Document:

EX-10.50

 Exhibit 10.50 

 
 

 
 3055 Lebanon Pike 
 Nashville,
TN 37214 
 615.932.3000 phone 
 www.changehealthcare.com 

03.19.2018 
 August Calhoun 

[address] 
 Dear August: 

This letter will confirm the terms of your offer of employment with Change Healthcare Operations LLC, and/or its affiliates (the “Company”). It is
anticipated that your first day of employment with the Company will be April 2, 2018. Such terms are as follows: 
 1. Position
and Responsibilities. You will be a full time exempt employee and will serve in the position of EVP, Sales & Operations for Change Healthcare. You will be based remotely from your home and will report to Neil de Crescenzo, or other
person as may be designated by the Company from time to time. You will assume and discharge all responsibilities commensurate with such position and as your manager may direct. During your employment with the Company, you shall devote your full-time
attention to your duties and responsibilities and shall perform them faithfully, diligently and completely. In addition, you shall comply with and be bound by the operating policies, procedures and practices of the Company including, without
limitation, the Code of Conduct, in effect from time to time during your employment. You acknowledge that you may be required to travel in connection with the performance of your duties. 

2. Compensation. 
  

	 	(a)	 In consideration of your services, you will be paid an annual rate of $450,000.00, on a biweekly basis,
payable in accordance with the Company’s prevailing payroll practices. 

  

	 	(b)	 You are eligible for a $100,000.00 sign-on bonus payment,
subject to standard tax withholdings. This eligibility is contingent upon acceptance of the Change Healthcare Bonus Repayment Agreement, hereto attached as Annex B. For more information on the process, please contact your local Human Resources
Representative. 

  

	 	(c)	 You will receive a target bonus of 85% of your annual base salary, the amount of which to be determined
at the Company’s sole discretion. Annual target bonus payouts are based on both individual and Company performance, and will be paid in accordance with the Company’s bonus distribution schedule. 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

	 	(d)	 Equity: Contingent upon approval of the Change Healthcare, LLC (or related entity) Board of Directors, you will
be eligible to receive an option to purchase 3,000 shares (the “Shares”) under the Change Healthcare, LLC (or related entity) Equity Incentive Plan (the “Equity Plan”). The Shares will be subject to the terms and
conditions of the Equity Plan and the award agreement which you will be required to sign in order to participate in the equity plan. 

 3.
Other Benefits. You will be entitled to receive the standard employee benefits made available by the Company to its employees to the full extent of your eligibility. You shall be eligible for 16 Paid Time Off (PTO) days per calendar year
consistent with the Company’s PTO Policy. During your employment, you shall be permitted, to the extent eligible, to participate in any group medical, dental, life insurance and disability insurance plans, or similar benefit plan of the Company
that is available to employees generally. Participation in any such plan shall be consistent with your rate of compensation to the extent that compensation is a determinative factor with respect to coverage under any such plan. You have 31 days from
your date of hire to complete your Benefits enrollment forms online. Benefits eligibility begins on the first of the month following your date of hire with the Company (this excludes short-term disability insurance which begins 90 days after the
first day of your employment). The Company shall reimburse you for all reasonable expenses actually incurred or paid by you in the performance of your services on behalf of the Company, upon prior authorization and approval in accordance with the
Company’s expense reimbursement policy as from time to time in effect. 
 4. Severance Provisions. You shall receive severance benefits in
accordance with the executive severance guidelines in place at the Company at the time of your separation from employment, in the event your employment is terminated by the Company without Cause as defined under the applicable guidelines, but in no
event shall you receive less than a lump sum payment the equivalent to twelve(12) months’ base salary and payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that the Company would pay for employees with similar
coverage during the twelve (12) month period following your separation. Furthermore, in the event of a Change in Control, as defined under the applicable severance guidelines, that results in a termination of employment by the Company without
Cause as defined under the applicable guidelines, you shall receive severance benefits in accordance with the then in place executive severance guidelines, but in no event shall you receive less than a lump sum payment the equivalent to twelve
(12) months’ base salary, payment of the AIP bonus at full target payout for the twelve (12) month period following your date of separation, and payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that
the Company would pay for employees with similar coverage during the twelve (12) month period following your separation. 
 5. Restrictive
Covenants. You agree that your employment is contingent upon your execution of, and delivery to the Company of a Company Protection Agreement in the form attached hereto as Annex A. 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

2 

 6. Conflicting Employment. You agree that, during your employment with the Company, you will not
engage in any other employment, occupation, consulting or other business activity directly related to the business in which the Company is now involved or becomes involved during your employment, nor will you engage in any other activities that
conflict with your obligations to the Company. 
 7. At-Will Employment. You acknowledge that your employment
with the Company is for an unspecified duration that constitutes at-will employment, and that either you or the Company can terminate this relationship at any time, with or without cause and with or without
notice. 
 8. Prior Employment. You represent that you have delivered to the Company an accurate and complete copy of any and all agreements with any
prior employer to which you are or may continue to be subject. In the event of a dispute under the terms of an agreement with a prior employer that is fully disclosed to the Company prior to the execution of this Agreement, the Company will
indemnify you for any costs and potential liability associated with the terms of those agreements. Furthermore, the Company agrees to use commercially reasonable methods to amend or modify job responsibilities, if necessary, to avoid conflict with
any agreement with a prior employer that is fully disclosed to the Company prior to the execution of this Agreement. 
 However, in your work for the
Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that
information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the
Company. During our discussions about your proposed job duties, you assured us that you would be able to perform those duties within the guidelines just described. 

You agree you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have any
obligation of confidentiality. 
 9. Section 409A. It is intended that (1) each installment of the payments provided under this letter is a
separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the application of
Section 409A of the Code provided under Treasury Regulations 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v).
Notwithstanding anything to the contrary in this letter, if the Company determines (i) that on the date your employment with the Company terminates or at such other times that the Company determines to be relevant, you are a “specified
employee” (as such term is defined under Treasury Regulation 1.409A-1(i)) of the Company and (ii) that any payments to be provided to you pursuant to this letter 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 of the Code if provided at the time otherwise required under this letter, then such payments shall be delayed until the date
that is six months after the date of your “separation from service” (as such term is defined under Treasury Regulation 1.409A-1(h)) with the Company, or, if earlier, the date of your death. Any
payments 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

3 

 
delayed pursuant to this Section shall be made in lump sum on the first day of the seventh month following your “separation from service” (as such term is defined under Treasury
Regulation 1.409A-1(h)), or, if earlier, the date of your death. In addition, to the extent that any reimbursement, fringe benefit or other, similar plan or arrangement in which you participate during the term
of your employment under this letter or thereafter provides for a “deferral of compensation” within the meaning of Section 409A of the Code, (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), and (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. 
 Notwithstanding any other provision to the contrary, a termination of employment shall not
be deemed to have occurred for purposes of any provision of this letter providing for the payment of “deferred compensation” (as such term is defined in Section 409A of the Code 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 of the Code and
Section 1.409A-1(h) of the Treasury Regulations and, for purposes of any such provision of this letter, references to a “separation,” “termination,” “termination of
employment” or like terms shall mean “separation from service. 
 Notwithstanding any other provision to the contrary, in no event shall any
payment under this letter that constitutes “deferred compensation” for purposes of Section 409A of the Code and the Treasury Regulations promulgated thereunder be subject to offset by any other amount unless otherwise permitted by
Section 409A of the Code. 
 For the avoidance of doubt, any payment due under this letter within a period following your termination of employment,
death, Permanent Disability or other event shall be made on a date during such period as determined by the Company in its sole discretion. 
 This letter
shall be interpreted in accordance with, and the Company and you will use their best efforts to achieve timely compliance with, Section 409A of the Code and the Treasury Regulations and other interpretive guidance promulgated thereunder,
including without limitation any such regulations or other guidance that may be issued after the effective date of this letter. 
 10. General
Provisions. 
  

	 	(a)	 Your employment is contingent upon successful completion of applicable screens, clearances, and reference
checks. We would caution you not to resign any current employment until you have received notification of successful completion of all. 

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

4 

	 	(b)	 We are required by law to confirm your eligibility for employment in the United States. Thus, you will be asked
to provide proof of your identity and eligibility to work in the U.S. on your start date. The Company participates in e-verify. 

 

	 	(c)	 This offer letter and the terms of your employment will be governed by the laws of Tennessee, applicable to
agreements made and to be performed entirely within such state. 

  

	 	(d)	 This offer letter sets forth the entire agreement and understanding between the Company and you relating to
your employment and supersedes all prior verbal discussions between us. 

  

	 	(e)	 This agreement will be binding upon your heirs, executors, administrators and other legal representatives and
will be for the benefit of the Company and its respective successors and assigns. 

  

	 	(f)	 All payments pursuant to this letter will be subject to applicable withholding taxes. 

Please acknowledge and confirm your acceptance of this letter by signing and returning one copy of this offer letter in its entirety to the Talent Acquisition
Coordinator. Note that this offer will not be binding until countersigned by the Company. Your new hire packet will provide you with further instructions for additional required paperwork. We look forward to a mutually rewarding working arrangement.

  

			
	By	 	  

		 	Michael Lee
		 	Sr. Director, Executive Recruitment

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

5 

 OFFER ACCEPTANCE: 

I accept the terms of my employment with Change Healthcare as set forth herein and in any attached Annexes. I understand that this offer letter
does not constitute a contract of employment for any specified period of time, and that either party, with or without cause and with or without notice, may terminate my employment relationship. 

 

			
	            /s/ August
Calhoun                                        
                	  	Date: 3/21/2018

  
 Initial: 

        (Company Rep) 

  AC (Employee) 
  

6Exhibit

Exhibit 4.1

DESCRIPTION OF ADVANCED MICRO DEVICES, INC. COMMON STOCK

The following description of AMD’s common stock is a summary. This summary is subject to the General Corporation Law of the State of Delaware (the “DGCL”) and the complete text of AMD’s amended and restated certificate of incorporation (the “certificate of incorporation”) and amended and restated bylaws (the “bylaws”), filed as Exhibits 3.1 and 3.2, respectively, to our Annual Report on Form 10-K. We encourage you to read that law and those documents carefully.

Common Stock
General
The certificate of incorporation authorizes 2,250,000,000 shares of common stock, $0.01 par value per share.
Voting Rights
Each holder of common stock is entitled to one vote for each share on all matters submitted to a vote of the stockholders, including the election of directors. Common stockholders do not have cumulative voting rights in the election of directors. Accordingly, in an uncontested election, holders of a majority of the voting shares are able to elect all of the directors.

Dividends

Subject to preferences that may be applicable to any then outstanding serial preferred stock, holders of common stock are entitled to receive dividends, if any, as may be declared from time to time by our board of directors out of legally available funds. However, the terms of our borrowing arrangements restrict our ability to declare or pay dividends on our common stock in certain circumstances. Dividends may be paid in cash, in property or in shares of common stock. Declaration and payment of any dividend are subject to the discretion of the board of directors. Before payment of any dividend, the board of directors may set aside out of any funds of AMD available for dividends such amount thought proper to meet contingencies, equalize dividends, repair or maintain any property of AMD, or for such other purpose as the board of directors determines to be conducive to the interest of AMD. The board of directors may modify or abolish any such reserve in the manner in which it was created.

Liquidation

In the event of AMD’s liquidation, dissolution or winding up, holders of common stock are entitled to share ratably in the net assets legally available for distribution to stockholders after the payment of all debts and other liabilities and the satisfaction of any liquidation preference granted to the holders of any then outstanding shares of serial preferred stock.

Rights and Preferences

Holders of common stock have no preemptive, conversion, subscription or other rights, and there are no redemption or sinking fund provisions applicable to our common stock. The rights, preferences and privileges of the holders of common stock are subject to and may be adversely affected by the rights of the holders of shares of any series of serial preferred stock that we may designate in the future.

Fully Paid and Nonassessable

All outstanding shares of common stock are fully paid and non-assessable.

Annual Stockholder Meetings

The certificate of incorporation and bylaws provide that annual stockholder meetings will be held at a date, place (if any) and time, as exclusively selected by the board of directors. To the extent permitted under applicable law, we may but are not obligated to conduct meetings by remote communications, including by webcast.

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Anti-Takeover Effects of Provisions

Some provisions of Delaware law and the certificate of incorporation and bylaws could make the following transactions difficult: acquisition by means of a tender offer; acquisition by means of a proxy contest or otherwise; or removal of incumbent officers and directors. It is possible that these provisions could make it more difficult to accomplish or could deter transactions that stockholders may otherwise consider to be in their best interest or in the best interests of AMD, including transactions that might result in a premium over the market price for shares of common stock.
These provisions, summarized below, are expected to discourage coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control to first negotiate with AMD’s board of directors. We believe that the benefits of protection to AMD’s potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure AMD outweigh the disadvantages of discouraging these proposals because negotiation of these proposals could result in an improvement of their terms.

Delaware Anti-Takeover Statute

Section 203 of the DGCL prohibits persons deemed “interested stockholders” from engaging in a “business combination” with a publicly-held Delaware corporation for three years following the date these persons become interested stockholders unless the business combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another prescribed exception applies. Generally, an “interested stockholder” is a person who, together with affiliates and associates, owns, or within three years prior to the determination of interested stockholder status did own, 15% or more of a corporation’s voting stock and a “business combination” includes a merger, asset or stock sale, or other transaction resulting in a financial benefit to the interested stockholder. The existence of this provision may have an anti-takeover effect with respect to transactions not approved in advance by the board of directors, such as discouraging takeover attempts that might result in a premium over the market price of our common stock.

Undesignated Serial Preferred Stock

Under our amended and restated certificate of incorporation, our board of directors has the authority, without action by our stockholders, to designate and issue up to 1,000,000 shares of serial preferred stock, par value $0.10 per share, in one or more series and to designate the rights, preferences and privileges of each series, any or all of which may be greater than the rights of our common stock. It is not possible to state the actual effect of the issuance of any shares of serial preferred stock upon the rights of holders of our common stock until our board of directors determines the specific rights of the holders of serial preferred stock. However, the effects might include, among other things, restricting dividends on the common stock, diluting the voting power of the common stock, impairing the liquidation rights of the common stock and delaying or preventing a change in control of our common stock without further action by our stockholders and may adversely affect the market price of our common stock. As of January 31, 2020, no shares of our serial preferred stock were outstanding.

Special Stockholder Meetings

The bylaws provide that a special meeting of stockholders may be called only by the chairman of the board of directors or secretary of AMD at the request in writing of a majority of the board of directors.

Requirements for Advance Notification of Stockholder Nominations and Proposals

The bylaws sets forth advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors.

Composition of the Board of Directors; Election and Removal of Directors; Filling Vacancies

The board of directors may consist of not fewer than three nor more than 12 directors. In any uncontested elections of directors, a director nominee for the board of directors will be elected by the affirmative vote of a majority of the votes cast with respect to such director by the shares represented and entitled to vote at a meeting of the stockholders for the election of directors at which a quorum is present, voting together as a single class. An incumbent director who is nominated for an uncontested election and fails to receive a majority of the votes present and voting for such director’s reelection would be required to tender his or her resignation to the board of directors. 

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The Nominating and Corporate Governance Committee of the board of directors (or any future committee the equivalent thereof) will make a recommendation to the board of directors on whether to accept or reject the resignation, or whether other action should be taken. The board of directors will act on the recommendation of such committee and will publicly disclose its decision within 90 days from the date of the certification of the election results. In a contested election, a plurality voting standard will apply to director elections. The directors are elected until the expiration of the term for which they are elected and until their respective successors are duly elected and qualified.

The directors may be removed only by the affirmative vote of at least a majority of the holders of our then-outstanding common stock. Furthermore, any vacancy on the board of directors, however occurring, including a vacancy resulting from an increase in the size of the board, may be filled only by a majority vote of the board of directors then in office, even if less than a quorum, or by the sole remaining director. This system of electing and removing directors and filling vacancies may tend to discourage a third party from making a tender offer or otherwise attempting to obtain control of AMD, because it generally makes it more difficult for stockholders to replace a majority of the directors.

Amendment of the Certificate of Incorporation and Bylaws

The amendment of any of the provisions in the certificate of incorporation requires approval by a stockholder vote by the holders of at least a majority of the voting power of the then outstanding voting stock. The bylaws may be amended by the board of directors or by the holders of at least a majority of the voting power of the then outstanding voting stock.

The provisions of the DGCL, the certificate of incorporation and bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in the management of AMD. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Limitations of Liability and Indemnification Matters

The certificate of incorporation contains provisions that limit the liability of the directors and officers for monetary damages to the fullest extent permitted by Delaware law. Consequently, directors and officers are not personally liable to AMD or its stockholders for monetary damages for any breach of fiduciary duties as directors, except liability for:
 
	
				
	 
	•
	 
	any breach of the director’s or officer’s duty of loyalty to AMD or its stockholders;

 
	
				
	 
	•
	 
	any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

 
	
				
	 
	•
	 
	unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL; or

 
	
				
	 
	•
	 
	any transaction from which the director or officer derived an improper personal benefit.

Each of the certificate of incorporation and bylaws provides that we are required to indemnify the directors and officers, in each case to the fullest extent permitted by Delaware law. The bylaws also obligate us to advance expenses incurred by a director or officer in advance of the final disposition of any action or proceeding, and permit us to secure insurance on behalf of any officer, director, employee or other agent for any liability arising out of his or her actions in that capacity regardless of whether we would otherwise be permitted to indemnify him or her under Delaware law. We have entered into agreements to indemnify the directors, executive officers and other employees as determined by the board of directors. With specified exceptions, these agreements provide for indemnification for related expenses including, among other things, attorneys’ fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding to the fullest extent permitted by applicable law. We believe that these bylaw provisions and indemnification agreements are necessary to attract and retain qualified persons as directors and officers. AMD also maintains directors’ and officers’ liability insurance.

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The limitation of liability and indemnification provisions in the certificate of incorporation and bylaws may discourage stockholders from bringing a lawsuit against the directors and officers for breach of their fiduciary duty. They may also reduce the likelihood of derivative litigation against the directors and officers, even though an action, if successful, might benefit AMD and its stockholders. Furthermore, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage.

Stock Exchange Listing

Shares of common stock are listed on NASDAQ under the symbol “AMD.”

No Sinking Fund

The shares of common stock have no sinking fund provisions.

Transfer Agent and Registrar

The transfer agent and registrar for our common stock is Computershare Trust Company, N.A. The transfer agent and registrar’s address is 150 Royall Street, Canton, Massachusetts 02021.

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