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FIRST AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") is entered into as of September 28, 2020, by and among Wells Fargo Capital Finance, LLC, a Delaware limited liability company, as the arranger and administrative agent (the "Agent") for the Lenders (as defined in the Credit Agreement referred to below), the Lenders party hereto, WABASH NATIONAL CORPORATION, a Delaware corporation ("Wabash"), certain Subsidiaries of Wabash designated on the signature pages hereto as borrowers (together with Wabash, such Subsidiaries are collectively referred as the "Borrowers") and certain Subsidiaries of Wabash designated on the signature pages hereto as guarantors.  Capitalized terms not otherwise defined herein have the definitions provided therefor in the Credit Agreement (as hereinafter defined).
WHEREAS, Borrowers, Agent, and Lenders are parties to that certain Second Amended and Restated Credit Agreement dated as of December 21, 2018 (as amended, restated, modified or supplemented from time to time, the "Credit Agreement");
WHEREAS, Borrowers have informed Agent that one of the Borrowers changed its name from Supreme Armored, Inc. to Supreme Upfit Solutions & Services, Inc. without providing Agent with at least 10 days prior written notice of such change as required by Section 6.5 of the Credit Agreement, resulting in an Event of Default under Section 8.1(a) of the Credit Agreement (the "Name Change Default")  
WHEREAS, Borrowers, Agent and Lenders have agreed to (a) waive the Name Change Default and (b) amend and modify the Credit Agreement as provided herein subject to the terms and provisions hereof; 
NOW THEREFORE, in consideration of the premises and mutual agreements herein contained, the parties hereto agree as follows:
1.    Amendment.  Subject to the satisfaction of the conditions to effectiveness set forth in Section 2 below, the Credit Agreement is hereby amended as follows:
(a)    Section 2.4(e)(ii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(ii)    Dispositions.  Subject to the applicable provisions of the Intercreditor Agreement, within three (3) Business Days of the date of receipt by any Loan Party or any of its Subsidiaries of the Net Cash Proceeds in excess of $5,000,000 from any voluntary or involuntary sale or disposition by any Loan Party or any of its Subsidiaries of assets (excluding sales or dispositions which qualify as Permitted Dispositions under clauses (a), (b), (c), (d), (e), (i), (j) and (l) of the definition of Permitted Dispositions and, to the extent that a Dominion Period is not then in effect, clause (f) of the definition of Permitted Disposition, but including casualty losses or condemnations in respect thereof), such Borrower shall prepay the outstanding principal amount of the Obligations in accordance with Section 2.4(f) in an amount equal to 100% of such Net Cash Proceeds (including condemnation awards and payments in lieu thereof) received by such Person in connection with such sales or dispositions; provided that, so long as 
									
	11971562v12		1989.271

                                        

(A) no Default or Event of Default shall have occurred and is continuing or would result therefrom, (B) Borrowers shall have given Agent prior written notice of Borrowers' intention to apply such monies to the costs of replacement of the properties or assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrowers or their Subsidiaries, (C) pending such application, the monies are held in a Deposit Account in which Agent has a perfected first-priority security interest (subject to Permitted Liens), and (D) Borrowers or their Subsidiaries, as applicable, complete such replacement, purchase, or construction, or enter into a binding commitment with respect to such replacement, purchase or construction, in each case within 365 days after the initial receipt of such monies, then the Loan Party or Subsidiary whose assets were the subject of such disposition (in the case of a replacement) or any of the Loan Parties shall have the option to apply such monies to the costs of replacement of the assets that are the subject of such sale or disposition or the cost of purchase or construction of other assets useful in the business of Borrowers or their Subsidiaries unless and to the extent that such applicable period shall have expired without such replacement, purchase, or construction being made or completed (or, in the case of replacements, purchases or construction to which Borrowers or their Subsidiaries have committed within such 365-day period, to the extent that such replacement, purchase or construction shall not have been made or completed within 180 days from the end of such 365-day period), in which case, any amounts remaining in the Deposit Account referred to in clause (C) above shall be paid to Agent and applied in accordance with Section 2.4(f).  Nothing contained in this Section 2.4(e)(ii) shall permit any Loan Party or any of its Subsidiaries to sell or otherwise dispose of any assets other than in accordance with Section 6.4.  For clarity, in the event that Borrowers at any time elect to apply the Net Cash Proceeds described in this Section 2.4(e)(ii) to prepay the Obligations, the reinvestment requirements described herein shall cease to be applicable to Borrowers and their Subsidiaries without regard to whether such amounts are subsequently reborrowed. 
(b)    Section 2.4(e)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(iii)    [Reserved.]
(c)    Section 2.4(e)(vii) of the Credit Agreement is hereby amended to delete each reference to the phase "or Extraordinary Receipts" that appears in such section.
(d)    Section 2.12(d)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(iii)    Effect of Benchmark Transition Event.
(A)    Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, Agent and Administrative Borrower may amend this Agreement to replace the LIBOR Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after Agent has posted such proposed amendment to all Lenders 
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and Administrative Borrower so long as Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders; provided that, with respect to any proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to Agent written notice that such Required Lenders accept such amendment. No replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 2.12(d)(iii) will occur prior to the applicable Benchmark Transition Start Date.
(B)    Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
(C)    Notices; Standards for Decisions and Determinations.  Agent will promptly notify Administrative Borrower and the Lenders of (1) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (2) the implementation of any Benchmark Replacement, (3) the effectiveness of any Benchmark Replacement Conforming Changes, and (4) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by Agent or Lenders pursuant to this Section 2.12(d)(iii) including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole reasonable discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.12(d)(iii).
(D)    Benchmark Unavailability Period.  Upon Administrative Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, Administrative Borrower may revoke any request for a LIBOR Borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Administrative Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Rate will not be used in any determination of the Base Rate.
(e)    The last sentence of Section 4.9 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Since December 31, 2019, no Material Adverse Change has occurred; provided that in determining whether a Material Adverse Change has occurred for purposes of this Section 4.9, changes or effects directly arising out of or otherwise directly related to the impact of the COVID-19 pandemic on the operations of the Loan 
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Parties and their Subsidiaries, as described in any Form 10-K, Form 10-Q or Form 8-K filed by the Administrative Borrower with the SEC prior to the First Amendment Effective Date.
(f)    Section 2.13(a) of the Credit Agreement is amended to replace each reference to "Closing Date" appearing therein with a reference to "First Amendment Effective Date."
(g)    Section 6.7 (a)(iii) of the Credit Agreement is hereby amended and restated in its entirety as follows:
(iii) optionally or mandatorily pay, prepay, redeem, defease, purchase or otherwise acquire any or all of the Term Loan Indebtedness, except for (A) the mandatory prepayment of the Term Loan Indebtedness pursuant to Sections 5.2(a), and (b) of the Term Loan Credit Agreement (as in existence on the First Amendment Effective Date and otherwise amended or modified in accordance with Section 6.7(b) or as set forth in analogous provisions of any instruments, agreements or documents evidencing Refinancing Indebtedness thereof), to the extent permitted under the Intercreditor Agreement, (B) annual payments of "Excess Cash Flow" (as defined in the Term Loan Agreement, as in existence on the First Amendment Effective Date and otherwise amended or modified in accordance with Section 6.7(b) or as defined in analogous provisions of any instruments, agreements or documents evidencing Refinancing Indebtedness thereof) pursuant to the terms of the Term Loan Credit Agreement (as in existence on the First Amendment Effective Date and otherwise amended or modified in accordance with Section 6.7(b) or as set forth in analogous provisions of any instruments, agreements or documents evidencing Refinancing Indebtedness thereof), to the extent permitted under the Intercreditor Agreement and (C) optional prepayments of the Term Loan Indebtedness from time to time, so long as, in the case of this clause (C), the Payment Conditions are satisfied, or
(h)    Section 17.15 of the Credit Agreement is hereby amended and restated in its entirety as follows:
17.15    Intercreditor Agreement. 
Agent and each Lender hereunder, by its acceptance of the benefits provided hereunder, (a) consents to the subordination of Liens provided for in the Intercreditor Agreement and each Acceptable Intercreditor Agreement, (b) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and each Acceptable Intercreditor Agreement, and (c) authorizes and instructs the Agent to enter into the Intercreditor Agreement and each Acceptable Intercreditor Agreement, in each case, as Agent on behalf of each Lender.  Agent and each Lender hereby agrees that the terms, conditions and provisions contained in this Agreement are subject to the Intercreditor Agreement and any Acceptable Intercreditor Agreement. In the event of a conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall govern and control. In the event of a conflict between the terms of any Acceptable Intercreditor Agreement and this Agreement, the terms of such Acceptable Intercreditor Agreement shall govern and control.
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(i)    Schedule 1.1 to the Credit Agreement is hereby amended to add the following definitions in appropriate alphabetical order:
"Acceptable Intercreditor Agreement" means, collectively (a) the Intercreditor Agreement and (b) any other intercreditor agreement that is reasonably satisfactory to the Agent, among the Agent, the Term Loan Agent and one or more representatives for the holders of any Indebtedness that is intended to be secured by the Collateral on a pari passu or junior basis with the Term Loan Indebtedness, and acknowledged by the Loan Parties, as the same may be amended, restated, supplemented or otherwise modified in accordance with the terms hereof and thereof.
"Benchmark Replacement" means the sum of:  (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by Agent and Administrative Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for United States dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement shall be deemed to be zero for the purposes of this Agreement.
"Benchmark Replacement Adjustment" means, with respect to any replacement of the LIBOR Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by Agent and Administrative Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for United States dollar-denominated syndicated credit facilities at such time.
"Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Base Rate", the definition of "LIBOR Rate Margin", the definition of "Base Rate Margin", the definition of "Interest Period", timing and frequency of determining rates and making payments of interest and other administrative matters) that Agent, in consultation with the Administrative Borrower, decides in its reasonable discretion may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides in its reasonable discretion, that adoption of any portion of such market practice is not administratively feasible or if Agent determines in its reasonable good faith discretion that no market practice for the administration of the Benchmark 
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Replacement exists, in such other manner of administration as Agent, in consultation with the Administrative Borrower, decides is reasonably necessary in connection with the administration of this Agreement).
"Benchmark Replacement Date" means the earlier to occur of the following events with respect to the LIBOR Rate:
(a)    in the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or
(b)    in the case of clause (c) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.
"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the LIBOR Rate:
(a)    a public statement or publication of information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate;
(b)    a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate, the Federal Reserve System of the United States (or any successor), an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or
(c)    a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate announcing that the LIBOR Rate is no longer representative.
"Benchmark Transition Start Date" means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by Agent or the Required Lenders, as applicable, by notice to Administrative Borrower, Agent (in the case of such notice by the Required Lenders) and the Lenders.
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"Benchmark Unavailability Period" means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 2.12(d)(iii) and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder pursuant to Section 2.12(d)(iii).
"Compounded SOFR" means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by Agent in accordance with:
(1)    the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that:
(2)    if, and to the extent that, Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time;
provided, further, that if Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of "Benchmark Replacement."
"Corresponding Tenor" with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the LIBOR Rate. 
"Early Opt-in Election" means the occurrence of:
(a)    (i) a determination by Agent or (ii) a notification by the Required Lenders to Agent (with a copy to Administrative Borrower) that the Required Lenders have determined that United States dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.12(d)(iii) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and
(b)    (i) the election by Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, 
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as applicable, by Agent of written notice of such election to Administrative Borrower and the Lenders or by the Required Lenders of written notice of such election to Agent.
"Federal Reserve Bank of New York's Website" means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
"First Amendment" means that certain First Amendment to Second Amended and Restated Credit Agreement dated as of the First Amendment Effective Date by and among Borrowers, Guarantors, Agent and the Lenders party thereto.
"First Amendment Effective Date" means the "Effective Date" under and as defined in the First Amendment.
"Incremental Equivalent Indebtedness" has the meaning ascribed to such term in the Term Loan Credit Agreement (as in effect on the First Amendment Effective Date) and, for the avoidance of doubt, if secured by Liens on the Collateral, such Liens shall be junior in priority to the Liens on the ABL Priority Collateral granted to, or for the benefit of, Agent to secure the Obligations.
"Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
"SOFR-Based Rate" means SOFR, Compounded SOFR or Term SOFR.
"SOFR" with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York's Website.
"Term SOFR" means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
"Unadjusted Benchmark Replacement" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
(j)    The following definitions as set forth on Schedule 1.1 to the Credit Agreement are hereby amended and restated in their entirety to read as follows:
"Inactive Subsidiaries" means WNC Receivables Management Corp., WNC Receivables, LLC, Wabash Financing LLC, FTSI Distribution Company, LP, National Trailer Funding, L.L.C., Wabash National Manufacturing, L.P., Wabash National Services, L.P., Cloud Oak Flooring Company, Inc., Continental Transit Corporation and Garsite/Progress LLC.
"Intercompany Subordination Agreement" means a second amended and restated intercompany subordination agreement, dated as of the First Amendment Effective Date, executed and delivered by Borrowers, each of their Subsidiaries, 
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Term Loan Administrative Agent and Agent, as amended, restated supplemented or otherwise modified from time to time.
"Intercreditor Agreement" means, collectively, that certain Intercreditor Agreement dated as of the First Amendment Effective Date among Agent and Term Loan Administrative Agent, together with the Acknowledgement executed by the Loan Parties with respect thereto, as amended, restated, supplemented or otherwise modified from time to time.
"Maturity Date" shall mean December 21, 2023.
"Term Loan Administrative Agent" means Wells Fargo Bank, National Association, in its capacity as administrative agent and collateral agent under the Term Loan Credit Agreement or any other Term Loan Indebtedness Document, or any successor administrative agent and collateral agent under the Term Loan Credit Agreement.
"Term Loan Credit Agreement" means that certain credit agreement dated as of September 28, 2020, among the Administrative Borrower, the lenders party thereto and Term Loan Administrative Agent, as the same may be amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced, from time to time, in whole or in part, in one or more agreements (in each case with the same or new lenders, institutional investors or agents), including any agreement extending the maturity thereof or otherwise restructuring all or any portion of the Indebtedness thereunder or increasing the amount loaned or issued thereunder or altering the maturity thereof, in each case as and to the extent permitted by this Agreement and the Intercreditor Agreement.
(k)    The definition of the term "EBITDA" set forth on Schedule 1.1 of the Credit Agreement is hereby amended by (x) deleting the word "and" at the end of clause (a)(ii) thereof and (y) immediately following clause (a)(iii) thereof adding the word "and" and a new clause (iv) to read as follows:
(iv) any cash charge, expense or loss made during such period which represents the reversal of any non-cash charge, expense or loss that was added in a prior period pursuant to clause (b)(viii) below subsequent to the period in which the relevant non-cash charge, expense or loss was incurred,
(l)    The definition of the term "EBITDA" set forth on Schedule 1.1 of the Credit Agreement is hereby further amended by amending and restating clause (b)(viii) thereof in its entirety to read as follows:
(viii)    non-cash charges, expenses, losses and other non-cash deductions (provided that if any non-cash charges, expenses, losses or other non-cash deductions referred to in this clause represent an accrual or reserve for potential cash items in any future period, (1) Administrative Borrower may determine not to add back such non-cash charge, expense, loss or other non-cash deduction in the current period and (2) to the extent Administrative Borrower does decide to add back such non-cash charge, expense, loss or other non-cash deduction, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent in such future period pursuant to clause (a)(iv) above),
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(m)    The definition of the term "Material Subsidiary" set forth on Schedule 1.1 of the Credit Agreement is hereby amended to add the following sentence at the end thereof:
As of the First Amendment Effective Date, Administrative Borrower is deemed to have designated Garsite/Progress LLC as an Immaterial Subsidiary.
(n)    The definition of the term "Net Cash Proceeds" set forth on Schedule 1.1 of the Credit Agreement is hereby amended to delete clause (c) therefrom in its entirety and to replace the "; and" at the end of clause (b) with ".".
(o)    Clauses (g), (p) and (r) of the definition of the term "Permitted Indebtedness" set forth on Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety as follows:
(g)    Acquired Indebtedness of Redhawk outstanding as of the consummation of the Redhawk Acquisition and permitted to remain outstanding under the Redhawk Acquisition Agreement, plus additional Acquired Indebtedness in an aggregate principal amount not to exceed $25,000,000 outstanding at any one time;
(p)    Incremental Equivalent Indebtedness and any Refinancing Indebtedness in respect thereof; provided that at the time of incurrence, and upon giving effect thereto, the aggregate principal amount of such Indebtedness shall not, together with all "Incremental Commitments" and "Incremental Loans" (as such terms are defined in the Term Loan Credit Agreement as in effect on the First Amendment Date) incurred pursuant to Section 2.15 of the Term Loan Credit Agreement (as in effect on the First Amendment Effective Date) at such time, exceed the "Incremental Limit" (as such term is defined in the Term Loan Credit Agreement as in effect on the First Amendment Date);
(r)    Term Loan Indebtedness in an aggregate principal amount not to exceed (i) $150,000,000, plus (ii) an amount equal to the amount of the "Incremental Loans", the "Incremental Commitments" (as such terms are defined in the Term Loan Credit Agreement as in effect on the First Amendment Date) and the Incremental Equivalent Indebtedness, in each case, that can be incurred under Section 2.15 of the Term Loan Credit Agreement (as in effect on the First Amendment Effective Date), plus (iii) the amount of obligations in respect of (A) Secured Hedge Obligations and (B) Secured Cash Management Obligations (in the case of each of the foregoing clauses (A) and (B), as defined in the Term Loan Agreement) at any time outstanding, in each case, and any Refinancing Indebtedness in respect of such Indebtedness,
(p)    The definition of the term "Permitted Inventory Financing Intercreditor Agreement" set forth on Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety as follows:
"Permitted Inventory Financing Intercreditor Agreement" means, (a) with respect to the Permitted Inventory Financing described in clause (a) of the definition thereof, that certain Intercreditor Agreement dated as of December 19, 2017, effective as of October 12, 2017, entered into in connection with the Permitted Inventory Financing among the Loan Parties, Agent, Morgan Stanley 
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Senior Funding, Inc. and Ally Financial Inc., and (b) with respect to the Permitted Inventory Financing described in clause (b) of the definition thereof, an intercreditor agreement entered into in connection with such Permitted Inventory Financing among the Loan Parties, Agent, the Term Loan Administrative Agent and the lender providing such Permitted Inventory Financing, in form and substance reasonably satisfactory to Agent.
(q)    Clause (s) of the definition of the term "Permitted Liens" set forth on Schedule 1.1 to the Credit Agreement is hereby amended and restated in its entirety as follows:
(s)    (i) Liens on Collateral securing the Term Loan Indebtedness subject to the Intercreditor Agreement and any Refinancing Indebtedness in respect thereof, subject to an Acceptable Intercreditor Agreement, and (ii) Liens on the Collateral securing Incremental Equivalent Indebtedness; provided that any Liens securing the Incremental Equivalent Indebtedness (i) are junior in priority to the Liens granted to, or for the benefit of, Agent on the ABL Priority Collateral securing the Obligations, (ii) rank no higher than pari passu with the Liens on the Collateral securing the Term Loan Indebtedness, (iii) do not encumber any property or assets of any Borrower or any Subsidiary other than the Collateral and (iv) are subject to the Intercreditor Agreement and, to the extent not addressed in the Intercreditor Agreement, another Acceptable Intercreditor Agreement,
(r)    Schedule 1.1 to the Credit Agreement is hereby further amended to delete, in their entirety, the definitions of the terms "Extraordinary Receipts", "Term Loan Springing Maturity Date" and "Term Loan Mandatory Prepayment Amendment" therefrom.
(s)    The following schedules to the Credit Agreement are hereby amended and restated in their entirety as attached hereto: Schedules P-2, 4.1(c), 4.6(a), 4.6(b), 4.6(c), 4.13 and 4.15.
2.    Conditions to Effectiveness.  This Amendment shall become effective on the first date (the "Effective Date"), when, and only when, each of the following conditions have been satisfied (or waived) in accordance with the terms therein:
(a)    Agent shall have received a copy of this Amendment executed and delivered by Agent, the Lenders and the Loan Parties, together with each of the additional documents, instruments and agreements listed on the closing checklist attached hereto as Exhibit A;
(b)    Borrowers shall have paid all Lender Group Expenses incurred in connection with the transactions evidenced by this Amendment, to the extent invoiced on or prior to the date hereof; and
(c)    the representations and warranties in Section 3 of this Amendment shall be true and correct in all respects as of the Effective Date.
Agent shall promptly notify the Administrative Borrower and Lenders of the satisfaction of the conditions to the occurrence of the Effective Date, which notice shall be conclusive and binding.
3.    Representations and Warranties.  In order to induce Agent and Lenders to enter into this Amendment, each Loan Party hereby makes each of the following representations 
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and warranties to the Lenders, each of which shall be true, correct, and complete, in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof), as of the date hereof, and shall be true, correct and complete in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) at and as of the date of the Effective Date (except to the extent that such representations and warranties relate solely to an earlier date, in which case such representations and warranties shall be true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof) on and as of such earlier date):
(a)    such Loan Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of this Amendment and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of this Amendment;
(b)    such Loan Party has duly executed and delivered this Amendment and this Amendment constitutes the legal, valid and binding obligation of such Loan Party enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, fraudulent transfer, fraudulent conveyance, reorganization, moratorium, or similar laws affecting creditors' rights generally and subject to general principles of equity;
(c)    neither the execution, delivery or performance by such Loan Party of this Amendment nor compliance with the terms and provisions hereof nor the consummation of the transactions contemplated hereby will (a) contravene any material provision of any applicable law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality binding on any Loan Party, (b) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Loan Party (other than Permitted Liens) pursuant to the terms of any Material Contract of any Loan Party or its Subsidiaries other than any such breach, default or Lien that could not reasonably be expected to result in a Material Adverse Change or (c) violate any material provision of the certificate of incorporation, by-laws or other Governing Document of such Loan Party or any of its Subsidiaries;
(d)    after giving effect to the amendments to the Schedules to the Credit Agreement contemplated by this Amendment and the waiver in Section 7 hereof, both immediately before and upon giving effect to the Effective Date and the transactions contemplated hereby, all representations and warranties made by each Loan Party contained in the Credit Agreement and in the other Loan Documents shall be true and correct in all material respects (except that any representation and warranty that is qualified as to "materiality" or "Material Adverse Change" shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the Effective Date (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (except that any representation and warranty that is qualified as to "materiality" or "Material Adverse Change" shall be true and correct in all respects) as of such earlier date); and
(e)    after giving effect to the amendments to the Schedules to the Credit Agreement contemplated by this Amendment and the waiver in Section 7 hereof, no Default or 
12

Event of Default shall exist on the Effective Date before or upon giving effect to the effectiveness hereof and the consummation of the transactions contemplated hereby.
4.    Lender Acknowledgment.  On the Effective Date, the Lenders party hereto, in their capacity as "ABL Lenders" under (and as defined in) the Intercreditor Agreement and Wells Fargo, in its capacity as "ABL Agent" under (and as defined in) the Intercreditor Agreement, acknowledge and consent to the Term Loan Indebtedness (to the extent a fully executed copy of the principal legal documents evidencing such Term Loan Indebtedness have been delivered to such Lenders and Agent) and each Loan Party's execution thereof.
5.    Reaffirmation of the Loan Parties.  Each Loan Party hereby consents to the amendment of the Credit Agreement effected hereby and confirms and agrees that, notwithstanding the effectiveness of this Amendment, each Loan Document to which such Loan Party is a party is, and the obligations of such Loan Party contained in the Credit Agreement, this Amendment or in any other Loan Document to which it is a party are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects, in each case as amended by this Amendment.  For greater certainty and without limiting the foregoing, each Loan Party hereby confirms that the existing security interests granted by such Loan Party in favor of the Lenders pursuant to the Loan Documents in the Collateral described therein shall continue to secure the obligations of the Loan Parties under the Credit Agreement and the other Loan Documents as and to the extent provided in the Loan Documents.
6.    Amendment, Modification and Waiver.  This Amendment may not be amended, modified or waived except in accordance with Section 14.1 of the Credit Agreement.
7.    Waiver.  Subject to the satisfaction of the conditions to effectiveness set forth in Section 2 above, Required Lenders hereby waive (a) the Name Change Default, (b) any Event of Default under Section 8.7(a) of the Credit Agreement arising as a result of the Name Change Default, and (c) any Event of Default arising from (i) Borrowers' failure to provide notice to Agent of the Events of Default specified in clauses (a) and (b) above as required by Section 5.1 of the Credit Agreement and/or (ii) any representation or warranty that any Borrower or other Loan Party may have provided to Agent and/or Lenders regarding the absence of any Default or Event of Default during the continuance of the Events of Default specified in clauses (a) and (b) above. Except as expressly set forth in this Amendment, the foregoing waiver shall not constitute (y) a modification or alteration of the terms, conditions or covenants of the Credit Agreement or any other Loan Document, or (z) a waiver, release or limitation upon the exercise by Agent or any Lender of any of its rights, legal or equitable, thereunder.
8.    Release of Garsite. 
(a)    Effective automatically upon the execution of this Amendment by Agent and Required Lenders, Agent hereby agrees that (i) Garsite/Progress LLC, a Texas limited liability company ("Garsite"), shall  no longer be a "Borrower" or a "Loan Party" for the purposes of the Credit Agreement or any other Loan Document, including without limitation, this Amendment; and (ii) all security interests and Liens granted to Agent, for itself and for the other Lenders, in property and assets of Garsite (the "Garsite Assets") shall automatically terminate and be released.
(b)    Nothing herein shall be construed (a) as evidence of payment in part or in full of the Obligations secured by the Lien created under the Security Agreement or any other Loan Document or (b) except as to the Garsite Assets, as a release, waiver or discharge of any 
13

obligations, indebtedness or liabilities of the Loan Parties or any other Person, nor a release of any Liens on any assets described in the Security Agreement or any other Loan Documents now or hereafter executed in connection with the Credit Agreement.
9.    Release of Claims. In consideration of the agreements of Agent and Lenders contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Loan Party, on behalf of itself and each of its respective successors, assigns, and other legal representatives (the "Releasing Parties"), hereby absolutely, unconditionally and irrevocably releases, remises and forever discharges Agent and the Lenders and each of their successors and assigns, and each of their present and former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers, attorneys, employees, agents and other representatives (Agent and the Lenders and all such other Persons being hereinafter referred to collectively as the "Releasees" and individually as a "Releasee"), of and from all demands, actions, causes of action, suits, covenants, contracts, controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities whatsoever (individually, a "Claim" and collectively, "Claims") of every kind and nature, known or unknown, suspected or unsuspected, at law or in equity, which any Loan Party or any of its respective successors, assigns, or other legal representatives may now or hereafter own, hold, have or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance, action, cause or thing whatsoever which arises at any time prior to the date of this Amendment, including, without limitation, for or on account of, or in relation to, or in any way in connection with this Amendment, the Credit Agreement, or any of the other Loan Documents or transactions hereunder or thereunder. The Releasing Parties hereby represent to the Releasees  that they have not assigned or transferred any interest in any Claim against any Releasee prior to the date hereof.
10.    Miscellaneous.
(a)    Expenses.  Each Borrower agrees to pay promptly after receipt of written demand therefor from Agent all reasonable costs and expenses of Agent (including reasonable and documented attorneys' fees) incurred in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and all other instruments or documents provided for herein or delivered or to be delivered hereunder or in connection herewith.  All obligations provided herein shall survive any termination of this Amendment and the Credit Agreement as amended hereby.
(b)    Choice of Law and Venue; Jury Trial Waiver; Reference Provision.  Without limiting the applicability of any other provision of the Credit Agreement or any other Loan Document, the terms and provisions set forth in Section 12 of the Credit Agreement are expressly incorporated herein by reference.
(c)    Counterparts.  This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment.  Execution of any such counterpart may be by means of  (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, 
14

legal effect, and admissibility in evidence as an original manual signature.  Agent reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Amendment.   Any party delivering an executed counterpart of this Amendment by faxed, scanned or photocopied manual signature shall also deliver an original manually executed counterpart, but the failure to deliver an original manually executed counterpart shall not affect the validity, enforceability and binding effect of this Amendment.

[Signature Pages Follow]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized and delivered as of the date first above written.
BORROWERS:
WABASH NATIONAL CORPORATION, a Delaware corporation

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Senior Vice President and Chief Financial Officer

WABASH NATIONAL, L.P., a Delaware limited partnership

By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer
WABASH WOOD PRODUCTS, INC. (f/k/a WNC Cloud Merger Sub, Inc.), an Arkansas corporation

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Treasurer

TRANSCRAFT CORPORATION, a Delaware corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Treasurer

WABASH NATIONAL TRAILER CENTERS, INC., a Delaware corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

15

WALKER GROUP HOLDINGS LLC, a Texas limited liability company

By:    Wabash National, L.P., Its Sole Member

    By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer
BULK SOLUTIONS LLC, a Texas limited liability company

By:    Walker Group Holdings LLC, Its Sole Member

    By:    Wabash National, L.P., Its Sole Member

        By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer
WALKER STAINLESS EQUIPMENT COMPANY LLC, a Delaware limited liability company

By:    Walker Group Holdings LLC, Its Sole Member

    By:    Wabash National, L.P., Its Sole Member

        By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

BRENNER TANK LLC, a Wisconsin limited liability company

By:    Walker Group Holdings LLC, Its Sole Member

    By:    Wabash National, L.P., Its Sole Member

        By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

16

BRENNER TANK SERVICES LLC, a Wisconsin limited liability company

By:    Brenner Tank LLC, Its Sole Member

    By:    Walker Group Holdings LLC, Its Sole Member

    By:    Wabash National, L.P., Its Sole Member

        By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

Supreme UPFIT SOLUTION & SERVICE, Inc., f/k/a Supreme Armored, Inc., a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SUPREME INDUSTRIES, INC., a Delaware corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Treasurer

SUPREME CORPORATION, a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SUPREME INDIANA OPERATIONS, INC., a Delaware corporation
By: Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SUPREME CORPORATION OF GEORGIA, a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SUPREME CORPORATION OF TEXAS, a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

17

SUPREME TRUCK BODIES OF CALIFORNIA, INC., a California corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SUPREME MID-ATLANTIC CORPORATION, a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

SC TOWER STRUCTURAL LAMINATING, INC., a Texas corporation
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

GUARANTORS:
CLOUD OAK FLOORING COMPANY, INC.

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Vice President and Assistant Treasurer

NATIONAL TRAILER FUNDING, L.L.C. 

By:    Wabash National Trailer Centers, Inc.,

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

WABASH NATIONAL MANUFACTURING, L.P. (f/k/a Wabash National Lease Receivables, LP)

By:    Wabash National Corporation, Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Senior Vice President and Chief Financial Officer

CONTINENTAL TRANSIT CORPORATION
By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

18

WABASH NATIONAL SERVICES, L.P.

By:    Wabash National Trailer Centers, Inc.,
    Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

FTSI DISTRIBUTION COMPANY, L.P.

By:    Wabash National Trailer Centers, Inc., Its General Partner

By: /s/ Michael N. Pettit
Name: Michael N. Pettit
Title: Treasurer

AGENT:
WELLS FARGO CAPITAL FINANCE, LLC

By: /s/ Laura Nickas
Name: Laura Nickas
Title: Authorized Signatory

LENDERS:
WELLS FARGO CAPITAL FINANCE, LLC
By: /s/ Laura Nickas
Name: Laura Nickas
Title: Authorized Signatory

CITIZENS BUSINESS CAPITAL, a division of Citizens Asset Finance, Inc., as a Lender
By: /s/ James G. Zamborsky
Name: James G. Zamborsky
Title: Vice President

PNC BANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Andrew Salmon
Name: Andrew Salmon
Title: Vice President

19

EXHIBIT A

Closing Checklist

[Attached]

20

Schedules P-2, 4.1(c), 4.6(a), 4.6(b), 4.6(c), 4.13 and 4.15 to the Credit Agreement

[Attached]
21EX-10.1

 Exhibit 10.1 

EXECUTION COPY 
 CHANGE HEALTHCARE LLC

 SUPPLEMENTAL 401(k) PLAN 

Effective March 1, 2017 

(Amended and Restated September 1, 2020) 
  

 TABLE OF CONTENTS 

 

							
	 Item
	 	 	  	Page	 
	 A.
	 	 PURPOSE
	  	 	1	 
			
	 B.
	 	 ERISA PLAN
	  	 	1	 
			
	 C.
	 	 PARTICIPATION
	  	 	1	 
			
	 D.
	 	 AMOUNTS OF DEFERRAL
	  	 	3	 
			
	 E.
	 	 COMPANY CONTRIBUTIONS
	  	 	3	 
			
	 F.
	 	 PAYMENT OF DEFERRED COMPENSATION
	  	 	4	 
			
	 G.
	 	 BENEFICIARY DESIGNATION
	  	 	7	 
			
	 H.
	 	 SOURCE OF PAYMENT
	  	 	7	 
			
	 I.
	 	 MISCELLANEOUS
	  	 	8	 
			
	 J.
	 	 ADMINISTRATION OF THIS PLAN
	  	 	9	 
			
	 K.
	 	 AMENDMENT OR TERMINATION OF THIS PLAN
	  	 	9	 
			
	 L.
	 	 CLAIMS AND APPEALS
	  	 	9	 
			
	 M.
	 	 DEFINITIONS
	  	 	11	 
			
	 N.
	 	 SUCCESSORS
	  	 	13	 
			
	 O.
	 	EXECUTION	  	 	13	 

  
 i 

 CHANGE HEALTHCARE LLC 

SUPPLEMENTAL 401(k) PLAN 

Effective March 1, 2017 

(Amended and Restated September 1, 2020) 
  

	A.	 PURPOSE 

1. This Plan is established to allow certain executives of the Company to elect to defer compensation which cannot be deferred under the 401(k)
Plan because of limitations of tax laws and to provide for matching contributions on those deferrals at a rate equivalent to the 401(k) Plan’s “Matching Employer Contribution” and “Additional Matching Employer Contribution.”

 2. This Plan is intended to comply with the requirements of Section 409A of the Code. 

3. Capitalized terms used in this Plan shall have the meaning set forth in Section M of this Plan. 

 

	B.	 ERISA PLAN 

This Plan is an unfunded deferred compensation program intended primarily for a select group of management or highly compensated employees of the Company. This
Plan, therefore, is covered by Title I of ERISA except that it is exempt from Parts 2, 3, and 4 of Title I of ERISA. 
  

	C.	 PARTICIPATION 

1. Eligibility to Participate. The Administrator may, at his or her discretion, and at any time, and from time to time, select
Eligible Participants who may elect to participate in this Plan. Selection of Eligible Participants may be evidenced by the terms of the executive’s employment contract with the Company, or by inclusion among the persons or classes of persons
specified in writing by the Administrator. The Administrator may, at his or her discretion, and at any time, and from time to time, provide that executives previously designated as Eligible Participants are no longer Eligible Participants. If the
Administrator determines that an executive is no longer an Eligible Participant, he or she shall remain a Participant in this Plan until all amounts credited to his or her Account are paid out under the terms of this Plan (or until death, if
earlier); provided that such executive may not elect to defer Compensation in the Plan Year(s) after the Administrator determines that the executive is no longer an Eligible Participant, until the Plan Year in which the Administrator re-designates him or her as an Eligible Participant. 
 2. Election to Participate by Eligible
Participants and Deferral Election. Each Eligible Participant may become a Participant in this Plan by electing to defer Compensation, or by the Company crediting a Discretionary Contribution to an Account on behalf of an Eligible
Participant, in accordance with the terms of this Plan. An election to defer Compensation shall be in writing and shall be made at the time and in the form specified by the Administrator. Upon electing to defer Compensation (or by accepting a
Discretionary Contribution credited by the Company to an Account on behalf of an Eligible Participant) under this Plan, the Eligible Participant shall be deemed to accept all other terms and conditions of this Plan. 

  
 1 

 (a) Timing of Elections. Subject to the provisions of Section C.2(b) of
this Plan, all elections to defer Compensation under this Plan shall be made pursuant to a written election executed and filed with the Administrator prior to the beginning of the Plan Year in which such Compensation is earned. The deferral election
shall become irrevocable on the date that the Administrator prescribes, but in no event later than December 31 of the Year preceding the beginning of such Plan Year to which the election applies. 

(b) Newly Eligible Participant Elections. However, if an executive becomes an Eligible Participant after the beginning of a Plan
Year, he or she may make an election to defer Compensation for such Plan Year no later than 30 days after the date he or she becomes an Eligible Participant, which election shall become irrevocable at the end of the
30-day period or an earlier date that the Administrator prescribes; provided, however, such election shall apply only to Compensation earned after the election becomes irrevocable or at such later time the
Administrator prescribes , and only a prorated portion of an Eligible Participant’s bonus may be deferred if the Eligible Participant’s initial deferral election is made after the performance period applicable to the bonus has begun. 

(c) Modification of Elections. An election filed in accordance with the provisions of Sections C.2(a) and C.2(b) of this
Plan shall be applicable to the Plan Year with respect to which it is made and shall continue for subsequent Plan Years until suspended or modified in a writing delivered by the Participant to the Administrator, as described in this Section C.2(c).
An election to suspend further deferrals or to increase or decrease the amount deferred under this Plan shall apply only to Compensation otherwise earned and payable to the Participant after the end of the Plan Year in which the election is
delivered to the Administrator and such election shall become irrevocable on the date that the Administrator prescribes, but in no event later than December 31 preceding such Plan Year to which the modification or suspension applies. 

(d) Cancellation of Elections. Notwithstanding anything else contained herein to the contrary, a Participant’s election
shall be cancelled pursuant to Treasury Regulation section 1.401(k)-1(d)(3) if the Participant receives a hardship distribution under the 401(k) Plan, and the discontinuance of deferrals under this Plan
shall remain in effect for the remainder of the then-current Plan Year. Such a Participant’s election shall neither resume, nor shall Participant be permitted to make a new deferral election, under this Plan for six months after he or she
receives the hardship distribution, or such longer time as the Administrator determines in his or her discretion. 
 3. Relation to
Other Plans. 
 (a) Other Plans. An Eligible Participant may participate in this Plan and may also participate in DCAP
or any successor plan. No Compensation may be deferred under this Plan which has been deferred under any other plan of the Company, and the Administrator may modify or render invalid a Participant’s election prior to such election becoming
irrevocable to accommodate deferrals made under other plan(s). 
 (b) Effect on Other Plans. Compensation deferred by an
Eligible Participant under this Plan may result in a reduction of benefits payable under other benefit programs, including the Social Security Act and the 401(k) Plan. 

  
 2 

	D.	 AMOUNTS OF DEFERRAL 

1. 401(k) Plan Supplement. This Plan allows an Eligible Participant to defer Compensation, and receive credit for a Monthly
Company Match and Additional Company Match, to the extent that such deferrals (and the corresponding Monthly Company Match and Additional Company Match) cannot be made under the 401(k) Plan because of the limitations in Section 401(a)(17) of
the Code (limiting the amount of annual compensation to be taken into account under the 401(k) Plan to $285,000 in 2020, and thereafter as adjusted from time to time under the Code). 

2. Amount of Deferrals. As illustrated in Appendix A, an Eligible Participant may elect to defer under this Plan up to an amount
equal to (a) minus (b) that is eligible for a Monthly Company Match or Additional Company Match (if applicable), where: 
 (a) the
maximum rate of deferral for the maximum matched deferral percentage under the 401(k) Plan multiplied by the Eligible Participant’s Compensation, and 

(b) the maximum amount that the Eligible Participant is able to defer as a “Basic Contribution” under the 401(k) Plan, taking into
account the limits of Section 401(a)(17) of the Code. 
 For the avoidance of doubt, Eligible Participants may elect to defer an
additional amount, as determined in the discretion of the Company, for which no Monthly Company Match or Additional Company Match will be provided. 
  

	E.	 COMPANY CONTRIBUTIONS 

 

	 	1.	 The Company Match. 

 

	 	(a)	 Eligibility. 

(i) Monthly Company Match. A Monthly Company Match shall be credited, with respect to each calendar month, to the
Accounts of Eligible Participants who actually defer Compensation under this Plan for such calendar month. 
 (ii)
Additional Company Match. An Additional Company Match may be credited, with respect to each 401(k) Plan plan year, to the Accounts of Eligible Participants who actually defer Compensation under this Plan. 

 

	 	(b)	 Amount of Match. 

(i) Monthly Company Match. The amount of the Monthly Company Match to be credited to the Account of an Eligible
Participant for any calendar month shall be a percentage of the Eligible Participant’s deferrals under this Plan for the calendar month. This percentage shall be the same percentage as the “Matching Employer Contribution” (as defined
in the 401(k) Plan) percentage that would have been credited to the Eligible Participant’s 401(k) Plan account if the Eligible Participant’s deferrals under this Plan had been made under the 401(k) Plan. In determining this amount, the
Administrator shall take into account the different “Matching Employer Contribution” rates that may apply. 

  
 3 

 (ii) Additional Company Match. The amount of the Additional
Company Match to be credited to the Account of an Eligible Participant for any 401(k) Plan plan year shall be a percentage of the Eligible Participant’s deferrals under this Plan for the 401(k) Plan plan year. This percentage shall be the same
percentage as the “Additional Matching Employer Contribution” (as defined in the 401(k) Plan) percentage that would have been credited to the Eligible Participant’s 401(k) Plan account if the Eligible Participant’s deferrals
under this Plan had been made under the 4 01(k) Plan. In determining this amount, the Administrator shall take into account the different “Additional Matching Employer Contribution” rates that may apply. 

2. Discretionary Contribution by the Company. The Compensation Committee shall have the sole discretion to
determine an amount credited to an Eligible Participant’s Account as a “Discretionary Contribution.” A Discretionary Contribution may be subject to such terms or conditions, including but not limited to vesting, as the Compensation
Committee may specify in its discretion at the time the Discretionary Contribution is credited to a Participant’s Account. Except with respect to the Company’s executive officers, the Compensation Committee may delegate its authority under
this Section E.2 to the Administrator. 
  

	F.	 PAYMENT OF DEFERRED COMPENSATION 

1. Account and Investment Options. Both Compensation deferred by a Participant and any Monthly Company Match, Additional Company
Match or vested Discretionary Contribution for the benefit of a Participant shall be credited to a separate bookkeeping account maintained for such Participant (the “Account”). The Administrator shall select the Investment Options to be
made available to Participants for the deemed investment of their Accounts under this Plan. The Administrator may change, discontinue, or add to the Investment Options made available under this Plan at any time in its sole discretion. A Participant
must select the Investment Options for his or her Account in the Participant’s deferral election form and may make changes to his or her selections in accordance with procedures established by the Administrator. Each Account shall be adjusted
for earnings or losses based on the performance of the Investment Options selected, with earnings and losses shall be computed on each Valuation Date. The amount paid to a Participant shall be determined as of the Valuation Date immediately
preceding the applicable payment date. Accounts are not actually invested in the Investment Options available under this Plan and Participants do not have any real or beneficial ownership in any Investment Option. A Participant’s Account is
solely a device for the measurement and determination of the amounts to be paid to the Participant pursuant to this Plan and shall not constitute or be treated as a trust fund of any kind. 

  
 4 

 2. Vesting. 

(a) A Participant shall be 100% vested at all times in the value of the Participant’s elective deferrals and earnings thereon credited to
the Participant’s Account. 
 (b) A Participant shall vest in the amounts of Monthly Company Match and the Additional Company Match and
earnings thereon credited to the Participant’s Account at the same time and in the same manner as if these amounts were “Matching Employer Contributions” or “Additional Matching Employer Contributions” under the 401(k) Plan
and as if the rules of the 401(k) Plan concerning vesting applied to such amounts. For this purpose, any Monthly Company Match shall be deemed to be credited to an Account as of the last day of the calendar month with respect to which such Monthly
Company Match is determined and any Additional Company Match shall be deemed to be credited to an Account as of the March 31 of the Plan Year with respect to which such Additional Company Match is determined. Any amounts that would be forfeited
under the rules of the 401(k) Plan applicable to “Matching Employer Contributions” or “Additional Matching Employer Contributions” under the 401(k) Plan shall be forfeited hereunder. Any forfeiture under this Plan of any portion
of the Monthly Company Match or the Additional Company Match credited to a Participant’s Account shall eliminate any obligation of the Company to pay the forfeited amount hereunder. 

(c) Unless the Compensation Committee determines otherwise, a Participant’s Discretionary Contribution shall be forfeited at the time of
Participant’s Separation from Service for any reason, if such Participant has not satisfied the applicable terms and conditions, including vesting requirements, that the Compensation Committee imposed on the Discretionary Contribution under
Section E.2 of this Plan. Any forfeiture under this Plan of any portion of the Discretionary Contribution credited to a Participant’s Account shall eliminate any obligation of the Company to pay the forfeited amount hereunder. 

3. Election of Methods of Payment. A Participant shall elect in writing, and file with the Administrator, a method of payment of
benefits under this Plan from the following methods based upon the nature of the Payment Event. 
 (a) Retirement or
Disability. If the Payment Event is due to the Participant’s Retirement or Disability, the Participant may choose one of the following payment methods: 

(i) Payment of the vested amounts credited to the Participant’s Account in any specified number of approximately equal
annual installments, which shall not exceed 10 installments, the first installment to be paid at a designated interval following the Participant’s Retirement or Disability. For purposes of this Plan, installment payments shall be treated as a
single distribution under Section 409A of the Code. 
 (ii) Payment of the vested amounts credited to the
Participant’s Account in a single lump sum upon the occurrence of the Retirement or Disability. 

  
 5 

 (iii) If a Participant does not make any election with respect to the
payment of the Participant’s Account, then such benefit shall be payable in a lump sum upon the occurrence of Participant’s Retirement or Disability, whichever is applicable. 

Payment under this Section F.3(a) pursuant to Participant’s Retirement, is subject to Section F.6 of this Plan. 

(b) Death. Each Participant shall make an election of the manner in which any amount remaining in the Participant’s Account
at the time of the Participant’s death shall be paid to his or her Beneficiary. At the election of the Participant, benefits shall be paid in a lump sum or in up to ten annual installments; provided, however, if a Participant is in-pay status at the time of death, distribution of the Account shall continue to be distributed to the Beneficiary as Participant elected to receive such distribution. 

(c) Separation from Service Not Due to Retirement, Disability or Death. If the Payment Event occurs as a result of the
Participant’s Separation from Service, and such separation is not due to the Participant’s Retirement, Disability or death, then payment of the vested amounts credited to the Participant’s Account shall be made in a single lump sum
upon the occurrence of the Participant’s Separation from Service, subject to Section F.6 of this Plan. 
 (If any Monthly Company
Match or Additional Company Match is payable under Section E of this Plan, that amount or first installment amount, whichever is applicable, may be paid separately and at a later date as provided in such section but not later than the end of
the calendar year in which the Monthly Company Match or Additional Company Match is credited to the Participant’s Account.) 
 (d)
Specified Date. For Plan Years beginning on or after January 1, 2021, a Participant may elect at the time of the initial deferral election for a Plan Year to receive a payment on a specified fixed date in the future. If the
Payment Event occurs prior to a Participant’s Separation from Service as a result of such election, then payment of the vested amounts credited to the Participant’s Account for such election shall be made as soon as reasonably practicable
following such date, but in no event later than March 15 of the calendar year following the end of the Plan Year in which such Specified Date occurred. 

4. Subsequent Change in Form of Payment. Once an election is made as to the time and form of payment, a Participant may modify
the time and/or form of distributions under this Plan by a writing filed with the Administrator; provided that such alteration (i) is made at least one year prior to the earliest date the Participant could have received a distribution of his or
her Account under the earlier election, (ii) does not take effect for at least one year after the modification is made, and (iii) does not provide for the receipt of such amounts earlier than five years from the originally scheduled
distribution date. A change to the time and/or form of a distribution may be modified or revoked until one year prior to the time a distribution is scheduled to be made, at which time such change shall become irrevocable. The last valid election
accepted by the Administrator shall govern the time and/or form of distribution. 

  
 6 

 5. De minimis Cashout. Notwithstanding the Participant’s election, the
Administrator in its sole discretion may distribute an Account to a Participant or a Beneficiary in a single payment if the value of the Account, and any other plan or arrangement with respect to which deferrals of compensation are treated as having
been deferred under a single nonqualified deferred compensation plan under Treasury Regulation section 1.409A-1(c)(2), is less than the limit under Section 402(g)(1)(B) of the Code. 

6. Date Payment Occurs. Payment shall be made or commence not later than 90 days following the date the earliest Payment Event
occurs. Notwithstanding the foregoing, a distribution scheduled to be made upon Separation from Service to a Participant who is identified as a Specified Employee as of the date he or she Separates from Service shall be delayed until the seventh
month following the Participant’s Separation from Service. Any payment that otherwise would have been made pursuant to Section F of this Plan during the six-month period following the
Participant’s Separation from Service shall be paid on the first day of the seventh month following the Participant’s Separation from Service. The identification of a Participant as a Specified Employee shall be made by the Administrator
in his or her sole discretion in accordance with Section M of this Plan and Sections 416(i) and 409A of the Code and the regulations promulgated thereunder. 

7. Prohibition on Acceleration. Notwithstanding any other provision of this Plan to the contrary, no distribution will be made
from this Plan that would constitute an impermissible acceleration of payment as defined in Section 409A(a)(3) of the Code and the regulations promulgated thereunder. 

8. Unforeseeable Emergency. The Administrator may, in his or her sole discretion and in accordance with Section 409A of the
Code, direct payment to a Participant of all or any portion of the Participant’s Account balance, if necessary, notwithstanding an election under Section F.3 of this Plan, at any time that the Administrator determines that such Participant has
suffered an Unforeseeable Emergency. 
  

	G.	 BENEFICIARY DESIGNATION 

A Participant may designate any person(s) or entity as his or her Beneficiary. Designation shall be in writing and shall become effective only when filed with
the Administrator. Such filing must occur before the Participant’s death. A Participant may change the Beneficiary, from time to time, by filing a completed beneficiary designation with the Administrator in the manner prescribed by the
Administrator in his or her sole discretion. If the Participant fails to effectively designate a Beneficiary in accordance with the Administrator’s procedures or the person designated by the Participant is not living at the time the
distribution is to be made, then his or her Beneficiary shall be his or her beneficiary under the 401(k) Plan. If Participant has no Beneficiary designated under the 401(k) Plan, the Participant’s Beneficiary shall be the Participant’s
surviving spouse, if any, or, if there is no surviving spouse, the Participant’s surviving children, if any, in equal shares, or if there are no surviving children, the Participant’s estate. 

 

	H.	 SOURCE OF PAYMENT 

Amounts paid under this Plan shall be paid from the general funds of the Company, and each Participant and his or her Beneficiaries shall be no more than
unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. Nothing contained in this Plan shall be deemed to create a trust of any kind

  
 7 

 
for the benefit of any Participant or Beneficiary or create any fiduciary relationship between an Employer and any Participant or Beneficiary with respect to any assets of the Company. The
Company may, but is not obligated to, set aside funds in a rabbi trust for the purpose of meeting its obligations under this Plan; provided that any funds set aside shall continue for all purposes to be part of the general assets of the Company and
shall be available to its general creditors in the event of its bankruptcy or insolvency. 
  

	I.	 MISCELLANEOUS 

1. Withholding. Each Participant and Beneficiary shall make appropriate arrangements with the Company for the satisfaction of any
federal, state, or local income tax withholding requirements and Social Security or other employment tax requirements applicable to the payment of benefits under this Plan. If no other arrangements are made, the Company may provide, at its
discretion, for such withholding and tax payments as may be required. 
 2. No Assignment. Except as otherwise provided in
this Section I.2 or by applicable law, the benefits provided under this Plan may not be alienated, assigned, transferred, pledged, or hypothecated by any person, at any time. These benefits shall be exempt from the claims of creditors or other
claimants and from all orders, decrees, levies, garnishments or executions to the fullest extent allowed by law. 
 If a court of competent
jurisdiction determines pursuant to a judgment, order or approval of a marital settlement agreement that all or any portion of the benefits payable hereunder to a Participant constitute community property of the Participant and his or her spouse or
former spouse (hereafter, the “Alternate Payee”) or property which is otherwise subject to division by the Participant and the Alternative Payee, a division of such property shall not constitute a violation of this Section I.2, and
any portion of such property may be paid or set aside for payment to the Alternate Payee. The preceding sentence, however, shall not create any additional rights and privileges for the Alternate Payee (or the Participant) not already provided under
this Plan; in this regard, the Administrator shall have the right to refuse to recognize any judgment, order or approval of a martial settlement agreement that provides for any additional rights and privileges not already provided under this Plan,
including without limitation with respect to form and time of payment. 
 3. Applicable Law; Severability. This Plan hereby
created shall be construed, administered, and governed in all respects in accordance with ERISA and the laws of the State of Delaware to the extent that the latter are not preempted by ERISA. If any provision of this instrument shall be held by a
court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereunder shall continue to be effective. 
 4.
No Right to Continued Employment, Etc. Neither the establishment or maintenance of this Plan nor the crediting of any amount to any Participant’s Account, nor the designation of an executive as an Eligible Participant, shall
confer upon any individual any right to be continued as an employee of an Employer or shall affect the right of an Employer to terminate any executive’s employment or change any terms of any executive’s employment at any time. 

  
 8 

	J.	 ADMINISTRATION OF THIS PLAN 

1. In General. The Administrator shall be the Senior Vice President – Total Rewards of the Company. If the Administrator is
a Participant, any discretionary action taken as Administrator which directly affects him or her as a Participant shall be specifically approved by the Compensation Committee. The Compensation Committee shall have authority and responsibility to
interpret this Plan, to adopt such rules and regulations for carrying out this Plan as it may deem necessary or appropriate, to exercise discretion to make any and all other determinations which it determines to be necessary or advisable for the
administration of this Plan, and to reconcile any inconsistency in, correct any defect in and/or supply any omission in this Plan and any election notice or agreement relating to this Plan. Decisions of the Compensation Committee shall be final and
binding on all parties who have or claim any interest in this Plan. The Administrator or Compensation Committee shall have the authority to delegate its authority under this Plan to an officer or group of officers of Change Healthcare LLC. 

2. Elections and Notices. All elections and notices made under this Plan shall be in writing and filed with the Administrator at
the time and in the manner specified by the Administrator. All elections to defer compensation under this Plan shall be irrevocable. 
  

	K.	 AMENDMENT OR TERMINATION OF THIS PLAN 

1. Amendment. The Compensation Committee may at any time, and from time to time, amend this Plan. Such action shall be
prospective only and shall not adversely affect the rights of any Participant or Beneficiary to any benefit previously earned under this Plan. 

2. Termination. The Board in its discretion may at any time terminate this Plan in accordance with Treasury Regulation section 1.409A-3(j)(4)(ix). 
  

	L.	 CLAIMS AND APPEALS 

1. Informal Resolution of Questions. Any Participant or Beneficiary who has questions or concerns about his or her benefits under
this Plan is encouraged to communicate with the Human Resources Department of the Company. If this discussion does not give the Participant or Beneficiary satisfactory results, a formal claim for benefits may be made in accordance with the
procedures of this Section L. 
 2. Formal Benefits Claim Review . A Participant or Beneficiary may make a written request
for review of any matter concerning his or her benefits under this Plan. The claim must be addressed to the Vice President – Global Benefits, Change Healthcare, 3055 Lebanon Pike, Nashville, TN 37214. The Vice President – Global Benefits
or his or her delegate (“VP of Global Benefits”) shall decide the action to be taken with respect to any such request and may require additional information if necessary to process the request. The VP of Global Benefits shall review the
request and shall issue his or her decision, in writing, no later than 90 days after the date the request is received, unless the circumstances require an extension of time. If such an extension is required, written notice of the extension shall be
furnished to the person making the request within the initial 90-day period, and the notice shall state the circumstances requiring the extension and the date by which the VP of Global Benefits expects to
reach a decision on the request. In no event shall the extension exceed a period of 90 days from the end of the initial period. 

  
 9 

 3. Notice of Denied Request. If the VP of Global Benefits denies a request in
whole or in part, he or she shall provide the person making the request with written notice of the denial within the period specified in Section L.2 of this Plan. The notice shall set forth the specific reason for the denial, reference to the
specific Plan provisions upon which the denial is based, a description of any additional material or information necessary to perfect the request, an explanation of why such information is required, and an explanation of this Plan’s appeal
procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse benefit determination on appeal. 

4. Appeal to the Senior Vice President. 

(a) A person whose request has been denied in whole or in part (or such person’s authorized representative) may file an appeal of the
decision in writing with the Senior Vice President —Total Rewards (the “Senior Vice President”) within 60 days of receipt of the notification of denial. The appeal must be addressed to: Senior Vice President – Total Rewards,
Change Healthcare, 3055 Lebanon Pike, Nashville, TN 37214. The appellant and/or his or her authorized representative shall be permitted to submit written comments, documents, records and other information relating to the claim for benefits. Upon
request and free of charge, the applicant should be provided reasonable access to and copies of, all documents, records or other information relevant to the appellant’s claim. 

(b) The Senior Vice President’s review shall take into account all comments, documents, records and other information submitted by the
appellant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. The Senior Vice President shall not be restricted in his or her review to those provisions of this Plan
cited in the original denial of the claim. 
 (c) The Senior Vice President shall issue a written decision within a reasonable period of time
but not later than 60 days after receipt of the appeal, unless special circumstances require an extension of time for processing, in which case the written decision shall be issued as soon as possible, but not later than 120 days after receipt of an
appeal. If such an extension is required, written notice shall be furnished to the appellant within the initial 60-day period. This notice shall state the circumstances requiring the extension and the date by
which the Senior Vice President expects to reach a decision on the appeal. 
 (d) If the decision on the appeal denies the claim in whole or
in part, written notice shall be furnished to the appellant. Such notice shall state the reason(s) for the denial, including references to specific Plan provisions upon which the denial was based. The notice shall state that the appellant is
entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. The notice shall describe any voluntary appeal procedures offered by this
Plan and the appellant’s right to obtain the information about such procedures. The notice shall also include a statement of the appellant’s right to bring an action under Section 502(a) of ERISA. 

  
 10 

 (e) The decision of the Senior Vice President on the appeal shall be final, conclusive and
binding upon all persons and shall be given the maximum possible deference allowed by law. 
 5. Exhaustion of Remedies. No
legal or equitable action for benefits under this Plan shall be brought unless and until the claimant has submitted a written claim for benefits in accordance with Section L.2 of this Plan, has been notified that the claim is denied in
accordance with Section L.3 of this Plan, has filed a written request for an appeal of the claim in accordance with Section L.4 of this Plan, and has been notified in writing that the Senior Vice President has affirmed the denial of the
claim in accordance with Section L.4 of this Plan. 
  

	M.	 DEFINITIONS 

For purposes of this Plan, the following terms shall have the meanings indicated: 

“Account” shall mean the “Account” as defined in Section F.1 of this Plan. 

“Additional Company Match” shall mean, with respect to any Plan Year, the amount credited to the Account of an
Eligible Participant in accordance with Section E.1(a)(ii) of this Plan. 
 “Administrator” shall mean the
person specified in Section J.1 of this Plan. 
 “Alternate Payee” shall mean the “Alternate Payee”
as defined in Section I.2 of this Plan. 
 “Beneficiary” shall mean the person or entity described by
Section G of this Plan. 
 “Board” shall mean the Board of Directors of Change Healthcare. 

“Change Healthcare” shall mean Change Healthcare LLC, a Delaware limited liability company. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Company” shall mean Change Healthcare LLC and any affiliate that would be considered a service recipient for purposes
of Treasury Regulation section 1.409A-1(g). 
 “Compensation” shall mean
“Compensation” as defined in Section 15.17 of the 401(k) Plan; provided, however, that Compensation for purposes of this Plan shall be determined without regard to the limit of Section 401(a)(17) of the Code. 

“Compensation Committee” shall mean the Compensation Committee of the Board. 

“DCAP” shall mean the Change Healthcare LLC. Deferred Compensation Administration Plan or successor plans, if
applicable. 
 “Disability” shall mean the inability of the Participant to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.. 

  
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 “Discretionary Contribution” shall mean a Company contribution to a
Participant’s Account made in the Compensation Committee’s discretion pursuant to Section E.2 of this Plan. 

“Eligible Participant” shall mean an employee and executive of the Employer, or its affiliate or subsidiary, who is
eligible to participate in this Plan under Section C of this Plan. 
 “Employer” shall mean Change Healthcare
LLC and any other affiliate that would be considered a service recipient or employer for purposes of Treasury Regulation section 1.409A-1(h)(3). 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

“Senior Vice President” shall mean the “Senior Vice President” as defined in Section L.2 of this Plan.

 “Investment Option” shall mean an investment fund, index or vehicle selected by the Administrator and made
available to Participants for the deemed hypothetical investment of their Accounts. 
 “Monthly Company Match” shall
mean, with respect to a calendar month, the amount credited to the Account of an Eligible Participant in accordance with Section E.1(a)(i) of this Plan. 

“Participant” shall be any Eligible Participant or former Eligible Participant for whom amounts are credited to an
Account under this Plan. Upon a Participant’s death his or her Beneficiary shall be a Participant until all amounts are paid out of the decedent-Participant’s Account. 

“Payment Event” shall mean the earliest of the following: Retirement, death, Separation from Service other than due to
Retirement or death, Disability or Specified Date. 
 “Plan” shall mean this Change Healthcare LLC Supplemental
401(k) Plan. 
 “Plan Year” shall mean the calendar year. 

“401(k) Plan” shall mean the Change Healthcare 401(k) Savings Plan, as amended from time to time. 

“Retirement” shall mean Separation from Service from the Employer after the date on which the Participant has attained
age 50 and has at least five Years of Service. 
 “Separation from Service” shall mean termination of employment
with the Employer, except in the event of death or Disability, as provided under Treasury Regulation section 1.409A-1(h). A Participant shall be deemed to have had a Separation from Service if the
Participant’s service with the Employer is reduced to an annual rate that is equal to or less than twenty percent of the services rendered, on average, during the immediately preceding three years of service with the Employer (or if providing
service to the Employer less than three years, such lesser period). 

  
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 “Service” shall mean an Eligible Participant’s employment with
the Company, commencing with the first day of such employment and ending on the day the Eligible Participant has a Separation from Service. 

“Specified Date” shall mean a specified payment date elected by a Participant at the time of the deferral election.

 “Specified Employee” shall mean a Participant who has been identified as a Specified Employee in accordance with
the Company’s Specified Employee Policy. 
 “Unforeseeable Emergency” shall have the meaning as provided in
Section 409A(a)(2)(B)(ii) of the Code. 
 “Valuation Date” shall mean each business day of the Year, unless the
Administrator approves a less frequent amount of time as determined in his or discretion. 
 “Year of Service” shall
mean a period of 365 aggregate days of Service (including holidays, weekends and other non-working days). 
  

	N.	 SUCCESSORS 

This Plan shall be binding on the Company and any successors or assigns thereto. 
  

	O.	 EXECUTION 

This amendment and restatement of the Plan as set forth herein is effective as of September 1, 2020. 

  
 13 

 APPENDIX A 

EXAMPLE OF DEFERRALS UNDER THIS PLAN 
 The
following example illustrates the extent to which a Participant could make deferrals under this Plan. The example assumes that the applicable compensation limit under Section 401(a)(17) of the Code is $285,000 and the maximum additional
percentage that may be deferred is 25%. 
 E’s Compensation is $450,000. E elects to make maximum matched deferral percentage under the 401(k) Plan at
the rate of 5% of his Compensation. Because Section 401(a)(17) of the Code limits the amount of E’s compensation which may be considered by the 401(k) Plan to $285,000, E’s maximum matched deferral percentage for the year is limited
to $14,250 (5% of $285,000). E may defer $41,250 (25% of his Compensation in excess of $285,000) into this Plan. However, the total Monthly Company Match and Additional Company Match is limited to 5% based on the 401(k) Plan’s “Matching
Employer Contribution” and “Additional Matching Employer Contribution” for the relevant 401(k) Plan calendar months and Plan Year. 

For Illustrative Purposes Only 

  
 14

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