Document:

EX-10.1

 Exhibit 10.1 

Change Healthcare LLC 

Annual Incentive Plan (AIP) 

Amended and Restated as of September 18, 2019 
  

	1.	 Purpose. The purpose of the Change Healthcare LLC Annual Incentive Plan (the “Plan”) is to
provide an incentive to eligible employees of Change Healthcare LLC and its participating subsidiaries (collectively, the “Company”) who contribute to the success of the enterprise. The Plan offers eligible employees an opportunity
to earn compensation in addition to their base salaries, based upon the performance of the Company (including its Business Units) and their individual performance. 

 

	2.	 Plan Administration. The Compensation Committee of the Board of Directors (the “Board”)
of the Company (the “Committee”), in consultation with the Chief Executive Officer of the Company (the “CEO”), shall administer the Plan. The CEO shall oversee and interpret any and all aspects of the Plan
(including the amount payable to any individual participant) and may delegate any responsibilities under the Plan to the Chief People Officer (“CPO”) of the Company. The CEO (other than with respect to himself) shall make final
recommendations to the Committee regarding both the amount and the timing of any bonus payments pursuant to the Plan. The Committee shall review and approve the CEO’s recommendations. If an employee believes that he/she has been paid
incorrectly or denied payment incorrectly under the Plan, the employee must provide written notice to the CPO (the “appeal”) within thirty (30) days of the date of the incorrect payment or payment refusal. The CEO has the sole
unilateral discretion and authority to accept or reject an appeal, whether to modify or make a payment in response to an appeal, to interpret and apply the Plan and any and all language contained in the Plan, and to determine the amount of payment.
Any and all decisions made by the CEO are final. 

  

	3.	 Plan Year. The Plan shall be effective from April 1 of each fiscal year of the Company through
March 31 of such fiscal year (each, a “Plan Year”). 

  

	4.	 Participant Eligibility. Employees eligible to participate in the Plan generally include regular
full-time employees, unless state, local, province, or territorial laws requires additional employee participation, and an eligible employee selected to participate in the Plan is referred to as a “Participant”. A Participant must be
employed and meet the eligibility criteria before the Participation Deadline to be eligible to participate in the Plan for that year. 

 Generally, individuals who are ineligible to participate in the Plan include the following:

  

	 	•	 	 Temporary employees, independent contractors and consultants 

 

	 	•	 	 Employees located in the United States who do not have a signed Company Protection Agreement on file with the
Company 

  

	 	•	 	 Anyone not actively employed on the date the Actual Awards are distributed (except as described in this Plan
summary) 

  

	 	•	 	 Any other employee that does not meet the eligibility criteria above 

 

	5.	 Annual Incentive Potential. The target bonus potential (“Annual Incentive Plan or AIP Target
Percentage”) is calculated as a percentage of the Participant’s Annual Base Salary as of the last day of the Plan Year to which the bonus relates. If a Participant no longer participates in the Plan due to a change in job during the
Plan Year, the AIP Target Percentage is calculated as a percentage of the Participant’s Annual Base Salary as of the last day of the Plan Year on which the individual was a Participant in the Plan. If a Participant changes from full-time to
part-time or vice versa during the Plan year, then the AIP Target Percentage is calculated based on the different employment percentages applicable during the Plan Year. The guidelines for determining AIP Target Percentage are based on the level of
the job the employee is assigned. These guidelines, however, may be adjusted to reflect the significance, scope and level of accountability for a given job. Adjustments (increases or reductions) to the AIP Target Percentage levels may be made at the
discretion of the CEO or the CPO of the Company. Additionally, certain AIP Target Percentage levels are set forth in written employment agreements. As such, these written agreements shall be controlling. 

 

	6.	 Performance Targets. The funding and payment of bonuses is based upon performance metrics established by
the Committee. Unless and until otherwise specified by the Committee, the three Plan components are the Company Performance Targets, Business Unit Performance Targets and Individual Performance Measures. Calculation of Actual Awards shall be based
on the achievement of multiple objectives. Each objective has a threshold, target and a maximum level of performance. For each objective, the bonus payment shall range from zero to a maximum percentage based on the level of performance for that
objective. 

  

	 	a.	 Company Performance Targets. Payments are contingent upon the Company achieving the Company Performance
Targets as shall be set by the Committee within the first ninety days of a Plan Year. If, and when, bonuses are declared, financial calculations shall be made to determine the funding level for Participants based upon the Company Performance
Targets. 

  

	 	b.	 Business Unit Performance Targets. For those eligible employees whose job responsibilities are primarily
related to a particular Business Unit, payments for a portion of the Participant’s bonus amount are contingent upon the Business Unit, achieving the applicable Performance Targets as shall be set by the Committee with respect to each Plan Year.
If, and when, bonuses are declared, financial calculations shall be made to determine a funding level for each Business Unit. 

	 	c.	 Individual Performance Measures. Each Participant shall have one or more Individual Performance
Measures. Individual Performance Measures may be quantitative, qualitative or both. Once the Company and/or the Business Unit have achieved their performance goals, a Participant’s Individual Performance Measures, taken as a whole with the
Company and/or Business Unit performance, shall determine the amount of the Participant’s Actual Award. Individual bonus potential can be greatly impacted by the level of achievement of Individual Performance Measures as determined by each
Participant’s manager. Actual Awards shall be adjusted, at each Participant’s manager’s discretion, to reflect the Participant’s individual contribution to the achievement of Company Performance Targets and Business Unit
Performance Targets and the Participant’s Individual Performance Measures. A Participant’s manager shall review and approve, modify or disapprove the Actual Award, if any, to be paid to a Participant for the Plan Year, and reserves the
right to reduce or increase or eliminate the individual payments determined according to the above method. 

  

	7.	 Prorations. If an employee, not previously eligible for participation in the Plan, moves to a job and
becomes eligible for participation in the Plan, the employee’s Actual Award shall be calculated as a prorated portion of the annual bonus relevant to that Plan Year based upon the employee’s first date of eligibility. If a person otherwise
eligible for participation in the Plan becomes an employee of the Company during the Plan Year, the employee’s Actual Award shall be calculated as a prorated portion of the annual bonus for that Plan Year based upon the employee’s first
date of employment. If a Participant is transferred to a new job during the Plan Year with a higher or lower AIP Target Percentage, the determination of the Participant’s Actual Award shall be calculated based on the two different AIP Target
Percentages, prorated for each AIP Target Percentage based on the date of the change in job. If a Participant is transferred to a new job during the Plan Year with a higher or lower Business Unit Performance Target, the determination of the
Participant’s Actual Award shall be calculated based on the different Performance Targets, prorated for each Business Unit Performance Target, based on the date of the change in job within that Plan Year. If a Participant no longer participates
in the Plan due to a change in job during the Plan Year, the employee shall be eligible to receive a prorated award based on the period of participation in the Plan; provided, that the employee must continue to meet the “Conditions For
Receiving Payment” set forth below. Such prorated award shall be paid at the same time as awards are made to other Participants under the Plan. 

  

	8.	 Payout and Taxation. The Company anticipates any bonus amounts earned under the Plan for each Plan Year
shall be paid in a lump sum around June of the year following that Plan Year after completion of audited financial statements for the Plan Year and final executive and Committee approval but in any event, bonus amounts earned under the Plan, if any,
shall be paid prior to March 15 of the calendar year following the end of the Plan Year to which such bonus amounts relate. Specific provisions regarding distribution 

	 	
are outlined below under the “Conditions for Receiving Payment” section of the Plan. Payroll taxes shall be withheld from the bonus award, or remitted to tax authorities, subject to and
in accordance with law. Actual Awards that Participants receive shall be reported as income in the year in which they are paid, in accordance with applicable law. 

 

	9.	 Conditions for Receiving Payment. No Actual Awards under this Plan shall be paid to any Participant if
employment is terminated, whether voluntary or involuntary, prior to the actual payment distribution date, except as described in Section 10 of this Plan summary or to the extent required by applicable law. However, the Company retains the
authority to make exceptions to the foregoing policy in unusual or meritorious cases including, but not limited to, the death of a Participant during the Plan Year, termination of employment due to total or partial disability, call to active
military service or retirement with the written consent of the Company. For clarity, a Participant is considered an active employee of the Company during any notice period, whether based on a written employment agreement, the applicable local
employment or labor laws, or the common or civil law (“Notice Period”) if the Participant continues working during the Notice Period, regardless of why that Participant’s employment is terminated. However, if a Participant receives a
payment in lieu of notice, instead of working during the Notice Period, the employee will not be considered an active employee during the Notice Period and the last day worked is considered the termination date for purposes of the Plan.

  

	10.	 Effect of Termination of Employment. Except as expressly set forth in this section, a Participant must
be an active employee of the Company on the date the Actual Awards are distributed to Participants to be eligible to receive any payment under the Plan. 

  

	 	a.	 Death or Long-Term Disability. If a Participant’s employment is terminated by the Company
due to death or Long-Term Disability during the Plan Year, the Participant shall be entitled to receive a prorated portion of the Actual Award, with proration based on the date of termination of employment within the Plan Year.

  

	 	b.	 Retirement. If a Participant’s employment is terminated due to Retirement on or after the
Participation Deadline, the Participant shall be entitled to receive a prorated portion of the Actual Award, with proration based on the date of termination of employment within the Plan Year. 

 

	 	c.	 Other Qualifying Terminations. If a Participant’s employment is terminated due to a
Qualifying Termination on or after the Participation Deadline, the Participant shall be entitled to receive a prorated portion of the Actual Award, with proration based on the date of termination of employment within the Plan Year.

	11.	 Limitations and/or Adjustments. Payment of an Actual Award under the Plan is not an integral part
of a Participant’s compensation package. A Participant’s base salary compensates them for the expected results of any given job role within the Company. Payment of an Actual Award is at the discretion of the Company. For the avoidance of
doubt, the Plan is discretionary by nature, and unless the provincial labor/employment standards legislation applicable in the province of employment where the Participant works requires otherwise in the specific circumstance, awards made under the
Plan shall not be deemed a portion of a Participant’s compensation for any purpose whatsoever, including without limitation, when calculating a Participant’s entitlements to termination pay, severance pay or other amounts payable upon
termination of employment. Participation in a Plan Year does not guarantee payment of an award under the Plan for that Plan Year and Participation in one Plan Year does not guarantee participation in any subsequent Plan Year. The Company reserves
the right to review, amend, suspend and/or terminate the Plan, the incentive calculation formulas and all other aspects of the Plan at any time. Plan changes shall be based on a determination of the Company’s business needs and do not require
prior notification or explanation to Participants. A Participant’s participation in the Plan shall not be construed as an employment contract or as a promise of continuing employment between the Company and the Participant. Employment with the
Company is terminable at will, unless an employment contract or state, local, province, or territorial laws requires otherwise. 

  

	12.	 Active Employment Eligibility. If a Participant takes any type of approved leave of absence for
less than (12) consecutive weeks during the Plan Year, this period of time will be included in the calculation of the award. If a Participant takes any type of approved leave of absence for (12) consecutive weeks during the Plan Year or
more, the period of time in excess of (12) weeks will not be considered in the Participant’s Actual Award calculation, unless an employment contract or state, local, province, or territorial laws requires otherwise. 

 

	13.	 Section 409A. The payments made under this Plan to Participants subject to
U.S. taxes are intended be exempt from with Section 409A of the Internal Revenue Code of 1986, as amended, and applicable guidance issued thereunder (“Section 409A”). Payments made under this Plan shall be
interpreted and construed to be distributed in the short-term deferral period, as defined under Treasury Regulation section 1.409A-1(b)(4). Notwithstanding any provision of this Plan to the contrary, this Plan
shall be interpreted and construed consistent with the terms set forth in this Section 13, provided that the Company shall not be required to assume any increased economic burden in connection therewith. Although the Company intends to
administer this Plan so that it shall be exempt from the requirements of Section 409A, the Company does not represent or warrant that this Plan shall be exempt from Section 409A or any other provision of federal, state, local, or non-United States law. The Company, or either of its directors, officers, employees or advisers shall not be liable to the Participant (or any other individual claiming a benefit through the Participant) for any
tax, interest, or penalties the Participant may owe as a result of compensation paid under this Plan, and shall have no obligation to indemnify or otherwise protect the Participant from the obligation to pay any taxes pursuant to Section 409A.

	14.	 Clawback. Any payment made under this Plan shall be subject to reduction, cancellation,
forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or similar policy adopted by the Company, whether in existence as of the effective date of the Plan or later adopted by the Company) and (ii) any
applicable law or government regulation. Further, unless otherwise determined by the Committee, to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the
Plan for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company. The Company will make
any determination for clawback, forfeiture or recovery in its sole discretion and in accordance with any applicable law, government regulation or Company policy, as applicable. By participating in this Plan the Participant consents to such
deductions being made by the Company. 

  

	15.	 Change in Control. In connection with a Change in Control, the Committee shall have the discretion to
make changes to the Plan and awards hereunder as the Committee, in its sole discretion, deems to be equitable and appropriate. 

  

	16.	 Definitions. 

  

	 	a.	 “Actual Award” means the finally determined amount payable to a Participant under the Plan for
a Plan Year. 

  

	 	b.	 “Affiliate” means any Person that directly or indirectly controls, is controlled by, or is
under common control with Change Healthcare Inc. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract, or otherwise. 

 

	 	c.	 “Annual Base Salary” means annual rate of pay as of the last day of the Plan year for exempt
Participants. For non-exempt Participants, this is the hourly rate of pay annualized for the number of hours worked during the Plan Year. 

 

	 	d.	 “Change in Control” means (i) the acquisition (whether by purchase, merger,
consolidation, combination, or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis)
of either (A) the then-outstanding 

	 	
shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, the
exchange of exchangeable stock or units, and the exercise of any similar right to acquire such Common Stock; or (B) the combined voting power of the then-outstanding voting securities of Change Healthcare
Inc. entitled to vote generally in the election of directors, in the case of each of the foregoing clauses (A) and (B) assuming that all Units (as defined in the Company LLC Agreement) held by MCK Members (as defined in the Company LLC
Agreement) had been exchanged for an equal number of shares of Common Stock; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by Change Healthcare Inc. or
any Affiliate; (II) any acquisition by any employee benefit plan sponsored or maintained by Change Healthcare Inc. or any Affiliate; or (III) any acquisition in connection with a Qualified MCK Exit (as defined in the Company LLC
Agreement); (ii) during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that
any Person becoming a director subsequent to the effective date of the Plan, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board
(either by a specific vote or by approval of the proxy statement of Change Healthcare Inc. in which such Person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that
no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the
Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall be deemed to be an Incumbent Director; or (iii) the sale,
transfer, or other disposition of all or substantially all of the assets of Change Healthcare Inc. and the Company (taken as a whole) to any Person that is not an Affiliate of Change Healthcare Inc. or the Company. 

 

	 	e.	 “Common Stock” means the common stock of Change Healthcare Inc., par value $0.001 per share
(and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

  

	 	f.	 “Company LLC Agreement” means the Third Amended and Restated Limited Liability Company
Agreement of Change Healthcare LLC, dated as of March 1, 2017. 

  

	 	g.	 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor
thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any amendments or successor provisions
to such section, rules, regulations, or guidance. 

	 	h.	 “Long-Term Disability” shall mean the Company or its affiliates having cause to terminate a
Participant’s employment or service on account of “disability,” as defined in any written employment agreement then in effect between the Participant and the Company or an affiliate, or in the absence of such an agreement, a condition
entitling the Participant to receive benefits under a long-term disability plan of the Company or an affiliate or, in the absence of such a plan, the complete and permanent inability by reason of illness or accident to perform the duties of the
occupation at which a Participant was employed or served when such disability commenced or, as determined by the Company based upon medical evidence acceptable to it. 

 

	 	i.	 “Participation Deadline” with respect to a Plan Year shall mean January 1 of the Plan
Year. 

  

	 	j.	 “Person” means any individual, entity, or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act). 

  

	 	k.	 “Qualifying Termination” means a termination of employment eligible to receive benefits under
the Company’s Severance Guidelines or Executive Severance Guidelines in accordance with the terms and conditions of such guidelines as may be amended from time to time. 

 

	 	l.	 “Retirement” means, unless otherwise set forth in an employment agreement with a Participant
or specifically defined under local law for the purposes of payment of compensation for services, termination from the Company with age of at least 65. 

  

	17.	 Governing Law. For employees on U.S. payroll, the laws of the state of Tennessee shall govern all
questions concerning the construction, validity and interpretation of the Plan, without regard to the state of Tennessee’s conflict of laws rules. 

For International employees, the laws of the country where the Participant permanently resides shall govern all questions concerning the
construction, validity and interpretation of the Plan, without regard to the Country of Residence’s conflict of laws rules.EX-10.2

 Exhibit 10.2 

CHANGE HEALTHCARE LLC 

U.S. EXECUTIVE SEVERANCE BENEFIT GUIDELINES 

(AMENDED AND RESTATED SEPTEMBER 18, 2019) 
  

	1.	 INTRODUCTION. 

The terms of the Change Healthcare LLC Executive Severance Benefit Guidelines (the “Guidelines”) are set forth below.
The purpose of the Guidelines is to provide a framework to be used in the event that any of the Change Healthcare LLC, Participating Companies (collectively, the “Company”) decides to award severance to Eligible Executives
who have a Qualifying Termination and who do not have a contractual entitlement to Severance Benefits. The determination as to which Executive is eligible to receive Severance Benefits in the event of a Qualifying Termination is within the
Company’s sole discretion. The Company may amend, modify or terminate these Guidelines at any time with or without notice to Executives, including without limitation the right to establish Severance Benefits on an action by action basis in its
sole discretion. 
  

	2.	 EFFECTIVE DATE. 

These Guidelines are effective as of February 1, 2018. These Guidelines supersede any plan, program, guidelines, policy or arrangements
previously in effect for the Executives by which Severance Benefits would be provided by the Company, with the exception of Executives who have entered into an individual employment agreement with the Company that provides for Severance Benefits.

  

	3.	 ELIGIBILITY FOR SEVERANCE BENEFITS. 

(a) General Rules. An executive of the Company in the executive career band “E”, who is a U.S. Eligible Paid Executive is
entitled to receive Severance Benefits, subject to the conditions and requirements set forth in these Guidelines. These guidelines do not apply to the Chief Executive Officer. 

(b) Definitions. The following definitions shall apply to these Guidelines: 

(i) “Affiliate” means any Person that directly or indirectly controls, is controlled by, or is under common
control with Change Healthcare Inc. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract, or otherwise. 

 (ii) “Cause” means the following: (A) the
Executive’s violation of any federal or state law or regulation applicable to the business of the Company or its affiliates; (B) the Executive being convicted of, or entering a plea of nolo contendere to any crime or committing any act of
moral turpitude; (C) the Executive engaging in any act of dishonesty, fraud or misrepresentation; (D) the breach of any agreement between the Executive and the Company (or any affiliate of the Company), including but not limited to a
breach of a restrictive covenant agreement; (E) the Executive’s habitual or willful neglect of duties; (F) the Executive’s breach of any duties owed to the Company, including but not limited to fiduciary duty and duty of care; or
(G) the Executive’s failure to perform his or her assigned duties or responsibilities (other than a failure resulting from the Executive’s disability) after notice thereof from the Company describing the Executive’s failure to
perform such duties or responsibilities. Notwithstanding the foregoing, if “Cause” is defined in an employment agreement between the Company and Executive then the meaning of “Cause” in the employment agreement shall apply. 

(iii) “Change in Control” means (i) the acquisition (whether by purchase, merger, consolidation,
combination, or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either
(A) the then-outstanding shares of Common Stock, taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, the exchange of exchangeable
stock or units, and the exercise of any similar right to acquire such Common Stock; or (B) the combined voting power of the then outstanding voting securities of Change Healthcare Inc. entitled to vote generally in the election of directors, in
the case of each of the foregoing clauses (A) and (B) assuming that all Units (as defined in the Company LLC Agreement) held by MCK Members (as defined in the Company LLC Agreement) had been exchanged for an equal number of shares of Common
Stock; provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by Change Healthcare Inc. or any Affiliate; (II) any acquisition by any employee benefit plan
sponsored or maintained by Change Healthcare Inc. or any Affiliate; or (III) any acquisition in connection with a Qualified MCK Exit (as defined in the Joint Venture LLC Agreement); (ii) during any period of 12 months, individuals who, at the
beginning of such period, constitute the Board of Directors of Change Healthcare Inc. (the “Board,” the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board;
provided, that any Person becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the
Board (either by a 

  
 2 

 
specific vote or by approval of the proxy statement of Change Healthcare Inc. in which such Person is named as a nominee for director, without written objection to such nomination) shall be an
Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule
14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other
than the Board shall be deemed to be an Incumbent Director; or (iii) the sale, transfer, or other disposition of all or substantially all of the assets of Change Healthcare Inc. and the Company (taken as a whole) to any Person that is not an
Affiliate of Change Healthcare Inc. or the Company. 
 (iv) “COBRA Continuation” means the continuation of
medical, dental and/or vision benefits under the Company-sponsored group health plan that an Executive who is enrolled in such group health plan may elect pursuant to the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985
(commonly known as COBRA). 
 (v) “COBRA Subsidy” means, subject to the Eligible Executive being eligible to
elect COBRA Continuation coverage, the Company’s payment, in lump sum, of the amount equal to the cost of such Eligible Executive’s COBRA Continuation premiums that the Company and Eligible Executive would pay if he or she elects COBRA
Continuation for the number of months specified in Schedule A, as attached to these Guidelines. 
 (vi)
“Code” means the Internal Revenue Code, as amended from time to time. 
 (vii) “Common
Stock” means the common stock of Change Healthcare Inc., par value $0.001 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged). 

(viii) “Company” means Change Healthcare LLC. 

(ix) “Company LLC Agreement” means the Third Amended and Restated Limited Liability Company Agreement of
Change Healthcare LLC, dated as of March 1, 2017. 
 (x) “Comparable Employment” means a position with
the Company that is similar in job authority, duties, reporting structure, responsibilities, and is located within 50 miles of the Executive’s current worksite or with a relocation package; and with a salary equal to or greater than the
Executive’s current salary. 

  
 3 

 (xi) “Eligible Executive” means an Executive of the Company
who has a Qualifying Termination. It is within the sole discretion of the Company to determine whether an Executive is an Eligible Executive. 

(xii) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto.
Reference in the Guidelines to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, or other interpretative guidance under such section or rule, and any amendments or successor provisions to
such section, rules, regulations, or guidance. 
 (xiii) “Executive” means an employee of the Company it the
E Compensation Grade. 
 (xiv) “Guidelines” means these Change Healthcare LLC Executive Severance Benefits
Guidelines, as amended from time to time.  
 (xv) “Participating Companies” means any subsidiary or
affiliate of Change Healthcare LLC, that is owned by no less than an 80% interest by Change Healthcare LLC, or any of its subsidiaries. 

(xvi) “Person” means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act). 
 (xvii) “Qualifying Termination” means that the Company involuntarily terminates
without Cause the employment of an Executive, or any other constructive termination that the Executive and the Company have agreed constitutes a Qualifying Termination. It is within the sole discretion of the Company to determine whether a
termination is a Qualifying Termination. 
 (xviii) “Release” means a waiver and release in favor of the
Company and on the form provided by the Company. The waiver and release will apply to all claims, known and unknown, relating to the Executive’s employment with the Company through and including the date of execution. The contents of the
general release will vary, depending on the state in which the affected Executive resides, the age of the Executive, and whether two or more employees are affected by the same action. 

(xix) “Severance Benefits” means the amount of payments that an Eligible Executive may receive under these
Guidelines. 

  
 4 

 (c) Eligibility. In order to be eligible to receive Severance Benefits under these
Guidelines, an Eligible Executive must not fall under one of the exceptions, as set forth in Section 3(d) of these Guidelines, and fulfill the following: 

(i) be actively employed until his or her date of termination as scheduled by the Company unless otherwise indicated by the
Company. 
 (ii) must execute and return a Release in accordance with the time periods set forth in the release agreement.

 (d) Exceptions. An Executive who otherwise is an Eligible Executive will not receive Severance Benefits in any of the following
circumstances: 
 (i) The Executive has executed an individually negotiated employment contract or agreement with the
Company, which includes the provision of Severance Benefits upon his or her termination. Such Executive’s Severance Benefits, if any, shall be governed by the terms of such individually negotiated employment contract or agreement. If these
Guidelines would provide the Executive more benefits than the Executive’s individual agreement, the Company may, at its sole discretion, offer the Executive the amount set forth herein; 

(ii) The Executive voluntarily terminates employment with the Company. Voluntary terminations include, but are not limited to,
resignation and retirement; 
 (iii) The Executive rejects an offer of Comparable Employment with the Company; 

(iv) In connection with a Change in Control between the Company and another entity, the surviving entity (a
“Successor Employer”) employs Executive for the period of time outlined in Schedule A as attached to these Guidelines, after the Change in Control in the same position as he or she held immediately prior to the Change in
Control or offers Comparable Employment to Executive. 
 If, during any period, the Company has not regarded an individual as an employee of
the Company and, for that reason, has not withheld employment taxes with respect to that individual, then that individual shall not be an Eligible Executive for that period, even in the event that the individual is determined, retroactively, to have
been an employee of the Company during all or any portion of that period. 

  
 5 

	4.	 AMOUNT OF SEVERANCE BENEFITS. 

Schedule A, attached to these Guidelines, sets forth the amount of the Severance Benefits that an Eligible Executive may receive pursuant to
these Guidelines. 
  

	5.	 EQUITY. 

When the Eligible Executive terminates employment, any outstanding stock options, restricted stock units or other equity grants will be treated
as set forth in the applicable equity incentive plan and award agreements and/or any other related documents. 
  

	6.	 OTHER EMPLOYMENT BENEFITS. 

(a) COBRA Continuation. Each Eligible Executive who is enrolled in a Company-sponsored health, dental or vision plan will be eligible
for COBRA Continuation coverage. The Company will notify the individual of any such right to continue health coverage. 
 (b) Other
Employee Benefits. All non-health benefits (such as life insurance and disability coverage) will terminate as of the Executive’s last day of being physically present on the job, the last day of active
employment with the Company, or the date of termination, as determined by the applicable plan documents and/or the Company in its sole discretion (except to the extent that the Executive elects and pays for any conversion privilege available). The
Executive’s right to benefits under the Company’s 401(k) plan shall be determined exclusively by the plan and any of its related agreements. 

(c) Coordination with Other Plans. Any Severance Benefits payable to the Eligible Executive under these Guidelines will not be counted
as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein. 
  

	7.	 TIME AND FORM OF PAYMENT. 

Subject to the terms and conditions set forth in these Guidelines, Severance Benefits will be paid in a single lump sum on the first payroll
date following the effective date of the Release, except as otherwise provided in Schedule A, as attached to these Guidelines. No Severance Benefits will be paid or provided until the expiration of any applicable revocation period. In no event will
any Severance Benefits be paid or provided under these Guidelines if the Release does not become effective by fifteen (15) days prior to (i) the end of the short-term deferral period as defined in Treasury Regulation § 1.409A-1(b)(4) or (ii) the end of the second calendar year following the year in which the separation occurs, if the Severance Benefits are less than the maximum amount provided under Treasury Regulation §
1.409A-1(b)(9)(iii)(A). 

  
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	8.	 NON-DUPLICATION OF BENEFITS. 

There will be no duplication of severance benefits that the Company or any of its affiliates pay or provide to the Eligible Executive, and that
the Severance Benefits provided under these Guidelines are in lieu of any severance benefits for which the Eligible Executive might otherwise have been eligible under any plan, program, guidelines, policy or arrangement of the Company or any of its
affiliates. To the extent necessary to avoid duplication of benefits, Severance Benefits paid or provided under these Guidelines will be reduced to offset severance benefits paid or provided to the Eligible Executive under any other plan, program,
guidelines, policy or arrangement of the Company or any of its affiliates. Notwithstanding the foregoing, an Executive who has an employment agreement, in effect with the Company at the time of his or her termination of employment, that provides for
severance payments and/or benefits shall not be eligible to be an Eligible Executive and shall not receive any Severance Benefits under these Guidelines. 
  

	9.	 NOTICE. 

The Company may give at least two (2) weeks’ non-working notice in advance of termination at
the Company’s sole discretion. If the effective date of the termination is immediate, then the Company may pay the Eligible Executive(s) an amount equal to two (2) weeks’ salary in lieu of notice. However, the provision of notice
and/or notice pay is at the Company’s sole discretion, unless notice and/or notice pay is required by applicable law. 
  

	10.	 NO IMPLIED EMPLOYMENT CONTRACT. 

Nothing in these Guidelines shall be deemed (a) to give any Executive any right to be retained in the employ of the Company, or
(b) to interfere with the right of the Company to discharge any Executive at any time and for any reason, which right is hereby reserved. Nothing contained in these Guidelines alters or amends an Executive’s status as an at-will employee. As an at-will employee, either the Executive or the Company may terminate the employment relationship with or without cause, with or without advance notice.

  
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	11.	 REEMPLOYMENT. 

If an Eligible Executive receives Severance Benefits pursuant to these Guidelines and is subsequently reemployed by the Company in reasonably
Comparable Employment, such Eligible Executive shall be obligated to repay the Company any portion of Severance Benefits received that is in excess of the time the he or she was separated from the Company. For purposes of determining the repayment
obligation, the Severance Benefits shall be converted to a “Weekly Benefit Amount,” which shall be calculated by dividing the Severance Benefits paid by the number of weeks of base salary payments that the Eligible Executive
received as set forth in Schedule A, as attached to these Guidelines. The Weekly Benefit Amount multiplied by the number of whole weeks the Eligible Executive was separated from the Company shall be deducted from the total amount of Severance
Benefits paid, and such Eligible Executive shall repay to the Company the difference between the two amounts. 
  

	12.	 Section 280G of the Code. 

(a) Notwithstanding any other provision of these Guidelines or any other plan, arrangement or agreement to the contrary, if any of the payments
or benefits provided or to be provided by the Company or its affiliates to the Eligible Executive or for the Eligible Executive’s benefit pursuant to the terms of these Guidelines or otherwise (“Covered Payments”)
constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section 12 be subject to the excise tax imposed under Section 4999 of the Code (or any
successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation
shall be made comparing (i) the Net Benefit (as defined below) to the Eligible Executive of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of
the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign
income, employment and excise taxes. 
 (b) Any such reduction shall be made in accordance with Section 409A of the Code and the
following: 
 (i) the Covered Payments which do not constitute nonqualified deferred compensation subject to
Section 409A of the Code shall be reduced first; and 
 (ii) all other Covered Payments shall then be reduced as
follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments to be made on a later payment date shall be reduced before payments to be made on an earlier payment date. 

  
 8 

 (c) Any determination required under this Section 12, including whether any payments or
benefits are parachute payments, shall be made by the Company (or an accounting firm that the Company selects) in its sole discretion. The Eligible Executive shall provide the Company with such information and documents as the Company may reasonably
request in order to make a determination under this Section 12. The Company’s determination shall be final and binding on the Eligible Executive. 

(d) It is possible that after the determinations and selections made pursuant to this Section 12 the Eligible Executive will receive
Covered Payments that are in the aggregate more than the amount provided under this Section 12 (“Overpayment”) or less than the amount provided under this Section 12 (“Underpayment”). 

(i) In the event that: (A) the Company determines, based upon the assertion of a deficiency by the Internal Revenue
Service against either the Company or the Eligible Executive which the Company believes has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal
Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then the Eligible Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate (as defined
in Section 7872(f)(2)(A) of the Code) from the date of the Eligible Executive’s receipt of the Overpayment until the date of repayment. 

(ii) In the event that: (A) the Company, based upon controlling precedent or substantial authority, determine that an
Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of the Eligible Executive together with interest
at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date the amount would have otherwise been paid to the Eligible Executive until the payment date. 

(e) Notwithstanding the foregoing, the Company in its sole discretion may choose to put the Parachute Payments to a shareholder vote in
accordance with Section 280G(b)(5)(B) and the regulations promulgated thereunder. 

  
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	13.	 GENERAL PROVISIONS. 

(a) Severability. The invalidity or unenforceability of any provision of these Guidelines shall not affect the validity or
enforceability of any other provision of the Guidelines. If any provision of these Guidelines is held by a court of competent jurisdiction to be illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and
narrowed to the extent necessary to render such provision legal, valid, and enforceable, and the other remaining provisions of these Guidelines shall not be affected but shall remain in full force and effect. 

(b) Headings and Subheadings. Headings and subheadings contained in these Guidelines are intended solely for convenience and
no provision of these Guidelines is to be construed by reference to the heading or subheading of any section or paragraph. 
 (c)
Unfunded Obligations. The amounts to be paid to Eligible Executives under these Guidelines are unfunded obligations of the Company. The Company is not required to segregate any monies or other assets from its general funds with
respect to these obligations. Eligible Executives shall not have any preference or security interest in any assets of the Company other than as a general unsecured creditor. 

(d) Successors. These Guidelines will be binding upon any successor to the Company, its assets, its businesses or its interest, in
the same manner and to the same extent that the Company would be obligated under the Guidelines if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by operation of law be
bound by these Guidelines, the Company shall require any successor to the Company to expressly and unconditionally assume these Guidelines in writing and honor the obligations of the Company hereunder, in the same manner and to the same extent that
the Company would be required to perform if no succession had taken place. All payments and benefits that become due to an Eligible Executive under these Guidelines will inure to the benefit of his or her heirs, assigns, designees, or legal
representatives. 
 (e) Transfer and Assignment. Neither an Eligible Executive nor any other person shall have any right to
sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under these Guidelines prior to the date that such amounts are paid, except that, in the case of an Eligible Executive’s
death, such amounts shall be paid to his or her estate. 
 (f) Waiver. Any party’s failure to enforce any provision or
provisions of these Guidelines will not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Guidelines. 

  
 10 

 (g) Governing Law. To the extent not
pre-empted by federal law, these Guidelines shall be construed in accordance with and governed by the laws of Tennessee without regard to conflicts of law principles. 

(h) Clawback. Any payment made under the Guidelines shall be subject to reduction, cancellation, forfeiture or recoupment to the extent
necessary to comply with (i) any clawback, forfeiture or similar policy adopted by Change Healthcare Inc., whether in existence as of the Effective Date or later adopted by Change Healthcare Inc.) and (ii) any applicable law or government
regulation. Further, unless otherwise determined by the Compensation Committee of Change Healthcare Inc., to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the
terms of the Guidelines for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to Change
Healthcare Inc. Change Healthcare Inc. will make any determination for clawback, forfeiture or recovery in its sole discretion and in accordance with any applicable law, government regulation or Change Healthcare Inc. policy, as applicable. By
participating in these Guidelines the Participant consents to such deductions being made by Change Healthcare Inc. 
 (i)
Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or
regulation. 
 (j) Section 409A of the Code. 

(i) These Guidelines are intended to comply with Section 409A of the Code or an exemption thereunder and shall be
construed and administered in accordance with Section 409A of the Code. Notwithstanding any other provision of the Guidelines, payments provided under the Guidelines may only be made upon an event and in a manner that complies with
Section 409A of the Code or an applicable exemption. Any payments under the Guidelines that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service or as a short-term deferral
shall be excluded from Section 409A of the Code to the maximum extent possible. For purposes of Section 409A of the Code, each installment payment or benefit provided under the Guidelines shall be treated as a separate payment. Any
payments subject to and not exempt from Section 409A is to be made under the Guidelines upon a termination of employment shall only be made upon a “separation from service” under Section 409A of the Code. Although the
Company intends to administer these Guidelines so that they shall comply with the requirements of 409A, the 

  
 11 

 
Company does not represent or warrant that these Guidelines shall comply with Section 409A or any other provision of federal, state, local or
non-United States law. The Company, or either of its directors, officers, employees or advisers shall not be liable for all or any portion of any taxes, penalties, interest, or other expenses that may be
incurred by a Eligible Executive as a result of compensation paid under the Guidelines, and shall have no obligation to indemnify or otherwise protect an Eligible Executive from the obligation to pay any taxes pursuant to Section 409A. 

(ii) Notwithstanding any other provision of the Guidelines, if any payment or benefit provided to an Eligible Executive in
connection with his or her Qualifying Termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Eligible Executive is determined to be a “specified
employee” as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
Qualifying Termination or, if earlier, on the Eligible Executive ‘s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment
Date shall be paid to the Eligible Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding any other provision of
the Guidelines, if any payment or benefit is conditioned on the Eligible Executive’s execution of a Release, the first payment shall include all amounts that would otherwise have been paid to the Eligible Executive during the period beginning
on the date of the Qualifying Termination and ending on the payment date if no delay had been imposed. If the consideration and revocation period of the Release crosses over two (2) calendar years, then the Severance Benefits shall be paid or
begin being paid (taking the preceding sentence into effect), on the later of (A) the first payroll date in the second calendar year, or (B) the first payroll date following the effective date of the Release. 

(iii) To the extent required by Section 409A of the Code, each reimbursement or
in-kind benefit provided under the Guidelines shall be provided in accordance with the following: (A) the amount of expenses eligible for reimbursement, or
in-kind benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar
year; and (B) any right to reimbursements or in-kind benefits under the Guidelines shall not be subject to liquidation or exchange for another benefit. 

  
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 SCHEDULE A 

Severance Benefits Schedule 
 U.S
Executives (excluding the Chief Executive Officer) in the Executive “E”Career Band 
 Qualifying Termination Not
in Connection with a Change in Control 
 Base: Eligible Executive shall be eligible to receive a lump sum payment
equivalent to twelve (12) months of base salary in effect on the date of the Qualifying Termination. 
 COBRA
Subsidy: Eligible Executive shall be eligible to receive payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that the Company and Eligible Executive would pay for employees with similar coverage during the twelve
(12) month period following Eligible Executive’s termination. 
 Qualifying Termination in Connection with a Change in Control

 If Eligible Executive’s Qualifying Termination occurs upon a Change in Control, or within twelve (12) months after a Change
in Control, Eligible Executive shall be eligible to receive a lump sum payment equivalent to the sum of: 
  

	 	•	 	 Twelve (12) months of base salary in effect on the date of the Qualifying Termination;

  

	 	•	 	 The bonus Eligible Executive would have received under the Annual Incentive Plan (“AIP”) in effect at
the time of such Qualifying Termination, at one times the Eligible Executive’s full target payout rate for the year in which the Qualifying Termination occurs; and 

 

	 	•	 	 The COBRA health insurance premiums that the Company and Eligible Executive would pay for employees with similar
coverage during the twelve (12) month period following Eligible Executive’s termination; 

 provided, however,
that (i) the sum of the above-described benefits payable to Eligible Executive in connection with a Change in Control may be subject to reduction as described in Section 12 of the Guidelines and/or (ii) in connection with a Change in
Control, the Compensation Committee of Change Healthcare Inc. shall have the discretion to make changes to the Guidelines and benefits payable hereunder as the Compensation Committee of Change Healthcare Inc., in its sole discretion, deems to be
equitable and appropriate. 

 Eligibility Exception: In accordance with section 3(d)(iv), twelve (12) months. 

  
 2

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