a whole share shall be paid to the disabled
Participant.

ARTICLE VIII.

OWNERSHIP OF STOCK

     8.1 ISSUANCE OF STOCK. As soon as practical after the Exercise Date, the Plan Administrator
will, in its sole discretion, either credit a share account maintained for the benefit of each
Participant or issue certificates to each Participant for the number of shares of Stock purchased
under the Plan by such Participant during an Option Period. Such determination by the Plan
Administrator shall apply equally to all shares of Stock purchased during the Option Period.
Certificates may be issued, at the request of a Participant, in the name of the Participant,
jointly in the name of the Participant and a member of the Participant’s family, to the Participant
as custodian for the Participant’s child under the Gift to Minors Act, or to the legal
representative of a deceased Participant.

     8.2 PREMATURE SALE OF STOCK. If a Participant (or former Participant) sells or otherwise
disposes of any shares of Stock obtained under this Plan:

          (i) prior to two (2) years after the Grant Date of the option under which such shares were
obtained, or

          (ii) prior to one (1) year after the Exercise Date on which such shares were obtained,

that Participant (or former Participant) must notify the Employer immediately in writing concerning
such disposition.

     8.3 RESTRICTIONS ON SALE. Unless another period is designated by the Plan Administrator in
advance of the Commencement Date of an Option Period, as discussed below, any shares of Stock
purchased under the Plan may not be sold, transferred or otherwise disposed

8

 

of by a Participant (or their legal representative or estate, as applicable) for six (6)
months following the applicable Exercise Date (the “Restricted Period”). The Plan Administrator
may, in its sole discretion, place additional restrictions on the sale or transfer of shares of
Stock purchased under the Plan during any Option Period (including the designation of a new
Restricted Period) by notice to all Participants of the nature of such restrictions given in
advance of the Commencement Date of such Option Period. The additional restrictions may, among
other things, change the Restricted Period to a period of up to two years from the Grant Date,
subject to such exceptions as the Plan Administrator may determine (e.g., termination of employment
with the Employer). Certificates issued pursuant to Section 8.1 for shares that are restricted,
shall, in the discretion of the Plan Administrator, contain a legend disclosing the nature and
duration of the restriction (including a description of the Restricted Period). Any such
restrictions and exceptions determined by the Plan Administrator shall be applicable equally to all
shares of Stock purchased during the Option Period for which the restrictions are first applicable.
In addition, the Restricted Period and such other restrictions and exceptions applicable to the
Stock shall remain applicable during subsequent Option Periods unless otherwise determined by the
Plan Administrator. If the Plan Administrator should change or eliminate any restrictions for a
subsequent Option Period, notice of such action shall be given to all Participants.

     8.4 TRANSFER OF OWNERSHIP. A Participant who purchases shares of Stock under this Plan shall
be transferred at such time substantially all of the rights of ownership of such shares of Stock in
accordance with the Treasury Regulations promulgated under Section 423 of the Code as in effect on
the Effective Date. Such rights of ownership shall include the right to vote, the right to receive
declared dividends, the right to share in the assets of the Employer in the event of liquidation,
the right to inspect the Employer’s books and the right to pledge or sell such Stock subject to the
restrictions in the Plan.

ARTICLE IX.

ADMINISTRATION AND AMENDMENT

     9.1 ADMINISTRATION. The Plan Administrator shall (i) administer the Plan, (ii) keep records
of the Contribution Account balance of each Participant, (iii) keep records of the share account
balance of each Participant, (iv) interpret the Plan, (v) determine all questions arising as to
eligibility to participate, amount of contributions permitted, determination of the Exercise Price,
and all other matters of administration, and (vi) determine whether to place restrictions on the
sale and transfer of Stock and the nature of such restrictions, as provided in Section 8.3. The
Plan Administrator shall have such duties, powers and discretionary authority as may be necessary
to discharge the foregoing duties, and may delegate any or all of the foregoing duties to any
individual or individuals (including officers or other Employees who are Participants). The Board
of Directors shall have the right at any time and without notice to remove or replace any
individual or committee of individuals serving as Plan Administrator. All determinations by the
Plan Administrator shall be conclusive and binding on all persons. Any rules, regulations, or
procedures that may be necessary for the proper administration or functioning of this Plan that are
not covered in this Plan document shall be promulgated and adopted by the Plan Administrator.

9

 

     9.2 AMENDMENT. The Board of Directors of the Employer may at any time amend the Plan in any
respect, including termination of the Plan, without notice to Participants. If the Plan is
terminated, all options outstanding at the time of termination shall become null and void and the
balance in each Participant’s Contribution Account shall be paid to that Participant, without
interest. Notwithstanding the foregoing, no amendment of the Plan as described in Section 3.2
shall become effective until and unless such amendment is approved by the stockholders of the
Company in accordance with the approval requirements of Section 3.2.

ARTICLE X.

MISCELLANEOUS

     10.1 EXPENSES. The Employer will pay all expenses of administering this Plan that may arise
in connection with the Plan.

     10.2 NO CONTRACT OF EMPLOYMENT. Nothing in this Plan shall be construed to constitute a
contract of employment between an Employer and any Employee or to be an inducement for the
employment of any Employee. Nothing contained in this Plan shall be deemed to give any Employee
the right to be retained in the service of an Employer or to interfere with the right of an
Employer to discharge any Employee at any time, with or without cause, regardless of the effect
which such discharge may have upon him as a Participant of the Plan.

     10.3 ADJUSTMENT UPON CHANGES IN STOCK. The aggregate number of shares of Stock reserved for
purchase under the Plan as provided in Section 6.1, and the calculation of the Exercise Price as
provided in Section 6.3, shall be adjusted by the Plan Administrator (subject to direction by the
Board of Directors) in an equitable and proportionate manner to reflect changes in the
capitalization of the Company, including, but not limited to, such changes as result from merger,
consolidation, reorganization, recapitalization, stock dividend, dividend in property other than
cash, stock split, combination of shares, exchange of shares and change in corporate structure. If
any adjustment under this Section 10.3 would create a fractional share of Stock or a right to
acquire a fractional share of Stock, such fractional share shall be disregarded and the number of
shares available under the Plan and the number of shares covered under any options granted pursuant
to the Plan shall be the next lower number of shares, rounding all fractions downward.

     10.4 EMPLOYER’S RIGHTS. The rights and powers of any Employer shall not be affected in any
way by its participation in this Plan, including but not limited to the right or power of any
Employer to make adjustments, reclassifications, reorganizations or changes of its capital or
business structure or to merge or to consolidate or to dissolve, liquidate or sell, or transfer all
or any part of its business or assets.

     10.5 LIMIT ON LIABILITY. No liability whatever shall attach to or be incurred by any past,
present or future stockholders, officers or directors, as such, of the Company or any Employer,
under or by reason of any of the terms, conditions or agreements contained in this Plan or implied
therefrom, and any and all liabilities of any and all rights and claims against the Company, an
Employer, or any stockholder, officer or director as such, whether arising at

10

 

common law or in equity or created by statute or constitution or otherwise, pertaining to this
Plan, are hereby expressly waived and released by every Participant as a part of the consideration
for any benefits under this Plan; provided, however, no waiver shall occur, solely by reason of
this Section 10.5, of any right which is not susceptible to advance waiver under applicable law.

     10.6 GENDER AND NUMBER. For the purposes of the Plan, unless the contrary is clearly
indicated, the use of the masculine gender shall include the feminine, and the singular number
shall include the plural and vice versa.

     10.7 GOVERNING LAW. The validity, construction, interpretation, administration and effect of
this Plan, and any rules or regulations promulgated hereunder, including all rights or privileges
of any Participants hereunder, shall be governed exclusively by and in accordance with the laws of
the State of Delaware, except that the Plan shall be construed to the maximum extent possible to
comply with Section 423 of the Code and the Treasury Regulations promulgated thereunder.

     10.8 HEADINGS. Any headings or subheadings in this Plan are inserted for convenience of
reference only and are to be ignored in the construction of any provisions hereof.

     10.9 SEVERABILITY. If any provision of this Plan is held by a court to be unenforceable or is
deemed invalid for any reason, then such provision shall be deemed inapplicable and omitted, but
all other provisions of this Plan shall be deemed valid and enforceable to the full extent possible
under applicable law.

[Signatures appear on the next page.]

11

 

     IN
WITNESS WHEREOF, the Employer has adopted this Plan as of the
20th day of July, 2009, to be
effective as of the Effective Date.

	 	 	 	 	 
	 	EMDEON INC.

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

and Secretary 	 
	 

ATTEST:

/s/ Denise Ceule

12

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