Document:

Employment Agreement

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 (Matthew Walsh) 

EMPLOYMENT AGREEMENT (the “Agreement”) dated as of October 11, 2011 and effective as of September 26, 2011
(the “Effective Date”) by and between Catalent Pharma Solutions, Inc. (together with its successors and assigns, “Catalent”) and Matthew Walsh (“Executive”). 

WHEREAS, Catalent desires to employ Executive and to enter into an agreement embodying the terms of such employment; and 

WHEREAS, Executive desires to accept such employment with Catalent and enter into such an agreement. 

NOW THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties
agree as follows: 
 1. Term of Employment. Subject to the provisions of Section 7 of this
Agreement, Executive shall be employed by Catalent for a period commencing on the Effective Date and ending on September 25, 2014 (the “Employment Term”) on the terms and subject to the conditions set forth in this Agreement;
provided, however, that commencing with September 26, 2014 and on each September 26th thereafter (each an “Extension Date”), the Employment Term shall be automatically extended for an additional one-year period, unless Catalent or Executive (each, a
“Party”) provides the other Party hereto sixty (60) days’ prior written notice before the next Extension Date that the Employment Term shall not be so extended. 

2. Position. 
 a. During the Employment Term, Executive shall serve as a Senior Vice President and the Chief Financial Officer of Catalent. In such positions, Executive shall have such duties, authority and
responsibilities, commensurate with Executive’s positions in a company the size and nature of Catalent and such related duties and responsibilities, as from time to time may be assigned to Executive by the Chief Executive Officer of Catalent
(the “CEO”) and the audit committee of the Board of Directors of Catalent (the “Board”). Executive shall report directly to the CEO. During the Employment Term, Executive’s principal place of employment shall
be at Catalent’s headquarters, currently located in Somerset, New Jersey. 
 b. During the Employment Term,
except during vacations and authorized leave, Executive will devote Executive’s full business time and reasonable best efforts to the performance of his duties hereunder and will not engage in any other business, profession or occupation for
compensation or otherwise which would conflict or interfere with the rendition of such services either directly or indirectly, without the prior written consent of the CEO; provided that nothing herein shall preclude Executive from
(x) managing his personal and family investments and affairs, (y) engaging in charitable activities and community affairs, and (z) subject to the prior approval of the CEO, from accepting appointment to or continuing to serve on any
boards of directors or trustees of any business, corporation or charitable organization; provided that, in each case, such activities described in this Section 2(b) do not conflict or interfere in more than a de minimus way with the performance
of Executive’s duties hereunder or violate Sections 8 and 9. 

 3. Base Salary. During the Employment Term, Catalent shall pay Executive an annual
base salary at the annual rate of $600,000, payable in regular installments in accordance with Catalent’s usual payment practices. Executive shall be entitled to such increases, if any, in his base salary as may be determined from time to time
in the sole discretion of the Board. Executive’s annual base salary, as in effect from time to time, consistent with this Section 3, is hereinafter referred to as the “Base Salary”. 

4. Annual Bonus. With respect to the 2012 fiscal year and each full fiscal year during the Employment Term, commencing with the
2013 fiscal year, subject to Executive’s continued employment with Catalent through the end of each such fiscal year (except as otherwise provided in Section 7 or as provided for under the terms of Catalent’s Management Incentive
Plan, as it may be amended from time to time (the “MIP”)), Executive shall be eligible to receive an annual cash bonus award (the “Annual Bonus”) under the MIP with a target amount equal to seventy-five percent
(75%) of the annualized Base Salary received by Executive for such fiscal year (the “Target Bonus”), based upon and subject to the achievement of annual performance targets established by the Board under the MIP. As the actual
amount payable to Executive as an Annual Bonus will be dependent upon the achievement of performance goals established under the MIP, Executive’s actual Annual Bonus may be less than, greater than or equal to the Target Bonus. The Annual Bonus,
if any, shall be paid to Executive in accordance with the terms and conditions of the MIP. Notwithstanding anything in this Agreement or the MIP to the contrary, Executive’s Annual Bonus, if any, under the MIP, earned in respect of the 2012
fiscal year, will be determined as follows: (i) the portion of Executive’s Annual Bonus, if any, that relates to his employment with Catalent from July 1, 2011 through the day immediately prior to the Effective Date will be calculated
by reference to the base salary earned by Executive during such period, and (ii) the portion of Executive’s Annual Bonus, if any, that relates to his employment with Catalent from the Effective Date through the last day of the 2012 fiscal
year will be calculated by reference to the Base Salary earned by Executive during such period. 
 5. Employee Benefits;
Equity Awards. 
 a. During the Employment Term, Executive shall continue to be entitled to participate in
all group health, life, disability and other employee benefit and perquisite plans and programs in which other senior executives of Catalent participate, as in effect from time to time, on a basis no less favorable to Executive than that applying
generally to other senior executives of Catalent (not taking into account for purposes of the foregoing, any sign-on or initial awards made to other executives), to the extent consistent with applicable law and the terms of the applicable plans and
programs. 
 b. For each full year during the Employment Term, Executive shall continue to be (i) entitled
to seven (7) paid company holidays and (ii) eligible to receive twenty-six (26) days of paid time off, which days will not be permitted to be carried over into a subsequent year unless required by applicable law. 

  
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 c. As soon as practicable following the Effective Date, in accordance with
and pursuant to the terms of the 2007 PTS Holdings Corp. Stock Incentive Plan, as it may be amended from time to time, PTS Holdings Corp. (“PTS”) shall grant Executive (i) 500 restricted stock units in the form of the award
agreement attached hereto as Exhibit B (the “RSU Agreement”) and (ii) options to purchase 1,500 shares of PTS’s common stock in the form of the award agreement attached hereto as Exhibit C (the “Stock Option
Agreement”). The restricted stock units and options and any shares issued (or issuable) or settled in connection therewith shall be subject to the terms and conditions of the Management Equity Subscription Agreement, by and between
Executive and PTS, made as of June 5, 2008, which shall be amended and restated in connection with such equity grants (the “Management Equity Subscription Agreement”). 

6. Business Expenses. During the Employment Term, reasonable business expenses incurred by Executive in the performance of
Executive’s duties hereunder shall be reimbursed by Catalent in accordance with Catalent’s policies. 
 7.
Termination. The Employment Term and Executive’s employment hereunder may be terminated by Catalent or Executive at any time and for any reason consistent with this Section 7; provided that, Executive will be required to give
Catalent at least sixty (60) days’ advance written notice of any resignation of Executive’s employment without Good Reason (other than due to death or Disability (as defined below)). Notwithstanding any other provision of this
Agreement, the provisions of this Section 7 shall exclusively govern Executive’s rights upon termination of employment with Catalent. 
 a. By Catalent For Cause or By Executive Without Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated for Cause by Catalent or by Executive without Good Reason (other than due to death or Disability). 

(ii) If Executive’s employment is terminated by Catalent for Cause or if Executive resigns without Good Reason (other
than due to death or Disability), Executive shall be entitled to receive: 
 (A) Base Salary, accrued through
the date of termination, payable in accordance with Catalent’s usual payment practices; 
 (B) earned, but
unpaid Annual Bonus, if any, for the immediately preceding fiscal year, paid in accordance with Section 4 (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with Catalent);

 (C) reimbursement, within sixty (60) days following submission by Executive to Catalent, of appropriate
supporting documentation, for any unreimbursed business expenses properly incurred by Executive in accordance with Catalent’s policies prior to the date of Executive’s termination of employment; provided claims for such reimbursement
(accompanied by appropriate supporting documentation) are submitted to Catalent within ninety (90) days following the date of Executive’s termination of employment; and 

  
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 (D) all amounts and benefits then or thereafter due to Executive under the
then or thereafter applicable terms of any applicable plan, program, agreement or arrangement of Catalent or any of its affiliates, including, without limitation, pursuant to the RSU Agreement, the Stock Option Agreement and the Management Equity
Subscription Agreement (the amounts described in clauses (A) through (D) hereof being referred to as the “Accrued Rights”). 
 Following such termination of Executive’s employment by Catalent for Cause or by Executive without Good Reason (other than due to death or Disability), except as set forth in this
Section 7(a)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 (iii) For purposes of this Agreement, the terms: 
 (A)
“Cause” shall mean (I) Executive’s willful failure to perform his duties hereunder, which failure is not cured within fifteen (15) days following written notice from Catalent, (II) Executive’s conviction of or
confessing to, or his becoming subject to proceedings that provide a reasonable basis for Catalent to believe that Executive has engaged in a (x) felony, (y) crime involving dishonesty, or (z) crime involving moral turpitude and which
is demonstrably injurious to Catalent and its subsidiaries, (III) Executive engages in willful malfeasance or misconduct that, in either case, is demonstrably injurious to Catalent and its subsidiaries, or (IV) a breach by Executive of the material
terms of any non-competition, non-solicitation or confidentiality provisions. For purposes of this definition, no act or failure to act by Executive shall be deemed “willful” unless effected by Executive not in good faith. 

(B) “Good Reason” shall mean, the occurrence of any of the following events without Executive’s
consent, (I) any substantial diminution in Executive’s position or duties, adverse change in reporting lines, up and down, or the assignment to him of duties that are materially inconsistent with his position, (II) any reduction in
Executive’s Base Salary, (III) any failure of Catalent to pay compensation or benefits when due, (IV) Catalent’s failure to provide Executive with an annual bonus opportunity that is at the same level as established in his offer letter,
dated February 29, 2008 (the “Offer Letter”), or (V) Executive is required to move his principal business location more than fifty (50) miles. No termination of Executive’s employment based on a specified Good
Reason event shall be effective as a termination for Good Reason unless (x) Executive gives notice to Catalent of such event within thirty (30) days after he learns that such event has occurred, (y) such Good Reason event is not fully
cured within thirty (30) days after such notice (such period, the “Cure Period”), and (z) Executive’s employment hereunder terminates within sixty (60) days following the end of the Cure Period. 

b. Disability or Death. 
 (i) The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and may be terminated by Catalent if Executive becomes physically or mentally incapacitated
and is therefore unable for a period of six (6) consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive month period to perform Executive’s duties (such incapacity is hereinafter referred to
as “Disability”). 

  
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 (ii) Upon termination of Executive’s employment hereunder due to either
Disability or death, Executive or Executive’s estate (as the case may be) shall be entitled to receive: 

(A) the Accrued Rights; and 
 (B) a pro-rata portion of the Annual Bonus, if any, that Executive would have been entitled to receive under the MIP pursuant to Section 4 hereof for the fiscal year of termination based on
Catalent’s actual performance in respect of the full fiscal year in which the date of termination occurs, assuming Executive was employed for such full fiscal year, multiplied by a fraction, the numerator of which is the number of days during
which Executive was employed by Catalent in the fiscal year in which Executive’s date of termination occurs, and the denominator of which is 365 (the “Pro-Rata Bonus”), with such Pro-Rata Bonus payable to Executive in
accordance with the terms and conditions of the MIP as if Executive’s employment had not terminated. 
 Following Executive’s
termination of employment due to death or Disability, except as set forth in this Section 7(b)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

c. By Catalent Without Cause; Resignation by Executive for Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by Catalent without Cause (other than
by reason of death or Disability) or by Executive’s resignation for Good Reason. 
 (ii) If Executive’s
employment is terminated by Catalent without Cause (other than by reason of death or Disability) or if Executive resigns for Good Reason, Executive shall be entitled to receive: 

(A) the Accrued Rights; 
 (B) the Pro-Rata Bonus, with such Pro-Rata Bonus payable to Executive in accordance with the terms and conditions of the MIP as if Executive’s employment had not terminated; 

(C) provided Executive executes and delivers a general release of claims against Catalent and its
affiliates, in the form attached hereto as Exhibit A (the “Release”), on or prior to the sixtieth
(60th) day following the date of Executive’s
termination of employment and does not revoke such Release within the time period provided therein, payment of an amount equal to two (2) times the sum of (1) Executive’s then annualized Base Salary and (2) the Target Bonus,
payable in equal monthly installments over a two-year period following the date of termination of employment (such two-year period, the “Severance Period”), consistent with Catalent’s past payroll practices; provided further
that, in either case, Catalent reserves the right to cease making such payments and Executive shall be obligated to repay any such amounts to Catalent already paid if he fails to execute and deliver the Release within the period provided for in this
Section 7(c)(ii)(C) or, after timely delivery, revokes it within the time period specified in such Release; and 

  
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 (D) Executive and his spouse and eligible dependents (to the extent covered
immediately prior to such termination) shall continue to be eligible to participate in all of Catalent’s group health plan(s) for which Executive was eligible immediately prior to the date of his termination (or to the extent such coverage is
not permissible under the terms of such plan(s), comparable coverage) commencing on the first day of the Severance Period and ending on the earlier to occur of (x) the expiration of the Severance Period and (y) the date Executive is or
becomes eligible for coverage under the group health plan(s) of another employer (or comparable coverage to the extent applicable) (such period, the “Continued Coverage Period”); provided, however, that if such
coverage is longer than eighteen (18) months and such continued coverage cannot be provided under the applicable plan(s), Catalent shall pay Executive, on the first business day of each month, an amount (on a tax grossed-up basis) equal to the
premium subsidy Catalent would have otherwise paid on Executive’s behalf for such coverage during the balance of the Continued Coverage Period. The COBRA health care continuation coverage period under Section 4980B of the Code, or any
replacement or successor provision of United States tax law, shall run concurrently with the Severance Period. In addition, any tax gross up payment made to Executive hereunder shall be made promptly, but in no event later than the end of the
calendar year following the year in which the applicable taxes are remitted. 
 Notwithstanding the foregoing, Catalent’s
obligation to make the payments contemplated under Section 7(c)(ii)(C) above shall cease in the event of Executive’s material breach of Section 8 or 9, which breach remains uncured for a period of ten (10) days following
Catalent’s written notice to Executive of such breach. 
 Following Executive’s termination of employment by Catalent
without Cause (other than by reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason, except as set forth in this Section 7(c)(ii), Executive shall have no further rights to any compensation or any
other benefits under this Agreement. 
 d. Non-Renewal of Employment Term. 

(i) In the event Executive elects not to extend the Employment Term pursuant to Section 1, unless Executive’s
employment is earlier terminated pursuant to paragraphs (a), (b) or (c) of this Section 7, the expiration of the Employment Term and Executive’s termination of employment hereunder shall be deemed to occur on the close of
business on the day immediately preceding the next scheduled Extension Date and Executive shall be entitled to receive the Accrued Rights. 
 Following such termination of Executive’s employment under this Section 7(d)(i), except as set forth in this Section 7(d)(i), Executive shall have no further rights to any compensation or
any other benefits under this Agreement. 
 (ii) In the event Catalent elects not to extend the Employment Term
pursuant to Section 1, unless Executive’s employment is earlier terminated pursuant to paragraphs (a), (b) or (c) of this Section 7, the expiration of the Employment Term and Executive’s termination of employment
hereunder shall be deemed to occur on the close of business on the day immediately preceding the next scheduled Extension Date and Executive shall be entitled to receive the Accrued Rights. 

  
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 In addition to the Accrued Rights, as a result of such termination of employment, Executive
shall be entitled to receive: 
 (A) the Pro-Rata Bonus, with such Pro-Rata Bonus payable to Executive in
accordance with the terms and conditions of the MIP as if Executive’s employment had not terminated; 
 (B) provided Executive executes and delivers the Release on or prior to the sixtieth (60th) day following the date of Executive’s termination of employment and does not revoke such Release within the
time period provided therein, payment of an amount equal to two (2) times the sum of (1) Executive’s then annualized Base Salary and (2) the Target Bonus, payable in equal monthly installments over the Severance Period,
consistent with Catalent’s past payroll practices; provided further that, in either case, Catalent reserves the right to cease making such payments and Executive shall be obligated to repay any such amounts to Catalent already paid if he fails
to execute and deliver the Release within the period provided for in this Section 7(d)(ii)(B) or, after timely delivery, revokes it within the time period specified in such Release; and 

(C) Executive and his spouse and eligible dependents (to the extent covered immediately prior to such termination) shall
continue to be eligible to participate in all of Catalent’s group health plan(s) for which Executive was eligible immediately prior to the date of his termination (or to the extent such coverage is not permissible under the terms of such
plan(s), comparable coverage) during the Continued Coverage Period; provided, however, that if such coverage is longer than eighteen (18) months and such continued coverage cannot be provided under the applicable plan(s), Catalent
shall pay Executive, on the first business day of each month, an amount (on a tax grossed-up basis) equal to the premium subsidy Catalent would have otherwise paid on Executive’s behalf for such coverage during the balance of the Continued
Coverage Period. The COBRA health care continuation coverage period under Section 4980B of the Code, or any replacement or successor provision of United States tax law, shall run concurrently with the Severance Period. In addition, any tax
gross up payment made to Executive hereunder shall be made promptly, but in no event later than the end of the calendar year following the year in which the applicable taxes are remitted. 

Notwithstanding the foregoing, Catalent’s obligation to make the payments contemplated under Section 7(d)(ii)(B) above shall
cease in the event of Executive’s material breach of Section 8 or 9, which breach remains uncured for a period of ten (10) days following Catalent’s written notice to Executive of such breach. 

Following such termination of Executive’s employment under this Section 7(d)(ii), except as set forth in this
Section 7(d)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 (iii) Unless the Parties otherwise agree in writing, continuation of Executive’s employment with Catalent beyond the expiration of the Employment Term shall be deemed an employment at-will and shall
not be deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at will by either Executive or Catalent; provided that the provisions of Sections 8, 9 and 10 of this Agreement shall
survive any termination of this Agreement or Executive’s termination of employment hereunder. 

  
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 e. Any payments under this Section 7 shall not be taken into account
for purposes of any retirement plan (including any supplemental retirement plan or arrangement) or other benefit plan sponsored by Catalent or any of its subsidiaries except as otherwise expressly required by such plans or applicable law.

 f. Notice of Termination. Any purported termination of employment by Catalent or by Executive (other
than due to Executive’s death) shall be communicated by written Notice of Termination (as defined below) to the other Party in accordance with Section 11(j) hereof. For purposes of this Agreement, a “Notice of Termination”
shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the
provision so indicated. 
 8. Non-Competition. 

a. Executive acknowledges and recognizes the highly competitive nature of the businesses of Catalent and its subsidiaries
and accordingly agrees as follows: 
 (1) During the Employment Term and for a period of two (2) years following the date
Executive’s employment ceases for any reason (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any 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 Catalent or any of its subsidiaries, the business of any
client or prospective client: 
  

	 	(i)	with whom Executive had personal contact or dealings on behalf of Catalent or any of its subsidiaries during the one year period preceding Executive’s termination
of employment; 

  

	 	(ii)	with whom employees reporting to Executive have had personal contact or dealings on behalf of Catalent or any of its subsidiaries during the one year immediately
preceding Executive’s termination of employment; or 

  

	 	(iii)	for whom Executive had direct or indirect responsibility during the one year immediately preceding Executive’s termination of employment. 

(2) During the Employment Term and for a period of one year following the date Executive ceases to be employed by Catalent for any
reason, Executive will not directly or indirectly: 
  

	 	(i)	 engage in any business that competes with the business of Catalent or any of its subsidiaries, including, contract services to pharmaceutical,
biotechnology and vitamin/mineral supplements manufacturers related to formulation, analysis manufacturing and packaging and any other product or service of the type developed, manufactured or sold by Catalent or any of its subsidiaries

  
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(including, without limitation, any other business which Catalent or any of its subsidiaries have plans to engage in as of the date of Executive’s termination of employment) in any
geographical area where Catalent or any of its subsidiaries conduct business (a “Competitive Business”); 

  

	 	(ii)	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; 

  

	 	(iii)	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 

  

	 	(iv)	interfere with, or attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between Catalent or any of its
subsidiaries and customers, clients, suppliers, partners, members or investors of Catalent or any of its subsidiaries. 

 (3) Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly, own, solely as an investment, securities of any Person engaged in the business of Catalent or any of
its subsidiaries which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such Person and (ii) does not,
directly or indirectly, own 5% or more of any class of securities of such Person. 
 (4) During the Restricted Period, Executive
will not, whether on Executive’s own behalf or on behalf of or in conjunction with any Person, directly or indirectly: 
  

	 	(i)	solicit or encourage any employee of Catalent or any of its subsidiaries to leave the employment of Catalent or any of its subsidiaries; or 

 

	 	(ii)	hire any such employee who was employed by Catalent or any of its subsidiaries as of the date of Executive’s termination of employment with Catalent or who left
the employment of Catalent or any of its subsidiaries coincident with, or within twelve (12) months prior to, the termination of Executive’s employment with Catalent. 

(5) During the Restricted Period, Executive will not, directly or indirectly, solicit or encourage to cease to work with Catalent or any
of its subsidiaries any consultant then under contract with Catalent or any of its subsidiaries. 
 b. It is
expressly understood and agreed that although Executive and Catalent consider the restrictions contained in this Section 8 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or
territory or any other 

  
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restriction contained in this Agreement is an unenforceable restriction against Executive, 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 herein. 
 The provisions of this Section 8 shall survive the termination of Executive’s employment for any reason. 
 9. Confidentiality; Intellectual Property. 
 a.
Confidentiality. 
 (i) Executive will not at any time (whether during or after Executive’s
employment with Catalent), other than in the ordinary course of business for Catalent or any of its subsidiaries (x) retain or use for the benefit, purposes or account of Executive or any other Person; or (y) disclose, divulge, reveal,
communicate, share, transfer or provide access to any Person outside Catalent (other than its professional advisers who are bound by confidentiality obligations), any non-public, proprietary or confidential information of Catalent and its
subsidiaries —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 Catalent, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to Catalent on a confidential basis
(“Confidential Information”) without the prior written authorization of the Board. 
 (ii)
“Confidential Information” shall not include any information that is (a) generally known to the industry or the public other than as a result of Executive’s breach of this covenant or any breach of other confidentiality
obligations by third parties; (b) made legitimately available to Executive by a third party without breach of any confidentiality obligation; or (c) required by law to be disclosed or in any judicial or administrative process;
provided that, unless prohibited by law or regulation, Executive shall give prompt written notice to Catalent of such requirement, disclose no more information than is so required, and cooperate with any attempts by Catalent to obtain a
protective order or similar treatment. 
 (iii) Upon termination of Executive’s employment with Catalent for
any reason, Executive 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 Catalent or any of its subsidiaries or affiliates; (y) immediately destroy, delete, or return to Catalent, at its option, all originals and copies in any form or medium (including memoranda,
books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, 

  
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home, laptop or other computer, whether or not property of Catalent) that contain Confidential Information or otherwise relate to the business of Catalent or any of its affiliates or
subsidiaries, except that Executive 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 Catalent regarding the delivery or
destruction of any other Confidential Information of which Executive is or becomes aware. 
 b. Intellectual
Property. 
 (i) If Executive creates, invents, designs, develops, contributes to or improves any works of
authorship, inventions, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials),
either alone or with third parties, at any time during Executive’s employment by Catalent and within the scope of such employment and/or with the use of any of Catalent’s resources (“Company Works”), Executive shall
promptly and fully disclose same to Catalent and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial
property, copyright, trademark, trade secret, unfair competition and related laws) to Catalent to the extent ownership of any such rights does not vest originally in Catalent. 

(ii) Executive agrees to keep and maintain adequate and current written records (in the form of notes, sketches, drawings,
and any other form or media requested by Catalent) of all Company Works. The records will be available to and remain the sole property and intellectual property of Catalent at all times. 

(iii) Executive shall take all requested actions and execute all requested documents (including any licenses or
assignments required by a government contract) at Catalent’s expense (but without further remuneration) to assist Catalent in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of Catalent’s
rights in the Company Works. If Catalent is unable for any other reason to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates and appoints Catalent and its duly authorized officers and
agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with the foregoing. 

(iv) Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate,
reveal, transfer or provide access to, or share with Catalent any confidential, proprietary or non public information or intellectual property relating to a former employer or other third party without the prior written permission of such third
party. Executive shall comply with all relevant policies and guidelines of Catalent, including regarding the protection of confidential information and intellectual property and potential conflicts of interest (the “Company
Policies”). Executive acknowledges that Catalent may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version. 

c. The provisions of this Section 9 shall survive the termination of Executive’s employment for any reason.

  
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 10. Specific Performance. Executive acknowledges and agrees that Catalent’s
remedies at law for a breach or threatened breach of any of the provisions of Section 8 or Section 9 would be inadequate and Catalent would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this
fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, Catalent, without posting any bond, shall be entitled to (x) obtain equitable relief in the form of specific performance,
temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available and (y) cease making any payments or providing any benefit to the extent provided for in Sections 7(c) and 7(d).

 11. Miscellaneous. 
 a. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to conflicts of laws principles thereof. 

b. Arbitration. Except as otherwise provided in Section 10 of this Agreement, any controversy, dispute or
claim arising out of, in connection with, or in relation to, the interpretation, performance or breach of this Agreement, its Exhibits or the Management Equity Subscription Agreement, including, without limitation, the validity, scope and
enforceability of this Section, may at the election of either Party, be solely and finally settled by arbitration conducted in New York, New York, by and in accordance with the then existing rules for commercial arbitration of the American
Arbitration Association, or any successor organization and with the Expedited Procedures thereof (collectively, the “Rules”). Catalent shall select one arbitrator, Executive shall select one arbitrator and the two arbitrators so
designated shall select a third arbitrator; provided that such arbitrators shall be experienced in deciding cases concerning the matter which is the subject of the dispute. Each of the Parties further agrees that the determination of the arbitrators
shall be by reasoned award and that the arbitrators shall apply the substantive laws of the State of Delaware. Either of the Parties may demand arbitration by written notice to the others and to the Arbitrator set forth in this Section 11(b)
(“Demand for Arbitration”). Each of the Parties agrees that if possible, the award shall be made in writing no more than thirty (30) days following the end of the proceeding. Any award rendered by the arbitrators shall be final
and binding and judgment may be entered on it in any court of competent jurisdiction sitting in the State of Delaware. Each of the Parties hereto agrees to treat as confidential the results of any arbitration (including, without limitation, any
findings of fact and/or law made by the arbitrator) and not to disclose such results to any unauthorized person. The Parties intend that this agreement to arbitrate be valid, enforceable and irrevocable. In the event of any arbitration with regard
to this Agreement, each Party shall pay its own legal fees and expenses. 
 c. Entire
Agreement/Amendments. This Agreement, together with its Exhibits contains the entire understanding of the Parties with respect to the employment of Executive by Catalent and shall be binding on the Parties as of the Effective Date. There are no
restrictions, agreements, promises, warranties, covenants or undertakings between the Parties with respect to the subject matter herein other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by
written instrument signed by the Parties hereto. 

  
 12 

 d. No Waiver. The failure of a Party to insist upon strict adherence
to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. No provision
of this Agreement may be waived or discharged unless such waiver or discharge is agreed to in writing, signed by the Party against whom the waiver or discharge is being enforced, and which specifically references the provision being waived or
discharged. No waiver by any Party hereto at any time of any breach by any other Party or compliance with any condition or provision of this Agreement to be performed by such other Party will be deemed to be a waiver of similar or dissimilar
provisions or conditions at the same or at any prior or subsequent time. 
 e. Severability. In the event
that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.

 f. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be
assignable or delegable by Executive other than rights that may be transferred by Executive’s will or by the laws of descent and distribution. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and
void ab initio and of no force and effect. This Agreement may be assigned by Catalent to a person or entity which is an affiliate or a successor in interest to substantially all of the business operations of Catalent without the written
consent of Executive. Upon such assignment, the rights and obligations of Catalent hereunder shall become the rights and obligations of such affiliate or successor person or entity. 

g. Set Off; Mitigation. Catalent’s obligation to pay Executive the amounts provided and to make the
arrangements provided hereunder shall be subject to setoff, counterclaim or recoupment of amounts owed by Executive to Catalent or any of its affiliates. Executive shall not be required to mitigate the amount of any payment provided for pursuant to
this Agreement by seeking other employment. Catalent’s obligation to make the payments and provide the benefits required under Section 7 hereof shall not be reduced or otherwise affected by any compensation or benefits paid or provided to
Executive as a result of any other employment (except to the extent otherwise provided in Section 7(c)(ii)(D) or Section 7(d)(ii)(C) with respect to the time when Catalent’s obligation to provide continued group health coverage
ceases). 
 h. Compliance with Section 409A of the Code. This Agreement is intended to comply with
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and will be interpreted accordingly. References under this Agreement to Executive’s termination of employment shall be deemed to refer to the date
upon which Executive has experienced a “separation from service” within the meaning of Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s termination of employment
with Catalent and its affiliates Executive is a “specified employee” as defined in Section 409A of the Code (and any related regulations or other pronouncements thereunder) and the deferral of the commencement of any payments or
benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then Catalent will defer the commencement of

  
 13 

 
the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following
Executive’s termination of employment with Catalent (or the earliest date as is permitted under Section 409A of the Code), at which point all payments deferred pursuant to this Section 11(h) shall be paid to Executive in a lump sum
and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if
deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause
such an accelerated or additional tax. To the extent any reimbursements or in-kind benefits due to Executive under this Agreement constitute “deferred compensation” under Section 409A of the Code, any such reimbursements or in-kind
benefits shall be paid to Executive in a manner consistent with Treasury Regulation Section 1.409A-3(i)(1)(iv). For purposes of Section 409A of the Code, each payment made under this Agreement will be designated as a “separate
payment” within the meaning of Section 409A of the Code. Catalent shall consult with Executive in good faith regarding the implementation of the provisions of this Section 11(h); provided that neither Catalent nor any of its employees
or representatives shall have any liability to Executive with respect to thereto. 
 i. Successors; Binding
Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. In the event of Executive’s death while any
payment, benefit or entitlement is due to Executive under this Agreement or any other agreement between or among Executive and Catalent (or any of its affiliates), except as may otherwise be prohibited by the terms of such other agreement, such
payment, benefit or entitlement shall be paid or provided to Executive’s designated beneficiary (or if Executive has not designated a beneficiary, to his estate). 

j. Notice. For the purpose of this Agreement, notices, consents which are explicitly required to be in writing
hereunder and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as any Party may have furnished to the other in writing in accordance herewith, except that notice of change
of address shall be effective only upon receipt. 

  
 14 

 If to Catalent: 
 14 Schoolhouse Road 
 Somerset, NJ 08873 

Attention: General Counsel 
 If to Executive: 
 To the most recent address of Executive set forth in the
personnel records of Catalent 
 k. Executive Representation. Executive hereby represents to Catalent that
the execution and delivery of this Agreement by Executive and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement, separation agreement or
other agreement or policy to which Executive is a party or otherwise bound. 
 l. Prior Agreements. This
Agreement supersedes all prior agreements and understandings (including the Offer Letter, that certain severance agreement, dated February 29, 2008, by and between the Executive and Catalent and verbal agreements, but not the equity or
equity-based agreements) between Executive and Catalent and/or any of its affiliates regarding the terms and conditions of Executive’s employment with Catalent. In the event of any conflict between any provision of this Agreement, including
Exhibit A, and any other provision of any plan, policy, program, arrangement or other agreement of Catalent or any of its subsidiaries or affiliates, this Agreement (or such exhibit) shall control. 

m. Further Assurances. The Parties shall, with reasonable diligence, do all things and provide all reasonable
assurances as may be required to complete the transactions contemplated by this Agreement, and each Party shall provide such further documents or instruments required by any other party as may be reasonably necessary or desirable to give effect to
this Agreement and carry out its provisions. 
 n. Cooperation. If and to the extent requested by
Catalent, Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder
relating to Catalent and of which he has knowledge (or reasonably should have had knowledge). This provision shall survive any termination of this Agreement. 
 o. Survivability. Except as otherwise expressly set forth in this Agreement, upon the expiration of the Employment Term, the respective rights and obligations of the Parties shall survive such
expiration to the extent necessary to carry out the intentions of the Parties as embodied in the rights (such as vested rights) and obligations of the Parties under this Agreement. 

p. Withholding Taxes. Catalent may withhold from any amounts payable under this Agreement such Federal, state and
local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

  
 15 

 q. Legal Fees. Executive shall be entitled to reimbursement by
Catalent for the reasonable legal fees and expenses incurred in connection with his acceptance of Catalent’s offer of employment hereunder and the review of this Agreement, its Exhibits and the Management Equity Subscription Agreement, subject
to (x) receiving customary back-up documentation regarding such fees and expenses and (y) and aggregate cap of $12,000. Reimbursement shall be made within thirty (30) days after receipt of documentation reasonably acceptable to
Catalent, but in no event later than the last day of the taxable year following the taxable year in which the expenses were incurred. 
 r. Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

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 16 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the day and
year first above written. 
  

					
	CATALENT PHARMA SOLUTIONS, INC.	 		 	MATTHEW WALSH
			
	/s/ John R. Chiminski	 		 	/s/ Matthew Walsh
	By:	 		 	
	Title:	 		 	
			
	Agreed to and acknowledged by with respect to Section 5(c):	 		 	

  

	
	PTS HOLDINGS CORP.
	
	    /s/ John R. Chiminski
	By:
	Title:

  
 17 

 EXHIBIT A 
 RELEASE AND WAIVER OF CLAIMS 
 This Release and Waiver of Claims
(“Release”) is entered into as of this              day of
                    , 20__, by and between Catalent Pharma Solutions, Inc. (“Catalent”) and Matthew Walsh
(“Executive”). 
 The Executive and Catalent agree as follows: 

1. The employment relationship between Executive and Catalent and its subsidiaries and affiliates, as applicable, terminated on
                     (the “Termination Date”). 
 2. In accordance with the employment agreement, effective as of September 26, 2011, between Executive and Catalent (the “Employment Agreement”), Executive is entitled to receive
certain payments and benefits after the Termination Date. 
 3. In consideration of the above, the sufficiency of which
Executive hereby acknowledges, Executive, on behalf of Executive and Executive’s heirs, executors and assigns, hereby releases and forever discharges Catalent and its members, parents, affiliates, subsidiaries, divisions, any and all current
and former directors, officers, employees, agents, and contractors and their heirs and assigns, and any and all employee pension benefit or welfare benefit plans of Catalent, including current and former trustees and administrators of such employee
pension benefit and welfare benefit plans (the “Released Parties”), from all claims, charges, or demands, in law or in equity, whether known or unknown, which may have existed or which may now exist from the beginning of time to the
date of this Release, including, without limitation, any claims Executive may have arising from or relating to Executive’s employment or termination from employment with Catalent, including a release of any rights or claims Executive may have
under Title VII of the Civil Rights Act of 1964, as amended, and the Civil Rights Act of 1991 (which prohibits discrimination in employment based upon race, color, sex, religion, and national origin); the Americans with Disabilities Act of 1990, as
amended, and the Rehabilitation Act of 1973 (which prohibits discrimination based upon disability); the Family and Medical Leave Act of 1993 (which prohibits discrimination based on requesting or taking a family or medical leave); Section 1981
of the Civil Rights Act of 1866 (which prohibits discrimination based upon race); Section 1985(3) of the Civil Rights Act of 1871 (which prohibits conspiracies to discriminate); the Employee Retirement Income Security Act of 1974, as amended
(which prohibits discrimination with regard to benefits); the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et. seq.; any other federal, state or local laws against discrimination; or any other federal, state, or local
statute, or common law relating to employment, wages, hours, or any other terms and conditions of employment. This includes a release by Executive of any and all claims or rights arising under contract, covenant, public policy, tort or otherwise.

 4. Executive acknowledges that Executive is waiving and releasing any rights that Executive may have under the Age
Discrimination in Employment Act of 1967, as amended (“ADEA”) and that this Release is knowing and voluntary. Executive and Catalent agree that this Release does not apply to any rights or claims that may arise under the ADEA after
the effective date of this Agreement. Executive acknowledges that the consideration given for this Release is in addition to anything of value to which Executive is already entitled. Executive

  
 18 

 
further acknowledges that Executive has been advised by this writing that: (i) Executive should consult with an attorney prior to executing this Release; (ii) Executive has at least
twenty-one (21) days within which to consider this Release, although Executive may, at Executive’s discretion, sign and return this Release at an earlier time; (iii) for a period of 7 days following the execution of this Release in
duplicate originals, Executive may revoke this Release, and this Release shall not become effective or enforceable, and Catalent nor any other person is obligated to provide any benefits to Executive until the revocation period has expired; and
(iv) nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of this Release under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so,
unless specifically authorized by federal law. If Executive has not returned the signed Release within the time permitted in the Employment Agreement, then the offer of payments and benefits set forth in the Employment Agreement will expire by its
own terms at such time. 
 5. This Release does not release the Released Parties from (i) any obligations due to Executive
under the Employment Agreement or under this Release, (ii) any rights Executive has to indemnification, reimbursement of expenses by Catalent under the Employment Agreement or otherwise or coverage under directors’ and officers’
liabilities insurance policies, (iii) any vested rights Executive has under any employee pension benefit and welfare benefit plans of Catalent in which he participated, or (iv) any vested awards (or awards which may vest) which Executive
has under any equity, equity-based, profits interest, stock option or similar plans, agreements and/or notices, which awards shall be subject to all the terms and conditions of such documents. 

6. This Release is not an admission by the Released Parties of any wrongdoing, liability or violation of law. 

7. Executive waives any right to reinstatement or future employment with Catalent following Executive’s separation from Catalent on
the Termination Date. 
 8. Executive agrees to refrain from making any statement, oral or written, which disparages the
relationships between Catalent and its subsidiaries and affiliates and Catalent and its subsidiaries’ employees, customers, suppliers and/or others. Notwithstanding the foregoing, Executive shall be permitted to respond to incorrect,
disparaging or derogatory statements about him to the extent reasonably necessary to correct or refute such statements or to make any truthful statement to the extent necessary in connection with any arbitration or litigation involving any agreement
between Executive and Catalent or any of its subsidiaries or as required by law or by any court, arbitrator, or administrative or legislative body with apparent or actual jurisdiction to order him to disclose or make accessible any information.

 9. Executive shall continue to be bound by Sections 8, 9 and 11(n) of the Employment Agreement. 

10. Executive shall promptly return all property in Executive’s possession of Catalent and its subsidiaries and affiliates,
including, but not limited to, keys, credit cards, cellular phones, computer equipment, software and peripherals and originals or copies of books, records, or other information pertaining to Catalent or any of its subsidiaries’ or
affiliates’ businesses. In addition, Executive shall promptly return all electronic documents or records relating to Catalent or any of its subsidiaries or affiliates that Executive may have saved to any such cellular phone,

  
 19 

 
laptop computer or other electronic or storage device, whether business or personal, including any PowerPoint or other presentation stored in hard copy or electronically. Further, if Executive
stored any information relating to Catalent on a personal computer or other storage device, Executive shall permanently delete all such information; provided, however, that, prior to deleting that information, Executive shall print out one copy and
provide it to Catalent. Nothing herein shall require Executive to return property, documents or information he is permitted to retain under Section 9 of the Employment Agreement. 

11. This Release shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to the
principles of conflict of laws. Exclusive jurisdiction with respect to any legal proceeding brought concerning any subject matter contained in this Release shall be settled in the manner provided in the Employment Agreement. 

12. This Release represents the complete agreement between Executive and Catalent concerning the subject matter in this Release and
supersedes all prior agreements or understandings, written or oral. This Release may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives.

 13. Each of the sections contained in this Release shall be enforceable independently of every other section in this Release,
and the invalidity or unenforceability of any section shall not invalidate or render unenforceable any other section contained in this Release. 
 14. The Executive acknowledges that Executive has carefully read and understands this Release, that Executive has the right to consult an attorney with respect to its provisions and that this Release
has been entered into voluntarily. Executive acknowledges that no representation, statement, promise, inducement, threat or suggestion has been made by any of the Released Parties to influence Executive to sign this Release except such statements as
are expressly set forth herein or in the Employment Agreement. 
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blank.] 

  
 20 

 The parties to this Release have executed this Release as of the day and year first written
above. 
  

					
	CATALENT PHARMA SOLUTIONS, INC.	 		 	MATTHEW WALSH
			
	  	 		 	  
	By:	 		 	
	Title:	 		 	

  
 21 

 Exhibit B 
 [Restricted Stock Unit Agreement] 

  
 22 

 Exhibit C 
 [Non-Qualified Stock Option Agreement] 

  
 23Employment Agreement

 Exhibit 10.17 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT
(“Agreement”) is made by and between Patterson-UTI Drilling Company LLC, a Texas limited liability company (the “Company”) and James M. Holcomb (“Executive”). 

WHEREAS, the Company currently employs Executive as Senior Vice President – Operations and wishes to recognize and reward
Executive for his services; and 
 WHEREAS, in connection with the promotion of Executive to President of the Company,
the Company and Executive have agreed to enter into an employment agreement on the terms and conditions, and for the consideration, hereinafter set forth. 
 NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, the Company and Executive agree as follows: 

ARTICLE I 
 EMPLOYMENT AND DUTIES 
 1.1 Employment; Effective Date. The
Company agrees to employ Executive, and Executive agrees to be employed by the Company, pursuant to the terms of this Agreement beginning as of January 1, 2012 (the “Effective Date”) and continuing for the period of time set
forth in Article III of this Agreement, subject to the terms and conditions of this Agreement. 
 1.2 Positions and
Office. From and after the Effective Date, Executive shall serve in the position of President of the Company or in such other position or positions as the parties mutually may agree, with a principal place of employment at the Company’s
office in Houston, Texas. 
 1.3 Duties and Services. Executive agrees to serve in the positions referred to in
Section 1.2 hereof and to perform diligently and to the best of Executive’s abilities the usual and customary duties and services appertaining to such positions, as well as such additional duties and services appropriate to such positions
which the Company and Executive mutually may agree upon from time to time. Executive’s employment shall also be subject to the policies maintained and established by the Company that are of general applicability to the Company’s
executives, as such policies may be amended from time to time. Executive agrees, during the period of Executive’s employment by the Company, to devote substantially all of Executive’s business time, energy and best efforts to the business
and affairs of the Company and its affiliates. 
 1.4 Business Opportunities. Executive shall make full disclosure
to the Company of all business opportunities pertaining to the Company’s business and shall not appropriate for Executive’s own benefit business opportunities concerning the subject matter of the fiduciary relationship. 

ARTICLE II 
 COMPENSATION 
 2.1 Base Salary. During the Term, Executive
shall receive an annualized base salary of $325,000 (the “Base Salary”), subject to any increases that may be granted in the future. 
 ARTICLE III 
 TERM AND TERMINATION OF EMPLOYMENT 

3.1 Term. Subject to the remaining terms of this Article III, this Agreement shall be for an initial term that begins on
the Effective Date and continues in effect through the third anniversary of the Effective Date (the “Initial Term”) and, unless terminated 

 
sooner as herein provided, shall continue on a year to year basis after the third anniversary of the Effective Date (each a “Renewal Term” and together with the Initial
Term, the “Term”). If the Company or Executive elects not to renew this Agreement for a Renewal Term, the Company or Executive must notify the other party at least 90 days before the expiration of the then-current Initial
Term or Renewal Term, as applicable. In the event that one party provides the other with such a notice, no further automatic extensions will occur and this Agreement shall terminate at the end of the then-existing Initial Term or Renewal Term, as
applicable. 
 3.2 Company’s Right to Terminate. Notwithstanding the provisions of Section 3.1, the
Company may terminate Executive’s employment under this Agreement at any time for any of the following reasons: 
 (a) Executive’s death or “Disability” (as defined below); or 
 (b) for “Cause” (as defined below); or 
 (c) for any
other reason whatsoever or for no reason at all, in the sole discretion of the Company. 
 For purpose of this Agreement,
“Cause” shall mean (i) material breach by Executive of his obligations under this Agreement; (ii) conduct by Executive which is materially adverse to the interests of the Company or any affiliate; or
(iii) dishonesty by Executive in his business dealings, or misappropriation of funds or property of the Company or any affiliate by Executive. 
 For purposes of this Agreement, “Disability” shall mean Executive being unable to perform Executive’s duties or fulfill Executive’s obligations under this Agreement by
reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than three months as determined by the Company and certified in writing by a
competent medical physician jointly selected by Executive (or Executive’s legally authorized representative) and the CEO. 

3.3 Executive’s Right to Terminate. Notwithstanding the provisions of Section 3.1, Executive shall have the right
to terminate Executive’s employment under this Agreement for: 
 (a) “Good Reason” (as defined
below); or 
 (b) for any other reason whatsoever or no reason at all, in the sole discretion of Executive.

 For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following
events: (i) a material diminution in Executive’s Base Salary as of the Effective Date; (ii) a material diminution in Executive’s duties or responsibilities; (iii) the involuntary relocation of the geographic location of
Executive’s principal place of employment by more than 75 miles from the location of Executive’s principal place of employment as of the Effective Date; or (iv) a material breach by the Company of a material provision of this
Agreement. 
 Notwithstanding the foregoing any other provision in this Agreement to the contrary, any assertion by Executive of
a termination of employment for “Good Reason” shall not be effective unless all of the following conditions are satisfied: (i) the condition described in this Section 3.3 giving rise to Executive’s termination of employment
must have arisen without Executive’s consent; and (ii) (A) Executive must provide written notice to the Company of such condition within 45 days of the initial existence of the condition, (B) the condition specified in such
notice must remain uncorrected for 30 days after receipt of such notice by the Company and (C) the date of Executive’s termination of employment must occur within 30 days after the expiration of the cure period set forth in (B) above.
This definition of “Good Reason” shall be construed and administered in accordance with the requirements of Treasury Regulation Section 1.409A-1(n)(2). 

 ARTICLE IV 
 PROTECTION OF INFORMATION 
 4.1 Confidential Information. The
Company shall disclose to Executive and Executive shall hold in a fiduciary capacity for the benefit of the Company secret or confidential information and knowledge or data relating to the Company or any of its affiliates, and their respective
businesses, which shall have been obtained by Executive during Executive’s employment by the Company and which shall not be or become public knowledge (other than by acts by Executive or representatives of Executive in violation of this
Agreement) (referred to herein as “Confidential Information”). After termination of Executive’s employment with the Company for any reason, Executive shall not, without the prior written consent of the Company or as may
otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it. As soon as reasonably possible, but not later than two business days after
Executive’s date of termination, Executive shall return to Company all documents and other tangible items of or containing Confidential Information which are in Executive’s possession, custody or control, or with respect to equipment that
is not Company property that is in Executive’s possession, custody or control and which contains Confidential Information, Executive shall purge such Confidential Information from such equipment. 

ARTICLE V 

EFFECT OF TERMINATION OF EMPLOYMENT ON COMPENSATION 
 5.1 Effect of Termination of Employment on Compensation. 
 (a)
Benefit Obligation and Accrued Obligation Defined. For purposes of this Agreement, payment of the “Benefit Obligation” shall mean payment by the Company to Executive (or his designated beneficiary or legal
representative, as applicable), in accordance with the terms of the applicable plan document, of all vested benefits to which Executive is entitled under the terms of the employee benefit plans and compensation arrangements in which Executive is a
participant as of Executive’s date of termination. “Accrued Obligation” means the sum of (i) Executive’s Base Salary through Executive’s date of termination, (ii) any accrued vacation pay earned by
Executive, and (iii) any incurred but unreimbursed expenses for which Executive is entitled to reimbursement, in each case, to the extent not theretofore paid. 
 (b) By the Company for Cause; By Executive Without Good Reason. If during the Term Executive’s employment is terminated by the Company for Cause or by Executive for any reason other than Good
Reason, the Company shall pay to Executive the Accrued Obligation within 30 days following the date of Executive’s date of termination or such earlier date as may be required by law. Following such payment, the Company shall have no further
obligations to Executive other than as may be required by law or the terms of an employee benefit plan of the Company. The Company shall pay Executive the Benefit Obligation at the times specified in and in accordance with the terms of the
applicable employee benefit plans and compensation arrangements. 
 (c) Death; Disability; By the Company Without Cause or by
Executive for Good Reason. If during the Term (x) Executive’s employment is terminated due to death or Disability or by the Company without Cause or (y) Executive terminates his employment for Good Reason, then Executive (or his
designated beneficiary or legal representative, if applicable) shall receive the following benefits and compensation from the Company: 

 (i) the Company shall pay Executive (or his designated beneficiary or legal representative,
if applicable) the Accrued Obligation within 30 days following the date of Executive’s date of termination or such earlier date as may be required by law; 
 (ii) the Company shall continue to pay to Executive (or his designated beneficiary or legal representative, if applicable) his Base Salary as in effect on Executive’s date of termination in
accordance with the Company’s usual and customary payroll procedures for a period of time equal to (x) in the event of termination of Executive’s employment due to death or Disability, twelve months following Executive’s date of
termination or (y) in the event of termination of Executive’s employment by the Company without Cause or by Executive for Good Reason, the longer of (1) the remainder of the Term or (2) twelve months following Executive’s
date of termination; provided, however, that the payments normally payable during the 60-day period following Executive’s date of termination shall be accrued and paid in a lump sum within five days following the end of such 60-day
period; 
 (iii) the Company shall pay Executive (or his designated beneficiary or legal representative, if applicable) the
Benefit Obligation at the times specified in and in accordance with the terms of the applicable employee benefit plans and compensation arrangements; and 
 (iv) during the twelve month period following Executive’s date of termination, Executive (if applicable) and his eligible dependents as of Executive’s date of termination shall continue to be
covered by all medical, vision and dental benefit plans (but not including life or disability insurance) maintained by the Company under which Executive was covered immediately prior to his date of termination at the same active employee premium
cost as a similarly situated active employee; provided, however, in any case the benefits provided by this paragraph shall cease if Executive becomes entitled to any group health benefits from a new employer. 

(d) General Release of Claims. Payments to Executive under this Article V (other than Accrued Obligations and Benefit Obligations)
are contingent upon Executive’s execution (or his estate, if applicable) of a release within 50 days of Executive’s date of termination in a form reasonably satisfactory to the Company that is not revoked by Executive (or his estate, if
applicable) during any applicable revocation period provided in such release (which shall release and discharge the Company and its affiliates, and their officers, directors, managers, employees and agents from any and all claims or causes of action
of any kind or character). 
 ARTICLE VI 
 RESTRICTIVE COVENANTS 
 6.1 Definitions. As used in this
Article VI, the following terms shall have the following meanings: 
 (a) “Business” means the contract
drilling business in which the Company, including its affiliates, is engaged in during the Prohibited Period. 
 (b)
“Competing Business” means any business, individual, partnership, firm, corporation or other entity which wholly or in any significant part engages in any business competing with the Business in the Restricted Area. In no
event will the Company or any of its affiliates be deemed a Competing Business. 
 (c) “Governmental
Authority” means any governmental, quasi-governmental, state, county, city or other political subdivision of the United States or any other country, or any agency, court or instrumentality, foreign or domestic, or statutory or
regulatory body thereof. 

 (d) “Legal Requirement” means any law, statute, code, ordinance,
order, rule, regulation, judgment, decree, injunction, franchise, permit, certificate, license, authorization, or other directional requirement of any Governmental Authority. 
 (e) “Prohibited Period” means the period during which Executive is employed by the Company hereunder and a period of two years following Executive’s date of termination.

 (f) “Restricted Area” means any country or subdivision thereof in which the Company or its affiliates
currently engages in the Business and includes the parishes in Louisiana listed on Appendix A. 
 6.2 Non-Competition;
Non-Solicitation. Executive and the Company agree to the non-competition and non-solicitation provisions of this Article VI; (i) in consideration for the Confidential Information provided by the Company to Executive pursuant to Article
IV of this Agreement; (ii) as part of the consideration for the compensation and benefits to be paid to Executive hereunder; (iii) to protect the trade secrets and confidential information of the Company or its affiliates disclosed or
entrusted to Executive by the Company or its affiliates or created or developed by Executive for the Company or its affiliates, the business goodwill of the Company or its affiliates developed through the efforts of Executive and/or the business
opportunities disclosed or entrusted to Executive by the Company or its affiliates; and (iv) as an additional incentive for the Company to enter into this Agreement. 
 (a) Subject to the exceptions set forth in Section 6.2(b) below, Executive expressly covenants and agrees that during the Prohibited Period (i) Executive will refrain from carrying on or
engaging in, directly or indirectly, any Competing Business in the Restricted Area and (ii) Executive will not, and Executive will cause Executive’s affiliates not to, directly or indirectly, own, manage, operate, join, become an employee,
partner, owner or member of (or an independent contractor to), control or participate in or loan money to, sell or lease equipment to or sell or lease real property to any business, individual, partnership, firm, corporation or other entity which
engages in a Competing Business in the Restricted Area. 
 (b) Notwithstanding the restrictions contained in Section 6.2(a),
Executive or any of Executive’s affiliates may own an aggregate of not more than 1% of the outstanding stock of any class of any corporation engaged in a Competing Business, if such stock is listed on a national securities exchange or regularly
traded in the over-the-counter market by a member of a national securities exchange, without violating the provisions of Section 6.2(a), provided that neither Executive nor any of Executive’s affiliates has the power, directly or
indirectly, to control or direct the management or affairs of any such corporation and is not involved in the management of such corporation. 
 (c) Executive further expressly covenants and agrees that during the Prohibited Period, Executive will not, and Executive will cause Executive’s affiliates not to (i) engage or employ, or
solicit or contact with a view to the engagement or employment of, any person who is an officer or employee of the Company or any of its affiliates or (ii) canvass, solicit, approach or entice away or cause to be canvassed, solicited,
approached or enticed away from the Company or any of its affiliates any person who or which is a customer of any of such entities during the period during which Executive is employed by the Company. 

(d) Executive expressly recognizes that Executive is a high-level, executive employee who will be provided with access to Confidential
Information and trade secrets as part of Executive’s employment and that the restrictive covenants set forth in this Section 6.2 are reasonable and necessary in light of Executive’s executive position and access to the Company’s
Confidential Information and trade secrets. 

 6.3 Non-Disparagement. Executive agrees that during the Term and thereafter,
he shall refrain from making any statements (or authorizing any statements as being attributed to Executive) about the Company or its affiliates that are critical, derogatory or which may tend to injure the reputation or business of the Company or
its affiliates. The foregoing notwithstanding, nothing shall prevent Executive from testifying in any legal proceeding pursuant to a subpoena or other legal process. 
 6.4 Relief. Executive and the Company agree and acknowledge that the limitations as to time, geographical area and scope of activity to be restrained as set forth in Section 6.2 hereof
are reasonable and do not impose any greater restraint than is necessary to protect the legitimate business interests of the Company. Executive and the Company also acknowledge that money damages would not be sufficient remedy for any breach of
Article IV or this Article VI by Executive, and the Company or its affiliates shall be entitled to enforce the provisions of Article IV or this Article VI by terminating payments then owing to Executive under this Agreement or otherwise and to
specific performance and injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for a breach of Article IV or this Article VI but shall be in addition to all remedies
available at law or in equity, including the recovery of damages from Executive and Executive’s agents. However, if it is determined that Executive has not committed a breach of Article IV or this Article VI, then the Company shall resume the
payments and benefits due under this Agreement and pay to Executive all payments and benefits that had been suspended pending such determination. 
 6.5 Reasonableness; Enforcement. Executive acknowledges that the geographic scope and duration of the covenants contained in this Article VI are the result of arm’s-length bargaining
and are fair and reasonable in light of (a) the nature and wide geographic scope of the operations of the Business, (b) Executive’s level of control over and contact with the Business in all jurisdictions in which it is conducted,
(c) the fact that the Business is conducted throughout the Restricted Area and (d) the amount of compensation and Confidential Information that Executive is receiving in connection with the performance of Executive’s duties hereunder.
It is the desire and intent of the parties that the provisions of this Article VI be enforced to the fullest extent permitted under applicable Legal Requirements, whether now or hereafter in effect and therefore, to the extent permitted by
applicable Legal Requirements, Executive and the Company hereby waive any provision of applicable Legal Requirements that would render any provision of this Article VI invalid or unenforceable. 

6.6 Reformation. The Company and Executive agree that the foregoing restrictions are reasonable under the circumstances and
that any breach of the covenants contained in this Article VI would cause irreparable injury to the Company. Executive expressly represents that enforcement of the restrictive covenants set forth in this Article VI will not impose an undue hardship
upon Executive or any person or entity affiliated with Executive. Executive understands that the foregoing restrictions may limit Executive’s ability to engage in certain businesses anywhere in the Restricted Area during the Prohibited Period,
but acknowledges that Executive will receive sufficiently high remuneration and other benefits from the Company to justify such restriction. Further, Executive acknowledges that Executive’s skills are such that Executive can be gainfully
employed in non-competitive employment, and that the restrictive covenants will not prevent Executive from earning a living. Nevertheless, if any of the aforesaid restrictions are found by a court of competent jurisdiction to be unreasonable, or
overly broad as to geographic area or time, or otherwise unenforceable, the parties intend for the restrictions herein set forth to be modified by the court making such determination so as to be reasonable and enforceable and, as so modified, to be
fully enforced. 
 ARTICLE VII 
 MISCELLANEOUS 
 7.1 Notices. For purposes of this Agreement,
notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given (a) when received if delivered personally or by courier, (b) on the date receipt is

 
acknowledged if delivered by certified mail, postage prepaid, return receipt requested or (c) one day after transmission if sent by facsimile transmission with confirmation of transmission,
as follows: 
  

			
	If to Executive, addressed to:	  	Mr. James M. Holcomb, at his last known residence address in the records of the Company
		
	 If to the Company, addressed to:
	  	 Patterson-UTI Drilling Company LLC
 4510 Lamesa Highway
 Snyder, TX 79549
 Attention: Chief Executive Officer

 or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices
or changes of address shall be effective only upon receipt. 
 7.2 Applicable Law; Submission to Jurisdiction.
This Agreement is entered into under, and shall be governed for all purposes by, the laws of the State of Texas, without regard to conflicts of laws principles thereof. With respect to any claim or dispute related to or arising under this Agreement,
the parties hereto hereby consent to the exclusive jurisdiction, forum and venue of the state and federal courts located in Harris County, Texas. 
 7.3 Cooperation. Executive agrees to cooperate, in a reasonable and appropriate manner, with the Company and its attorneys, both during and after the termination of his employment, in
connection with any litigation or other proceeding arising out of or relating to matters in which Executive was involved prior to the termination of his employment to the extent the Company pays all expenses Executive incurs in connection with such
cooperation and to the extent such cooperation does not unduly interfere (as determined by Executive in good faith) with Executive’s personal or professional schedule. 
 7.4 No Waiver; Severability; Counterparts. No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance with, any condition or
provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or
unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect. This Agreement may be
executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 
 7.5 Withholding of Taxes and Other Employee Deductions. The Company may withhold from any benefits and payments made pursuant to this Agreement (whether actually or constructively made to
Executive or treated as included in Executive’s income under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)) all federal, state, city and other applicable taxes and withholdings as may be
required pursuant to any law or governmental regulation or ruling and all other customary deductions made with respect to the Company’s employees generally. 
 7.6 Headings. The Section headings have been inserted for purposes of convenience and shall not be used for interpretive purposes. 

7.7 Affiliate. As used in this Agreement, the term “affiliate” as used with respect to a particular person or
entity shall mean any other person or entity which owns or controls, is owned or controlled by, or is under common ownership or control with, such particular person or entity. 
 7.8 Successors. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company. Except as provided in the preceding sentence, this Agreement,
and the rights and obligations of the parties hereunder, are 

 
personal and neither this Agreement, nor any right, benefit or obligation of either party hereto, shall be subject to voluntary or involuntary assignment, alienation or transfer, whether by
operation of law or otherwise, without the prior written consent of the other party. In addition, any payment owed to Executive hereunder after the date of Executive’s death shall be paid to Executive’s estate. 

7.9 Term. Termination of this Agreement shall not affect any right or obligation of any party which is accrued or vested
prior to such termination. Without limiting the scope of the preceding sentence, the provisions of Articles IV, V, VI and VII shall survive any termination of the employment relationship and/or of this Agreement. 

7.10 Entire Agreement. Except as provided in any signed written agreement contemporaneously or hereafter executed by the
Company and Executive, this Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and contains all the covenants, promises, representations, warranties and agreements between the parties with respect to
employment of Executive by the Company. 
 7.11 Modification; Waiver. Any modification to or waiver of this
Agreement will be effective only if it is in writing and signed by the parties to this Agreement. 
 7.12 Compliance with
Code Section 409A. 
 (a) It is intended that the payments and benefits provided under this Agreement shall be
exempt from or comply with the application of the requirements of Code Section 409A. This Agreement shall be construed, administered and governed in a manner that affects such intent. Specifically, (i) each payment under this Agreement,
including each payment in a series of installment payments, is deemed to be a separate installment payment and (ii) any taxable benefits or payments provided under this Agreement are deemed to be separate payments that qualify for the
“short-term deferral” exclusion from Code Section 409A to the maximum extent possible. To the extent that this exclusion (or any other available exclusion) does not apply, then notwithstanding anything contained herein to the
contrary, and to the extent required to comply with Code Section 409A, if Executive is a “specified employee,” as determined by the Company, as of his date of termination, then all amounts due under this Agreement that constitute a
“deferral of compensation” within the meaning of Code Section 409A, that are provided as a result of a “separation from service” within the meaning of Code Section 409A, and that would otherwise be paid or provided
during the first six months following Executive’s date of termination, shall be accumulated through and paid or provided on the first business day that is more than six months after the date of Executive’s date of termination (or, if
Executive dies during such six-month period, within 90 days after Executive’s death). For all purposes of this Agreement, Executive shall be considered to have terminated employment with the Company when Executive incurs a “separation from
service” with the Company within the meaning of Code 
Section 409A(a)(2)(A)(i). 
 (b) With regard to any provision
herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A: (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit; (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any calendar year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;
and (iii) such payments shall be made on or before the last day of Executive’s calendar year following the calendar year in which the expense occurred, or such earlier date as required hereunder. 

 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement on this 30th day of December, 2011. 

 

			
	PATTERSON-UTI DRILLING COMPANY LLC
		
	By:	 	/s/ Douglas J. Wall
	 Name:
 Title:
	 	 Douglas J. Wall
 Chief
Executive Officer

  

	
	EXECUTIVE
	
	/s/ James M. Holcomb
	 James M. Holcomb

 Appendix A 
 Allen 
 Beauregard 

Bienville 
 Bossier

 Caddo 

Calcasieu 
 Cameron

 DeSoto 

Jackson 
 Jefferson
Davis 
 Lafayette 
 Lincoln 
 Natchitoches 

Rapides 
 Red River

 Sabine 

St. Landry 
 St.
Mary 
 Vermilion 
 Webster

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