Document:

EX-10.15

 Exhibit 10.15 

EXECUTION VERSION 

AGREEMENT AND PLAN OF MERGER 

OF 
 PF2 SPINCO LLC

 (A DELAWARE LIMITED LIABILITY COMPANY) 

WITH AND INTO 
 HCIT
HOLDINGS, INC. 
 (A DELAWARE CORPORATION) 

THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is made and entered into as of December 20, 2016 by and between PF2
SpinCo LLC, a Delaware limited liability company to be converted to a Delaware corporation following the date hereof (“SpinCo”), HCIT Holdings, Inc., a Delaware corporation (“Echo”), and McKesson Corporation, a
Delaware corporation (“MCK”). 
 WITNESSETH: 

WHEREAS, on June 28, 2016, MCK, Echo, Change Healthcare, Inc., a Delaware corporation, PF2 NewCo LLC, a Delaware limited liability
company (the “JV”) and the other parties thereto entered into an Agreement of Contribution and Sale (the “Contribution Agreement”); 

WHEREAS, upon the closing of the transactions contemplated by the Contribution Agreement (the “Contribution Closing”), PF2 IP
LLC, a Delaware limited liability company (“IPCo”), PF2 PST Services Inc., a Delaware corporation (“New PST”, and together with IPCo, the “MCK Members”), Echo and the JV shall enter into an Amended
and Restated Limited Liability Company Agreement of the JV, a final form of which has been made available to the parties hereto (the “LLC Agreement”); 

WHEREAS, following the Contribution Closing, and in accordance with the LLC Agreement, MCK and SpinCo shall enter into a Separation and
Distribution Agreement substantially in the form set forth on Exhibit A (the “Separation Agreement”), pursuant to which (i) MCK shall contribute all of the limited liability company interests in IPCo and all of the
shares of New PST to SpinCo (the “Controlled Transfer”) and (ii) MCK shall (A) commence exchange offers pursuant to which MCK will exchange stock of SpinCo for stock of MCK held by the stockholders of MCK,
(B) distribute stock of SpinCo to the stockholders of MCK as a dividend in kind, (C) commence one or more exchange offers pursuant to which MCK will exchange stock of SpinCo for debt securities of MCK (subject to limitations described
under the LLC Agreement) or (D) any combination of the foregoing clauses (A) through (C), resulting in the stockholders and debtholders of MCK receiving at least 75% of the stock of SpinCo (such transactions described in clause (ii), the
“Distribution”); 

 WHEREAS, the board of directors of Echo has adopted resolutions (i) approving, adopting
and declaring advisable this Agreement, (ii) approving, adopting and declaring advisable the Merger, (iii) recommending that the stockholders of Echo approve and adopt this Agreement and the Merger and (iv) submitting the Agreement to
the stockholders of Echo for approval and adoption, each in accordance with General Corporation Law of the State of Delaware (the “DGCL”); 

WHEREAS, MCK, as the sole member of SpinCo, has adopted resolutions approving this Agreement and the Merger, each in accordance with the
Limited Liability Company Act of the State of Delaware and the limited liability company agreement of SpinCo dated August 22, 2016 (the “SpinCo LLC Agreement”); 

WHEREAS, the parties hereto acknowledge and agree that a significant interval of time (including more than one year) will likely elapse
before the Effective Time; 
 WHEREAS, prior to the Effective Time, SpinCo shall convert to a Delaware corporation, and the parties
acknowledge and agree that the Merger shall be effected in accordance with, and the parties have entered into this Agreement pursuant to, Section 251 of the DGCL; 

WHEREAS, it is intended, for U.S. federal income tax purposes, that (i) the Controlled Transfer, together with the Distribution, will
qualify as a “reorganization” within the meaning of Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the “Code”), and that each of MCK and SpinCo will be a “party to the reorganization”
within the meaning of Section 368(b) of the Code, (ii) the Distribution, as such, will qualify as a distribution of stock of SpinCo to MCK’s shareholders pursuant to Section 355 of the Code, (iii) the Merger (as defined
below) will not cause Section 355(e) of the Code to apply to the Distribution, (iv) the Merger will qualify as a “reorganization” within the meaning of Section 368(a) of the Code and that each of Echo and SpinCo will be a
“party to the reorganization” within the meaning of Section 368(b) of the Code, and (v) this Agreement constitutes a “plan of reorganization” within the meaning of Treasury Regulation
Section 1.368-2(g); 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements herein contained, and intending to be legally bound hereby, Echo and SpinCo hereby agree as follows: 
 ARTICLE 1

 MERGER 
 SECTION 1.1
Merger. In accordance with the provisions of this Agreement and the DGCL: (a) SpinCo shall be merged with and into Echo (the “Merger”); (b) the separate existence of SpinCo shall cease; and (c) Echo shall
survive the Merger and shall continue to be governed by the laws of the State of Delaware. Echo shall be, and is herein sometimes referred to as, the “Surviving Entity.” The name of the Surviving Entity shall be the name of Echo as
of immediately prior to the Effective Time. 

 SECTION 1.2 Filing and Effectiveness. Immediately following the
consummation of the Distribution, subject to the terms and conditions of this Agreement, the parties hereto shall cause a certificate of merger to be filed with the Secretary of State of the State of Delaware (the “Certificate of
Merger”). The Merger shall become effective when the executed Certificate of Merger shall have been filed with the Secretary of State of the State of Delaware or such later time as shall be agreed upon in writing by the parties hereto and
stated in such Certificate of Merger. The date and time when the Merger shall become effective shall be referred to in this Agreement as the “Effective Time.” 

SECTION 1.3 Effect of the Merger. Upon the Effective Time, the separate existence of SpinCo shall cease, the Surviving Entity
shall possess all properties, rights, privileges, powers and franchises of SpinCo and Echo, and all claims, obligations, liabilities, debts and duties of SpinCo and Echo shall become the claims, obligations, liabilities, debts and duties of the
Surviving Entity. The Merger shall otherwise have the effects provided for in the DGCL, including Section 259 of the DGCL. 
 ARTICLE 2

 CHARTER DOCUMENTS, DIRECTORS AND OFFICERS 

SECTION 2.1 Certificate of Incorporation. The certificate of incorporation of Echo as in effect immediately prior to the
Effective Time shall be the certificate of incorporation of the Surviving Entity until duly amended in accordance with applicable law, and applicable provisions of the LLC Agreement, if any. 

SECTION 2.2 Bylaws. The bylaws of Echo as in effect immediately prior to the Effective Time shall be the bylaws of the
Surviving Entity (the “Bylaws”) until duly amended in accordance with applicable law, and applicable provisions of the LLC Agreement, if any. 

SECTION 2.3 Directors and Officers. The directors of Echo immediately prior to the Effective Time shall be the directors of the
Surviving Entity from and after the Effective Time and will hold office from and after the Effective Time until their respective successors are duly elected or appointed and qualified in the manner provided in the Bylaws, or as otherwise provided by
applicable law. The officers of Echo immediately prior to the Effective Time shall be the officers of the Surviving Entity from and after the Effective Time and will hold office from the Effective Time until their respective successors are duly
elected or appointed and qualified in the manner provided in the Bylaws, or as otherwise provided by applicable law. 
 ARTICLE 3 

MANNER OF CONVERSION OF STOCK 

SECTION 3.1 Merger Consideration. Upon the Effective Time, (a) each share of SpinCo common stock issued and
outstanding immediately prior to the Effective Time shall, by virtue of the Merger and without any action by or on behalf of the parties hereto, be converted into one share of Echo Common Stock (and, if applicable, cash in lieu of fractional shares
of Echo Common Stock payable in accordance with Section 3.3); and (b) each share of capital stock of Echo issued and outstanding immediately prior to the Effective Time shall remain issued and outstanding

 
upon and immediately after the Effective Time. “Echo Common Stock” means shares of common stock of Echo having such terms and such powers, preferences and rights, and
qualifications, limitations or restrictions, as provided by the Certificate of Incorporation of Echo or by applicable law, in each case as of immediately prior to the Effective Time. 

SECTION 3.2 Exchange of Certificates.  

(a) Pursuant to Section 3.02 of the Separation Agreement, the Exchange Agent (as defined in the Separation
Agreement), if any, and the Distribution Agent (as defined in the Separation Agreement) shall hold, for the account of the relevant SpinCo shareholders, the global certificate(s) representing all of the outstanding shares of SpinCo common stock
transferred in the Distribution. 
 (b) Prior to or at the Effective Time, or as otherwise reasonably requested by SpinCo, Echo shall deposit
with the Exchange Agent, if any, and the Distribution Agent, as applicable, for the benefit of the holders of shares of SpinCo common stock, for exchange in accordance with this Article 3 through the Exchange Agent or Distribution Agent, as
the case may be, evidence in book entry form representing the shares of Echo Common Stock issuable pursuant to this Article 3 in exchange for outstanding shares of SpinCo common stock (such shares of Echo Common Stock, together with any
dividends or distributions with respect thereto, being hereafter referred to as the “Exchange Fund”). For the purposes of such deposit, Echo shall assume that there will not be any fractional shares of Echo Common Stock. The
Exchange Agent, if any, and the Distribution Agent shall, pursuant to irrevocable instructions, deliver the Echo Common Stock to be issued pursuant to this Article 3 out of the Exchange Fund. The Exchange Fund shall not be used for any other
purpose. 
 (c) None of the parties hereto, the Exchange Agent and the Distribution Agent shall be liable to any Person in respect of any
shares of SpinCo common stock or Echo Common Stock (in either case for any dividends or distributions with respect thereto) or cash from the Exchange Fund delivered to a public official pursuant to any abandoned property, escheat or similar law.

 SECTION 3.3 No Fractional Shares. 

(a) No certificates or scrip representing fractional shares of Echo Common Stock shall be issued upon the conversion of SpinCo common stock
pursuant to Section 3.1, and such fractional share interests shall not entitle the owner thereof to vote or to any rights of a holder of Echo Common Stock. For purposes of this Section 3.3, all
fractional shares to which a single record holder would be entitled shall be aggregated. 
 (b) Fractional shares of Echo Common Stock that
would otherwise be allocable to any former holders of SpinCo common stock in the Merger shall be aggregated, and no holder of SpinCo common stock shall receive cash equal to or greater than the value of one full share of Echo Common Stock. The
Exchange Agent, if any, and the Distribution Agent shall cause the whole shares obtained from aggregating fractional shares that would otherwise remain across all holders of SpinCo common stock to be sold, in the open market or otherwise as
reasonably directed by MCK, and in no case later than 20 business days after the Effective Time. The Exchange Agent, 

 
if any, and the Distribution Agent, as the case may be, shall make available the net proceeds thereof, after deducting any required withholding Taxes and brokerage charges, commissions and
transfer Taxes, on a pro rata basis, without interest, as soon as practicable to the holders of SpinCo common stock entitled to receive such cash. Payment of cash in lieu of fractional shares of Echo Common Stock shall be made solely for the
purpose of avoiding the expense and inconvenience to Echo of issuing fractional shares of Echo Common Stock and shall not represent separately bargained-for consideration. Provided that Echo issues to the
relevant agent the number of shares required to be issued by Echo to such agent pursuant to Section 3.3, Echo shall have no liability whatsoever to any holders of SpinCo common stock with respect to cash delivered in lieu of fractional shares.
As used herein, the term “Tax” has the meaning set forth in the Tax Matters Agreement (substantially in the form set forth on Exhibit B) to be entered into by and among Echo, MCK and SpinCo prior to the Distribution (the
“Tax Matters Agreement”). 
 SECTION 3.4 Withholding Rights. Echo, the Distribution Agent and the Exchange Agent (if
any), as the case may be, shall deduct and withhold from the consideration otherwise required to be paid pursuant to this Agreement such amounts as may be required to be deducted and withheld under the Code or any provision of state, local or
foreign Tax Law, and shall remit such amounts to the relevant governmental authority. Any withheld amounts shall be treated for all purposes of this Agreement as having been paid to the Persons otherwise entitled thereto. 

ARTICLE 4 
 COVENANTS 

SECTION 4.1 SpinCo Capital Stock. Immediately prior to the Distribution, and through the Effective Time, SpinCo may take
any actions necessary to provide that the number of outstanding shares of SpinCo common stock shall equal the number of Units (as defined in the LLC Agreement) to be held by SpinCo (directly or indirectly) immediately prior to the Effective Time.

 SECTION 4.2 Echo Stockholder Approval.  

(a) Echo shall take all actions necessary under applicable law and the Certificate of Incorporation and Bylaws of Echo to call, give notice of
and hold a special meeting of the holders of capital stock of Echo (the “Echo Stockholders Meeting”) to vote on a proposal to approve and adopt this Agreement and shall submit such proposal to such holders at the Echo Stockholders
Meeting. Echo shall take such actions as are necessary to ensure that the notice of the Echo Stockholders Meeting complies with Sections 251(c) and 262(d)(1) of the DGCL. Echo shall use its best efforts to obtain the approval and adoption of this
Agreement by the holders of all of the outstanding capital stock of Echo entitled to vote as of the record date fixed for purposes of determining the stockholders entitled to vote on the approval and adoption of this Agreement (the “Echo
Stockholder Approval”). 
 (b) Unless prohibited by law, Echo shall cause the Echo Stockholders Meeting to be held within 30 days of
the date of this Agreement. 

 SECTION 4.3 SpinCo Stockholder Approval.  

(a) Following the Contribution Closing and prior to the Distribution, SpinCo shall convert from a Delaware limited liability company to a
Delaware corporation (the “SpinCo Conversion”). 
 (b) Following the SpinCo Conversion, the board of directors of SpinCo
shall adopt resolutions (i) approving, adopting and declaring advisable this Agreement, (ii) approving, adopting and declaring advisable the Merger, (iii) recommending that the sole stockholder of SpinCo approve and adopt the
Agreement and the Merger and (iv) submitting the Agreement to the sole stockholder of SpinCo for approval and adoption, each in accordance with the DGCL (the “SpinCo Board Approvals”). 

(c) Following the SpinCo Board Approvals, SpinCo shall execute this Agreement. 

(d) Following SpinCo’s execution of this Agreement, SpinCo shall take all actions necessary under applicable law and the Certificate of
Incorporation and Bylaws of SpinCo to call, give notice of and hold a special meeting of the holder or holders of capital stock of SpinCo (the “SpinCo Stockholders Meeting”) to vote on a proposal to approve and adopt this Agreement
and shall submit such proposal to such holder or holders at the SpinCo Stockholders Meeting. SpinCo shall take such actions as are necessary to ensure that the notice of the SpinCo Stockholders Meeting complies with Sections 251(c) and 262(d)(1) of
the DGCL. SpinCo shall obtain the approval and adoption of this Agreement by the holders of all of the outstanding capital stock of SpinCo entitled to vote as of the record date fixed for purposes of determining the stockholders entitled to vote on
the approval and adoption of this Agreement (the “SpinCo Stockholder Approval”). 
 (e) Unless prohibited by law, SpinCo
shall cause the SpinCo Stockholders Meeting to be held before the effectiveness of the Distribution. 
 SECTION 4.4 Tax Matters. 

 (a) Echo and SpinCo shall cooperate, and shall cause their respective subsidiaries to cooperate, to the extent reasonably requested by the
other party in order for (i) Echo to obtain the Echo Tax Opinion, (ii) MCK to obtain the MCK Tax Opinions and (iii) any Tax opinions required to be filed with the Commission (as defined in the Separation Agreement) in connection with
the filing of any Applicable SEC Filing (as defined in the Separation Agreement). 
 (b) As a condition precedent to the rendering of the MCK
Tax Opinions and the Echo Tax Opinion, Echo, MCK and SpinCo shall execute and deliver to (i) each MCK Tax Advisor and Echo Tax Counsel, the applicable Tax Representation Letters (Merger) (as defined in the Tax Matters Agreement) and
(ii) each MCK Tax Advisor, the Tax Representation Letters (Distribution), to the extent renderable, in each case as of (x) the date for filing any Tax opinion required to be filed with the Commission (as defined in the Separation
Agreement) in connection with the filing of any Applicable SEC Filing (as defined in the Separation Agreement) and (y) the Effective Time. 

 (c) This Agreement constitutes a “plan of reorganization” under Treasury
Regulations Section 1.368-2(g) with respect to the transactions contemplated hereby. 
 (d)
Except as otherwise expressly provided herein, this Agreement will not govern any Tax matters (including any administrative, procedural and related matters thereto), which will be exclusively governed by the Tax Matters Agreement. In the case of any
conflict between this Agreement and the Tax Matters Agreement, in relation to any matters addressed by the Tax Matters Agreement, the Tax Matters Agreement will prevail. 

ARTICLE 5 
 CONDITIONS TO THE
MERGER 
 SECTION 5.1 Conditions to the Obligations of Each Party to Effect the Merger. The respective obligations of
each party hereto to effect the Merger shall be subject to the satisfaction or (to the extent permitted by applicable law), waiver by SpinCo and Echo, at or prior to the closing of the Merger, of the following conditions: 

(a) no governmental authority of competent jurisdiction shall have enacted, issued or promulgated any law that is in effect and has the effect
of making the Merger illegal or which has the effect of prohibiting or otherwise preventing the consummation of the Merger; 
 (b) no
governmental authority of competent jurisdiction shall have issued or granted any order that is in effect and has the effect of making the Merger illegal or which has the effect of prohibiting or otherwise preventing the consummation of the Merger;

 (c) there shall be no legal action or suit pending against Echo or SpinCo by or before any governmental authority of competent
jurisdiction seeking to prohibit or otherwise prevent the consummation of the Merger; 
 (d) the Contribution Closing shall have occurred;

 (e) the Echo Stockholder Approval shall have been obtained; 

(f) the SpinCo Stockholder Approval shall have been obtained; 

(g) the Qualified IPO (as defined in the LLC Agreement) shall have occurred; and 

(h) the Distribution shall have been consummated. 

SECTION 5.2 Conditions to the Obligations of SpinCo to Effect the Merger. The obligations of SpinCo to effect the Merger
shall be subject to the satisfaction or (to the extent permitted by applicable law), waiver by SpinCo, at or prior to the closing of the Merger, of the following conditions: 

(a) there shall have been no material breach of this Agreement on the part of Echo; 

 (b) MCK shall have received a written opinion, dated as of the date on which the Effective
Time occurs, from Davis Polk & Wardwell LLP or Ernst & Young LLP, tax advisors to MCK (each, an “MCK Tax Advisor”), to the effect that the Merger will be treated for U.S. federal income tax purposes as a
reorganization within the meaning of Section 368(a) of the Code and that each of Echo and SpinCo will be a party to the reorganization within the meaning of Section 368(b) of the Code (the “MCK Merger Tax Opinion”). In
rendering the foregoing opinion, counsel shall be permitted to rely upon and assume the accuracy of the Tax Representation Letters; and 

(c) MCK shall have received a written opinion, dated as of the date on which the Effective Time occurs, from an MCK Tax Advisor, to the effect
that (i) the Controlled Transfer, together with the Distribution, will qualify as a “reorganization” within the meaning of Section 368(a)(1)(D) of the Code, and that each of MCK and SpinCo will be a “party to the
reorganization” within the meaning of Section 368(b) of the Code, (ii) the Distribution, as such, will qualify as a distribution of stock of SpinCo to MCK’s shareholders pursuant to Section 355 of the Code and (iii) the
Merger should not cause Section 355(e) of the Code to apply to the Distribution (the “MCK Separation Tax Opinion,” and together with the MCK Merger Tax Opinion, the “MCK Tax Opinions”). In rendering the
foregoing opinion, an MCK Tax Advisor shall be permitted to rely upon and assume the accuracy of the Tax Representation Letters. 

SECTION 5.3 Conditions to the Obligations of Echo to Effect the Merger. The obligations of Echo to effect the Merger shall
be subject to the satisfaction or (to the extent permitted by applicable law), waiver by Echo, at or prior to the closing of the Merger, of the following conditions: 

(a) there shall have been no material breach of this Agreement on the part of SpinCo or MCK; and 

(b) Echo shall have received a written opinion, dated as of the date on which the Effective Time occurs, from Ropes & Gray LLP, tax
counsel to Echo (“Echo Tax Counsel”), to the effect that the Merger will be treated for U.S. federal income Tax purposes as a reorganization within the meaning of Section 368(a) of the Code and that each of Echo and SpinCo will
be a party to the reorganization within the meaning of Section 368(b) of the Code (the “Echo Tax Opinion”); provided, however that if Echo’s Tax Counsel shall have notified Echo that such Tax Opinion Advisor
will be unable to render an Echo Tax Opinion Echo shall use its reasonable best efforts to obtain an Echo Tax Opinion from an Alternative Tax Opinion Advisor within 60 days of such notification, and if Echo obtains an Echo Tax Opinion from an
Alternative Tax Opinion Advisor within such period (or if Echo fails to obtain an Echo Tax Opinion from an Alternative Tax Opinion Advisor within such period by reason of failure to use its reasonable best efforts to do so) this Section 5.3(b)
shall be deemed satisfied. For purposes of this Agreement, “Alternative Tax Opinion Advisor” shall mean a law or accounting firm that is nationally recognized as an expert in federal income Tax matters and reasonably acceptable to
Echo and SpinCo, it being understood that it shall not be unreasonable for a party to not accept an Alternative Tax Advisor that has an advisory relationship with the other party or their affiliates. In rendering the foregoing opinion, Echo Tax
Counsel and any Alternative Tax Opinion Advisor shall be permitted to rely upon and assume the accuracy of the applicable Tax Representation Letters (Merger). 

 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 

SECTION 6.1 SpinCo Representations and Warranties. SpinCo represents and warrants to Echo and MCK that as of the date hereof and
at the Effective Time (except for such representations and warranties made as of different time as set forth below): 
 (a) Corporate
Existence and Power. SpinCo is a limited liability company validly formed and existing under the laws of the State of Delaware, and prior to the Effective Time will have been validly converted into a corporation, which is validly existing and in
good standing under the laws of the State of Delaware and has all corporate powers and all material licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. As of the Effective Time, SpinCo is not
engaged in any operating or business activities, holds any assets or has any liabilities of any nature, except for its ownership of equity of any of its subsidiaries and the JV. 

(b) Corporate Authorization. The execution, delivery and performance by SpinCo of this Agreement and the consummation by SpinCo of the
transactions contemplated hereby are within SpinCo’s corporate powers and, subject to obtaining the SpinCo Stockholder Approval, has been duly authorized by all necessary corporate action on the part of SpinCo. 

(c) Governmental Authorization. The execution, delivery and performance by SpinCo of this Agreement and the consummation by SpinCo of
the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than the filing of the Certificate of Merger with the Delaware Secretary of State, the filing of a certificate of conversion
and certificate of incorporation in connection with the SpinCo Conversion and compliance with any applicable requirements of any securities laws. 

(d) Non-contravention. The execution, delivery and performance by the SpinCo of this Agreement
and the consummation of the transactions contemplated hereby do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the certificate of incorporation or bylaws of SpinCo as in effect as of the
Effective Time, (ii) assuming compliance with the matters referred to in Section 6.1(c) above, contravene, conflict with or result in a violation or breach by SpinCo of any provision of any applicable law, (iii) require any consent or
other action by any person under, constitute a default under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which SpinCo is entitled under any provision of any
agreement or other instrument binding upon SpinCo, or (iv) result in the creation or imposition of any lien on any asset of SpinCo, with only such exceptions, in the case of each of clauses (ii) through (iv), as would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on SpinCo. 
 (e) Valid Issuance. Following the SpinCo
Conversion, all outstanding shares of common stock of SpinCo will have been duly authorized and validly issued, fully paid and nonassessable and free of preemptive rights. 

 SECTION 6.2 Echo Representations and Warranties. Echo represents and warrants to
SpinCo and MCK that: 
 (a) Corporate Existence and Power. Echo is a corporation duly incorporated, validly existing and in good
standing under the laws of the State of Delaware and has all corporate powers and all material licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

(b) Corporate Authorization. The execution, delivery and performance by Echo of this Agreement and the consummation by Echo of the
transactions contemplated hereby are within Echo’s corporate powers and, subject to obtaining the Echo Stockholder Approval, has been duly authorized by all necessary corporate action on the part of Echo. 

(c) Governmental Authorization. The execution, delivery and performance by Echo of this Agreement and the consummation by Echo of the
transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than the filing of the Certificate of Merger with the Delaware Secretary of State and compliance with any applicable
requirements of any securities laws. 
 (d) Non-contravention. The execution, delivery and
performance by the Echo of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) contravene, conflict with, or result in any violation or breach of any provision of the certificate of incorporation
or bylaws of Echo, (ii) assuming compliance with the matters referred to in Section 6.2(c) above, contravene, conflict with or result in a violation or breach by Echo of any provision of any applicable law, (iii) require any consent
or other action by any person under, constitute a default under, or cause or permit the termination, cancellation, acceleration or other change of any right or obligation or the loss of any benefit to which Echo is entitled under any provision of
any agreement or other instrument binding upon Echo, or (iv) result in the creation or imposition of any lien on any asset of Echo, with only such exceptions, in the case of each of clauses (ii) through (iv), as would not reasonably be
expected to have, individually or in the aggregate, a material adverse effect on Echo. 
 (e) Valid Issuance. All outstanding shares
of Echo Common Stock have been duly authorized and validly issued, fully paid and nonassessable and free of preemptive rights. 

SECTION 6.3 MCK Representations and Warranties. MCK represents and warrants to Echo and SpinCo that: 

(a) Corporate Existence and Power. MCK is a corporation duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and has all corporate powers and all material licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

(b) Corporate Authorization. The execution, delivery and performance by MCK of this Agreement and the consummation by MCK of the
transactions contemplated hereby are within MCK’s corporate powers and has been duly authorized by all necessary corporate action on the part of MCK. 

 (c) Governmental Authorization. The execution, delivery and performance by MCK of
this Agreement and the consummation by MCK of the transactions contemplated hereby require no action by or in respect of, or filing with, any governmental authority other than the filing of the Certificate of Merger with the Delaware Secretary of
State and compliance with any applicable requirements of any securities laws. 
 (d)
Non-contravention. The execution, delivery and performance by MCK of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) contravene, conflict with,
or result in any violation or breach of any provision of the certificate of incorporation or bylaws of MCK, (ii) assuming compliance with the matters referred to in Section 6.3(c) above, contravene, conflict with or result in a violation
or breach of any provision of any applicable law, (iii) require any consent or other action by any person under, constitute a default under, or cause or permit the termination, cancellation, acceleration or other change of any right or
obligation or the loss of any benefit to which MCK is entitled under any provision of any agreement or other instrument binding upon MCK, or (iv) result in the creation or imposition of any lien on any asset of MCK, with only such exceptions,
in the case of each of clauses (ii) through (iv), as would not reasonably be expected to have, a material adverse impact on the ability of MCK to consummate the transactions contemplated by this Agreement. 

ARTICLE 7 
 GENERAL 

SECTION 7.1 Further Assurances. From time to time, as and when required by Echo or by its successors or assigns, there shall be
executed and delivered on behalf of SpinCo such deeds and other instruments, and there shall be taken or caused to be taken by SpinCo and Echo such further and other actions as shall be appropriate or necessary in order to vest or perfect in or
conform of record or otherwise by Echo or the Surviving Corporation the title to and possession of all the property, interests, assets, rights, privileges, immunities, powers, franchises and authority of SpinCo and otherwise to carry out the
purposes of this Agreement, and the officers and directors of Echo and the Surviving Corporation are fully authorized in the name and on behalf of SpinCo or otherwise to take any and all such action and to execute and deliver any and all such deeds
and other instruments. 
 SECTION 7.2 Termination. At any time before the Effective Time and notwithstanding approval of
this Agreement by the stockholders of Echo or the member and/or stockholders of SpinCo, this Agreement may be terminated by either Echo or SpinCo following the occurrence of any of the following events: (a) the termination of the Contribution
Agreement pursuant to its terms, (b) the consummation of a Company Sale (as defined in the LLC Agreement), (c) termination or expiration of the MCK Exit Window in the event a Qualified MCK Exit (as each term is defined in the LLC Agreement) has
not occurred, (d) expiration of the IPO Preference Period if a Qualified IPO (as each term is defined in the LLC Agreement) has not occurred prior to such date, (e) material breach by the other party of any representation, warranty or
covenant of such party set forth herein not cured after thirty (30) days’ notice of an opportunity to cure, and (f) the delivery, prior to the Distribution, of written notice by the MCK Members to the JV of their intention to abandon
or terminate the Merger. This Agreement may also be terminated at any time before the Effective Time and notwithstanding approval of this Agreement by the stockholders of 

 
Echo or the member and/or stockholders of SpinCo by mutual written consent of SpinCo and Echo (with such consent approved, (i) in the case of Echo, by the board of directors of Echo;
(ii) in the case of SpinCo prior to the SpinCo Conversion, by the member of SpinCo; and (iii) in the case of SpinCo after the SpinCo Conversion, by the board of directors of SpinCo). In the event of termination pursuant to this
Section 7.2, other than the provisions of Article 7, this Agreement shall then be null and void and have no further force and effect and all other rights and liabilities of the parties hereto shall terminate without any liability of any party
hereto to any other party hereto other than liability with respect to breaches of this Agreement occurring prior to such termination. 

SECTION 7.3 Amendment; Waiver. This Agreement may be amended at any time before the Effective Time by the parties hereto
((a) in the case of Echo, by action taken or authorized by the board of directors of Echo; (b) in the case of SpinCo prior to the SpinCo Conversion, by the member of SpinCo; and (c) in the case of SpinCo after the SpinCo Conversion, by the
board of directors of SpinCo), whether before or after the adoption of this Agreement by the stockholders of Echo or SpinCo; provided however that after any such stockholder adoption of this Agreement, no amendment shall be made to
this Agreement that by law requires further approval or authorization by the stockholders of Echo or SpinCo without such further approval or authorization. Each amendment to this Agreement must be set forth in a writing signed by all the parties
hereto. Any provision of this Agreement may be waived (and thereby rendered inoperative in accordance with such waiver) but only if such waiver is in writing and signed by the party hereto against whom the waiver is to be effective. No waiver by any
party hereto of any breach or violation of, default under or inaccuracy in any representation, warranty, covenant or agreement hereunder, whether intentional or not, will be deemed to extend to any prior or subsequent breach, violation, default of
or inaccuracy in any representation, warranty, covenant or agreement hereunder or affect in any way any rights arising by virtue of any prior or subsequent occurrence. No delay or omission on the part of any party hereto in exercising any right,
power or remedy under this Agreement will operate as a waiver thereof. 
 SECTION 7.4 No Assignment. No party hereto will
have the right to sell, transfer, assign or pledge all or any portion of its interest in this Agreement without the prior written approval of the other parties hereto. For the avoidance of doubt, the rights and obligations of SpinCo under this
Agreement shall continue, and shall not be affected by, the SpinCo Conversion, and the SpinCo Conversion shall not be deemed an assignment or transfer of this Agreement. 

SECTION 7.5 No Third Party Beneficiaries. Nothing expressed or implied herein is intended, or shall be construed, to confer
upon or give any individual, corporation, partnership, joint venture, limited liability company, trust, unincorporated corporation, other entity or governmental authority (each a “Person”) other than the parties hereto, and their
successors and permitted assigns, any right, remedy, obligation or liability under or by reason of this Agreement, or result in such Person being deemed a third-party beneficiary hereof. 

SECTION 7.6 Specific Performance. Each of the parties hereto acknowledges and agrees that each of the other parties hereto
would be damaged irreparably in the event any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached or violated. Accordingly, each of the parties hereto agrees that, without

 
posting bond or other undertaking, each of the other parties hereto will be entitled to an injunction or injunctions to prevent breaches or violations of the provisions of this Agreement and to
enforce specifically this Agreement and the terms and provisions hereof in any claim instituted in any court specified in clause (a) of Section 7.9 in addition to any other remedy to which he, she or it may be entitled, at law or in
equity. Each of the parties hereto further agrees that, in the event of any action for specific performance in respect of such breach or violation, he, she or it will not assert the defense that a remedy at law would be adequate. 

SECTION 7.7 Entire Agreement. This Agreement constitutes the entire agreement among the parties hereto with respect
to the subject matter hereof and supersedes any and all prior discussions, negotiations, proposals, undertakings, understandings and agreements, whether written or oral, with respect thereto. 

SECTION 7.8 Governing Law. This Agreement and any related disputes or claims arising hereunder or with respect hereto shall in all
respects be construed, interpreted and enforced in accordance with and governed by the laws of the State of Delaware, without regard to its conflicts of law principles. 

SECTION 7.9 Jurisdiction; Venue; Services of Process. Each party to this Agreement, by its execution hereof, (a) hereby
irrevocably submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware (unless the Court of Chancery of the State of Delaware declines to accept jurisdiction over a particular matter, in which case, in any
state courts of the State of Delaware or the United States District Court located in the State of Delaware) for the purpose of any dispute between any of the parties hereto arising in whole or in part under or in connection with this Agreement,
(b) hereby waives to the extent not prohibited by applicable legal requirements, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the
above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to
any court other than one of the above-named courts, should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this agreement or the subject matter hereof may not be
enforced in or by such court and (c) hereby agrees not to commence any such action other than before one of the above-named courts. Notwithstanding the previous sentence, a party hereto may commence any action in a court other than those
described in this Section 7.9 above for the purpose of enforcing an order or judgment issued by one of the above-named courts. Each party hereto hereby (a) consents to service of process in any action between the parties arising in whole
or in part under or in connection with this Agreement in any manner permitted by Delaware law, (b) agrees that service of process made in accordance with clause (a) will constitute good and valid service of process in any such action and
(c) waives and agrees not to assert (by way of motion, as a defense, or otherwise) in any such action any claim that service of process made in accordance with clause (a) or (b) does not constitute good and valid service of process. 

SECTION 7.10 Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an
original, but all of which together will constitute but one and the same instrument. 

 SECTION 7.11 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES HERETO IN THE NEGOTIATION, ADMINISTRATION,
PERFORMANCE AND ENFORCEMENT HEREOF. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.11. 
 Section 7.12. Severability.
To the extent that any provision of this Agreement (including without limitation any provision of this paragraph) is found to be invalid or unenforceable: (a) such invalidity or unenforceability shall not affect the validity or
enforceability of any other provision of this Agreement; (b) such provision found to be invalid or unenforceable shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent
manifested by such provision; and (c) to the fullest extent possible, the provisions of this Agreement not found to be invalid or unenforceable shall be construed so as to give effect to the intent manifested thereby. 

Section 7.13. Miscellaneous. Each reference in this Agreement to any other agreement or document (including without limitation
each exhibit to this Agreement) shall be deemed a reference to such other agreement or document as amended from time to time, and no such amendment of any such agreement or document (including without limitation that no such amendment to any exhibit
to this Agreement) shall be deemed an amendment to this Agreement. 
 [Signatures Pages Follow] 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

			
	ECHO
	
	HCIT Holdings, Inc.
		
	By:	 	 /s/ Denise Ceule

	Name:	 	Denise Ceule
	Its:	 	Vice President – Secretary
	
	PF2 SpinCo LLC
		
	By:	 	 /s/ John G. Saia

	Name:	 	John G. Saia
	Its:	 	President and Secretary
	
	MCK
	
	McKesson Corporation
		
	By:	 	 /s/ John G. Saia

	Name:	 	John G. Saia
	Its:	 	Corporate Secretary

 [Signature page to Merger Agreement]EX-10.18

 Exhibit 10.18 

Execution Version 

AMENDED AND RESTATED 

LETTER AGREEMENT 

RELATING TO 
 AGREEMENT OF
CONTRIBUTION AND SALE 
 THIS AMENDED AND RESTATED LETTER AGREEMENT (this “Letter Agreement”) is dated as of
September 28, 2018, by and between McKesson Corporation, a Delaware corporation (“MCK”), PF2 IP LLC, a Delaware limited liability company (“MCK IPCo”), PF2 PST Services Inc., a Delaware corporation
(“PST”, and together with MCK IPCo, the “MCK Members”), HCIT Holdings, Inc., a Delaware corporation (“Echo”), Change Healthcare LLC (f/k/a PF2 NewCo LLC), a Delaware limited liability company (the
“Company”), and Change Healthcare Holdings, LLC (the “Parent Borrower”). MCK, the MCK Members, Echo, the Company, and the Parent Borrower, together, are referred to herein as the “Parties”. 

WHEREAS, the Parties have entered into that certain Agreement of Contribution and Sale (the “Contribution Agreement”),
dated June 28, 2016, pursuant to which each of MCK and the Echo Shareholders have agreed to contribute or sell (or agreed to cause to be contributed or sold) certain equity interests, assets, properties and businesses to the Company as set
forth therein; 
 WHEREAS, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the
Contribution Agreement; 
 WHEREAS, pursuant to the Contribution Agreement, MCK has agreed to cause MCK IPCo to transfer to the
Company, and the Company has agreed to accept from MCK IPCo, the MCK IPCo Owned Intellectual Property on the terms and subject to the conditions set forth in the Contribution Agreement; 

WHEREAS, the Parties desire to memorialize their understanding regarding certain tax matters related to the MCK IPCo Owned Intellectual
Property; 
 WHEREAS, the Parties entered into an initial Letter Agreement Relating to Agreement of Contribution and Sale, dated
March 1, 2017 (the “Initial Letter Agreement”); and 
 WHEREAS, the Parties desire to amend and restate the
Initial Letter Agreement to make modifications hereinafter set forth; 
 NOW THEREFORE, in consideration of the premises and for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby amend and restate the Initial Letter Agreement in its entirety to read as follows: 

 

	1.	 Amortization of MCK IPCo Owned Intellectual Property: The Parties hereby acknowledge and agree that the
Company has filed, and shall continue to file, its U.S. federal (and applicable state and local) income Tax Returns in accordance with the position that the MCK IPCo Owned Intellectual Property is properly amortizable by the Company for U.S. federal
(and applicable state and local) income Tax purposes 

	 	
over a useful life of 36 months rather than 15 years (the “3-Year Position”), provided that in the event of a Relevant Proceeding, the
Company shall file its U.S. federal (and applicable state and local) Tax Returns in accordance with Section 4 hereof and in accordance with any Final Determination resulting from such Relevant Proceeding. 

 

	2.	 Indemnification: 

 

	 	a.	 [reserved] 

  

	 	b.	 Indemnification. In furtherance of the general intent of the Parties: 

 

	 	i.	 MCK hereby agrees to indemnify and hold Echo and its respective Subsidiaries (other than the Company and its
Subsidiaries) harmless from (A) any income Taxes relating to the 3-Year Position that would not have been incurred had the 3-Year Position been upheld in its
entirety, in the event of any Final Determination with respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year
Position, and (B) any reasonable third-party expenses actually incurred by Echo or its Subsidiaries (other than the Company and its Subsidiaries) in the prosecution or defense of any audit, proposed adjustment or deficiency, assessment, claim,
suit or other Tax proceeding, in each case to the extent relating to the 3-Year Position. MCK shall discharge its obligation under this clause (i) within thirty (30) Business Days of demand therefor;
provided that if Echo reasonably expects a required payment by Echo or its Subsidiaries to come due that will give rise to a payment by MCK under this clause (i) and Echo notifies MCK of such Echo (or Subsidiary) required payment at least
fifteen (15) Business Days in advance of such required payment, then MCK shall make the corresponding payment under this clause (i) at least five (5) Business Days in advance of such Echo (or Subsidiary) required payment .

  

	 	ii.	 Except as expressly provided in paragraph 3(b), MCK shall not be entitled to any payment from the other Parties
under this Letter Agreement for Tax benefits in respect of the MCK IPCo Owned Intellectual Property, and the extent of its entitlements, if any, in respect thereof shall instead be governed exclusively by the MCK Tax Receivable Agreement.

  

	 	iii.	 MCK hereby agrees to indemnify and hold the Company and its Subsidiaries harmless from (A) any income
Taxes relating to the 3-Year Position that would not have been incurred had the 3-Year Position been upheld in its entirety, in the event of any Final Determination with
respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year Position, and (B) any reasonable third-party
expenses actually incurred by the Company or its Subsidiaries in the prosecution or 

  

  
 2 

	 	defense of any audit, proposed adjustment or deficiency, assessment, claim, suit or other Tax proceeding, in each case to the extent relating to the 3-Year Position. MCK shall
discharge its obligation under this clause (iii) within thirty (30) Business Days of demand therefor; provided that if the Company reasonably expects a required payment by the Company or its Subsidiaries to come due that will give rise to
a payment by MCK under this clause (iii) and the Company notifies MCK of such Company (or Subsidiary) required payment at least fifteen (15) Business Days in advance of such required payment, then MCK shall make the corresponding payment
under this clause (iii) at least five (5) Business Days in advance of such Company (or Subsidiary) required payment. 

  

	 	iv.	 [reserved] 

  

	 	v.	 In the event that the Company would otherwise be liable for the payment of an “imputed underpayment”
under Section 6225 of the Code as in effect for tax years beginning after December 31, 2017 (or any similar payment under state law or successor law) in respect of adjustments to depreciation or amortization deductions taken by the Company
in accordance with the 3-Year Position, the Parties shall take (and MCK and Echo shall cause their respective Subsidiaries to take) such actions as they are permitted to take pursuant to Section 6225(c)
of the Code as so in effect (and any similar provision of state law or successor law) to reduce the amount of such “imputed underpayment” (or similar payment). For the avoidance of doubt, references to “income Taxes” in this
Letter Agreement shall include without limitation any interest, penalty, addition to tax or additional amount, “imputed underpayment” under Section 6225 of the Code as in effect for tax years beginning after December 31, 2017, as
well as similar payments under state law or successor law, and interest and penalties payable pursuant to Section 6233 of the Code as in effect for tax years beginning after December 31, 2017, and payment obligations imposed on Echo or any
of its Subsidiaries as a result of the actions of the Parties contemplated by this clause (v) of paragraph 2(b), in each case with respect to income Taxes. 

 

	 	vi.	 Any payment required under this paragraph 2 that is not made on or before the date it is due shall bear
interest at the rate equal to LIBOR plus 500 basis points for the period from and including the date immediately following the due date through and including the date of payment. Payments shall be deemed made when received. “LIBOR” means
during any period, an interest rate per annum equal to the one-year LIBOR reported, on the date two days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be
publicly available, as reported on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London interbank offered rates for United States dollar deposits for such period. 

  
 3 

	 	vii.	 [reserved] 

  

	 	viii.	 Notwithstanding anything to the contrary in this paragraph 2 or paragraph 3(b), appropriate adjustments shall
be made to the application of the foregoing provisions of this paragraph 2(b) to ensure that Echo retains, on a cumulative basis, any cash tax savings it actually realizes (or, in the event of any Final Determination with respect to the 3-Year Position other than a Final Determination that is consistent in its entirety with the 3-Year Position, then the cash tax savings that it would have actually realized
under the 3-Year Position) as a result of its utilization of the Echo Retained Deductions (as defined below). 

  

	 	c.	 c. [reserved] 

  

	3.	 Tax Distributions; Allocation Adjustments:  

 

	 	a.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that, in the event of a Final Determination that the 3-Year Position was incorrect, distributions
shall be made (or a Tax Distribution Arrearage, as defined in the LLC Agreement, shall be created or increased) pursuant to Section 8.02(a) of the LLC Agreement (including, for the avoidance of doubt, for purposes of determining the amount of
any Covered Tax Distribution as defined in the Tax Matters Agreement) in respect of such Final Determination only to the extent that the effect of such Final Determination is to cause any member of the Company (and its predecessors in interest) to
have received cumulative distributions (or the creation of or 

  

  
 4 

	 	increase in a Tax Distribution Arrearage) under Section 8.02(a) of the LLC Agreement that are less than (i) the cumulative net taxable income allocated to such member (and its predecessors), giving effect to
such Final Determination, multiplied by (ii) an appropriate average, weighted in accordance with the relative amounts of net taxable income allocated to such member (and its predecessors) for each applicable Tax Year (as defined in the
LLC Agreement), of the Applicable Tax Rates for the Tax Years (each as defined in the LLC Agreement) to which such Final Determination relates. 

For this purpose, “Final Determination” means (i) with respect to federal income Taxes, (A) a
“determination” as defined in Section 1313(a) of the Code (including, for the avoidance of doubt, an executed IRS Form 906) or (B) the execution of an IRS Form 870-AD (or any successor form
thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the taxpayer to file a claim for refund or the right of
the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than federal income Taxes, any final determination of liability in respect of a
Tax that, under applicable Tax law, is not subject to further appeal, review or modification through proceedings or otherwise; or (iii) with respect to any Tax, any final disposition by reason of the expiration of the applicable statute of
limitations (giving effect to any extension, waiver or mitigation thereof). 
  

	 	b.	 The Parties hereby agree that, except as otherwise expressly provided with respect to the Echo Retained
Deductions, (i) MCK may adjust the manner in which depreciation or amortization deductions in respect of the MCK IPCo Owned Intellectual Property are allocated among the members of the Company for any taxable period during any part of which MCK
owns, directly or indirectly, at least 20% of the total outstanding equity interests in the Company, and (ii) Echo shall (and shall cause its Affiliates to) consent to, and execute, such amendments to the LLC Agreement as may be required to
give effect to any such adjustment (it being understood that if Echo and its Affiliates do not consent to, and execute such amendments, they shall be deemed to have consented to, and executed such amendments); provided, that Echo (or members
of an Echo Tax Group) shall be allocated no fewer than the Echo Retained Deductions; and provided, further, that, subject to the right of Echo (or members of an Echo Tax Group) to be allocated the Echo Retained Deductions and without
reducing the amount of the deductions that are so allocated, (A) PST shall be allocated, for the Tax Year (as defined in the LLC Agreement) ending on March 31, 2019, depreciation or amortization deductions in respect of the MCK IPCo Owned
Intellectual Property in an amount at least equal to the lesser of (x) $75 million and (y) PST’s allocable share of the net taxable income and gain of the Company for such Tax Year (as determined before giving effect to any allocation
of depreciation and amortization deductions in respect of the MCK IPCo Owned Intellectual Property for such Tax Year), and (B) an amount of depreciation or 

  
 5 

	 	amortization deductions in respect of the MCK IPCo Owned Intellectual Property equal to the excess, if any, of (x) $75 million over (y) the amount of such depreciation or amortization deductions that are
allocated to PST for the Tax Year (as defined in the LLC Agreement) ending on March 31, 2019 pursuant to the preceding clause (A), shall be allocated, until such excess is exhausted, as between PST and MCK IPCo with respect to any subsequent
Tax Year or portion thereof during which MCK owns, directly or indirectly, at least 20% of the total outstanding equity interests in the Company, so as to minimize the amount of distributions that are required under Section 8.02(a) of the LLC
Agreement beginning in the earliest possible of such subsequent Tax Years, as reasonably determined by the Company. For the avoidance of doubt, clause (B) of the preceding sentence shall not prevent an allocation of the Echo Retained Deductions
to Echo or cause the Echo Retained Deductions to be allocated to PST or MCK IPCo. For purposes of this Letter Agreement, “Echo Retained Deductions” means 2.5% of the aggregate amount of depreciation and amortization deductions in
respect of the MCK IPCo Owned Intellectual Property that would be recognized by the Company in accordance with the 3-Year Position. Notwithstanding anything to the contrary contained herein, any allocation or
adjustment effected under clauses (i) or (ii) hereof shall be consistent with applicable law, as reasonably determined by MCK. In the event that MCK, pursuant to this paragraph 3(b), adjusts the manner in which depreciation or amortization
deductions in respect of the MCK IPCo Owned Intellectual Property are allocated among the members of the Company to allocate a cumulative amount of such deductions to Echo in excess of the Echo Retained Deductions (such excess, which will be deemed
to arise only after the entire amount of the Echo Retained Deductions have been allocated to Echo, the “Excess Echo Deductions”), Echo shall pay to MCK, no later than thirty (30) Business Days after the filing of the U.S.
federal income Tax Return of Echo for any taxable year preceding the first Taxable Year (as such term is defined in the MCK Tax Receivable Agreement), an amount of cash equal to the excess of the cash income Taxes that Echo would have paid for such
taxable year if the Excess Echo Deductions had not been allocated to Echo over the amount of cash income Taxes actually paid by Echo for such taxable year (such excess, the “Tax Benefit Amount”). For avoidance of doubt, Echo shall
be entitled to indemnification from MCK under paragraph 2(b)(i) for any income Taxes attributable to any disallowance of the Excess Echo Deductions that would not have been incurred had the 3-Year Position
been upheld in its entirety. Moreover, if at any time within any applicable statute of limitations the Tax Benefit Amount with respect to any taxable year would be reduced if such Tax Benefit Amount were recalculated as of such time to take into
account a reduction in any income of Echo, an increase in any deduction, loss or credit of Echo, or any other event reducing Echo’s recalculated Tax Benefit Amount in respect of such year, MCK shall pay to Echo no later than thirty
(30) Business Days after Echo’s reasonable determination of such reduction in the Tax Benefit Amount an amount of cash equal to such reduction in the Tax Benefit Amount. 

  
 6 

	 	c.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that (A) an obligation of Echo to make a payment under paragraph 3(b) of this Letter Agreement in respect of a taxable year shall be
included in clause (i) of the definition of “Tax Distribution Deficit” in the LLC Agreement for purposes of determining a Tax Distribution Deficit of Echo; such that, pursuant to such amendment, the Company will distribute an amount
to Echo sufficient to enable Echo to discharge its obligations under paragraph 3(b) of this Letter Agreement, (B) Echo may declare and pay dividends, distributions, or redemptions or repurchases of its equity securities, with any cash that Echo
receives pursuant to this Letter Agreement or the LLC Agreement if Echo determines, in its sole discretion, that such cash is in excess of the amounts needed to satisfy Echo’s Tax obligations and Echo’s payment obligations under this
Letter Agreement, and (C) the determination of the amount of distributions required pursuant to Section 8.02(a) of the LLC Agreement shall be made by excluding the effect of the Echo Retained Deductions. 

 

	 	d.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that, in lieu of the allocations described in Section 8.01(b)(ii) of the LLC Agreement, all Unrealized Gain and Realized Gain for any
Tax Year (in each case, as defined in the LLC Agreement) shall be allocated entirely to the members of the Company (or, if applicable, their successors in interest) to which depreciation and amortization deductions in respect of the MCK IPCo Owned
Intellectual Property were actually allocated pursuant to paragraph 3(b) (including, for the avoidance of doubt, pursuant to the provisos thereto), pro rata in proportion to the amount of such depreciation and amortization deductions
previously allocated to them, but only to the extent of the excess, if any, of (A) the cumulative amount of such deductions so allocated to such Persons for all prior Tax Years over (B) the cumulative amount of Unrealized Gain and Realized
Gain allocated to such Persons pursuant to this paragraph 3(d) (and under Section 8.01(b)(ii) of the LLC Agreement prior to its amendment by this paragraph 3(d)) for all prior Tax Years. 

 

	 	e.	 The Parties shall cause the MCK Tax Receivable Agreement to be amended in accordance with Exhibit A, attached
hereto. 

  
 7 

	 	f.	 The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the Parties
do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that (1) as of the time each Member’s Annual Tax Distribution Amount for a Tax Year is determined under Section 8.02(a)(i) of
the LLC Agreement, the excess, if any, for such Tax Year, of (x) the total of all of a Member’s Estimated Tax Distribution Amounts (as defined in the LLC Agreement) for the Tax Year over (y) the Member’s Annual Tax Distribution
Amount (as defined in the LLC Agreement) for such Tax Year (such excess, a “Tax Distribution Excess”) shall be treated as a current distribution that is an advance described in Treas. Reg.
Section 1.731-1(a)(1)(ii) by the Company to such Member (with respect to which, for avoidance of doubt, there is no imputed interest under Sections 482 or 7872 of the Code or any other provision of law)
until the entire amount of such Tax Distribution Excess has been applied against the Member’s entitlements, if any, to distributions under Section 8.02(a)(i) of the LLC Agreement in respect of subsequent Tax Years (including in respect of
Estimated Tax Distribution Periods (as defined in the LLC Agreement) in such subsequent Tax Years) (such entitlements, a Member’s “Future Entitlements”) or has been otherwise repaid, in each case, pursuant to clause
(2) below (it being understood that any such repayment shall be treated in the Tax Year of such repayment as having the effect of a negative adjustment to such previously made advance); (2) in the event a Tax Distribution Excess exists with
respect to any Member for any Tax Year, the Company shall be entitled to (i) apply all or a portion of such Tax Distribution Excess against, and offset, an equal amount of such Member’s Future Entitlements, if any, or (ii) without
duplication, require such Member to repay all or a portion of such Tax Distribution Excess to the Company within ten (10) Business Days of receipt of written notification from the Company of demand therefor, provided that, if any such
repayment demand is made against such Member, a ratable repayment demand shall be made to all other Members with an unreturned Tax Distribution Excess balance at such time, and provided, further, that, if for any Tax Year a Tax Distribution
Excess exists with respect to Echo, and Echo has, before the time at which a repayment obligation under this clause (2) arises, paid over to a Governmental Authority any portion of the amount corresponding to such Tax Distribution Excess, Echo
shall not be required to repay such portion of the Tax Distribution Excess under this clause (2) until, and to the extent that, Echo receives a refund of the applicable amount so paid over to the Governmental Authority from the Governmental
Authority (but Echo shall promptly make such repayment upon receipt of such refund); (3) a Member’s Tax Distribution Excess for any Tax Year shall be treated as a reduction to such Member’s Total Tax Distribution Amount for such Tax Year
(including, for the avoidance of doubt, for purposes of determining the Member with the highest Tax Distribution Ratio Amount under clause (a)(i) of the definition of “Pro Rata Tax Distribution Amount” in the LLC Agreement and each
Member’s Pro Rata Tax Distribution Amount for such Tax Year); and (4) for any Tax Year, each Member’s Annual Tax Distribution Amount and Estimated Tax Distribution Amounts, as calculated before taking into account this clause (4),
shall be reduced (but not below zero) by the amount of any Tax credit allocated to the Member by the Company for such Tax Year. The Parties acknowledge that the Company will treat Estimated Tax Distribution Amounts under the LLC Agreement as
advances for financial reporting purposes. 

  
 8 

	 	g.	 The Parties understand that the tax professionals of the Tax Matters Member, on the one hand, and of the
Company, on the other hand, are currently discussing causing the Company to request one or more changes in accounting method on Internal Revenue Service Form 3115 that would have the effect of accelerating certain tax deductions into the
Company’s taxable year ended March 31, 2018 that the Company would otherwise have taken in its taxable year ended March 31, 2019. The Parties shall cause the LLC Agreement to be amended (it being understood that if for any reason the
Parties do not so cause the LLC Agreement to be so amended the LLC Agreement shall be deemed to be so amended) such that in the event that the Company does take any such tax deductions in its taxable year ended March 31, 2018 as a result of any
such change in accounting method, the Company will be deemed to have taken such tax deductions in its taxable year ending March 31, 2019 for purposes of determining the amount of any distributions required pursuant to Section 8.02(a) of
the LLC Agreement. 

  

	4.	 Cooperation on Certain Tax Matters: The Parties hereby agree to take such commercially reasonable
actions as may be necessary to ensure that, if the 3-Year Position is challenged by any Taxing Authority, depreciation or amortization deductions in respect of the MCK IPCo Owned Intellectual Property are
available (x) to (1) MCK for periods before the Closing and (2) thereafter, the Company and the owners of the Company and (y) to the extent consistent with the preceding clause (x), in the earliest possible taxable year;
provided, that it is understood and agreed that the following actions shall be deemed to be commercially reasonable (provided that if there are reasonably quantifiable monetary costs and expenses attributable to such actions, MCK will provide
Echo or the Company, as the case may be, with reasonable indemnity for such costs and expenses): (i) cooperation and coordination in respect of (1) the preparation for any audit by any Taxing Authority relating to the 3-Year Position and (2) the prosecution or defense of any audit, proposed adjustment or deficiency, assessment, claim, suit or other Tax proceeding relating to the 3-Year
Position (each, to the extent relating to the 3-Year Position, a “Relevant Proceeding”); (ii) the filing of original and amended income Tax Returns and (iii) extending relevant statutes
of limitations for assessment of Tax, in each case in a manner consistent with clauses (x) and (y) of the preceding sentence. MCK shall be entitled to assume and control the prosecution or defense of any Relevant Proceeding, and each of the
Company and Echo hereby agrees to take all actions necessary to give effect to such assumption; provided that, in the case of any Relevant Proceeding with respect to the Tax Returns of Echo, the Company or their respective Subsidiaries,
(i) Echo shall be entitled to participate, at its own expense, in any Relevant Proceeding; (ii) MCK and Echo shall promptly notify each other of any written communications received from a third party in relation to any Relevant Proceeding
and promptly provide the other party with copies of any such communications; (iii) MCK shall 

  
 9 

 provide Echo with a reasonable opportunity to review in advance any proposed written
communication to any third party in relation to any Relevant Proceeding, and shall consider in good faith Echo’s comments in connection therewith; (iv) MCK shall not participate in any substantive meeting or discussion, either in person or
by telephone, with any Taxing Authority (or representative thereof) in relation to any Relevant Proceeding unless it notifies and consults with Echo in advance, and provides Echo with a reasonable opportunity to attend and participate in such
meeting or discussion; and (v) MCK shall not enter into any settlement of a Relevant Proceeding without the prior written consent of Echo (not to be unreasonably withheld, conditioned or delayed, it being understood that liability for the
payment of any Tax for which MCK agrees to provide reasonable indemnity shall not be a reasonable basis on which Echo may withhold such consent); provided, further, that, in the case of any Relevant Proceeding with respect to the Tax
Returns of MCK or its Affiliates, MCK shall keep Echo reasonably informed of the progress of such Relevant Proceeding, including through providing Echo with copies of relevant correspondence, redacted to exclude any information unrelated to the 3-Year Position; and provided, further, that the immediately preceding proviso shall not require MCK to deliver any information that MCK identifies as commercially sensitive in respect of MCK’s
retained businesses (including, for the avoidance of doubt, the portion of any correspondence that includes any such information) to any Person, other than identified external legal counsel to Echo under agreed confidentiality restrictions that are
reasonably acceptable to MCK. Notwithstanding anything to the contrary contained herein, (i) control of any audit or other proceeding in respect of any Taxes or Tax Returns of the Company no part of which is a Relevant Proceeding shall be
determined in accordance with the LLC Agreement; (ii) Echo shall have the right to control any audit or other proceeding in respect of any Taxes or Tax Returns of Echo no part of which is a Relevant Proceeding; and (iii) in the case of any
audit or other proceeding in respect of any Taxes or Tax Returns of the Company or of Echo that is in part a Relevant Proceeding but that also involves one or more matters or issues unrelated to the 3-Year
Position (such matter or issue, an “Unrelated Issue,” and such audit or other proceeding, a “Mixed Proceeding”), (x) for so long as MCK owns, directly or indirectly, at least 20% of the total outstanding equity
interests in the Company, Echo and MCK shall jointly control, each at its own expense, any portion of a Mixed Proceeding that relates to an Unrelated Issue, and (y) thereafter, Echo shall control, at its own expense, any portion of a Mixed
Proceeding that relates to an Unrelated Issue. 
  

	5.	 Dispute Resolution: In the event of any dispute with respect to any Tax matter relating to this Letter
Agreement, the Parties shall work together in good faith to resolve such dispute within thirty (30) days. In the event that such dispute is not resolved, upon written notice by any party to the dispute after such thirty (30)-day period, any Tax matter relevant to such dispute under this Agreement shall be referred to a U.S. Tax counsel or other Tax advisor of recognized national standing (the “Tax Arbiter”) that will be
jointly chosen by the applicable Parties; provided, however, that if the applicable Parties do not agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel
of three (3) U.S. Tax counsels or other Tax advisors of recognized national standing with one 

  
 10 

	 	member chosen by MCK, one member chosen by Echo, and a third member chosen by mutual agreement of the other members within the following ten (10)-day period. Each decision of a
panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain the services of any third party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the
parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the
parties to the dispute, and the parties to the dispute shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the Tax Arbiter shall be shared equally by the parties to the dispute. In the event
of any dispute relating to this Letter Agreement, other than any Tax matter dispute, such dispute shall be governed by Section 9.04 of the Contribution Agreement, incorporated by reference pursuant to paragraph 6 of this Letter Agreement.

  

	6.	 Miscellaneous: The provisions of Sections 1.03 (Other Definitional and Interpretative
Provisions), 9.01(a)(i) (Termination), 9.02 (No Assignment), 9.03 (Entire Agreement), 9.04 (Governing Law; Submission to Jurisdiction), 9.07 (Waiver of Jury Trial), 9.09 (Notices), 9.12 (Execution In
Counterparts; Effectiveness), 9.13 (Third Party Beneficiaries) and 9.14 (Severability) of the Contribution Agreement are hereby incorporated by reference into this Letter Agreement, mutatis mutandis. 

[Signatures appear on the following page(s)] 

 IN WITNESS WHEREOF, the parties hereto have caused this Letter Agreement to be
executed as of the date first above written. 
  

			
	MCKESSON CORPORATION
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General Counsel
	
	PF2 IP LLC
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General
		 	Counsel
	
	PF2 PST SERVICES INC.
		
	By:	 	 /s/ Michele Lau

	Name:	 	Michele Lau
	Title:	 	SVP, Corporate Secretary, Associate General
		 	Counsel
	
	HCIT HOLDNGS, INC.
		
	By:	 	 /s/ Nicholas Kuhar

	Name:	 	Nicholas Kuhar
	Title:	 	Authorized Signatory
	
	CHANGE HEALTHCARE LLC
		
	By:	 	 /s/ Derrick Kirkwood

	Name:	 	Derrick Kirkwood
	Title:	 	SVP, Tax

 [Signature page to Amended and Restated Letter] 

 
			
	CHANGE HEALTHCARE HOLDINGS, LLC
		
	By:	 	 /s/ Derrick Kirkwood

	Name:	 	Derrick Kirkwood
	Title:	 	SVP, Tax

 [Signature page to Amended and Restated Letter]

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