Limited Liability Company Agreement (2020)Full Document

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THE UNITS REPRESENTED BY THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH LAWS OR EXEMPTIONS THEREFROM.

THE UNITS ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THIS AGREEMENT, AND CHANGE HEALTHCARE LLC RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH UNITS UNLESS AND UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF THIS AGREEMENT SHALL BE PROMPTLY FURNISHED BY CHANGE HEALTHCARE LLC TO THE HOLDER OF ANY UNITS UPON WRITTEN REQUEST AND WITHOUT CHARGE.

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

CHANGE HEALTHCARE LLC

DATED AS OF MARCH 1, 2017

TABLE OF CONTENTS


		PAGE
ARTICLE 1
DEFINITIONS.
Section 1.01.	Defined Terms		2
Section 1.02.	Other Definitional and Interpretative Provisions		17

ARTICLE 2
ORGANIZATIONAL MATTERS AND GENERAL PROVISIONS

Section 2.01.	Formation		18
Section 2.02.	Name		19
Section 2.03.	Principal Place of Business		19
Section 2.04.	Registered Agent		19
Section 2.05.	Purpose and Powers of the Company		19
Section 2.06.	Term		19
Section 2.07.	Filings; Qualification in Other Jurisdictions		19
Section 2.08.	Company Property		20
Section 2.09.	Transactions with Members and Directors		20
Section 2.10.	Certificated or Uncertificated Units		20

ARTICLE 3
CAPITAL CONTRIBUTIONS; PREEMPTIVE RIGHTS

Section 3.01.	Initial Capital Contributions		20
Section 3.02.	Additional Capital Contributions		20
Section 3.03.	Issuance of Units		20
Section 3.04.	Withdrawal of Capital		23
Section 3.05.	Maintenance of Capital Accounts		24
Section 3.06.	No Interest		24
Section 3.07.	Preemptive Rights		24

ARTICLE 4
CERTAIN RIGHTS AND OBLIGATIONS OF MEMBERS

Section 4.01.	Members		26
Section 4.02.	No Action on Behalf of the Company; No Dissent Rights		26
Section 4.03.	No Right to Voluntarily Withdraw		26
Section 4.04.	Member Meetings		27
Section 4.05.	Notice of Meetings		27
Section 4.06.	Quorum; Telephonic Meetings		27
Section 4.07.	Voting		27
Section 4.08.	Action Without a Meeting		28
Section 4.09.	Record Date		28
Section 4.10.	Member Approval Rights		28


Section 4.11.	Partition	28
Section 4.12.	Liability	28

ARTICLE 5
BOARD AND OFFICERS

Section 5.01.	Board	29
Section 5.02.	Removal and Resignation	32
Section 5.03.	Meetings of the Board	33
Section 5.04.	Action Without a Meeting	34
Section 5.05.	Reserved Matters	35
Section 5.06.	Chairman of the Board	39
Section 5.07.	Committees of the Board	39
Section 5.08.	Board Escalation Matters	40
Section 5.09.	Officers; Designation and Election of Officers; Duties	40

ARTICLE 6
DUTIES, EXCULPATION AND INDEMNIFICATION

Section 6.01.	Duties, Exculpation and Indemnification	42
Section 6.02.	Other Activities; Business Opportunities	44

ARTICLE 7
ACCOUNTING, TAX, FISCAL AND LEGAL MATTERS

Section 7.01.	Fiscal Year	45
Section 7.02.	Bank Accounts	46
Section 7.03.	Books of Account and Other Information	46
Section 7.04.	Certain Tax Matters	46

ARTICLE 8
ALLOCATIONS AND DISTRIBUTIONS

Section 8.01.	Allocations	48
Section 8.02.	Distributions	51

ARTICLE 9
TRANSFER RESTRICTIONS

Section 9.01.	Restrictions on Transfers	54
Section 9.02.	Right of First Offer	56
Section 9.03.	Drag Along Right	58
Section 9.04.	Echo Stock Sales; No Asset or Unit Sales	60
Section 9.05.	Valuation of Units	61
Section 9.06.	Additional Members	62
Section 9.07.	Termination of Member Status	63
Section 9.08.	Void Transfers	63

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ARTICLE 10
EXIT PROVISIONS

Section 10.01.	Qualified IPO	63
Section 10.02.	Up-C Structure	65
Section 10.03.	Post-IPO Exit Rights	65
Section 10.04.	[Reserved]	66
Section 10.05.	Qualified MCK Exit Process	66
Section 10.06.	MCK Top-up Option	67
Section 10.07.	Registration Rights	68
Section 10.08.	Exit Events Expenses	68

ARTICLE 11
COVENANTS

Section 11.01.	Business Opportunities	69
Section 11.02.