Document:

Exhibit

Exhibit 10.46

PERFORMANCE SHARE UNIT AGREEMENT FOR NON-U.S. PARTICIPANTS UNDER THE
CATALENT, INC.

2014 OMNIBUS INCENTIVE  PLAN

(Performance Period commencing on July 1, 2016 and ending on June 30, 2019)

Pursuant to the Performance Share Unit Grant Notice for Non-U.S. Participants (the “Grant  Notice”) delivered to the Participant (as defined in the Grant Notice), and subject to the terms of this Performance Share Unit Agreement for Non-U.S. Participants (this “Performance Share  Unit  Agreement”), including any special terms and conditions for the Participant’s country set  forth  in  Appendix 1 attached hereto (collectively, along with Exhibit A, this “Agreement”),  and  the  Plan,  Catalent, Inc. (the “Company”) and the Participant agree as  follows.

1.Definitions. Whenever the following terms are used in this Agreement,  they shall  have the meanings set forth below.  Capitalized terms not defined in this Agreement have the meaning set forth  in the Plan or the Grant Notice, as applicable.

(a)Employment.   The term “Employment” means the Participant’s employment as an employee of the Company or any of its Affiliates or  Subsidiaries.

(b)Performance Period. The term “Performance Period” means the period commencing on July 1, 2016 and ending on June 30, 2019.

(c)Performance Share Unit. The term “Performance Share Unit” means a performance-based Restricted Stock Unit granted pursuant to Section 11 of the Plan.

(d)Period of Service. The term “Period of Service” means the continuous period of  the Participant’s Employment up to the Termination Date, and also includes any prior period of  Employment separated by: (i) any break in Employment as a result  of  a leave  of absence  authorized by the Company or by law; and (ii) any break in Employment not  authorized by the Company or by law lasting twelve (12) months or less.

		
	(e)
	Plan. The term “Plan” means the 2014 Omnibus Incentive Plan, as in effect from

time to time.

(f)Restrictive Covenant Violation. The term “Restrictive  Covenant  Violation”  means the Participant’s breach of any of the Restrictive Covenants set forth in Section 10 of  this  Agreement or any covenant regarding confidentiality, competitive activity, solicitation of the Company’s   or any of its Affiliates’ or Subsidiaries’ vendors, suppliers, customers or employees or any  similar  provision applicable to or agreed to by the Participant, all to the extent permitted by law.

(g)Retirement. The term “Retirement” means a Termination (other than a  Termination when grounds existed for a Termination for Cause at the time thereof) initiated by the Participant that occurs on or after the date on which the sum of the Participant’s age and Period of Service (calculated in months) equals sixty-five (65) years,  so long as the Participant  is at least  fifty-five (55)  years old and provides at least six (6) months’ notice of his or her intention to retire.

(h)Termination Date. The term “Termination Date” shall mean the date upon which the Participant incurs a Termination for any  reason.

2.Grant of Performance Share Units. Subject to the terms and conditions set forth in this Agreement,  the Grant Notice and the Plan, for good and valuable consideration, the Company hereby grants to the Participant the EPS and RTSR Target Number of Performance Share Units provided in the Grant Notice.

3.Vesting. Subject to the terms and conditions contained in this Agreement,  the  Grant Notice and the Plan, the Performance Share Units shall vest as provided on Exhibit A, except as otherwise set forth in Section 6 of this Agreement. With respect to any Performance Share Unit, the period during which such Performance Share Unit remains subject to vesting requirements shall be its Restricted Period.

4.Dividend Equivalents. The Company will credit  Performance  Share  Units  with  dividend equivalent payments following the payment by the Company of dividends on shares of Common Stock. The Company will provide such dividend equivalents in shares of Common Stock having a Fair Market Value per Performance Share Unit, as of the date of such dividend payment, equal to the per-share amount of such applicable dividend, and shall be payable at the same time as (and only  if)  the  Performance Share Units are settled in accordance with Section 5 below. In the event  that  any  Performance Share Unit is forfeited by its terms, the Participant shall have no right to dividend equivalent payments in respect of such forfeited Performance Share  Units.

5.Settlement of Performance Share Units. Upon expiration of the Restricted Period with respect to any outstanding Performance Share Unit not previously forfeited in accordance with Exhibit A   or Section 6 below, the Company shall issue to the Participant as soon as practicable (but no later than March 15 of the year following the year in which the Restricted Period expires) one share of Common  Stock for such Performance Share Unit, and such Performance Share Unit shall be cancelled; provided, however, that the Committee may, in its sole discretion, elect to defer the issuance of such shares beyond  the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A.

		
	6.
	Treatment on Termination.

(a)Subject to clauses (b) - (d) below, if the Participant incurs a Termination prior to the Regular Vesting Date (as defined on Exhibit A), (i) the Participant’s Performance Share Units shall cease vesting and (ii) the Participant  shall forfeit all unvested Performance Share Units to the Company for no consideration as of the Termination Date.

(b)Death. If the Participant incurs a Termination due to death, the  EPS Target Number of Performance Share Units and the RTSR Target Number of Performance Share Units or the number of Converted RSUs (as defined on Exhibit A) to the extent applicable, shall, to the extent not then vested or previously forfeited or cancelled, become fully vested,  the Restricted Period  shall expire  and any unvested Performance Share Units will immediately be forfeited to the Company by the Participant for no consideration.

(c)Disability/Retirement. If the Participant incurs a Termination due to Disability or Retirement, the number of Performance Share Units as determined in accordance with Exhibit A, to the extent applicable, shall, to the extent not then vested or previously forfeited or cancelled, continue to vest   as provided on Exhibit A as if the Participant had continued Employment through the Regular Vesting  Date, subject to the Participant’s compliance with the restrictive covenants set forth in Section 10 and the Participant’s execution, delivery and non-revocation of a waiver and release of claims in favor of the Company and its Affiliates and Subsidiaries in a form prescribed by the Company on or prior to the 60th day following the Termination Date; provided, however, in the case of a Termination due to Retirement,  the number of Performance Share Units, if any, that shall vest shall be the number determined in accordance with Exhibit A and then multiplied by a fraction, the numerator of which is  equal to  the  number of days between and including the first day of the Performance Period and the date the Participant incurs a Termination due to Retirement and the denominator of which is  1095  (the  “Retirement  Fraction”). Upon the Regular Vesting Date, the Restricted Period shall expire with respect to  the  Retirement Fraction of the Performance Share Units, and the Participant will immediately forfeit the remaining fraction of the unvested Performance Share Units to the Company for no consideration.

Notwithstanding the above, if the Company receives an opinion of counsel that there has been a legal judgment and/or legal development in the Participant's jurisdiction that would cause the continued vesting of the Performance Share Units after Termination due to retirement being deemed unlawful and/or discriminatory, the unvested Performance Share Units shall be treated as set forth in the remaining provisions of this Section 6.

(d)Change in Control.   In the event of a Change in Control, if the Participant incurs   a Termination by the Service Recipient without Cause (other than due to death or Disability/Retirement) prior to the Regular Vesting Date, the number of Converted RSUs shall, to the extent not then vested or previously forfeited or cancelled, become fully vested and the Restricted  Period shall  expire. If the  Service Recipient’s Termination was a Retirement, the vesting referenced in this clause 6(d) shall be with respect to the Retirement Fraction of the number of Converted  RSUs.

7.Non-Transferability. The Performance Share Units are not transferable by  the  Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan. Whenever the word “Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to executors, the administrators or  the person or persons to whom   the Performance Share Units may be transferred by will or by the laws of descent and distribution in accordance with Section 14 of the Plan, the word “Participant” shall be deemed to include such person or persons. Except as otherwise provided in this Agreement or the Plan, no assignment or transfer of the Performance Share Units, or of the rights 

represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right  in  this  Agreement or the Plan whatsoever, but immediately upon such assignment or transfer the Performance Share Units shall be forfeited and become of no further  effect.

8.Rights as Stockholder. The Participant or a Permitted Transferee of the Performance Share Units shall have no rights as a stockholder with respect to any share of Common Stock underlying a Performance Share Unit unless and until the Participant becomes the holder of record or the beneficial owner of such Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant becomes the holder of record or the beneficial owner  thereof.

9.Repayment of Proceeds; Clawback Policy.  If  a Restrictive Covenant Violation occurs  or the Company discovers after a Termination that grounds existed for Cause at the time thereof, then the Participant shall be required, in addition to any other remedy available (on a non-exclusive basis), to pay    to the Company, within ten (10) business days of the Company’s request to the Participant therefore, an amount equal to the aggregate after-tax proceeds (taking into account all amounts of tax that would be recoverable upon a claim of loss for payment of such proceeds in the year of repayment) the Participant received upon the sale or other disposition of, or distributions in respect of, the Performance Share Units  and any shares of Common Stock issued in respect thereof. Any reference in this Agreement to grounds existing for a Termination for Cause shall be determined without regard to any notice period, cure period,  or  other  procedural  delay  or  event  required  prior  to  finding  of  or  termination  with,  Cause. The Performance Share Units and all proceeds thereof shall be subject to the Company’s Clawback Policy (to comply with applicable laws or with the Company’s Corporate Governance Guidelines or other similar requirements), as in effect from time to time, to the extent the Participant is a director or “officer” as  defined in Rule 16a-1(f) promulgated under the Exchange  Act.

		
	10.
	Restrictive Covenants.

(a)To the extent that the Participant is a party to an employment or similar agreement with   the Company or one of its Affiliates or Subsidiaries containing non-competition, non-solicitation, non- interference or confidentiality restrictions (or two or more such restrictions), those restrictions and related enforcement provisions under such agreement shall govern and the following provisions of this Section 10 shall not apply.

		
	(b)
	Competitive Activity.

To the extent a Participant lives in a jurisdiction where restrictive covenants are void as against public policy, Section 10(b) of this Agreement shall be considered deleted from and therefore not part of this Agreement.

(i)The Participant shall  be  deemed to have engaged in “Competitive Activity”  if, during the period commencing on the Date of Grant and ending on the date that is 12 months after the Termination Date (the “Restricted Activity Period”), the Participant, whether on the Participant’s own behalf or on behalf of or in conjunction with any other Person  (as  defined below), directly or indirectly, violates any of the following  prohibitions:

(I)During the Restricted Activity Period, the Participant will  not,  whether  on the Participant’s own behalf or on behalf of or in conjunction with any individual, person, firm, partnership, joint venture, association, corporation  or other business organization, entity or enterprise whatsoever (“Person”),  directly   or indirectly, solicit or assist in  soliciting in  competition  with the Company or  any of its Subsidiaries or Affiliates, the business of any client  or  prospective client:

		
	(1)
	with whom the Participant had personal contact or dealings on behalf of the Company or any of its Subsidiaries or Affiliates during the one-year period preceding the Termination Date;

		
	(2)
	with whom employees reporting to the Participant have had personal contact or dealings on behalf of the Company or  any of its  Subsidiaries  or Affiliates during the one-year period preceding the Termination Date;  or

		
	(3)
	for whom the Participant had direct or indirect responsibility during the one-year period preceding the Termination  Date.

(II)During the Restricted Activity Period, the Participant will not directly or indirectly:

		
	(1)
	engage in any business that competes with the business of the Company   or any of its Subsidiaries or Affiliates, including, but not limited to, providing formulation/dose form technologies and/or contract services to

pharmaceutical, biotechnology, over-the-counter    and vitamins/minerals/supplements companies related to pre-clinical and clinical development, formulation, analysis, manufacturing and/or packaging and any other technology, product or service of the type developed, manufactured or sold by the Company or any of  its Subsidiaries or Affiliates (including, without limitation,  any  other business that the Company or any of its Subsidiaries or Affiliates have plans to engage in as of the Termination Date) in any geographical area where the Company or any of its Subsidiaries or Affiliates conducts business (a “Competitive  Business”);

		
	(2)
	enter the employ of, or render any services to, any Person (or  any  division or controlled or controlling Affiliate of any Person)  who  or  which engages in a Competitive Business;

		
	(3)
	acquire a financial interest in, or otherwise become  actively  involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or

		
	(4)
	interfere with, or attempt to interfere with, any business relationship (whether formed before, on or after the Date of Grant) between the Company or any of its Subsidiaries or Affiliates and  any  customer,  client, supplier, or investor of the Company or any of its Subsidiaries or Affiliates.

Notwithstanding anything to the contrary in this Agreement, the Participant may, directly or indirectly own, solely as an investment, securities of any Person engaged in any Competitive Business that are publicly traded on a national or regional stock exchange or on the over-the- counter market if the Participant (i) is not a controlling person of, or a member of a group that controls, such Person and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. Any such qualifying ownership shall not be deemed to be engaging in Competitive Activity or a Restrictive Covenant Violation for purposes of this  Agreement.

(III)        During the Restricted Activity Period, the Participant will  not,  whether  on the Participant’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly:

		
	(1)
	solicit or encourage any employee of the Company or any of its Subsidiaries or Affiliates to leave such Employment;  or

		
	(2)
	hire any such employee who was employed by the Company or any of its Subsidiaries or Affiliates as of the Termination Date or who left such Employment coincident with,  or within six (6) months prior to or after,  the Termination Date; provided, however, that this restriction shall cease  to apply to any employee who has not been employed by the Company     or any of its Subsidiaries or Affiliates for at least six (6)  months.

(IV)      During the Restricted Activity Period, the Participant will not, directly or indirectly, solicit or encourage to cease to work with the Company or any of its Subsidiaries or Affiliates any consultant then under contract with the Company or any of its Subsidiaries or Affiliates.

(ii)It is expressly understood and agreed that although the Participant and the Company consider the restrictions contained in this Section 10(b) to be reasonable, if a final  judicial determination is made by a court of competent jurisdiction that the time or territory or     any other restriction contained in this Agreement is an unenforceable restriction against the Participant, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such  court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction  contained in this  Agreement  is  unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect  the enforceability of any of the other restrictions contained in this Section  10(b).

    

		
	(c)
	Confidentiality.

(i)The Participant will not at any time (whether during or after the Participant’s Employment) (x) retain or use for the benefit, purposes or account of the Participant or any other Person; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any  Person outside the Company and its Affiliates and Subsidiaries (other than its  professional  advisors who are bound by confidentiality obligations), any non-public,  proprietary  or  confidential information --including without limitation trade secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments,  profits,  pricing,  costs, products, services, vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions,  government  and  regulatory activities and approvals -- concerning the past, current or  future  business,  activities  and  operations of the Company, its Subsidiaries or Affiliates and/or any third party that has disclosed   or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written authorization of the  Board.

(ii)Notwithstanding anything to the contrary in Section 10(c)(i), “Confidential Information” shall not include any information that (w) is or becomes generally available to the public other than as a result of a breach of this Section 10(c); (x)  is  already known  by  the recipient of the disclosed information at the time of disclosure as evidenced by the recipient’s written records, (y) becomes available to the recipient of the disclosed information on a non- confidential basis from a source that is entitled to disclose it on a non-confidential basis, or (z) was or is independently developed by or for the recipient of the information without reference to Confidential Information, as evidenced by the recipient’s written  records.

(iii)Except as required by law, the Participant will not disclose to anyone, other than the Participant’s immediate family and legal or financial or tax advisors or lender, each of whom  the Participant agrees to instruct not to disclose, the existence  or contents of this Agreement  (unless this Agreement shall be publicly available as a result of a regulatory filing made by the Company or  one of its Affiliates or Subsidiaries); provided that  the Participant may disclose to  any prospective future employer the provisions of Section 10 of this Agreement provided such prospective future employer agrees to maintain the confidentiality of such  terms.

(iv)Upon Termination, the Participant shall (x) cease and not thereafter  commence  use of any Confidential Information or intellectual property (including without limitation, any patent,  invention,  copyright,  trade  secret,  trademark,  trade  name,  logo,  domain  name  or other source indicator) owned or used by the Company, its Subsidiaries or Affiliates; (y) immediately destroy, delete, or return to the Company, at the Company’s option, all originals and copies in any form or medium (including memoranda, books, papers, plans, computer files, letters and other  data) in the Participant’s possession or control (including any of the foregoing stored or located in the Participant’s office, home, laptop or other computer, whether or not Company property) that contain Confidential Information or otherwise relate to the business of the Company or one of its Affiliates or Subsidiaries, except that the Participant may retain only those portions  of  any  personal notes, notebooks and diaries that do not contain any Confidential Information; and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which the Participant is or becomes  aware.

(v)Notwithstanding the foregoing, to the extent a Participant is subject to U.S. law  and pursuant to 18 U.S.C. § 1833(b), the parties to this Agreement have the right to disclose in confidence trade secrets to Federal,  State, and local government  officials, or to an attorney,  for   the sole purpose of reporting or investigating a suspected violation of law. The parties to this agreement also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding,  but  only if the  filing is  made under  seal and  protected  from  public disclosure.    18
U.S.C. § 1833(b) states: “An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that-(A) is made-(i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law;  or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such   filing is made under seal.” Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets where such disclosure  is expressly allowed by 18 U.S.C. § 1833(b).

		
	(d)
	Equitable Relief.

Notwithstanding the remedies set forth in Section 9 above and notwithstanding any other remedy that would otherwise be available to the Company at law or in equity, the Company and the Participant agree  and acknowledge that if an actual or threatened Restrictive Covenant Violation occurs,  the Company will be entitled to an injunction and/or other equitable relief restraining the Participant from the Restrictive Covenant Violation without the necessity of posting a bond or proving actual damages.

		
	11.
	Tax Withholding.

(a)Responsibility for Taxes. The Participant acknowledges that,  regardless  of  any action taken by the Company or, if different,  the  Service Recipient,  the ultimate liability for all income tax,  social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to   the Participant’s participation in the  Plan and legally applicable to the Participant (“Tax-Related Items”)    is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Service Recipient. The Participant further acknowledges that the Company and/or the Service Recipient (1) make no representations or undertakings regarding the treatment of any Tax-Related Item in connection with any aspect of the Performance Share Units, including, but not limited to, the    grant, vesting or settlement of the Performance Share Units, the subsequent sale of shares of Common  Stock acquired pursuant to such settlement and the receipt of any dividend and/or any  dividend  equivalents; and (2) do not commit to and are under no obligation to structure the terms of the grant or     any aspect of the Performance Share Units to reduce or eliminate the Participant’s  liability  for  Tax- Related Items or achieve any particular tax result.  Further, if the Participant is subject to Tax-Related   Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Service Recipient (or former Service Recipient, as applicable) may be required to withhold or account for Tax- Related Items in more than one  jurisdiction.

(b)Satisfaction of Withholding Obligations. Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Service Recipient to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Service Recipient, or their respective agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by any of the means described in the Plan or  by such other means or method as the Committee in its sole discretion and without notice  to  the  Participant deems appropriate.

Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or  other  applicable  withholding rates, including maximum applicable rates. If the maximum or another rate that is higher than the Participant's actual rate is used, any over-withheld amount may be refunded to the Participant in cash by   the Company or the Service Recipient (with no entitlement to the Common Stock equivalent) or, if not refunded, the Participant may seek a refund from the local tax authorities. If  the  obligation  for  Tax- Related Items is satisfied by withholding in shares of Common Stock, for tax purposes, the Participant is deemed to have been issued the full number of shares of Common Stock subject  to  the  vested  Performance Share Units, notwithstanding that a number  of the shares of Common Stock is held back  solely for the purpose of paying the Tax-Related Items.

Finally, the Participant agrees to pay to the Company or the Service Recipient any amount of Tax-Related Items that the Company or the Service Recipient may be required to withhold or account for   as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described.   The Company may refuse to issue or deliver the shares of Common Stock or the proceeds of   the sale of shares of Common Stock, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.

12.Notice. Every notice or other communication relating to this Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom  it is intended at such address as may from time to time be designated by it in a notice mailed or delivered   to the other party as in this Agreement provided; provided that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered   to the Company at its principal executive office, to the attention of the Company’s General Counsel, and   all notices or communications by the Company to the Participant may be given to  the  Participant  personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records. Notwithstanding the above, all notices and communications between the Participant  and any third-party plan administrator shall  be mailed,  delivered, transmitted or sent in accordance with  the procedures established by such third-party plan administrator and  communicated  to  the  Participant from time to time.

13.No Right to Continued Employment. Neither the Plan nor this Agreement nor  the granting of the Performance Share Units that are the  subject of this Agreement  shall be construed as  giving the Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any of its Affiliates or Subsidiaries. Further, the Company, or, if different, the Service Recipient, may at any time dismiss the Participant  or  discontinue any consulting relationship, free from  any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided in this Agreement.

14.Nature of Grant. In accepting the grant of the Performance Share Units, the Participant acknowledges, understands and agrees that:

(a)the Plan is established voluntarily by the Company, it is discretionary in nature   and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

(b)the grant of the Performance Share Units is voluntary and occasional and does  not create any contractual or other right to receive future grants of Performance Share Units, or benefits in lieu of Performance Share Units, even if Performance Share Units have been granted in the past;

(c)all decisions with respect to future Performance Share Units or other grants, if any, will be at the sole discretion of the Company;

(d)the Performance Share Unit grant and the Participant’s participation in the Plan shall not be interpreted as forming an employment or service contract with the Company, or any Affiliate or Subsidiary;

(e)unless otherwise agreed with the Company, the Performance Share Units and the shares of common Stock subject to the Performance Share Units, and the income and value of same, are not granted as consideration for, or in connection with the service the  Participant  may  provide  as  a director of an Affiliate or Subsidiary;

		
	(f)
	the Participant is voluntarily participating in the Plan;

(g)the Performance Share Units and the shares of Common Stock subject to the Performance Share Units, and the income and value of same, are not intended to replace any pension rights or compensation;

(h)the Performance Share Units and the shares of Common Stock subject to the Performance Share Units, and the income and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, long-service awards, pension or retirement or welfare benefits or similar  payments;

(i)the future value of the underlying shares of Common Stock is unknown, indeterminable and cannot be predicted with  certainty;

(j)no claim or entitlement to compensation or damages shall arise from forfeiture of the Performance Share Units resulting from a Termination (for any reason whatsoever,  whether or not   later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or  the terms of the Participant’s employment agreement, if any), and in consideration of the  grant of the Performance Share Units to which the Participant is otherwise not entitled, the Participant irrevocably agrees never to institute any claim against the Company, any of its Affiliates or Subsidiaries, waives the Participant’s ability, if any, to bring any such claim, and releases the Company, its Affiliates   and Subsidiaries from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Participant shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any  and  all  documents  necessary to request dismissal or withdrawal of such  claim;

(k)unless otherwise provided in the Plan or by the Company in its discretion, the Performance Share Units and the benefits evidenced by this Agreement do not create any entitlement to have the Performance Share Units or any such benefit transferred to, or assumed by, another company nor  to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Common Stock of the Company; and

(l)the Participant acknowledges and agrees that neither the Company, nor any Affiliate or Subsidiary shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency and the United States Dollar that may affect the value of the Performance Share Units or of any amount due to the Participant pursuant to the settlement of the Performance Share Units or the subsequent sale of any share of Common Stock acquired upon  settlement.

15.No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendation regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying shares of Common Stock.   The Participant    is hereby advised to consult with the Participant’s own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the  Plan.

16.Data Privacy. The Participant hereby explicitly and without reservation consents to the collection, use and transfer, in electronic or other form, of the Participant’s personal data as described  in this Agreement and any other 

Performance Share Unit grant material by and among, as applicable, the Service Recipient, the Company and its other Affiliates or Subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the   Plan.

The Participant understands that the Company and the Service Recipient may hold certain personal information about the Participant, including, but not limited  to,  the  Participant’s name, home address, email address and telephone number, date of birth, email  address,  social  insurance number, passport or other identification number, salary, nationality, job title, any share of Common Stock or directorships held in the Company, details of all Performance Share Units or any  other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering and managing the Plan.

The Participant understands that Data will be transferred to Morgan Stanley Smith Barney LLC, or such other stock plan service provider as may be selected by the Company in the     future, which is assisting the Company with the implementation, administration and management of    the Plan. The Participant understands that the recipients of the Data may be  located  in the United  States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country. The Participant understands that the Participant may request a list with the names and addresses of any potential recipient of the Data by contacting the Participant’s local human resources representative. The Participant authorizes the Company, Morgan Stanley Smith Barney LLC and any other possible recipient that may assist the Company (presently or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data, in electronic or other form, for the sole purpose of implementing, administering and managing the Participant’s participation  in  the  Plan.  The  Participant understands that Data will be held only as long as  is necessary to implement,  administer  and manage the Participant’s participation in the Plan. The Participant understands  that  the  Participant may, at any time, view Data, request additional information about the storage  and  processing of Data, require any necessary amendment to Data or refuse or withdraw the consents in    this Section 16, in any case without cost, by contacting in writing the Participant’s local human  resources  representative.       Further, the Participant  understands that the Participant is providing on a purely voluntary basis the consents described in this Agreement.  If the Participant does not consent, or  if the Participant later seeks to revoke the Participant’s consent, the Participant’s Employment and career with the Service Recipient will not be affected; the only consequence of refusing or withdrawing the Participant’s consent is that the Company would not be able to grant Performance Share Units or other equity awards to the Participant or administer or maintain such awards.  Therefore,  the  Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant’s local human resources representative.

17.Binding Effect. This Agreement shall be binding upon the heirs,  executors,  administrators, successors and, to the extent permitted, assigns or Permitted Transferees of the parties to  this Agreement.

18.Waiver and Amendments. Subject to Section 13(b) of the Plan, the Committee may  waive any condition or right under, amend any term of, or alter, suspend, discontinue, cancel or terminate, this Agreement, prospectively or retroactively (including after  the  Participant’s  Termination);  provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of the Participant under this Agreement shall not to that extent be effective without the consent  of the  Participant.  No waiver  by either of the parties hereto of  their rights under this Agreement shall be deemed to constitute a waiver with respect to any subsequent occurrence or transaction under this Agreement unless such waiver specifically states that it is to be construed as a continuing waiver.

19.Governing Law; Venue. This Agreement shall be construed and interpreted  in  accordance with the laws of the State of Delaware, without regard to its principles of conflicts of law. For purposes of litigating any dispute that arises under this grant or this Agreement, the parties hereby submit  to and consent to the jurisdiction of federal and state courts located in Somerset County, New Jersey, and hereby waive any objection to proceeding in such jurisdiction, including any objection regarding an inconvenient forum.

20.Plan. The terms and conditions of the Plan are incorporated in this Agreement by reference. In the event of a conflict or inconsistency between the terms and conditions of the Plan and the terms and conditions of this Agreement, the Plan shall govern and  control.

21.Language.  If the Participant has received this Agreement or any other document related   to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will  control.

22.Electronic Delivery and Acceptance.  The Company may, in its sole discretion, decide   to deliver any document related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in   the Plan through an on-line or electronic system established and maintained by the Company or a third  party designated by the Company.

23.Imposition of Other Requirements. The Company reserves  the right  to impose any  other requirements on the Participant’s participation in the Plan, on the Performance Share Units and on   any share of Common Stock acquired under the Plan, to the extent the Company  determines  it  is  necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreement or undertaking that may be necessary to accomplish the   foregoing.

24.Section 409A of the Code. The Performance Share Units are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulation or other guidance that may be issued after the date hereof, “Section 409A”).   However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement,    if at any time the Committee determines that the Performance Share Units (or any portion thereof) may be subject to Section 409A, the Committee shall have the right in its sole discretion (without any obligation    to do so or to indemnify the Participant or any other person for failure to do so)  to  adopt  such  amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other action, as the Committee determines is necessary or appropriate either  for the Performance Share Units to be exempt  from the application of Section 409A or to comply with the requirements of Section   409A.

25.Appendix. Notwithstanding any term or condition in this Agreement, the Performance Share Unit grant shall be subject to any special term or condition set forth in Appendix 1 to this Performance Share Unit Agreement for the Participant’s country. Moreover, if the Participant relocates to one of the countries included in Appendix 1, the special terms and conditions for such country will apply   to the Participant, to the extent the Company determines that the application of such terms and conditions   is necessary or advisable for legal or administrative reasons. Appendix 1 constitutes part of this  Performance Share Unit Agreement.

26.Foreign Asset/Account, Exchange Control and Tax Reporting. The Participant’s country may have certain foreign asset/account, exchange control and/or  tax  reporting  requirements,  which may affect the Participant’s ability to acquire or hold shares of Common Stock under the Plan or  cash received from participating in the Plan (including any dividend received  or  sale  proceeds  arising from the sale of shares of Common Stock) in a brokerage or bank account  outside the Participant’s  country. The Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant may also be required to repatriate the sale proceeds or  other funds received as a result of the Participant’s participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt.   The Participant acknowledges that it   is his or her responsibility to be compliant with such regulations and the Participant should consult his or her personal legal advisor for further  details.

27.Insider Trading Restrictions/Market Abuse Laws.  The Participant acknowledges that  he or she may be subject to insider trading restrictions and/or market abuse laws of one or more countries, that may affect his or her ability to acquire or sell shares of Common  Stock  or  rights  to  shares  of Common Stock (e.g., Performance Share Units) under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by applicable laws). Any restrictions under these laws or regulations are separate from and in addition to any restriction that may be imposed under any applicable Company securities trading policy. The Participant is  responsible  for ensuring compliance with any applicable restriction and is advised to consult his or her personal legal advisor on this matter.

28.Entire Agreement; Miscellaneous. This Agreement, the Grant Notice and the Plan constitute the entire understanding between the Participant and the Company regarding the Performance Share Units.  This Agreement, the Grant Notice and the Plan supersede any prior agreement, commitment  or negotiation concerning the Performance Share Units. The headings used in this Agreement, including without limitation Exhibit A and Appendix 1, are for convenience only and shall not affect its  interpretation.

Exhibit A to Performance Share Unit  Agreement

1.Vesting. Except as otherwise expressly provided in Section 6 of the Agreement, provided the Participant has not incurred a Termination on or prior to the Regular Vesting Date, the Performance Share Units granted under the Grant Notice to which this Agreement relates shall vest upon the date on which     the Committee determines and certifies, as applicable, the attainment level of both the EPS Performance Percentage and the RTSR Performance Percentage (the “Regular Vesting Date”)  with  respect  to  the period commencing on July 1, 2016 and ending on June 30, 2019 (the “Performance Period”), in each    case, as of the last day of the Performance Period, which determination shall be made no later than the seventy-fifth (75th)  day following the end of the Performance Period.  As determined by the  Committee,  the number of Performance Share Units, if any, in which the Participant vests shall be equal to the sum of (a) the product  of (i) the EPS Target Number  of Performance Share Units (as set forth in the Grant   Notice) and (ii) the EPS Performance Percentage, plus (b) the product of (i) the RTSR Target Number of Performance Share Units (as set forth in the Grant Notice) and (ii) the RTSR Performance  Percentage. Upon the Regular Vesting Date, the Restricted Period shall expire and any vested Performance Share Unit shall be settled in accordance with Section 5 of the Agreement. Any Performance Share Units that do not become vested in accordance with this Exhibit A (to the extent not  previously  forfeited  pursuant  to Section 6 of the Agreement) shall, effective as of the Regular Vesting Date, be forfeited by the Participant without consideration.

2.Change in Control. Notwithstanding Section 1 of this Exhibit A, the following shall apply in connection with a Change in Control:

(a)In the event of a Change in Control prior to the last day of the Performance Period, to the extent the stock of the acquiring or successor entity is publicly traded and the Performance Shares Units    are assumed, continued or substituted, the Performance Share Units shall be converted, immediately prior  to the Change in Control, to a number of time-based Restricted Stock Units equal to the sum of (A) the   EPS Target Number of Performance Share Units, and (B) either of the following (1) if the Change in Control occurs in the  first year of the Performance Period, the RTSR Target Number  of Performance  Share Units, or (2) if the Change in Control occurs after the first  year of the Performance Period, a    number of Performance Share Units that would become eligible to vest based on the attainment level of    the Relative Total Shareholder Return Performance Goal calculated as of a shortened Performance Period that ends on the date immediately preceding the date of the Change in Control (the “Converted RSUs”).  The Converted RSUs shall be eligible to vest based on the  Participant’s continued Employment  through  the Regular Vesting Date. Provided that the Participant has not incurred  a Termination  prior  to the  Regular Vesting Date, the Restricted Period with respect to the Converted RSUs shall expire upon the Regular Vesting Date and any vested Converted RSU shall be settled in accordance with Section 5 of the Agreement.

(b)In the event of a Change in Control prior to the last day of the Performance Period, to the extent the acquiring or successor entity does not assume, continue or substitute the Performance Share   Units or the stock of the acquiring or successor entity is not publicly traded, the Performance Share Units shall be replaced with a right to receive, within thirty (30) days following the  date of the Change in  Control, a cash payment equal to the sum of (i) the product of (A) the Per Share Cash Amount, multiplied  by (B) the EPS Target Number of Performance Share Units, and (ii) the product of (A) the Per Share Cash Amount, multiplied by (B) either of the following (1) if the Change in Control occurs in the first year of    the Performance Period, the RTSR Target Number of Performance Share Units, or (2) if the Change in Control occurs after the first year of the Performance Period, a number of Performance Share Units that would become eligible to vest based on the attainment of the Relative Total Shareholder Return Performance Goal calculated as of a shortened Performance Period that ends on the date immediately preceding the date of the Change in Control. The “Per Share Cash Amount” for purposes of this Section 2(b) means an amount equal to the sum of (I) the average of the closing price of the Common Stock for     the 20 trading days immediately preceding the date of the Change in Control and (II) any cash dividend payable on a share of Common Stock during the 20 trading-day period described in the   foregoing.

(c)In the event of a Change in Control on or after the last day of the Performance Period, but prior to the settlement of such Performance Share Units in shares of Common Stock in accordance with   this Agreement, the Participant shall receive whatever a stockholder of shares of Common Stock equal in number to the settlement amount (determined in accordance with Section 1 of this Exhibit A) would have been eligible to receive due to such Change in  Control.

(d)Any Performance Share Unit that does not vest or become Converted  RSUs,  as  applicable,  shall immediately be  forfeited without any further action by the Company or the Participant  and without any payment of consideration  therefor.

		
	3.
	Earning Per Share Performance  Goal

For purposes of this Agreement,

“Cumulative EPS” means the sum of the EPS for each fiscal year of the Company or portion thereof in the Performance Period.

“Earnings Per Share” or “EPS” for any period means the Company’s “adjusted net income” for such period, as publicly reported by the Company, divided by the average number of fully diluted shares    of Common Stock outstanding in such period, as publicly reported by the  Company.

“EPS Performance Percentage” means the a percentage, as set forth in the below table, representing the performance level of attainment of the Earnings Per Share performance goal set forth in   the below table.

	
					
	Performance Level
	Cumulative EPS
	Percent Target Goal
	of
	EPSPerformance Percentage

	Below Threshold
	Below $3.10
	Below 75%
	0%

	Threshold
	$3.10
	75%
	50%

	 
	Between $3.10 and $4.13
	 
	Linearly interpolate between 50% and 100%

	Target
	$4.13
	100%
	100%

	 
	Between $4.13 and $5.16
	 
	Linearly interpolate between 100% and 200%

	Maximum
	$5.16 (or higher)
	125%
	200%

		
	4.
	Relative Total Shareholder Return Performance  Goal

For purpose of this Agreement,

“Beginning Stock Price” means the average of the closing prices of the Common Stock or the shares of the Peer Group, as applicable, for the 20 trading days ending on the trading date immediately preceding the first day of the Performance  Period.

“Ending Stock Price” means the average of the closing prices of the Common Stock or the    shares of the Peer Group, as applicable, for the 20 trading days up to and including (if a trading day) the   last day of the Performance Period.

“Peer Group” means the companies that comprise the S&P Composite 1500 Health Care Index. Companies that are members of the index at the beginning of the Performance Period that subsequently cease to be listed in the index as a result of acquisitions, mergers or combinations involving  such  companies shall be excluded from the Peer Group. Companies that are members of the index at the beginning of the Performance Period that subsequently file for bankruptcy during the Performance Period shall be treated as worst performers for purposes of the Relative Total Shareholder Return Performance  Goal calculation.

“Relative Total Shareholder Return” or “RTSR” means the quotient equal to  (i) the Ending Stock Price minus the Beginning Stock Price plus assumed reinvestment as of the ex-dividend date of ordinary and extraordinary cash dividends, if any, paid by the applicable issuer during the Performance Period, divided by (ii) the Beginning Stock Price.  Total Shareholder Return expressed as a formula shall   be as follows:

(Ending Stock Price - Beginning Stock Price +    
            Relative Total Shareholder Return    =                      Assumed Dividend Reinvestment)       
                 Beginning Stock Price 

The stock prices and cash dividend payments reflected in the calculation of Total Shareholder Return     shall be adjusted to reflect stock splits during the Performance Period, and dividends shall be assumed to    be reinvested in the relevant issuer’s shares for purposes of the calculation of Total Shareholder Return.

“RTSR Performance Percentage” means the percentage, as set forth in the below table, representing the performance level of attainment of the Relative  Total  Shareholder Return Performance Goal set forth in the below table

	
			
	RTSR Percentile Rank
Relative to RTSR of  Peer Group
	Performance Level
	RTSR Performance Percentage

	Below 25th Percentile
	Below Threshold
	0%

	25th Percentile
	Threshold
	50%

	Between 25th Percentile and Median
	 
	Linearly Interpolate between 50% and 100%

	Median
	Target
	100%

	Between Median and 75th Percentile
	 
	Linearly Interpolate between 100% and 150%

	75th Percentile and  Above
	Maximum
	150%

Appendix 1

PERFORMANCE SHARE UNIT AGREEMENT FOR NON-U.S. PARTICIPANTS UNDER THE
CATALENT, INC.
2014 OMNIBUS INCENTIVE  PLAN

      (Performance Period commencing on July 1, 2015 and ending on June 30, 2018)       

                             COUNTRY-SPECIFIC  TERMS AND CONDITIONS

All capitalized terms used in this Appendix 1 that are not defined in this Appendix 1 have the meanings defined in the Plan or the Performance Share Unit Agreement. The Performance Share Unit Agreement, this Appendix 1, and Exhibit A to the Performance Share Unit Agreement are collectively the “Agreement.”

Terms and Conditions

This Appendix 1 includes additional or different terms and conditions  that  govern  the  Performance Share Units if the Participant works or resides in one of the countries listed below. The Participant understands that if the Participant is  a citizen or resident of a country other than the one in  which he or she is currently residing and/or working,  transfers Employment  and/or  residency after  the Date of Grant or is considered a resident of another country for local law purposes, the Company shall, in  its discretion, determine to what extent the terms and conditions contained in this Appendix 1 shall apply to the Participant.

 Notifications

This Appendix 1 also includes information regarding exchange controls and certain other issues     of which the Participant should be aware with respect to participation in the  Plan.  The information is  based on the securities, exchange control and other laws in effect in the respective countries as of August 2016. Such laws are often complex and change frequently.  As a result, the Participant should not rely on  the information in this Appendix 1 as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Performance Share  Units vest or at the time the Participant sells the shares of Common  Stock.

In addition, the information contained in this Appendix 1 is general in nature and may not apply    to the Participant’s particular situation, and the Company is not in a position to assure the Participant of a particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in the Participant’s country may apply to his or her  situation.

Finally, if the Participant is a citizen or resident of a country other than the one in which he or she  is currently residing and/or working, transfers Employment and/or residency after the Date of Grant or is considered a resident of another country for local law purposes, the information contained  in  this  Appendix 1 may not apply to the  Participant.

Argentina

Notifications

Securities Law Information. Neither the Performance Share Units nor  the  underlying  shares  of  Common Stock are publicly offered or listed on any stock exchange in Argentina. The offer is private and not subject to the supervision of any Argentine governmental  authority.

Foreign Asset/Account Reporting Information. The Participant must  report  any share  of  Common Stock acquired under the Plan and held by the Participant on December 31 of each year  on  the  Participant’s annual tax return for that year. The Participant is strongly advised to  consult  the  Participant’s personal tax advisor to ensure compliance with this tax reporting   obligation.

Exchange Control Information. Following the sale of shares of Common Stock and/or the receipt of dividends, Argentine residents may be subject to certain restrictions in bringing such funds back into Argentina. The Argentine bank handling the transaction may request certain documentation in connection with the request to transfer sale proceeds into Argentina (e.g., evidence of the sale, proof of the source of  the funds used to purchase such shares, etc.). The Participant must comply with any and all Argentine currency exchange restrictions, approvals and reporting requirements in connection with the vesting of the Performance Share Units, the subsequent sale of any share acquired at vesting and the receipt of any dividend paid on such share.

Please note that exchange control regulations in Argentina are subject to frequent  change.  The  Participant should consult with his or her personal legal advisor regarding any exchange control  obligation the Participant may have in connection with the Participant’s participation in the   Plan.

AUSTRALIA

Australian Offer Document. The Participant understands that the offering of the Plan in Australia is intended to qualify for exemption from the prospectus requirements under Class Order 14/1000 issued by  the Australian Securities and Investments Commission. Participation in the Plan  is  subject  to the terms  and conditions set forth in the Australian Offer Document and the award documentation provided to the Participant.

Terms and Conditions

Vesting.  The following provisions supplement the Performance Share Unit Grant Notice and Sections 3  and 6 and Exhibit A of the Performance Share Unit  Agreement:

Notwithstanding Section 6(c) of the Performance Share Unit Agreement, if the Participant incurs a Termination due to Disability or Retirement, the Target Number of Performance Share Units shall, to the extent not then vested or previously forfeited or cancelled, become fully vested and the Restricted Period shall expire.

Data Privacy. The following provisions supplement Section 16 of the Performance Share  Unit  Agreement:

The Company can be contacted at 14 Schoolhouse Rd, Somerset, NJ 08873.   The Service Recipient can    be contacted at Catalent Australia Pty. Ltd., 217-221 Governor Road, Braeside, Victoria, Australia   3195.

The Participant’s personal information will be held in accordance with the Service Recipient’s privacy policy, a copy of which can be obtained by contacting the Service Recipient at the  address  indicated  above. The Service Recipient’s privacy policy contains, among other things, details of how the Participant can access and seek correction of personal information held in connection with the Performance Share Units, how the Participant can complain about a breach of the Australian Privacy Principles and how the Service Recipient will deal with such a  complaint.

The Participant understands and agrees that Data may be transferred to recipients located outside of Australia, including the United States and any other country where the Company has   operations.

Notifications

Exchange Control Information. The Participant is responsible for reporting cash transactions inbound (e.g., the remittance of cash proceeds received upon sale of shares of Common  Stock)  exceeding  A$10,000 and for inbound international fund transfers of any value, which do not involve an Australian bank.

Tax Information.  The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act  1997 (Cth) applies (subject to conditions in the  Act).

BELGIUM

Notifications

Foreign Asset/Account Reporting Information. The  Participant is required to  report any security or  bank account (including a brokerage account) opened and maintained outside Belgium on  his  or  her  annual tax return. In a separate report, the Participant must provide the National Bank of Belgium with certain details regarding such foreign accounts (including the account number, bank name and country in which such account was opened).   This report, as well as additional information on how to complete it,    can be found on the website of the National Bank of Belgium at www.nbe.be, under the Kredietcentrales / Centrales des crédits caption.

BRAZIL

Terms and Conditions

Compliance with Law.  By accepting the Performance Share Units, the Participant acknowledges his or  her agreement to comply with applicable Brazilian laws and to pay any and all applicable Tax-Related  Items associated with the Performance Share Units, the receipt of any dividend, and the sale of shares of Common Stock acquired under the Plan.

Nature of Grant. The following provisions supplement Section 14 of the Performance Share Unit Agreement:

In accepting the Performance Share Units, the Participant agrees that (i) he or  she  is  making  an  investment decision, (i) the shares of Common Stock will be issued to the Participant only if the vesting conditions are met, and any necessary service is rendered by the Participant  over  the Restricted Period,   and (iii) the value of the underlying shares of Common Stock is not fixed and may increase or decrease in value over the Restricted Period without compensation to the  Participant.

Notifications

Exchange Control Information.  If the Participant is resident or domiciled in Brazil, the Participant will   be required to submit a declaration of assets and rights held outside of Brazil to the Central Bank of Brazil annually, if the aggregate value of such assets and rights is equal to or greater than US$100,000. If the aggregate value of such assets and rights exceeds US$100,000,000, the Participant will be required to    make such declarations on a quarterly basis. Assets and rights that must be reported include shares of Common Stock acquired under the Plan. Foreign individuals holding Brazilian visas are  considered Brazilian residents for purposes of this reporting requirement and must declare at least the assets held  abroad that were acquired subsequent to the date of admittance as a resident of   Brazil.

Tax on Financial Transactions. If the Participant repatriates the proceeds from the sale of shares of Common Stock or receipt of any cash dividend and converts the funds into local currency, the Participant may be subject to the Tax on Financial  Transactions.

CHINA

Terms and Conditions

The following terms and conditions will be applicable to the Participant to the extent that the Company,     in its discretion, determines that the Participant’s participation in the Plan will be subject to  exchange control restrictions in the People’s Republic of China (“PRC”), as implemented by the PRC State Administration of Foreign Exchange  (“SAFE”).

Vesting.  The following provisions supplement the Performance Share Unit Grant Notice and Sections 3  and 6 and Exhibit A of the Performance Share Unit  Agreement:

Notwithstanding anything to the contrary in the Performance Share Unit Agreement, the Performance  Share Units shall not vest and no share of Common Stock will be issued to the Participant unless and until all necessary exchange control or other approvals with respect to the Performance Share Units under the Plan have been obtained from SAFE or its local counterpart (“SAFE Approval”). In the event that SAFE Approval has not been obtained prior to any date on which the Performance Share Units are scheduled to vest in accordance with the Vesting Schedule set forth on Exhibit A, the Performance Share Units will not vest until the seventh day of the month following the month in which SAFE Approval is obtained (the “Actual Vesting Date”). If the Participant incurs a Termination prior to the Actual Vesting Date, the Participant shall not be entitled to vest in any portion of the Performance  Share  Units  and  the  Performance Share Units shall be forfeited without any liability to the Company or its   Affiliates.

Notwithstanding Section 6(c) of the Performance Share Unit Agreement, if the Participant incurs a Termination due to Disability or Retirement on or after the Actual Vesting Date, the Target Number of Performance Share Units shall, to the extent not then vested or previously forfeited or cancelled, become fully vested and the Restricted Period shall  expire.

Settlement of Performance Share Units and Sale of Shares.  Notwithstanding anything to the contrary   in the Plan or the Performance Share Unit Agreement, due to PRC exchange control restrictions the Participant agrees that any share of Common Stock acquired at settlement of the Performance Share Units may be immediately sold at settlement or, at the Company’s discretion, at a later time (including when the Participant terminates Employment for any reason).  If, however, the sale of the shares of Common Stock   is not permissible under the Company’s insider trading policy, the Company retains the discretion to postpone the issuance of the shares of Common Stock subject to the vested Performance Share Units until such  time  that  the  sale is again permissible  and to  then  immediately sell  the  shares  of  Common Stock subject to the Performance Share Units. The Participant further agrees that the Company is authorized to instruct its designated broker to assist with the mandatory sale of the shares of Common Stock (on the Participant’s behalf pursuant to this authorization), and the Participant expressly authorizes such broker to complete the sale of such shares of Common Stock. The Participant acknowledges that the Company’s designated broker is under no obligation to arrange for the sale of shares of Common  Stock at  any particular price. Upon the sale of the shares of Common Stock, the Company agrees to pay the cash proceeds from the sale, less any brokerage fee or commission, to the Participant in accordance with applicable exchange control laws and regulations and provided any liability for Tax-Related  Items  has  been satisfied. Due to fluctuations in the share price and/or the United States  Dollar  exchange  rate  between the settlement date and (if later) the date on which the shares of Common Stock are sold, the sale proceeds may be more or less than the market value of the shares of Common Stock on the settlement     date (which is the amount relevant to determining the Participant’s tax liability). The Participant understands and agrees that the Company is not responsible for  the amount of any loss the Participant     may incur and that the Company assumes no liability for any fluctuation in the share price and/or United States Dollar exchange rate.

Exchange Control Restrictions.   The Participant understands and agrees that he  or she will be required   to immediately repatriate to China the proceeds from the sale of any share of Common Stock acquired  under the Plan or from any cash dividend paid on such share.   The Participant further understands that   such repatriation of the proceeds may need to be effected through a special exchange control account established by the Company or any Affiliate or Subsidiary, and the Participant hereby consents and agrees that the proceeds may be transferred to such account by the Company (or its designated broker) on the Participant’s behalf prior to being delivered to the Participant. The Participant also acknowledges and understands that there may be a delay between the date the shares of Common Stock are sold and the date the cash proceeds are distributed to the Participant.  The Participant also agrees to sign any agreement,   form and/or consent that may be reasonably requested by the Company (or the Company’s designated broker) to effectuate such transfers.

The proceeds may be paid to the Participant in U.S. dollars or local currency at the Company’s discretion.   If the proceeds are paid to the Participant in U.S. dollars, the Participant understands that he or she will be required to set up a U.S. dollar bank account in China so that the proceeds may be deposited into this account. If the proceeds are paid to the Participant in local currency, (i) the Participant acknowledges that the Company is under no obligation to secure any particular exchange conversion rate and that  the Company may face delays in converting the proceeds to local currency due to exchange  control  restrictions, and (ii) the Participant agrees to bear any currency fluctuation risk  between  the  time  the shares of Common Stock are sold or dividends are paid and the time the proceeds are converted to local currency and distributed to the Participant.  The Participant agrees to comply with any other requirement  that may be imposed by the Company in the future in order to facilitate compliance with exchange control requirements in China.

Notifications

Foreign Asset/Account Reporting Information. Effective from January 1, 2014, PRC residents are required to report to SAFE details of their foreign financial assets and liabilities, as well as details of any economic transaction conducted with non-PRC residents, either directly or through financial institutions. Under these rules, the Participant may be subject to reporting obligations for the Performance Share Units and/or the shares of Common Stock acquired under the Plan and any Plan-related transaction. The Participant should consult his or her personal legal advisor regarding the details of this reporting obligation.

FRANCE

Terms and Conditions

Type of Performance Share Units. The Performance Share Units are not granted as “French-qualified” awards and are not intended to qualify for the special tax and social security treatment applicable to shares granted for no consideration under Sections L. 225-197 to L. 225-197-6 of the French Commercial Code, as amended.

Consent to Receive Information in English. By accepting the Performance Share Units, the Participant confirms having read and understood the documents related to the Performance Share Units (the Plan and the Agreement) which were provided in the English language. The Participant accepts the terms of these documents accordingly.

Consentement Relatif à l'Utilisation de la Langue Anglaise. En acceptant l’Attribution, le Participant confirme avoir lu et compris les documents relatifs à cette Attribution (le Plan et le Contrat d'Attribution) qui ont été remis en langue anglaise. Le Participant accepte les termes  de  ces  documents  en  conséquence.

Notifications

Foreign Asset/Account Reporting Information. The Participant is required to  report  all  foreign  accounts (whether open, current or closed) to the French tax authorities when filing his or her annual tax return. Additional monthly reporting obligations may apply if the Participant's foreign account balances exceed €1,000,000. Failure to complete these reports trigger penalties for the French resident Participant. The Participant should consult his or her personal legal advisor regarding the details of this reporting obligation.

GERMANY

Notifications

Exchange Control Information. Cross-border payments in excess of €12,500 must be reported electronically to the German Federal Bank (Bundesbank). In the case of payments made or received in connection with securities (including proceeds realized upon the sale of shares of Common Stock), the report must be made by the 5th day of the month following the month in which the payment was made or received. The form of the report (“Allgemeine Meldeportal Statistik”) can be  accessed  via  the Bundesbank’s website (www.bundesbank.de) and is available in both German and  English.  The  Participant understands that if the Participant makes or receives a payment in excess of this amount, the Participant is responsible for complying with applicable reporting  requirements.

ITALY

Terms and Conditions

Data Privacy.  This provision replaces Section 16 of the Performance Share Unit   Agreement:

The Participant understands that the Service Recipient, the Company and any other Affiliate and Subsidiary may hold certain personal information about the Participant, including, the Participant’s name, home address and telephone number, date of birth, social insurance number, passport or other identification  number (e.g.,  resident registration number),  salary,  nationality,  job title,  any share    of

Common Stock or directorships held in the Company, details of the Performance Share Units or any other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested or outstanding in the Participant’s favor (“Personal Data”) and will process such data for the exclusive purpose of implementing, managing and administering the  Plan.

The Participant also understands that providing the Company with Personal Data is mandatory for compliance with local law and necessary for the performance of the Plan and that the Participant’s refusal to provide such Personal Data would make it impossible for the Company to perform its contractual obligations and may affect the Participant’s ability to participate in the Plan.  The  Controllers of personal data processing are Catalent, Inc., 14 Schoolhouse Road, Somerset, NJ 08873, and Catalent Italy, SpA, Via Nettunense KM 20, 100 04011 Aprilia (LT), Italy, which is also the Company’s representative in Italy for privacy purposes pursuant to Legislative Decree no   196/2003.

The Participant understands that Personal Data will not be publicized, but it may be accessible by the Service Recipient and its internal and external personnel in charge of processing of  such Personal   Data and by the Personal Data Processor (the “Processor”), if any. An updated list of Processors and other transferees of Personal Data is available upon request from the Service Recipient. Furthermore, Personal Data may be transferred to Morgan Stanley Smith Barney LLC, Service Recipient and any bank, other financial institution or broker involved in the management and administration of the Plan. The Participant understands that the Company and/or its Affiliates and Subsidiaries will transfer Personal Data amongst themselves as necessary for the purpose of implementation, administration and management of the Participant’s participation in the Plan, and that the Company and/or its Affiliates and Subsidiaries may each further transfer Personal Data to third parties assisting the Company in the implementation, administration and management of the Plan, including any requisite transfer to  Morgan Stanley Smith Barney LLC or another third party with whom the Participant may elect  to  deposit any share of Common Stock acquired under the Plan.  Such recipients may receive,  possess,   use, retain and transfer the Personal Data in electronic or other form, for the  purposes  of  implementing, administering and managing the Participant’s participation  in  the  Plan.  The  Participant understands that these recipients may be located in  or  outside  the  European Economic Area in such countries as in the United States that may not provide the same level of protection as intended under Italian data privacy laws. Should the Company exercise its discretion in suspending all necessary legal obligations connected with the management and administration of  the  Plan,  it  will delete the Participant’s Personal Data as soon as it has accomplished all  the  necessary  legal  obligations connected with the management and administration of the  Plan.

The Participant understands that Personal Data processing related to the purposes  specified  above  shall take place under automated or non-automated conditions, anonymously when possible,  that  comply with the purposes for which Personal Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations, with specific reference to Legislative Decree no. 196/2003.

The processing activity, including communication, the transfer of the Participant’s Personal Data abroad, including outside of the European Economic Area, as specified in  the  Agreement  and  pursuant to applicable laws and regulations, does not require the Participant’s consent thereto as the processing is necessary to performance of contractual obligations related to implementation, administration and management of the Plan.  The Participant understands that, pursuant to Section 7   of the Legislative Decree no. 196/2003, the Participant has the right to, including but not limited to, access, delete, update, ask for rectification of the Participant’s Personal Data and estop, for legitimate reason, the Personal Data processing.

Furthermore, the Participant is aware that the Participant’s Personal Data will not be used for direct marketing purposes. In addition, the Personal Data provided can be reviewed and questions or complaints can be addressed by contacting the Participant’s human resources   department.

Plan Document Acknowledgement. By accepting the Performance Share Units, the Participant acknowledges that (a) the Participant has received the Plan and the Agreement; (b) the Participant has reviewed those documents in their entirety and fully understands the contents thereof; and (c) the  Participant accepts all provisions of the Plan and  the Agreement.  The Participant further  acknowledges  that the Participant has read and specifically and expressly approves, without limitation, the following sections of the Performance Share Unit Agreement: “Treatment on Termination”; “Non-Transferability”; “Repayment of Proceeds; Clawback Policy”; “Restrictive Covenants”; “Tax Withholding”; “No Right to Continued Employment”; “Nature of Grant”; “No Advice Regarding Grant”; “Data Privacy”  as replaced  by the above provision; “Waiver and Amendments”; “Governing Law; Venue”; “Electronic Delivery and Acceptance”; “Imposition of Other Requirements”; and  “Appendix.”

Notifications

Foreign Asset/Account Reporting Information. If, at any time during the fiscal  year, the  Participant holds foreign financial assets (including cash and/or shares of Common Stock)  which  may  generate income taxable in Italy, the Participant is required to report these assets on his or her annual tax return (UNICO Form, RW Schedule) for the year during which the assets are held, or on a special form if no tax return is due. These reporting obligations will also apply to the Participant if the Participant is  the  beneficial owner of foreign financial assets under Italian money laundering   provisions.

Foreign Asset Tax Information. The value of the financial assets held outside  of  Italy  by  Italian residents is subject to a foreign asset tax. Beginning in 2014, such tax is levied at an annual rate of 2 per thousand (0.2%). The taxable amount will be the fair market value of the financial assets (e.g., shares of Common Stock) assessed at the end of the calendar year.  The Participant is responsible for complying   with any reporting and/or payment obligation that may arise in connection with this   tax.

JAPAN

Notifications

Foreign Asset/Account Reporting Information. If the Participant holds assets (e.g., shares of Common Stock acquired under the Plan, proceeds from the sale of shares of Common Stock and, possibly, Performance Share Units) outside of Japan with a value exceeding ¥50,000,000 as of December 31 of any calendar year, the Participant is required to report such to the Japanese tax authorities by March 15th of  the following year. The Participant should consult with his or her personal tax advisor regarding the  details of this reporting obligation.

SINGAPORE

Notifications

Securities Law Information. The Performance Share Units are granted pursuant to  the  “Qualifying Person” exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) (“SFA”). The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore. The Participant should note that the Performance Share Units are subject to section 257 of the SFA and the Participant will not be able to make (i) any subsequent sale of the shares of Common Stock in Singapore or (ii) any offer of such subsequent sale of the shares of Common Stock in Singapore, unless such sale or offer is made (i) after six months from the Date of Grant, or (ii) pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the  SFA.

Chief Executive Officer and Director Notification Requirement. The Chief  Executive  Officer  (“CEO”), directors, associate directors and shadow directors1 of a Singaporean Affiliate or Subsidiary are subject to certain notification requirements under the Singapore Companies Act and must notify the Singaporean Affiliate or Subsidiary in writing of an interest (e.g., Performance Share Units, shares of Common Stock, etc.) in the Company or any related company within two business days of (i)  its  acquisition or disposal, (ii) any change in a previously disclosed interest (e.g., when the  shares  of  Common Stock are sold), or (iii) becoming the CEO, or a director (if such an interest exists at the   time).

SWITZERLAND

Notifications

Securities Law Information.   The offer of the Performance Share Units is considered a private offering   in Switzerland and is therefore not subject to securities registration in Switzerland. Neither this document nor any other material relating to the Performance Share Units constitutes a prospectus as such term is understood pursuant to article 652a of the Swiss Code of Obligations, and neither this document nor any other material relating to the Performance Share Units may be publicly distributed nor otherwise made publicly available in Switzerland.

UNITED KINGDOM

Terms and Conditions

Form of Settlement. Notwithstanding any discretion contained in the Plan or anything to the contrary in  the Performance Share Unit Agreement, the Performance Share Units are payable in shares of Common Stock only.

Tax Withholding. The following provisions supplement Section 11 of the Performance Share Unit Agreement:

If payment or withholding of the income tax due in connection with the Performance Share Units is not made within ninety (90) days of the end of the tax year in which the taxable event occurs or such other period specified in Section 222(1)(c) of the U.K. Income Tax (Earnings and  Pensions) Act  2003  (the  “Due Date”), the amount of any uncollected income tax shall constitute a loan owed by the Participant to  the Service Recipient, effective on the Due Date.  The Participant agrees that the loan will bear interest at  the official rate of Her Majesty’s Revenue and Customs (“HMRC”) and will be immediately due and repayable by the Participant, and the Company and/or the Service Recipient may recover it at any time thereafter by any of the means referred to in Section 11 of the Performance Share Unit  Agreement.

                                                        
1   A shadow director is an individual who is not on the board of directors of a company but who has sufficient     control so that the board of directors acts in accordance with the “directions or instructions” of the individual.

Notwithstanding the foregoing, if the Participant is an executive officer or  director  of  the  Company (within the meaning of Section 13(k) of the Exchange Act), the Participant shall not be eligible for a loan   to cover the income tax due as described above. Instead, the amount of any uncollected income tax may constitute a benefit to the Participant on which additional income tax  and  National  Insurance  contributions may be payable. The Participant acknowledges that the Participant will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self- assessment regime and for paying the Company or the Service Recipient (as applicable) for the value of   any employee National Insurance contributions due on this additional benefit. The Participant further acknowledges that the Company or the Service Recipient may recover such amounts from the Participant   by any of the means referred to in Section 11 of the Performance Share Unit   Agreement.

Joint Election.  As a condition of the Participant’s participation in the Plan, the Participant agrees to   accept any liability for secondary Class 1 National Insurance contributions which may be payable by the Company and/or the Service Recipient in connection with the Performance Share Units and any event giving rise to Tax-Related Items (the “Service Recipient’s Liability”).  Without  limitation  to  the  foregoing, the Participant agrees to execute the following joint election with the Company (the “Joint Election”), the form of such Joint Election being formally approved by HMRC, and to execute any other consents or elections required to accomplish the transfer of the Service Recipient’s Liability to the Participant. The Participant further agrees to execute such other joint elections  as  may  be  required between the Participant and any successor to the Company and/or the Service Recipient. The Participant further agrees that the Company and/or the Service Recipient may  collect  the  Service  Recipient’s  Liability from him or her by any of the means set forth in Section 11 of the Performance Share Unit Agreement.

If the Participant does not enter into the Joint Election prior to the vesting of the Performance Share Units  or any other event giving rise to Tax-Related Items, he or she will not be entitled to vest  in  the  Performance Share Units or receive any benefit in connection with the Performance Share Units unless    and until he or she enters into the Joint Election and no shares of Common Stock or other benefit pursuant to the Performance Share Units will be issued to the Participant under the Plan, without any liability to the Company and/or the Service Recipient.

URUGUAY

There are no country-specific provisions.Exhibit

Exhibit 10.48

16 May 2017

SETTLEMENT AGREEMENT 

Without prejudice and subject to contract

(1)    CATALENT PHARMA SOLUTIONS LIMITED
(2)    SHARON JOHNSON

	
			
	Olswang LLP
	T +44 (0) 20 7067 3000
	 

	90 High Holborn
	F +44 (0) 20 7067 3999
	Olswang LLP is authorised and regulated by the Solicitors Regulation Authority.

	London WC1V 6XX
	DX 37972 Kingsway
	www.olswang.com

CONTENTS
Clause    Page
		
	1.
	DEFINITIONS    1

		
	2.
	TERMINATION    3

		
	4.
	TAXATION    5

		
	5.
	COMPANY PROPERTY    6

		
	6.
	CONFIDENTIALITY    6

		
	7.
	RESTRICTIONS    7

		
	8.
	CLAIMS AGAINST THE COMPANY AND WARRANTIES    9

		
	9.
	REFERENCE AND OTHER MATTERS    11

		
	10.
	GENERAL    12

SCHEDULE 1 
Claims    13
SCHEDULE 2 
Adviser's acknowledgement    16
SCHEDULE 3 
Letter of resignation    17
SCHEDULE 4 
Agreed reference    19
SCHEDULE 5 
Agreed internal announcement    20

THIS AGREEMENT is made BETWEEN:
		
	(1)
	CATALENT PHARMA SOLUTIONS LIMITED a company incorporated in England and Wales (registered number 03761135) whose registered office is at Frankland Road, Blagrove, Swindon, Wiltshire SN5 8YG ("Company"); and

		
	(2)
	SHARON JOHNSON of 8 Tithe Barn Close, Ickburgh, Norfolk IP26 5JY ("Employee"). 

IT IS AGREED as follows:
		
	1.
	DEFINITIONS

		
	1.1
	In this Agreement (including the schedules) the following words and expressions shall have the following meanings unless the context otherwise requires:

"Adviser" means Alyson Young of MBC Law Limited;
"Award" has the meaning given to that term in the Plan;
"Client" means any person, firm, company or other entity (i) who or which at any time during the Relevant Period was provided with goods or services by the Company or any Group Company or was negotiating, or was in the habit of dealing, with the Company or any Group Company for the supply of goods or services by the Company or any Group Company or (ii) about whom or which the Employee has confidential information, and in each case with whom or which the Employee or any person who reported directly to her had material dealings at any time during the Relevant Period;
"Compensation Payment" means the payment made as compensation for the termination of the Employee's employment set out in clause 3.5;
"Competing Business" means any business in the United Kingdom, the United States, Brazil, Argentina, Canada, China, Japan, Australia or any member state of the European Union (i) providing outsourced final dosage form development or commercial supply services or (ii) providing clinical supply services;
"Contract of Employment" means the contract of employment between the Company and the Employee signed by the Employee on 4 May 2011 (as amended);
"Group Company" means any parent undertaking of the Company and any subsidiary undertaking of the Company or of any such parent undertaking (where "parent undertaking" and "subsidiary undertaking" have the meanings attributed to them under section 1162 Companies Act 2006);
"Key Employee" means (i) any officer of the Company or any Group Company (ii) any employee of or consultant to the Company or any Group Company earning £50,000, or the equivalent amount in a foreign currency (including bonuses and commission, if any, but excluding any appropriate VAT) or more on an annualised basis (iii) any project manager of the Company or any Group Company or (iv) any employee of or consultant to the Company who has confidential information belonging to the Company or any Group Company, in each case with whom the Employee in the course of her employment had material dealings at any time during the Relevant Period;
"MIP" means the Catalent, Inc. Management Incentive Plan;

"Pension Rights" means pension rights accrued up to the Termination Date under any occupational pension scheme (as defined in the Pension Schemes Act 1993) operated by the Company or any Group Company and of which the Employee is a member;
"Plan" means the Catalent, Inc. 2014 Omnibus Incentive Plan (which, for the avoidance of doubt, provides the legal framework for the Long-Term Incentive Plan operated by Catalent, Inc.);
"Relevant Benefits" means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death, or by virtue of a pension sharing order or provision, or in anticipation of retirement, or, in connection with past service, after retirement or death, or to be given on or in anticipation of or in connection with any change in the nature of the service of the employee in question, except that it does not include any benefit which is to be afforded solely by reason of the disablement by accident of a person occurring during their service or of their death by accident so occurring and for no other reason;
"Relevant Period" means the period of 12 months immediately preceding the Termination Date;
"Relevant Personnel" means any former or existing agent, client, consultant, director, employee, officer, shareholder, supplier or worker of the Company or any Group Company;
"Restricted Goods or Services" means goods or services of a type provided by the Company or any Group Company at the Termination Date;
"Supplier" means any person, firm, company or other entity who or which at any time during the Relevant Period (i) supplied goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any Group Company  or (ii) was negotiating with the Company or any Group Company to supply goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any Group Company, and in each case with whom or which the Employee or any person who reported directly to her had material dealings at any time during the Relevant Period;
"Tax Liability" means any income tax, employee's National Insurance contributions, fines, interest, costs or penalties arising in respect of all and any of the payments made and benefits provided under this Agreement;
"Termination Date" means a date to be agreed with the Employee at least two weeks prior to such date, which shall be no earlier than 12 May 2017 and no later than 30 June 2017, provided, however, that the Termination Date shall be 30 June 2017 if the Company and the Employee shall not be able to agree on a date; 
"Terms" means the terms of this Agreement; and
"Three Month Period" means the period of three months immediately following the Termination Date.
		
	2.
	TERMINATION

		
	2.1
	Following the Employee's resignation on 1 April 2017, the Employee's employment with the Company will terminate on the Termination Date.

		
	2.2
	During the period up to the Termination Date, the Employee will remain an employee of the Company and will continue to comply with:

		
	2.2.1
	all of her express and implied duties and obligations under the Contract of Employment, 

		
	2.2.2
	all other duties she may have as a Company employee, including, but not limited to, her duties to comply with all applicable policies of the Company, including, but not limited to, its Standards of Business Conduct and its Securities Trading Policy, and 

		
	2.2.3
	all fiduciary (or similar) duties she owes as an officer of a Group Company pursuant to the law under which such Group Company is organized.

		
	2.3
	In addition to discharging the responsibilities set forth in clause 2.2 of this Agreement, during the period up to the Termination Date and for the Three Month Period, the Employee will participate cooperatively in transition activities as required by the Company or any Group Company and provide in a timely fashion such assistance and information as the Company or any Group Company may require in connection with any matter with which the Employee dealt in the course of her employment.  During the Three Month Period, clause 16 of the Contract of Employment (Confidentiality) shall continue to apply to the Employee save that references to "employment" in that clause shall be read as references to employment and the Three Month Period. In respect of the Three Month Period: 

		
	2.3.1
	the Employee will not receive any salary, benefits or other remuneration for providing such transition assistance, other than reimbursement of expenses properly incurred and submitted in accordance with the Company's expenses policy and clause 3.6 below; and

		
	2.3.2
	any travel undertaken by the Employee pursuant to such transition activities shall be with the Employee's consent. 

		
	2.4
	The Employee agrees to resign any and all directorships, offices, trusteeships or other positions held by her in or on behalf of the Company or any Group Company with effect from the Termination Date by signing a resignation letter in the form attached at Schedule 3 and such other documentation as the Company shall require to be signed in order to give effect to such resignations.

		
	3.
	PAYMENTS 

		
	3.1
	The Employee will receive her salary and contractual benefits as usual up to and including the Termination Date (less applicable tax and employee's National Insurance contributions), together with a payment in lieu of accrued but untaken holiday (if any) as at the Termination Date (less applicable tax and employee's National Insurance contributions).

		
	3.2
	The Employee will retain all rights to any benefits that vested on or before the Termination Date.  In addition:

		
	3.2.1
	the Employee will remain eligible for a cash bonus under and in accordance with the terms of the MIP for fiscal year 2017; and

		
	13.2.2
	any Award (or part of an Award) which is held by the Employee will continue to be capable of vesting (and, if applicable, being exercised by the Employee) up to and including the Termination Date in accordance with, and subject to, the provisions of the Plan and any grant notice or agreement relating to the Award in the usual way.

		
	3.3
	Subject to:

		
	3.3.1
	receipt by the Company of a copy of this Agreement, signed by all the parties and the Adviser;

		
	3.3.2
	the Employee's compliance with the Terms; and

		
	3.3.3
	receipt by the Company of the resignation letter referred to in clause 2.4;

the Company will effect the arrangements as set out in clauses 3.4 and 3.5.
		
	3.4
	Notwithstanding the termination of the Employee's employment with the Company on the Termination Date:

		
	3.4.1
	a cash bonus equal to 75% of the Employee's current base annual salary (75% of the Employee’s current base annual salary being £219,256.50) that would otherwise have become due and payable to the Employee under the terms of the MIP for fiscal year 2018 will continue to be paid to the Employee in accordance with its terms at the same time as other eligible employees receive their MIP awards; 

		
	3.4.2
	any Award (or any part of an Award) which is (a) held by the Employee pursuant to the Plan and (b) not vested as of the Termination Date but is due to vest on or before 30 September 2017 will continue to be capable of vesting (and, if applicable, being exercised by the Employee) in accordance with, and subject to, the provisions of the Plan and any grant notice or agreement relating to the Award; and 

		
	3.4.3
	any option to purchase the Company’s common stock that vested prior to the Termination Date or will vest on or before 30 September 2017 in accordance with clause 3.4.2 may be exercised, in whole or in part from time to time, at any time up to the date that is three months from the later of the Termination Date or the date when such option vested, provided that any option not exercised by such date will be cancelled and forfeited,

and it is hereby agreed that with effect from 30 September 2017 all and any subsisting Awards (or any part of any such Awards) with a scheduled vesting date thereafter held by the Employee will lapse with immediate effect. 
		
	3.5
	In addition, the Company will pay the Employee, without admission of liability, and subject to the deductions provided for in this Agreement, an amount equal to the Employee's current base annual salary (being £292,342.00) as the Compensation Payment. The Compensation Payment will be paid in 12 monthly instalments on or around the last working day of each calendar month commencing within 28 days of the Termination Date.  The Company's liability to pay any outstanding instalments will cease immediately at the time the Employee breaches any Term, including (without limitation) if the Employee commences any proceedings in an employment tribunal or other court, whether in the United Kingdom, the United States or any other country, against the Company, any Group Company or any Relevant Personnel.

		
	3.6
	The Employee must submit any expenses claims on or before the Termination Date in the case of expenses incurred on or before the Termination Date and on or before the end of the Three Month Period in the case of expenses incurred during the Three Month Period and the Company will reimburse the Employee for any expenses properly incurred in the usual way, subject to compliance with the requirements of the Company's expenses policy. Any expenditure on the Company's credit card that was not properly incurred on the Company's business or for which the Employee cannot produce appropriate receipts may be deducted from the payment referred to in clause 3.4.1 above.

		
	3.7
	For the avoidance of doubt, the Employee’s entitlement to all salary and other benefits will end on the Termination Date.

		
	4.
	TAXATION

		
	4.1
	The payments referred to in clauses 3.2, 3.4.1 and 3.4.2 will be made less applicable tax and employee's National Insurance contributions.

		
	4.2
	The first £30,000 of the Compensation Payment will be paid to the Employee without deduction of income tax or employee’s National Insurance contributions.  The balance of the Compensation Payment will be paid to the Employee less income tax and any applicable employee's National Insurance contributions.

		
	4.3
	Except in respect of income tax or employee's National Insurance contributions deducted by the Company under clauses 4.1 and 4.2 the Employee is, and undertakes to be, responsible for any Tax Liability, including for the avoidance of doubt any Tax Liability on the first £30,000 of the Compensation Payment, and the Employee indemnifies and will keep indemnified the Company and each Group Company against any claim or demand which is made against the Company or any Group Company in respect of any such Tax Liability but excluding any interest, costs or penalties imposed in respect of the Tax Liability arising from the Company's or any Group Company’s failure to inform the Employee within a reasonable period of any demand received in respect of any Tax Liability.  The Employee undertakes immediately to pay to the Company on demand any such Tax Liability other than any part of the Tax Liability already paid by the Employee to HM Revenue & Customs.

		
	4.4
	The Company will reimburse the Employee for the reasonable costs incurred by the Employee in obtaining tax planning or preparation services, up to a limit of £15,000 (including VAT, if applicable), provided such services are procured by the Employee by 30 April 2018 and the Employee’s claim for reimbursement is submitted reasonably promptly thereafter in accordance with the Company’s normal expense reimbursement policies.  

		
	4.5
	The Company will in addition pay such amounts to the Employee as are sufficient to equalise the tax burden on the Employee as a result of share option exercises, in a manner consistent with the manner in which such payments have been made available to the Employee and certain other U.K.-based executives previously.

		
	5.
	COMPANY PROPERTY

		
	5.1
	The Employee warrants and confirms that the Employee will return to the Company on or before the Termination Date, without modification, all property belonging to the Company or any Group Company which is in the Employee's possession, custody or control including, but not limited to, computer disks, computer and other electronic equipment, correspondence, credit or charge cards, documents, files, keys, laptop computers, mobile telephones, records, security passes and other equipment and information (whether originals, copies or extracts) and that the Employee will not retain any copies or extracts of any documents or other property belonging to the Company or any Group Company (whether in physical or electronic form). The Employee undertakes to return immediately to the Company any such property that may, after the Termination Date, come into the Employee's possession, custody or control.

		
	5.2
	The Employee confirms that any information which belongs or may belong to the Company or any Group Company and which is stored on any storage platform, personal computer or other electronic equipment belonging to the Employee or to which the Employee has access (other than that which is stored on any Company personal computer or other Company electronic equipment) will be returned to the Company pursuant to clause 5.1 and will be permanently deleted from such equipment or platform on or before the Termination Date.

		
	6.
	CONFIDENTIALITY

The Employee agrees to keep the existence and negotiation of this Agreement and the Terms confidential and warrants that the Employee has not before the date of this Agreement made or authorised and will not, after the date of this Agreement, make or authorise, without the Company's prior written consent, any statement or comment concerning the Terms except to the Employee's professional advisers, spouse/civil partner or as may be required by law. The Employee undertakes to procure that the Employee's professional advisers and spouse/civil partner comply with the terms of this clause 6 as if they were a party to this Agreement, and the Employee accepts that any breach by them shall be deemed to be a breach by the Employee of the Terms.
		
	7.
	RESTRICTIONS

		
	7.1
	Notwithstanding the termination of the Employee's employment, the Employee acknowledges and affirms that the Employee remains bound by those provisions of the Contract of Employment that are expressed to continue after termination of the Employee's employment including, without limitation, clause 16 (Confidentiality) and clause 17 (Intellectual Property Rights) save for the restrictions at clause 18 (Restraint) of the Contract of Employment which the parties agree will be replaced by, and the Employee will bound by, the restrictions at clause 7.2 of this Agreement.

		
	7.2
	In consideration of the payments and benefits set forth in clauses 3.4 and 4.4 of this Agreement, which the Employee acknowledges she would otherwise not be entitled to, the Employee agrees with the Company that she will not directly or indirectly for a period of six months immediately following the Termination Date:

		
	7.2.1
	carry on or be involved or interested in a Competing Business, save that she may be interested: (1) in securities in a company whose shares or other securities are listed, traded and/or dealt in on any securities exchange or market provided that she does not hold (and is not interested, directly or indirectly) in shares or securities conferring more than three per cent of the votes that could be cast at a general meeting of that body corporate; or (2) in any class of securities not so listed, traded or dealt provided that she does not hold (and is not interested, directly or indirectly) in shares or securities conferring more than 5 per cent of the votes that could be cast at a general meeting of that body corporate;

		
	7.2.2
	in any capacity perform in a Competing Business a similar role to that which she performed for the Company; 

		
	7.2.3
	either on her own account or on behalf of any Competing Business supply or facilitate the supply of Restricted Goods or Services to any Client;

		
	7.2.4
	on behalf of any Competing Business deal with a Client;

		
	7.2.5
	either on her own account or on behalf of any Competing Business deal with a Supplier;

		
	7.2.6
	either on her own account or for any person, firm or company or other undertaking employ or otherwise engage or facilitate the employment or engagement of the services of any Key Employee whether or not any such Key Employee would in entering into the employment or engagement commit a breach of contract;

		
	7.2.7
	either on her own account or for any company, firm, person or other undertaking induce, solicit or entice or endeavour to induce, solicit or entice (or assist any company, firm, person or other undertaking to induce, solicit or entice or endeavour to induce, solicit or entice) any Key Employee to cease working for or providing their services to the Company or any Group Company whether or 

not any such Key Employee would by entering into the employment or engagement commit a breach of contract;
		
	7.2.8
	either on her own account or on behalf of any Competing Business induce, solicit or entice or endeavour to induce, solicit or entice (or assist any Competing Business to induce, solicit or entice or endeavour to induce, solicit or entice)  any Client to cease conducting any business with the Company or any Group Company or to reduce the amount of business conducted with the Company or any Group Company or adversely to vary the terms upon which any business is conducted with the Company or any Group Company or to exclude the Company or any Group Company from new business opportunities in relation to any Restricted Goods or Services;

		
	7.2.9
	on behalf of any Competing Business induce, solicit or entice or endeavour to induce, solicit or entice (or assist any Competing Business to induce, solicit or entice or endeavour to induce, solicit or entice) any Supplier to cease conducting business with the Company or any Group Company or to reduce the amount of business conducted with the Company or any Group Company or adversely to vary the terms upon which any business is conducted with the Company or any Group Company.

		
	7.3
	The Employee agrees that each of the restrictions set out in clauses 7.2.1 to 7.2.9 constitute entirely separate, severable and independent restrictions on her.  The Employee acknowledges that she has received independent legal advice on the terms and effect of the provisions of this Agreement, including the restrictions above.

		
	7.4
	The Employee will not at any time after the Termination Date present herself or allow herself to be held out or presented as being in any way connected with or interested in the business of the Company or any Group Company (other than for the purposes of carrying out transition activities during the Three Month Period in accordance with clause 2.3 above, as a shareholder (if that is the case) or if the Employee is re-hired by the Company or any Group Company).

		
	7.5
	The Employee undertakes, affirms and agrees that:

		
	7.5.1
	the Employee will not directly or indirectly make, publish or otherwise communicate any statement whatsoever whether in writing or otherwise which may have the effect of damaging or lowering the business interests or the reputation of the Company or any Group Company or any Relevant Personnel or which may be disparaging or derogatory to any of the Company or any Group Company or any Relevant Personnel; and

		
	7.5.2
	following the Termination Date, the Employee will not represent herself or allow herself to be held out or represented as being in any way connected with or interested in the business of the Company or any Group Company. 

		
	8.
	CLAIMS AGAINST THE COMPANY AND WARRANTIES

		
	8.1
	The Employee accepts that the Terms are offered by the Company without any admission of liability and are in full and final settlement of all and any claims as set out in Schedule 1 ("Claims").

		
	8.2
	The provisions of clause 8.1 will not prevent the Employee bringing proceedings:

		
	8.2.1
	to enforce this Agreement; or

		
	8.2.2
	in respect of Pension Rights; or

		
	8.2.3
	in a County Court or the High Court, in respect of any personal injury of which the Employee is not aware and could not reasonably have been aware at the time of signing this Agreement.

		
	8.3
	The Employee undertakes and warrants that, to the best of her knowledge, information and belief, after due and careful enquiry, she is not aware of any circumstances that might give rise to a personal injury claim (nor to a claim in respect of Pension Rights) against the Company or any Group Company.

		
	8.4
	The Employee represents, warrants and undertakes that:

		
	8.4.1
	the Employee has received advice from the Adviser as to the Terms and effect of this Agreement and in particular its effect on the Employee's ability to pursue the Employee's rights or complaint before an employment tribunal;

		
	8.4.2
	the Adviser has confirmed to the Employee that they are a solicitor of the Senior Courts of England and Wales, holding a current practising certificate and that there was in force, at the time the Employee received the advice referred to above, a contract of insurance, or an indemnity provided for members of a profession or professional body, covering the risk of a claim by the Employee in respect of loss arising in consequence of or from that advice;

		
	8.4.3
	the Employee has not presented or brought and will not present or bring any complaint, proceedings, action or claim before any court, employment tribunal or other judicial body in England, Scotland or any other jurisdiction in connection with, relating to or arising out of the Employee's employment or its termination and nor has nor will anyone acting on the Employee's behalf;

		
	8.4.4
	the Employee has disclosed to the Adviser all facts or circumstances that may give rise to a claim against the Company or any Group Company or Relevant Personnel and the Adviser has advised the Employee as to whether the Employee has any claim of any kind arising out of or in connection with the Employee's employment by the Company or any Group Company or the termination of any such employment and, to the extent that the Employee has or may have any such claims, these have been asserted or intimated to the Company by the Employee or the Adviser on the Employee's behalf prior to the date of this Agreement and this Agreement and the waiver and release in clause 8.1 above expressly relate to each and every one of those claims;

		
	8.4.5
	except for those claims asserted or intimated as indicated in clause 8.4.4 above, the Employee has no other complaints or claims of any nature against the Company or any Group Company or any of its Relevant Personnel;

		
	8.4.6
	the Employee has not withheld or failed to disclose any material fact concerning any material failure by the Employee in the performance of the Employee's duties for the Company and any Group Company;

		
	8.4.7
	the Employee is not aware: (1) of any grounds on which she can make, or (2) (to the best of the Employee's knowledge) that any other employee or worker of the Company or any Group Company is intending to make a protected disclosure under section 43A of the Employment Rights Act 1996 in relation to the Company or any Group Company;

		
	8.4.8
	the Employee has not committed any breach of any duty (including fiduciary duty) owed by the Employee to the Company or any Group Company nor a breach of the Contract of Employment that would entitle the Company to terminate the Employee's employment without notice; and 

		
	8.4.9
	as at the date of this Agreement, the Employee has not agreed to accept, accepted or received nor has it been indicated that the Employee might receive an offer of alternative employment, engagement or consultancy.

		
	8.5
	Nothing in this Agreement shall prevent the Employee from making a protected disclosure under section 43A of the Employment Rights Act 1996.

		
	8.6
	The Employee accepts that the Company (on behalf of itself, and its Group Companies) is entering into this Agreement in reliance upon the representations, warranties and undertakings provided by the Employee in this clause 8 and clauses 5, 6 and 7 above.

		
	8.7
	The Company confirms that, as at the date of this Agreement, it is not aware of any claims which it or any Group Company has or may have against the Employee.

		
	8.8
	The Employee agrees that the conditions regulating compromise agreements and settlement agreements contained in the Sex Discrimination Act 1975, the Race Relations Act 1976, the Trade Union and Labour Relations (Consolidation) Act 1992, the Disability Discrimination Act 1995, the Employment Rights Act 1996, the National Minimum Wage Act 1998, the Working Time Regulations 1998, the Transnational Information and Consultation of Employees Regulations 1999, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, the Information and Consultation of Employees Regulations 2004, the Employment Equality (Age) Regulations 2006, the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, the Pensions Act 2008 and the Agency Workers Regulations 2010 are intended to be and have been satisfied. The Employee agrees that this is a qualifying settlement agreement under the Equality Act 2010 and that Section 147(3)(c) and (d) Equality Act 2010 are met.

		
	8.9
	If the Employee breaches any material provision of this Agreement the Employee agrees to indemnify the Company or any Group Company for any losses suffered as a result thereof including all reasonable professional fees incurred.

		
	8.10
	If the Company breaches any material provision of this Agreement the Company agrees to indemnify the Employee for any losses suffered as a result thereof including all reasonable professional fees incurred.

		
	8.11
	If the Employee, or anyone acting on the Employee's behalf institutes any action, claim or proceedings in the employment tribunal or any other court against the Company, any Group Company or any Relevant Personnel in respect of any matters that are the subject of clause 8.1  or if the Employee or anyone acting on the Employee's behalf asserts that this Agreement is not a valid compromise agreement, settlement agreement or qualifying settlement agreement or if it is so adjudged by any court or tribunal, the Employee undertakes to repay the payment set out at clause 3.4.1 (less any tax paid on it) together with any sums paid to the Employee or on the Employee's behalf under this Agreement in respect of legal costs to the Company in full immediately on demand and the Company and each Group Company and all Relevant Personnel will be released from any continuing obligations under this Agreement. Such repayment shall be recoverable by the Company as a debt.

		
	9.
	REFERENCE AND OTHER MATTERS

		
	9.1
	It is a condition of this Agreement that the Employee obtains legal advice as to the terms and effect of this Agreement from the Adviser and that the Adviser signs the acknowledgement at Schedule 2.

		
	9.2
	The Company agrees to pay, directly to the Adviser's firm, the Adviser's firm's reasonable legal fees incurred by the Employee exclusively for advice given to the Employee in relation to the termination of the Employee's employment and the terms of this Agreement up to a maximum of £750 (plus VAT) after receipt by the Company of an appropriate invoice from the Adviser's firm addressed to the Employee and expressed to be payable by the Company and sent (marked strictly private and confidential) to Steven Fasman.

		
	9.3
	Upon receipt of a written request from a prospective employer addressed to the Company’s Senior Vice President, Human Resources the Company will provide a written reference substantially in the form set out in Schedule 4, subject always to any legal or regulatory obligations which the Company may have that may require it to amend or add to the reference or make any oral comment in respect of it. 

		
	9.4
	Any internal or external comment or statement by the Employee concerning her separation from the Company will be consistent with the substance and tenor of the agreed form internal announcement set out in Schedule 5. 

		
	10.
	GENERAL

		
	10.1
	The parties consider that this Agreement satisfies the conditions regarding compromise agreements and settlement agreements and is a qualifying settlement agreement under the Equality Act 2010.

		
	10.2
	This Agreement sets out the entire agreement and understanding between the Employee and the Company and supersedes any prior agreement between the parties relating to the subject matter of this Agreement. The Employee acknowledges and agrees that in entering into this Agreement no reliance is placed upon, and no remedy shall be available in respect of, any statement, representation, warranty, understanding, promise or assurance (whether negligently or innocently made) of any person (whether party to this Agreement or not) other than as expressly set out in this Agreement. Nothing in this clause operates to limit or exclude any liability for fraud. 

		
	10.3
	The failure to exercise or any delay in exercising a right or remedy provided by this Agreement or by law does not constitute a waiver of the right or remedy or a waiver of other rights or remedies. A waiver of a breach of any of the terms of this Agreement or a default under this Agreement does not constitute a waiver of any other breach or default and will not affect the other terms of this Agreement and will not prevent a party from subsequently requiring compliance with the waived obligation. 

		
	10.4
	The validity, construction and performance of the terms set out in this Agreement shall be governed by and construed in accordance with the law of England and Wales. Each of the parties irrevocably submits to the exclusive jurisdiction of the courts of England and Wales.

		
	10.5
	This Agreement, although marked "without prejudice/subject to contract", will upon signature by the parties and upon the Adviser signing the acknowledgement in Schedule 2 be treated (subject to clause 6) as an open document evidencing an agreement binding on the parties.

		
	10.6
	This Agreement may be executed in any number of counterparts and by the parties to it on separate counterparts, each of which shall be an original but all of which together shall constitute one and the same 

instrument. If the parties are executing by way of counterparts, the Agreement will not be effective until each party has executed at least one counterpart and it has been received by the other party and the Agreement has been dated by agreement between the representatives of the parties. For the avoidance of doubt, counterparts may be delivered to the other party by facsimile or by email in Adobe Portable Document Format (PDF).

SCHEDULE 1 OF THE SETTLEMENT AGREEMENT BETWEEN CATALENT PHARMA SOLUTIONS LIMITED AND SHARON JOHNSON
Claims

		
	1.
	In this Agreement, "Claims" means all and any claims, costs, expenses or rights of action of any kind, whether contractual, statutory or otherwise, whether or not they are or could be in the contemplation of the parties at the date of this Agreement, and whether having already occurred or arising in the future in the United Kingdom or in any other country in the world, including, but not limited to, the United States of America, which the Employee has or may have against the Company or any Group Company or any Relevant Personnel from time to time, which arise out of or in connection with the Employee's employment by the Company or any Group Company or its termination including (but not limited to) any claim: 

		
	1.1
	in relation to notice or pay in lieu of notice;

		
	1.2
	for equal treatment or equality of terms under the Equal Pay Act 1970 or the Equality Act 2010;

		
	1.3
	for direct or indirect discrimination on the grounds of sex, pregnancy or maternity, gender re-assignment, marital or civil partnership status, discrimination by way of victimisation, harassment and any other claim under the Sex Discrimination Act 1975 or the Equality Act 2010;

		
	1.4
	for direct or indirect discrimination, discrimination by way of victimisation, harassment on grounds of colour, race, nationality or ethnic or national origin and any other claim under the Race Relations Act 1976 or the Equality Act 2010;

		
	1.5
	for refusal of employment, action short of dismissal, dismissal or other detriment on grounds related to trade union membership, for failure to comply with collective consultation obligations or to pay a protective award or any other claim under the Trade Union and Labour Relations (Consolidation) Act 1992;

		
	1.6
	for discrimination, harassment, or victimisation related to disability, failure to make adjustments and any other claim under the Disability Discrimination Act 1995 or the Equality Act 2010;

		
	1.7
	for employment particulars and itemised pay statements, unauthorised deductions from wages, for detriment in employment (on any ground), for detriment or dismissal or selection for redundancy on grounds related to having made a protected disclosure, for paid time off for ante-natal care, for the right to time off for dependants for the right to request time off for study or training, for the right to a written statement of reasons for dismissal, for unfair dismissal, for automatically unfair dismissal (on any ground), for a redundancy payment, for automatically unfair selection for redundancy on any ground and any other claim under the Employment Rights Act 1996;

		
	1.8
	under the Protection from Harassment Act 1997;

		
	1.9
	for the national minimum wage or additional remuneration, failure to allow access to records and detriment in employment on grounds related to the national minimum wage under the National Minimum Wage Act 1998;

		
	1.10
	for the right to be accompanied and for detriment or dismissal on the grounds relating to the right to be accompanied under the Employment Relations Act 1999;

		
	1.11
	under the Employment Act 2002;

		
	1.12
	for dismissal for reasons related to a relevant transfer, for failure to inform or consult, or any other claim under the Transfer of Undertakings (Protection of Employment) Regulations 1981 or 2006;

		
	1.13
	for compensation for entitlement to annual leave, payment in respect of annual leave refusal to give paid annual leave, daily or weekly or compensatory rest or rest breaks and any other claim under the Working Time Regulations 1998;

		
	1.14
	relating to any rights to or during any period of parental leave, relating to the right to return after parental leave, detriment relating to parental leave rights, automatic unfair dismissal on grounds of parental leave, contractual rights to or during parental leave under the Maternity and Parental Leave, etc Regulations 1999;

		
	1.15
	relating to any rights to or during any period of shared parental leave, relating to the right to return after shared parental leave, detriment relating to shared parental leave rights, automatic unfair dismissal on grounds of shared parental leave;

		
	1.16
	under the Transnational Information and Consultation of Employees Regulations 1999;

		
	1.17
	for less favourable treatment, for the right to receive a written statement of reasons for less favourable treatment, automatic unfair dismissal or detriment in employment under the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000;

		
	1.18
	for less favourable treatment, for the right to receive a written statement of reasons for less favourable treatment, automatic unfair dismissal or detriment in employment under the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002;

		
	1.19
	for detriment or dismissal relating to the right to request contract variation (flexible working) under the Employment Rights Act 1996;

		
	1.20
	for direct or indirect discrimination, victimisation or harassment on grounds of religion or belief under the Employment Equality (Religion or Belief) Regulations 2003 or the Equality Act 2010;

		
	1.21
	for direct or indirect discrimination, victimisation or harassment on grounds of sexual orientation under the Employment Equality (Sexual Orientation) Regulations 2003 or the Equality Act 2010;

		
	1.22
	under the Information and Consultation of Employees Regulations 2004;

		
	1.23
	for direct or indirect discrimination, victimisation or harassment on grounds of age under the Employment Equality (Age) Regulations 2006 or the Equality Act 2010;

		
	1.24
	in relation to any breach of the Contract of Employment including (but not limited to) unpaid wages, unpaid holiday pay or unpaid sick pay, permanent health insurance, private medical insurance, bonus or commission or any other contractual or discretionary benefit and any other contractual or tortious claim;

		
	1.25
	in relation to any office or directorship(s) of the Company or any Group Company the Employee may hold;

		
	1.26
	for personal injury or negligence save, for the avoidance of doubt, those claims specifically excluded under clause 8.2.3 of this Agreement;

		
	1.27
	in relation to any share option scheme, bonus scheme, long-term incentive scheme or other profit-sharing scheme or arrangement between the Employee and the Company or any Group Company;

		
	1.28
	for detriment or dismissal relating to rights under the Pensions Act 2008;

		
	1.29
	in relation to the conduct of the Company or any Group Company in relation to any retirement benefits scheme which provides Relevant Benefits of which the Employee is or claims to be a member including, without limitation, the payment of contributions to, the accrual of benefits under, or the exercise of any powers or discretion in relation to such a scheme;

		
	1.30
	in respect of which a Conciliation Officer is authorised to act;

		
	1.31
	under European Union law; 

		
	1.32
	under any similar law to the foregoing in any other jurisdiction that may be applicable to the employment relationship between the Employee and the Company or any Group Company or the separation from such employment, including without limitation any similar law of the United States or any of its political subdivisions; or

		
	1.33
	any other statutory claim or claim for breach of statutory duty.

		
	2.
	“Claim" includes (without limitation):

		
	2.1
	any claim of which, at the date of this Agreement, neither the Company or the Employee is aware; and

		
	2.2
	any claim of which, at the date of this Agreement, the Employee is aware but neither the Company nor any Group Company nor any Relevant Personnel is aware.

SCHEDULE 2 OF THE SETTLEMENT AGREEMENT BETWEEN CATALENT PHARMA SOLUTIONS LIMITED AND SHARON JOHNSON
Adviser's acknowledgement

I, Alyson Young of MBC Law Limited, confirm that I have given independent legal advice to Sharon Johnson of 8 Tithe Barn Close, Ickburgh, Norfolk IP26 5JY ("Employee") as to the terms and effect of this Agreement and in particular its effect on the Employee's ability to pursue the Employee's rights or complaint before an employment tribunal.
I confirm that I am a solicitor of the Senior Courts of England and Wales holding a current practising certificate and that I am neither employed by nor acting for Catalent Pharma Solutions Limited, nor acting in this matter for any Group Company. I confirm that there is, and was at the time I gave the advice referred to above, in force a contract of insurance or an indemnity provided for members of a profession or professional body covering for the risk of a claim by the Employee in respect of any loss arising in consequence of or from the advice referred to above.

Signed  /s/ Alyson Young            Dated  12th May 2017

 

SCHEDULE 3 OF THE SETTLEMENT AGREEMENT BETWEEN CATALENT PHARMA SOLUTIONS LIMITED AND SHARON JOHNSON
Letter of resignation
To the Board of Directors
[Date]
Catalent Pharma Solutions Limited 
Frankland Road 
Blagrove 
Swindon 
Wiltshire 
SN5 8YG        
                
Dear Sirs
Catalent Pharma Solutions Limited ("Company")
I hereby resign with immediate effect from all directorships, offices, trusteeships or other positions held by me in or on behalf of the Company or any Group Company.
I acknowledge and confirm that there are no sums due to me from the Company or any Group Company and I have no claim of any kind for compensation or otherwise against the Company or any Group Company, its or their former or existing agents, consultants, directors, employees, officers, shareholders or workers in respect of the termination of my appointment(s).
In this letter, ''Group Company" means any parent undertaking of any of the Company and any subsidiary undertaking of any of the Company or of any such parent undertakings (where “parent undertaking" and “subsidiary undertaking" have the meanings attributed to them under section 1162 Companies Act 2006).
Yours faithfully

SIGNED as a deed 
by SHARON JOHNSON        
in the presence of: 
Witness’s Signature    ......................................................
Name...............................................................................    
Address...........................................................................................
......................................................................................

......................................................................................
Occupation....................................................................... 

SCHEDULE 4 OF THE SETTLEMENT AGREEMENT BETWEEN CATALENT PHARMA SOLUTIONS LIMITED AND SHARON JOHNSON
Agreed reference

Sharon Johnson held the position of Senior Vice President, Quality and Regulatory Affairs at Catalent Pharma Solutions from July 2009 to June 2017. During the period March 2015 to Sept 2016 she had the additional responsibility for Product Development. She also served on the Catalent’s Executive Leadership Team, reporting directly to Catalent’s CEO.
Catalent Pharma Solutions is a Contract Development and Manufacturing Organisation with 30+ sites globally, delivering 70 billion doses to patients and consumers annually for a customer base that includes the majority of pharmaceutical, biopharmaceutical and consumer health companies.
During her tenure, Sharon developed the “One Catalent” Quality Management System, established metrics and operating mechanisms to maintain focus on execution excellence and promoted inspection readiness for the multiple regulatory inspections and customer audits annually.  

SCHEDULE 5 OF THE SETTLEMENT AGREEMENT BETWEEN CATALENT PHARMA SOLUTIONS LIMITED AND SHARON JOHNSON
Agreed internal announcement

Team, 
  
Six months ago we introduced our new  Vision and Mission statements, along with our set of  core Values , reflecting who we are, why we come to work, and how we go about our jobs. In many ways, our commitment to Quality is the heartbeat of Patient First. 
  
Since joining the company in 2009, Sharon Johnson has worked tirelessly to transform the Quality culture at Catalent – simultaneously challenging the old ways of working and raising the bar on regulatory compliance and quality excellence among 1,500 professionals across 30 + sites globally. In any given year, we are subject to around 50 regulatory audits, and hundreds of customer and internal audits. Under Sharon’s leadership, our quality and regulatory track record has become a competitive differentiator for Catalent. 
  
It’s therefore with a mix of pride and sadness that I announce Sharon’s decision to resign, allowing her to pursue new challenges in the form of her own personal goals and interests. 
  
Please join me in wishing Sharon the best and in thanking her for all she has done to cement Catalent’s commitment to patient safety. 
  
That said, I’m pleased to share that Scott Gunther has been promoted to the Executive Leadership Team as Senior Vice President of Quality & Regulatory Affairs, assuming Sharon’s responsibilities in leading the global quality team to ensure the safety of our products. 
  
Scott has worked with Sharon since joining Catalent in 2012 as VP, Quality, most recently within our Drug Delivery Solutions business unit where he oversaw several leadership appointments in the US. He also served as interim VP of Product Development, in addition to his role in quality, while a permanent replacement was sought. As Scott assumes his new leadership role, he will work closely with Sharon through the end of the fiscal year, as well as with the Quality Leadership Team to ensure a smooth transition, continuing to drive quality excellence across our global sites. 
  
Please join me in wishing Scott much success in his new role. 
  
Our customers rely on us to bring life-saving and life-enhancing products to patients who need them. Reflecting on our Values, I’m so proud of how far we’ve come as a company dedicated to patients, customers and our own people, and I’m confident that we are well-positioned to drive this legacy forward in our mission to develop and supply products that help people live better, healthier lives.   
  

    

IN WITNESS of which this Agreement has been executed by or on behalf of the parties on the date below.

	
			
	EXECUTED as a deed by 
CATALENT PHARMA SOLUTIONS LIMITED 

acting by its director in the presence of:
	Signature  /s/ Lance Miyamoto
Print name  Lance Miyamoto 

Date  12 May 2017

	 

	Witness's
 
Signature  /s/ Anna Murray

 
Name  Anna Murray
 
Address  14 Schoolhouse Road 
 
               Somerset, NJ 08873 
 
Occupation  Executive Assistant

	
			
	SIGNED as a deed  
by SHARON JOHNSON 

in the presence of:
	 
	Signature...................................................
 

Date......................................................... 

	Witness's 
Signature............................................... 
 
Print Name............................................. 
 
Address................................................. 
 
............................................................ 
 
Occupation.............................................

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