Document:

EX- 4.1

 Exhibit 4.1 

WEBMD HEALTH CORP. 
 AMENDED AND RESTATED 
 2005 LONG-TERM INCENTIVE PLAN 

 
  

(AS AMENDED AND RESTATED ON JULY 24, 2012) 

 
  

ARTICLE 1 
 PURPOSE 
 1.1  General.    The purpose
of the WebMD Health Corp. 2005 Long-Term Incentive Plan (as it may be amended from time to time, the “Plan”) is to promote the success, and enhance the value, of WebMD Health Corp., a Delaware Corporation (the “Corporation”), by
linking the personal interests of its employees, officers, directors and consultants to those of Corporation shareholders and by providing such persons with an incentive for outstanding performance. The Plan is further intended to provide
flexibility to the Corporation in its ability to motivate, attract and retain the services of employees, officers, directors and consultants upon whose judgment, interest and special effort the successful conduct of the Corporation’s operation
is largely dependent. Accordingly, the Plan permits the grant of incentive awards from time to time to selected employees and officers, directors and consultants. 
 ARTICLE 2 
 EFFECTIVE DATE 

2.1  Effective Date.    The Plan became effective on the date upon which it was initially approved
by the Board and the shareholders of the Corporation, which was September 26, 2005 (the “Effective Date”). This amendment and restatement of the Plan is effective as of July 24, 2012 and reflects the amendment to the Plan approved by
stockholders of the Corporation on July 24, 2012 and all prior amendments. 
 ARTICLE 3 

DEFINITIONS 
 3.1  Definitions.    When a word or phrase appears in this Plan with the initial letter capitalized, and the word or phrase does not commence a sentence and is not
otherwise defined in the Plan, the word or phrase shall generally be given the meaning ascribed to it in this Section. The following words and phrases shall have the following meanings: 

(a)  “1933 Act” means the Securities Act of 1933, as amended from time to time. 

(b)  “1934 Act” means the Securities Exchange Act of 1934, as amended from time to time. 

(c)  “Affiliate” means any Parent or Subsidiary and any person that directly, or indirectly through
one or more intermediaries, controls, is controlled by, or is under common control with, the Corporation. 

(d)  [intentionally omitted] 

(e)  “Award” means any Option, Stock Appreciation Right, Restricted Stock Award, Performance Share
Award, Dividend Equivalent Award or Other Stock-Based Award, or any other right or interest relating to Stock or cash, granted to a Participant under the Plan. 

 (f)  “Award Agreement” means any written agreement,
contract or other instrument or document evidencing an Award. 
 (g)  “Board” means the Board of Directors
of the Corporation. 
 (h)  “Cause” as a reason for a Participant’s termination of
employment or service shall have the meaning assigned such term in the employment agreement, if any, between such Participant and the Corporation or an affiliated company, provided, however, that if there is no such employment
agreement in which such term is defined, “Cause” shall mean any of the following acts by the Participant, as determined by the Board: gross neglect of duty, prolonged absence from duty without the consent of the Corporation, intentionally
engaging in any activity that is in conflict with or adverse to the business or other interests of the Corporation, or willful misconduct, misfeasance or malfeasance of duty which is reasonably determined to be detrimental to the Corporation.

 (i)  “Change of Control” means and includes the occurrence of any one of the following events:

 (i)  individuals who, at the effective date of the Initial Public Offering, constitute the Board (the
“Incumbent Directors”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director after the Effective Date and whose election or nomination for election was approved by a vote
of at least a majority of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Corporation in which such person is named as a nominee for director, without written objection to such
nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Corporation as a result of an actual or threatened election contest (as described in Rule 14a-11
under the 1934 Act (“Election Contest”)) or other actual or threatened solicitation of proxies or consents by or on behalf of any “person” (as such term is defined in Section 3(a)(9) of the 1934 Act and as used in
Section 13(d)(3) and 14(d)(2) of the 1934 Act) other than the Board (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director;

 (ii)  any person becomes a “beneficial owner” (as defined in Rule 13d-3 under the
1934 Act), directly or indirectly, of securities of the Corporation representing 50% or more of the combined voting power of the Corporation’s then outstanding securities eligible to vote for the election of the Board (the
“Corporation Voting Securities”); provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change of Control of the Corporation by virtue of any of the following acquisitions:
(A) any acquisition by a person who is on the Effective Date the beneficial owner of 50% or more of the outstanding Corporation Voting Securities, (B) an acquisition by the Corporation which reduces the number of Corporation Voting
Securities outstanding and thereby results in any person acquiring beneficial ownership of more than 50% of the outstanding Corporation Voting Securities, provided that if after such acquisition by the Corporation such person becomes the
beneficial owner of additional Corporation Voting Securities that increase the percentage of outstanding Corporation Voting Securities beneficially owned by such person, a Change of Control of the Corporation shall then occur, (C) an
acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any Parent or Subsidiary, (D) an acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities
or (E) an acquisition pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); or 
 (iii)  the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Corporation that requires the approval of the
Corporation’s stockholders, whether for such transaction or the issuance of securities in the transaction 
  

WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
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(a “Reorganization”), or the sale or other disposition of all or substantially all of the Corporation’s assets to an entity that is not an affiliate of the Corporation (a
“Sale”), unless immediately following such Reorganization or Sale: (A) more than 50% of the total voting power of (x) the corporation resulting from such Reorganization or the corporation which has acquired all or substantially
all of the assets of the Corporation (in either case, the “Surviving Corporation”) or (y) if applicable, the ultimate parent corporation that directly or indirectly has beneficial ownership of 100% of the voting securities eligible to
elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by the Corporation Voting Securities that were outstanding immediately prior to such Reorganization or Sale (or, if applicable, is represented by
shares into which such Corporation Voting Securities were converted pursuant to such Reorganization or Sale), and such voting power among the holders thereof is in substantially the same proportion as the voting power of such Corporation Voting
Securities among the holders thereof immediately prior to the Reorganization or Sale, (B) no person (other than (x) the Corporation, (y) any employee benefit plan (or related trust) sponsored or maintained by the Surviving Corporation
or the Parent Corporation or (z) a person who immediately prior to the Reorganization or Sale was the beneficial owner of 25% or more of the outstanding Corporation Voting Securities) is the beneficial owner, directly or indirectly, of 25% or
more of the total voting power of the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board
of directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Reorganization or Sale were Incumbent Directors at the time of the Board’s approval of the execution of
the initial agreement providing for such Reorganization or Sale (any Reorganization or Sale which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”).

 Notwithstanding the foregoing, with respect to an Award that is subject to Section 409A of the Code, and
payment or settlement of such Award is to be accelerated in connection with an event that would otherwise constitute a Change of Control, no event set forth in clause (i), (ii) or (iii) will constitute a Change of Control for purposes
of the Plan and any Award Agreement unless such event also constitutes a “change in the ownership”, “change in the effective control” or “change in the ownership of a substantial portion of the assets” of the
Corporation as defined under Section 409A of the Code and the Treasury guidance promulgated thereunder. 

(j)  “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rulings
and regulations promulgated thereunder. 
 (k)  “Committee” means, subject to the last
sentence of Section 4.1, the committee of the Board described in Article 4. 

(l)  “Covered Employee” means a covered employee as defined in Section 162(m)(3) of the Code,
provided that no employee shall be a Covered Employee until the deduction limitations of Section 162(m) of the Code are applicable to the Corporation and any reliance period under Treasury Regulation Section 1.162-27(f) has
expired. 
 (m)  “Disability” has the meaning ascribed under the long-term disability plan
applicable to the Participant. Notwithstanding the above, (i) with respect to an Incentive Stock Option, Disability shall mean Permanent and Total Disability as defined in Section 22(e)(3) of the Code and (ii) to the extent an Award
is subject to Section 409A of the Code, and payment or settlement of the Award is to be accelerated solely as a result of the Participant’s Disability, Disability shall have the meaning ascribed thereto under Section 409A of the Code
and the Treasury guidance promulgated thereunder. 
  

WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
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 (n)  “Dividend Equivalent” means a right granted to a Participant under
Article 11. 
 (o)  “Effective Date” has the meaning assigned such term in Section 2.1.

 (p)  “Fair Market Value”, on any date, means (i) if the Stock is listed on a
securities exchange or is traded over the Nasdaq National Market, the closing sales price on such exchange or over such system on such date or, in the absence of reported sales on such date, the closing sales price on the immediately preceding date
on which sales were reported or (ii) if the Stock is not listed on a securities exchange or traded over the Nasdaq National Market, Fair Market Value will be determined by such other method as the Committee determines in good faith to be
reasonable; provided, however, that if the Stock underlying an Award is sold on the same day as the date of exercise or settlement or the date on which the restrictions lapse applicable to Restricted Stock or similar Award through a broker approved
by the Corporation, Fair Market Value shall be the actual sale price of the Stock in such transaction or transactions. With respect to awards granted on the effective date of the Corporation’s Initial Public Offering, Fair Market Value shall
mean the price at which the Stock is initially offered in the Initial Public Offering. 

(q)  “HLTH Corporation” means HLTH Corporation, a Delaware corporation (which was formerly known as
Emdeon Corporation). 
 (r)  “Incentive Stock Option” means an Option that is intended to
meet the requirements of Section 422 of the Code or any successor provision thereto. 

(s)  “Initial Public Offering” means the underwritten initial public offering of equity securities of
the Corporation pursuant to an effective registration statement under the 1933 Act. 

(t)  “Non-Employee Director” means a member of the Board who is not an employee of the Corporation or
any Parent or Affiliate. 
 (u)  “Non-Qualified Stock Option” means an Option that is not an Incentive Stock
Option. 
 (v)  “Option” means a right granted to a Participant under Article 7 to
purchase Stock at a specified price during specified time periods. An Option may be either an Incentive Stock Option or a Non-Qualified Stock Option. 
 (w)  “Other Stock-Based Award” means a right, granted to a Participant under Article 12, that relates to or is valued by reference to Stock or other Awards relating to Stock.

 (x)  “Parent” means a corporation which owns or beneficially owns a majority of the
outstanding voting stock or voting power of the Corporation. Notwithstanding the above, with respect to an Incentive Stock Option, Parent shall have the meaning set forth in Section 424(e) of the Code. 

(y)  “Participant” means a person who, as an employee, officer, consultant or director of the
Corporation or any Parent, Subsidiary or Affiliate, has been granted an Award under the Plan. 

(z)  “Performance Share” means a right granted to a Participant under Article 9, to receive
cash, Stock, or other Awards, the payment of which is contingent upon achieving certain performance goals established by the Committee. 
 (aa)  “Restricted Stock Award” means Stock granted to a Participant under Article 10 that is subject to certain restrictions and to risk of forfeiture. 

 
 WEBMD 2005 LONG-TERM INCENTIVE PLAN —

 As Amended and Restated on July 24, 2012 

  
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 (bb)  “Stock” means the $.01 par value common stock of
the Corporation (which, beginning immediately following the completion of the merger of HLTH Corporation into the Corporation on October 23, 2009, was no longer referred to as “Class A” and, while otherwise unchanged, began being referred
to as “$.01 par value common stock” of the Corporation) and such other securities of the Corporation as may be substituted for Stock pursuant to Article 15. 

(cc)  “Stock Appreciation Right” or “SAR” means a right granted to a Participant under
Article 8 to receive a payment equal to the difference between the Fair Market Value of a share of Stock as of the date of exercise of the SAR over the grant price of the SAR, all as determined pursuant to Article 8. 

(dd)  “Subsidiary” means any corporation, limited liability company, partnership or other entity of
which a majority of the outstanding voting equity securities or voting power is beneficially owned directly or indirectly by the Corporation. Notwithstanding the above, with respect to an Incentive Stock Option, Subsidiary shall have the meaning set
forth in Section 424(f) of the Code. 
 ARTICLE 4 

ADMINISTRATION 
 4.1  Committee.  The Plan shall be administered by a committee (the “Committee”) appointed by the Board (which Committee shall consist of two or more directors) or, at
the discretion of the Board from time to time, the Plan may be administered by the Board. It is intended that the directors appointed to serve on the Committee shall be “non-employee directors” (within the meaning of Rule 16b-3
promulgated under the 1934 Act) and “outside directors” (within the meaning of Section 162(m) of the Code) to the extent that Rule 16b-3 and, if necessary for relief from the limitation under Section 162(m) of the Code
and such relief is sought by the Corporation, Section 162(m) of the Code, respectively, are applicable. However, the mere fact that a Committee member shall fail to qualify under either of the foregoing requirements shall not invalidate (a) any
Award made by the Committee which Award is otherwise validly made under the Plan or (b) any other action taken by the Committee which action is otherwise validly taken under the Plan. The members of the Committee shall be appointed by, and may
be changed at any time and from time to time in the discretion of, the Board. During any time that the Board is acting as administrator of the Plan, it shall have all the powers of the Committee hereunder, and any reference herein to the Committee
(other than in this Section 4.1) shall include the Board. 
 4.2  Action by the Committee.  For
purposes of administering the Plan, the following rules of procedure shall govern the Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and
acts approved unanimously in writing by the members of the Committee in lieu of a meeting, shall be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information
furnished to that member by any officer or other employee of the Corporation or any Parent or Affiliate, the Corporation’s independent certified public accountants, or any executive compensation consultant or other professional retained by the
Corporation to assist in the administration of the Plan. 
 4.3  Authority of
Committee.    Except as provided below, the Committee has the exclusive power, authority and discretion to: 
 (a)  Designate Participants; 
 (b)  Determine the type or
types of Awards to be granted to each Participant; 
 (c)  Determine the number of Awards to be
granted and the number of shares of Stock to which an Award will relate; 
  
 WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated
on July 24, 2012 

  
 PAGE 5

 (d)  Determine the terms and conditions of any Award granted under
the Plan, including, but not limited to, the exercise price, grant price or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and
accelerations or waivers thereof, based in each case on such considerations as the Committee in its sole discretion determines; provided, however that any Awards of (i) Restricted Stock or Other Stock-Based Award for which no purchase or
exercise price is payable will be scheduled to vest over a period of no less than three years where such vesting is not tied to the attainment of performance goals and (ii) Performance Share Awards, Restricted Stock or Other Stock-Based Awards
for which no purchase or exercise price is payable will be scheduled to vest over a period of no less than one year where such vesting is tied to the attainment of performance goals; provided, that, notwithstanding the foregoing, such vesting
schedule will not be required for grants of Stock to Non-Employee Directors made to satisfy applicable Board of Director or Committee retainers or fees; 
 (e)  Accelerate the vesting or lapse of restrictions of any outstanding Award, based in each case on such considerations as the Committee in its sole discretion determines; 

(f)  Determine whether, to what extent, and under what circumstances an Award may be settled in, or the
exercise price of an Award may be paid in, cash, Stock, other Awards or other property, or an Award may be canceled, forfeited or surrendered; 
 (g)  Prescribe the form of each Award Agreement, which need not be identical for each Participant, or amend any Award Agreement; 

(h)  Decide all other matters that must be determined in connection with an Award; 

(i)  Establish, adopt or revise any rules and regulations as it may deem necessary or advisable to administer
the Plan; 
 (j)  Make all other decisions and determinations that may be required under the Plan or
as the Committee deems necessary or advisable to administer the Plan; and 
 (k)  Amend the Plan as provided
herein. 
 Notwithstanding the foregoing authority, except as provided in or pursuant to Article 15, the
Committee shall not authorize, generally or in specific cases only, for the benefit of any Participant, any adjustment in the exercise price of an Option or the base price of a Stock Appreciation Right, or in the number of shares subject to an
Option or Stock Appreciation Right granted hereunder by (i) cancellation of an outstanding Option or Stock Appreciation Right and a subsequent regranting of an Option or Stock Appreciation Right, (ii) amendment to an outstanding Option or
Stock Appreciation Right, (iii) substitution of an outstanding Option or Stock Appreciation Right or (iv) any other action that would be deemed to constitute a repricing of such an Award under applicable law, in each case, without prior
approval of the Corporation’s stockholders. 
 4.4  Delegation of Authority.    To the
extent not prohibited by applicable laws, rules and regulations, the Board or the Committee may, from time to time, delegate some or all of its authority under the Plan to a subcommittee or subcommittees thereof or to one or more directors or
executive officers of the Corporation as it deems appropriate under such conditions or limitations as it may set at the time of such delegation or thereafter, except that neither the Board nor the Committee may delegate its authority pursuant to
Article 16 to amend the Plan. For purposes of the Plan, references to the Committee shall be deemed to refer to any subcommittee, subcommittees, directors or executive officers to whom the Board or the Committee delegates authority pursuant to
this Section 4.4. 
 4.5  Decisions Binding.    The Committee’s interpretation of
the Plan, any Awards granted under the Plan, any Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding and conclusive on all parties. 

 
 WEBMD 2005 LONG-TERM INCENTIVE PLAN —

 As Amended and Restated on July 24, 2012 

  
 PAGE 6

 ARTICLE 5 
 SHARES SUBJECT TO THE PLAN 
 5.1  Number of
Shares.    Subject to adjustment as provided in Article 15, the aggregate number of shares of Stock reserved and available for Awards or which may be used to provide a basis of measurement for or to determine the value
of an Award (such as with a Stock Appreciation Right or Performance Share Award) shall be 20,075,000 shares (the “Maximum Number”). Not more than the Maximum Number of shares of Stock shall be granted in the form of Incentive Stock
Options. Subject to Section 5.2, (a) not more than 20% of the shares of Stock available for issuance under the Plan on October 21, 2010 were available for the grant of Restricted Stock Awards, Performance Share Awards and similar Awards
for which no purchase or exercise price is paid (“Full Value Awards”); and (b) not more than 20% of the 1,875,000 shares of Stock added to the Plan on July 24, 2012 will be available for grant of Full Value Awards (the sum of the amounts
remaining available for Full Value Awards under clauses (a) and (b) of this sentence, as of any date after July 24, 2012, being referred to as the “Full Value Award Limit”). 

5.2  Lapsed Awards.    To the fullest extent permissible under Section 422 of the Code and any
other applicable laws, rules and regulations, (i) if an Award is canceled, terminates, expires, is forfeited or lapses for any reason without having been exercised or settled, any shares of Stock subject to the Award will be added back into the
Maximum Number and will again be available for the grant of an Award under the Plan and (ii) shares of Stock subject to SARs or other Awards settled in cash shall be added back into the Maximum Number and will be available for the grant of an
Award under the Plan;  provided, however, that any shares of Stock underlying Full Value Awards that are added back into the Maximum Number pursuant to this Section 5.2 shall increase the Full Value Award Limit. For the sake of
clarity, shares tendered or withheld to satisfy the exercise price or tax withholding obligations arising in connection with the exercise or vesting of an Award (including in connection with a “net exercise” as contemplated by
Section 7.1(c)) shall not be added back into the Maximum Number and shall not be available for further grant. 

5.3  Stock Distributed.    Any Stock distributed pursuant to an Award may consist, in whole or in
part, of authorized and unissued Stock, treasury Stock or Stock purchased on the open market. 
 5.4  Limitation on
Awards.    Notwithstanding any provision in the Plan to the contrary (but subject to adjustment as provided in Article 15), the maximum number of shares of Stock with respect to one or more Options and/or SARs that may
be granted during any one calendar year under the Plan to any one Participant shall be 412,500 (all of which may be granted as Incentive Stock Options); provided, however, that in connection with his or her initial employment with the
Corporation, a Participant may be granted Options or SARs with respect to up to an additional 412,500 shares of Stock (all of which may be granted as Incentive Stock Options), which shall not count against the foregoing annual limit. The
maximum Fair Market Value (measured as of the date of grant) of any Awards other than Options and SARs that may be received by any one Participant (less any consideration paid by the Participant for such Award) during any one calendar year under the
Plan shall be $5,000,000. The maximum number of shares of Stock that may be subject to one or more Performance Share Awards (or used to provide a basis of measurement for or to determine the value of Performance Share Awards) in any one calendar
year to any one Participant (determined on the date of grant) shall be 412,500. 
 ARTICLE 6 

ELIGIBILITY 
 6.1  General.    Awards may be granted only to individuals who are employees, officers, directors or consultants of the Corporation or a Parent or an Affiliate. In the
discretion of the Committee, Awards may be made to Covered Employees which are intended to constitute qualified performance-based compensation under Section 162(m) of the Code. 
  
 WEBMD 2005 LONG-TERM INCENTIVE PLAN — 

As Amended and Restated on July 24, 2012 

  
 PAGE 7

 ARTICLE 7 
 STOCK OPTIONS 
 7.1  General.    The
Committee is authorized to grant Options to Participants on the following terms and conditions: 

(a)  Exercise Price.    The exercise price per share of Stock under an Option shall
be determined by the Committee at the time of the grant but in no event shall the exercise price be less than 100% of the Fair Market Value of a share of Stock on the date of grant. 

(b)  Time and Conditions of Exercise.    The Committee shall determine the time or
times at which an Option may be exercised in whole or in part, subject to Section 7.1(e) and 7.3. The Committee also shall determine the performance or other conditions, if any, that must be satisfied before all or part of an Option may be
exercised. The Committee may waive any exercise provisions at any time in whole or in part based upon factors as the Committee may determine in its sole discretion so that the Option becomes exerciseable at an earlier date. 

(c)  Payment.    Unless otherwise determined by the Committee, the exercise price of
an Option may be paid (i) in cash, (ii) by actual delivery or attestation to ownership of freely transferable shares of stock already owned; (iii) by a combination of cash and shares of Stock equal in value to the exercise price or
(iv) by such other means as the Committee, in its discretion, may authorize. In accordance with the rules and procedures authorized by the Committee for this purpose, an Option may, if the Committee so determines also be exercised through
either or both of the following: (i) a “cashless exercise” procedure authorized by the Committee that permits Participants to exercise Options by delivering a properly executed exercise notice to the Corporation together with a copy of
irrevocable instructions to a broker to deliver promptly to the Corporation the amount of sale or loan proceeds necessary to pay the exercise price and the amount of any required tax or other withholding obligations or (ii)  a “net
exercise” arrangement pursuant to which the Corporation will reduce the number of shares of Stock issued upon exercise by that number of shares of Stock having a Fair Market Value equal to the aggregate exercise price. 

(d)  Evidence of Grant.    All Options shall be evidenced by a written Award
Agreement between the Corporation and the Participant. The Award Agreement shall include such provisions not inconsistent with the Plan as may be specified by the Committee. 

(e)  Exercise Term.    In no event may any Option be exercisable for more than ten
years from the date of its grant. 
 7.2  Incentive Stock Options.    The terms of any
Incentive Stock Options granted under the Plan must comply with the following additional rules: 

(a)  Lapse of Option.    An Incentive Stock Option shall lapse under the earliest of
the following circumstances; provided, however, that the Committee may, prior to the lapse of the Incentive Stock Option under the circumstances described in paragraphs (3), (4) and (5) below, provide in writing that the
Option will extend until a later date, but if an Option is exercised after the dates specified in paragraphs (3), (4) and (5) below, it will automatically become a Non-Qualified Stock Option: 

(1)  The Incentive Stock Option shall lapse as of the option expiration date set forth in the Award Agreement.

 (2)  The Incentive Stock Option shall lapse ten years after it is granted, unless an earlier time
is set in the Award Agreement. 
  
 WEBMD 2005
LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 8

 (3)  If the Participant terminates employment for any reason other
than as provided in paragraph (4) or (5) below, the Incentive Stock Option shall lapse, unless it is previously exercised, three months after the Participant’s termination of employment; provided, however, that if
the Participant’s employment is terminated by the Corporation for Cause, the Incentive Stock Option shall (to the extent not previously exercised) lapse immediately. 

(4)  If the Participant terminates employment by reason of his Disability, the Incentive Stock Option shall
lapse, unless it is previously exercised, one year after the Participant’s termination of employment. 

(5)  If the Participant dies while employed, or during the three-month period described in
paragraph (3) or during the one-year period described in paragraph (4) and before the Option otherwise lapses, the Option shall lapse one year after the Participant’s death. Upon the Participant’s death, any exercisable
Incentive Stock Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 14.5. 
 Unless the exercisability of the Incentive Stock Option is accelerated as provided in Article 14, if a Participant exercises an Option after termination of employment, the Option may be exercised
only with respect to the shares that were otherwise vested on the Participant’s termination of employment. 

(b)  Individual Dollar Limitation.    The aggregate Fair Market Value (determined as
of the time an Award is made) of all shares of Stock with respect to which Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000.00. 

(c)  Ten Percent Owners.    No Incentive Stock Option shall be granted to any
individual who, at the date of grant, owns stock possessing more than ten percent of the total combined voting power of all classes of stock of the Corporation or any Parent or Affiliate unless the exercise price per share of such Option is at least
110% of the Fair Market Value per share of Stock at the date of grant and the Option expires no later than five years after the date of grant. 
 (d)  Expiration of Incentive Stock Options.    No Award of an Incentive Stock Option may be made pursuant to the Plan after the day immediately prior to the tenth
anniversary of the Effective Date. 
 (e)  Right to Exercise.    During a
Participant’s lifetime, an Incentive Stock Option may be exercised only by the Participant or, in the case of the Participant’s Disability, by the Participant’s guardian or legal representative. 

(f)  Directors.    The Committee may not grant an Incentive Stock Option to a
non-employee director. The Committee may grant an Incentive Stock Option to a director who is also an employee of the Corporation or any Parent or Affiliate but only in that individual’s position as an employee and not as a director.

 7.3  Options Granted to Non-Employee Directors.    Notwithstanding the foregoing,
Options granted to Non-Employee Directors under this Article 7 shall be subject to the following additional terms and conditions: 
 (a)  Lapse of Option.    An Option granted to a Non-Employee Director under this Article 7 shall lapse under the earliest of the following circumstances:

 (1)  The Option shall lapse as of the option expiration date set forth in the Award Agreement.

 (2)  If the Participant ceases to serve as a member of the Board for any reason other than as
provided in the proviso to this paragraph (2), the Option shall lapse, unless it is previously exercised, 
  

WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 9

 
three years after the Participant’s termination as a member of the Board; provided, however, that if the Participant is removed for cause (determined in accordance with the
Corporation’s bylaws, as amended from time to time), the Option shall (to the extent not previously exercised) lapse immediately. If the Participant dies during the post termination exercise period specified above and before the Option
otherwise lapses, the Option shall lapse one year after the Participant’s death, if later than the end of the three year period. Upon the Participant’s death, any exercisable Options may be exercised by the Participant’s beneficiary,
determined in accordance with Section 14.5. 
 If a Participant exercises Options after termination of his
service on the Board, he may exercise the Options only with respect to the shares that were otherwise exercisable on the date of termination of his service on the Board. Such exercise otherwise shall be subject to the terms and conditions of this
Article 7. 
 (b)  Acceleration Upon Change of
Control.    Notwithstanding Section 7.1(b), in the event of a Change of Control, each Option granted to a Non-Employee Director under this Article 7 that is then outstanding immediately prior to such Change of
Control shall become immediately vested and exercisable in full on the date of such Change of Control. 
 ARTICLE 8

 STOCK APPRECIATION RIGHTS 
 8.1  Grant of Stock Appreciation Rights.    The Committee is authorized to grant Stock Appreciation Rights to Participants on the following terms and conditions:

 (a)  Right to Payment.    Upon the exercise of a Stock Appreciation
Right, the Participant to whom it is granted has the right to receive the excess, if any, of: 

(1)  The Fair Market Value of one share of Stock on the date of exercise; over 

(2)  The grant price of the Stock Appreciation Right as determined by the Committee, which shall not be less
than the Fair Market Value of one share of Stock on the date of grant. 
 (b)  Other
Terms.    All awards of Stock Appreciation Rights shall be evidenced by an Award Agreement. The terms, methods of exercise, methods of settlement, form of consideration payable in settlement, and any other terms and
conditions of any Stock Appreciation Right shall be determined by the Committee at the time of the grant of the Award and shall be reflected in the Award Agreement. 
 ARTICLE 9 
 PERFORMANCE SHARES 

9.1  Grant of Performance Shares.  The Committee is authorized to grant Performance Shares to Participants on
such terms and conditions as may be selected by the Committee, subject to Section 4.3(d). The Committee shall have the complete discretion to determine the number of Performance Shares granted to each Participant, subject to Section 5.4.
All Awards of Performance Shares shall be evidenced by an Award Agreement. 
 9.2  Right to
Payment.    A grant of Performance Shares gives the Participant rights, valued as determined by the Committee, and payable to, or exercisable by, the Participant to whom the Performance Shares are granted, in whole or in
part, as the Committee shall establish at grant or thereafter. The Committee shall set performance goals and other terms or conditions to payment of the Performance Shares in its discretion which, depending on the extent to which they are met, will
determine the number and value of Performance Shares that will be paid to the Participant. 
  
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 As Amended and Restated
on July 24, 2012 

  
 PAGE 10

 9.3  Other Terms.    Performance Shares may be payable
in cash, Stock or other property, and have such other terms and conditions as determined by the Committee and reflected in the Award Agreement. 
 ARTICLE 10 
 RESTRICTED STOCK AWARDS 

10.1  Grant of Restricted Stock.    The Committee is authorized to make Awards of Restricted Stock
to Participants in such amounts and subject to such terms and conditions as may be selected by the Committee, subject to Section 4.3(d). All Awards of Restricted Stock shall be evidenced by a Restricted Stock Award Agreement. 

10.2  Issuance and Restrictions.  Restricted Stock shall be subject to such restrictions on transferability
and other restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Stock or the right to receive dividends on the Restricted Stock). These restrictions may lapse separately or in
combination at such times, under such circumstances, in such installments, upon the satisfaction of performance goals or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 

10.3  Forfeiture.    Except as otherwise determined by the Committee at the time of the grant of the
Award or thereafter, upon termination of employment during the applicable restriction period or upon failure to satisfy a performance goal during the applicable restriction period, Restricted Stock that is at that time subject to restrictions shall
be forfeited and reacquired by the Corporation; provided, however, that the Committee may provide in any Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be waived in whole or in part in the
event of terminations resulting from specified causes, and the Committee may in other cases waive in whole or in part restrictions or forfeiture conditions relating to Restricted Stock. 

10.4  Certificates for Restricted Stock.    Restricted Stock granted under the Plan may be evidenced
in such manner as the Committee shall determine. If certificates representing shares of Restricted Stock are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions and restrictions
applicable to such Restricted Stock. 
 ARTICLE 11 

DIVIDEND EQUIVALENTS 
 11.1  Grant of Dividend Equivalents.    The Committee is authorized to grant Dividend Equivalents to Participants subject to such terms and conditions as may be
selected by the Committee. Dividend Equivalents shall entitle the Participant to receive payments (in cash, Stock or other property) equal to dividends with respect to all or a portion of the number of shares of Stock subject to an Award, as
determined by the Committee. The Committee may provide that Dividend Equivalents be paid or distributed when accrued, or be deemed to have been reinvested in additional shares of Stock or otherwise reinvested. The terms of any reinvestment of
Dividend Equivalents shall comply with Section 409A of the Code. 
 ARTICLE 12 

OTHER STOCK-BASED AWARDS 
 12.1 Grant of Other Stock-based Awards.    The Committee is authorized, subject to limitations under applicable law and Section 4.3(d), to grant to Participants such other
Awards that are payable in, valued in whole 
  

WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 11

 
or in part by reference to, or otherwise based on or related to shares of Stock, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, shares
of Stock awarded purely as a “bonus” and not subject to any restrictions or conditions, convertible or exchangeable debt securities, other rights convertible or exchangeable into shares of Stock, stock units, phantom stock and other Awards
valued by reference to book value of shares of Stock or the value of securities of or the performance of specified Parents or Subsidiaries. The Committee shall determine the terms and conditions of such Awards. 

ARTICLE 13 
 ANNUAL AWARDS TO NON-EMPLOYEE DIRECTORS 
 13.1  Grant of
Options.    Each Non-Employee Director who is serving in such capacity as of January 1 of each year that the Plan is in effect shall be granted a Non-Qualified Option to purchase 13,200 shares of Stock, subject to
adjustment as provided in Article 15. In addition, each Non-Employee Director who is serving in such capacity as of the effective date of the Initial Public Offering shall be granted a Non-Qualified Stock Option to
purchase 13,200 shares of Stock on such date. Each such date that Options are to be granted under this Article 13 is referred to hereinafter as a “Grant Date”. In addition, the Committee may, in its sole discretion, permit
or require each Non-Employee Director to receive all or any portion of his or her compensation for services as a director in the form of an Award under the Plan with such term and conditions as may be determined by the Committee in its sole
discretion. 
 If on any Grant Date, shares of Stock are not available under the Plan to grant to Non-Employee Directors the
full amount of a grant contemplated by the immediately preceding paragraph, then each Non-Employee Director shall receive an Option (a “Reduced Grant”) to purchase shares of Stock in an amount equal to the number of shares of Stock then
available under the Plan divided by the number of Non-Employee Directors as of the applicable Grant Date. Fractional shares shall be ignored and not granted. 
 If a Reduced Grant has been made and, thereafter, during the term of the Plan, additional shares of Stock become available for grant, then each person who was a Non-Employee Director both on the Grant
Date on which the Reduced Grant was made and on the date additional shares of Stock become available (a “Continuing Non-Employee Director”) shall receive an additional Option to purchase shares of Stock. The number of newly available
shares shall be divided equally among the Options granted to the Continuing Non-Employee Directors; provided, however, that the aggregate number of shares of Stock subject to a Continuing Non-Employee Director’s additional Option
plus any prior Reduced Grant to the Continuing Non-Employee Director on the applicable Grant Date shall not exceed 13,200 shares (subject to adjustment pursuant to Article 15). If more than one Reduced Grant has been made, available
Options shall be granted beginning with the earliest such Grant Date. 
 13.2  Option
Price.    The option price for each Option granted under this Article 13 shall be the Fair Market Value on the date of grant of the Option. 
 13.3  Term.    Each Option granted under this Article 13 shall, to the extent not previously exercised, terminate and expire on the date ten (10) years after
the date of grant of the Option, unless earlier terminated as provided in Section 13.4. 
 13.4  Lapse of
Option.    An Option granted under this Article 13 shall not automatically lapse by reason of the Participant ceasing to qualify as a Non-Employee Director but remaining as a member of the Board. An Option granted under
this Article 13 shall lapse under the earliest of the following circumstances: 
 (1)  The Option shall lapse ten
years after it is granted. 
  
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INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 12

 (2)  If the Participant ceases to serve as a member of the Board
for any reason other than as provided in the proviso to this paragraph (2), the Option shall lapse, unless it is previously exercised, three years after the Participant’s termination as a member of the Board; provided, however, that if the
Participant is removed for cause (determined in accordance with the Corporation’s bylaws, as amended from time to time), the Option shall (to the extent not previously exercised) lapse immediately. If the Participant dies during the post
termination exercise period specified above and before the Option otherwise lapses, the Option shall lapse one year after the Participant’s death, if later than the end of the three year period. Upon the Participant’s death, any
exercisable Options may be exercised by the Participant’s beneficiary, determined in accordance with Section 14.5. 

If a Participant exercises Options after termination of his or her service on the Board, he or she may exercise the Options only with
respect to the shares that were otherwise exercisable on the date of termination of his service on the Board. Such exercise otherwise shall be subject to the terms and conditions of this Article 13. 

13.5  Cancellation of Options.    Upon a Participant’s termination of service for any reason
other than death or Disability, all Options that have not vested in accordance with the Plan shall be cancelled immediately. 

13.6  Exercisability.    Subject to Section 13.7, each Option grant under this Article 13
shall be exercisable as to twenty-five percent (25%) of the Option shares on each of the first, second, third and fourth anniversaries of the Grant Date, such that the Options will be fully exercisable after four years from the Grant Date.

 13.7  Acceleration Upon Change of Control.    Notwithstanding Section 13.6, in the
event of a Change of Control, each Option granted under this Article 13 that is then outstanding immediately prior to such Change of Control shall become immediately exercisable in full on the date of such Change in Control. 

13.8  Termination of Article 13.    No Options shall be granted under this Article 13
after January 1, 2015. 
 13.9  Non-exclusivity.    Nothing in this Article 13
shall prohibit the Committee from making discretionary Awards to Non-Employee Directors pursuant to the other provisions of the Plan before or after January 1, 2015. Options granted pursuant to this Article 13 shall be governed by the
provisions of this Article 13 and by other provisions of the Plan to the extent not inconsistent with the provisions of this Article 13. 
 ARTICLE 14 
 PROVISIONS APPLICABLE TO AWARDS 

14.1  Stand-alone, Tandem, and Substitute Awards.    Awards granted under the Plan may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem with, (subject to the last sentence of Section 4.3) or in substitution for, any other Award granted under the Plan. If an Award is granted in substitution for
another Award, the Committee may require the surrender of such other Award in consideration of the grant of the new Award. Awards granted in addition to or in tandem with other Awards may be granted either at the same time as or at a different time
from the grant of such other Awards. 
 14.2  Term of Award.    The term of each Award
shall be for the period as determined by the Committee, provided that in no event shall the term of any Incentive Stock Option or a Stock Appreciation Right granted in tandem with the Incentive Stock Option exceed a period of ten years from
the date of its grant (or, if Section 7.2(c) applies, five years from the date of its grant). 

14.3  Form of Payment for Awards.    Subject to the terms of the Plan and any applicable law or
Award Agreement, payments or transfers to be made by the Corporation or a Parent or Affiliate on the grant or exercise 
  

WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 13

 
of an Award may be made in such form as the Committee determines at or after the time of grant, including, without limitation, cash, Stock, other Awards or other property, or any combination
thereof, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case determined in accordance with rules adopted by, and at the discretion of, the Committee. 

14.4  Limits on Transfer.    No right or interest of a Participant in any unexercised or restricted
Award may be pledged, encumbered or hypothecated to or in favor of any party other than the Corporation or a Parent or Affiliate, or shall be subject to any lien, obligation, or liability of such Participant to any other party other than the
Corporation or a Parent or Affiliate. No unexercised or restricted Award shall be assignable or transferable by a Participant other than by will or the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to
a domestic relations order that would satisfy Section 414(p)(1)(A) of the Code if such Section applied to an Award under the Plan; provided, however, that the Committee may (but need not) permit other transfers where the Committee
concludes that such transferability (i) does not result in accelerated taxation or other adverse tax consequences, (ii) does not cause any Option intended to be an Incentive Stock Option to fail to be described in Section 422(b) of
the Code, and (iii) is otherwise appropriate and desirable, taking into account any factors deemed relevant, including, without limitation, state or federal tax or securities laws applicable to transferable Awards. In furtherance of the
foregoing, with the consent of the Committee or its designee, a Participant may transfer Awards to such Participant’s family members or trusts or other entities in which the Participant or his or her family members hold 50% or more of the
voting or beneficial ownership interest in such trust or entity for estate planning or other tax purpose. Any such permitted transfer shall be subject to such conditions as the Committee or its designee may impose and compliance with applicable
federal and state securities laws. 
 14.5  Beneficiaries.    Notwithstanding
Section 14.4, a Participant may, in the manner determined by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A
beneficiary, legal guardian, legal representative or other person claiming any rights under the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and such
Award Agreement otherwise provide, and to any additional restrictions deemed necessary or appropriate by the Committee. If no beneficiary has been designated or survives the Participant, payment shall be made to the Participant’s estate.
Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time, provided the change or revocation is filed with the Committee. 

14.6  Stock Certificates.    All Stock issuable under the Plan is subject to any stop-transfer
orders and other restrictions as the Committee deems necessary or advisable to comply with federal or state securities laws, rules and regulations and the rules of any national securities exchange or automated quotation system on which the Stock is
listed, quoted or traded. The Committee may place legends on any Stock certificate or issue instructions to the transfer agent to reference restrictions applicable to the Stock. 

14.7  Acceleration Upon Death or Disability.    Unless otherwise set forth in an Award Agreement,
upon the Participant’s death or Disability during his employment or service as a director, all outstanding Options, Stock Appreciation Rights, Restricted Stock Awards and other Awards in the nature of rights that may be exercised shall become
fully exercisable and all restrictions on outstanding Awards shall lapse. Any Option or Stock Appreciation Rights Awards shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Award Agreement. To the extent
that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Section 7.2(b), the excess Options shall be deemed to be Non-Qualified Stock Options. 

14.8  Acceleration of Vesting and Lapse of Restrictions.    Subject to Sections 7.3(b) and
13.7, the Committee may, in its sole discretion, at any time (including, without limitation, prior to, coincident with or subsequent to a Change of Control) determine that (a) all or a portion of a Participant’s Options, Stock 

 
 WEBMD 2005 LONG-TERM INCENTIVE PLAN —

 As Amended and Restated on July 24, 2012 

  
 PAGE 14

 
Appreciation Rights and other Awards in the nature of rights that may be exercised shall become fully or partially exercisable, and/or (b) all or a part of the restrictions on all or a
portion of the outstanding Awards shall lapse, in each case, as of such date as the Committee may, in its sole discretion, declare; provided, however, that, with respect to Awards that are subject to Section 409A of the Code, the
Committee shall not have the authority to accelerate or postpone the timing of payment or settlement of an Award in a manner that would cause such Award to become subject to the interest and penalty provisions under Section 409A of the Code.
The Committee may discriminate among Participants and among Awards granted to a Participant in exercising its discretion pursuant to this Section 14.8. All Awards made to Non-Employee Directors shall become fully vested and, in the case of
Options, Stock Appreciation Rights and other Awards in the nature of rights that may be exercised, fully exercisable in the event of the occurrence of a Change of Control as of the date of such Change of Control. 

14.9  Other Adjustments.    If (i) an Award is accelerated under Sections 7.3(b), 13.7
and/or 14.8 or (ii) a Change of Control occurs (regardless or whether acceleration under Sections 7.3(b), 13.7 and/or 14.8 occurs), the Committee may, in its sole discretion, provide (a) that the Award will expire after a designated
period of time after such acceleration or Change of Control, as applicable, to the extent not then exercised, (b) that the Award will be settled in cash rather than Stock, (c) that the Award will be assumed by another party to a
transaction giving rise to the acceleration or a party to the Change of Control, (d) that the Award will otherwise be equitably converted or adjusted in connection with such transaction or Change of Control, or (e) any combination of the
foregoing. The Committee’s determination need not be uniform and may be different for different Participants whether or not such Participants are similarly situated; provided, however, that, with respect to Awards that are subject
to Section 409A of the Code, the Committee shall not have the authority to accelerate or postpone the timing of payment or settlement of an Award in a manner that would cause such Award to become subject to the interest and penalty provisions
under Section 409A of the Code. 
 14.10  Performance Goals.    In order to preserve
the deductibility of an Award under Section 162(m) of the Code, the Committee may determine that any Award granted pursuant to this Plan to a Participant that is or is expected to become a Covered Employee shall be determined solely on the
basis of (a) the achievement by the Corporation or Subsidiary of a specified target return, or target growth in return, on equity or assets, (b) the Corporation’s stock price, (c) the Corporation’s total shareholder return
(stock price appreciation plus reinvested dividends) relative to a defined comparison group or target over a specific performance period, (d) the achievement by the Corporation or a Parent or Subsidiary, or a business unit of any such entity,
of a specified target, or target growth in, net income, revenues, earnings per share, earnings before income and taxes, and earnings before income, taxes, depreciation and amortization, or (e) any combination of the goals set forth in
(a) through (d) above. If an Award is made on such basis, the Committee shall establish goals prior to the beginning of the period for which such performance goal relates (or such later date as may be permitted under Section 162(m) of
the Code), and the Committee has the right for any reason to reduce (but not increase) the Award, notwithstanding the achievement of a specified goal. Any payment of an Award granted with performance goals shall be conditioned on the written
certification of the Committee in each case that the performance goals and any other material conditions were satisfied. 

14.11  Termination of Employment.    Whether military, government or other service or other leave of
absence shall constitute a termination of employment shall be determined in each case by the Committee at its discretion, and any determination by the Committee shall be final and conclusive. A termination of employment shall not occur (i) in a
circumstance in which a Participant transfers from the Corporation to one of its Parents or Subsidiaries, transfers from a Parent or Affiliate to the Corporation, or transfers from one Parent or Affiliate to another Parent or Affiliate, or
(ii) in the discretion of the Committee as specified at or prior to such occurrence, in the case of a split-off, spin-off, sale or other disposition of the Participant’s employer from the Corporation or any Parent or Affiliate. To the
extent that this provision causes Incentive Stock Options to extend beyond three months from the date a Participant is deemed to be an employee of the Corporation, a Parent or Affiliate for purposes of Section 424(f) of the Code, the Options
held by such Participant shall be deemed to be Non-Qualified Stock Options. 
  
 WEBMD 2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated
on July 24, 2012 

  
 PAGE 15

 ARTICLE 15 

CHANGES IN CAPITAL STRUCTURE 
 15.1  General.    Upon or in contemplation of (a) any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or
reverse stock split, (b) any merger, combination, consolidation, or other reorganization, (c) any spin-off, split-up, or similar extraordinary dividend distribution in respect of the Stock (whether in the form of securities or property),
(d) any exchange of Stock or other securities of the Corporation, or any similar, unusual or extraordinary corporate transaction in respect of the Stock, or (e) a sale of all or substantially all the business or assets of the Corporation
as an entirety, then the Committee shall, in such manner, to such extent (if any) and at such time as it deems appropriate and equitable in the circumstances in order to preserve, but not increase, the benefits or potential benefits intended to be
made available under the Plan or an outstanding Award: 
 (i)  proportionately adjust any or all of
(A) the number and type of shares of Stock (or other securities) that thereafter may be made the subject of Awards (including the specific share limits, maximums and numbers of shares set forth elsewhere in this Plan), (B) the number,
amount and type of shares of Stock (or other securities or property) subject to any or all outstanding Awards, (C) the grant, purchase, or exercise price (which term includes the base price of any SAR or similar right) of any or all outstanding
Awards, (D) the securities, cash or other property deliverable upon exercise or payment of any outstanding Awards, or (E) the performance standards applicable to any outstanding Awards, or 

(ii)  make provision for a cash payment or for the assumption, substitution or exchange of any or all
outstanding share-based Awards or the cash, securities or property deliverable to the holder of any or all outstanding share-based Awards, based upon the distribution or consideration payable to holders of the Stock upon or in respect of such event.

 The Committee may adopt such valuation methodologies for outstanding Awards as it deems reasonable in the event of a cash or
property settlement and, in the case of Options, SARs or similar rights, but without limitation on other methodologies, may base such settlement solely upon the excess if any of the per share amount payable upon or in respect of such event over the
exercise or base price of the Award. With respect to any Award of an Incentive Stock Option, the Committee may make such an adjustment that causes the option to cease to qualify as an Incentive Stock Option without the consent of the affected
Participant. Notwithstanding the foregoing, to the extent possible, all adjustments shall be made in a manner to avoid: (i) an Award that is not already subject to Section 409A of the Code from becoming subject to Section 409A of the
Code; and (ii) the imposition of penalties pursuant to Section 409A of the Code. 
 In any of such events, the
Committee may take such action prior to such event to the extent that the Committee deems the action necessary to permit the Participant to realize the benefits intended to be conveyed with respect to the underlying shares in the same manner as is
or will be available to stockholders generally. In the case of any stock split or reverse stock split, if no action is taken by the Committee, the proportionate adjustments contemplated by clause (i) above shall nevertheless be made.

 ARTICLE 16 
 AMENDMENT, MODIFICATION AND TERMINATION 
 16.1  Amendment,
Modification and Termination.    The Board or the Committee may, at any time and from time to time, amend, modify or terminate the Plan; provided, however, that the Board or the Committee may condition any amendment or
modification on the approval of shareholders of the Corporation if such approval is necessary or deemed advisable with respect to tax, securities or other applicable laws, policies or regulations. 

 
 WEBMD 2005 LONG-TERM INCENTIVE PLAN —

 As Amended and Restated on July 24, 2012 

  
 PAGE 16

 16.2  Awards Previously Granted.    At any time and
from time to time, but subject to Section 4.3, the Committee may amend, modify or terminate any outstanding Award or Award Agreement without approval of the Participant; provided, however, that, subject to the terms of the applicable Award
Agreement, such amendment, modification or termination shall not, without the Participant’s consent, reduce or diminish the value of such Award determined as if the Award had been exercised, vested, cashed in or otherwise settled on the date of
such amendment or termination; provided further, however, that the original term of any Option may not be extended. No termination, amendment, or modification of the Plan shall adversely affect any Award previously granted under the Plan, without
the written consent of the Participant. Notwithstanding any provision herein to the contrary, the Committee shall have broad authority to amend the Plan or any outstanding Award under the Plan without approval of the Participant to the extent
necessary or desirable (i) to comply with, or take into account changes in or interpretations of, applicable tax laws, securities laws, accounting rules and other applicable laws, rules and regulations or (ii) to ensure that an Award is
not subject to interest and penalties under Section 409A of the Code. 
 ARTICLE 17 

GENERAL PROVISIONS 
 17.1  No Rights to Awards.    No Participant or any eligible participant shall have any claim to be granted any Award under the Plan, and neither the Corporation nor
the Committee is obligated to treat Participants or eligible participants uniformly. 
 17.2  No Stockholder
Rights.    No Award gives the Participant any of the rights of a shareholder of the Corporation unless and until shares of Stock are in fact issued to such person in connection with the exercise, payment or settlement of such
Award. 
 17.3  Withholding.    The Corporation or any Subsidiary, Parent or Affiliate
shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Corporation, an amount sufficient to satisfy federal, state, local and other taxes (including the Participant’s FICA obligation) required by
law to be withheld with respect to any taxable event arising as a result of the Plan. With respect to withholding required upon any taxable event under the Plan, the Committee may, at the time the Award is granted or thereafter, require or permit
that any such withholding requirement be satisfied, in whole or in part, by (i) withholding from the Award shares of Stock or (ii) delivering shares of Stock that are already owned, having a Fair Market Value on the date of withholding
equal to the minimum amount (and not any greater amount) required to be withheld for tax purposes, all in accordance with such procedures as the Committee establishes. The Corporation or any Subsidiary, Parent or Affiliate, as appropriate, shall
also have the right to deduct from all cash payments made to a Participant (whether or not such payment is made in connection with an Award) any applicable taxes required to be withheld with respect to such payments. 

17.4  No Right to Continued Service.    Nothing in the Plan or any Award Agreement shall interfere
with or limit in any way the right of the Corporation or any Parent or Affiliate to terminate any Participant’s employment or status as an officer, director or consultant at any time, nor confer upon any Participant any right to continue as an
employee, officer, director or consultant of the Corporation or any Parent or Affiliate. In its sole discretion, the Board or the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to
deliver shares of Stock with respect to awards hereunder. 
 17.5  Unfunded Status of
Awards.    The Plan is intended to be an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any
Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Corporation or any Parent or Affiliate. 
  

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 PAGE 17

 17.6  Indemnification.    To the extent allowable under
applicable law, each member of the Committee shall be indemnified and held harmless by the Corporation from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any
claim, action, suit or proceeding to which such member may be a party or in which he may be involved by reason of any action or failure to act under the Plan and against and from any and all amounts paid by such member in satisfaction of judgment in
such action, suit or proceeding against him; provided such member shall give the Corporation an opportunity, at its own expense, to handle and defend the same before such member undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Corporation’s Certificate of Incorporation or Bylaws, as a matter of law, or otherwise, or any
power that the Corporation may have to indemnify them or hold such persons harmless. 
 17.7  Relationship to Other
Benefits.    No Award shall constitute salary, recurrent compensation or contractual compensation for the year of grant, any later year or any other period of time. No payment under the Plan shall be taken into account in
determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Corporation or any Parent or Affiliate unless provided otherwise in such other plan. 

17.8  Expenses; Application of Funds.    The expenses of administering the Plan shall be borne by
the Corporation and its Parents or Subsidiaries. The proceeds received by the Corporation from the sale of shares of Stock pursuant to Awards will be used for general corporate purposes. 

17.9  Titles and Headings.    The titles and headings of the Sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 17.10  Gender and Number.    Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include
the singular and the singular shall include the plural. 
 17.11  Fractional Shares.    No
fractional shares of Stock shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down. 

17.12  Government and Other Regulations.    The obligation of the Corporation to make payment of
awards in Stock or otherwise shall be subject to all applicable laws, rules and regulations, and to such approvals by government agencies as may be required. To the extent that Awards under the Plan are awarded to individuals who are domiciled or
resident outside of the United States or to persons who are domiciled or resident in the United States but who are subject to the tax laws of a jurisdiction outside of the United States, the Committee may adjust the terms of the Awards granted
hereunder to such person (i) to comply with the laws of such jurisdiction and (ii) to avoid adverse tax consequences relating to an Award. The authority granted under the previous sentence shall include the discretion for the Committee to
adopt, on behalf of the Corporation, one or more sub-plans applicable to separate classes of Participants who are subject to the laws of jurisdictions outside of the United States. 

17.13  Securities Law Restrictions.    An Award may not be exercised or settled and no shares of
Stock may be issued in connection with an Award unless the issuance of such shares of Stock has been registered under the 1933 Act and qualified under applicable state “blue sky” laws and any applicable foreign securities laws, or the
Corporation has determined that an exemption from registration and from qualification under such state “blue sky” laws is available. The Corporation shall be under no obligation to register under the 1933 Act, or any state 

 
 WEBMD 2005 LONG-TERM INCENTIVE PLAN —

 As Amended and Restated on July 24, 2012 

  
 PAGE 18

 
securities act, any of the shares of Stock issued in connection with the Plan. The shares issued in connection with the Plan may in certain circumstances be exempt from registration under the
1933 Act, and the Corporation may restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. The Committee may require each Participant purchasing or acquiring shares of Stock
pursuant to an Award under the Plan to represent to and agree with the Corporation in writing that such Participant is acquiring the shares of Stock for investment purposes and not with a view to the distribution thereof. All certificates for shares
of Stock delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any exchange
upon which the Stock is then listed, and any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

17.14  Satisfaction of Obligations.    Subject to applicable law, the Corporation may apply any
cash, shares of Stock, securities or other consideration received upon exercise or settlement of an Award to any obligations a Participant owes to the Corporation and its Parents, Subsidiaries or Affiliates in connection with the Plan or otherwise,
including, without limitation, any tax obligations or obligations under a currency facility established in connection with the Plan. 
 17.15  Section 409A of the Code.    Notwithstanding any contrary provisions of the Plan or an Award Agreement, if any provision of the Plan or an Award Agreement
contravenes the requirements of any regulations or Treasury guidance promulgated under Section 409A of the Code or could cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A
of the Code, such provision of the Plan or any Award Agreement shall be modified to maintain, to the maximum extent practicable, the original intent of the applicable provision without violating the provisions of Section 409A of the Code.
Moreover, any discretionary authority that the Board or the Committee may have pursuant to the Plan shall not be applicable to an Award that is subject to Section 409A of the Code to the extent such discretionary authority will contravene
Section 409A of the Code or the Treasury guidance promulgated thereunder. 
 17.16  Governing
Law.    To the extent not governed by federal law, the Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State of Delaware. 

17.17  Additional Provisions.    Each Award Agreement may contain such other terms and conditions as
the Board or the Committee may determine, provided that such other terms and conditions are not inconsistent with the provisions of this Plan. In the event of any conflict or inconsistency between the Plan and an Award Agreement, the Plan
shall govern and the Award Agreement shall be interpreted to minimize or eliminate such conflict or inconsistency. Nothing contained in the Plan shall be construed: (a) to prevent the Company or any Subsidiary from taking any corporate action,
whether or not it would have an adverse effect on any Awards made under the Plan; or (b) to provide any rights, not otherwise provided under applicable law, to any participant, beneficiary or other person with respect to the taking of any corporate
action by the Company or any Subsidiary. 
  
 WEBMD
2005 LONG-TERM INCENTIVE PLAN — 
 As Amended and Restated on July 24, 2012 

  
 PAGE 19EX-10.4

 Exhibit 10.4 
 WebMD Health Corp. 
 111 Eighth Avenue 

New York, NY 10001 
 Amended and
Restated 
 As of May 16, 2012 

October 1, 2007 
 William E. Pence

 [address on file with Registrant] 
 Dear Mr. Pence: 
 This letter (“Letter Agreement”) amends and
restates the terms of your employment with WebMD Health Corp. (the “Company” or “WebMD Health”), effective as of May 16, 2012 (“Amendment and Restatement Effective Date”). 

1. Position and Responsibilities. The first day of your employment with the Company was November 1, 2007 (the the
“Employment Commencement Date”). Commencing on the Amendment and Restatement Effective Date, May 16, 2012, you will serve in the position of Executive Vice President-Chief Operating Officer. You will report to the Chief
Executive Officer or President of WebMD Health and will assume and discharge such responsibilities as are commensurate with such position as such person may direct. During your employment with the Company, you will devote your full business time to
your duties and responsibilities and will perform them faithfully and diligently in accordance with the terms of this Agreement, subject to permitted absence in accordance with the Company’s vacation policy. In addition, you will 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 will report to the Company’s headquarters located in New
York, NY. You acknowledge that you will be required to travel in connection with the performance of your duties but you will not be required to relocate outside the New York metropolitan area without your consent. 

2. Compensation. 
 (a) In consideration of your services, effective March 12, 2012, you will be paid a base salary (“Base Salary”) at the annual rate of $425,000, payable in accordance with the Company’s
prevailing payroll practices. 
 (b) Commencing with the year ending December 31, 2012, you will be eligible to receive an
annual bonus, the target of which is 60% of Base Salary, so long as you are employed by the Company on the applicable payment date, except as set forth below. The determination as 

  
 1 

 
to the amount of such bonus shall be made by the WebMD Health Compensation Committee in its sole discretion. Subject to Section 5 below, if your employment is terminated following the end of
any fiscal year by the Company without Cause or by you for Good Reason (as defined below), then you will still be entitled to receive any bonus otherwise payable to you for such year, even if you are not employed on the bonus payment date and such
bonus will be paid at the time that bonuses are paid to other executives of the Company. 
 3. Other Benefits. You will
continue to be entitled to receive the standard employee benefits made available by the Company to its employees to the full extent of your eligibility. You will be entitled to vacation consistent with the Company’s vacation policy, but in no
event less than 4 weeks annually. During your employment, you will 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 will be consistent with your rate of compensation to the extent that compensation is a determinative factor with respect to coverage under any such plan. The Company will 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. Commencing on the Amendment and Restatement Effective Date, you will receive a monthly car allowance in the amount of $1000. 
 4. WebMD Health Equity. 
 (a) 2007 Options. On the Employment
Commencement Date, Executive was granted a nonqualified option (the “2007 Options”) to purchase 150,000 shares of common stock of WebMD Health under the WebMD Health Corp. 2005 Long Term Incentive Plan, as amended, (the “Equity
Plan”). The per share exercise price was equal to the closing price of the common stock on the Employment Commencement Date. Pursuant to the agreement dated as of February 23, 2012, the 2007 Options have been forfeited. 

(b) 2007 Restricted Stock. On the Employment Commencement Date, Executive was granted 25,000 shares of restricted stock of WebMD
Health Corp. (the “2007 Restricted Stock”) under the Equity Plan. The shares of 2007 Restricted Stock have fully vested prior to the Amendment and Restatement Effective Date and the restrictions have lapsed thereon. The 2007 Restricted
Stock is subject to the terms of a stock plan and a restricted stock agreement entered into between you and the Company, which agreement is in substantially the same form provided by the Company to its employees generally. 

(c) 2008 Options. On December 10, 2008, Executive was granted a nonqualified option (the “2008 Options”) to
purchase 150,000 shares of common stock of WebMD Health under the Equity Plan. The per share exercise price is equal to the closing price of the Company’s common stock on the date of grant and the 2008 Options vest subject to your continued
employment on the applicable vesting dates (except as set forth in the following sentences) in equal annual installments of 25% commencing on March 31, 2010 (full vesting on March 31, 2013). In the event of a termination of your employment
by the Company without Cause or by you for Good Reason, the 2008 Options will remain outstanding and continue to vest until the next vesting date and if such termination occurs within 12 months following a

  
 2 

 
Change of Control of the Company (as defined in the Equity Plan), the 2008 Options would remain outstanding through the next two vesting dates, subject to your execution of a release of claims in
a form approved by the Company and continued compliance with the Trade Secret and Proprietary Information Agreement. The 2008 Options have a term of ten years, subject to earlier expiration in the event of termination of employment in accordance
with the Equity Plan. Subject to the terms of this Section, the 2008 Options are evidenced by the Company’s standard form of option agreement. 
 (d) 2008 Restricted Stock. On December 10, 2008, Executive was granted 12,500 shares of restricted stock of WebMD Health (the “2008 Restricted Stock”) under the Equity Plan. The 2008
Restricted Stock vests and the restrictions thereon lapse in the same manner as the 2008 Options subject to your continued employment on the applicable vesting date. The 2008 Restricted Stock is evidenced by the Company’s standard form of
restricted stock agreement. 
 (e) 2010 Options. On June 28, 2010, Executive was granted a non-qualified option (the
“2010 Options”) to purchase 75,000 shares of common stock of WebMD Health under the Equity Plan. The per share exercise price of the Option was equal to the closing price of the common stock on June 28, 2010. Pursuant to the agreement
dated as of February 23, 2012, the 2010 Options have been forfeited. 
 (f) 2010 Restricted Stock. On June 28,
2010, Executive was granted 10,000 shares of restricted stock of WebMD Health (the “2010 Restricted Stock”) under the terms of the Equity Plan. The 2010 Restricted Stock vests and the restrictions thereon lapse, subject to your continued
employment on the applicable dates as follows: 25% of the shares of the 2010 Restricted Stock on each of the first, second, third and fourth anniversaries of the date of grant (full vesting occurring on the fourth anniversary of the Date of Grant).
The 2010 Restricted Stock is evidenced by and subject to the terms of the Company’s form restricted stock agreement. 
 (g)
2011 Options. On July 23, 2011, Executive was granted a non-qualified option (the “2011 Options”) to purchase 75,000 shares of common stock of WebMD Health under the Equity Plan. The per share exercise price of the Option was
equal to the closing price of the common stock on July 22, 2011. 
 (h) 2011 Restricted Stock. On July 23,
2011, Executive was granted 12,000 shares of restricted stock of WebMD Health (the “2011 Restricted Stock”) under the terms of the Equity Plan. The 2011 Restricted Stock vests and the restrictions thereon lapse, subject to your continued
employment on the applicable dates as follows: 25% of the shares of the 2011 Restricted Stock on each of the first, second, third and fourth anniversaries of the date of grant (full vesting occurring on the fourth anniversary of the Date of Grant).
The 2011 Restricted Stock is evidenced by and subject to the terms of the Company’s form restricted stock agreement. 

  
 3 

 5. Termination of Employment. (a) In the event of the termination of your
employment by the Company without Cause or by you for Good Reason (as such terms are defined on Annex A attached hereto), subject to Section 5(b) below and your continued compliance with the Trade Secret & Proprietary Information
Agreement, you will be entitled (i) to continue to receive, as severance, the Base Salary in effect on the date hereof for a period of one year (the “Severance Period”) payable as set forth in Section 5(c) below, (ii) if
such termination occurs after the end of a calendar year but before the payment of bonuses for such prior year, you shall be entitled to the bonus that you would have received for such year at the time that bonuses are paid to other executive
officers of the Company, but in no event later than December 31 of the year in which your employment terminates and (iii) if you timely elect to continue your health coverage through COBRA, the Company will pay that portion of the COBRA
premium that it would pay if you were an active employee with the same type of coverage through the Severance Period or, if earlier, until you are eligible for comparable coverage with a subsequent employer. In the event of the termination of your
employment by the Company without Cause or by you for Good Reason, in either case within twelve (12) months following a Change of Control of the Company, any of your option grants to purchase shares of WebMD Health Corp. (whether outstanding on
the date hereof or that may be granted in the future), which remain outstanding at the time of such termination, to the extent unvested, shall remain outstanding and continue to vest as if you remained in the employ of the Company until the first
anniversary of such date of termination. In the event of termination of your employment for any other reason, you will receive compensation earned through the date of termination and your rights with respect to options and restricted stock will be
as specified in the applicable option or restricted stock agreements. 
 (b) In order to receive any of the benefits described
in Section 5(a) under this Letter Agreement (the “Severance Benefits”), you must (i) execute and deliver to the Company a release of claims satisfactory to the Company (but which will not require release of any Company
payments due to you that are otherwise payable at the date of termination of this Letter Agreement) within the time prescribed therein but in no event later than fifty (50) days of the date of your termination of employment and (ii) not
revoke such release pursuant to any revocations rights afforded by law. The Company shall provide to you the form of release no later than three (3) days following your termination of employment. If you do not timely execute and deliver to the
Company such release, or if you execute such release but revoke it, no Severance Benefits shall be paid. 
 (c) The Severance
Benefits described in Section 5(a)(i) above shall be paid, minus applicable deductions, including deductions for tax withholding, in equal payments on the regular payroll dates during the one-year period following your termination of
employment. Commencement of payments of the Severance Benefits described in Section 5 (a)(i) shall begin on the first payroll date that occurs in the month that begins at least 60 days after the date of your termination of employment, but which
may be accelerated by no more than 30 days (the “Starting Date”) provided that you have satisfied the requirements of Section 5(b) of this Letter Agreement. The first payment on the payment Starting Date shall include those
payments that would have previously been paid if the payments of the Severance Benefits described in Section 5(a)(i) had begun on the first payroll date following your termination of employment. This timing of the commencement of benefits is
subject to Section 6 below. 

  
 4 

 (d) For purposes of this Letter Agreement, “termination of employment” shall mean
a “separation of service” as defined in Section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and Treasury Regulations Section 1.409A-I(h) without regard to the optional alternative
definitions available thereunder. 
 (e) All Severance Benefits shall be completed by, and no further Severance Benefits shall
be payable after, December 31 of the second taxable year following the year in which your termination of employment occurs. 
 (f) Your entitlement to the payments of the Severance Benefits described in Section 5(a)(i) shall be treated as the entitlement to a series of separate payments for purposes of Section 409A of
the Code. 
 6. Section 409A. 
 (a) Potential Six-Month Delay. Notwithstanding any other provisions of the Letter Agreement, any payment of the Severance Benefits under this Letter Agreement that the Company reasonably determines
is subject to Section 409A(a)(2)(B)(i) of the Code shall not be paid or payment commenced until the later of (i) six (6) months after the date of your termination of employment (or, if earlier, your death) and (ii) the Starting
Date. On the earliest date on which such payments can be commenced without violating the requirements of Section 409A(a)(2)(B)(i) of the Code, you shall be paid, in a single cash lump sum, an amount equal to the aggregate amount of all payments
delayed pursuant to the preceding sentence. 
 (b) Savings Clause. It is intended that any amounts payable under this
Letter Agreement shall either be exempt from or comply with Section 409A of the Code (including Treasury regulations and other published guidance related thereto) so as not to subject you to payment of any additional tax, penalty or interest
imposed under Section 409A of the Code. The provisions of this Letter Agreement shall be construed and interpreted to avoid the imputation of any such additional tax, penalty or interest under Section 409A of the Code yet preserve (to the
nearest extent reasonably possible) the intended benefit payable to you. Notwithstanding the foregoing, the Company makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of this Letter
Agreement are determined to constitute deferred compensation subject to Section 409A, but that do not satisfy an exemption from, or the conditions of, that section. 
 7. Restrictive Covenants. You hereby agree that the Trade Secret & Proprietary Information Agreement that you previously signed (attached hereto) remains in full force and effect and is
hereby ratified in all respects. 
 8. 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. With the prior written approval of the Company, which will not be unreasonably withheld, you may serve on the Board of Directors of other

  
 5 

 
companies, and provided that such service does not affect the services to be provided under this Agreement. 
 9. 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 (subject to the consequences set forth in this agreement). 
 10. General Provisions. 
  

	 	(a)	You will be covered by the Company’s director and officer insurance policy to the same extent as other similarly situated employees of the Company.

  

	 	(b)	This Letter Agreement and the terms of your employment will be governed by the laws of New York, applicable to agreements made and to be performed entirely within such
state and the courts sitting in New York, New York shall have exclusive jurisdiction for the purposes of adjudicating any disputes under this Agreement. 

  

	 	(c)	This Letter Agreement together with the equity plans and agreements referred to herein and the Trade Secret and Proprietary Agreement attached hereto dated
October 1, 2007 sets forth the entire agreement and understanding between the Company and you relating to your employment and supersedes all prior verbal discussions between us, including without limitation the October 1, 2007 letter
agreement as it had been amended. 

  

	 	(d)	This Letter Agreement will be binding upon your heirs, executors, administrators and other legal representatives and will be for the benefit of the Company and its
permitted successors and assigns 

  

	 	(e)	All payments pursuant to this Letter Agreement will be subject to applicable withholding taxes. 

 

	 	(f)	This Letter Agreement may not be assigned by the Company without your prior written consent; provided however that this agreement may be assigned by the Company without
your prior written consent to any successor to the business of the Company, by operation of law, merger or otherwise or to any affiliate of the Company. 

  
 6 

 Please acknowledge and confirm your acceptance of this amendment and restatement of your
offer letter by signing and returning one copy of this letter agreement and the Trade Secret & Proprietary Information Agreement to Douglas W. Wamsley, Executive Vice President, General Counsel, WebMD Health Corp., 111 Eighth Avenue, New
York, NY 10001. 
  

			
	WebMD Health Corp.
		 	
	By	 	 /s/ Douglas W. Wamsley

		 	Douglas W. Wamsley
		 	Executive Vice President

 ACCEPTANCE: 
 I accept the revised terms of my employment with WebMD Health Corp. as set forth herein. I understand that this letter agreement 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 (subject to the consequences set forth above). 
  

	
	 /s/ William E. Pence

	William E. Pence
	
	             5/16/12

	Date Signed

  
 7 

 ANNEX A 
 “Cause” will mean any of the following: 
 (i) your willful failure
to perform your duties following written notice from the Company detailing the specific acts and a thirty (30) day period of time to remedy such failure; 
 (ii) any willful misconduct, violence or threat of violence that is injurious to the Company in a material respect or any misconduct relating to your business affairs, at any time, which will demonstrably
reflect negatively upon the Company or otherwise impair or impede its operations or reputation in any material respect; 
 (iii)
your breach of a material Company policy, which breach is not remedied (if susceptible to remedy) following written notice by the Company detailing the specific breach and a thirty (30) day period of time to remedy such breach; 

(iv) any material breach by you of this Agreement or the Trade Secret and Proprietary Information Agreement, which breach is not remedied
(if susceptible to remedy) following written notice by the Company or its designee detailing the specific breach and a thirty (30) day period of time to remedy such breach; 

(v) your conviction of a felony in respect of a dishonest or fraudulent act or other crime of moral turpitude. 

“A termination of employment by you for “Good Reason” means your resignation of employment within one year of the
occurrence (without your written consent) of any of the following conditions or events: (i) any material reduction in your base salary, (ii) a material reduction in your authority with the Company, (iii) any material breach by the
Company of this Letter Agreement; provided, however, that none of the foregoing conditions or events shall constitute Good Reason unless (A) you shall have provided written notice to the Company within ninety (90) days after the occurrence
of such condition or event describing the condition or event claimed to constitute Good Reason and (B) the Company shall have failed to remedy the condition or event within thirty (30) days of its receipt of such written notice.

 ANNEX B 
 TRADE SECRET AND PROPRIETARY INFORMATION AGREEMENT 
 In consideration of
WebMD Health Corp. (hereinafter referred to as the “Company”) entering into the Letter Agreement dated October 1, 2007, I hereby agree as follows: 
 1. Confidentiality. 
 (a) Trade Secret and Proprietary Information.
I understand and acknowledge that, during the course of my employment arrangement with the Company and as a result of my having executed this Trade Secret and Proprietary Information Agreement, I will be granted access to valuable information
relating to the Company’s Business (as defined below) that provides the Company with a competitive advantage, which is not generally known by, nor easily learned or determined by, persons outside the Company (collectively “Trade Secret an
Proprietary Information”). The term Trade Secret and Proprietary Information will include, but will not be limited to: (a) specifications, manuals, software in various stages of development; (b) customer and prospect lists, and
details of agreements and communications with customers and prospects; (c) sales plans and projections, product pricing information, acquisition, expansion, marketing, financial and other business information and existing and future products
and business plans of the Company; (d) sales proposals, demonstrations systems, sales material; (e) research and development; (f) computer programs, (g) sources of supply; (h) identity of specialized consultants and
contractors and Trade Secret and Proprietary Information developed by them for the Company; (i) purchasing, operating and other cost data; (j) special customer needs, cost and pricing data; (k) patient information; including without
limitation Protected Health Information as defined in 45 C.F.R. 164.501 and (l) employee information (including, but not limited to, personnel, payroll, compensation and benefit data and plans), including all such information recorded in
manuals, memoranda, projections, reports, minutes, plans, drawings, sketches, designs, formula books, data, specifications, software programs and records, whether or not legended or otherwise identified by the Company as Trade Secret and Proprietary
Information, as well as such information that is the subject of meetings and discussions and not recorded. Trade Secret and Proprietary Information will not include such information that I can demonstrate (i) is generally available to the
public (other than as a result of a disclosure by me), (ii) was disclosed to me by a third party under no obligation to keep such information confidential or (iii) was known by me prior to, and not as a result of, my employment or
anticipated employment with the Company or any of its Affiliates. 
 (b) Duty of Confidentiality. I agree at all times,
both during and after my employment with the Company, to hold all of the Company’s Trade Secret and Proprietary Information in a fiduciary capacity for the benefit of the Company and to safeguard all such Trade Secret and Proprietary
Information. I also agree that I will not directly or indirectly disclose or use any such Trade Secret and Proprietary Information to any third person or entity outside the Company, except as may be necessary in the good faith performance of my
duties for the Company. I further agree that, in addition to enforcing this restriction, the Company may have other rights and remedies under the common law or applicable statutory laws relating to the

  
 B-1

 
protection of trade secrets. Notwithstanding anything in this Agreement to the contrary, I understand that I may disclose the Company’s Trade Secret and Proprietary Information to the extent
required by applicable laws or governmental regulations or judicial or regulatory process, provided that I give the Company prompt notice of any and all such requests for disclosure so that it has ample opportunity to take all necessary or desired
action, to avoid disclosure. 
 (c) Unfair Competition. I acknowledge that the Company has a compelling business interest
in preventing unfair competition stemming from the intentional or inadvertent use or disclosure of the Company’s Trade Secret and Proprietary Information and Company Property. 

(d) Intellectual Property and Inventions. I acknowledge that all developments, including, without limitation, the creation of new
products, conferences, training/seminars, publications, programs, methods of organizing information, inventions, discoveries, concepts, ideas, improvements, patents, trademarks, trade names, copyrights, trade secrets, designs, works, reports,
computer software, flow charts, diagrams, procedures, data, documentation, and writings and applications thereof relating to the past, present, or future business of the Company that I, alone or jointly with others, may have discovered, conceived,
created, made, developed, reduced to practice, or acquired during my employment with the Company (collectively, “Developments”) are works made for hire and will remain the sole and exclusive property of the Company, and I hereby assign to
the Company all of my rights, titles, and interest in and to all such Developments, if any. I agree to disclose to the Company promptly and fully all future Developments and, at any time upon request and at the expense of the Company, to execute,
acknowledge, and deliver to the Company all instruments that the Company will prepare, to give evidence, and to take any and all other actions that are necessary or desirable in the reasonable opinion of the Company to enable the Company to file and
prosecute applications for, and to acquire, maintain, and enforce, all letters patent, trademark registrations, or copyrights covering the Developments in all countries in which the same are deemed necessary by the Company. All data, memoranda,
notes, lists, drawings, records, files, investor and client/customer lists, supplier lists, and other documentation (and all copies thereof) made or compiled by me or made available to me concerning the Developments or otherwise concerning the past,
present, or planned business of the Company are the property of the Company, and will be delivered to the Company immediately upon the termination of my employment with the Company. 

(e) Competitive Business. For purposes of this Agreement “Competitive Business” will mean: (i) any enterprise
engaged in developing, selling or providing a consumer or physician Internet healthcare portal or interactive online personal health management products; and (ii) any enterprise engaged in any other type of business in which the Company or one
of its Affiliates is also engaged, or plans to be engaged, so long as I am directly involved in such business or planned business on behalf of the Company or one of its Affiliates. 

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

 (i) during my employment with the Company and for a period of one year after the termination of such employment for any
reason (the “Restricted Period”), I will not, without the Company’s express written permission, directly or indirectly solicit, induce, hire, engage, or 

  
 B-2

 
attempt to hire or engage any employee or independent contractor of the Company, or in any other way interfere with the Company’s employment or contractual relations with any of its
employees or independent contractors, nor will I solicit, induce, hire, engage or attempt to hire or engage any individual who was an employee of the Company at any time during the one year period immediately prior to the termination of my
employment with the Company 
 (ii) during the Restricted Period, I will not, without the Company’s express written
permission, directly or indirectly contact, call upon or solicit, on behalf of a Competitive Business, any existing or prospective client, or customer of the Company who I serviced, or otherwise developed a relationship with, as a result of my
employment with the Company, nor will I attempt to divert or take away from the Company the business of any such client or customer. 
 3. Restrictions on Competitive Employment. In order to protect the Company’s Trade Secret and Proprietary Information, during the Restricted Period, I will not (as principal, agent, employee,
consultant, director or otherwise), anywhere in the United States and Canada, directly or indirectly, without the prior written approval of the Company, engage in, or perform any services for, a Competitive Business. Notwithstanding the foregoing, I
understand that I may have an interest consisting of publicly traded securities constituting less than 1 percent of any class of publicly traded securities in any public company engaged in a Competitive Business so long as I am not employed by and
do not consult with, or become a director of or otherwise engage in any activities for, such company. The Restricted Period will be extended by the length of any period during which I am in breach of the terms of this paragraph. 

4. Injunctive Remedies. I acknowledge and agree that the restrictions contained in this Agreement are reasonably necessary to
protect the legitimate business interests of the Company, and that any violation of any of the restrictions will result in immediate and irreparable injury to the Company for which monetary damages will not be an adequate remedy. I further
acknowledge and agree that if any such restriction is violated, the Company will be entitled to immediate relief enjoining such violation (including, without limitation, temporary and permanent injunctions, a decree for specific performance, and an
equitable accounting of earnings, profits, and other benefits arising from such violation) in any court having jurisdiction over such claim, without the necessity of showing any actual damage or posting any bond or furnishing any other security, and
that the specific enforcement of the provisions of this Agreement will not diminish my ability to earn a livelihood or create or impose upon me any undue hardship. I also agree that any request for such relief by the Company will be in addition to,
and without prejudice to, any claim for monetary damages that the Company may elect to assert. 
 5. Severability
Provision. I acknowledge and agree that the restrictions imposed upon me by the terms, conditions, and provisions of this Agreement are fair, reasonable, and reasonably required for the protection of the Company. In the event that any part of
this Agreement is deemed invalid, illegal, or unenforceable, all other terms, conditions, and provisions of this Agreement will nevertheless remain in full force and effect. In the event that the provisions of any of Sections l, 2, or 3 of this
Agreement relating to the geographic area of restriction, the length of restriction or the scope of restriction will be deemed to exceed the 

  
 B-3

 
maximum area, length or scope that a court of competent jurisdiction would deem enforceable, said area, length or scope will, for purposes of this Agreement, be deemed to be the maximum area,
length of time or scope that such court would deem valid and enforceable, and that such court has the authority under this Agreement to rewrite (or “blue-pencil”) the restriction(s) at-issue to achieve this intent. 

6. Non-Waiver. Any waiver by the Company of my breach of any term, condition, or provision of this Agreement will not operate or
be construed as a waiver of the Company’s rights upon any subsequent breach. 
 7. Waiver of Jury Trial. TO THE
MAXIMUM EXTENT PERMITTED BY LAW, I HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE THE RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY LITIGATION ARISING OUT OF, UNDER, IN CONNECTION WITH, OR IN ANY WAY RELATED TO THIS AGREEMENT. THIS
INCLUDES, WITHOUT LIMITATION, ANY LITIGATION CONCERNING ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR WRITTEN), OR ACTION OF THE COMPANY OR ME, OR ANY EXERCISE BY THE COMPANY OR ME OF OUR RESPECTIVE RIGHTS UNDER THIS
AGREEMENT OR IN ANY WAY RELATING TO THIS AGREEMENT. I FURTHER ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT FOR THE COMPANY TO ISSUE AND ACCEPT THIS AGREEMENT. 
 8. Continuation of Employment. This Agreement does not constitute a contract of employment or an implied promise to continue my employment or status with the Company; nor does this agreement affect
my rights or the rights of the Company to terminate my employment status at any time with or without cause (subject to the consequences set forth in the Agreement to which this Annex is attached). 

9. Governing Law. This Agreement will be construed in accordance with and governed for all purposes by the laws and public policy
of the State of New York, without regard to principles of conflict of laws. 
  

	
	 /s/ William E. Pence

	William E. Pence
	
	             5/16/12

	Date

  
 B-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]