Document:

Form of 2006 Equity Incentive Plan

 Exhibit 10.5 
 EXAR CORPORATION 
 2006 EQUITY INCENTIVE PLAN 

TERMS AND CONDITIONS OF INCENTIVE STOCK OPTION 
  

	1.	General. 

 These
Terms and Conditions of Incentive Stock Option (these “Terms”) apply to a particular stock option (the “Option”) if incorporated by reference in the Notice of Grant of Stock Option (the “Grant
Notice”) corresponding to that particular grant. The recipient of the Option identified in the Grant Notice is referred to as the “Grantee.” The per share exercise price of the Option as set forth in the Grant Notice is
referred to as the “Exercise Price.” The effective date of grant of the Option as set forth in the Grant Notice is referred to as the “Award Date.” The exercise price and the number of shares covered by the Option
are subject to adjustment under Section 7.1 of the Plan. 
 The Option was granted under and subject to the Exar
Corporation 2006 Equity Incentive Plan (the “Plan”). Capitalized terms are defined in the Plan if not defined herein. The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation
otherwise payable or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred to as the “Option Agreement” applicable to the Option. 

 

	2.	Vesting; Limits on Exercise. 

 The Option shall vest and become exercisable in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option may be exercised only to the
extent the Option is vested and exercisable. 
  

	 	•	 	 Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Grantee has the right to exercise the Option (to the
extent not previously exercised), and such right shall continue, until the expiration or earlier termination of the Option. 

  

	 	•	 	 No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 

 

	 	•	 	 ISO Value Limit. If the aggregate fair market value of the shares with respect to which ISOs (whether granted under the Option or otherwise)
first become exercisable by the Grantee in any calendar year exceeds $100,000, as measured on the applicable Award Dates, the limitations of Section 5.1.2 of the Plan shall apply and to such extent the Option will be rendered a nonqualified
stock option. 

  

	3.	Continuance of Employment/Service Required; No Employment/Service Commitment. 

The vesting schedule applicable to the Option requires continued employment or service through each applicable vesting date as a condition
to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Employment or service for 

 
only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting or avoid or mitigate a termination of rights and benefits upon or
following a termination of employment or services as provided in Section 5 below or under the Plan. 
 Nothing contained in
this Option Agreement or the Plan constitutes a continued employment or service commitment by the Corporation or any of its Subsidiaries, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to
termination without cause, confers upon the Grantee any right to remain employed by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such
employment or service, or affects the right of the Corporation or any Subsidiary to increase or decrease the Grantee’s other compensation. 
  

	4.	Method of Exercise of Option. 

 The Option shall be exercisable by the delivery to the Secretary of the Corporation (or such other person as the Administrator may require pursuant to such administrative exercise procedures as the
Administrator may implement from time to time) of: 
  

	 	•	 	 a written notice stating the number of shares of Common Stock to be purchased pursuant to the Option or by the completion of such other administrative
exercise procedures as the Administrator may require from time to time, 

  

	 	•	 	 payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Corporation, or (subject to
compliance with all applicable laws, rules, regulations and listing requirements and further subject to such rules as the Administrator may adopt as to any non-cash payment) in shares of Common Stock already owned by the Grantee, valued at their
Fair Market Value on the exercise date; 

  

	 	•	 	 any written statements or agreements required pursuant to Section 8.1 of the Plan; and 

 

	 	•	 	 satisfaction of the tax withholding provisions of Section 8.5 of the Plan. 

The Administrator also may, but is not required to, authorize a non-cash payment alternative by notice and third party payment in such manner as may be
authorized by the Administrator, or, subject to such procedures as the Administrator may adopt, authorize a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise facilitates) the
exercise of the Option. 
 The Option will qualify as an ISO only if it meets all of the applicable requirements of the Code.
The Option may be rendered a nonqualified stock option if the Administrator permits the use of one or more of the non-cash payment alternatives referenced above. 

	5.	Early Termination of Option. 

 5.1 Expiration Date. Subject to earlier termination as provided below in this Section 5, the Option will terminate on the “Expiration Date” set forth in the Grant Notice (the
“Expiration Date”). 
 5.2 Possible Termination of Option upon Certain Corporate Events. The
Option is subject to termination in connection with certain corporate events as provided in Section 7.2 of the Plan. 

5.3 Termination of Option upon a Termination of Grantee’s Employment or Services. Subject to earlier termination on
the Expiration Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary, the following rules shall apply (the last day that the Grantee is
employed by or provides services to the Corporation or a Subsidiary is referred to as the Grantee’s “Severance Date”): 
  

	 	•	 	 other than as expressly provided below in this Section 5.3, (a) the Grantee will have until the date that is 3 months after his or her
Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option,
to the extent exercisable for the 3-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 3-month period; 

 

	 	•	 	 if the termination of the Grantee’s employment or services is the result of the Grantee’s death or Total Disability (as defined below),
(a) the Grantee (or his beneficiary or personal representative, as the case may be) will have until the date that is 12 months after the Grantee’s Severance Date to exercise the Option, (b) the Option, to the extent not vested on the
Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for the 12-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last
day of the 12-month period; 

  

	 	•	 	 if the Grantee’s employment or services are terminated by the Corporation or a Subsidiary for Cause (as defined below), the Option (whether vested
or not) shall terminate on the Severance Date. 

 For purposes of the Option, “Total
Disability” means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator). 

For purposes of the Option, “Cause” means that the Grantee: 

 

	 	(1)	has been negligent in the discharge of his or her duties to the Corporation or any of its Subsidiaries, has refused to perform stated or assigned duties or is
incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

	 	(2)	has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside
information, customer lists, trade secrets or other confidential information; has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Corporation, any of its Subsidiaries or any
affiliate of the Corporation or any of its Subsidiaries; or has been convicted of a felony or misdemeanor (other than minor traffic violations or similar offenses); 

 

	 	(3)	has materially breached any of the provisions of any agreement with the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of its
Subsidiaries; or 

  

	 	(4)	has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Corporation, any of its
Subsidiaries or any affiliate of the Corporation or any of its Subsidiaries; has improperly induced a vendor or customer to break or terminate any contract with the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of
its Subsidiaries; or has induced a principal for whom the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of its Subsidiaries acts as agent to terminate such agency relationship. 

In all events the Option is subject to earlier termination on the Expiration Date of the Option or as contemplated by Section 5.2.
The Administrator shall be the sole judge of whether the Grantee continues to render employment or services for purposes of this Option Agreement. 
 Notwithstanding any post-termination exercise period provided for herein or in the Plan, the Option will qualify as an ISO only if it is exercised within the applicable exercise periods for ISOs under,
and meets all of the other requirements of, the Code. If the Option is not exercised within the applicable exercise periods for ISOs or does not meet such other requirements, the Option will be rendered a nonqualified stock option. 

 

	6.	Non-Transferability. 

 The Option and any other rights of the Grantee under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section 5.7 of the Plan.

  

	7.	Notices. 

 Any
notice to be given under the terms of this Option Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Grantee at the address last reflected on the Corporation’s
payroll records, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly sealed envelope addressed as aforesaid, registered or
certified, and deposited (postage and registry or certification fee prepaid) in a post office or 

 
branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Grantee is no longer employed by the Corporation or a
Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 7. 
  

	8.	Plan. 

 The Option
and all rights of the Grantee under this Option Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference. The Grantee agrees to be bound by the terms of the Plan and this Option Agreement. The Grantee
acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Option Agreement. Unless otherwise expressly provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority
on the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by
appropriate action of the Board or the Administrator under the Plan after the date hereof. 
  

	9.	Entire Agreement. 

This Option Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written
or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Option Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Corporation. The Corporation
may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof. 
  

	10.	Governing Law. 

This Option Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard
to conflict of law principles thereunder. 
  

	11.	Effect of this Agreement. 

 Subject to the Corporation’s right to terminate the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of any
successor or successors to the Corporation. 
  

	12.	Counterparts. 

This Option Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. 

	13.	Section Headings. 

The section headings of this Option Agreement are for convenience of reference only and shall not be deemed to alter or affect any
provision hereof. 
  

	14.	Clawback Policy. 

The Option is subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to
time, as well as any similar provisions of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of any shares of Common Stock or other cash or property received with respect to the
Option (including any value received from a disposition of the shares acquired upon exercise of the Option). 
  

	15.	No Advice Regarding Grant. 

 The Grantee is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect to the Option
(including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Option and any shares that may be acquired upon exercise of the Option). Neither the Corporation nor any of its officers,
directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Option Agreement) or recommendation with respect to the Option. Except for the withholding rights contemplated by
Section 8 above, the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option and any shares that may be acquired upon exercise of the Option. 

 EXAR CORPORATION 

2006 EQUITY INCENTIVE PLAN 
 TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTION 
  

	1.	General. 

 These
Terms and Conditions of Nonqualified Stock Option (these “Terms”) apply to a particular stock option (the “Option”) if incorporated by reference in the Notice of Grant of Stock Option (the “Grant
Notice”) corresponding to that particular grant. The recipient of the Option identified in the Grant Notice is referred to as the “Grantee.” The per share exercise price of the Option as set forth in the Grant Notice is
referred to as the “Exercise Price.” The effective date of grant of the Option as set forth in the Grant Notice is referred to as the “Award Date.” The exercise price and the number of shares covered by the Option
are subject to adjustment under Section 7.1 of the Plan. 
 The Option was granted under and subject to the Exar
Corporation 2006 Equity Incentive Plan (the “Plan”). Capitalized terms are defined in the Plan if not defined herein. The Option has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation
otherwise payable or to be paid to the Grantee. The Grant Notice and these Terms are collectively referred to as the “Option Agreement” applicable to the Option. 

 

	2.	Vesting; Limits on Exercise; Incentive Stock Option Status. 

 The Option shall vest and become exercisable in percentage installments of the aggregate number of shares subject to the Option as set forth on the Grant Notice. The Option may be exercised only to the
extent the Option is vested and exercisable. 
  

	 	•	 	 Cumulative Exercisability. To the extent that the Option is vested and exercisable, the Grantee has the right to exercise the Option (to the
extent not previously exercised), and such right shall continue, until the expiration or earlier termination of the Option. 

  

	 	•	 	 No Fractional Shares. Fractional share interests shall be disregarded, but may be cumulated. 

 

	 	•	 	 Nonqualified Stock Option. The Option is a nonqualified stock option and is not, and shall not be, an incentive stock option within the meaning
of Section 422 of the Code. 

  

	3.	Continuance of Employment/Service Required; No Employment/Service Commitment. 

The vesting schedule applicable to the Option requires continued employment or service through each applicable vesting date as a condition
to the vesting of the applicable installment of the Option and the rights and benefits under this Option Agreement. Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any
proportionate vesting or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 5 below or under the Plan. 

 Nothing contained in this Option Agreement or the Plan constitutes a continued employment or
service commitment by the Corporation or any of its Subsidiaries, affects the Grantee’s status, if he or she is an employee, as an employee at will who is subject to termination without cause, confers upon the Grantee any right to remain
employed by or in service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment or service, or affects the right of the Corporation or any Subsidiary
to increase or decrease the Grantee’s other compensation. 
  

	4.	Method of Exercise of Option. 

 The Option shall be exercisable by the delivery to the Secretary of the Corporation (or such other person as the Administrator may require pursuant to such administrative exercise procedures as the
Administrator may implement from time to time) of: 
  

	 	•	 	 a written notice stating the number of shares of Common Stock to be purchased pursuant to the Option or by the completion of such other administrative
exercise procedures as the Administrator may require from time to time, 

  

	 	•	 	 payment in full for the Exercise Price of the shares to be purchased in cash, check or by electronic funds transfer to the Corporation, or (subject to
compliance with all applicable laws, rules, regulations and listing requirements and further subject to such rules as the Administrator may adopt as to any non-cash payment) in shares of Common Stock already owned by the Grantee, valued at their
Fair Market Value on the exercise date; 

  

	 	•	 	 any written statements or agreements required pursuant to Section 8.1 of the Plan; and 

 

	 	•	 	 satisfaction of the tax withholding provisions of Section 8.5 of the Plan. 

The Administrator also may, but is not required to, authorize a non-cash payment alternative by notice and third party payment in such manner as may be
authorized by the Administrator, or, subject to such procedures as the Administrator may adopt, authorize a “cashless exercise” with a third party who provides simultaneous financing for the purposes of (or who otherwise facilitates) the
exercise of the Option. 
  

	5.	Early Termination of Option. 

 5.1 Expiration Date. Subject to earlier termination as provided below in this Section 5, the Option will terminate on the “Expiration Date” set forth in the Grant Notice (the
“Expiration Date”). 
 5.2 Possible Termination of Option upon Certain Corporate Events. The Option is
subject to termination in connection with certain corporate events as provided in Section 7.2 of the Plan. 

 5.3 Termination of Option upon a Termination of Grantee’s Employment or
Services. Subject to earlier termination on the Expiration Date of the Option or pursuant to Section 5.2 above, if the Grantee ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary, the following rules
shall apply (the last day that the Grantee is employed by or provides services to the Corporation or a Subsidiary is referred to as the Grantee’s “Severance Date”): 

 

	 	•	 	 other than as expressly provided below in this Section 5.3, (a) the Grantee will have until the date that is 3 months after his or her
Severance Date to exercise the Option (or portion thereof) to the extent that it was vested on the Severance Date, (b) the Option, to the extent not vested on the Severance Date, shall terminate on the Severance Date, and (c) the Option,
to the extent exercisable for the 3-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last day of the 3-month period; 

 

	 	•	 	 if the termination of the Grantee’s employment or services is the result of the Grantee’s death or Total Disability (as defined below),
(a) the Grantee (or his beneficiary or personal representative, as the case may be) will have until the date that is 12 months after the Grantee’s Severance Date to exercise the Option, (b) the Option, to the extent not vested on the
Severance Date, shall terminate on the Severance Date, and (c) the Option, to the extent exercisable for the 12-month period following the Severance Date and not exercised during such period, shall terminate at the close of business on the last
day of the 12-month period; 

  

	 	•	 	 if the Grantee’s employment or services are terminated by the Corporation or a Subsidiary for Cause (as defined below), the Option (whether vested
or not) shall terminate on the Severance Date. 

 For purposes of the Option, “Total
Disability” means a “permanent and total disability” (within the meaning of Section 22(e)(3) of the Code or as otherwise determined by the Administrator). 

For purposes of the Option, “Cause” means that the Grantee: 

 

	 	(1)	has been negligent in the discharge of his or her duties to the Corporation or any of its Subsidiaries, has refused to perform stated or assigned duties or is
incompetent in or (other than by reason of a disability or analogous condition) incapable of performing those duties; 

  

	 	(2)	has been dishonest or committed or engaged in an act of theft, embezzlement or fraud, a breach of confidentiality, an unauthorized disclosure or use of inside
information, customer lists, trade secrets or other confidential information; has breached a fiduciary duty, or willfully and materially violated any other duty, law, rule, regulation or policy of the Corporation, any of its Subsidiaries or any
affiliate of the Corporation or any of its Subsidiaries; or has been convicted of a felony or misdemeanor (other than minor traffic violations or similar offenses); 

	 	(3)	has materially breached any of the provisions of any agreement with the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of its
Subsidiaries; or 

  

	 	(4)	has engaged in unfair competition with, or otherwise acted intentionally in a manner injurious to the reputation, business or assets of, the Corporation, any of its
Subsidiaries or any affiliate of the Corporation or any of its Subsidiaries; has improperly induced a vendor or customer to break or terminate any contract with the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of
its Subsidiaries; or has induced a principal for whom the Corporation, any of its Subsidiaries or any affiliate of the Corporation or any of its Subsidiaries acts as agent to terminate such agency relationship. 

In all events the Option is subject to earlier termination on the Expiration Date of the Option or as contemplated by Section 5.2.
The Administrator shall be the sole judge of whether the Grantee continues to render employment or services for purposes of this Option Agreement. 
  

	6.	Non-Transferability. 

 The Option and any other rights of the Grantee under this Option Agreement or the Plan are nontransferable and exercisable only by the Grantee, except as set forth in Section 5.7 of the Plan.

  

	7.	Notices. 

 Any
notice to be given under the terms of this Option Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Grantee at the address last reflected on the Corporation’s
payroll records, or at such other address as either party may hereafter designate in writing to the other. Any such notice shall be delivered in person or shall be enclosed in a properly sealed envelope addressed as aforesaid, registered or
certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government. Any such notice shall be given only when received, but if the Grantee is no
longer employed by the Corporation or a Subsidiary, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 7. 

 

	8.	Plan. 

 The Option
and all rights of the Grantee under this Option Agreement are subject to the terms and conditions of the Plan, incorporated herein by this reference. The Grantee agrees to be bound by the terms of the Plan and this Option Agreement. The Grantee
acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Option Agreement. Unless otherwise expressly provided in other sections of this Option Agreement, provisions of the Plan that confer discretionary authority
on the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by
appropriate action of the Board or the Administrator under the Plan after the date hereof. 

	9.	Entire Agreement. 

This Option Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written
or oral, of the parties hereto with respect to the subject matter hereof. The Plan and this Option Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Corporation. The Corporation
may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same
provision or a waiver of any other provision hereof. 
  

	10.	Governing Law. 

This Option Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without regard
to conflict of law principles thereunder. 
  

	11.	Effect of this Agreement. 

 Subject to the Corporation’s right to terminate the Option pursuant to Section 7.2 of the Plan, this Option Agreement shall be assumed by, be binding upon and inure to the benefit of any
successor or successors to the Corporation. 
  

	12.	Counterparts. 

This Option Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument. 
  

	13.	Section Headings. 

The section headings of this Option Agreement are for convenience of reference only and shall not be deemed to alter or affect any
provision hereof. 
  

	14.	Clawback Policy. 

The Option is subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to
time, as well as any similar provisions of applicable law, any of which could in certain circumstances require forfeiture of the Option and repayment or forfeiture of any shares of Common Stock or other cash or property received with respect to the
Option (including any value received from a disposition of the shares acquired upon exercise of the Option). 
  

	15.	No Advice Regarding Grant. 

 The Grantee is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect to the Option
(including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Option and any shares that may be acquired 

 
upon exercise of the Option). Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth
in this Option Agreement) or recommendation with respect to the Option. Except for the withholding rights contemplated by Section 8 above, the Grantee is solely responsible for any and all tax liability that may arise with respect to the Option
and any shares that may be acquired upon exercise of the Option.Letter Agreement

 Exhibit 10.1 
 December 12, 2011 
 Mr. John R. Chiminski 

c/o Catalent Pharma Solutions, Inc. 
 14
Schoolhouse Road 
 Somerset, NJ 08873 

Dear John: 
 As you are aware, in connection
with your employment with PTS Holdings Corp. (together with its successors and assigns, “PTS”) and Catalent Pharma Solutions, Inc. (together with its successors and assigns, “Catalent”) you entered into an
employment agreement, dated as of February 23, 2009, as amended on October 30, 2009 and June 30, 2010, and as it may be further amended from time to time (the “Employment Agreement”), which sets forth the terms and
conditions of such employment. Section 12(d) of the Employment Agreement provides that the Employment Agreement may not be altered, modified or amended except by written instrument signed by you, PTS and Catalent. 

Notwithstanding anything to the contrary in Section 1 of the Employment Agreement, subject to the provisions of Section 7
of the Employment Agreement, you will be employed by PTS and Catalent (collectively, the “Companies”) for a period commencing on the date hereof and ending on December 11, 2014 (the “Employment Term”) on the
terms and subject to the conditions set forth in the Employment Agreement; provided, however, that commencing with December 12, 2014 and on each December 12th thereafter (each, an “Extension Date”), the Employment Term shall be automatically extended for an
additional one-year period, unless PTS, Catalent or you (each, a “Party”) provides the other Party hereto (which in the case of you shall be either to PTS or Catalent) sixty (60) days’ prior written notice before the next
Extension Date that the Employment Term shall not be so extended. 
 Notwithstanding anything to the contrary in Section 3 of the
Employment Agreement, during the Employment Term, Catalent shall pay you an annual base salary at the annual rate of $850,000, payable in regular installments in accordance with Catalent’s usual payment practices (but in all events no less
frequently than semi-monthly). You shall be entitled to such increases, if any, in your base salary as may be determined from time to time in the sole discretion of the Board of Directors of PTS (the “PTS Board”). Your annual base
salary may not be decreased during the Employment Term (including for purposes of determining severance amounts under Section 7 of the Employment Agreement) without your prior consent (other than a general reduction in annual base salary that
affects all members of senior management proportionately; provided, however, that any such reduction shall not be taken into account for purposes of determining severance amounts under the Employment Agreement and any severance provided thereunder
following such reduction shall be calculated based on your annual base salary being no less than $850,000). Your annual base salary, as in effect from time to time, consistent herewith, will be referred to for purposes of this letter agreement and
the Employment Agreement as the “Base Salary.” 

 Notwithstanding anything to the contrary in Section 4(b) of the Employment Agreement, with respect to
the 2012 fiscal year and each full fiscal year during the Employment Term, commencing with the 2013 fiscal year, subject to your continued employment with Catalent and PTS through the end of each such fiscal year (except as otherwise provided in
Section 7 of the Employment Agreement or as otherwise provided for under the terms of Catalent’s Management Incentive Plan, as it may be amended from time to time (the “MIP”)), you shall be entitled to receive an annual
cash bonus award (the “Annual Bonus”) under the MIP with a target amount equal to $1,000,000 (the “Target Bonus”) and a maximum of two hundred percent (200%) of the Target Bonus, based upon and subject to the
achievement of annual performance targets established by the Board under the MIP, in consultation with you, within the first three (3) months of each fiscal year during the Employment Term; provided, however, that in no event shall such targets
or the method of determining payouts based on the degree to which such targets are attained, be less favorable to you than those applying to other senior executives of Catalent. As the actual amount payable to you as an Annual Bonus will be
dependent upon the achievement of performance goals established under the MIP and referred to herein, your actual Annual Bonus may be less than, greater than or equal to the Target Bonus; provided, that the maximum Annual Bonus that you may be
eligible to receive for a fiscal year shall not exceed two hundred percent (200%) of the Target Bonus. Subject to the terms set forth in that certain letter agreement among you, Catalent and PTS, entered into June 30, 2010, the Annual
Bonus, if any, shall be paid to you in cash in accordance with the terms and conditions of the MIP. Notwithstanding anything in this letter agreement, the Employment Agreement or the MIP to the contrary, your Annual Bonus, if any, under the
MIP, earned in respect of the 2012 fiscal year, will be determined as follows: (i) the portion of your Annual Bonus, if any, that relates to your employment with Catalent and PTS from July 1, 2011 through the day immediately prior to the
date hereof will be calculated by reference to the base salary earned by your during such period, which, for the avoidance of doubt was $750,000, and (ii) the portion of your Annual Bonus, if any, that relates to your employment with Catalent
and PTS from the date hereof through the last day of the 2012 fiscal year will be calculated by reference to the Target Bonus. 

Notwithstanding anything to the contrary in Section 5 of the Employment Agreement and in addition to the benefits provided for therein, with respect
to each calendar year during the Employment Term, you will be entitled to be reimbursed by Catalent (on a tax grossed-up basis) for the reasonable cost of (i) premiums for an executive life insurance policy and (ii) financial
services/planning, subject to (x) receiving customary back-up documentation regarding such insurance or financial services/planning, as applicable, and (y) an aggregate cap of $15,000 for each of the premiums and the services/planning.
Reimbursement shall be made within thirty (30) days after receipt of documentation reasonably acceptable to Catalent, but in no event later than the last day of the taxable year following the taxable year in which the expenses were incurred.

 This letter agreement, upon execution by the Parties, hereby serves as an amendment to the Employment Agreement and shall be deemed to be a
part thereof. 
 Except as expressly set forth above, the Employment Agreement shall remain in full force and effect. 

This letter agreement shall be construed, interpreted and governed in accordance with the laws of the State of Delaware without regards to conflicts of
laws principles thereof and any dispute hereunder shall be resolved in accordance with Section 12(c) of the Employment Agreement. 

  
 2 

 This letter agreement may be executed by fax or pdf and in any number of counterparts, all of which, when
taken together, shall constitute one and the same instrument. 
 [The remainder of this page intentionally left blank.]

  
 3 

 If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line provided
below to signify such acceptance and agreement and return the executed copy to the undersigned. 
  

			
	PTS HOLDINGS CORP.
		
	By:	 	/s/ Michael Dal Bello
	Name:	 	Michael Dal Bello
	Title:	 	
	
	CATALENT PHARMA SOLUTIONS, INC.
		
	By:	 	/s/ Michael Dal Bello
	Name:	 	Michael Dal Bello
	Title:	 	

 Accepted and Agreed 
  

	
	/s/ John R. Chiminski
	John R. Chiminski

  
 4

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