Document:

Deferred Compensation Plan dated January 1, 2003, as amended December 18, 2008

 Exhibit 10.20 
 PATHEON PHARMACEUTICALS INC. 
 DEFERRED COMPENSATION PLAN 

The Company adopted the Patheon Pharmaceuticals Inc. Deferred Compensation Plan (the “Plan”), effective January 1, 2003.
The Plan is hereby amended and restated, as set forth below, to comply with the restrictions imposed by Section 409A of the Code. 
 In order to comply with Section 409A of the Code, effective immediately before January 1, 2008, the Plan is divided into two parts, one of which shall be named “Part One” and the other
of which shall be named “Part Two”. Part One of the Plan shall be governed by the terms and conditions of the Plan as in effect on October 3, 2004. Part Two of the Plan shall be governed by the terms and conditions set forth herein.
Any “amounts deferred” in taxable years beginning before January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon shall be governed by the terms of Part One of the Plan, and it is intended that
such amounts and the earnings thereon shall be exempt from the application of Section 409A of the Code. Any “amounts deferred” in taxable years beginning on or after January 1, 2005 (within the meaning of Section 409A of the
Code) and any earnings thereon shall be governed by the terms and conditions of Part Two of the Plan, and it is intended that such amounts and the earnings thereon shall be subject to and comply with the payment restrictions imposed under
Section 409A of the Code. 
 ARTICLE I 
 DEFINITIONS 
 For purposes of the Plan, the following words and phrases
shall have the meanings set forth below, unless their context clearly requires a different meaning: 

“Account” means the bookkeeping account maintained by the Committee on behalf of each Participant pursuant to this Plan.
The sum of each Participant’s Sub-Accounts, in the aggregate, shall constitute his Account. The Account and each and every Sub-Account shall be a bookkeeping entry only and shall be used solely as a device to measure and determine the amounts,
if any, to be paid to a Participant or his Beneficiary under the Plan. 
 “Affiliated Group” means (i) the
Company, and (ii) all entities with whom the Company would be considered a single employer under Sections 414(b) and 414(c) of the Code, provided that in applying Section 1563(a)(1), (2), and (3) for purposes of determining a
controlled group of corporations under Section 414(b) of the Code, the language “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2), and (3), and in applying
Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c), “at least 50 percent” is used instead of “at
least 80 percent” each place it appears in that regulation. Such term shall be interpreted in a manner consistent with the definition of “service recipient” contained in Section 409A of the Code. 

 “Base Salary” means the annual base rate of cash compensation payable by
the Affiliated Group to an Eligible Employee during a calendar year, excluding Incentive Compensation, bonuses, special/overtime pay bonuses, commissions, severance payments, Employer Contributions, qualified plan contributions or benefits, expense
reimbursements, fringe benefits and all other payments, and prior to reduction for any deferrals under this Plan or any other plan of the Affiliated Groups under Sections 125 or 401(k) of the Code. For purposes of this Plan, Base Salary payable
after the last day of a calendar year solely for services performed during the final payroll period described in Section 3401(b) of the Code containing December 31 of such year shall be treated as earned during the subsequent calendar
year. 
 “Beneficiary” or “Beneficiaries” means the person or persons, including one or more
trusts, designated by a Participant in accordance with the Plan to receive payment of the remaining balance of the Participant’s Account in the event of the death of the Participant prior to the Participant’s receipt of the entire vested
amount credited to his Account. 
 “Beneficiary Designation Form” means the form established from time to time
by the Committee (in a paper or electronic format) that a Participant completes signs and returns to the Committee to designate one or more Beneficiaries. 
 “Board” means the Board of Directors of the Company. 

“Change in Control” means the occurrence of a “change in the ownership,” a “change in the effective
control” or a “change in the ownership of a substantial portion of the assets” of the Company within the meaning of Section 409A of the Code; except that for purposes of a “change in the effective control” of the
Company, a 35% threshold shall be substituted for the 30% threshold. 
 “Code” means the Internal Revenue Code
of 1986, as amended. 
 “Commencement Date” has the meaning given to such term in Section 2.3 hereof.

 “Committee” means the committee appointed to administer the Plan. Unless and until otherwise specified, the
Committee under the Plan shall be the Company’s Benefit Plans Committee, or its designee. 
 “Company”
means Patheon Pharmaceuticals Inc. and its successors, including, without limitation, the surviving corporation resulting from any merger or consolidation of Patheon Pharmaceuticals Inc. with any other corporation, limited liability company, joint
venture, partnership or other entity or entities. 
 “Deferral Election” means the Participant’s election
on a form approved by the Committee to defer a portion of his Base Salary, Incentive Compensation or both in accordance with the provisions of Article III. 
 “Eligible Employee” has the meaning given to such term in Section 2.1 hereof. 
 “Employer Contributions” has the meaning given to such term in Section 5.1 hereof. 

  
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 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 “Incentive Compensation” means cash or equity compensation payable pursuant to an incentive
compensation or retention plan in which an Eligible Employee participates, including but not limited to an annual or long-term incentive compensation plan, whether such plan is now in effect or hereafter established by the Affiliated Group, which
the Committee may designate from time to time. 
 “Installment Calculation Date” has the meaning given to such
term in Section 7.1(e). 
 “In-Service Sub-Account” means each bookkeeping In-Service Sub-Account
maintained by the Committee on behalf of each Participant pursuant to Article IV hereof. 
 “Part One” has the
meaning given to such term in Section 11.1 hereof. 
 “Part Two” has the meaning given to such term in
Section 11.1 hereof. 
 “Participant” means any Eligible Employee who (i) at any time elected to
defer the receipt of Base Salary and/or Incentive Compensation in accordance with the Plan (including an amount treated as a Transferred Amount) or received a credit to his Account pursuant to Section 5.1 hereof (including an amount treated as
a Transferred Amount), and (ii) in conjunction with his Beneficiary, has not received a complete payment of the vested amount credited to his Account. 
 “Payment Election” means the Participant’s election on a form approved by the Committee that is filed along with a Deferral Election and that sets forth the time and form of payment
of such deferrals as provided in Article IV. 
 “Performance-Based Compensation” means Incentive Compensation
that is based on services performed over a period of at least twelve (12) months and that constitutes “performance-based compensation” within the meaning of Section 409A of the Code. Where a portion of an amount of Incentive
Compensation would qualify as Performance-Based Compensation if the portion were the sole amount available under a designated incentive plan, that portion of the award will not fail to qualify as Performance-Based Compensation if that portion is
designated separately by the Committee on the Deferral Election or is otherwise separately identifiable under the terms of the designated incentive plan, and the amount of each portion is determined independently of the other. 

“Performance Period” means, with respect to any Incentive Compensation, the period of time during which such Incentive
Compensation is earned. 
 “Plan” means this deferred compensation plan, which shall be known as the Patheon
Pharmaceuticals Inc. Deferred Compensation Plan. 
 “Retirement Sub-Account” means the bookkeeping Retirement
Sub-Account maintained by the Committee on behalf of each Participant pursuant to Article IV hereof. 

  
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 “Separation from Service” means a termination of employment with the
Affiliated Group in such a manner as to constitute a “separation from service” as defined under Section 409A of the Code. Upon a sale or other disposition of the assets of the Company or any member of the Affiliated Group to an
unrelated purchaser, the Committee reserves the right, to the extent permitted by Section 409A of the Code, to determine whether Participants providing services to the purchaser after and in connection with the purchase transaction have
experienced a Separation from Service. 
 “Specified Employee” means a “specified employee”, as
defined in Section 409A of the Code (with such classification to be determined in accordance with the methodology established by the Committee from time to time in its sole discretion) of the Company or any entity which would be considered to
be a single employer with the Company under Section 414(b) or Section 414(c) of the Code. 

“Sub-Account” means each bookkeeping Retirement Sub-Account and In-Service Sub-Account maintained by the Committee on
behalf of each Participant pursuant to the Plan. 
 “Subsequent Payment Election” has the meaning given to such
term in Section 7.1(c) hereof. 
 “Transferred Amounts” shall have the meaning provided in
Section 11.1(b). 
 “Unforeseeable Emergency” means an “unforeseeable emergency” as defined
under Section 409A of the Code. 
 ARTICLE II 
 ELIGIBILITY 
 2.1. Selection by Committee. Participation in the Plan
is limited to those employees of the Affiliated Group who are (i) expressly selected by the Committee, in its sole discretion, to participate in the Plan, and (ii) a member of a “select group of management or highly compensated
employees,” within the meaning of Sections 201, 301 and 401 of ERISA (the “Eligible Employees”). In lieu of expressly selecting Eligible Employees for Plan participation, the Committee may establish eligibility criteria (consistent
with the requirements of paragraph (ii) of this Section) providing for participation of all Eligible Employees who satisfy such criteria. The Committee may at any time, in its sole discretion, change the eligibility criteria for Eligible
Employees, or determine that one or more Participants will cease to be an Eligible Employee. 
 2.2. Enrollment
Requirements. As a condition to participation, each selected Eligible Employee shall complete, execute and return to the Committee a Deferral Election, Payment Election and Beneficiary Designation Form no later than the date or dates specified
by the Committee. In addition, the Committee may establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary. 
 2.3. Commencement Date. Each Eligible Employee shall commence participation on the date designated by the Committee (the “Commencement Date”); provided, however, that if an
Eligible Employee has not satisfied the applicable enrollment requirements of Section 2.2 

  
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within thirty (30) days of his Commencement Date (or such earlier date as specified by the Committee), such Eligible Employee’s Commencement Date shall be the first day of the calendar
year next following the date the Eligible Employee satisfies such enrollment requirements. Any Eligible Employee as of the Effective Date with respect to whom Transferred Amounts are credited hereunder shall have a Commencement Date of
January 1, 2008. 
 2.4. Termination. An Eligible Employee’s entitlement to defer Base Salary and Incentive
Compensation shall cease with respect to the calendar year (or the Performance Period, as the case may be) following the calendar year (or the Performance Period, as the case may be) in which he ceases to be an Eligible Employee, although such
individual shall continue to be subject to all of the terms and conditions of the Plan for as long as he remains a Participant. 

ARTICLE III 

DEFERRAL ELECTIONS 
 3.1. New Participants. 
 (a) Qualification as a New Participant. This
Section 3.1 applies to each Eligible Employee (i) whose Commencement Date occurs after the first day of a calendar year but prior to December 1 of such calendar year (or such earlier or later date as specified by the Committee from
time to time), and (ii) who was not previously eligible to participate in the Plan or an “aggregated plan”. For this purpose, where an Eligible Employee has ceased being eligible to participate in the Plan or an “aggregated
plan” (other than the accrual of earnings), regardless of whether his entire Account balance has been paid, and subsequently becomes an Eligible Employee, the individual may be treated as being initially eligible to participate in the Plan if
the individual had not been eligible to participate in the Plan or an “aggregated plan” at any time during the 24-month period ending on the date the individual becomes an Eligible Employee. For purposes of this Section 3.1(a), an
aggregated plan is a plan that is required to be aggregated with the Plan under Section 409A of the Code. 
 (b)
Deferral Election. An Eligible Employee described in Section 3.1(a) may elect to defer his Base Salary earned during such calendar year or his Incentive Compensation earned during a Performance Period that commences in such calendar year
by filing a Deferral Election with the Committee in accordance with the following rules: 
 (i) Timing; Irrevocability.
The Deferral Election must be filed with the Committee by, and shall become irrevocable as of, the thirtieth (30th) day following the Participant’s Commencement Date (or such earlier date as specified by the Committee on the Deferral
Election). 
 (ii) Base Salary. The Deferral Election shall only apply to Base Salary earned during such calendar year
beginning with the first payroll period that begins immediately after the date that the Deferral Election becomes irrevocable in accordance with Section 3.1(b)(i) hereof. 

  
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 (iii) Incentive Compensation. Where a Deferral Election is made in the first year of
eligibility but after the commencement of a Performance Period, then, except as otherwise provided in Section 3.2 below, the Deferral Election shall only apply to that portion of Incentive Compensation earned for such Performance Period equal
to the total amount of the Incentive Compensation earned during such Performance Period multiplied by a fraction, the numerator of which is the number of days beginning on the day immediately after the date that the Deferral Election becomes
irrevocable in accordance with Section 3.1(b)(i) hereof and ending on the last day of the Performance Period, and the denominator of which is the total number of days in the Performance Period. 

3.2. Annual Deferral Elections. Unless Section 3.1 applies, each Eligible Employee may elect to defer Base Salary for a
calendar year or his Incentive Compensation for a Performance Period, as the case may be, by filing a Deferral Election with the Committee in accordance with the following rules: 

(a) Base Salary. The Deferral Election with respect to Base Salary must be filed with the Committee by, and shall become
irrevocable as of, December 31 (or such earlier date as specified by the Committee on the Deferral Election) of the calendar year next preceding the calendar year for which such Base Salary would otherwise be earned. 

(b) Incentive Compensation. The Deferral Election with respect to Incentive Compensation must be filed with the Committee by, and
shall become irrevocable as of, December 31 (or such earlier date as specified by the Committee on the Deferral Election) of the calendar year next preceding the first day of the Performance Period for which such Incentive Compensation would
otherwise be earned. 
 (c) Performance-Based Compensation. 

(i) Notwithstanding anything contained in this 3.2 to the contrary, and only to the extent permitted by the Committee, the Deferral
Election with respect to Incentive Compensation that constitutes Performance-Based Compensation must be filed with the Committee by, and shall become irrevocable as of, the date that is 6 months before the end of the applicable Performance Period
(or such earlier date as specified by the Committee on the Deferral Election), provided that in no event may such Deferral Election be made after such Incentive Compensation has become “readily ascertainable” within the meaning of
Section 409A of the Code. 
 (ii) In order to make a Deferral Election under this Section 3.2(c), the Participant
must perform services continuously from the later of the beginning of the Performance Period or the date the performance criteria are established through the date a Deferral Election becomes irrevocable under this Section 3.2(c). 

(iii) A Deferral Election made under this Section 3.2(c) shall not apply to any portion of the Performance-Based Compensation that
is actually earned by a Participant regardless of satisfaction of the performance criteria. 
 (iv) To the extent permitted by
the Committee, an Eligible Employee described in Section 3.1(a) hereof shall be permitted to make a Deferral Election with respect to 

  
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Performance-Based Compensation in accordance with this Section 3.2(c) provided that the Eligible Employee satisfies all of the other requirements of this Section. 

3.3. Amount Deferred. A Participant shall designate on the Deferral Election the portion of his Base Salary, Incentive
Compensation or both that is to be deferred in accordance with this Article III. Unless otherwise determined by the Committee, a Participant may defer (in 1% increments) up to 25% of his Base Salary and up to 100% of his Incentive Compensation for
any Plan Year; provided, however, that the Participant shall not be permitted to defer less than 1% of each of his Base Salary or his Incentive Compensation during any one calendar year or Performance Period, as the case may be, and
any such attempted deferral shall not be effective. To the extent permitted by the Committee, a Participant may specify on the Deferral Election that different percentages or dollar amounts shall apply to bonuses payable under different bonus or
incentive compensation plans. 
 3.4. Duration and Cancellation of Deferral Elections. 

(a) Duration. Once irrevocable, a Deferral Election shall only be effective for the calendar year or Performance Period with
respect to which such election was timely filed with the Committee. Except as provided in Section 3.4(b) hereof, a Deferral Election, once irrevocable, cannot be cancelled during a calendar year or Performance Period. 

(b) Cancellation. 
 (i) The Committee may, in its sole discretion, cancel a Participant’s Deferral Election where such cancellation occurs by the later of the end of the Participant’s taxable year or the 15th day
of the third month following the date the Participant incurs a “disability.” For purposes of this Section 3.4(b)(i), a disability refers to any medically determinable physical or mental impairment resulting in the Participant’s
inability to perform the duties of his or her position or any substantially similar position, where such impairment can be expected to result in death or can be expected to last for a continuous period of not less than six months. 

(ii) The Committee may, in its sole discretion, cancel a Participant’s Deferral Election due to an Unforeseeable Emergency or a
hardship distribution pursuant to Treasury Regulation Section 1.401(k)-1(d)(3). 
 (iii) If a Participant’s Deferral
Election is cancelled with respect to a particular calendar year or Performance Period in accordance with this Section 3.4(b), he may make a new Deferral Election for a subsequent calendar year or Performance Period, as the case may be, only in
accordance with Section 3.2 hereof. 
 ARTICLE IV 

SUB-ACCOUNTS; PAYMENT ELECTIONS 
 4.1. Sub-Accounts. The Committee shall establish and maintain separate Retirement Sub-Accounts and one or more In-Service Sub-Accounts for each Participant. The Committee, in its sole discretion,
shall specify the maximum number (including zero) of permitted In-Service Sub-Accounts for each Participant. Amounts credited to a Retirement Sub-Account shall 

  
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commence to be paid following the Participant’s Separation from Service as provided in Article VII. Amounts credited to an In-Service Sub-Account shall commence to be paid in a year
specified by the Participant as provided in Section 4.2 and Article VII below. 
 4.2. Payment Elections. A
Participant shall file a Payment Election in accordance with the following rules: 
 (a) Timing; Irrevocability. 

(i) Payment Elections with respect to a deferral of Base Salary or Incentive Compensation shall be filed with the Committee by, and shall
become irrevocable as of, the applicable election filing deadline of the related Deferral Election as specified in Article III. In the event an Eligible Employee is eligible to receive credits of Employer Contributions but does not elect to defer
Base Salary or Incentive Compensation, then the Payment Election shall be filed with the Committee by, and shall become irrevocable as of, the thirtieth (30th) day following the Eligible Employee’s Commencement Date (or such earlier date
as specified by the Committee on the Deferral Election). 
 (ii) Once irrevocable, a Payment Election may only be changed in
accordance with Section 7.1(c) hereof. 
 (b) Allocation of Deferrals Among Sub-Accounts. 

(i) The Payment Election with respect to a deferral of Base Salary or Incentive Compensation shall contain the Participant’s
allocation of deferrals of Base Salary and Incentive Compensation among a Retirement Sub-Account and, to the extent permitted by the Committee from time to time, one or more In-Service Sub-Accounts. In the event that a Participant allocates
deferrals of Base Salary or Incentive Compensation to an In-Service Sub-Account, the Participant must designate the year in which payments will commence to be paid, which year may not be earlier than two years after the date on which such Payment
Election becomes irrevocable. Base Salary or Incentive Compensation that a Participant elects to defer shall be treated as if it were set aside in one or more Sub-Accounts on the date the Base Salary or Incentive Compensation would otherwise have
been paid to the Participant. 
 (ii) To the extent that a Participant does not designate the Sub-Account to which deferrals of
Base Salary or Incentive Compensation shall be credited on a Payment Election as provided in this Section 4.2(b) (or such designation does not comply with the terms of the Plan), such deferrals shall be credited to the Participant’s
Retirement Sub-Account. 
 (c) Form of Payment for Sub-Accounts. 

(i) A Participant may elect, on the first Payment Election that he delivers to the Committee, to receive his Retirement Sub-Account in
cash in a single lump sum or in a number of approximately equal annual installments over a specified period not exceeding ten years. The form of payment designated on that first Payment Election will apply to all amounts credited to the Retirement
Sub-Account under the Plan (whether attributable to 

  
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Employer Contributions, deferrals of Base Salary or Incentive Compensation, or earnings on such amounts) unless changed in accordance with the rules of Section 7.1(c). 

(ii) A Participant may elect, on the first Payment Election that he delivers to the Committee pursuant to which deferrals of Base Salary
or Incentive Compensation are credited to an In-Service Sub-Account, to receive the In-Service Sub-Account in cash in a single lump sum or in a number of approximately equal annual installments over a specified period not exceeding ten years. The
form of payment designated on that first Payment Election will apply to all amounts credited to that In-Service Sub-Account under the Plan (whether attributable to Employer Contributions, deferrals of Base Salary or Incentive Compensation, or
earnings on such amounts) unless changed in accordance with the rules of Section 7.1(c). A Participant may choose different forms of payment for each separate In-Service Sub-Account in accordance with this Section 4.2(c). 

(iii) To the extent that a Participant does not designate the form of payment of a Sub-Account on a Payment Election as provided in this
Section 4.2(c) (or such designation does not comply with the terms of the Plan), such Sub-Account shall be paid in cash in a single lump sum. 
 4.3. Change in Control Election. A Participant may elect, on the first Payment Election that he delivers to the Committee in connection with his or her commencement of participation in the Plan,
whether to (i) receive his entire vested Account in cash in a single lump sum following a Change in Control, or (ii) have his Account remain in the Plan upon the occurrence of a Change in Control subject to the terms and conditions of the
Plan. If a Participant does not make any election with respect to the payment of his Account upon a Change in Control, then such Participant’s Account shall remain in the Plan upon a Change in Control and shall be subject to the terms and
conditions of the Plan. 
 ARTICLE V 
 EMPLOYER CONTRIBUTIONS; VESTING 
 5.1. Employer Contributions. Any
entity in the Affiliated Group may, in its sole discretion, provide contributions (“Employer Contributions”) under this Plan with respect to one or more Participants. The amount and type of such Employer Contributions, if any, shall be
determined by the contributing entity in its sole discretion. Employer Contributions shall be allocated among the various Sub-Accounts as provided in the Committee’s sole discretion at the time of such contribution. 

5.2. Vesting. Each Participant shall at all times have a fully vested and nonforfeitable interest in his Account balance
attributable to voluntary deferrals of Base Salary and Incentive Compensation. The portion of each Participant’s Account, if any, attributable to Employer Contributions shall be subject to such vesting schedule as may be determined by the
Company or other member of the Affiliated Group from time to time. 

  
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 ARTICLE VI 
 CREDITING OF GAINS, LOSSES AND EARNINGS TO ACCOUNTS 
 To the extent
provided by the Committee in its sole discretion, each Participant’s Account will be credited with gains, losses and earnings based on investment directions made by the Participant in accordance with investment deferral crediting options and
procedures established from time to time by the Committee. The Committee specifically retains the right in its sole discretion to change the investment deferral crediting options and procedures from time to time. By electing to defer any amount
under the Plan (or by receiving or accepting any benefit under the Plan), each Participant acknowledges and agrees that the Affiliated Group is not and shall not be required to make any investment in connection with the Plan, nor is it required to
follow the Participant’s investment directions in any actual investment it may make or acquire in connection with the Plan or in determining the amount of any actual or contingent liability or obligation of the Company or any other member of
the Affiliated Group thereunder or relating thereto. Any amounts credited to a Participant’s Account with respect to which a Participant does not provide investment direction shall be credited with gains, losses and earnings as if such amounts
were invested in an investment option to be selected by the Committee in its sole discretion. 
 ARTICLE VII 

PAYMENTS 

7.1. Date of Payment of Sub-Accounts. Except as otherwise provided in this Article VII, a Participant’s Sub-Accounts shall
commence to be paid as follows: 
 (a) Retirement Sub-Account. The vested amounts credited to a Participant’s
Retirement Sub-Account shall commence to be paid in the calendar year following the calendar year of the Participant’s Separation from Service. Such amounts shall be paid in the form of payment selected by the Participant in accordance with
Section 4.2(c). Subject to Section 7.2 hereof, the Committee has the discretion to establish administrative procedures for designating the date within the applicable calendar year upon which payments shall commence. 

(b) In-Service Sub-Account. 
 (i) In general, the vested amounts credited to a Participant’s In-Service Sub-Account shall commence to be paid in January of the year specified by the Participant for such Sub-Account in accordance
with Section 4.2(b) hereof. Each In-Service Sub-Account shall be paid in the form of payment selected by the Participant with respect to that In-Service Sub-Account in accordance with Section 4.2(c). 

(ii) If a Participant’s Separation from Service occurs prior to the complete distribution of one or more In-Service Sub-Accounts,
then amounts credited to such In-Service Sub-Accounts shall immediately be transferred to the Participant’s Retirement Sub-Account and payment of the transferred amounts shall thereafter be governed by the terms and conditions applicable to the
Retirement Sub-Account, including, without limitation, Section 7.2 hereof. 
 (c) Subsequent Payment Elections. A
Participant may elect on a form provided by the Committee to change the Payment Election with respect to one or more of his 

  
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Sub-Accounts (a “Subsequent Payment Election”). The Subsequent Payment Election shall become irrevocable upon receipt by the Committee and shall be made in accordance with the following
rules: 
 (i) In General. The Subsequent Payment Election may not take effect until at least twelve (12) months
after the date on which it is accepted by the Committee. The Subsequent Payment Election most recently accepted by the Committee and that satisfies the requirements of this Section 7.1(c) shall govern the payout of the Sub-Accounts
notwithstanding anything contained in Section 7.1(a) or (b) hereof to the contrary. 
 (ii) Retirement
Sub-Account. A Participant may make a one-time election to change the form of payment of his Retirement Sub-Account to a form otherwise permitted under the Plan. Except in the event of the death or Unforeseeable Emergency of the Participant, the
payment of such Sub-Account will be delayed until the fifth (5th) anniversary of the first day of the calendar year that the Sub-Account would otherwise have been paid under the Plan if such Subsequent Payment Election had not been made (or, in
the case of installment payments, which are treated as a single payment for purposes of this Section, on the fifth (5th) anniversary of the first day of the calendar year that the first installment payment was scheduled to be made). 

(iii) In-Service Sub-Account. A Participant may make one or more elections to delay the payment date or change the form of
payment of one or more In-Service Sub-Account(s) to a time or form permitted under the Plan. Such Subsequent Payment Election must be filed with the Committee at least twelve (12) months prior to the first day of the calendar year that the
Sub-Account would otherwise have been paid under the Plan (or, in the case of installment payments, at least twelve (12) months from the first day of the calendar year that the first installment payment was scheduled to be made). On such
Subsequent Payment Election, the Participant must delay the payment date for a period of at least five (5) years after the first day of the calendar year that the Sub-Account would otherwise have been paid under the Plan (or, in the case of
installment payments, at least five (5) years from the first day of the calendar year that the first installment payment was scheduled to be made). 
 (iv) Acceleration Prohibited. The Committee shall disregard any Subsequent Payment Election by a Participant to the extent such election would result in an acceleration of the time or schedule of
any payment or amount scheduled to be paid under the Plan within the meaning of Section 409A of the Code. 
 (d) Small
Payments. In the event that a Sub-Account is paid in installments and the balance of the remaining amounts to be paid in installments falls below $25,000 (either as of the date that the installments payments commence to be paid or at any time
thereafter), then the remaining installments shall be paid to the Participant in a single lump sum within 30 days. 
 (e)
Calculation of Installment Payments. In the event that a Sub-Account is paid in installments: (i) the first installment shall commence on the date specified in Section 7.1 (subject to Section 7.2), and each subsequent
installment shall be paid annually until the Sub-Account has been fully paid; (ii) the amount of each installment shall equal the quotient obtained by dividing the Participant’s vested Sub-Account balance as of the end of the month
immediately 

  
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preceding the month of such installment payment (the “Installment Calculation Date”) by the number of installment payments remaining to be paid at the time of the calculation; and
(iii) the amount of such Sub-Account remaining unpaid shall continue to be credited with gains, losses and earnings as provided in Article VI hereof. By way of example, if the Participant elects to receive payments of a Sub-Account in equal
annual installments over a period of ten (10) years, the first payment shall equal 1/10th of the vested Sub-Account balance, calculated as described in this Section 7.1(e). The following year, the payment shall be 1/9 of the vested
Sub-Account balance, calculated as described in this Section 7.1(e). 
 7.2. Mandatory Six-Month Delay. Except as
otherwise provided in Sections 7.6(a), 7.6(b) and 7.6(c), in no event may payments from a Retirement Sub-Account commence prior to the first business day of the seventh month following the Participant’s Separation from Service (or if earlier,
upon the Participant’s death). 
 7.3. Death of Participant. 

(a) Each Participant shall file a Beneficiary Designation Form with the Committee at the time the Participant files an initial Deferral
Election. A Participant’s Beneficiary Designation Form may be changed at any time prior to his death by the execution and delivery of a new Beneficiary Designation Form. The Beneficiary Designation Form on file with the Committee that bears the
latest date at the time of the Participant’s death shall govern. If a Participant fails to properly designate a Beneficiary in accordance with this Section 7.3(a), then his Beneficiary shall be his estate. 

(b) In the event of the Participant’s death, the remaining amount of the Participant’s vested Sub-Accounts shall be paid to the
Beneficiary or Beneficiaries designated on a Beneficiary Designation Form, in a single lump sum within 30 days of the Participant’s death. 
 7.4. Change in Control. If a Change in Control occurs and the Participant has elected to receive payment of his vested Account upon a Change in Control in accordance with Section 4.3, then the
remaining amount of the Participant’s vested Account shall be paid to the Participant or his Beneficiary within thirty (30) days following the Change in Control, or such later date as required by Section 7.2 hereof. 

7.5. Withdrawal Due to Unforeseeable Emergency. A Participant shall have the right to request, on a form provided by the
Committee, an accelerated payment of all or a portion of his Account in a lump sum if he experiences an Unforeseeable Emergency. The Committee shall have the sole discretion to determine whether to grant such a request and the amount to be paid
pursuant to such request. 
 (a) Determination of Unforeseeable Emergency. Whether a Participant is faced with an
unforeseeable emergency permitting a payment under this Section 7.5 is to be determined based on the relevant facts and circumstances of each case, but, in any case, a payment on account of an Unforeseeable Emergency may not be made to the
extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not cause severe financial
hardship, or by cessation of deferrals under the Plan. Payments 

  
 12 

 
because of an Unforeseeable Emergency must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, local, or
foreign income taxes or penalties reasonably anticipated to result from the payment). Determinations of amounts reasonably necessary to satisfy the emergency need must take into account any additional compensation that is available if the Plan
provides for cancellation of a Deferral Election upon a payment due to an Unforeseeable Emergency. However, the determination of amounts reasonably necessary to satisfy the emergency need is not required to take into account any additional
compensation that is available from a qualified plan of the Company as defined in Section 409A of the Code (including any amount available by obtaining a loan under such plan, or that due to the Unforeseeable Emergency is available under
another nonqualified deferred compensation plan but has not actually been paid (including a plan that would provide for deferred compensation except due to the application of the effective date provisions of Section 409A of the Code).

 (b) Payment of Account. Payment shall be made within thirty (30) days following the determination by the
Committee that a withdrawal will be permitted under this Section 7.5, or such later date as may be required under Section 7.2 hereof. 
 7.6. Discretionary Acceleration of Payments. To the extent permitted by Section 409A of the Code, the Committee may, in its sole discretion, accelerate the time or schedule of a payment under
the Plan as provided in this Section. The provisions of this Section are intended to comply with the exception to accelerated payments under Treasury Regulation Section 1.409A-3(j) and shall be interpreted and administered accordingly.

 (a) Domestic Relations Orders. The Committee may, in its sole discretion, accelerate the time or schedule of a payment
under the Plan to an individual other than the Participant as may be necessary to fulfill a domestic relations order (as defined in Section 414(p)(1)(B) of the Code). 
 (b) Conflicts of Interest. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for any Federal
officer or employee in the executive branch to comply with an ethics agreement with the Federal government. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to
the extent reasonably necessary to avoid the violation of an applicable Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in
activities in the normal course of his or her position in which the Participant would otherwise not be able to participate under an applicable rule). 
 (c) Employment Taxes. The Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the Federal Insurance Contributions Act
(FICA) tax imposed under Sections 3101, 3121(a), and 3121(v)(2) of the Code, or the Railroad Retirement Act (RRTA) tax imposed under Sections 3201, 3211, 3231(e)(1), and 3231(e)(8) of the Code, where applicable, on compensation deferred under the
Plan (the FICA or RRTA amount). Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment, to pay the income tax at source on wages imposed under Section 3401 of the Code or the
corresponding withholding provisions 

  
 13 

 
of applicable state, local, or foreign tax laws as a result of the payment of the FICA or RRTA amount, and to pay the additional income tax at source on wages attributable to the pyramiding
Section 3401 of the Code wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA or RRTA amount, and the income tax withholding related to such FICA or RRTA amount. 

(d) Limited Cash-Outs. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, require a mandatory lump sum
payment of amounts deferred under the Plan that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the payment results in the termination and liquidation of the entirety of the Participant’s
interest under the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as having been deferred under a single nonqualified deferred compensation plan under
Section 409A of the Code. 
 (e) Payment Upon Income Inclusion Under Section 409A. Subject to Section 7.2
hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan at any time the Plan fails to meet the requirements of Section 409A of the Code. The payment may not exceed the
amount required to be included in income as a result of the failure to comply with the requirements of Section 409A of the Code. 
 (f) Certain Payments to Avoid a Nonallocation Year under Section 409(p). Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time
or schedule of a payment under the Plan to prevent the occurrence of a nonallocation year (within the meaning of Section 409(p)(3) of the Code) in the plan year of an employee stock ownership plan next following the plan year in which such
payment is made, provided that the amount paid may not exceed 125 percent of the minimum amount of payment necessary to avoid the occurrence of a nonallocation year. 
 (g) Payment of State, Local, or Foreign taxes. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under
the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made available to the Participant (the state, local, or
foreign tax amount). Such payment may not exceed the amount of such taxes due as a result of participation in the Plan. The payment may be made in the form of withholding pursuant to provisions of applicable state, local, or foreign law or by
payment directly to the Participant. Additionally, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the income tax at source on wages imposed under Section 3401
of the Code as a result of such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes. However, the total payment under this acceleration provision
must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount. 
 (h) Certain Offsets. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan

  
 14 

 
as satisfaction of a debt of the Participant to the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of
the Code), where such debt is incurred in the ordinary course of the service relationship between the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the
Code) and the Participant, the entire amount of reduction in any of the taxable years of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) does
not exceed $5,000, and the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 
 (i) Bona Fide Disputes as to a Right to a Payment. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment
under the Plan where such payments occur as part of a settlement between the Participant and the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code)
of an arm’s length, bona fide dispute as to the Participant’s right to the deferred amount. 
 (j) Plan
Terminations and Liquidations. Subject to Section 7.2 hereof, the Committee may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan as provided in Section 9.2 hereof. 

(k) Other Events and Conditions. Subject to Section 7.2 hereof, a payment may be accelerated upon such other events and
conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 Except
as otherwise specifically provided in this Plan, including but not limited to Section 3.4(b), Section 7.1(d), this Section 7.6 and Section 9.2 hereof, the Committee may not accelerate the time or schedule of any payment or amount
scheduled to be paid under the Plan within the meaning of Section 409A of the Code. 
 7.7. Delay of Payments.
To the extent permitted under Section 409A of the Code, the Committee may, in its sole discretion, delay payment under any of the following circumstances, provided that the Committee treats all payments to similarly situated Participants on
a reasonably consistent basis: 
 (a) Federal Securities Laws or Other Applicable Law. A Payment may be delayed where the
Committee reasonably anticipates that the making of the payment will violate federal securities laws or other applicable law; provided that the delayed payment is made at the earliest date at which the Committee reasonably anticipates that the
making of the payment will not cause such violation. For purposes of the preceding sentence, the making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated
as a violation of applicable law. 
 (b) Other Events and Conditions. A payment may be delayed upon such other events and
conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 

  
 15 

 7.8. Actual Date of Payment. To the extent permitted by Section 409A of
the Code, the Committee may delay payment in the event that it is not administratively possible to make payment on the date (or within the periods) specified in this Article VII, or the making of the payment would jeopardize the ability of the
Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) to continue as a going concern. Notwithstanding the foregoing, payment must be made no later than
the latest possible date permitted under Section 409A of the Code. 
 7.9. Discharge of Obligations. The payment to
a Participant or his Beneficiary of a his Sub-Account in a single lump sum or the number of installments elected by the Participant pursuant to this Article VII shall discharge all obligations of the Affiliated Group to such Participant or
Beneficiary under the Plan with respect to that Sub-Account. 
 ARTICLE VIII 

ADMINISTRATION 
 8.1. General. The Company, through the Committee, shall be responsible for the general administration of the Plan and for carrying out the provisions hereof. In general, the Committee shall have
the full power, discretion and authority to carry out the provisions of the Plan; in particular, the Committee shall have full discretion to (a) interpret all provisions of the Plan, (b) resolve all questions relating to eligibility for
participation in the Plan and the amount in the Account of any Participant and all questions pertaining to claims for benefits and procedures for claim review, (c) resolve all other questions arising under the Plan, including any factual
questions and questions of construction, (d) determine all claims for benefits, and (e) take such further action as the Company shall deem advisable in the administration of the Plan. The actions taken and the decisions made by the
Committee hereunder shall be final, conclusive, and binding on all persons, including the Company, its shareholders, the other members of the Affiliated Group, employees, Participants, and their estates and Beneficiaries. 

8.2. Compliance with Section 409A of the Code. 
 (a) It is intended that the Plan comply with the provisions of Section 409A of the Code, so as to prevent the inclusion in gross income of any amounts deferred hereunder in a taxable year that is
prior to the taxable year or years in which such amounts would otherwise actually be paid or made available to Participants or Beneficiaries. This Plan shall be construed, administered, and governed in a manner that effects such intent, and the
Committee shall not take any action that would be inconsistent with such intent. 
 (b) Although the Committee shall use its
best efforts to avoid the imposition of taxation, interest and penalties under Section 409A of the Code, the tax treatment of deferrals under this Plan is not warranted or guaranteed. Neither the Company, the other members of the Affiliated
Group, the Board, nor the Committee (nor its designee) shall be held liable for any taxes, interest, penalties or other monetary amounts owed by any Participant, Beneficiary or other taxpayer as a result of the Plan. 

(c) Any reference in this Plan to Section 409A of the Code will also include any proposed, temporary or final regulations, or any
other guidance, promulgated with respect to 

  
 16 

 
such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. For purposes of the Plan, the phrase “permitted by Section 409A of the Code,” or words or
phrases of similar import, shall mean that the event or circumstance shall only be permitted to the extent it would not cause an amount deferred or payable under the Plan to be includible in the gross income of a Participant or Beneficiary under
Section 409A(a)(1) of the Code. 
 ARTICLE IX 
 AMENDMENT AND TERMINATION 
 9.1. Amendment. The
Company reserves the right to amend, terminate or freeze the Plan, in whole or in part, at any time by action of the Board. Moreover, the Committee may amend the Plan at any time in its sole discretion to ensure that the Plan complies with the
requirements of Section 409A of the Code or other applicable law; provided, however, that such amendments, in the aggregate, may not materially increase the benefit costs of the Plan to the Company. In no event shall any such
action by the Board or Committee adversely affect any Participant or Beneficiary who has an Account, or result in any change in the timing or manner of payment of the amount of any Account (except as otherwise permitted under the Plan), without the
consent of the Participant or Beneficiary, unless the Board or the Committee, as the case may be, determines in good faith that such action is necessary to ensure compliance with Section 409A of the Code. To the extent permitted by
Section 409A of the Code, the Committee may, in its sole discretion, modify the rules applicable to Deferral Elections, Payment Elections and Subsequent Payment Elections to the extent necessary to satisfy the requirements of the Uniformed
Service Employment and Reemployment Rights Act of 1994, as amended, 38 U.S.C. 4301-4334. 
 9.2. Payments Upon Termination of
Plan. In the event that the Plan is terminated, the amounts allocated to a Participant’s Sub-Accounts shall be paid to the Participant or his Beneficiary on the dates on which the Participant or his Beneficiary would otherwise receive
payments hereunder without regard to the termination of the Plan. Notwithstanding the preceding sentence, and subject to Section 7.2 hereof: 
 (a) Liquidation; Bankruptcy. The Board shall have the authority, in its sole discretion, to terminate the Plan and pay each Participant’s entire Account to the Participant or, if applicable,
his Beneficiary within twelve (12) months of a corporate dissolution taxed under Section 331 of the Code or with the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)(a), provided that the amounts are included in the
Participant’s gross income in the latest of the following years (or, if earlier, the taxable year in which the amount is actually or constructively received): (i) the calendar year in which the Plan termination and liquidation occurs;
(ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture as defined under Section 409A of the Code; or (iii) the first calendar year in which the payment is administratively
practicable. 
 (b) Change in Control. The Board shall have the authority, in its sole discretion, to terminate the Plan
and pay each Participant’s entire Account to the Participant or, if applicable, his Beneficiary pursuant to an irrevocable action taken by the Board within the 30 days preceding or the 12 months following a Change in Control, provided that this
paragraph will only apply if all agreements, methods, programs, and other arrangements sponsored by the 

  
 17 

 
Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) immediately after the time of the Change in
Control event with respect to which deferrals of compensation are treated as having been deferred under a single plan under Section 409A of the Code are terminated and paid with respect to each Participant that experienced the Change in Control
event, so that under the terms of the termination and payment all such Participants are required to receive all amounts of compensation deferred under the terminated agreements, methods, programs, and other arrangements within 12 months of the date
the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) irrevocably takes all necessary action to terminate and liquidate the agreements, methods,
programs, and other arrangements. 
 (c) Discretionary Terminations. The Board shall have the authority, in its sole
discretion, to terminate the Plan and pay each Participant’s entire Account to the Participant or, if applicable, his Beneficiary, provided that: (i) the termination and liquidation does not occur proximate to a downturn in the financial
health of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code); (ii) The Company (or any entity which would be considered to be a single
employer with the Company under Section 414(b) or Section 414(c) of the Code) terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company (or any entity which would be considered to be a
single employer with the Company under Section 414(b) or Section 414(c) of the Code) that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under Section 409A of the Code if
the same Participant had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; (iii) no payments in liquidation of the Plan are made within 12 months of the date the
Board takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred; (iv) all payments are
made within 24 months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan; and (v) the Company (or any entity which would be considered to be a single employer with the Company under
Section 414(b) or Section 414(c) of the Code) does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Section 409A of the Code if the same Participant participated in both plans, at any time
within three years following the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan. 

(d) Other Events. The Board shall have the authority, in its sole discretion, to terminate the Plan and pay each
Participant’s entire Account to the Participant or, if applicable, his Beneficiary upon such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin.

 ARTICLE X 
 MISCELLANEOUS 
 10.1. Non alienation of Deferred Compensation.
Except as permitted by the Plan, no right or interest under the Plan of any Participant or Beneficiary shall, without the written consent of the Company, be (i) assignable or transferable in any manner, (ii) subject to

  
 18 

 
alienation, anticipation, sale, pledge, encumbrance, attachment, garnishment or other legal process or (iii) in any manner liable for or subject to the debts or liabilities of the
Participant or Beneficiary. Notwithstanding the foregoing, to the extent permitted by Section 409A of the Code and subject to Section 7.6(a) hereof, the Committee shall honor a judgment, order or decree from a state domestic relations
court which requires the payment of part or all of a Participant’s or Beneficiary’s interest under this Plan to an “alternate payee” as defined in Section 414(p) of the Code. 

10.2. Participation by Employees of Affiliated Group Members. Any member of the Affiliated Group may, by action of its board of
directors or equivalent governing body and with the consent of the Board, adopt the Plan; provided that the Board may waive the requirement that such board of directors or equivalent governing body effect such adoption. By its adoption of or
participation in the Plan, the adopting member of the Affiliated Group shall be deemed to appoint the Company its exclusive agent to exercise on its behalf all of the power and authority conferred by the Plan upon the Company and accept the
delegation to the Committee of all the power and authority conferred upon it by the Plan. The authority of the Company to act as such agent shall continue until the Plan is terminated as to the participating affiliate. An Eligible Employee who is
employed by a member of the Affiliated Group and who elects to participate in the Plan shall participate on the same basis as an Eligible Employee of the Company. The Account of a Participant employed by a participating member of the Affiliated
Group shall be paid in accordance with the Plan solely by such member to the extent attributable to Base Salary or Incentive Compensation that would have been paid by such participating member in the absence of deferral pursuant to the Plan, unless
the Board otherwise determines that the Company shall be the obligor. 
 10.3. Interest of Participant. 

(a) The obligation of the Company and any other participating member of the Affiliated Group under the Plan to make payment of amounts
reflected in an Account merely constitutes the unsecured promise of the Company (or, if applicable, the participating members of the Affiliated Group) to make payments from their general assets and no Participant or Beneficiary shall have any
interest in, or a lien or prior claim upon, any property of the Affiliated Group. Nothing in the Plan shall be construed as guaranteeing future employment to Eligible Employees. It is the intention of the Affiliated Group that the Plan be unfunded
for tax purposes and for purposes of Title I of ERISA. The Company may create a trust to hold funds to be used in payment of its and the Affiliated Group’s obligations under the Plan, and may fund such trust; provided, however, that any funds
contained therein shall remain liable for the claims of the general creditors of the Company and the other participating members of the Affiliated Group. 
 (b) In the event that, in the sole discretion of the Committee, the Company and/or the other members of the Affiliated Group purchases an insurance policy or policies insuring the life of any Participant
(or any other property) to allow the Company and/or the other members of the Affiliated Group to recover the cost of providing the benefits, in whole or in part, hereunder, neither the Participants nor their Beneficiaries or other distributees shall
have nor acquire any rights whatsoever therein or in the proceeds therefrom. The Company and/or the other members of the Affiliated Group shall be the sole owner and beneficiary of any such policy or policies and, as such, shall possess and may
exercise all incidents of ownership therein. A 

  
 19 

 
Participant’s participation in the underwriting or other steps necessary to acquire such policy or policies may be required by the Company and, if required, shall not be a suggestion of any
beneficial interest in such policy or policies to such Participant or any other person. 
 10.4. Claims of Other Persons.
The provisions of the Plan shall in no event be construed as giving any other person, firm or corporation any legal or equitable right as against the Affiliated Group or the officers, employees or directors of the Affiliated Group, except any such
rights as are specifically provided for in the Plan or are hereafter created in accordance with the terms and provisions of the Plan. 
 10.5. Severability. The invalidity and unenforceability of any particular provision of the Plan shall not affect any other provision hereof, and the Plan shall be construed in all respects as if
such invalid or unenforceable provision were omitted. 
 10.6. Governing Law. Except to the extent preempted by federal
law, the provisions of the Plan shall be governed and construed in accordance with the laws of the State of Delaware. 

10.7. Relationship to Other Plans. The Plan is intended to serve the purposes of and to be consistent with any incentive
compensation plan approved by the Committee for purposes of the Plan. 
 10.8. Successors. The Company shall require any
successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume this Plan. This Plan shall be binding upon and inure
to the benefit of the Company and any successor of or to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Company whether by sale, merger,
consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Plan), and the heirs, beneficiaries, executors and administrators of each Participant. 

10.9. Withholding of Taxes. Subject to Section 7.6 hereof, to the extent required by the law in effect at the time payments
are made, the Affiliated Group may withhold or cause to be withheld from any amounts deferred or payable under the Plan all federal, state, local and other taxes as shall be legally required. The Affiliated Group shall have the right in its sole
discretion to (i) require a Participant to pay or provide for payment of the amount of any taxes that the Affiliated Group may be required to withhold with respect to amounts that the Company credits to a Participant’s Account or
(ii) deduct from any amount of salary, Incentive Compensation, incentive compensation or other payment otherwise payable in cash to the Participant the amount of any taxes that the Company may be required to withhold with respect to amounts
that the Company credits to a Participant’s Account. 
 10.10. Electronic or Other Media. Notwithstanding any other
provision of the Plan to the contrary, including any provision that requires the use of a written instrument, the Committee may establish procedures for the use of electronic or other media in communications and transactions between the Plan or the
Committee and Participants and Beneficiaries. Electronic or 

  
 20 

 
other media may include, but are not limited to, e-mail, the Internet, intranet systems and automated telephonic response systems. 

10.11. Headings; Interpretation. Headings in this Plan are inserted for convenience of reference only and are not to be considered
in the construction of the provisions hereof. Unless the context clearly requires otherwise, the masculine pronoun wherever used herein shall be construed to include the feminine pronoun. 

10.12. Participants Deemed to Accept Plan. By accepting any benefit under the Plan, each Participant and each person claiming
under or through any such Participant shall be conclusively deemed to have indicated his acceptance and ratification of, and consent to, all of the terms and conditions of the Plan and any action taken under the Plan by the Board, the Committee or
the Company or the other members of the Affiliated Group, in any case in accordance with the terms and conditions of the Plan. 

ARTICLE XI 

PRIOR PLAN AND TRANSITION RULES 
 11.1. Effective Date. This amendment and restatement of the Plan is effective as of January 1, 2008 (the “Effective Date”). In order to comply with section 409A of the Code,
effective immediately before January 1, 2008, the Plan is divided into two parts, one of which shall be named “Part One” and the other of which shall be named “Part Two”. Part One of the Plan shall be governed by the terms
and conditions of the Plan as in effect on October 3, 2004. Part Two of the Plan shall be governed by the terms and conditions set forth herein. 
 (a) Pre-2005 Deferrals. Any “amounts deferred” in taxable years beginning before January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon shall
be governed by the terms of Part One of the Plan, and it is intended that such amounts and the earnings thereon shall be exempt from the application of Section 409A of the Code. Nothing contained herein is intended to materially enhance a
benefit or right existing under Part One of the Plan as of October 3, 2004 or add a new material benefit or right to Part One of the Plan. As of January 1, 2008, Part One of the Plan is frozen, and neither the Company, its affiliates nor
any individual shall make or permit to be made any additional contributions or deferrals under Part One of the Plan (other than earnings) on or after that date. 
 (b) Post-2004 Deferrals. Any “amounts deferred” in taxable years beginning on or after January 1, 2005 (within the meaning of Section 409A of the Code) and any earnings thereon
shall be governed by the terms and conditions of Part Two of the Plan. To the extent that any of those amounts were deferred under the Plan prior to the Effective Date (the “Transferred Amounts”), then the Committee shall transfer the
Transferred Amounts from Part One of the Plan to Part Two of this Plan and credit those amounts to the appropriate Sub-Accounts under Part Two of this Plan, as selected by the Committee in its sole discretion. As a result of such transfer and
crediting, all of the Company’s obligations and Participant’s rights with respect to the Transferred Amounts under Part One of the Plan, if any, shall automatically be extinguished and become obligations and rights under Part Two of this
Plan without further action. 

  
 21 

 11.2. Transition Relief for Payment Elections. A Participant designated by the
Committee may, no later than a date specified by the Committee (provided that such date occurs no later than December 31, 2008) elect on a form provided by the Committee to (i) change the date of payment of his Sub-Accounts to a date
otherwise permitted under the Plan or (ii) change the form of payment of his Sub-Accounts to a form of payment otherwise permitted under the Plan, without complying with the special timing requirements of Section 7.1(c). This
Section 11.2 is intended to comply with Notice 2007-86 and the applicable proposed and final Treasury Regulations issued under Section 409A of the Code and shall be interpreted in a manner consistent with such intent. 

EXECUTED at Cincinnati, Ohio on this 18th day of December, 2008 

 

					
	 PATHEON PHARMACEUTICALS INC.

			
		 	By:	 	 /s/ Brad Mitchell

		
	Title:	 	 Treasurer

  
 22Employment Agreement btwn Patheon Pharmaceutical Services Inc. & James C. Mullen

 Exhibit 10.21 
 EXECUTION COPY 
 [PATHEON] 

EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is entered into and effective as of February 7, 2011 (“Effective Date”), by and between Patheon Pharmaceutical Services, Inc., on behalf of
itself and any and all of its subsidiaries (together, the “Company”) and James Mullen (“Executive”). 

RECITALS 
 A. The Company is in the business of providing its customers with pharmaceutical development services, clinical trial manufacturing and packaging, and commercial manufacturing and packaging. 

B. The Company wishes to employ Executive to serve as its Chief Executive Officer (“CEO”). 

C. Executive wishes to be employed by the Company and to serve in such capacity under the terms and conditions set forth in this
Agreement. 
 D. The Company and Executive agree that the terms, provisions and mutual covenants of this Agreement suffice as
adequate consideration for their mutual promises made in this Agreement. 
 NOW, THEREFORE, the parties agree as follows: 

1. Position and Duties; Location. 
 (a) During the Term (as defined below), Executive shall serve as the CEO of the Company, with such authority, duties and responsibilities as are commensurate with such position and will report directly to
the Board of Directors (the “Board”). In addition, the Company shall cause Executive to be appointed as a member of the Board as of the Effective Date. During Executive’s tenure as CEO, the Board will recommend to the Company’s
shareholders that Executive be re-elected to the Board. Other than Executive, no other employee or executive will report directly to the Board during the Term. 
 (b) The location of Executive’s employment will be the Company’s Raleigh/Durham offices, located at 4721 Emperor Boulevard, Suite 200, Durham, North Carolina 27703, USA, or such other location
where the principal executive offices may be relocated from time to time by the Board. Executive will be permitted to commute to the Company’s Raleigh/Durham offices from his primary residence in Boston, Massachusetts, provided that Executive
will be expected to devote his full working time and attention to his duties as CEO and, except as permitted in Section 2 below, shall render no material business services to any other person or Company. Executive will be expected to be at the
Company’s Raleigh/Durham offices or any other offices of the Company or otherwise engaged in the performance of his duties at least five days per week, subject to required business travel, vacation and holidays. For the initial six months of
the Term, (i) Executive will be entitled to a 

 
reasonable housing allowance from the Company for the cost of housing arrangements in the Raleigh/Durham area and (ii) the Company will pay for or reimburse travel expenses related to
Executive’s weekly commute between Boston and the Raleigh/Durham area. 
 2. Standards of Performance. Executive
will, at all times, faithfully, industriously and to the best of his ability, experience and talents, perform all of the duties required of and from him pursuant to the terms of this Agreement. Notwithstanding the foregoing, Executive is permitted
(i) to spend reasonable amounts of time to manage his personal, financial and legal affairs, (ii) to continue to serve on the boards of PerkinElmer, Inc. and Percivia, LLC and (iii) with the Company’s consent, which will not be
unreasonably withheld, to serve on civic, charitable, not-for-profit, industry or other for profit corporate boards, provided that such activities, individually and collectively, do not materially interfere with the performance of Executive’s
duties hereunder. Executive shall be subject to the Company’s policies, procedures and approval practices, as generally in effect from time to time. 
 3. Term. The Company hereby agrees to employ Executive, and Executive hereby agrees to be employed by the Company, on the terms and subject to the conditions of this Agreement (including, without
limitation, Section 6), for the period commencing on the Effective Date and ending on the second anniversary of the Effective Date. Unless terminated prior to that date, the Term shall be automatically renewed for successive one-year periods on
the terms and subject to the conditions of this Agreement (including, without limitation, Section 6), commencing on the second anniversary of the Effective Date, and on each anniversary date thereafter, unless either the Company or Executive
gives the other party written notice (in accordance with Section 11 hereof), at least 90 days prior to the end of such initial or extended Term, of its or his intention not to renew this Agreement. Any reference to the “Term” of this
Agreement shall include the original term and any extension thereof. 
 4. Compensation, Benefits and Policies.

 (a) Base Salary. As an annual base salary (“Base Salary”), the Company will pay Executive an annual
initial Base Salary at a rate of nine hundred thousand dollars ($900,000.00) US, less necessary withholdings and authorized deductions, and payable pursuant to the Company’s regular payroll practices in effect at the time. For the Fiscal Year
2011, Executive’s Base Salary will be prorated from the Effective Date. During the Term, Executive’s Base Salary shall be reviewed annually by the Board, at such time as the salaries of other senior executives of the Company are reviewed
generally, and is subject to increase, but not decrease, at the Board’s discretion. If so increased, the Base Salary shall be increased for all purposes of this Agreement. 

(b) Paid Time Off and Benefits. Executive will accrue paid time off for vacation at the rate of four (4) weeks for each year
of employment, in addition to four (4) floating holidays annually in accordance with the Company’s policies, as may be in effect from time to time, for its senior executives generally. Executive will accrue paid time off for illness
pursuant to the Company’s regular policies. In addition, Executive is entitled to (i) participate in any plans regarding benefits of employment, including pension, profit sharing, group health, disability insurance, employee pension and
welfare benefit plans for U.S. resident-based senior executives now existing or hereafter established and (ii) participate in any other perquisite program of the Company on a basis at least as favorable as other senior level executives of the
Company. Executive may also waive participation under the Company’s medical benefits plans and receive such benefits on a cost-equivalent basis. The Company may, in its sole discretion and from time to time, establish additional senior
management benefit plans as it 

 
deems appropriate. Executive understands that any such plans may be modified or eliminated in the Company’s sole discretion in accordance with applicable law, provided that no such
modification or elimination shall result in reducing or eliminating any benefits in which Executive’s right has vested. 

(c) Reimbursement of Business Expenses. The Company will promptly reimburse to Executive his business expenses in connection with
the performance of his duties under this Agreement in accordance with the policies and procedures established by the Company. 

(e) Retirement Benefits. Executive will be entitled to participate in the 401(k) retirement plan and any other qualified or
nonqualified deferred compensation and retirement plans on a basis at least as favorable as other senior executives of the Company generally, in each case as amended from time to time. 

(f) Equity Compensation. 
 (i) As soon as practicable after the end of the current period during which certain activities with respect to the Company’s shares are prohibited or restricted (any such period, a “Blackout
Period”)1, Executive will be granted (the date of
such grant, the “Grant Date”), of an option to acquire 5,000,000 of the Company’s restricted voting shares (the “Initial Grant”). The Initial Grant will have a per-share exercise price equal to the closing price of the
underlying shares on the Toronto Stock Exchange on the Grant Date and will vest in five (5) equal installments on each of the first five anniversaries of the Effective Date, in accordance with the Company’s 2011 Amended and Restated
Incentive Stock Option Plan. In the event of a Change in Control, Executive’s unvested portion of the Initial Grant will become immediately vested and exercisable and remain in force for the duration of their original term (as described in
clause (ii) below). 
 (ii) All options granted to Executive will expire ten (10) years from the date of grant.

 (iii) Executive will be required to comply with the terms of any share ownership guidelines applicable to senior executives
of the Company generally, as amended from time to time. The Company will count ownership of any vested Options or other vested equity of the Company (either from the Initial Grant or otherwise) toward meeting any ownership requirements instituted by
the Company. 
 (iv) As used in this Agreement, a “Change in Control” shall mean any of the following events:

 (i) any “Person” (within the meaning of Section 13(d)(3) or 14(d)(2)) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), other than JLL Partners or its affiliates, becomes a Beneficial Owner (within the meaning of Exchange Act Rule 13d-3) of more than fifty (50%) of the voting power of the then outstanding voting
securities of Patheon Pharmaceutical Services, Inc. entitled to vote generally in the election of directors; 
 (ii) there is
consummated a merger or consolidation of Patheon Pharmaceutical Services, Inc. or any direct or indirect subsidiary of Patheon Pharmaceutical 

  
  

	1	 The current Blackout Period is expected to end on March 10, 2011. 

 
Services, Inc. with any other company, other than a merger or consolidation that would result in the voting securities of Patheon Pharmaceutical Services, Inc. outstanding immediately prior to
such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least fifty percent (50%) of the combined voting power of the
securities of Patheon Pharmaceutical Services, Inc. or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation; or 
 (iii) the stockholders of Patheon Pharmaceutical Services, Inc. approve a plan of complete liquidation or dissolution of the company or there is consummated an agreement for the sale or disposition by
Patheon Pharmaceutical Services, Inc. of all or substantially all of its assets. 
 However, in no event shall a “Change in
Control” be deemed to have occurred for purposes of this Agreement solely because Patheon Pharmaceutical Services, Inc. engages in an internal reorganization, which may include a transfer of assets to, or a merger or consolidation with, one or
more affiliates. 
 (g) Sarbanes-Oxley Act Loan Prohibition. To the extent that any Company benefit, program, practice,
arrangement or this Agreement would or might otherwise result in Executive’s receipt of an illegal loan (the “Loan”), the Company shall use commercially reasonable efforts to provide Executive with a substitute for the Loan that is
lawful and of at least equal value to Executive. If this cannot be done, or if doing so would be significantly more expensive to the Company than making the Loan, the Company need not make the Loan to Executive or provide him a substitute for it.

 (h) Executive Performance Bonus. Executive will be eligible to receive an annual bonus (a “Performance
Bonus”) with a target bonus equal to 100% of Executive’s Base Salary (based on achieving 100% of the financial and other targets recommended by Executive and approved by the Board). Executive may earn amounts greater than the target bonus
pursuant to the terms of the annual incentive targets. These annual incentive targets will be pre-determined by the Compensation Committee of the Board, after consultation with, and recommendation from, Executive from time to time. For Fiscal Year
2011, Executive’s Performance Bonus will be no less than 50% of his Base Salary, pro-rated from the Effective Date. Nothing contained in this Section 4(h) will prevent the Board of Directors from establishing performance goals and
compensation targets applicable only to Executive. 
 5. Termination of Employment. 

(a) By Company Without Cause. The Company may terminate Executive’s employment without Cause (as defined below), effective
immediately upon written notice (pursuant to Section 11 below) (such date of termination, the “Termination Date”). If the Company delivers to Executive a notice of non-renewal upon the expiration of the Term as provided in
Section 3 above, the expiration of the Term shall constitute a termination by the Company without Cause. In the event of such a termination and subject to the other provisions of this Agreement, Executive will be entitled to the following from
the Company: 
 (i) payment of all earned but unpaid compensation (including accrued unpaid vacation) through the effective
date of termination, payable on or before the Termination Date; 

 (ii) reimbursement of expenses incurred on or before the Termination Date in accordance
with Section 4(c), above; and 
 (iii) continued payment for two years of his then current Base Salary rate (less
necessary withholdings and authorized deductions) (the “Severance Payments”), payable in equal monthly installments over the two-year period following the Termination Date (the “Severance Period”). 

In addition, with respect to the Initial Grant, a pro-rata portion of the shares subject to the Initial Grant in which Executive would
have become vested on the following anniversary of the Effective Date will become immediately vested and exercisable on the Termination Date; provided however, that if Executive’s Termination Date is within six (6) months of the Effective
Date, 500,000 of the shares subject to the Initial Grant will immediately become vested and exercisable as of the Termination Date (either such amount, the “Equity Severance”). 

If Executive is terminated under circumstances in which he becomes entitled to the Equity Severance, Executive will be permitted to
exercise his vested options within three (3) months after his Termination Date (the “QT Exercise Period”); provided however, that if Executive would be prevented from selling his shares during the QT Exercise Period due to law or
applicable Company policy preventing the sale of shares (a “Blackout Period”) that occurs or is ongoing during the QT Exercise Period, the QT Exercise Period shall be extended to a date that is ten (10) days after the last day of the
Blackout Period. 
 The Severance Payments and the Equity Severance shall be referred to collectively as the “Severance
Benefits”. Executive shall not receive the Severance Benefits unless Executive executes the release attached hereto as Schedule A (the “Release”), and the same becomes effective pursuant to its terms and is not revoked. In addition,
Executive’s rights to the Severance Benefits are subject to Executive’s continued compliance with the provisions of Section 6 below. 
 (b) By Company With Cause. The Company may terminate Executive’s employment for Cause at any time and without prior notice, written or otherwise, effective immediately upon notice. As used in
this Agreement, “Cause” shall mean the determination, in good faith, by the Board, after notice to Executive, that one or more of the following events has occurred: 
 (i) Executive has willfully failed to perform his material duties, and such failure has not been cured after a period of thirty (30) days’ notice from the Company; 

(ii) any reckless or grossly negligent act by Executive having the effect of injuring the interest, business or reputation of the
Company, or any of its parent, subsidiaries or affiliates in any material respect; 
 (iii) Executive’s commission of any
felony (including entry of a nolo contendere plea); 
 (iv) any misappropriation or embezzlement of the property of the
Company, or any of its parents or affiliates; or 

 (v) a breach of any material provision of the Employment Agreement by Executive, which
breach, if curable, remains uncured for a period of thirty (30) days after receipt by Executive of written notice from the Company of such breach, which notice shall contain the specific reasonable cure requested by the Company. 

In the event Executive is terminated for Cause, Executive will be entitled only to the Accrued Benefits through the Termination Date. The
Company will have no further obligation to pay any compensation of any kind (including, without limitation, any bonus or portion of a bonus that otherwise may have become due and payable to Executive with respect to the year in which such
termination date occurs), or severance payment of any kind, nor will the Company have any obligation to make any payment in lieu of notice. The definition of Cause set forth in this Agreement shall govern for purposes of Executive’s equity
compensation and any other compensation containing such a concept. For purposes of this agreement, Accrued Benefits shall mean (i) payment of Base Salary through the Termination Date, (ii) payment of any Performance Bonus for performance
periods completed prior to the Termination Date (provided that Executive is not terminated for Cause or does resign without Good Reason) and (iii) any payments or benefits under the Company’s benefit plans that are earned or accrued prior
to the Termination Date. 
 (c) Incapacity or Death. 

(i) If a healthcare provider selected by the Company’s Board or its insurers determines Executive has become unable, due to
physical or mental illness or injury, to perform the essential duties of his position for more than twelve (12) weeks, whether or not the days of disability are consecutive, in any twelve (12) month period during this Agreement with or
without reasonable accommodation (“Incapacity”), the Company has the right to terminate Executive’s employment on fifteen (15) days’ written notice. In the event of termination for Incapacity, Executive will be entitled to
receive the Accrued Benefits and, subject to Executive (or his legal representative on his behalf) executing the Release and the same becoming effective pursuant to its terms and not revoked, the Equity Severance; and 

(ii) Executive’s employment pursuant to this Agreement shall be immediately terminated without notice by the Company upon the death
of Executive. If Executive dies while actively employed pursuant to this Agreement (or if Executive’s employment is terminated (a) by the Company without Cause, (b) by Executive for Good Reason (as defined below), or (c) due to
Executive’s Incapacity, but Executive dies prior to the date that is seven (7) days after the day the Company presents him with the Release), his estate or designated beneficiaries will be entitled to receive from the Company the Accrued
Benefits and subject to the trustee of Executive’s estate or Executive’s designated beneficiaries signing and executing a release of all claims against the Company and the same becoming effective pursuant to its terms and not revoked, the
Equity Severance. 
 (d) Resignation for Good Reason. Executive may terminate this Agreement for Good Reason (as defined
below) by giving written notice of such termination, which termination will become effective on the thirtieth (30th) day following receipt by the Company. As used in this Agreement, “Good Reason” shall mean the occurrence of any of
the following events without the prior consent of Executive: 
 (i) removal of Executive from Executive’s position;

 (ii) material reduction by the Company of Executive’s duties or responsibilities or
the assignment to Executive of duties materially inconsistent with such position; or 
 (iii) material breach by the Company of
the Employment Agreement, which breach remains uncured for a period of thirty (30) days after receipt by the Company of written notice from Executive. 
 No termination for Good Reason shall be effective until (a) Executive has given the Company written notice (pursuant to Section 11 below) within sixty (60) days of Executive becoming aware
of the initial occurrence of any of the foregoing specifying the event or condition constituting the Good Reason (the date of such notice, the “Measurement Date”), and the specific reasonable cure requested by Executive (b) the
Company has failed to cure the occurrence within thirty (30) days of the Measurement Date, and (c) Executive resigns within three (3) months following the initial occurrence. Further, Executive shall not have “Good Reason”
under clauses (i) – (iii) above if, on the Measurement Date, (x) grounds exist for a termination by the Company for Cause or (y) Executive has already given the Company notice of (1) non-renewal of his Agreement at the
end of the Term pursuant to Section 3 above or (2) his intention to resign without Good Reason. In the event of a termination for Good Reason, Executive will be entitled to the Accrued Benefits and, subject to the same conditions as are
set forth in the final paragraph of Section 5(a), the Severance Benefits. 
 (e) Voluntary Resignation without Good
Reason. Executive may terminate this Agreement without Good Reason effective on sixty (60) day’s written notice (pursuant to Section 11 below), unless the Company in its sole discretion accepts the resignation earlier. In the
event that Executive resigns without Good Reason as defined above in Section 5(d), Executive will be entitled only to the Accrued Benefits through the Termination Date. Executive’s equity awards (including the Initial Grant) shall be
treated in accordance with their terms. The Company will have no further obligation to pay any compensation of any kind (including, without limitation, any bonus or portion of a bonus that otherwise may have become due and payable to Executive with
respect to the year in which such Termination Date occurs), or severance payments of any kind. 
 (f) Resignation from All
Positions. Notwithstanding any other provision of this Agreement, upon the termination of Executive’s employment for any reason, unless otherwise requested by the Board, Executive shall immediately resign as of the Termination Date from all
positions that he holds or has ever held with the Company, including his position as a member of the Board (and with any other entities with respect to which the Company has requested Executive to perform services). Executive hereby agrees to
execute any and all documentation to effectuate such resignations upon request by the Company, but he shall be treated for all purposes as having so resigned upon termination of his employment, regardless of when or whether he executes any such
documentation. 
 (i) Effect of Accrued Benefits and Severance Benefits Payments. Executive shall not be entitled to any
other severance pay or benefits under any severance plan, program or policy of the Company or any member of the Company, unless otherwise specifically provided therein in a specific reference to this Agreement. 

6. Proprietary Information Obligations. 

 (a) Proprietary Information, Confidentiality and Non-Disparagement. Both before and
during the term of Executive’s employment, Executive will have access to and become acquainted with Company confidential and proprietary information (together “Proprietary Information”), including but not limited to information or
plans concerning the Company’s customer relationships; personnel; sales, marketing and financial operations and methods; trade secrets, formulae, devices; secret inventions; processes; and other compilations of information, records, and
specifications. As a result, Executive confirms that he is bound by the provisions of and agrees to execute, effective as of the Effective Date, the Company’s customary confidentiality agreement (the “Confidentiality Agreement”).
Executive also agrees not to criticize, denigrate, or otherwise disparage the Company, or any of its directors, officers, products, processes, experiments, policies, practices, standards of business conduct, or areas or techniques of research. The
Company agrees to use its reasonable commercial efforts not to permit, authorize or condone denigrating or disparaging statements about Executive in any press release or other formally released announcement. Factually accurate statements in legal or
public filings shall not violate this provision. In addition, nothing in this Section 6(a) shall prohibit Executive or the Company or the Board, or any of their employees or members from complying with any lawful subpoena or court order or
taking any other actions affirmatively authorized by law (including testifying truthfully in any legal proceeding). 
 (b)
Non-Solicitation of Customers and Other Business Partners. Executive recognizes that by virtue of his employment with the Company, he will be introduced to and involved in the solicitation and servicing of existing customers and other
business partners of the Company and new customers and business partners obtained by the Company during his employment. Executive understands and agrees that all efforts expended in soliciting and servicing such customers and business partners shall
be for the benefit of the Company. In addition, Executive agrees that, for a period beginning on the Effective Date and ending two (2) years after his Termination Date, regardless of the reason for such termination, Executive shall not use any
Proprietary Information to, directly or indirectly (i) solicit, direct, interfere with, or entice away from the Company any existing customer, business partner, licensee, licensor, vendor, contractor or distributor of the Company or
(ii) solicit, encourage or otherwise direct any customer or other business partner to expand its business with a Competitor, without the prior written consent of the Board. 

(c) Non-Solicitation of Employees. Executive recognizes the substantial expenditure of time and effort which the Company devotes
to the recruitment, hiring, orientation, training and retention of its employees. Accordingly, Executive agrees that, for a period beginning on the Effective Date and ending two (2) years after his Termination Date, regardless of the reason for
such termination, Executive shall not intentionally use any Proprietary Information, directly for himself, or on behalf of any other person or entity, to knowingly solicit, offer employment to, hire or otherwise retain the services of any salaried
employee of the Company. For purposes of the foregoing, “employee of the Company” shall include any person who was an employee of the Company at any time within six (6) months prior to the prohibited conduct. 

(d) Non-Competition. Executive recognizes that his loyal and complete fulfillment of employment subsequent to his employment with
the Company may inevitably require him to reveal or utilize the Company’s Proprietary Information. Accordingly, for a period beginning on the Effective Date and ending two (2) years after his Termination Date, regardless of the reason for
such termination, Executive shall not in any manner, directly or indirectly, compete with the Company by (a) becoming an officer, agent, employee, partner, director, consultant, independent contractor of a Competitor, or (b) acquiring an
ownership interest in a 

 
Competitor, provided that Executive may, for investment purposes, own not more than 1% of the outstanding stock of any class of a Competitor that is listed on a recognized stock exchange or
traded in the over-the-counter market in Canada or the United States, without the Company’s written consent if the CEO reasonably determines that Executive’s subsequent competition would compromise the Company’s Proprietary
Information. For purposes of this Agreement, the term “Competitor” means any person or entity that is primarily or principally engaged in the business of contract drug manufacturing or contract drug development in Canada, the United States
(including the Commonwealth of Puerto Rico), India, Europe or other geographic location in which the Company is doing business at the time. 
 (e) Company Property and Materials. 
 (i) All files, records, documents,
computer-recorded or electronic information, drawings, specifications, equipment, and similar items relating to Company business, whether prepared by Executive or otherwise coming into his possession, will remain the Company’s exclusive
property and will not be removed from Company premises under any circumstances whatsoever without the Company’s prior written consent, except when, and only for the period, necessary to carry out Executive’s duties hereunder; 

(ii) In the event of termination of Executive’s employment for any reason, Executive will promptly deliver to the Company all
Company equipment (including, without limitation, any cellular phones, beeper/pagers, computer hardware and software, fax machines and other tools of the trade) and all originals and copies of all documents, including without limitation, all books,
customer lists, forms, documents supplied by customers, records, product lists, writings, manuals, reports, financial documents and other documents or property in Executive’s possession or control, which relate to the Company’s business in
any way whatsoever, and in particular to customers of the Company, or which may be considered to constitute or contain Proprietary Information as defined above, and Executive will neither retain, reproduce, nor distribute copies thereof (other than
copies of Executive’s rolodex or similar electronic or hardcopy address and telephone directories). 
 (f) Remedies for
Breach. Executive acknowledges that any breach by Executive of the covenants set forth in either this Section 6 or the Confidentiality Agreement (collectively, the “Restrictive Covenants”) would cause the Company irreparable
injury and damage for which monetary damages are inadequate. Accordingly, in the event of a breach or a threatened breach of the Restrictive Covenants by Executive, Executive agrees that (i) the Company will be entitled to seek an injunction
restraining such breach and (ii) the Company’s obligation to pay any unpaid portion of the Severance Benefits or other benefits as set forth in Sections 5(a) and (d) of this Agreement will be extinguished. Nothing contained herein
will be construed as prohibiting the Company from pursuing any other remedy available to the Company for such breach or such threatened breach. Executive agrees not to circumvent the spirit of these restrictions by attempting to accomplish
indirectly what Executive is otherwise restricted from doing directly. 
 (g) Reasonableness and Revision. Executive has
carefully read and considered the restrictions and limitations set forth in the Restrictive Covenants and agrees and acknowledges that the Restrictive Covenants (i) are reasonable and necessary for the protection of the Company’s business
interests and goodwill due to the uniqueness of Executive’s services and the confidential nature of the information he will possess and (ii) do not prevent Executive from working or from supporting his family and obligations. Moreover,
Executive agrees that the geographic restriction on competitive activities by Executive is 

 
reasonable, given the global nature of the Company’s business and Executive’s role in that business. If, at the time of enforcement of this Section 6 and/or the Confidentiality
Agreement, a court or other tribunal holds that the Restrictive Covenants are in whole or in part unreasonable under circumstances then existing, the parties agree that (i) the maximum period or scope reasonable under such circumstances will be
substituted for the stated period or scope and that the court or other tribunal shall be authorized and directed by the parties to revise the restrictions contained herein to cover the maximum period or scope permitted by law and (ii) the
remaining provisions of the Restrictive Covenants shall be enforced as written. 
 (h) Section 6 Acknowledgement.
Executive agrees and acknowledges that the promises and obligations made by the Company in this Agreement (specifically including, but not limited to, the payments and benefits provided for under Section 5) constitute sufficient consideration
for the Restrictive Covenants. Executive further acknowledges that it is not the Company’s intention to interfere in any way with his employment opportunities, except in such situations where the same conflict with the legitimate business
interests of the Company. Executive agrees that he will notify the Company in writing if he has, or reasonably should have, any questions regarding the applicability of this Section 6. 

(i) Section 6 Survival. Subject to any limits on applicability contained therein, the Restrictive Covenants shall survive and
continue in full force in accordance with its terms notwithstanding any expiration or termination of this Agreement. 
 7.
Interpretation, Governing Law and Exclusive Forum. The validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the State of New York (excluding any that mandate the use of another
jurisdiction’s laws). Any arbitration (unless otherwise mutually agreed), litigation or similar proceeding with respect to such matters only may be brought within New York, and all parties to this Agreement consent to New York’s
jurisdiction. 
 8. Entire Agreement. This Agreement, together with Schedule A attached hereto and the Confidentiality
Agreement referred to herein, when executed by both parties shall constitute the entire agreement pertaining to Executive’s employment with the Company and supersedes all prior agreements, understandings, term sheets, negotiations and
discussions, whether written or oral, pertaining to Executive’s employment, and there are no representations, undertakings or agreements of any kind between the parties respecting the subject matter hereof except those contained herein.

 9. Severability. In the event that one or more of the provisions contained in this Agreement are held to be invalid,
illegal or unenforceable in any respect by a court of competent jurisdiction, such holding shall not impair the validity, legality or enforceability of the remaining provisions herein. 

10. Successors and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of, Executive and his estate, but
Executive may not assign or pledge this Agreement or any rights arising under it, except to the extent permitted under the terms of the benefit plans in which he participates. No rights or obligations of the Company under this Agreement may be
assigned or transferred except that the Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization, sale, transfer of stock, consideration or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no succession had taken

 
place. As used in this Agreement, “Company” means the Company as hereinbefore defined and any successor to its business and/or assets (by merger, purchase or otherwise as provided in
this Section 10) which executes and delivers the agreement provided for in this Section 10 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law. In the event that any successor refuses to
assume the obligations hereunder, the Company as hereinbefore defined shall remain fully responsible for all obligations hereunder. 
 11. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be given by hand delivery, electronic mail, facsimile, telecopy, overnight courier
service, or by United States certified or registered mail, return receipt requested. Each such notice, request, demand or other communication shall be effective (i) if delivered by hand or by overnight courier service, when delivered at the
address specified in this Section 11; (ii) if given by electronic mail, facsimile or telecopy, when such electronic mail, facsimile or telecopy is transmitted to the electronic mail address or facsimile or telecopy number specified in this
Section 11 and confirmation is received if during normal business hours on a business day, and otherwise, on the next business day; and (iii) if given by certified or registered mail, three (3) days after the mailing thereof. Notices
shall be addressed to the parties as follows (or at such other address, email address or fax number as either party may from time to time specify in writing by giving notice as provided herein): 

If to the Company:         Patheon Pharmaceutical Services, Inc. 

Human Resources 
 Patheon Pharmaceutical
Services Inc. 
 P.O. Box 110145 

Research Triangle Park, North Carolina 27709-9998 
 If to Executive:             James Mullen 
 636 Charles River St. 
 Needham, MA 02492 

12. Indemnification. The Company will indemnify Executive to the fullest extent permitted by the laws of the State of New York.

 13. Dispute Resolution. The parties agree that all disputes, claims or controversies between them and between
Executive and any of the Company’s affiliated entities and the successor of all such entities, including any dispute, claim or controversy arising from or otherwise in connection with this Agreement and/or Executive’s employment with the
Company, will be resolved as follows: 
 (a) Prior to initiating any other proceeding, the complaining party will provide the
other party with a written statement of the claim identifying any supporting witnesses or documents and the requested relief. The responding party shall within forty-five (45) days furnish a statement of the relief, if any, that it is willing
to provide, and identify supporting witnesses or documents. The parties then shall meet to attempt informal resolution. 
 (b)
If the parties cannot informally resolve the dispute between them, any controversy or claim between Executive and the Company and any of its current or former directors, officers and employees, including any arising out of or relating to this
Agreement or breach thereof, shall be settled by final and binding arbitration in the state of New York, or 

 
elsewhere as mutually agreed by the parties, by a single arbitrator pursuant to the Employment Arbitration Rules & Procedures of Judicial Arbitration & Mediation Services
(“JAMS”), unless the parties to the dispute agree to another arbitration service or independent arbitrator. The parties may conduct discovery to the extent permitted in a court of law; the arbitrator will render an award together with a
written opinion indicating the bases for such opinion; and the arbitrator will have full authority to award all remedies that would be available in court. Judgment upon the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. Each party shall bear its own attorney’s fees and costs, unless the claim is based on a statute that provides otherwise. Where required by law, the Company will pay the arbitrator’s fees and any administrative charges
of the arbitration service, except that if Executive initiates the claim, he will pay a portion of the administrative charges equal to the amount he would have paid to initiate the claim in a court of general jurisdiction. 

(c) EXECUTIVE AND THE COMPANY AGREE THAT THIS ARBITRATION PROCEDURE WILL BE THE EXCLUSIVE MEANS OF REDRESS FOR ANY DISPUTES RELATING TO
OR ARISING FROM EXECUTIVE’S EMPLOYMENT WITH THE COMPANY OR TERMINATION THEREFROM, INCLUDING DISPUTES OVER UNPAID WAGES, BREACH OF CONTRACT OR TORT, VIOLATION OF PUBLIC POLICY, RIGHTS PROVIDED BY FEDERAL, STATE OR LOCAL STATUTES, REGULATIONS,
ORDINANCES, AND COMMON LAW, LAWS THAT PROHIBIT DISCRIMINATION BASED ON ANY PROTECTED CLASSIFICATION, AND ANY OTHER STATUTES OR LAWS RELATING TO AN EXECUTIVE’S RELATIONSHIP WITH THE COMPANY. THE FOREGOING NOTWITHSTANDING, CLAIMS FOR
WORKERS’ COMPENSATION BENEFITS OR UNEMPLOYMENT INSURANCE, OR ANY OTHER CLAIMS WHERE MANDATORY ARBITRATION IS PROHIBITED BY LAW, ARE NOT COVERED BY THIS ARBITRATION PROVISION. THE PARTIES EXPRESSLY WAIVE THE RIGHT TO A JURY TRIAL, AND AGREE THAT
THE ARBITRATOR’S AWARD SHALL BE FINAL AND BINDING ON BOTH PARTIES. THIS ARBITRATION PROVISION IS TO BE CONSTRUED AS BROADLY AS IS PERMISSIBLE UNDER APPLICABLE LAW. 
 14. Representations. Each person executing this Agreement hereby represents and warrants on behalf of himself and of the entity/individual on whose behalf he is executing the Agreement that he is
authorized to represent and bind the entity/individual on whose behalf he is executing the Agreement. Executive specifically represents and warrants to the Company that he reasonably believes (a) he is not under any contractual or other
obligations, including but not limited to any employment contract, non-competition or other covenants or restrictions, that would prevent, limit or impair Executive’s ability to commence work on the Effective Date or otherwise limit his ability
to perform all responsibility and obligations of the position of CEO, (b) that entering into this Agreement will not result in a breach of any other agreement to which he is a party, and (c) that he will not knowingly use any trade secret,
confidential information, or other intellectual property right of any former employer or any other person to whom Executive has an obligation of confidentiality in the performance of his duties hereunder and that the Company has not requested the
disclosure by Executive of any such information. 
 15. Amendments and Waivers. No provisions of this Agreement may be
modified, waived, or discharged except by a written document signed by Executive and a duly authorized Company officer. Thus, for example, promotions, commendations, and/or bonuses shall not, by themselves, modify, amend, or extend this Agreement. A
waiver of any conditions or provisions of this Agreement in a given instance shall not be deemed a waiver of such conditions or provisions at any other time. 

 16. Taxes. 
 (a) Withholdings. The Company may withhold from any compensation and benefits payable under this Agreement all federal, state, city and other taxes or amounts as shall be determined by the Company
to be required to be withheld pursuant to applicable laws, or governmental regulations or rulings. Executive shall be solely responsible for the satisfaction of any taxes (including employment taxes) imposed on employees and penalty taxes on
nonqualified deferred compensation. 
 (b) Net Proceeds Maximization. Notwithstanding any provision of this Agreement to
the contrary, if all or any portion of the payments or benefits received or realized by Executive pursuant to this Agreement either alone or together with other payments or benefits that Executive receives or realizes or is then entitled to receive
or realize from the Company or any of its affiliates would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code (the “Code”), the payments or benefits provided to Executive
under this Agreement will be reduced by reducing the amount of payments or benefits payable to Executive to the extent necessary so that no portion of Executive’s payments or benefits will be subject to the excise tax imposed by
Section 4999 of the Code. Notwithstanding the foregoing, a reduction will be made under the previous sentence only if, by reason of that reduction, Executive’s net after tax benefit exceeds the net after tax benefit he would realize if the
reduction were not made. For purposes of this paragraph, “net after tax benefit” means the sum of (i) the total amount received or realized by Executive pursuant to this Agreement that would constitute a “parachute payment”
within the meaning of Section 280G of the Code, plus (ii) all other payments or benefits that Executive receives or realizes or is then entitled to receive or realize from the Company and any of its affiliates that would constitute a
“parachute payment” within the meaning of Section 280G of the Code and any corresponding and applicable state law provision, less (iii) the amount of federal or state income taxes payable with respect to the payments or benefits
described in (i) and (ii) above calculated at the maximum marginal individual income tax rate for each year in which payments or benefits are realized by Executive (based upon the rate in effect for that year as set forth in the Code at
the time of the first receipt or realization of the foregoing), less (iv) the amount of excise taxes imposed with respect to the payments or benefits described in (i) and (ii) above by Section 4999 of the Code. All determinations
and calculations made in this paragraph shall be made by an independent accounting firm (the “Accounting Firm”) selected by the Company prior to the Change in Control. The Accounting Firm shall be a nationally recognized United States
public accounting firm which has not, during the two (2) years preceding the date of its selection, acted in any way on behalf of (x) the Company or any affiliate thereof or (y) Executive. 

(c) Section 409A Compliance. 
 (i) Section 409A Six-Month Delay Rule. If any amounts that become due under this Agreement on account of Executive’s termination of employment constitute “nonqualified deferred
compensation” within the meaning of Code section 409A (“Section 409A”), payment of such amounts shall not commence until Executive experiences a “separation from service” within the meaning of Treasury Regulation
Section 1.409A-1(h). If, at the time of Executive’s separation from service, Executive is a “specified employee” (under Section 409A), then to the extent necessary to comply with Section 409A, any such amounts will not
be paid until after the first business day of the seventh (7th) month after Executive’s separation from service (the “409A Suspension Period”). Within fourteen (14) calendar days after the end of the 409A Suspension Period,
Employee shall be paid a lump sum payment in cash equal to any payments delayed because of the preceding sentence, together with interest 

 
on them for the period of delay at a rate equal to the average prime interest rate published in the Wall Street Journal on any day chosen by the Company during that period. Thereafter, Executive
shall receive any remaining benefits as if there had not been an earlier delay. 
 (ii) Interpretation. This Agreement
is intended to comply with or be exempt from Section 409A, and shall be interpreted and construed by the Company in a manner that the Company reasonably believes, after consultation with Executive, establishes an exemption from (or otherwise
conforms them to) the requirements of Section 409A. To the extent that any regulations or other guidance issued under Section 409A (after application of the previous sentence) would result Executive being subject to the payment of interest
or any additional tax under Section 409A, the parties agree, to the extent reasonably possible, to amend this Agreement in order to avoid the imposition of any such interest or additional tax under Section 409A, which such amendment shall
have the minimum economic effect necessary and be reasonably determined in good faith by Executive and the Company, provided it does not increase the overall expense to the Company in providing the benefits. 

Although the Company shall use its best efforts to avoid the imposition of taxation, interest and penalties under Section 409A of
the Code, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed. Neither the Company nor its directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other
monetary amounts owed by Executive or other taxpayer pursuant to Section 409A as a result of the Agreement. Any reference in this Agreement to Section 409A of the Code will also include any proposed, temporary or final regulations, or any
other guidance, promulgated with respect to such Section 409A by the U.S. Department of Treasury or the Internal Revenue Service. 
 17. U.S. Citizenship and Immigration Services. Executive agrees to timely file all documents required by the Department of Homeland Security to verify his identity and lawful employment in the
United States. 
 18. Counterparts. 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 shall constitute the same instrument. 
 19. Legal Fees. The Company
will pay up to $10,000 of any reasonable legal fees and expenses Executive incurs during the negotiation of this Agreement, provided that such fees and expenses are supported by reasonable supporting documentation. 

20. Executive’s Acknowledgement. 
 EXECUTIVE ACKNOWLEDGES THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY AND HIM RELATING TO THE SUBJECTS COVERED IN THIS AGREEMENT ARE CONTAINED IN IT (INCLUDING THE AGREEMENTS SET FORTH AS
EXHIBITS) AND THAT HE HAS ENTERED INTO THIS AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS AGREEMENT. 
 EXECUTIVE FURTHER ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT (INCLUDING THE AGREEMENTS SET FORTH AS EXHIBITS), THAT HE UNDERSTANDS ALL OF SUCH AGREEMENTS, AND THAT HE HAS BEEN GIVEN THE
OPPORTUNITY TO DISCUSS SUCH AGREEMENTS WITH HIS PRIVATE LEGAL COUNSEL 

 
AND HAS AVAILED HIMSELF OF THAT OPPORTUNITY TO THE EXTENT HE WISHED TO DO SO. EXECUTIVE UNDERSTANDS THAT THE DISPUTE RESOLUTION PROVISIONS OF THIS AGREEMENT GIVE UP THE RIGHT TO A JURY TRIAL ON
MATTERS COVERED BY THEM. 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 

 

	
	“Executive”
	
	/s/ James Mullen
	James Mullen

  

	
	“Company”
	Patheon Pharmaceutical Services, Inc.

  

	
	/s/ Eric Evans
	By: Eric Evans
	Title: Chief Financial Officer

 [PATHEON] 
 SCHEDULE A 
 TO 

EMPLOYMENT AGREEMENT WITH 
 JAMES MULLEN 
  

 
 GENERAL RELEASE

 This General Release (“Release”), dated as of
                    , 20    confirms the following understandings and agreements between James Mullen, an
individual (“Executive”), and Patheon Pharmaceutical Services, Inc., on behalf of itself and all of its affiliates and subsidiaries (collectively, the “Company”). 

In consideration of the promises set forth in that certain employment agreement between Executive and the Company, effective as of
February 7, 2011 (the “Employment Agreement”), Executive agrees as follows: 
 1. Release by Executive.

 (a) For and in consideration of the severance payments and benefits described in the Employment Agreement (the
“Consideration”), which are being provided in exchange for your execution of this Release and would not be provided absent your execution of this Release, Executive, for himself and his heirs, executors, administrators, assigns, successors
and agents (collectively, the “Executive’s Affiliates”) hereby fully and without limitation releases and forever discharges the Company and each of its agents, representatives, shareholders, owners, officers, directors, employees,
consultants, attorneys, auditors, accountants, investigators, affiliates, successors and assigns (collectively, the “Company Releasees”), both individually and collectively, from any and all waivable rights, claims, demands, liabilities,
actions, causes of action, damages, losses, costs, expenses and compensation, of whatever nature whatsoever, known or unknown, fixed or contingent, which Executive or any of Executive’s Affiliates has or may have or may claim to have against
the Company Releasees by reason of any matter, cause, or thing whatsoever, from the beginning of time to the date Executive signs this Release (“Claims”), arising out of, based upon, or relating to his employment or the termination of his
employment with the Company and/or his service as an officer of any of the Company Releasees, and/or any agreement or compensation arrangement between Executive and any of the Company Releasees, to the maximum extent permitted by law. 

(b) The Claims released by Executive include, but are not limited to, any Claims arising out of or based on: Title VII of the Civil
Rights Act of 1964, the Americans with Disabilities Act, the National Labor Relations Act, the Equal Pay Act, the Age Discrimination in Employment Act (“ADEA”), the Civil Rights Act of 1991, the Family Medical Leave Act, Sections 1981
through 1988 of Title 42 of the United States Code, the Employee Retirement Income Security Act of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan), the Immigration Reform and Control Act, the Worker
Adjustment and Retraining 

 
Notification Act, the Occupational Safety and Health Act, the Fair Credit Reporting Act, and the Sarbanes-Oxley Act of 2002 (in each case as the same may be amended from time to time); fraud,
misrepresentation, negligence, defamation, infliction of emotional distress or other tort, common law, breach of contract (whether express or implied, written or oral) or covenant, violation of public policy or wrongful termination; state or federal
wage and hour laws; or any other state or federal law, rule, or regulation dealing with the employment relationship, except those claims which may not be released herein as a matter of law. The released Claims also include any Claims by Executive
for compensation, wages, back pay, reinstatement or reemployment, bonuses, or benefits of any kind or any nature arising out of, based upon, or relating to his employment or the termination of his employment with the Company and/or his service as an
officer of any of the Company Releasees, and/or any agreement or compensation arrangement between Executive and any of the Company Releasees. 
 (c) Nothing contained in this Section 1 or any other provision of this Release shall release or waive any right that Executive has to (i) the Consideration, which shall be deemed to include the
Initial Grant (as defined in the Employment Agreement) and any other equity awards Executive has received from the Company, (ii) any employee benefit Executive is entitled to receive from the Company pursuant to any Company employee benefit
plan or program, including any health claim or (iii) indemnification and/or reimbursement of expenses by the Company with respect to which Executive may be eligible as provided by law, the Company’s Certificates of Incorporation, Bylaws
and any applicable directors and officers, errors & omissions, umbrella or general liability insurance policies, or any indemnification agreements, including the Employment Agreement. Further, nothing contained in this Release shall
restrict or inhibit any communications by Executive with the Equal Employment Opportunity Commission (“EEOC”) or any other government or law enforcement agency. 
 2. Waiver of Applicable Release Laws. 
 (a) Executive understands and agrees
that the release provided herein extends to all Claims released above whether known or unknown, suspected or unsuspected, which may be released as a matter of law. Executive expressly waives and relinquishes any and all rights he may have under
state law that prohibits the general release of unknown claims. 
 (b) It is the intention of each party through this Release to
fully, finally and forever settle and release the Claims as set forth above. In furtherance of such intention, the release herein given shall be and remain in effect as a full and complete release of such matters notwithstanding the discovery of any
additional Claims or facts relating thereto. 
 3. Review and Revocation Rights. Executive hereby is advised of the
following: 
 (a) Executive has the right to consult with an attorney before signing this Release and is encouraged by the
Company to do so; 
 (b) Executive has twenty-one (21) days from his receipt of this Release to consider it, although
Executive may sign and return the Release at any earlier time, in which case Executive waives all rights to the balance of this twenty-one (21) day review period; and 
 (c) Executive has seven (7) days after signing this Release to revoke this Release, and this Release will not be effective until that revocation period has expired without revocation. Executive
agrees that in order to exercise his right to revoke this Release within such seven (7) day period, he must do so in a signed writing delivered to the Company’s Board 

 
of Directors of the Company (“Board”) before the close of business on the seventh calendar day after he signs this Release. 

(d) Nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the validity of
this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs for doing so, unless specifically authorized by federal law. 
 4. No Filings. Executive represents that he has not filed any waivable lawsuits, claims, charges or complaints, which are pending as of the date hereof, against the Company Releasees with any
local, state or federal agency or court from the beginning of time to the date of execution of this Release, and he agrees that he shall not accept any award, damages, recovery or settlement from any proceeding brought by him or on his behalf
relating to his employment or the termination of his employment with the Company and/or his service as an officer of any of the Company Releasees or otherwise. 
 5. Cooperation Clause. 
 (a) To facilitate the orderly conduct of the
Company, Executive agrees to cooperate, at no charge, with the Company’s reasonable requests for information or assistance related to (i) the time of his employment, (ii) any investigations (including internal investigations) and
audits of the Company’s management’s current and past conduct and business and accounting practices and (iii) the Company’s defense of, or other participation in, any administrative, judicial, or other proceeding arising from any
charge, complaint or other action which has been or may be filed relating to the period during which Executive was employed by the Company. The Company will promptly reimburse Executive for his reasonable, customary and documented out-of-pocket
business expenses in connection with the performance of his duties under this Section 5. 
 6. Governing Law. This
Release shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws. 
 7. Dispute Resolution. The parties hereby agree that all disputes, claims or controversies arising from or otherwise in connection with this Release (except for injunctive relief sought by either
party) between them and between Executive and any of the Company’s affiliated entities and the successor of all such entities, and any director, shareholder or employee of the Company will be resolved in accordance with Section 13 of the
Employment Agreement, except for its attorneys’ fee provision. 
 8. Attorneys’ Fees. Except as otherwise
provided herein or as prohibited by law, in any action, litigation or proceeding between the parties arising out of or in relation to this Release, including any purported breach of this Release, each party shall bear its own attorney’s fees
and costs. 
 9. Non-Admission of Liability. The parties understand and agree that neither the furnishing of the
Consideration nor the execution of this Release by the parties will constitute or be construed as an admission of any wrongdoing or liability whatsoever by any party. 
 10. Severability. If any one or more of the provisions contained herein (or parts thereof), or the application thereof in any circumstances, is held invalid, illegal or unenforceable

 
in any respect for any reason, the validity and enforceability of any such provision in every other respect and of the remaining provisions hereof will not be in any way impaired or affected, it
being intended that all of the rights and privileges shall be enforceable to the fullest extent permitted by law. 
 11.
Entire Agreement. This Release represents the sole and entire agreement among the parties and, except as expressly stated herein, supersedes all prior agreements, negotiations and discussions among the parties with respect to the subject matters
contained herein. 
 12. Waiver. No waiver by any party hereto at any time of any breach of, or compliance with, any
condition or provision of this Release to be performed by any other party hereto may be deemed a waiver of similar or dissimilar provisions or conditions at the same time or at any prior or subsequent time. 

13. Counterparts. This Release may be executed in counterparts, each of which will be deemed to be an original as against any
party that has signed it, but both of which together will constitute one and the same instrument. 
 14. Miscellaneous
Provisions. 
 (a) The parties represent that they have read this Release and fully understand all of its terms; that they
have conferred with their attorneys, or have knowingly and voluntarily chosen not to confer with their attorneys about this Release; that they have executed this Release without coercion or duress of any kind; and that they understand any rights
that they have or may have, and they are signing this Release with full knowledge of any such rights. 
 (b) Both parties have
participated in the drafting of this Release with the assistance of counsel to the extent they desired. The language in all parts of this Release must be in all cases construed simply according to its fair meaning and not strictly for or against any
party. Whenever the context requires, all words used in the singular must be construed to have been used in the plural, and vice versa, and each gender must include any other gender. The captions of the Sections of this Release are for convenience
only and must not affect the construction or interpretation of any of the provision herein. 
 (c) Each provision of this
Release to be performed by a party hereto is both a covenant and condition, and is a material consideration for the other party’s performance hereunder, and any breach thereof by the party will be a material default hereunder. All rights,
remedies, undertakings, obligations, options, covenants, conditions and agreements contained in this Release are cumulative and no one of them is exclusive of any other. Time is of the essence in the performance of this Release. 

(d) Each party acknowledges that no representation, statement or promise made by any other party, or by the agent or attorney of any
other party, except for those in this Release, has been relied on by him or it in entering into this Release. 
 (e) Unless
expressly set forth otherwise, all references herein to a “day” are deemed to be a reference to a calendar day. Unless expressly stated otherwise, cross-references herein refer to provisions within this Release and are not references to
any other document. 

 (f) Each party to this Release will cooperate fully in the execution of any and all other
documents and in the completion of any additional actions that may be necessary or appropriate to give full force and effect to the terms and intent of this Release. 
 (g) Executive represents that he has returned all Company property and materials in accordance with paragraph 6(e) of the Employment Agreement. 
 EACH OF THE PARTIES ACKNOWLEDGES THAT HE/IT HAS READ THIS AGREEMENT, UNDERSTANDS IT AND IS VOLUNTARILY ENTERING INTO IT, AND THAT IT INCLUDES A WAIVER OF THE RIGHT TO A TRIAL BY JURY, AND, WITH RESPECT TO
EXECUTIVE, HE UNDERSTANDS THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS OTHER THAN AS PROVIDED FOR HEREIN. 
 IN
WITNESS WHEREOF, the parties have executed this Release as of the dates indicated below. 
  

	
	“Executive”
	
	  
	James Mullen

 Date: 

“Company” 
 Patheon Pharmaceutical
Services, Inc. 
  

	
	
	  
	By:
	Title:

 Date:

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