Document:

EX-10.20

 Exhibit 10.20 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (the “Agreement”) is effective as of January 6, 2016, and is entered into by and between CHANGE
HEALTHCARE OPERATIONS, LLC (formerly known as EMDEON BUSINESS SERVICES LLC), a Delaware limited liability company (the “Company”, which shall include its subsidiaries and affiliates) and Douglas Ghertner
(“Employee”). 
 WHEREAS, the Employee is party to that certain employment agreement dated November 25, 2014 (the
“Prior Agreement”); and 
 WHEREAS, the Company wants to provide Executive with a new Agreement, which Agreement shall
supersede in its entirety the Prior Agreement according to the terms set forth herein. 
 NOW, THEREFORE, in consideration of the promises
and mutual covenants contained herein (including, without limitation, the Company’s continued employment of Employee and the advantages and benefits thereby inuring to Employee) and for other good and valuable consideration, the receipt,
adequacy and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 
 1. Employment of
Employee. The Company hereby employs Employee as Executive Vice President, Chief Sales Officer and President, Engagement Solutions, of the Company, and Employee hereby accepts such employment with the Company on the terms set forth
herein. Employee will report to the Chief Executive Officer of the Company and perform such duties and services for the Company as may be designated from time to time, by the Company. Employee shall use his best and most diligent efforts to
promote the interests of the Company and shall devote all of his business time and attention to his employment under this Agreement. Employee acknowledges that he may be required to travel in connection with the performance of his duties.
Notwithstanding the above, nothing herein shall preclude Employee from (i) serving, with the prior consent of the Chief Executive Officer, as a member of the board of directors or advisory boards (or their equivalents in the case of a non-corporate
entity) of non-competing businesses and charitable organizations, (ii) engaging in charitable activities and community affairs, and (iii) managing his personal investments and affairs; provided, however, that the activities set out in clauses (i),
(ii), and (iii) above shall be limited so as not to interfere, individually or in the aggregate, with the performance of his duties and responsibilities hereunder. 

2. Compensation and Benefits. 

2.1 Salary. Employee shall be paid for his services during the Employment Period (as defined below) a base salary at the annual rate of
$343,750.00. Any and all increases to Employee’s base salary (as it may be increased, the “Base Salary”) shall be determined by the Board (or such committee as may be designated by the Board) in its sole discretion. Such Base
Salary shall be payable in equal installments, no less frequently than bi-monthly, pursuant to the Company’s customary payroll policies in force at the time of payment, less any required or authorized payroll deductions. 

2.2 Bonus. During the Employment Period, Employee shall be eligible to receive an annual bonus, the target of which is seventy percent
(70%) of Base Salary, which amount shall be determined by the Company in its sole discretion (the “Annual Bonus”). Such Annual Bonus, if any, shall be based on both the performance of the Employee and the Company and, except as
otherwise determined by the Company, shall be payable at such time as bonuses are paid generally so long as Employee remains in the employ of the Company on the payment date. 

 2.3 Benefits. During the Employment Period, Employee shall be entitled to participate, on
the same basis and at the same level as other similarly situated employees of the Company, in any group insurance, hospitalization, medical, health, and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the
Company now existing or hereafter established to the extent that he is eligible under the general provisions thereof. Employee shall be entitled to vacation time consistent with the Company’s policies in effect from time to time. The date or
dates of such vacations shall be selected by Employee having reasonable regard to the business needs of the Company. 
 2.4 Expenses.
Pursuant to the Company’s customary policies in force at the time of payment, Employee shall be promptly reimbursed, against presentation of vouchers or receipts, for all authorized expenses properly and reasonably incurred by him on behalf of
the Company in the performance of his duties hereunder. 
 3. Employment Period. Employee’s employment under this Agreement
shall terminate on the third anniversary of the Employment Commencement Date (as defined in Section 6.12 below) (the “Employment Period”); provided, however, the Employment Period shall be automatically extended on a
year-to-year basis, unless thirty (30) days prior to the third anniversary of the Employment Commencement Date, either the Company or Employee provides written notice of non-renewal. If Employee remains employed following the Employment Period, as
extended on a year-to-year basis, Employee acknowledges that his employment is for an unspecified duration that constitutes at-will employment, and that either the Company or Employee can terminate such employment at any time, for any reason, with
or without notice, subject to the consequences set forth herein. 
 4. Severance Benefits. 

4.1 Termination by the Company for Cause. 

(a) If the Company terminates Employee’s employment for Cause, the Company shall have no obligation to Employee other than the payment of
Employee’s earned and unpaid Base Salary, accrued but unused vacation, vested accrued benefits under the Company’s ERISA-governed plans and accrued but unreimbursed expenses, subject to the provisions of Section 6.13 (collectively,
the “Accrued Obligations”), to the effective date of such termination. 
 (b) For purposes of this Agreement, the term
“Cause” shall mean any of the following: 
 (i) Employee’s failure to perform his duties, failure to comply
with the employment policies of the Company or any affiliate, or a material breach of this Agreement, which are not cured within fifteen (15) business days of written notice to Employee of such failure to comply, which notice must describe the
alleged breach in reasonable detail; 
 (ii) Employee’s commission of any material act of dishonesty, breach of trust or
misconduct in connection with performance of employment-related duties; and 

  
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 (iii) Employee’s conviction of, or pleading guilty or nolo contendere to,
any felony or to any crime involving dishonesty, theft or unethical business conduct, or conduct which could impair or injure the Company or its reputation. 

4.2 Termination by the Company Without Cause. Employee’s employment with the Company may be terminated at any time by the Company
without Cause. If the Company terminates Employee’s employment without Cause during the Employment Period as extended pursuant to Section 3, the Company shall have the following obligations to Employee (but excluding any other obligation
to Employee pursuant to this Agreement): 
 (a) payment of the Accrued Obligations; 

(b) the continuation of his Base Salary (at the rate in effect at the time of such termination), as severance, for a period of twelve (12)
months (the “Severance Period”), each payment being a separate payment due on the same fixed schedule that the Company follows for its regular payroll, subject to the provisions of Sections 4.4 and 6.13; and

 (c) the Company shall pay to Employee, in a lump sum, an amount equivalent to that portion of the health insurance premium that it would
have paid for active employees with similar coverage during the Severance Period, subject to the provisions of Sections 4.4 and 6.13. This amount shall be paid to Employee as wages and shall be subject to all required
withholding. There is no requirement that the amounts paid pursuant to this subsection be used for the purchase of health insurance or any other purpose; provided, however, that the continuation of such salary and benefits shall cease on the
occurrence of any circumstance or event that would constitute Cause under Section 4.1 of this Agreement (including any breach of the restrictive covenants referenced and incorporated in Section 5 below or any similar restrictive
covenants to which Employee is bound). 
 4.3 Termination by Employee for Good Reason. Employee’s employment with the Company
may be terminated by Employee for Good Reason, as defined below, provided that within thirty (30) days from the date of the event constituting Good Reason, Employee shall have provided written notice to the Company, which notice shall detail the
specific basis for such termination, and the Company shall not have cured the basis for such termination within the thirty (30) day period following such notice. If Employee terminates his employment pursuant to this Section 4.3, Employee
shall be entitled to receive the same benefits as if his employment had been terminated by the Company without Cause under Section 4.2 (subject to the provisions and conditions set forth herein). For purpose of this Section 4.3, the
term “Good Reason” means any of the following: 
 (a) a material reduction in Employee’s Base Salary; 

(b) a material reduction in Employee’s title or a material reduction in his duties or responsibilities; provided, however, that Employee
ceasing to act as President, Engagement Solutions, shall not be deemed to be a material reduction in title or a material reduction in duties or responsibilities; 

(c) the relocation of more than 50 miles of Employee’s principal place of employment; or 

  
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 (d) Employee does not report to the Chief Executive Officer of the Company. 

4.4 Release. Employee acknowledges that he must execute and not revoke a release of claims in a form provided by the Company within the
time period provided in the release in order to receive the payments and benefits under this Section 4 resulting from Employee’s separation from service. Provided that Employee complies with the foregoing sentence, the payments will begin to be
paid on the first payroll date occurring on or after the 60th day following Employee’s separation from service. 
 5. Restrictive
Covenants. 
 5.1 Trade Secret and Proprietary Information. Employee acknowledges and agrees to those certain covenants set forth
in the Trade Secret and Proprietary Information Agreement (the “TSPI Agreement”) set forth as Annex A hereto. The provisions in the TSPI Agreement do not supersede or replace any other confidentiality, non-competition,
non-solicitation or similar provisions in any agreement entered into between Employee and the Company or any affiliate thereof, to the extent that such confidentiality, non-competition, non-solicitation or similar provisions are more protective to
the Company or any affiliate thereof. 
 6. Miscellaneous. 

6.1 Representations and Covenants. In order to induce the Company to enter into this Agreement, Employee makes the following
representations and covenants to the Company and acknowledges that the Company is relying upon such representations and covenants: 
 (a) No
agreements or obligations exist to which Employee is a party or otherwise bound, in writing or otherwise, that in any way interfere with, impede or preclude him from fulfilling all of the terms and conditions of this Agreement. Employee will abide
by any agreements that protect proprietary information or any other information of another company while Employee is performing his duties hereunder and after his employment has terminated. 

(b) Employee, during his employment, shall use his best efforts to disclose to the Board of Directors and/or the Chief Executive Officer of
the Company in writing or by other effective method any bona fide information known by him and not known to the Board of Directors and/or the Chief Executive Officer of the Company that he reasonably believes would have any material negative impact
on the Company. 
 6.2 Entire Agreement. This Agreement, including the TSPI Agreement set forth in Annex A, contains the
entire understanding of the parties in respect of their subject matter and supersede upon their effectiveness all other prior agreements and understandings between the parties with respect to such subject matter. 

6.3 Notices. Any notice necessary under this Agreement shall be addressed to the General Counsel of the Company at its principal
executive office and to the Employee at the address appearing in the personnel records of Company for Employee or to either party at such other address as either party hereto may hereafter designate in writing to the other. Any notice shall be
deemed effective upon receipt thereof by the addressee or two (2) days after such notice has been mailed, return receipt requested, or sent by a nationally recognized overnight courier service, whichever comes first. 

  
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 6.4 Amendment; Waiver. This Agreement may not be amended, supplemented, canceled or
discharged, except by written instrument executed by the party against whom enforcement is sought. No failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall operate as a waiver thereof. 

6.5 Binding Effect; Assignment. The rights and obligations of this Agreement shall bind and inure to the benefit of any successor of
the Company by reorganization, merger or consolidation, or any assignee of all or substantially all of the Company’s business and properties. The Company may assign its rights and obligations under this Agreement to any of its subsidiaries or
affiliates without the consent of Employee. The Company will require any such purchaser, successor or assignee to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such purchase, succession or assignment had taken place. Employee’s rights or obligations under this Agreement may not be assigned by Employee. 

6.6 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement. 
 6.7 Governing Law; Forum. This Agreement shall be construed in accordance with and governed for
all purposes by the laws and public policy (other than conflict of laws principles) of the State of Tennessee applicable to contracts executed and to be wholly performed within such State. Any proceeding arising out of or relating to this Agreement
shall be brought in the state courts or federal courts in the state of Tennessee and the parties each hereby expressly submit to the personal jurisdiction and venue of such courts. 

6.8 Further Assurances. Each of the parties agrees to execute, acknowledge, deliver and perform, and cause to be executed,
acknowledged, delivered and performed, at any time and from time to time, as the case may be, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably necessary to carry out the
provisions or intent of this Agreement. 
 6.9 Severability. The parties have carefully reviewed the provisions of this Agreement and
agree that they are fair and equitable. However, in light of the possibility of differing interpretations of law and changes in circumstances, the parties agree that if any one or more of the provisions of this Agreement shall be determined by a
court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall, to the extent permitted by law, remain in full force and effect and shall in no way be affected, impaired or invalidated.

 6.10 Withholding Taxes. All payments hereunder shall be subject to any and all applicable federal, state, local and foreign
withholding taxes. 
 6.11 Termination of Existing Agreement. Employee and Change Healthcare Corporation (“CH Corp.”) were
parties to that certain Employment Agreement, dated as of July 1, 2011 (the “Existing Agreement). Employee hereby acknowledges and agrees that any and all of the rights and obligations of each of Employee, CH Corp. and the
Company arising under the Existing Agreement are hereby terminated. 
 6.12 Effectiveness. This Agreement shall be effective as of
the effective time of the merger (the “Merger”) contemplated by that certain Agreement and Plan of Merger dated 

  
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as of November 18, 2014 (the “Merger Agreement”), by and among Emdeon Business Services LLC, Chicago Merger Sub, Inc., CH Corp. and the other parties thereto. For purposes
of this Agreement, the term “Employment Commencement Date” shall mean the date on which this Agreement becomes effective pursuant to this Section 6.12. 

6.13 Section 409A. It is intended that (i) each payment or installment of payments provided under this Agreement is a
separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and (ii) that the payments satisfy, to the greatest extent possible, the exemptions from the
application of Section 409A, including those provided under Treasury Regulations 1.409A-1(b)(4) (regarding short-term deferrals), 1.409A-1(b)(9)(iii) (regarding the two-times, two (2) year exception) and 1.409A-1(b)(9)(v) (regarding reimbursements
and other separation pay). Notwithstanding anything to the contrary herein, if (i) on the date of Employee’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)), Employee is deemed to be a
“specified employee” (as such term is defined under Treasury Regulation 1.409A-1(i)(1)) of the Company, as determined in accordance with the Company’s “specified employee” determination procedures, and (ii) any payments
to be provided to the Employee pursuant to this Agreement which constitute “deferred compensation” for purposes of Section 409A and are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes
or penalties imposed under Section 409A if provided at the time otherwise required under this Agreement, then such payments shall be delayed until the date that is six (6) months after the date of Employee’s “separation from service”
(as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of Employee’s death. Any payments delayed pursuant to this Section 6.13 shall be made in a lump sum on the first day of the seventh month following
Employee’s “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) or, if sooner, the date of Employee’s death. 

Notwithstanding any other provision to the contrary, a termination of employment with the Company 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 Section 409A and the Treasury Regulations promulgated thereunder) upon or following a termination of employment
unless such termination is also a “separation from service” from the Company within the meaning of Section 409A and Treasury Regulation 1.409A-1(h) and, for purposes of any such provision of this Agreement, references to a
“separation,” “termination,” “termination of employment” or like terms shall mean “separation from service.” 

To the extent that any expenses, reimbursement, fringe benefit or other, similar plan or arrangement in which Employee participates during the
term of Employee’s employment under this Agreement or thereafter provides for a “deferral of compensation” within the meaning of Section 409A, such amount shall be reimbursed in accordance with Treasury Regulation 1.409A-3(i)(1)(iv),
including (i) the amount eligible for reimbursement or payment under such plan or arrangement in one calendar year may not affect the amount eligible for reimbursement or payment in any other calendar year (except that a plan providing medical
or health benefits may impose a generally applicable limit on the amount that may be reimbursed or paid), (ii) subject to any shorter time periods provided herein or the applicable plans or arrangements, any reimbursement or payment of an
expense under such plan or arrangement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to any reimbursement or in-kind benefit is not subject to
liquidation or exchange for another benefit. 

  
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 Notwithstanding any other provision to the contrary, in no event shall any payment under this
Agreement that constitutes “deferred compensation” for purposes of Section 409A and the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by Section 409A. For the avoidance of
doubt, any payment due under this Agreement within a period following Employee’s termination of employment or other event, shall be made on a date during such period as determined by the Company in its sole discretion. 

By accepting this Agreement, Employee hereby agrees and acknowledges that the Company does not make any representations with respect to the
application of Section 409A to any tax, economic or legal consequences of any payments payable to Employee hereunder. Further, by the acceptance of this Agreement, Employee acknowledges that (i) Employee has obtained independent tax advice
regarding the application of Section 409A to the payments due to Employee hereunder, (ii) Employee retains full responsibility for the potential application of Section 409A to the tax and legal consequences of payments payable to Employee
hereunder, and (iii) the Company shall not indemnify or otherwise compensate Employee for any violation of Section 409A that my occur in connection with this Agreement. The parties agree to cooperate in good faith to amend such documents and to
take such actions as may be necessary or appropriate to comply with Section 409A. 
 [remainder of page intentionally left blank] 

  
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 [signature page of Employment Agreement] 

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

 

			
	CHANGE HEALTHCARE OPERATIONS, LLC
		
	By:	 	 /s/ Gregory T. Stevens

	Name:	 	 Gregory T. Stevens

	Title:	 	 EVP, General Counsel & Secretary

	
	EMPLOYEE:
	
	 /s/ Douglas Ghertner

	Douglas Ghertner

 ANNEX A 

TRADE SECRET AND PROPRIETARY INFORMATION AGREEMENT 

In consideration of my employment by Change Healthcare Operations, LLC, and/or any of its corporate parents, subsidiaries, divisions, or
affiliates, or the successors or assigns of any of the foregoing (hereinafter referred to as the “Company”), I hereby agree as follows: 

1. Confidentiality. 
 (a)
Trade Secret and Proprietary Information. I understand and acknowledge that, during the course of my employment arrangement with the Company and as a result of my having executed this Trade Secret and Proprietary Information Agreement, I will
be granted access to valuable information relating to the Company’s business that provides the Company with a competitive advantage, which is not generally known by, nor easily learned or determined by, persons outside the Company (collectively
“Trade Secret and Proprietary Information”). The term Trade Secret and Proprietary Information shall include, but shall not be limited to: (a) specifications, manuals, software in various stages of development; (b) customer and prospect
lists, and details of agreements and communications with customers and prospects; (c) sales plans and projections, product pricing information, acquisition, expansion, marketing, financial and other business information and existing and future
products and business plans of the Company; (d) sales proposals, demonstrations systems, sales material; (e) research and development; (f) computer programs and databases, data analytics (including, but not limited to, processes for detecting
payment integrity) and data sets; (g) sources of supply; (h) identity of specialized consultants and contractors and Trade Secret and Proprietary Information developed by them for the Company; (i) purchasing, operating and other cost data; (j)
special customer needs, cost and pricing data; (k) patient information, including without limitation Protected Health Information as defined in 45 C.F.R. 164.501 and (l) employee information (including, but not limited to, personnel, payroll,
compensation and benefit data and plans). Trade Secret and Proprietary Information shall also include all such information recorded in manuals, memoranda, projections, reports, minutes, plans, drawings, sketches, designs, formula books, data,
specifications, software programs and records, whether or not legended or otherwise identified by the Company as Trade Secret and Proprietary Information, as well as such information that is the subject of meetings and discussions and not
recorded. Trade Secret and Proprietary Information shall not include such information that I can demonstrate (i) is generally available to the public (other than as a result of a disclosure by me), (ii) was disclosed to me by a third party
under no obligation to keep such information confidential or (iii) was known by me prior to, and not as a result of, my employment or anticipated employment with the Company; provided, however, that, notwithstanding the preceding sentence, all
information set forth in subsections (k) and (l) above shall always be treated as Trade Secret and Proprietary Information, and shall not be deemed in the public domain or nonconfidential under any circumstances. 

(b) Duty of Confidentiality. I agree at all times, both during and after my employment with the Company, to hold all of the
Company’s Trade Secret and Proprietary Information in a fiduciary capacity for the benefit of the Company and to safeguard all such Trade Secret and Proprietary Information. I also agree that I will not directly or indirectly disclose any such
Trade Secret and Proprietary Information to any third person or entity outside the Company, or 

  
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otherwise use such Trade Secret and Proprietary Information, except as may be necessary in the good faith performance of my duties for the Company. I further agree that, in addition to enforcing
this restriction, the Company may have other rights and remedies under the common law or applicable statutory laws relating to the protection of trade secrets. Notwithstanding anything in this Agreement to the contrary, I understand that I may
disclose the Company’s Trade Secret and Proprietary Information to the extent required by applicable laws or governmental regulations or judicial or regulatory process, provided that I give the Company prompt notice of any and all such requests
for disclosure so that it has ample opportunity to take all necessary or desired action, to avoid disclosure. 
 (c) Unfair
Competition. I acknowledge that the Company has a compelling business interest in preventing unfair competition stemming from the intentional or inadvertent use or disclosure of the Company’s Trade Secret and Proprietary Information and
Company Property. 
 (d) Intellectual Property and Inventions. I acknowledge that all developments and any other intellectual
property, including, without limitation, the creation of new products, conferences, training/seminars, publications, programs, methods of organizing information, inventions, discoveries, concepts, ideas, improvements, patents, trademarks, trade
names, copyrights, trade secrets, designs, works, reports, computer software, flow charts, diagrams, procedures, data, documentation, and writings (collectively referred to as “Developments”) that I, alone or jointly with others, may
discover, conceive, create, make, develop, reduce to practice, or acquire at any time during or in connection with my employment with the Company are the sole and exclusive property of the Company. I hereby assign to the Company all rights, titles,
and interests in and to all such Developments, and all intellectual property related thereto. I agree to disclose to the Company promptly and fully all future Developments and, at any time upon request and at the expense of the Company, to execute,
acknowledge, and deliver to the Company all instruments that the Company shall prepare, to give evidence, and to take any and all other actions that are necessary or desirable in the reasonable opinion of the Company to enable the Company to file
and prosecute applications for, and to acquire, maintain, and enforce, all letters patent, trademark registrations, or copyrights covering the Developments in all countries in which the same are deemed necessary by the Company. All data, memoranda,
notes, lists, drawings, records, files, investor and client/customer lists, supplier lists, and other documentation (and all copies thereof) made or compiled by me or made available to me concerning the Developments or otherwise concerning the past,
present, or planned business of the Company are the property of the Company, and will be delivered to the Company immediately upon the termination of my employment with the Company. 

(e) Competitive Business. I acknowledge that a business engaged in the same or similar business as the Company shall be a
Competitive Business. Thus, “Competitive Business” shall mean any enterprise engaged in providing: (i) revenue and payment cycle management and/or clinical information exchange solutions for healthcare providers (including,
without limitation, physicians, hospitals, dentists and pharmacies), patients and payers (including, without limitation, insurance companies, government entities, HMOs, pharmacy benefits management companies and/or self-insured employer groups);
(ii) software and/or services for healthcare transaction processing, including, without limitation, healthcare revenue cycle management which enables healthcare providers and health insurance payers to process financial and administrative
transactions, (iii) healthcare data aggregation and analytics, including, without 

  
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limitation, quality analytics and reporting; (iv) member engagement, outreach, care intervention and reporting, including, without limitation, member risk assessment and data validation; and
(v) any other type of business in which the Company or one of its affiliates is also engaged, or plans to be engaged, during the course of my employment, so long as I am directly involved in or otherwise have been granted access to Trade Secret and
Proprietary Information related to such business or planned business on behalf of the Company or one of its affiliates. 
 For purposes of clarity, such
healthcare solutions and services shall include, without limitation, (i) clearinghouse, transaction processing and other solutions for the purpose of facilitating financial, administrative or clinical information exchange, (ii) payment and program
integrity and fraud, waste and abuse management solutions, (iii) government and charity care program eligibility and enrollment services, (iv) pharmacy benefits administration services, (v) payment processing and distribution solutions (vi)
healthcare information technology consulting services and healthcare consulting services and (vii) reconciliation and compliance capabilities relating to management of value-based healthcare payments. 

2. Non-Disparagement. The Company has built its reputation and goodwill with customers, vendors and others over many years and at great
expense. The Company’s reputation and goodwill are vital Company assets. During and after my employment, I agree not to disparage the Company (or its affiliates) and their respective officers, directors, employees, stockholders, agents,
products or business methods/processes in any manner likely to be harmful to them or their business, business reputation or personal reputation. 

3. Non-Solicitation of Employees, Customers. In order to protect the Company’s Trade Secret and Proprietary Information; 

(a) during my employment with the Company and for a period of one (1) year after the termination of such employment for any reason (the
“Restricted Period”), I will not, without the express written permission of Change Healthcare Operations, LLC, directly or indirectly solicit, induce, hire, engage, or attempt to hire or engage any employee or independent contractor of the
Company, or in any other way interfere with the Company’s employment or contractual relations with any of its employees or independent contractors, nor will I solicit, induce, hire, engage or attempt to hire or engage any individual who was an
employee of the Company at any time during the one year period immediately prior to the termination of my employment with the Company; 

(b) during the Restricted Period, I will not, without the express written permission of Change Healthcare Operations, LLC, directly or
indirectly contact, call upon or solicit, on behalf of a Competitive Business, any existing or prospective client, or customer of the Company whom I serviced, or with whom I otherwise developed a relationship, or of whom I otherwise became aware, as
a result of my employment with the Company, nor will I attempt to divert or take away from the Company the business of any such client or customer. 

4. Restrictions on Competitive Employment. In order to protect the Company’s Trade Secret and Proprietary Information and/or the
good will of the Company, during the Restricted Period, I will not (as principal, shareholder, partner, equity participant, sole proprietor, director, officer, agent, employee, consultant, independent contractor or otherwise), anywhere in the United
States and Canada, including but not limited to the states and locations in which I 

  
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have been engaged in the business of the Company, directly or indirectly, without the prior written approval of Change Healthcare Operations, LLC, engage in, or perform any services for, a
Competitive Business. Notwithstanding the foregoing, I understand that I may have an interest consisting of publicly traded securities constituting less than 1 percent of any class of publicly traded securities in any public company engaged in
a Competitive Business so long as I am not employed by and do not consult with, or become a director of or otherwise engage in any activities for, such company. The Restricted Period shall be extended by the length of any period during which I
am in breach of the terms of this paragraph. 
 5. Company Property. I acknowledge that: (a) all Trade Secret and Proprietary
Information; (b) computers, and computer-related hardware and software, cell phones and any other equipment provided to me by the Company; and (c) all documents I create or receive in connection with my employment with the Company, belongs to the
Company, and not to me personally (collectively, “Company Property”). Such documents include, without limitation and by way of non-exhaustive example only: papers, files, memoranda, notes, correspondence, lists, e-mails, reports, records,
data, research, proposals, specifications, models, flow charts, schematics, tapes, printouts, designs, graphics, drawings, photographs, abstracts, summaries, charts, graphs, notebooks, investor lists, customer/client lists, and all other
compilations of information, regardless of how such information may be recorded and whether in printed form or on a computer or magnetic disk or in any other medium. I agree to return all Company Property (including all copies) to the Company
immediately upon any termination of my employment, and further agree that, during and after my employment with the Company, I will not, under any circumstances, without the Company’s specific written authorization in each instance, directly or
indirectly disclose Company Property or any information contained in Company Property to anyone outside the Company, or otherwise use Company Property for any purpose other than the advancement of the Company’s interests. 

6. Third-Parties and Goodwill. I acknowledge that all third-parties I service or propose to service while employed by the Company are
doing business with the Company and not me personally, and that, in the course of dealing with such third-parties, the Company establishes goodwill with respect to each such third-party that is created and maintained at the Company’s expense
(“Third-Party Goodwill”). I also acknowledge that, by virtue of my employment with the Company, I have gained or will gain knowledge of the business needs of, and other information concerning, third-parties, and that I would inevitably
have to draw on such information were I to solicit or service any of the third parties on my own behalf or on behalf of a Competitive Business. 

7. Injunctive Remedies. 

(a) I acknowledge and agree that the restrictions contained in this Agreement are reasonably necessary to protect the legitimate business
interests of the Company, and that any violation of any of the restrictions will result in immediate and irreparable injury to the Company for which monetary damages will not be an adequate remedy. I further acknowledge and agree that if any
such restriction is violated, the Company will be entitled to immediate relief enjoining such violation (including, without limitation, temporary and permanent injunctions, a decree for specific performance, and an equitable accounting of earnings,
profits, and other benefits arising from such violation) in any court having jurisdiction over such claim, without the necessity of 

  
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showing any actual damage or posting any bond or furnishing any other security, and that the specific enforcement of the provisions of this Agreement will not diminish my ability to earn a
livelihood or create or impose upon me any undue hardship. I also agree that any request for such relief by the Company shall be in addition to, and without prejudice to, any claim for monetary damages that the Company may elect to assert. 

(b) I acknowledge and agree that if I breach or threaten to breach this Agreement, I shall be required to reimburse the Company for all
reasonable costs incurred in preventing and remedying such breach or threatened breach, including but not limited to attorneys’ fees. 

8. Severability Provision. I acknowledge and agree that the restrictions imposed upon me by the terms, conditions, and provisions of
this Agreement are fair, reasonable, and reasonably required for the protection of the Company. In the event that any part of this Agreement is deemed invalid, illegal, or unenforceable, all other terms, conditions, and provisions of this Agreement
shall nevertheless remain in full force and effect. In the event that the provisions of any of Sections 1, 2, 3, or 4 of this Agreement relating to the geographic area of restriction, the length of restriction or the scope of restriction shall be
deemed to exceed the maximum area, length or scope that a court of competent jurisdiction would deem enforceable, said area, length or scope shall, for purposes of this Agreement, be deemed to be the maximum area, length of time or scope that such
court would deem valid and enforceable, and that such court has the authority under this Agreement to rewrite (or “blue-pencil”) the restriction(s) at-issue to achieve this intent. 

9. Integration. I acknowledge and agree that the covenants in this Agreement do not supersede or replace any other
confidentiality, non-competition or non-solicitation agreement entered into with the Company to the extent that such confidentiality, non-competition or non-solicitation agreement is more protective of the business of the Company. 

10. Non-Waiver. Any waiver by the Company of my breach of any term, condition, or provision of this Agreement shall not operate or be
construed as a waiver of the Company’s rights upon any subsequent breach. 
 11. Waiver of Jury Trial. TO THE MAXIMUM
EXTENT PERMITTED BY LAW, I HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY LITIGATION ARISING OUT OF, UNDER, IN CONNECTION WITH, OR IN ANY WAY RELATED TO THIS AGREEMENT. THIS INCLUDES,
WITHOUT LIMITATION, ANY LITIGATION CONCERNING ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN), OR ACTION OF THE COMPANY OR ME, OR ANY EXERCISE BY THE COMPANY OR ME OF OUR RESPECTIVE RIGHTS UNDER THIS AGREEMENT OR IN
ANY WAY RELATING TO THIS AGREEMENT. I FURTHER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE COMPANY TO ISSUE AND ACCEPT THIS AGREEMENT. 

12. Continuation of Employment. This Agreement does not constitute a contract for any specific period of employment or an implied
promise to continue my employment or status with the Company; nor does this Agreement affect my rights or the rights of the Company to terminate my employment status at any time with or without cause. 

  
 A-5 

 13. Governing Law. This Agreement shall be construed in accordance with and governed
for all purposes by the laws and public policy of Tennessee, without regard to principles of conflict of laws. 

  
 A-6ex10-1.htm

Exhibit 10.1

 

FORM OF

 

VOTING AGREEMENT

 

This VOTING AGREEMENT (this “Agreement”) is made and entered into as of March 11, 2016 by and between Code Rebel Corporation, a Delaware corporation (the “Company”), and each of the undersigned stockholders of the Company, set forth on Schedule A hereto (each a “Stockholder” and, collectively the “Stockholders”), each acting severally and not jointly.

 

WITNESSETH:

 

WHEREAS, the Company, CR Acquisition Corporation, a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), and Aegis Identity Software, Inc., a Delaware corporation (“Aegis”), have entered into that certain Agreement and Plan of Merger dated as of even date herewith (as modified, amended or supplemented from time to time, the “Merger Agreement”), which provides for, among other things, the merger of Merger Sub with and into Aegis (the “Merger”), whereupon the separate corporate existence of Merger Sub shall cease and Aegis shall continue as the surviving corporation and pursuant to which all of the outstanding shares of capital stock of Aegis shall be converted or be cancelled into shares of the Company;

 

WHEREAS, as of the date hereof, each Stockholder is the beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of the number of Common Shares (as defined below) set forth opposite the name of such Stockholder on Schedule A hereto;

 

WHEREAS, the Board of Directors of the Company (the “CR Board”) has, prior to the execution of this Agreement, approved this Agreement and the transactions contemplated hereby; and

 

WHEREAS, Aegis has provided that the execution and delivery of this Agreement is a condition precedent and material inducement to the willingness of the Aegis to enter into the Merger Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth below intending to be legally bound, the parties hereto agree as follows:

1.           Certain Definitions. All capitalized terms that are used but not defined herein shall have the respective meanings ascribed to them in the Merger Agreement. For all purposes of and under this Agreement, the following terms shall have the following respective meanings:

 

“Affiliate” as applied to any Person, means any other Person directly or indirectly controlling, controlled by, or under common control with, that Person; for purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “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 that Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Common Shares” shall mean, with respect to any Stockholder: (i) all shares of common stock, par value $0.0001 per share, of the Company (“Company Common Stock”), all of the stock options of the Company granting rights to purchase any shares of the Company Common Stock (“Company Stock Options”), all of the restricted stock of the Company (“Company Restricted Stock”) and all other rights to purchase Company Common Stock, in each case, held by such Stockholder as of the date hereof; and (ii) all additional shares of Company Common Stock, Company Stock Options and rights to purchase Company Common Stock, of which such Stockholder acquires ownership during the period from the date of this Agreement through the Expiration Date (including by means of purchase, dividend, distribution, stock split, split-up, merger, consolidation, reorganization, recapitalization, combination, exchange or similar transaction or issued upon the exercise of any warrants or options, the vesting or settlement of Company Restricted Stock or the conversion of any convertible securities or otherwise).

 

  

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 “Expiration Date” shall mean the earlier to occur of: (i) the termination of the Merger Agreement in accordance with the terms thereof; (ii) such date and time as the Merger shall become effective in accordance with the terms and provisions of the Merger Agreement; and (iii) the date of any material modification, waiver or amendment to any provision of the Merger Agreement that reduces the amount, changes the form or otherwise adversely affects, in any disproportionate and material respect, the merger consideration payable to any Stockholder as a result of the Merger, without the written consent of such Stockholder.

 

“Person” means any individual, corporation (including any non-profit corporation), general partnership, limited partnership, limited liability partnership, joint venture, estate, trust, company (including any limited liability company or joint stock company), firm or other enterprise, association, organization, entity or governmental entity.

 

“Takeover Proposal” means a proposal or offer, or indication of interest in making a proposal or offer, from any Person (other than a party to the Merger Agreement) relating to any (a) direct or indirect acquisition of equity or assets of the specified party equal to fifty percent (50%) or more of the fair market value of such party’s consolidated assets or to which fifty percent (50%) or more of such party’s net revenues or net income on a consolidated basis are attributable, (b) direct or indirect acquisition of fifty percent (50%) or more of the voting equity interests of such party, (c) tender offer or exchange offer that if consummated would result in any Person beneficially owning (within the meaning of Section 13(d) of the Exchange Act) fifty percent (50%) or more of the voting equity interests of such party, (d) merger, consolidation, other business combination or similar transaction involving such party, pursuant to which the holders of shares of such party immediately prior to such transaction own, in the aggregate, less than eighty percent (80%) of the outstanding voting power of the surviving or resulting entity in such transaction immediately after the consummation thereof; provided that the consummation of the transactions contemplated by such proposal or offer are conditioned on the termination of the Merger Agreement, or (e) liquidation or dissolution (or the adoption of a plan of liquidation or dissolution) of such party or the declaration or payment of an extraordinary dividend (whether in cash or other property) by such party.

 

“Transfer” A Person shall be deemed to have effected a “Transfer” of a Common Share if such Person, directly or indirectly: (i) sells, issues, pledges, encumbers, assigns, grants an option with respect to, transfers, tenders or otherwise disposes of such Common Shares or any interest in such Common Shares in any manner, for or without consideration; or (ii) enters into an agreement or commitment providing for the sale of, issuance of, pledge of, encumbrance of, assignment of, grant of an option with respect to, transfer of, tender of or other disposition of such Common Shares or any interest therein in any manner, for or without consideration, provided, that, for the avoidance of doubt, “Transfer” does not include granting a proxy or voting or consent instructions with respect to any matter other than those specified in clauses (i) through (iv) of Section 3(a).

 

2.           Transfer of Common Shares.

 

(a)           Transfer Restrictions. During the term of this Agreement and subject to Section 2(c), no Stockholder shall Transfer (or cause or permit the Transfer of) any Common Shares (or enter into any agreement or arrangement relating to the Transfer of any Common Shares) except to the Company or with the Company’s prior written consent. Any Transfer, or purported Transfer, of Common Shares in breach or violation of this Agreement shall be void and of no force or effect and each Stockholder acknowledges that the Company will not register or permit the registration of or otherwise facilitate or effect any such Transfer.

 

(b)           Transfer of Voting Rights. Without limiting the generality of Section 2(a), each Stockholder agrees not to deposit (or cause or permit the deposit of) any Common Shares in a voting trust or grant any proxy or enter into any voting agreement or similar agreement with respect to any of the Common Shares or otherwise take any similar action in contravention of the obligations of each Stockholder under this Agreement.

  

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(c)           Permitted Transfers. Nothing in this Section 2 shall prohibit a Transfer of Common Shares by a Stockholder (i) to any member of such Stockholder’s immediate family, or to a trust for the benefit of such Stockholder or any member of such Stockholder’s immediate family, (ii) by will or operation of law or upon the death of such Stockholder, (iii) in connection with or for the purpose of personal tax-planning or estate-planning, (iv) to Affiliates of such Stockholder, (v) for charitable purposes or as charitable gifts or donations, or (vi) pursuant to any Rule 10b5-1 plan in effect as of the date of this Agreement; provided, however, that a Transfer referred to in subclauses (i) through (v) of this Section 2(c) shall be permitted only if, as a precondition to such transfer, the transferee agrees in writing to be bound by all of the terms of this Agreement. In addition, notwithstanding anything in this Agreement to the contrary, a Stockholder may make: (A) with respect such Stockholder’s Company Stock Options, Transfers of the underlying Company Shares to the Company (or cancellations) in payment of the exercise price of such Stockholder’s Company Stock Options, and (B) with respect to such Stockholder’s Company Stock Options or Company Restricted Stock, (x) Transfers or cancellations of the underlying Common Shares to the Company in order to satisfy taxes applicable to the exercise of such Stockholder’s Company Stock Options or (y) Transfers or cancellations of the Common Shares or Company Restricted Stock to the Company in order to satisfy taxes applicable to the vesting or settlement of such Stockholder’s Company Restricted Stock.

 

3.           Agreement to Vote Common Shares.

 

(a)           At every meeting of the stockholders of the Company, and at every adjournment or postponement thereof, and on every action or approval by written consent of the stockholders of the Company, each Stockholder (in such Stockholder’s capacity as such), to the extent not so voted by the Person(s) appointed under a proxy, shall, or shall cause the holder of record on any applicable record date to, vote all Common Shares as to which such Stockholder has sole or shared voting power and entitled to vote or act by written consent:

 

(i)              in favor of (A) the adoption of the Merger Agreement and any other matter that must be approved by the stockholders of the Company in order for the transactions contemplated by the Merger Agreement to be consummated and (B) any adjournment, recess, delay or postponement recommended by the Company (and not publicly opposed by the Company) with respect to any stockholder meeting with respect to the Merger Agreement;

 

(ii)              against approval of any proposal made in opposition to, made in competition with, or that would reasonably be expected to result in a breach of, the Merger Agreement, the Merger or any other transactions contemplated by the Merger Agreement;

 

(iii)              against any of the following actions (other than those actions in furtherance of the Merger and the Merger Agreement): (A) any merger, consolidation, business combination, sale of assets, reorganization or recapitalization of or involving the Company or any of the Company’s subsidiaries; (B) any sale, lease or transfer of all or substantially all of the assets of the Company or any of the Company’s subsidiaries; (C) any reorganization, recapitalization, extraordinary dividend, dissolution, liquidation or winding up of the Company or any of the Company’s subsidiaries; (D) any material change in the capitalization of the Company or any of the Company’s subsidiaries, or the corporate structure of the Company or any of the Company’s subsidiaries; (E) any Takeover Proposal with respect to the Company; (F) any other action that is intended, or would reasonably be expected, to impede, interfere with, delay, postpone, discourage or adversely affect the Merger or any other transactions contemplated by the Merger Agreement; and

 

(iv)              in favor of the following actions: (A) the appointment of the slate of directors that are nominated by the nominating and corporate governance committee of the CR Board; (B) the ratification of the appointment of Lichter, Yu and Associates, Inc. as the Company’s independent registered public accounting firm for the audit of the 2016 fiscal year; (C) the amendment and restatement of the charter and bylaws of the Company to the extent contemplated by the Merger Agreement; and (D) the amendments, if any, to the 2014 Code Rebel Equity Incentive Plan proposed by the CR Board.

 

  

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(b)           Each Stockholder shall retain at all times the right to vote its Common Shares in its sole discretion and without any other limitation on those matters other than those set forth in Section 3(a) that are at any time or from time to time presented for consideration to the Company’s stockholders generally.

 

(c)           Each Stockholder hereby represents and warrants to the Company that any proxies heretofore given by it in respect of its Common Shares are not irrevocable, that any such proxies have heretofore been effectively revoked, and that written notice of revocation of such proxies has been delivered to any such proxy holders.

 

(d)           Each Stockholder shall not enter into any agreement or understanding with any Person to vote or give instructions in any manner inconsistent with the terms of this Section 3.

 

4.           Agreement Not to Exercise Appraisal Rights.  Each Stockholder shall not exercise, and hereby irrevocably and unconditionally waives, any statutory rights (including under Section 262 of the DGCL) to demand appraisal of any Common Shares that may arise in connection with the Merger or the Merger Agreement.

 

5.           Directors and Officers.  It is understood that each Stockholder enters into this Agreement solely in such Stockholder’s capacity as a stockholder of the Company. Notwithstanding any provision of this Agreement to the contrary, nothing in this Agreement shall be construed as preventing or limiting a Stockholder or affiliate of a Stockholder, who is a director or officer of the Company, from taking (or omitting to take) any action in such capacity or fulfilling the obligations of such office, including by performing the obligations required by the fiduciary obligations of such Person, in each case, in his or her capacity as a director or officer of the Company. For the avoidance of doubt, nothing in this Agreement shall modify any rights or obligations under the Merger Agreement.

 

6.           Representations and Warranties of the Stockholders. Each Stockholder hereby covenants, represents and warrants to the Company, severally and not jointly, and solely as to itself and its Common Shares, as follows:

 

(a)           Ownership. Such Stockholder: (i) is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of, and is the record owner of the Common Shares set forth opposite such Stockholder’s name on Schedule A hereto, free and clear of any and all liens, proxies, voting trusts or agreements, options, rights, understandings or arrangements or any other encumbrances whatsoever on title, transfer, or exercise of any rights of a stockholder in respect of such Common Shares (collectively, “Encumbrances”) except for restrictions on Transfer under the Securities Act of 1933, as amended, or Encumbrances arising hereunder; (ii) does not own as of the date hereof, of record or beneficially, any shares of capital stock of the Company (or rights to acquire any such shares) other than the Common Shares set forth on Schedule A hereto; and (iii) has the sole right to vote, dispose of and exercise and holds sole power to issue instructions with respect to the matters set forth in this Agreement, sole power to demand appraisal rights and sole power to agree to all of the matters set forth in this Agreement with respect to all of such Stockholder’s Common Shares, with no limitations, qualifications or restrictions on such rights, subject to applicable federal securities laws and the terms of this Agreement.

 

(b)           Power; Binding Agreement.  Such Stockholder has the legal capacity and all requisite power and authority to execute and deliver this Agreement, to perform such Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby. The Stockholder has duly executed and delivered this Agreement.  In the case of a Stockholder that is not a natural person, the execution, delivery and performance by such Stockholder of this Agreement and the consummation by such Stockholder of the transactions contemplated hereby have been duly and validly authorized by such Stockholder, and no other actions on the part of such Stockholder are necessary to authorize the execution and delivery by such Stockholder of this Agreement and the consummation by such Stockholder of the transactions contemplated hereby. Assuming that this Agreement constitutes a valid and binding obligation of the Company, this Agreement constitutes a valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, except that such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar applicable laws affecting or relating to creditors’ rights generally and is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law).

  

-4-

  

(c)           No Conflicts. None of the execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its obligations hereunder or the consummation by each Stockholder of the transactions contemplated hereby will: (i) result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default under, or conflict with (A) in the case of a Stockholder that is not a natural person, any provisions of the organizational documents of such Stockholder or (B) any agreement to which such Stockholder is a party or by which such Stockholder’s Common Shares are bound, or (ii) violate, or require any consent, approval, or notice under, any provision of any judgment, order or decree that is applicable to such Stockholder or any of such Stockholder’s Common Shares (other than filings required pursuant to the Exchange Act), except, in the case of clauses (i) or (ii) of this Section 6(c), as would not reasonably be expected, either individually or in the aggregate, to impair the ability of such Stockholder to perform its obligations hereunder on a timely basis.

 

(d)           Absence of Litigation. As of the date hereof, there is no action, arbitration, claim, proceeding, suit or investigation pending or, to the knowledge of such Stockholder, threatened against such Stockholder before or by any governmental authority, except as would not reasonably be expected, either individually or in the aggregate, to impair the ability of such Stockholder to perform its obligations hereunder or to consummate the transactions contemplated hereby on a timely basis.

 

7.           Representations and Warranties of the Company. The Company hereby represents and warrants to the Stockholders as follows:

 

(a)           Power; Binding Agreement. The Company has the legal capacity and all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company, and, assuming this Agreement constitutes a valid and binding obligation of each Stockholder, constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium and other similar applicable laws affecting or relating to creditors’ rights generally and is subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law).

 

(b)           No Conflicts. The execution, delivery, and performance of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby will not (i) result in a violation or breach of, or constitute (with or without notice or lapse of time or both) a default under, or conflict with (A) any provisions of the organizational documents of the Company or (B) any contract to which the Company is a party or by which the Company’s assets may be bound, or (ii) violate, or require any consent, approval, or notice under, any provision of any judgment, order or decree that is applicable to the Company (other than filings required pursuant to the Exchange Act), except, in the case of clauses (i) or (ii) of this Section 7(b), as would not reasonably be expected, either individually or in the aggregate, to impair the ability of the Company to perform its obligations hereunder on a timely basis.

 

8.           Certain Restrictions.  Each Stockholder agrees, while this Agreement is in effect, (a) not to take, or agree or commit to take, any action that would reasonably be expected to make any representation or warranty of such Stockholder contained in this Agreement inaccurate in any respect as of any time during the term of this Agreement and (b) to take all reasonable action necessary to prevent any such representation or warranty from being inaccurate in any respect at any such time.

 

9.           Disclosure.  Each Stockholder shall permit the Company to publish and disclose in all documents and schedules filed with the Securities and Exchange Commission or other applicable authority, and any press release or other disclosure document that the Company reasonably determines to be necessary or desirable in connection with the Merger and any transactions related to the Merger, such Stockholder’s identity and ownership of Common Shares and the nature of such Stockholder’s commitments, arrangements and understandings under this Agreement.

  

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10.           No Ownership Interest.  Nothing contained in this Agreement shall be deemed to vest in the Company any direct or indirect ownership or incidence of ownership of or with respect to any Common Shares. Except as provided in this Agreement, all rights, ownership and economic benefits relating to the Common Shares shall remain vested in and belong to each Stockholder.

 

11.           Further Assurances. Subject to the terms and conditions of this Agreement, upon the request of the Company, each Stockholder shall execute and deliver any additional documents and take, or cause to be taken, all actions, and do, or cause to be done, all things as may reasonably be deemed by the Company to be necessary or desirable to fulfill such Stockholder’s obligations under this Agreement.

 

12.           Stop Transfer Instructions. At all times commencing with the execution and delivery of this Agreement and continuing until the Expiration Date, in furtherance of this Agreement, each Stockholder shall, and hereby does authorize and instruct the Company or its counsel to notify the Company’s transfer agent that, from the date hereof until the Expiration Date, subject to the terms hereof, there is a stop transfer order with respect to all of the Common Shares of such Stockholder (and that this Agreement places limits on the voting and transfer of such Common Shares until the Expiration Date).

 

13.           Termination. This Agreement, and all rights and obligations of the parties hereunder and thereunder, shall terminate and shall have no further force or effect as of the Expiration Date. Notwithstanding the foregoing, nothing set forth in this Section 13 or elsewhere in this Agreement shall relieve any party hereto from liability, or otherwise limit the liability of any party hereto, for any material breach of this Agreement prior to such termination. This Section 13 shall survive any termination of this Agreement.

 

14.           Miscellaneous.

 

(a)           Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other governmental authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. Upon such a determination, the parties agree to negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as closely as possible in an acceptable manner, in order that the substance of this Agreement be consummated as originally contemplated to the fullest extent possible.

 

(b)           Binding Effect and Assignment.  Neither this Agreement nor any of the rights, interests or obligations of the parties hereunder may be assigned by any of the parties (whether by operation of law or otherwise) without the prior written consent of the other parties, except that the Company may assign, in its sole discretion and without the consent of any other party, any or all of its rights, interests and obligations hereunder to one or more direct or indirect wholly owned subsidiaries of the Company. Subject to the preceding sentence, this Agreement and all of the provisions hereof shall be binding upon, inure to the benefit of and be enforceable by, the parties hereto and their respective successors and permitted assigns and the provisions of this Agreement are not intended to confer upon any person other than the parties hereto any rights or remedies hereunder

 

(c)           Amendments.  This Agreement may be amended by the parties hereto only by an instrument in writing signed on behalf of each of the parties hereto.

 

(d)           Specific Performance; Injunctive Relief.  The parties hereto acknowledge that the Company shall be irreparably harmed and that there shall be no adequate remedy at law for a violation of any of the covenants or agreements of any Stockholder set forth herein. Therefore, it is agreed that, in addition to any other remedies that may be available to the Company upon any such violation at law or in equity, the Company shall have the right to enforce such covenants and agreements by specific performance, injunctive relief or by any other means available to the Company at law or in equity, without the requirement of posting a bond or other security.

 

  

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(e)           Attorney Fees.  In any action or proceeding brought to enforce any provision of this Agreement, or where any provision of this Agreement is validly asserted as a defense, the successful party shall be entitled to recover its actual attorneys’ fees and all disbursements in addition to any other available remedy.

 

(f)           Notices. Any notices or other communications required or permitted under, or otherwise given in connection with, this Agreement shall be in writing and shall be deemed to have been duly given (i) on the fifth business day after dispatch by registered or certified mail, (ii) on the next business day if transmitted by national overnight courier, or (iii) on the date delivered if sent by email (provided confirmation of email receipt is obtained), in each case as follows:

 

If to the Company, to:

 

Code Rebel Corporation

77 Ho’okele Street, Suite 102

Kahului, Hawaii 96732

Attn: Arben Kryeziu, Chief Executive Officer

Email:  Arben@coderebel.com

 

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

 

Herrick, Feinstein LLP

Two Park Avenue

New York, New York  10016

Attention:  Richard M. Morris, Esq.

Email: RMorris@Herrick.com

 

If to any Stockholder, to the address set forth next to such Stockholder’s name on the relevant signature page hereto or as provided by such Stockholder to the Company.

(g)           Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

(h)           No Waiver. The failure of any party hereto to exercise any right, power or remedy provided under this Agreement or otherwise available in respect of this Agreement at law or in equity, or to insist upon compliance by any other party with its obligation under this Agreement, and any custom or practice of the parties at variance with the terms of this Agreement, shall not constitute a waiver by such party of such party’s right to exercise any such or other right, power or remedy or to demand such compliance.

 

(i)           No Third Party Beneficiaries. This Agreement is not intended to and shall not confer any rights or remedies upon any Person other than the parties hereto.

 

(j)           Governing Law. This Agreement and any action arising out of or related hereto or to the Merger or to the inducement of any party hereto to enter into this Agreement (whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed in accordance with the laws of the State of Delaware, including all matters of construction, validity, and performance, without regard to the conflicts of law rules of such State that would refer a matter to the laws of another jurisdiction.

  

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(k)           Consent to Jurisdiction.

 

(i)              The parties hereto agree that any action seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom, or, if no such state court has proper jurisdiction, the Federal District Court for the District of Delaware and any appellate court therefrom.  Each Party hereby irrevocably submits to the exclusive jurisdiction of each such court in respect of any legal or equitable action arising out of or relating to this Agreement or the transactions contemplated hereby, or relating to enforcement of any of the terms of this Agreement, and hereby waives, and agrees not to assert, as a defense in any such action, any claim that it is not subject personally to the jurisdiction of such court, that the action is brought in an inconvenient forum, that the venue of the action is improper or that this Agreement or the transactions contemplated hereby may not be enforced in or by such courts.  Each Party agrees that notice or the service of process in any action arising out of or relating to this Agreement or the transactions contemplated hereby shall be properly served or delivered if delivered in the manner contemplated by Section 14(e) or in any other manner permitted by applicable law.

 

(l)           Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(m)           Rules of Construction. Each of the parties hereto acknowledge that it has been represented by counsel of its choice throughout all negotiations that have preceded the execution of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

(n)           Entire Agreement. This Agreement constitutes the entire agreement, and supersedes all other prior agreements and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter hereof.

 

(o)           Interpretation.

 

(i)              Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be deemed to be followed by the words “without limitation.”

 

(ii)              The article and section headings contained in this Agreement are for reference purposes only and shall not in any way affect or be deemed to affect the meaning or interpretation of this Agreement.

 

(iii)              Words describing the singular number shall be deemed to include the plural and vice versa, and words denoting any gender shall be deemed to include all genders.

 

(p)           Expenses. Except as expressly provided for herein, all fees, costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees, costs and expenses.

 

(q)           Attorneys’ Fees. In any action at law or suit in equity to enforce this Agreement or the rights of any of the parties hereunder, the prevailing party in such action or suit shall be entitled to receive reimbursement for all reasonable costs and expenses (including reasonable attorneys’ fees) incurred in such action or suit.

 

  

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(r)           Counterparts; Transmission of Signatures. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Signatures to this Agreement transmitted by electronic mail in PDF form, or by any other electronic means designed to preserve the original graphic and pictorial appearance of a document, will be deemed to have the same effect as physical delivery of the paper document bearing the original signatures.

 

 

[Remainder of Page Intentionally Left Blank]

  

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

 

	  	  	  
	
CODE REBEL CORPORATION

	  	  
	
By:

	  	  
	
Name:

	  	  
	
Title:

	  	  

[Signature Page - CR - Voting Agreement]

  

  

  

STOCKHOLDER

 

 

_______________________________

[Stockholder]

 

 

 

 

[Signature Page - CR - Voting Agreement]

  

  

  

 

Schedule A

 

Common Shares Held by Stockholders

 

	

 

Name and Address of Stockholder

	
 

Company

Common Stock

	
[Stockholder name and address]

	
[Number of Common Stock]

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	
Total

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]