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

OF

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

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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.