8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

January 27, 2006

Date of Report (Date of earliest event reported)

EMDEON CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	0-24975	94-3236644
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

669 River Drive, Center 2
Elmwood Park, New Jersey 07407-1361

(Address of principal executive offices, including zip code)

(201) 703-3400

(Registrant’s telephone number, including area code)

(Former name or address, if changed since last report)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

EX-10.1 EMPLOYMENT AGREEMENT / CHARLES A. MELE

EX-10.2 LETTER AGREEMENT / KEVIN M. CAMERON

EX-10.3 LETTER AGREEMENT / MARTIN J. WYGOD

EX-99.1 CHANGE OF CONTROL DEFINITION

Item 1.01. Entry into a Material Definitive Agreement

Amendment of 2000 Long-Term Incentive Plan

     On January 27, 2006, the Compensation Committee of the Board of Directors of Emdeon approved the following changes to the 2000 Long-Term Incentive Plan (which we refer to as the 2000 Plan):

• Options held by non-employee directors will vest upon the occurrence of a “Change in Control” (as defined in the 2000 Plan, after the amendment of that definition described below). Both before and after the amendment, the Compensation Committee has authority under the 2000 Plan to determine whether acceleration of vesting of awards granted under the 2000 Plan, including awards granted to non-employee directors, would occur regardless of whether a “Change in Control” (as defined) had occurred.

• If a non-employee director’s service on the Board ends (other than if removed for cause), options granted to such director under the 2000 Plan that are outstanding on January 27, 2006 will remain exercisable for the post-termination exercise period specified in the applicable option agreement plus an extension to the later of (A) the 15^th day of the third month following such post-termination exercise period or (B) December 31 of the calendar year in which such post-termination exercise period would terminate (but not beyond the termination of the original 10 year term). We refer to this period of extension, which is the period permitted by Section 409A of the Internal Revenue Code, as the “Permitted 409A Extension Period”.

• If a non-employee director’s service on the Board ends (other than if removed for cause), options granted to such director under the 2000 Plan after January 27, 2006 will remain exercisable for a post-termination exercise period of three years (but not longer than a 10 year term).

• The definition of “Change in Control” is amended to read as set forth in Exhibit 99.1 to this Current Report. Exhibit 99.1 is hereby incorporated by reference herein. The only change in the definition was the addition of the phrase: “and, in connection therewith, the Committee has determined, in its sole discretion, that a change in control of the Corporation has occurred or is reasonably expected to occur, taking into consideration all relevant facts and circumstances, including, but not limited to, any changes in the membership or structure of the Board” in clause (ii), which results in an additional requirement for a “Change in Control” following certain acquisitions of 25% or more of the combined voting power of Emdeon’s then outstanding securities eligible to vote for the election of the Board.

* * * * *

Amendment of 1996 Stock Plan

     On January 27, 2006, the Compensation Committee of the Board of Directors of Emdeon approved an amendment to the 1996 Stock Plan to clarify that the Compensation Committee (or a designated officer to whom authority has been delegated by the Compensation Committee) may expressly provide, with respect to any award granted under the 1996 Stock Plan, that provisions in an employment agreement or other award agreement relating to the award will supplement or modify the terms of the 1996 Stock Plan as applied to such award.

* * * * *

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Amendments to Option Agreements with Non-Employee Directors under Predecessor Company Plans

     On January 27, 2006, the Compensation Committee of the Board of Directors of Emdeon approved an amendment to the option agreements for all outstanding options granted to Emdeon’s current non-employee directors under plans of companies that were acquired by or merged into Emdeon after the date of grant. In connection with those transactions, predecessor company options were converted into options to purchase Emdeon common stock. The only change to those options is that they will remain exercisable for the post-termination exercise period specified in the applicable option agreement plus the Permitted 409A Extension Period.

* * * * *

New Employment Agreement with Charles A. Mele

     Emdeon and Charles A. Mele, our Executive Vice President, General Counsel and Secretary, have entered into an employment agreement, dated as of February 1, 2006, that supersedes the employment agreement between us, dated as of July 1, 2000, as previously amended and restated. Under the new employment agreement and subject to its terms and conditions:

• The agreement provides for an employment period through February 1, 2011.

• Mr. Mele will continue to receive an annual base salary of $450,000. The amount of any bonus will be in the discretion of the Compensation Committee of the Board of Emdeon.

• If Mr. Mele’s employment is terminated due to his death or disability, by us without “cause” (as described below) or by Mr. Mele for “good reason” (as described below), he would be entitled to: (i) continuation of his base salary, at the rate then in effect, for three years; (ii) an amount for each of the three years equal to the greater of the average bonus he received in the three years prior to termination or the amount of the bonus he received in the last of those years; and (iii) continued participation in our benefit plans (or comparable plans) for three years. If such termination occurs after the end of a fiscal year but before payment of the bonus for that year, he would also be entitled to receive the bonus, if any, earned for that fiscal year; provided, however, that if the termination is for “good reason” or without “cause” following a Change in Control (as described below) of Emdeon, the payments in (i) and (ii) above will continue for the remainder of the term of the agreement, if longer. In addition:

— all options and restricted stock granted to Mr. Mele by Emdeon prior to the date of the agreement that have not vested prior to the date of termination would be vested as of the date of termination and the options would remain exercisable as if he remained in our employ through the expiration date specified in each applicable stock option agreement, except that the options granted to Mr. Mele on March 17, 2004 would remain exercisable only for 90 days plus the Permitted 409A Extension Period; and

— the portion of the options to purchase WebMD Health Corp. Class A Common Stock granted to Mr. Mele by WebMD on September 28, 2005 that would have vested on the next vesting date following the date of termination will vest on the date of termination and the vested portion of those options will remain exercisable for 90 days plus the Permitted 409A Extension Period; provided, however, that, if termination is for “good reason” or without “cause” following a

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Change in Control of Emdeon, all of the options that have not vested prior to the date of termination would be vested as of the date of termination.

• If Mr. Mele’s employment is terminated by us for “cause” or by him without “good reason,” he (a) would not be entitled to any further compensation or benefits and (b) would not be entitled to any additional rights or vesting with respect to the stock options or restricted stock following the date of termination.

• For purposes of Mr. Mele’s employment agreement: (a) “cause” includes (i) a material breach of the employment agreement that remains unremedied after 30 days written notice, or (ii) conviction of a felony; (b) “good reason” includes (i) a material reduction in title or responsibilities, (ii) requiring Mr. Mele to report to anyone other than the Chief Executive Officer of Emdeon, (iii) a reduction in base salary or material fringe benefits, (iv) a material breach of the employment agreement, (v) requiring Mr. Mele to relocate to a location that is more than 25 miles from his current residence, or (vi) a Change in Control of Emdeon occurs and he remains in the employ of Emdeon for six months after the “Change in Control. The definition of “Change in Control” of Emdeon is the same one used in the 2000 Long-Term Incentive Plan, as amended, as set forth in Exhibit 99.1 to this Current Report. Non-renewal of the agreement at the end of its term is also deemed to be a termination without cause.

• In the event of a “Change in Control” of WebMD or if WebMD is no longer an affiliate of Emdeon, the options granted to Mr. Mele by WebMD on September 28, 2005 that have not vested prior to such event would be vested as of the date of such event and would remain exercisable for 90 days plus the Permitted 409A Extension Period. The definition of “Change in Control” of WebMD is generally similar to the definition of “Change in Control” of Emdeon, except that the threshold used for an acquisition of voting shares by a person or entity is 50% of the outstanding voting shares. No public offering nor any split-off, spin-off or other divestiture of WebMD by Emdeon to its stockholders will constitute a Change in Control.

• Payment of severance, if any, will be made in accordance with Section 409A to avoid subjecting Mr. Mele to adverse tax consequences.

• Mr. Mele is subject to confidentiality obligations that survive indefinitely and non-solicitation and non-competition obligations that survive for two years or, if longer, for a period of up to three years in which severance is payable under the agreement.

• There is a tax gross-up provision relating to any excise tax that Mr. Mele incurs by reason of his receipt of any payment that constitutes an excess parachute payment as defined in Section 280G of the Internal Revenue Code. Any excess parachute payments and related tax gross-up payments made to Mr. Mele will not be deductible by Emdeon for federal income tax purposes.

The above summary is qualified in its entirety by reference to the new employment agreement itself, a copy of which is attached hereto as Exhibit 10.1 to this Current Report and which is incorporated by reference in this Item 1.01 in its entirety.

* * * * *

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Letter Agreement with Kevin M. Cameron

     We have entered into a letter agreement, dated as of February 1, 2006, with Kevin M. Cameron, our Chief Executive Officer, providing for the following changes to his employment agreement:

• The definition of “Change in Control” of Emdeon was amended to be the same as the one used in the 2000 Long-Term Incentive Plan, as amended, as set forth in Exhibit 99.1 to this Current Report.

• The terms applicable to the options to purchase WebMD Class A Common Stock granted to Mr. Cameron by WebMD on September 28, 2005 were amended to be the same as those described above under “New Employment Agreement with Charles A. Mele.”

• Provisions were added to the agreement so that payment of severance, if any, will be made in accordance with Section 409A to avoid subjecting Mr. Cameron to adverse tax consequences.

The above summary is qualified in its entirety by reference to the letter agreement itself, a copy of which is attached hereto as Exhibit 10.2 to this Current Report and which is incorporated by reference in this Item 1.01 in its entirety.

* * * * *

Letter Agreement with Martin J. Wygod

     We have entered into a letter agreement, dated as of February 1, 2006, with Martin J. Wygod, Chairman of the Board, providing that the definition of “Change in Control” of Emdeon was amended to be the same as the one used in the 2000 Long-Term Incentive Plan, as amended, as set forth in Exhibit 99.1 to this Current Report. Except for the modification described above, our existing employment agreement with Mr. Wygod continues in effect.

     On January 27, 2006, we granted to Mr. Wygod: (a) options to purchase 600,000 shares of Emdeon common stock at an exercise price equal to the closing price of Emdeon common stock on that date (which was $8.77); and (b) 150,000 shares of restricted Emdeon common stock. These grants were made from the following Emdeon equity plans: (1) the grant of restricted Emdeon common stock and options to purchase 100,000 of the shares of Emdeon common stock were from the 2000 Long-Term Incentive Plan; and (2) the remaining options to purchase 500,000 shares were from the 1996 Stock Plan. These grants are subject to the terms of the employment agreement, as amended, generally relating to equity grants. The vesting schedule for the options is 25% annually, on each of the first four anniversaries of the date grant (full vesting on the fourth anniversary of the date of grant). The vesting schedule for the restricted stock is 33¹/₃% annually, on each of the first three anniversaries of the date of grant (full vesting on the third anniversary of the date of grant).

     This summary is qualified in its entirety by reference to the letter agreement itself, a copy of which is attached hereto as Exhibit 10.3 to this Current Report and which is incorporated by reference in this Item 1.01 in its entirety.

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Item 1.02. Termination of a Material Definitive Agreement

     As described in Item 1.01 of this Current Report, Emdeon and Charles A. Mele have entered into an employment agreement, dated as of February 1, 2006, that supersedes the employment agreement between us, dated as of July 1, 2000, as amended. To the extent required by Item 1.02 of Form 8-K, the information contained or incorporated by reference in Item 1.01 of this Current Report regarding the new employment agreement is incorporated by reference in this Item 1.02. In addition, to the extent required by Item 1.02 of Form 8-K, the following are incorporated by reference in this Item 1.02 pursuant to General Instruction B.3 of Form 8-K:

• the prior employment agreement itself, a copy of which was filed as Exhibit 10.51 to our Annual Report on Form 10-K for the year ended December 31, 2001, as amended by Amendment No. 1 on Form 10-K/A; and

• the description of the prior employment agreement under the heading “Executive Compensation — Compensation Arrangements with Executive Officers — Arrangements with Charles A. Mele” in the Proxy Statement, dated as of August 15, 2005, for Emdeon’s 2005 Annual Meeting of Stockholders.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

The following exhibits are filed herewith:

10.1	Employment Agreement, dated as of February 1, 2006, between the Registrant and Charles A. Mele
10.2	Letter Agreement, dated as of February 1, 2006, between the Registrant and Kevin M. Cameron
10.3	Letter Agreement, dated as of February 1, 2006, between the Registrant and Martin J. Wygod
99.1	Change of Control Definition, as Amended, in Section 3.1(e) of the 2000 Long-Term Incentive Plan of the Registrant

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SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	EMDEON CORPORATION
Dated: February 2, 2006	By:	/s/ Lewis H. Leicher
		Lewis H. Leicher
		Senior Vice President

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EXHIBIT INDEX

Exhibit
Number	Description
10.1	Employment Agreement, dated as of February 1, 2006, between the Registrant and Charles A. Mele
10.2	Letter Agreement, dated as of February 1, 2006, between the Registrant and Kevin M. Cameron
10.3	Letter Agreement, dated as of February 1, 2006, between the Registrant and Martin J. Wygod
99.1	Change of Control Definition, as Amended, in Section 3.1(e) of the 2000 Long-Term Incentive Plan of the Registrant

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EX-10.1

EXHIBIT 10.1

CONFORMED COPY

          AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) dated as of February 1, 2006, by and between EMDEON CORPORATION, a Delaware corporation (the “Company”), and CHARLES A. MELE (“Executive”).

          WHEREAS, Executive and the Company, a Delaware corporation, are party to an Employment Agreement dated as of July 1, 2000 (as previously amended and restated, the “Original Employment Agreement”); and

          WHEREAS, the Company and Executive desire to amend and restate the Original Employment Agreement;

          NOW, THEREFORE, in consideration of the mutual covenants in this Agreement, the parties agree as follows:

          1. Effectiveness of Agreement and employment of Executive.

          1.1. Effectiveness of Agreement. This Agreement shall become effective on the date set forth above (the “Effective Date”).

          1.2 Employment by the Company. (a) The Company hereby continues to employ Executive and Executive hereby accepts such continued employment by the Company. Executive’s title shall be Executive Vice President — General Counsel of the Company. Executive shall report to the Chief Executive Officer of the Company. Executive shall perform such duties and services for the Company and its subsidiaries (such subsidiaries, collectively, “Affiliates”) which shall be commensurate with his position and shall primarily consist of providing senior legal counsel to the Company.

          (b) Executive shall perform his duties hereunder at the Company’s headquarters in Elmwood Park, New Jersey. Executive shall use diligent efforts to promote the interests of the Company and its Affiliates, and shall devote substantially all of his business time and attention to his employment under this Agreement, provided, however, that Executive shall be permitted to manage his personal, financial and legal affairs that may from time to time require insubstantial portions of his working time, but would not singularly or in the aggregate interfere or be inconsistent with his duties and obligations under this Agreement.

          2. Compensation and Benefits.

          2.1. Salary. The Company shall pay Executive for services during the Employment Period (as defined in Section 3 below) a base salary at the annual rate of $450,000 (and as it may be increased pursuant to this Section 2.1, the “Base Salary”). Such Base Salary may be increased (but not decreased) from time to time in the sole discretion of the Company. The Base Salary

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shall be payable in equal installments, no less frequently than monthly, pursuant to the Company’s customary payroll policies in force at the time of payment, less any required or authorized payroll deductions.

          2.2. Benefits. During the Employment Period, Executive shall be entitled to participate, on the same basis and at the same level as other senior executive officers of the Company in any group insurance, hospitalization, medical, health and accident, disability, fringe benefit and tax-qualified retirement plans or programs of the Company now existing or hereafter established to the extent that he is eligible under the general provisions thereof.

          2.3. Expenses. Pursuant to the Company’s customary policies in force at the time of payment, Executive shall be promptly reimbursed, against presentation of vouchers or receipts therefor, for all expenses properly and reasonably incurred by him on behalf of the Company or its Affiliates in the performance of his duties hereunder. In furtherance of the foregoing, and not in limitation thereof, Executive shall be subject to the travel and entertainment policy applicable to senior executive officers of the Company.

          2.4 Vacation. Executive shall be entitled to eight weeks of paid vacation during each 12 month period of the Employment Period. Any unused portion of such vacation time shall be accrued and carried over to a subsequent 12 month period or periods at the discretion of Executive.

          2.5 Car Allowance. During the Employment Period, the Company shall provide Executive with a car allowance in accordance with Company policy.

          2.6 Bonus. Executive shall be eligible to receive an annual bonus to be determined by the Compensation Committee of the Board of Directors in its discretion payable at such time as bonuses are paid to similarly situated executive officers so long as Executive remains in the employ of the Company on the payment date (except as set forth in Section 5.2, 5.3, 5.5, and 5.6 below).

          3. Employment Period.

          Executive’s employment under this Agreement shall commence as of the Effective Date, and shall terminate on the fifth anniversary thereof, unless terminated earlier pursuant to Section 5 or automatically renewed pursuant to the terms of the immediately following sentence (the “Employment Period”). Unless written notice of either party’s desire to terminate the Employment Period has been given to the other party at least 30 days prior to the expiration of the Employment Period (or any one-month renewal thereof contemplated by this sentence), the Employment Period shall be automatically be renewed for successive one-month periods.

          4. Stock Options.

     Executive has been granted options (collectively referred to herein as the “Company Stock Options”) to purchase shares of the Company’s common stock and shares of restricted common stock of the Company (the “Restricted Stock” and collectively with the Company Stock

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Options being referred to herein as the “Company Equity”) pursuant to the respective equity plans of the Company, including any such plans assumed by the Company (collectively referred to herein as the “Company Equity Plans”) and the terms of the respective stock option agreement and restricted stock agreement entered into between Executive and the Company, including any such agreements assumed by the Company (collectively referred to herein as the “Company Equity Agreements”). Executive has been granted an option (the “WebMD Health Option” and collectively with the Company Equity being referred to as the “Existing Equity”) to purchase 44,000 shares of WebMD Health Corp. pursuant to the WebMD Health 2005 Long Term Incentive Plan (the “WebMD Health Plan”). Subject to Executive’s remaining in the employ of the Company (except as set forth in Sections 5.2, 5.3, 5.5 and 5.6 below), the Restricted Stock shall continue to vest and the Company Stock Options and WebMD Health Option shall become exercisable or, to the extent exercisable, remain exercisable in accordance with the terms of the applicable Company Stock Option Agreement and the WebMD Health Stock Option Agreement.

     5. Termination.

          5.1 Termination by the Company for Cause. (a) The Employment Period may be terminated at any time by the Company for Cause (as defined below). Upon such a termination, the Company shall have no obligation to Executive other than (i) the payment of Executive’s earned and unpaid Base Salary and accrued vacation time to the effective date of such termination and (ii) Executive shall not be entitled to any additional rights or vesting with respect to the Existing Equity following the effective date of such termination.

          (b) For purposes of this Agreement, the term “Cause” shall mean any of the following:

                  1. Any material breach by Executive of this Agreement, which breach, if susceptible to cure, is not cured by Executive within 30 days following written notice from the Company detailing such breach; or

                  2. Executive’s conviction of a felony.

          5.2 Death and Disability.

          (a) The Employment Period may be deemed terminated by the Company upon the death of Executive or Executive becoming Disabled (as defined below), and Executive or Executive’s estate shall be entitled to such benefits described in Section 5.3(a)(i)-(vi) that he would have been entitled to receive if the Employment Period were terminated by the Company without Cause (or any greater benefit as provided in the applicable Company Equity Plan or the WebMD Health Plan), provided, however, that the Company shall have no other obligation to Executive or Executive’s estate pursuant to this Agreement in the event that the Employment Period is terminated by the Company pursuant to this Section 5.2.

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          (b) For purposes of this Agreement, Executive shall be “Disabled” if (i) Executive becomes incapacitated by bodily injury or disease (including as a result of mental illness) so as to be unable to regularly perform the duties of his position for a period in excess of 180 days in any consecutive twelve-month period or (ii) a qualified independent physician mutually acceptable to the Company and Executive determines that Executive is mentally or physically disabled so as to be unable to regularly perform the duties of his position and such condition is expected to be of a permanent duration.

          5.3 Termination by the Company Without Cause.

          (a) The Employment Period may be terminated at any time by the Company without Cause. If the Company terminates the Employment Period without Cause, the Company shall have the following obligations to Executive (but excluding any other obligation to Executive pursuant to this Agreement):

(i)

a continuation of the Base Salary for a period (the “Severance Period”) commencing on the date of termination and ending on the third anniversary of the date of termination; provided that the Base Salary for the first six months of the Severance Period shall be paid to Executive in a lump sum at the end of such six-month period in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”); provided further that such delay in payment will not apply to the extent that guidance issued under Section 409A allows payment to be made when otherwise due without subjecting the Executive to additional taxes under Section 409A.

(ii)

Executive shall be eligible to continue to participate during the Severance Period, on the same terms and conditions that would have applied had he remained in the employ of the Company during the Severance Period, in all medical, vision, dental, life and disability plans provided to Executive pursuant to Section 2.2 at the time of such termination and which are provided by the Company to its employees following the date of termination (“Welfare Plans”), provided that Executive shall pay the amount of the employer portion of the applicable premiums for the first six months of the Severance Period, which amount will be reimbursed to him in a lump sum at the end of such six-month period, provided further that the Executive shall not be required to pay the premiums for coverage under the Welfare Plans for the first six months of the Severance Period to the extent that guidance under Section 409A allows such premiums to be paid by the Company without subjecting the Executive to additional taxes under Section 409A. With respect to any continuation of Executive’s insurance coverage under this Section 5.3(a)(ii), the Company may require Executive to elect “COBRA”, and, in such case, the Company will, subject to the provisos to the sentence above, pay that portion of the COBRA premium that the Company pays for active employees with the same coverage for the period that Executive is eligible for COBRA.

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(iii)	(A) if the termination of Executive’s employment occurs after the completion of the Company’s fiscal year, but prior to the payment of the bonus for that year contemplated by Section 2.6, Executive shall be entitled to receive the bonus otherwise payable in accordance with such Section (if any) at such time as bonuses are paid generally to executive officers for such year (but in no event later than March 15 of the year following the year for which the bonus is payable); (B) payment by the Company to Executive of a bonus for the fiscal year in which the termination of employment occurs payable at such time as bonuses are paid generally to executive officers for such year, but no later than March 15 of the year following the year for which the bonus is payable (except if later and if necessary to avoid subjecting the Executive to additional taxes under Section 409A, the date that is six months after the date the Executive terminates employment), the amount (the “Prior Bonus Payment”) of which to be the greater of (i) the bonus paid by the Company to the Executive for the fiscal year immediately prior to the date of termination (if any) and (ii) the average of the bonus payments paid for the three years immediately prior to the date of termination and (C) payment by the Company to Executive of a bonus for the two years following the fiscal year in which the termination of employment occurs payable at such time as bonuses are paid generally to executive officers for such years, the amount of each bonus being the Prior Bonus Payment.
(iv)	the vested options to purchase the Company’s common stock that Executive currently holds other than the option granted March 17, 2004 (the “Affected Parent Options”) shall remain exercisable until such stock option would expire under the terms of the Stock Option Agreement pursuant to which such stock option was granted, and otherwise be treated for purposes of the terms and conditions thereof as if Executive was employed by the Company until the latest possible date;
(v)	the option to purchase the Company’s common stock and the restricted stock granted on March 17, 2004 shall be deemed fully vested and such option shall remain exercisable for the post termination exercise period specified in the option agreement plus an extension to the later of (A) the 15th day of the third month following such post-termination exercise period or (B) December 31 of the calendar in which such post-termination exercise period would terminate (but in no event to a date after the termination of the original 10 year term); and
(vi)	that portion of the WebMD Health Option that would have vested on the next vesting date following the date of termination shall be deemed vested on the date of termination and the WebMD Health Option shall remain exercisable for the post termination exercise period specified in the option agreement plus an extension to the later of (A) the 15th day of the third month following such post-termination exercise period or (B) December 31 of the calendar in which such post-termination exercise period would

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terminate (but in no event to a date after the termination of the original 10 year term);

provided further, that the continuation of the payments, benefits and option exercisability described in clause (i)-(vi) above shall cease on the occurrence of any material breach of the covenants contained in Section 6 below; provided further, however, that Executive’s eligibility to participate in the Welfare Plans shall cease at such time as Executive is offered comparable coverage with a subsequent employer. If Executive is precluded from participating in any Welfare Plan by its terms or applicable law, the Company shall provide Executive with benefits that are reasonably equivalent in the aggregate to those which Executive would have received under such plan had he been eligible to participate therein (provided that the Company’s liability shall not exceed three times the amount it would incur if Executive was covered by the Company’s plans). Anything to the contrary herein notwithstanding in Section 5.2 or this Section 5.3, the Company shall have no obligation to continue to maintain any Welfare Plan solely as a result of the provisions of this Agreement.

          (b) Notwithstanding anything to the contrary in this Agreement, notice by the Company to Executive that the Company wishes to terminate the Employment Period prior to or during any automatic renewal thereof pursuant to Section 3 hereof shall be deemed to be a termination by the Company without Cause pursuant to this Section 5.3. For the avoidance of doubt, any termination or expiration of the Employment Period other than pursuant to Section 5.1, 5.2, 5.5 or 5.8 hereof shall be deemed to be a termination pursuant to this Section 5.3.

          5.4 Liquidated Damages. Executive acknowledges that the payment in full of all amounts and benefits due to him under Section 5.3, Section 5.5 or Section 5.6 resulting from a termination of the Employment Period by the Company without Cause, by Executive for Good Reason or after a Change in Control (as such terms are defined below) are in lieu of any and all claims that Executive may have against the Company any of its Affiliates (including, without limitation, any discrimination claims under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act and similar federal and state laws and regulations) other than benefits under the Company’s employee benefit plans that by their terms survive termination of employment, benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and rights to indemnification under certain indemnification arrangements for officers of the Company), and represent liquidated damages (and not a penalty). The Company may request that Executive confirm such acknowledgment in writing prior to the receipt of such benefits.

          5.5 Termination by Executive for Good Reason.

          (a) Executive may terminate his employment with the Company during the Employment Period (and the Employment Period will be terminated) for Good Reason. If Executive terminates his employment with the Company for Good Reason, Executive shall be entitled to such benefits as described in Section 5.3(a) that he would have been entitled to receive as if the Employment Period were terminated by the Company without Cause.

          (b) For purposes of this Agreement, the term “Good Reason” shall mean any of the following conditions or events which condition(s) or event(s) shall remain in effect 30 days after

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written notice is provided by Executive to the Company detailing such condition or event:

          1. a material reduction in Executive’s title or responsibilities with the Company after the Effective Date;

          2. if, for any reason, Executive is required to report to anyone other than the Chief Executive Officer;

          3. any reduction in the Base Salary or material fringe benefits provided by the Company;

          4. any material breach by the Company of this Agreement;

          5. Executive is required to relocate his place of work to a location that is more than 25 miles of his current residence; or

          6. six months following a Change in Control of the Company, so long as Executive remains in the employ of the successor or the Company during such six month period (unless the successor terminates Executive’s employment without Cause or Executive resigns for Good Reason (other than under this paragraph 6) during such six month period); provided that in such event, Executive shall be entitled to the payments and benefits described in Section 5.6(b);

          5.6 (a) Change in Control.

          For purposes of this Agreement, a “Change in Control” of the Company shall have the meaning specified in the Company’s 2000 Long Term Incentive Plan in effect as of the Effective Date. For the avoidance of doubt, no public offering or any split-off, spin-off or other divesture of WebMD Health by the Company to stockholders shall constitute a Change in Control of the Company or of WebMD Health for purposes of the Agreement.

                  For purposes of this Agreement, a “Change in Control” of WebMD Health shall be deemed to have occurred:

(i)

when any “person”, as defined in Section 3(a)(9) of the Securities Exchange Act, and as used in Sections 13(d) and 14(d) thereof, including a “group”, as defined in Section 13(d) and 14(d) thereof (but excluding WebMD Health (and any successor to WebMD Health in a transaction which did not result in a Change in Control), any subsidiary or parent of WebMD Health and any employee benefit plan sponsored or maintained by WebMD Health or any subsidiary or parent of WebMD Health (including any trustee of such plan acting as trustee)) directly or indirectly becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of WebMD Health representing more than 50% of the combined voting power of its then outstanding securities;

(ii)

when, at any time during the Employment Period, the individuals who constitute the WebMD Health Board on the Effective Date (the “WebMD Health Incumbent

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Directors”) cease for any reason to constitute at least a majority thereof; provided, however, that a director who was not a director at the Effective Date shall be deemed to be a WebMD Health Incumbent Director if such director was elected by, or on the recommendation of or with the approval of at least a majority of the directors of WebMD Health who then qualified as WebMD Health Incumbent Directors, either actually (because they were directors on the Effective Date) or by prior operation of this clause (ii);

(iii)	when there is consummated a merger or consolidation of WebMD Health with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of WebMD Health outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of WebMD Health or any subsidiary or parent of WebMD Health, more than 50% of the combined voting power of the securities of WebMD Health or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of WebMD Health (or similar transaction) in which no person becomes the beneficial owner, directly or indirectly, of securities of WebMD Health representing more than 50% of the combined voting power of WebMD Health’s then outstanding securities;
(iv)	when there is a sale or disposition of all or substantially all of WebMD Health’s assets, other than a sale or disposition by WebMD Health of all or substantially all of its assets to an entity, at least 50% of the combined voting power of the outstanding securities of which are owned by stockholders of WebMD Health in substantially the same proportions as their ownership of WebMD Health immediately prior to such sale; or
(v)	when WebMD Health adopts a plan of complete liquidation.

(b) In the event of the occurrence of a Change in Control of Emdeon, the Executive may resign at any time following the six month anniversary of such Change in Control upon 30 days prior written notice and receive the benefits as if his employment was terminated by the Company without Cause provided that (i) the Severance Period for purposes of salary continuation shall be the longer of the remainder of the Employment Period and three years (such period being the “Change in Control Payment Period”) and (ii) the Bonus shall be paid for each year during the Change in Control Payment Period (prorated for partial years) and the amount of such bonus for each year shall be the Prior Bonus Payment and (iii) the WebMD Health Option shall be deemed fully vested on the date of termination and the post termination exercise period shall be as specified in Section 5.3(a)(vi). In the event that Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason (other than under paragraph 6 of the definition of Good Reason) or as a result of his death or his becoming Disabled at any time following a Change in Control, Executive shall be entitled to the benefits set forth in this Section 5.6(b) (or such greater benefits as may be provided in the applicable Company Equity Plan or WebMD Health Plan with respect to death or becoming Disabled).

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(c) In the event of the occurrence of a Change in Control of WebMD Health or WebMD Health is no longer an Affiliate (as defined in the WebMD Health Equity Plan) of the Company, the WebMD Health Option shall be deemed fully vested on such date of the Change in Control of WebMD Health or the date that the Company is no longer an Affiliate of WebMD Health and the post termination exercise period shall be as specified in Section 5.3(a)(iv).

          5.7 Inconsistent Equity Plan and Equity Agreement Provisions. In the event that Executive’s employment by the Company is terminated pursuant to Section 5.2, 5.3, 5.5 or 5.6 hereof, notwithstanding anything to the contrary contained in any Company Equity Plan, WebMD Health Plan or Company Equity Agreement or WebMD Health Stock Option Agreement, all of such Existing Equity shall be treated in the manner described in Section 5.3(a)(iv), (v) and (vi) or Section 5.6(b) and (c), as applicable.

          5.8. Termination by Executive Without Good Reason. Executive may resign from his employment with the Company at any time without Good Reason. Upon such a termination, the Company shall have no obligation other than (i) the payment of Executive’s earned and unpaid Base Salary and accrued vacation time to the effective date of such termination and (ii) as provided in the Company Equity Agreements and the WebMD Health Stock Option Agreement.

          5.9 Section 409A. Any payments required to be paid to Executive pursuant to this Agreement during the first six months following the termination of Executive’s employment shall be paid to Executive in a lump sum at the end of such six-month period in accordance with the requirements of Section 409A , provided that such delay in payments will not apply to the extent that guidance issued under Section 409A allows payments to be made when otherwise due without subjecting the Executive to additional taxes under Section 409A.

          6. Covenants of Executive.

          6.1 Confidentiality.

                  Executive understands and acknowledges that in the course of his employment, he will have access to and will learn information that is proprietary to, or confidential to the Company and its Affiliates that concerns the operation, methodology and plans of the Company and its Affiliates, including, without limitation, business strategy and plans, financial information, protocols, proposals, manuals, clinical procedures and guidelines, technical data, computer source codes, programs, software, know-how and specifications, copyrights, trade secrets, market information, Developments (as defined in Section 6.4 below), information regarding acquisition and other strategic partner candidates, and customer information (collectively, “Proprietary Information”). Executive agrees that, (i) at all times (including following termination of his employment with the Company) with respect to Proprietary Information, he will keep confidential and will not disclose directly or indirectly any such Proprietary Information to any third party, except as required to fulfill his duties hereunder, and will not misuse, misappropriate or exploit such Proprietary Information in any way. The restrictions contained herein shall not apply to any information which Executive can demonstrate (i) was already available to the public at the time of disclosure, or subsequently becomes available to the public, otherwise than by breach of this Agreement by Executive or (ii) was the

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subject of a court order for Executive to disclose. Upon any termination of Executive’s employment, Executive shall immediately return to the Company all copies of any Proprietary Information in his possession.

          6.2. Restrictions on Solicitation. During the period (the “Restricted Period”) beginning on the Effective Date and ending on the later of (x) the second anniversary of the date of cessation of the employment of Executive for any reason whatsoever and (y) the termination of the Severance Period, Executive shall not, directly or indirectly, without the prior written approval of the Company, solicit or contact any customer, or any prospective customer (with whom Executive had material contact during his employment by the Company) of the Company or any of the Affiliates for any commercial pursuit which is in competition with the Company or any of the Affiliates or take away or interfere or attempt to interfere with any custom, trade, business or patronage of the Company or any of the Affiliates. During the Restricted Period, Executive shall not, directly or indirectly, without the prior written approval of the Company, solicit or induce, or attempt to induce, any employees, agents or consultants of or to the Company or any of the Affiliates (or any person who was such an employee, agent or consultant within the preceding 12 months) to leave the employ of the Company or such Affiliate or do anything from which Executive is restricted by reason of this Agreement nor shall Executive, directly or indirectly, offer or aid others to offer employment to or interfere or attempt to interfere with any employees, agents or consultants of the Company or any of the Affiliates (or any person who was such an employee, agent or consultant within the preceding 12 months).

          6.3. Restrictions on Competitive Employment.

          (a) During the Restricted Period, Executive shall not, anywhere in the United States, directly or indirectly, without the prior written approval of the Company, own an interest in or, as principal, agent, employee, consultant or otherwise, engage in activities for or render services to, any firm or business (i) engaged in direct competition with the Company or any of its Affiliates, (ii) conducting a business of the type and character engaged in by the Company or any of its Affiliates at the time of termination, (iii) developing products or services competitive with those of the Company or any of its Affiliates or (iv) conducting any business in which the Company or any of its Affiliates is then engaged if Executive has engaged in activities for such business of the Company or such Affiliates or obtained Proprietary Information with respect thereto (all of the businesses in clauses (i), (ii), (iii) and (iv) collectively, “Competitive Business”). Notwithstanding the foregoing, (A) Executive may have an interest consisting of publicly traded securities constituting less than 5 percent of any class of publicly traded securities in any public company engaged in a Competitive Business so long as he is not employed by and does not consult with, or become a director of or otherwise engage in any activities for, such company and (B) in determining whether business is a Competitive Business, only the activities engaged in by the Company at the time of termination of Executive’s employment shall be considered.

          (b) For purposes of the covenant not to compete set forth in paragraph (a) above, Executive acknowledges that the Company and its Affiliates presently conduct their businesses throughout the United States. Executive agrees that the Restricted Period and the geographical areas encompassed by such covenant are necessary and reasonable in order to protect the

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Company and its Affiliates in the conduct of their businesses. The parties intend that the foregoing covenant of Executive shall be construed as a series of separate covenants, one for each geographic area specified. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant set forth in paragraph (a) above. To the extent that the foregoing covenant or any provision of this Section 6.3 shall be deemed illegal or unenforceable by a court or other tribunal of competent jurisdiction with respect to (i) any geographic area, (ii) any part of the time period covered by such covenant, (iii) any activity or capacity covered by such covenant or (iv) any other term or provision of such covenant, such determination shall not affect such covenant with respect to any other geographic area, time period, activity or other term or provision covered by or included in such covenant.

          6.4. Assignment of Developments. All Developments that are at any time made, conceived or suggested by Executive, whether acting alone or in conjunction with others, arising out of or as a result of Executive’s employment with the Company shall be the sole and absolute property of the Company and its Affiliates, free of any reserved or other rights of any kind on Executive’s part. During Executive’s employment and, if such Developments were made, conceived or suggested by Executive during or as a result of Executive’s employment under this Agreement or any other employment with the Company or the Affiliates, thereafter, Executive shall promptly make full disclosure of any such Developments to the Company, and, at the Company’s cost and expense, do all acts and things (including, among others, the execution and delivery under oath of patent and copyright applications and instruments of assignment) deemed by the Company to be necessary or desirable at any time in order to effect the full assignment to the Company of Executive’s right and title, if any, to such Developments. For purposes of this Agreement, the term “Developments” shall mean all data, discoveries, findings, reports, designs, inventions, improvements, methods, practices, techniques, developments, programs, concepts, and ideas, whether or not patentable, relating to the present or planned activities, or future activities, or the products and services of the Company or any of the Affiliates.

          6.5. Remedies. Executive acknowledges and agrees that damages for a breach or threatened breach of any of the covenants set forth in this Section 6 will be difficult to determine and will not afford a full and adequate remedy, and therefore agrees that the Company, in addition to seeking actual damages in connection therewith and the termination of the Company’s obligations in Sections 5.2, 5.3 or 5.5, may seek specific enforcement of any such covenant in any court of competent jurisdiction, including, without limitation, by the issuance of a temporary or permanent injunction.

          7. Notices.

          Any notice or communication given by either party hereto to the other shall be in writing and personally delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to the following addresses:

(a) if to the Company:

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Emdeon Corporation
Center 2
669 River Drive
Elmwood Park, New Jersey
Attention: Chief Executive Officer

(b) if to Executive at the address specified in the Company’s payroll records.

     Any notice shall be deemed given when actually delivered to such address, or three days after such notice has been mailed or sent by Federal Express, whichever comes earliest. Any person entitled to receive notice may designate in writing, by notice to the other, such other address to which notices to such person shall thereafter be sent.

          8. Certain Additional Payments By The Company.

          8.1 Gross-Up Payment. Anything in this Agreement to the contrary or any termination of this Agreement notwithstanding, in the event it shall be determined that any payment or distribution or benefit received or to be received by Executive pursuant to the terms of this Agreement or any other payment or distribution or benefit made or provided by the Company or any of its Affiliates, to or for the benefit of Executive (whether pursuant to this Agreement or otherwise and determined without regard to whether any additional payments required under this Section 8) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the United States Internal Revenue Code (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, is hereinafter collectively referred to as the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income and employment taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the sum of (x) the Excise Tax imposed upon the Payments and (y) the product of any deductions actually disallowed under Section 68 of the Code solely as a direct result of the inclusion of the Gross-Up Payment in the Executive’s adjusted gross income and the highest applicable marginal rate of federal income taxation for the calendar year in which the Gross-Up Payment is to be made. For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the calendar year in which the Gross-Up Payment is to be made and (ii) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes.

          8.2 Gross-Up Payment Calculation. Subject to the provisions of Sections 8.1 and 8.3, all determinations required to be made under this Section 8, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by the Company’s certified public

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accounting firm (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and Executive within 15 business days of the receipt of notice from Executive or the Company that there has been a Payment, or such earlier time as is requested by the Company. All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 8, shall be paid by the Company to Executive within five days of the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made (“Underpayment”), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Section 8.3 and Executive thereafter is required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive.

          8.3 Claim by the IRS. Executive shall notify the Company in writing of any claim by the U.S. Internal Revenue Service (the “IRS”) that, if successful, would require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten business days after Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the 30-day period following the date on which Executive gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such period that it desires to contest such claim, Executive shall:

          (i) give the Company any information reasonably requested by the Company relating to such claim;

          (ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; and

          (iii) cooperate with the Company in good faith in order effectively to contest such claim;

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any Excise Tax or income and employment tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of this Section 8.3, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and

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may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive shall agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs Executive to pay such claim and sue for a refund, the Company shall, to the extent permitted under applicable law, advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income and employment tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the IRS or any other taxing authority.

          8.4 Entitlement to Refund. If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 8.3, Executive becomes entitled to receive any refund with respect to such claim, Executive shall (subject to the Company’s complying with the requirements of Section 8.3) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to Section 8.3, a determination is made that Executive shall not be entitled to any refund with respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.

          9. Miscellaneous.

          9.1. Entire Agreement. This Agreement and the Company Equity Plans and Agreements and the WebMD Health Stock Option Agreement and WebMD Health Plan contain the entire understanding of the parties in respect of their subject matter. This Agreement supersedes upon its effectiveness all other prior agreements and understandings between the parties with respect to such subject matter (including, without limitation, the Original Employment Agreement).

          9.2 Amendment; Waiver. This Agreement may not be amended, supplemented, canceled or discharged, except by written instrument executed by the party against whom enforcement is sought. No failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall operate as a waiver thereof. No waiver of any breach of any provision of this Agreement shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision.

          9.3. Binding Effect; Assignment. The rights and obligations of this Agreement shall bind and inure to the benefit of any successor of the Company by reorganization, merger or

14

consolidation, or any assignee of all or substantially all of the Company’s business and properties. The Company may assign its rights and obligations under this Agreement to any of its Affiliates without the consent of Executive so long as the Company remains responsible for the payment of the obligations hereunder. Executive’s rights or obligations under this Agreement may not be assigned by Executive, except that the rights specified in Section 5.2 shall pass upon Executive’s death to Executive’s executor or administrator.

          9.4. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

          9.5. Governing Law; Interpretation; Jurisdiction; Legal Fees. This Agreement shall be construed in accordance with and governed for all purposes by the laws and public policy (other than conflict of laws principles) of the State of New Jersey applicable to contracts executed and to be wholly performed within such State and the courts sitting in Bergen County, New Jersey shall have exclusive jurisdiction of the Company and Executive for the purposes of adjudicating any disputes under this Agreement. Executive and the Company hereby consent to personal jurisdiction and venue in the courts of Bergen County, New Jersey and hereby waive any claim or defense that the party lacks minimum contacts with the forum, that the courts of the State of New Jersey lack personal jurisdiction of the parties, or that the courts of the State of New Jersey are an improper or inconvenient venue. The Company agrees that if an action is commenced by the Company or Executive hereunder and the Executive prevails or such action is settled by the parties, the Company shall reimburse Executive for his reasonable legal fees in connection with such action.

          9.6. Further Assurances. Each of the parties agrees to execute, acknowledge, deliver and perform, and cause to be executed, acknowledged, delivered and performed, at any time and from time to time, as the case may be, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney and assurances as may be reasonably necessary to carry out the provisions or intent of this Agreement.

          9.7. Severability. The parties have carefully reviewed the provisions of this Agreement and agree that they are fair and equitable. However, in light of the possibility of differing interpretations of law and changes in circumstances, the parties agree that if any one or more of the provisions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall, to the extent permitted by law, remain in full force and effect and shall in no way be affected, impaired or invalidated. Moreover, if any of the provisions contained in this Agreement are determined by a court of competent jurisdiction to be excessively broad as to duration, activity, geographic application or subject, it shall be construed, by limiting or reducing it to the extent legally permitted, so as to be enforceable to the extent compatible with then applicable law.

          9.8. Withholding Taxes. All payments hereunder shall be subject to any and all applicable federal, state, local and foreign withholding taxes.

          9.9. Term. Notwithstanding the term of the Employment Period as determined

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pursuant to Section 3 hereof, each obligation of the Company and the Executive, as the case may be, that arose during or as a result of the termination of the Employment Period, including, without limitation, pursuant to Sections 2, 5, 6 and 8 hereof, shall survive the termination of the Employment Period until such obligation is fulfilled in its entirety pursuant to the terms hereof.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

EMDEON CORPORATION
/s/ Andrew C. Corbin
Name:	Andrew C. Corbin
Title:	Executive Vice President
	and Chief Financial Officer

EXECUTIVE

   /s/ Charles A. Mele

Charles A. Mele

Accepted and Agreed
with respect to the provisions regarding the WebMD Health Option:

WEBMD HEALTH CORP. (with respect to the
provisions related to the WebMD Health Option)

/s/ Anthony Vuolo
Name:	Anthony Vuolo
Title:	Executive Vice President and
	Chief Financial Officer

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EX-10.2

EXHIBIT 10.2

CONFORMED COPY          

[Emdeon Letterhead]

February 1, 2006

Kevin Cameron
[Address]

Dear Kevin:

Reference is made to the Employment Agreement dated September 23, 2005 (the “Employment Agreement”) between you and Emdeon Corporation (formerly known as WebMD Corporation, the “Company”).

1. Termination without Cause — WebMD Health Option. (A) Section 4.4 of the Employment Agreement is hereby amended by inserting a new clause (iv) to read as follows:

(iv) that portion of the option to purchase shares of WebMD Health Corp. (“WebMD Health”) common stock granted to you on September 28, 2005 (the “WebMD Health Option”) that would have vested on the next vesting date following the date of termination shall be deemed vested on the date of termination and the WebMD Health Option shall remain exercisable for the post termination exercise period specified in the applicable option agreement plus an extension to the later of (A) the 15^th day of the third month following such post-termination exercise period or (B) December 31 of the calendar in which such post-termination exercise period terminates (but in no event to a date after the termination of the original 10 year term).

(B) The first proviso immediately following clause (iv) is hereby amended by inserting the words “and the acceleration of vesting of the next vesting of the WebMD Health Option and the continued exercisability of the WebMD Health Option” immediately following the words “Existing Stock Options” in the second line of such proviso.

2. Change in Control. (A) The second sentence of Section 4.5 of the Employment Agreement is amended by adding after clause (iv) a new clause (v) to read as follows:

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“and (v) the WebMD Health Option shall be deemed fully vested on the date of termination and the post termination exercise period shall be as specified in Section 4.4(iv)”.

     (B) The definition of a “Change in Control” contained in the last sentence of Section 4.5 is hereby amended in its entirety to read as follows:

       “For purposes of this Agreement, a “Change in Control” shall have the meaning specified in the Company’s 2000 Long Term Incentive Plan as in effect on the date hereof. For the avoidance of doubt, no public offering or any split-off, spin-off or other divestiture of WebMD Health by the Company to stockholders shall constitute a Change in Control of the Company or of WebMD Health for purposes of the Agreement.”

     (C) Section 4.5 of the Employment Agreement is hereby amended by inserting a subsection (B) at the end thereof:

     “(B) For purposes of this Agreement, a “Change in Control of WebMD Health” shall be deemed to have occurred:

(i)	when any “person”, as defined in Section 3(a)(9) of the Securities Exchange Act, and as used in Sections 13(d) and 14(d) thereof, including a “group”, as defined in Section 13(d) and 14(d) thereof (but excluding WebMD Health (and any successor to WebMD Health in a transaction which did not result in a Change in Control), any subsidiary or parent of WebMD Health and any employee benefit plan sponsored or maintained by WebMD Health or any subsidiary or parent of WebMD Health (including any trustee of such plan acting as trustee)) directly or indirectly becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of securities of WebMD Health representing more than 50% of the combined voting power of its then outstanding securities;
(ii)	when, at any time during the Employment Period, the individuals who constitute the WebMD Health Board on the Effective Date (the “WebMD Health Incumbent Directors”) cease for any reason to constitute at least a majority thereof; provided, however, that a director who was not a director on February 1, 2006 shall be deemed to be a WebMD Health Incumbent Director if such director was elected by, or on the recommendation of or with the approval of at least a majority of the directors of WebMD Health who then qualified as WebMD Health Incumbent Directors, either actually (because they were directors on February 1, 2006) or by prior operation of this clause (ii);
(iii)	when there is consummated a merger or consolidation of WebMD Health with any other corporation, other than (A) a merger or consolidation which would result in the voting securities of WebMD Health outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining

2

	outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of WebMD Health or any subsidiary or parent of WebMD Health, more than 50% of the combined voting power of the securities of WebMD Health or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger or consolidation effected to implement a recapitalization of WebMD Health (or similar transaction) in which no person becomes the beneficial owner, directly or indirectly, of securities of WebMD Health representing more than 50% of the combined voting power of WebMD Health’s then outstanding securities;
(iv)	when there is a sale or disposition of all or substantially all of WebMD Health’s assets, other than a sale or disposition by WebMD Health of all or substantially all of its assets to an entity, at least 50% of the combined voting power of the outstanding securities of which are owned by stockholders of WebMD Health in substantially the same proportions as their ownership of WebMD Health immediately prior to such sale; or
(v)	when WebMD Health adopts a plan of complete liquidation.

In the event of the occurrence of a Change in Control of WebMD Health or WebMD Health is no longer an Affiliate (as defined in the WebMD Health Corp. 2005 Long Term Incentive Plan) of the Company, the WebMD Health Option shall be deemed fully vested on such date of the Change in Control of WebMD Health or the date that the Company is no longer an Affiliate of WebMD Health and the post termination exercise period shall be as specified in Section 4.4(iv).”

3.	Good Reason. Section 4.6 of the Employment Agreement is amended by inserting in the last sentence thereof “and the acceleration of vesting of the next vesting of the WebMD Health Option and the continued exercisability of the WebMD Health Option” immediately following the words “Existing Stock Options” in the second line of such sentence.
4.	Permanent Disability; Death. Section 4.2 of the Employment Agreement is amended by inserting the following sentence at the end thereof: “For the sake of clarity, in the event that Executive’s employment is terminated as a result of his death or a Permanent Disability following a Change in Control of the Company, Executive (or his estate) shall be entitled to the payments and benefits specified in Section 4.5 (or such greater benefits as may be provided in the applicable equity plan with respect to death or Disability).”
5.	Section 409A Amendments. Section 4 of the Employment Agreement is hereby amended by inserting a new Section 4.8 to read as follows: “Any payments (including, without limitation, salary continuation and the payment of insurance premiums) required to be paid to Executive pursuant to Sections 4.2, 4.4, 4.5 or 4.6 of this Agreement during the first six months following the termination of

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Executive’s employment shall be paid to or on behalf of Executive in a lump sum at the end of such six-month period in accordance with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), provided that such delay in payments will not apply to the extent that guidance issued under Section 409A allow payments to be made when otherwise due without subjecting the Executive to additional taxes under Section 409A.”

You hereby acknowledge that in no event is the Employment Agreement intended to extend the term of any option granted to you beyond the original 10 year term applicable to the option.

By signing below you acknowledge your acceptance of this amendment. Except as set forth herein, the Employment Agreement remains in full force and effect and is hereby ratified in all respects. All references to the Employment Agreement shall be deemed a reference to the Employment Agreement as amended hereby.

EMDEON CORPORATION
/s/ Andrew C. Corbin
Name: Title:	Andrew C. Corbin Executive Vice President and Chief Financial Officer

Acknowledged and Agreed

/s/ Kevin M. Cameron

Kevin Cameron

Dated: February 1, 2006

WEBMD HEALTH CORP. (with respect to the provisions related to the WebMD Health Option)
/s/ Anthony Vuolo
Name: Title:	Anthony Vuolo Executive Vice President and Chief Financial Officer

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EX-10.3

EXHIBIT 10.3

CONFORMED COPY          

[Letterhead of Emdeon Corporation]

February 1, 2006

Martin J. Wygod
[Address]

Dear Marty:

The purpose of this Letter Agreement is (1) to amend your Employment Agreement (the “Employment Agreement”) dated August 3, 2005 with Emdeon Corporation (formerly known as WebMD Corporation, the “Company”) and (2) to notify you of certain equity awards that have been granted to you.

     1. Amendment to Employment Agreement. Reference is made to your Employment Agreement. The definition of a “Company Change in Control” contained in Section 4(b) of the Employment Agreement is amended in its entirety to read as follows:

          “For purposes of this Agreement, a “Company Change in Control” shall have the meaning specified in the Company’s 2000 Long Term Incentive Plan as in effect on the date hereof. For the avoidance of doubt, no public offering or any split-off, spin-off or other divestiture of WebMD Health by the Company to stockholders shall constitute a Company Change in Control.”

     2. Equity Grants. The Compensation Committee of the Board of Directors of Emdeon approved the following equity grants to you on January 27, 2006 (“date of grant”):

               (a) A nonqualified option to purchase 500,000 shares of the Company’s common stock under the Company’s 1996 Stock Plan and a nonqualified option to purchase 100,000 shares under the Company’s 2000 Long Term Incentive Plan (collectively, the “New Options”). The per share exercise price shall be the closing price of the Company’s common stock on the date of grant and the New Options shall vest subject to your continued employment on the applicable vesting dates (subject to the terms of the Employment Agreement) in equal annual installments of 25% commencing on the first anniversary of the date of grant. The New Options will have a term of ten years, subject to earlier expiration in the event of termination of employment. The New

Options are “Outstanding Equity” for purposes of the Employment Agreement. Subject to the terms of the Employment Agreement, the New Options shall be evidenced by the Company’s standard form of option agreement.

               (b) 150,000 shares of Restricted Stock (the “Restricted Shares”) under the terms of the 2000 Long Term Incentive Plan. The Restricted Shares shall vest and the restrictions thereon lapse in equal annual installments of 33-1/3% commencing on the first anniversary of the date of grant subject to your continued employment on the applicable dates except as set forth in the Employment Agreement. The Restricted Shares are “Outstanding Equity” for purposes of the Employment Agreement. Subject to the terms of the Employment Agreement, the Restricted Shares shall be evidenced by the Company’s standard form of restricted stock agreement.

Except as set forth herein, the Employment Agreement remains in full force and effect and is hereby ratified in all respects. All references to the Employment Agreement shall be deemed a reference to the Employment Agreement as amended hereby.

EMDEON CORPORATION
/s/	Andrew C. Corbin
Name:	Andrew C. Corbin
Title:	Executive Vice President
	and Chief Financial Officer

Acknowledged and Agreed

/s/ Martin J. Wygod

Martin J. Wygod

Dated: Februray 1, 2006

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EX-99.1

EXHIBIT 99.1

Change of Control Definition, As Amended,
in Section 3.1(e) of the 2000 Long-Term Incentive Plan of Emdeon Corporation

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

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

     (ii) any person becomes a “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of securities of the Corporation representing 25% or more of the combined voting power of the Corporation’s then outstanding securities eligible to vote for the election of the Board (the “Company Voting Securities”) and, in connection therewith, the Committee has determined, in its sole discretion, that a change in control of the Corporation has occurred or is reasonably expected to occur, taking into consideration all relevant facts and circumstances, including, but not limited to, any changes in the membership or structure of the Board; provided, however, that the event described in this paragraph (ii) shall not be deemed to be a Change in Control of the Corporation by virtue of any of the following acquisitions: (A) any acquisition by a person who is on the Effective Date the beneficial owner of 25% or more of the outstanding Company Voting Securities, (B) an acquisition by the Corporation which reduces the number of Company Voting Securities outstanding and thereby results in any person acquiring beneficial ownership of more than 25% of the outstanding Company Voting Securities; provided, that if after such acquisition by the Corporation such person becomes the beneficial owner of additional Company Voting Securities that increases the percentage of outstanding Company Voting Securities beneficially owned by such person, a Change in Control of the Corporation shall then occur, (C) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any Parent or Subsidiary, (D) an acquisition by an underwriter temporarily holding securities pursuant to an offering of such securities, or (E) an acquisition pursuant to a Non-Qualifying Transaction (as defined in paragraph (iii)); or

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

Notwithstanding anything herein to the contrary, neither the consummation of the merger contemplated by that certain Agreement and Plan of Merger dated as of February 13, 2000 between the Corporation and Medical Manager Corporation, as amended, nor the consummation of the merger contemplated by that certain Agreement and Plan of Merger dated as of February 13, 2000 among the Corporation, Avicenna Systems Corporation and CareInsite, Inc., as amended, shall be deemed to be a “Change of Control” for purposes of this Section 3.1(e).

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