Document:

EX-10.45

 Exhibit 10.45 

CHANGE HEALTHCARE LLC 

U.S. EXECUTIVE SEVERANCE BENEFIT GUIDELINES 

(ADOPTED EFFECTIVE FEBRUARY 1, 2018) 
  

	1.	 INTRODUCTION. 

The terms of the Change Healthcare LLC Executive Severance Benefit Guidelines (the “Guidelines”) are set forth below.
The purpose of the Guidelines is to provide a framework to be used in the event that any of the Change Healthcare LLC, Participating Companies (collectively, the “Company”) decides to award severance to Eligible Executives
who have a Qualifying Termination and who do not have a contractual entitlement to Severance Benefits. The determination as to which Executive is eligible to receive Severance Benefits in the event of a Qualifying Termination is within the
Company’s sole discretion. The Company may amend, modify or terminate these Guidelines at any time with or without notice to Executives, including without limitation the right to establish Severance Benefits on an action by action basis in its
sole discretion. 
  

	2.	 EFFECTIVE DATE. 

These Guidelines are effective as of February 1, 2018. These Guidelines supersede any plan, program, guidelines, policy or arrangements
previously in effect for the Executives by which Severance Benefits would be provided by the Company, with the exception of Executives who have entered into an individual employment agreement with the Company that provides for Severance Benefits.

  

	3.	 ELIGIBILITY FOR SEVERANCE BENEFITS. 

(a) General Rules. An executive of the Company in the executive career band “E”, who is a U.S. Eligible Paid Executive is
entitled to receive Severance Benefits, subject to the conditions and requirements set forth in these Guidelines. These guidelines do not apply to the Chief Executive Officer. 

(b) Definitions. The following definitions shall apply to these Guidelines: 

(i) “Cause” means the following: (A) the Executive’s violation of any federal or state law or
regulation applicable to the business of the Company or its affiliates; (B) the Executive being convicted of, or entering a plea of nolo contendere to any crime or committing any act of moral turpitude; (C) the Executive engaging in any
act of dishonesty, fraud or misrepresentation; (D) the breach of any agreement between the Executive and the Company (or any affiliate of the Company), including but not limited to a breach of a restrictive covenant agreement; (E) the
Executive’s habitual or willful neglect of duties; (F) the Executive’s breach of any duties owed to the Company, including but not limited to fiduciary duty and duty of care; or (G) the Executive’s failure to perform his or

 
her assigned duties or responsibilities (other than a failure resulting from the Executive’s disability) after notice thereof from the Company describing the Executive’s failure to
perform such duties or responsibilities. Notwithstanding the foregoing, if “Cause” is defined in an employment agreement between the Company and Executive then the meaning of “Cause” in the employment agreement shall apply. 

(ii) “COBRA Continuation” means the continuation of medical, dental and/or vision benefits under the
Company-sponsored group health plan that an Executive who is enrolled in such group health plan may elect pursuant to the requirements of the Consolidated Omnibus Budget Reconciliation Act of 1985 (commonly known as COBRA). 

(iii) “COBRA Subsidy” means, subject to the Eligible Executive being eligible to elect COBRA Continuation
coverage, the Company’s payment, in lump sum, of the amount equal to the cost of such Eligible Executive’s COBRA Continuation premiums that the Company and Eligible Executive would pay if he or she elects COBRA Continuation for the number
of months specified in Schedule A, as attached to these Guidelines. 
 (iv) “Code” means the Internal
Revenue Code, as amended from time to time. 
 (v) “Company” means Change Healthcare LLC. 

(vi) “Comparable Employment” means a position with the Company that is similar in job authority, duties,
reporting structure, responsibilities, and is located within 50 miles of the Executive’s current worksite or with a relocation package; and with a salary equal to or greater than the Executive’s current salary. 

(vii) “Change in Control” means the occurrence of any change in ownership of the Company, change in effective
control of the Company, or change in the ownership of a substantial portion of the assets of the Company, as defined in Treasury Regulation § 1.409A-3(i)(5), the regulations thereunder, and any other
published interpretive authority, as issued or amended from time to time; provided that any of the following shall not be a Change in Control: (A) a merger effected exclusively for the purpose of changing the domicile of the Company,
(B) an equity financing in which the Company is the surviving corporation, (C) an initial public offering (unless otherwise a Change in Control within the meaning of Treasury Regulation §
1.409A-3(i)(5)), or (D) a transaction in which the stockholders of the Company immediately prior to the transaction own 50% or more of the voting power of the surviving corporation following the
transaction. 
 (viii) “Eligible Executive” means an Executive of the Company who has a Qualifying
Termination. It is within the sole discretion of the Company to determine whether an Executive is an Eligible Executive. 

  
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 (ix) “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 (x) “Executive” means an employee of the Company it the E Compensation Grade. 

(xi) “Guidelines” means these Change Healthcare LLC Executive Severance Benefits Guidelines, as amended from
time to time. 
 (xii) “Participating Companies” means any subsidiary or affiliate of Change Healthcare LLC,
that is owned by no less than an 80% interest by Change Healthcare LLC, or any of its subsidiaries. 
 (xiii)
“Person” means “person” as the term is used in Section 13(d) and 14(d) of the Exchange Act or persons acting as a group. 

(xiv) “Qualifying Termination” means that the Company involuntarily terminates without Cause the employment of
an Executive, or any other constructive termination that the Executive and the Company have agreed constitutes a Qualifying Termination. It is within the sole discretion of the Company to determine whether a termination is a Qualifying Termination.

 (xv) “Release” means a waiver and release in favor of the Company and on the form provided by the
Company. The waiver and release will apply to all claims, known and unknown, relating to the Executive’s employment with the Company through and including the date of execution. The contents of the general release will vary, depending on the
state in which the affected Executive resides, the age of the Executive, and whether two or more employees are affected by the same action. 

(xvi) “Severance Benefits” means the amount of payments that an Eligible Executive may receive under these
Guidelines. 
 (c) Eligibility. In order to be eligible to receive Severance Benefits under these Guidelines, an Eligible Executive
must not fall under one of the exceptions, as set forth in Section 3(d) of these Guidelines, and fulfill the following: 

(i) be actively employed until his or her date of termination as scheduled by the Company unless otherwise indicated by the
Company. 
 (ii) must execute and return a Release in accordance with the time periods set forth in the release agreement.

 (d) Exceptions. An Executive who otherwise is an Eligible Executive will not receive Severance Benefits in any of the following
circumstances: 

  
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 (i) The Executive has executed an individually negotiated employment
contract or agreement with the Company, which includes the provision of Severance Benefits upon his or her termination. Such Executive’s Severance Benefits, if any, shall be governed by the terms of such individually negotiated employment
contract or agreement. If these Guidelines would provide the Executive more benefits than the Executive’s individual agreement, the Company may, at its sole discretion, offer the Executive the amount set forth herein; 

(ii) The Executive voluntarily terminates employment with the Company. Voluntary terminations include, but are not limited to,
resignation and retirement; 
 (iii) The Executive rejects an offer of Comparable Employment with the Company; 

(iv) In connection with a Change in Control between the Company and another entity, the surviving entity (a
“Successor Employer”) employs Executive for the period of time outlined in Schedule A as attached to these Guidelines, after the Change in Control in the same position as he or she held immediately prior to the Change in
Control or offers Comparable Employment to Executive. 
 If, during any period, the Company has not regarded an individual as an employee of
the Company and, for that reason, has not withheld employment taxes with respect to that individual, then that individual shall not be an Eligible Executive for that period, even in the event that the individual is determined, retroactively, to have
been an employee of the Company during all or any portion of that period. 
  

	4.	 AMOUNT OF SEVERANCE BENEFITS. 

Schedule A, attached to these Guidelines, sets forth the amount of the Severance Benefits that an Eligible Executive may receive pursuant to
these Guidelines. 
  

	5.	 EQUITY. 

When the Eligible Executive terminates employment, any outstanding stock options, restricted stock units or other equity grants will be treated
as set forth in the applicable equity incentive plan and award agreements and/or any other related documents. 
  

	6.	 OTHER EMPLOYMENT BENEFITS. 

(a) COBRA Continuation. Each Eligible Executive who is enrolled in a Company-sponsored health, dental or vision plan will be eligible
for COBRA Continuation coverage. The Company will notify the individual of any such right to continue health coverage. 
 (b) Other
Employee Benefits. All non-health benefits (such as life insurance and disability coverage) will terminate as of the Executive’s last day of being physically present on the job, the last day of active
employment with the Company, or the date of termination, as determined by the applicable plan documents and/or the Company in its sole discretion (except to the extent that the Executive elects and pays for any conversion privilege available). The
Executive’s right to benefits under the Company’s 401(k) plan shall be determined exclusively by the plan and any of its related agreements. 

  
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 (c) Coordination with Other Plans. Any Severance Benefits payable to the Eligible
Executive under these Guidelines will not be counted as compensation for purposes of determining benefits under any other benefit policies or plans of the Company, except to the extent expressly provided therein. 

 

	7.	 TIME AND FORM OF PAYMENT. 

Subject to the terms and conditions set forth in these Guidelines, Severance Benefits will be paid in a single lump sum on the first payroll
date following the effective date of the Release, except as otherwise provided in Schedule A, as attached to these Guidelines. No Severance Benefits will be paid or provided until the expiration of any applicable revocation period. In no event will
any Severance Benefits be paid or provided under these Guidelines if the Release does not become effective by fifteen (15) days prior to (i) the end of the short-term deferral period as defined in Treasury Regulation § 1.409A-1(b)(4) or (ii) the end of the second calendar year following the year in which the separation occurs, if the Severance Benefits are less than the maximum amount provided under Treasury Regulation §
1.409A-1(b)(9) (iii)(A). 
  

	8.	 NON-DUPLICATION OF BENEFITS. 

There will be no duplication of severance benefits that the Company or any of its affiliates pay or provide to the Eligible Executive, and that
the Severance Benefits provided under these Guidelines are in lieu of any severance benefits for which the Eligible Executive might otherwise have been eligible under any plan, program, guidelines, policy or arrangement of the Company or any of its
affiliates. To the extent necessary to avoid duplication of benefits, Severance Benefits paid or provided under these Guidelines will be reduced to offset severance benefits paid or provided to the Eligible Executive under any other plan, program,
guidelines, policy or arrangement of the Company or any of its affiliates. Notwithstanding the foregoing, an Executive who has an employment agreement, in effect with the Company at the time of his or her termination of employment, that provides for
severance payments and/or benefits shall not be eligible to be an Eligible Executive and shall not receive any Severance Benefits under these Guidelines. 
  

	9.	 NOTICE. 

The Company may give at least two (2) weeks’ non-working notice in advance of termination at
the Company’s sole discretion. If the effective date of the termination is immediate, then the Company may pay the Eligible Executive(s) an amount equal to two (2) weeks’ salary in lieu of notice. However, the provision of notice
and/or notice pay is at the Company’s sole discretion, unless notice and/or notice pay is required by applicable law. 

  
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	10.	 NO IMPLIED EMPLOYMENT CONTRACT. 

Nothing in these Guidelines shall be deemed (a) to give any Executive any right to be retained in the employ of the Company, or
(b) to interfere with the right of the Company to discharge any Executive at any time and for any reason, which right is hereby reserved. Nothing contained in these Guidelines alters or amends an Executive’s status as an at-will employee. As an at-will employee, either the Executive or the Company may terminate the employment relationship with or without cause, with or without advance notice.

  

	11.	 REEMPLOYMENT. 

If an Eligible Executive receives Severance Benefits pursuant to these Guidelines and is subsequently reemployed by the Company in reasonably
Comparable Employment, such Eligible Executive shall be obligated to repay the Company any portion of Severance Benefits received that is in excess of the time the he or she was separated from the Company. For purposes of determining the repayment
obligation, the Severance Benefits shall be converted to a “Weekly Benefit Amount,” which shall be calculated by dividing the Severance Benefits paid by the number of weeks of base salary payments that the Eligible Executive
received as set forth in Schedule A, as attached to these Guidelines. The Weekly Benefit Amount multiplied by the number of whole weeks the Eligible Executive was separated from the Company shall be deducted from the total amount of Severance
Benefits paid, and such Eligible Executive shall repay to the Company the difference between the two amounts. 
  

	12.	 Section 280G of the Code. 

(a) Notwithstanding any other provision of these Guidelines or any other plan, arrangement or agreement to the contrary, if any of the payments
or benefits provided or to be provided by the Company or its affiliates to the Eligible Executive or for the Eligible Executive’s benefit pursuant to the terms of these Guidelines or otherwise (“Covered Payments”)
constitute parachute payments (“Parachute Payments”) within the meaning of Section 280G of the Code and would, but for this Section 12 be subject to the excise tax imposed under Section 4999 of the Code (or any
successor provision thereto) or any similar tax imposed by state or local law or any interest or penalties with respect to such taxes (collectively, the “Excise Tax”), then prior to making the Covered Payments, a calculation
shall be made comparing (i) the Net Benefit (as defined below) to the Eligible Executive of the Covered Payments after payment of the Excise Tax to (ii) the Net Benefit to the Executive if the Covered Payments are limited to the extent
necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (i) above is less than the amount under (ii) above will the Covered Payments be reduced to the minimum extent necessary to ensure that no portion of
the Covered Payments is subject to the Excise Tax (that amount, the “Reduced Amount”). “Net Benefit” shall mean the present value of the Covered Payments net of all federal, state, local, foreign
income, employment and excise taxes. 
 (b) Any such reduction shall be made in accordance with Section 409A of the Code and the
following: 

  
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 (i) the Covered Payments which do not constitute nonqualified deferred
compensation subject to Section 409A of the Code shall be reduced first; and 
 (ii) all other Covered Payments shall
then be reduced as follows: (A) cash payments shall be reduced before non-cash payments; and (B) payments to be made on a later payment date shall be reduced before payments to be made on an earlier
payment date. 
 (c) Any determination required under this Section 12, including whether any payments or benefits are parachute
payments, shall be made by the Company (or an accounting firm that the Company selects) in its sole discretion. The Eligible Executive shall provide the Company with such information and documents as the Company may reasonably request in order to
make a determination under this Section 12. The Company’s determination shall be final and binding on the Eligible Executive. 

(d) It is possible that after the determinations and selections made pursuant to this Section 12 the Eligible Executive will receive
Covered Payments that are in the aggregate more than the amount provided under this Section 12 (“Overpayment” ) or less than the amount provided under this Section 12 (“Underpayment”). 

(i) In the event that: (A) the Company determines, based upon the assertion of a deficiency by the Internal Revenue
Service against either the Company or the Eligible Executive which the Company believes has a high probability of success, that an Overpayment has been made or (B) it is established pursuant to a final determination of a court or an Internal
Revenue Service proceeding that has been finally and conclusively resolved that an Overpayment has been made, then the Eligible Executive shall pay any such Overpayment to the Company together with interest at the applicable federal rate (as defined
in Section 7872(f)(2)(A) of the Code) from the date of the Eligible Executive’s receipt of the Overpayment until the date of repayment. 

(ii) In the event that: (A) the Company, based upon controlling precedent or substantial authority, determine that an
Underpayment has occurred or (B) a court of competent jurisdiction determines that an Underpayment has occurred, any such Underpayment will be paid promptly by the Company to or for the benefit of the Eligible Executive together with interest
at the applicable federal rate (as defined in Section 7872(f)(2)(A) of the Code) from the date the amount would have otherwise been paid to the Eligible Executive until the payment date. 

(e) Notwithstanding the foregoing, the Company in its sole discretion may choose to put the Parachute Payments to a shareholder vote in
accordance with Section 280G(b)(5)(B) and the regulations promulgated thereunder. 
  

	13.	 GENERAL PROVISIONS. 

(a) Severability. The invalidity or unenforceability of any provision of these Guidelines shall not affect the validity or
enforceability of any other provision of the Guidelines. If any provision of these Guidelines is held by a court of competent jurisdiction 

  
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to be illegal, invalid, void or unenforceable, such provision shall be deemed modified, amended and narrowed to the extent necessary to render such provision legal, valid, and enforceable, and
the other remaining provisions of these Guidelines shall not be affected but shall remain in full force and effect. 
 (b) Headings and
Subheadings. Headings and subheadings contained in these Guidelines are intended solely for convenience and no provision of these Guidelines is to be construed by reference to the heading or subheading of any section or paragraph. 

(c) Unfunded Obligations. The amounts to be paid to Eligible Executives under these Guidelines are unfunded obligations of the Company.
The Company is not required to segregate any monies or other assets from its general funds with respect to these obligations. Eligible Executives shall not have any preference or security interest in any assets of the Company other than as a general
unsecured creditor. 
 (d) Successors. These Guidelines will be binding upon any successor to the Company, its assets, its businesses
or its interest, in the same manner and to the same extent that the Company would be obligated under the Guidelines if no succession had taken place. In the case of any transaction in which a successor would not by the foregoing provision or by
operation of law be bound by these Guidelines, the Company shall require any successor to the Company to expressly and unconditionally assume these Guidelines in writing and honor the obligations of the Company hereunder, in the same manner and to
the same extent that the Company would be required to perform if no succession had taken place. All payments and benefits that become due to an Eligible Executive under these Guidelines will inure to the benefit of his or her heirs, assigns,
designees, or legal representatives. 
 (e) Transfer and Assignment. Neither an Eligible Executive nor any other person shall have any
right to sell, assign, transfer, pledge, anticipate or otherwise encumber, transfer, hypothecate or convey any amounts payable under these Guidelines prior to the date that such amounts are paid, except that, in the case of an Eligible
Executive’s death, such amounts shall be paid to his or her estate. 
 (f) Waiver. Any party’s failure to enforce any
provision or provisions of these Guidelines will not in any way be construed as a waiver of any such provision or provisions, nor prevent any party from thereafter enforcing each and every other provision of the Guidelines. 

(g) Governing Law. To the extent not pre-empted by federal law, these Guidelines shall be
construed in accordance with and governed by the laws of Tennessee without regard to conflicts of law principles. 
 (h) Clawback.
Notwithstanding any other provisions in these Guidelines to the contrary, any compensation paid or payable to Eligible Executive pursuant to these Guidelines which is subject to recovery under any law or government regulation, will be subject to
such deductions and clawback as may be required to be made pursuant to 

  
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such law or government regulation (or any policy adopted by the Company whether in existence as of the Effective Date or later adopted established by the Company providing for clawback or
recovery of amounts that were paid to the Eligible Executive.) The Company will make any determination for clawback or recovery in its sole discretion and in accordance with any applicable law, government regulation or policy, as applicable. 

(i) Withholding. The Company shall have the right to withhold from any amount payable hereunder any Federal, state, and local taxes in
order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 
 (j) Section 409A of
the Code. 
 (i) These Guidelines are intended to comply with Section 409A of the Code or an exemption thereunder
and shall be construed and administered in accordance with Section 409A of the Code. Notwithstanding any other provision of the Guidelines, payments provided under the Guidelines may only be made upon an event and in a manner that complies with
Section 409A of the Code or an applicable exemption. Any payments under the Guidelines that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service or as a short-term deferral
shall be excluded from Section 409A of the Code to the maximum extent possible. For purposes of Section 409A of the Code, each installment payment or benefit provided under the Guidelines shall be treated as a separate payment. Any
payments subject to and not exempt from Section 409A is to be made under the Guidelines upon a termination of employment shall only be made upon a “separation from service” under Section 409A of the Code. Notwithstanding the
foregoing, the Company makes no representations that the payments and benefits provided under the Guidelines comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes, penalties,
interest, or other expenses that may be incurred by a Eligible Executive on account of non-compliance with Section 409A of the Code. 

(ii) Notwithstanding any other provision of the Guidelines, if any payment or benefit provided to an Eligible Executive in
connection with his or her Qualifying Termination is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the Eligible Executive is determined to be a “specified
employee” as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the
Qualifying Termination or, if earlier, on the Eligible Executive ‘s death (the “Specified Employee Payment Date”). The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment
Date shall be paid to the Eligible Executive in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. Notwithstanding any other provision of
the Guidelines, if any payment or benefit is conditioned on the Eligible Executive’s execution of a 

  
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Release, the first payment shall include all amounts that would otherwise have been paid to the Eligible Executive during the period beginning on the date of the Qualifying Termination and ending
on the payment date if no delay had been imposed. If the consideration and revocation period of the Release crosses over two (2) calendar years, then the Severance Benefits shall be paid or begin being paid (taking the preceding sentence into
effect), on the later of (A) the first payroll date in the second calendar year, or (B) the first payroll date following the effective date of the Release. 

(iii) To the extent required by Section 409A of the Code, each reimbursement or
in-kind benefit provided under the Guidelines shall be provided in accordance with the following: (A) the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; and (B) any right to reimbursements or in-kind benefits under the Guidelines shall not be subject to liquidation or exchange for another benefit. 

  
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 SCHEDULE A 

Severance Benefits Schedule 
 U.S
Executives (excluding the Chief Executive Officer) in the Executive “E” Career Band 
 Base:
Eligible Executive shall be eligible for lump sum payment equivalent to twelve (12) months of base salary in effect on the date of the Qualifying Termination. 

Annual Incentive Plan (“AIP”): If Eligible Executive’s Qualifying Termination occurs within twelve
(12) months after a Change in Control, Eligible Executive shall be eligible to receive an amount equal to the bonus Eligible Executive would have received under the AIP in effect at the time of such Qualifying Termination, at one times the
Eligible Executive’s full target payout rate for the year in which the Qualifying Termination occurs. 
 COBRA
Subsidy: Eligible Executive shall be eligible for payment of, in lump sum, an amount equivalent to the COBRA health insurance premiums that the Company and Eligible Executive would pay for employees with similar coverage during the twelve
(12) month period following Eligible Executive’s termination. 
 Eligibility Exception: In accordance with
section 3(d)(iv), twelve (12) months.EX-10.46

 Exhibit 10.46 

NONQUALIFIED STOCK OPTION AGREEMENT 

UNDER THE 
 HCIT
HOLDINGS, INC. AMENDED AND RESTATED 2009 EQUITY INCENTIVE 
 PLAN 

THIS STOCK OPTION AGREEMENT (the “Agreement”) by and between HCIT Holdings, Inc., a Delaware corporation (the
“Company”), and the individual named on the signature page hereto (the “Participant”) is made as of the date set forth on such signature page. 

R E C I T A L S: 
 WHEREAS, the
Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of this Agreement; 

WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of the Company and its stockholders to
grant the Options (as defined below) provided for herein to the Participant pursuant to the Plan and the terms set forth herein; and WHEREAS, the Company owns no less than approximately 30% of the voting power of Change Healthcare LLC (the
“JV”), with most of the remaining voting power of the JV owned by McKesson Corporation (together with its affiliates, “McKesson”). 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

1.    Definitions. Whenever the following terms are used in this Agreement, they shall have the meanings set forth
below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. 

(a)    Blackstone: “Blackstone” shall have the meaning ascribed to such term in the Stockholders’
Agreement. 
 (b)    Change of Control: “Change of Control” shall have the meaning ascribed to such
term in the Plan. 
 (c)    Date of Grant: The “Date of Grant” specified on the signature page hereto.

 (d)    Employment: “Employment” shall mean (i) a Participant’s employment if the
Participant is an Employee of the Company, the JV or any of their respective Subsidiaries on the date hereof, (ii) a Participant’s services as a Consultant or independent contractor, if the Participant is a Consultant to or independent
contractor of the Company, the JV or any of their respective Subsidiaries on the date hereof, and (iii) a Participant’s services as a Director, if the Participant is a non-employee director of the
board of directors of the Company, the JV or any of their respective Subsidiaries on the date hereof. 

(e)    Expiration Date: The tenth anniversary of the Date of Grant. 

(f)    Option: An option with respect to which the terms and conditions are set forth in Section 3(a) of this
Agreement. 

 (g)    Plan: Amended and Restated 2009 Equity Incentive Plan of
HCIT Holdings, Inc., attached hereto as Exhibit A, and as may be amended or supplemented from time to time in accordance with the terms thereof. 

(h)    Stockholders’ Agreement: The Stockholders’ Agreement entered into by and among the Company and its
stockholders dated as of March 1, 2017, attached hereto as Exhibit B, and as may be amended or supplemented from time to time in accordance with the terms thereof, or any other similar agreement of one or more stockholders of the Company or a
successor or issuer who assumes the Option granted under this Agreement designated by the Committee as a “Stockholders’ Agreement”. 

(i)    Vested Portion: At any time, the portion of the Option which has become vested in accordance with the terms
of Section 3 of this Agreement. 
 2.    Grant of Options. The Company hereby grants to the Participant the
right and option to purchase, on the terms and conditions hereinafter set forth, all or any part of the number of Shares subject to the Option, as set forth on the signature page hereto, subject to adjustment as set forth in the Plan and this
Agreement, and subject to the terms and conditions set forth in this Agreement and the Plan. The exercise price per Share subject to the Option shall be the “Option Price” specified on the signature page hereto. The Option is intended to
be a nonqualified stock option, and is not intended to be treated as an option that complies with Section 422 of the Code. 

3.    Vesting of the Options; Expiration of Unvested Options. 

(a)    Vesting of the Option. 

(i)    Option. Subject to the Participant’s continued Employment through the applicable vesting
date, the Option shall vest and become exercisable with respect to twenty-five percent (25%) of the Shares subject to such Option on each of the first four anniversaries of the date specified as the “Vesting Start Date” on the signature
page hereto. 
 (ii)    Change of Control. Notwithstanding the foregoing, in the event of a Change
of Control during the Participant’s continued Employment, the Option shall, to the extent not then vested or previously forfeited or cancelled, become fully vested and exercisable; provided, that no portion of the Option shall vest solely as a
result of any transaction in which McKesson disposes of or distributes equity owned by it in the JV to its shareholders. 

(b)    Termination of Employment. If the Participant’s Employment terminates for any reason, the Option, to
the extent not then vested and exercisable, shall be immediately canceled by the Company without consideration and the Vested Portion of an Option shall remain exercisable for the period set forth in Section 4(a). 

 4.    Exercise of Options. 

(a)    Period of Exercise. Subject to the provisions of the Plan and this Agreement, the Participant may exercise
all or any part of the Vested Portion of an Option at any time prior to the Expiration Date. Notwithstanding the foregoing, if the Participant’s Employment terminates prior to the Expiration Date, the Vested Portion of an Option shall remain
exercisable for the period set forth below: 
 (i)    Death or Disability. If the
Participant’s Employment is terminated due to the Participant’s death or by the Company during the Participant’s Disability, the Participant may exercise the Vested Portion of an Option during the period ending on the earlier of
(x) one year following such termination of Employment and (y) the Expiration Date; 

(ii)    Termination by the Company Other than for Cause, and Other than Due to Death or Disability.
If the Participant’s Employment is terminated by the Company not for Cause and not due to the Participant’s death or Disability, the Participant may exercise the Vested Portion of an Option during the period ending on the earlier of (x)
120 days following such termination of Employment and (y) the Expiration Date (or, if the Option only becomes vested and exercisable after such a termination of Employment, then the Participant may exercise the Vested Portion of such Option
during the period ending on the earlier of (x) 60 days following the date on which Option became vested and exercisable and (y) the Expiration Date); 

(iii)    Termination by the Participant. If the Participant’s Employment is terminated by the
Participant, the Vested Portion of an Option shall terminate in full and cease to be exercisable on the 30th day following such termination; and 

(iv)    Termination by the Company for Cause; Restricted Activity. If the Participant’s
Employment is terminated by the Company for Cause or the Participant violates any provision of Section 5 of this Agreement, or any non-competition,
non-solicitation, confidentiality, non-disparagement or other similar agreement between the Participant and the Company or any of its Affiliates (a “Restrictive
Covenant Violation”), the Vested Portion of an Option shall immediately terminate in full and cease to be exercisable. 
 Notwithstanding the
foregoing, if the date an Option would otherwise terminate or expire occurs during a period when trading in the Shares is prohibited by the Company’s insider trading policy (or a Company-imposed “blackout period”), then the Expiration
Date or termination date shall be automatically be extended until the thirtieth (30th) day following the expiration of such prohibition. 

(b)    Method of Exercise. 

(i)    Subject to Section 4(a) of this Agreement and notwithstanding Section 6.4 of the Plan, the
Vested Portion of an Option may be exercised (in whole or in part) by delivering to the Company at its principal office written notice of intent to so exercise; provided that, the Option may be exercised with respect to whole Shares only.
Such notice shall specify the number of Shares for which the Option is being exercised 

 
and shall be accompanied by payment in full of the Option Price. The payment of the Option Price may be made at the election of the Participant (i) in cash or its equivalent (e.g., by
check or, if permitted by the Committee, a full-recourse promissory note), (ii) in Shares having a Fair Market Value equal to the aggregate Option Price for the Shares being purchased and satisfying such other reasonable requirements as may be
imposed by the Committee; provided, that such Shares have been held by the Participant for any period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles,
(iii) partly in cash and partly in such Shares, (iv) if there is a public market for the Shares at such time, to the extent permitted by the Committee and subject to such rules as may be established by the Committee, through the delivery
of irrevocable instructions to a broker to sell Shares obtained upon the exercise of the Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate option price for the Shares being purchased, or
(v) using a net settlement mechanism whereby the number of Shares delivered upon the exercise of the Option will be reduced by a number of Shares that has a Fair Market Value equal to the Option Price. The Participant shall not have any rights
to dividends or other rights of a stockholder with respect to Shares subject to an Option until the Participant has given written notice of exercise of the Option, paid in full for such Shares and, if applicable, has satisfied any other conditions
imposed by the Committee pursuant to the Plan. 
 (ii)    Notwithstanding any other provision of the Plan
or this Agreement to the contrary, absent an available exemption to registration or qualification, an Option may not be exercised prior to the completion of any registration or qualification of an Option or the Shares under applicable state and
federal securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange that the Committee shall in its sole discretion determine to be necessary or advisable; provided, that the Company shall use
commercially reasonable efforts to take such actions as are necessary and appropriate to register or qualify the Shares subject to the Option so it may be exercised. 

(iii)    Upon the Company’s determination that an Option has been validly exercised as to any of the
Shares, the Company may issue certificates in the Participant’s name for such Shares. However, the Company shall not be liable to the Participant for damages relating to any delays in issuing the certificates to the Participant, any loss by the
Participant of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 

(iv)    In the event of the Participant’s death, the Vested Portion of an Option shall remain
exercisable by the Participant’s executor or administrator, or the person or persons to whom the Participant’s rights under this Agreement shall pass by will or by the laws of descent and distribution as the case may be, to the extent set
forth in Section 4(a) of this Agreement. Any heir or legatee of the Participant shall take rights herein granted subject to the terms and conditions hereof. 

 (v)    As a condition to the exercise of any Option
evidenced by this Agreement, the Participant shall execute the Stockholders’ Agreement designated by the Committee (provided that, if the Participant is already a party to the Stockholders’ Agreement, then the Shares acquired under the
Option shall automatically become subject to such agreements without any further action). 
 (c)    Shares Issued
Upon Exercise. Notwithstanding anything in the Stockholders’ Agreement to the contrary, the Company and the Participant hereby acknowledge and agree that the Company shall only exercise the call rights set forth in Section 6.1(a)(iv)
of the Stockholders’ Agreement with respect to Shares received by the Participant pursuant to exercise of this Option if the Participant resigns his or her employment (and, for the avoidance of doubt, other than upon death or Disability) prior
to the date that is eighteen months after the first day of the Participant’s Employment with the Company (inclusive of prior service with Change Healthcare, Inc. or McKesson). 

5.    Confidential Information; Post-Employment Obligations. 

(a)    Terms of Agreement. The terms of this Agreement constitute confidential information, which Participant shall
not disclose to anyone other than Participant’s spouse, attorneys, tax advisors, or as required by law. The Company and its Affiliates (which for purposes of this Section 5 will include the JV and its Affiliates) may disclose the terms of
this Agreement, provided, that for the purposes of this Section 5, Blackstone Group, L.P., Hellman & Friedman LLC, McKesson and any of their respective Affiliates (other than the Company and its Subsidiaries and the JV and its
Subsidiaries) shall not be considered “Affiliates” of the Company. 
 (b)    Restrictive Covenants. The
Participant acknowledges and agrees that the Participant has agreed to certain covenants regarding non-competition, non-solicitation,
non-disparagement, confidentiality, and other restrictions, which are contained herein or are hereby incorporated by reference, which are in consideration for Participant’s receiving the grant of the
Option under this Agreement and right to benefits upon certain terminations of Employment as provided in Section 3(b), receiving other benefits provided in this Agreement and elsewhere, and access to Confidential Information of the Company
Group. For this purpose, “Confidential Information” means and includes the confidential and/or proprietary information and/or trade secrets of the Company Group that have been developed or used and/or will be developed and that cannot be
obtained readily by third parties from outside sources, and any references to “affiliates” in any provisions or agreements related to non-disparagement entered into by the Participant shall be deemed
to include The Blackstone Group, L.P., Hellman & Friedman LLC, and McKesson. 
 6.    Repayment of
Proceeds. If the Participant’s Employment is terminated by a Service Recipient for Cause or a Restrictive Covenant Violation occurs, or a Service Recipient discovers after a termination of Employment that grounds for a termination with
Cause existed at the time thereof, then the Participant shall be required to pay to the Company or the Company’s designee, within 10 business days’ of the request to the Participant therefor so long as such request is provided to the
Participant within the 18 months immediately following the Participant’s termination of Employment (or in the case of a Restrictive Covenant Violation, 18 months from the date of the Service Recipient’s actual knowledge of such Restrictive
Covenant Violation), an amount equal to the excess, if any, of (a) the aggregate after-tax proceeds (taking 

 
into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition
of, or distributions in respect of, Shares acquired under any Option over (b) the aggregate price paid by the Participant for such Shares. Any reference in this Agreement to grounds existing for a termination with Cause shall be determined
without regard to any notice period, cure period or other procedural delay or event required prior to finding of, or termination for, Cause. The foregoing remedy shall not be exclusive. 

7.    No Right to Continued Employment. Neither the Plan nor this Agreement shall be construed as giving the
Participant the right to be retained in the employ of, or in any consulting relationship to, the Service Recipient. Further, the Service Recipient may at any time dismiss the Participant or discontinue any consulting relationship, free from any
liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. 

8.    Legend on Certificates. The certificates representing the Shares purchased by exercise of an Option shall be
subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are
listed or quoted or market to which the Shares are admitted for trading and, any applicable federal or state or any other applicable laws and the Company’s Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends
to be put on any such certificates to make appropriate reference to such restrictions. 
 9.    Transferability.
An Option may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer
or encumbrance. No such permitted transfer of an Option to heirs or legatees of the Participant shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the
Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions thereof. During the Participant’s lifetime, an Option is exercisable only by the Participant.

 10.    Withholding. Upon the exercise of any Option, or at any such time as required under applicable law, the
Participant shall be required to pay to the Company or any Affiliate in cash and the Company or its Affiliates shall have the right and are authorized to, withhold any applicable withholding taxes in respect of an Option, its exercise, or any
payment or transfer under or with respect to an Option and to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. Notwithstanding the foregoing, at any time
when the Company’s Shares are listed on a national or regional securities exchange or market system, or Share prices are quoted on the Over the Counter Bulletin Board, the Participant may elect to have such withholding obligation satisfied by
surrendering to the Company or any Affiliate a number of Shares obtained upon the 

 
exercise of an Option having a Fair Market Value equal to or greater than the minimum applicable amount necessary to satisfy Federal, state, local or foreign withholding tax requirements,
liabilities and obligations, if any (but which may in no event be greater than the maximum statutory withholding amounts in the Participant’s jurisdiction), and the Shares so surrendered by the Participant shall be credited against any such
withholding obligation at the Fair Market Value of such Shares on the date of such surrender. 
 11.    Securities
Laws. Upon the acquisition of any Shares pursuant to the exercise of an Option, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with
applicable securities laws or with this Agreement. 
 12.    Notices. Any notice under this Agreement shall be
addressed as follows: 
 if to the Company: 

HCIT Holdings, Inc. 

c/o Change Healthcare, Inc. 

3055 Lebanon Pike, Suite 1000 

Nashville, TN 37214 

Attention: General Counsel 

Fax: [fax number] 

with copies (which shall not constitute notice) to: 

The Blackstone Group, L.P. 

345 Park Avenue 

New York, NY 10152 

Attention: Neil P. Simpkins 

Tel: [telephone number] 

Fax: [fax number] 

and 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 

New York, NY 10017 

Attention: Gregory Grogan 

Tel: [telephone number] 

Fax: [fax number] 

If to the Participant: 
 At the
address appearing in the personnel records of the Company or the JV for the Participant. 

 Following the date hereof, notice may be delivered to either party at such other address as either party
hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

13.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware without regard to conflicts of laws. 
 14.    Option Subject to Plan and Stockholders’ Agreement.
By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan and the Stockholders’ Agreement. The Options and the Shares received upon exercise of an Option are subject to
the Plan and the Stockholders’ Agreement and as a condition of exercise of any Options, the Participant must join or agree to be bound by the Stockholders’ Agreement designated by the Committee. For the avoidance of doubt, the Option shall
be subject to the adjustment and modification provisions of the Plan. The terms and provisions of the Plan and the Stockholders’ Agreement, as each may be amended from time to time are hereby incorporated by reference. In the event of a
conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. In the event of a conflict between any term or provision contained herein and a
term or provision of the Stockholders’ Agreement, the applicable terms and provisions of the Stockholders’ Agreement will govern and prevail. In the event of a conflict between any applicable term or provision of the Plan and any term or
provision of the Stockholders’ Agreement, the applicable terms and provisions of the Stockholders’ Agreement will govern and prevail. 

15.    Amendment. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall materially diminish the rights of the Participant hereunder without the consent of the
Participant unless such action is made in accordance with the terms of the Plan. 
 16.    Entire Agreement. This
Agreement and the documents referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to the subject matter hereof and thereof, provided, that if any member of the
Company Group is a party to one or more agreements with Participant related to the matters subject to Section 5, such other agreements shall remain in full force and effect and continue in addition to this Agreement, including, for the
avoidance of doubt, those certain covenants set forth in any Trade Secret and Proprietary Information Agreement and/or Company Protection Agreement entered into with a member of the Company Group (which covenants do not supersede or replace any
other confidentiality, non-competition, non-solicitation, non-disparagement or similar agreement entered into between the
Participant and any member of the Company Group to the extent that such agreement is more protective of the business of the Company Group), and provided further, that to the extent a Participant is party to any agreement that would, by its
terms, vary the terms of this Agreement (other than with respect to the matters subject to Section 5 hereof) or the Stockholders’ Agreement (or provide more favorable rights and remedies to the Participant), such terms will be deemed
amended and shall not apply to the Options granted herein or any Shares acquired under the Option. There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the

 
subject matter hereof other than those expressly set forth herein and therein. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject
matter, other than as specifically provided for herein. 
 17.    Signature in Counterparts. This Agreement may
be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

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