Document:

EX-10.2

 Exhibit 10.2 

VOTING AND SUPPORT AGREEMENT 

THIS AGREEMENT made the 18th day of November, 2013. 

BETWEEN: 
 THE SHAREHOLDERS LISTED ON
SCHEDULE A HERETO 
 (hereinafter called the “Shareholders” and each a “Shareholder”), 

- and - 
 PATHEON INC. 

a corporation incorporated under the laws of Canada (the “Company”) 

- and - 
 JLL/DELTA PATHEON
HOLDINGS, L.P., 
 an exempt limited partnership organized under the laws of the Cayman Islands 

(hereinafter called the “Purchaser”), (collectively, the “Parties”) 

WHEREAS the Shareholders are the joint, legal and beneficial owners of restricted voting shares of the Company, as more particularly
described herein; 
 AND WHEREAS on the date hereof, the Purchaser is concurrently entering into an arrangement agreement (the
“Arrangement Agreement”) with the Company which provides for, among other things, a business combination involving the Purchaser and the Company by way of a plan of arrangement under Section 192 of the Canada Business
Corporations Act, pursuant to which the Purchaser will directly or indirectly acquire all of the restricted voting shares (the “Shares”) of the Company, other than Shares held by affiliates of the Purchaser, at a purchase price
of US$9.32 in cash per Share (the “Arrangement”); 
 AND WHEREAS this Agreement sets out the terms and conditions of
the agreement of the Shareholders to (i) vote, or cause to be voted, all Shares, now or hereafter, beneficially owned (including any shares issued upon the exercise of any stock options or other convertible securities), or over which control or
direction is exercised, by the Shareholders (the “Owned Shares”) in favour of the Arrangement and any matter that is necessary or desirable for the consummation of the Arrangement and (ii) abide by the restrictions and
covenants set forth herein; 
 AND WHEREAS the Purchaser and the Company are relying on the covenants, representations and warranties
of the Shareholders set forth in this Agreement in connection with the Purchaser’s and the Company’s respective execution and delivery of the Arrangement Agreement; 

 NOW THEREFORE this Agreement witnesses that, in consideration of the premises and the
covenants and agreement herein contained, the Parties hereto agree as follows: 
 ARTICLE 1 

DEFINITIONS 
 1.1 All capitalized terms
used but not otherwise defined herein shall have the respective meaning ascribed to them in the Arrangement Agreement. 
 ARTICLE 2

 CERTAIN COVENANTS OF THE SHAREHOLDERS 

2.1 Non-Solicitation. Each Shareholder hereby covenants and irrevocably agrees that it shall, from the date hereof until the earlier of
(i) the termination of this Agreement pursuant to Article 4 and (ii) the Effective Time: 
  

	 	(a)	not, directly or indirectly, through any officer, director, employee, representative (including any financial or other advisor) or agent or otherwise, and shall not permit any such person to: 

 

	 	(i)	solicit, assist, initiate, knowingly encourage or otherwise facilitate (including by way of furnishing or providing copies of, access to, or disclosure of, any confidential information, properties, facilities, books or
records of the Company or any of its Subsidiaries or entering into any form of agreement, arrangement or understanding) any inquiry, proposal or offer that constitutes an Acquisition Proposal; 

 

	 	(ii)	enter into or otherwise engage or participate in any discussions or negotiations with any Person (other than any Purchaser Party or Purchaser Party Representative) regarding any inquiry, proposal or offer that
constitutes or could reasonably be expected to constitute an Acquisition Proposal; 

  

	 	(iii)	accept, approve, endorse or recommend, or publicly propose to accept, approve, endorse or recommend any Acquisition Proposal, or take no position or remain neutral with respect to, any public Acquisition Proposal; or

  

	 	(iv)	accept, approve, endorse, recommend or execute or enter into or publicly propose to accept, approve, endorse, recommend or execute or enter into any agreement, letter of intent, understanding or arrangement relating to
an Acquisition Proposal. 

  

	 	(b)	immediately cease and terminate, and cause to be terminated, any solicitation, encouragement, discussion, negotiation, or other activities commenced prior to the date of this Agreement with any Person (other than any
Purchaser Party or Purchaser Party Representative) with respect to any Acquisition Proposal; and 

  

	 	(c)	immediately notify the Purchaser and the Company, at first orally, and then promptly and in any event within 24 hours in writing, of any Acquisition Proposal, and shall provide the Purchaser and the Company with copies
of all written documents, correspondence or other material received by the Shareholder, its affiliates or its, his, or her Representatives in respect of, from or on behalf of any such Person in connection therewith and if not in writing or
electronic form, a description of the material terms of such correspondence sent or communicated to the Shareholder, its affiliates or its, his, or her Representatives. 

2.2 Agreement to Vote in Favor. At any meeting of shareholders of the Company (including the Company Meeting) called to vote upon the Arrangement or any
of the other transactions contemplated by the Arrangement Agreement or at any adjournment or postponement thereof or in any other circumstances upon which a vote, consent or other approval (including by written consent in lieu of a meeting) with
respect to the Arrangement or any of the other transactions contemplated by the Arrangement Agreement is sought, the Shareholders shall cause the Owned Shares to be counted as present for purposes of establishing quorum and shall vote (or cause to
be voted) the Owned Shares (i) in favour of the approval of the Arrangement and each of the other transactions contemplated by the Arrangement Agreement, and (ii) in favour of any other matter necessary or desirable for the consummation of
the Arrangement or any of the other transactions contemplated by the Arrangement Agreement. Each Shareholder will not commit any act that could restrict or affect the Shareholder’s legal power, authority, and right to vote all of the Owned
Shares or otherwise prevent or disable the Shareholder from performing any of his or her obligations under this Agreement. Without limiting the generality of the foregoing, except for this Agreement, each Shareholder shall not enter into any voting
agreement with any person or entity with respect to any of the Owned Shares, grant any person or entity any proxy (revocable or irrevocable) or power of attorney with respect to any of the Owned Shares, deposit any Owned Shares in a voting trust, or
otherwise enter into any agreement or arrangement with any person or entity limiting or affecting the Shareholder’s legal power, authority, or right to vote the Owned Shares in favour of the approval of the Arrangement and each of the other
transactions contemplated by the Arrangement Agreement. If either Shareholder is the beneficial owner, but not the registered holder, of any of the Owned Shares, such Shareholder agrees to take all actions necessary to cause the registered holder
and any nominees to vote all of the Owned Shares in accordance with this Section 2.2. 
 2.3 Agreement to Vote Against. At any meeting of
shareholders of the Company (including the Company Meeting) or at any adjournment or postponement thereof or in any other circumstances upon which a vote, consent or other approval of all or some of the shareholders of the Company is sought
(including by written consent in lieu of a meeting), the Shareholders shall cause the Owned Shares to be counted as present for purposes of establishing quorum and shall vote (or cause to be voted) the Owned Shares against (i) any merger
agreement or merger, consolidation, combination, sale or transfer of a material amount of assets, amalgamation, plan of arrangement, reorganization, recapitalization, dissolution, liquidation or winding up of or by the Company or any other
Acquisition Proposal (other than the Arrangement or any of the other 

  
 2 

 
transactions contemplated by the Arrangement Agreement), (ii) any amendment of the Company’s charter document or bylaws or other proposal or transaction involving the Company or any of
its Subsidiaries, which amendment or other proposal or transaction would in any manner delay, impede, frustrate, prevent or nullify the Arrangement or any of the other transactions contemplated by the Arrangement Agreement or change in any manner
the voting rights of the holders of Shares, and (iii) any action, agreement, transaction or proposal that would result in a breach of any representation, warranty, covenant, agreement or other obligation of the Company in the Arrangement
Agreement or of the Shareholders under this Agreement or otherwise impede, interfere with, delay, postpone, discourage, or adversely affect the consummation of the Arrangement or any of the other transactions contemplated by the Arrangement
Agreement. If either Shareholder is the beneficial owner, but not the registered holder, of any of the Owned Shares, the Shareholder agrees to take all actions necessary to cause the registered holder and any nominees to vote all of the Owned Shares
in accordance with this Section 2.3. 
 2.4 Restrictions on Transfer. Each Shareholder agrees to not directly or indirectly, (i) Transfer
(as defined below), or enter into any agreement, option or other arrangement (including any profit-sharing arrangement) with respect to the Transfer of any of the Owned Shares to any Person other than pursuant to the Arrangement Agreement, which,
for greater certainty, shall include any Transfer made to an affiliate of the Shareholder as part of any pre-closing tax or other structuring relating to the Arrangement that has been discussed with the Company and the Purchaser prior to the date
hereof or (ii) grant any proxies, deposit any of the Owned Shares into any voting trust or enter into any voting arrangement, whether by proxy, voting agreement or otherwise, with respect to the Owned Shares, other than pursuant to this
Agreement. For the purposes of this Agreement, “Transfer” means, with respect to any security, (a) any direct or indirect assignment, sale, transfer, tender, exchange, pledge, hypothecation, or the grant, creation, or suffrage of a
Lien in or upon, or the gift, grant, or placement in trust or other disposition of such security (including transfers by testamentary or intestate succession, by domestic relations order or other court order, or otherwise by operation of law) or any
right, title, or interest therein (including any right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise) (b) any short sale with respect to such security, entering into
or acquiring a derivative contract with respect to such security, entering into or acquiring a futures or forward contract to deliver such security, or entering into any other hedging or other derivative transaction that has the effect of either
directly or indirectly materially changing the economic benefits or risks of ownership of such security, and (c) each agreement, arrangement, or understanding, whether or not in writing, to effect any of the foregoing. 

  
 3 

 2.5 Revocation of Prior Proxies 

Each Shareholder hereby revokes any proxies heretofore given by it in respect of the Owned Shares. 

2.6 Other Covenants. Each Shareholder agrees: 
  

	 	(a)	not take any other action of any kind, directly or indirectly, which could reasonably be regarded as likely to reduce the success of, or delay or interfere with the completion of, the Arrangement and the other
transactions contemplated by the Arrangement Agreement and this Agreement. 

  

	 	(b)	not do indirectly that which it may not do directly by the terms of Article 2. 

  

	 	(c)	not to, directly or indirectly, exercise or cause to be exercised any rights of appraisal or dissent or otherwise oppose in any manner the treatment of any Owned Shares pursuant to the Arrangement. 

 

	 	(d)	not to requisition or join in the requisition of any meeting of holders of Shares. 

  

	 	(e)	to provide the Company or the Purchaser, upon request, with evidence that the Shareholder has complied with its, her or his obligations to vote in favour of the approval, consent, ratification and adoption of the
Arrangement and the Arrangement Resolution (as applicable) and not to revoke any voting instructions or proxy executed and delivered in respect thereto. 

  

	 	(f)	to the following disclosure matters: 

  

	 	(i)	details of this Agreement being set out in the Company Circular and/or any press release of the Company or the Purchaser relating to the Company Meeting or the Arrangement; 

 

	 	(ii)	this Agreement being publicly filed on SEDAR and/or EDGAR, and/or available for inspection to the extent required by Law; and 

  

	 	(iii)	details of this Agreement being set out in an early warning report to be filed by the Purchaser. 

 2.7
Alternative Transaction. If the Purchaser concludes after the date of this Agreement that it is necessary or desirable to proceed with a form of transaction other than the Arrangement whereby the Purchaser and/or its affiliates would
effectively acquire all the Shares or all or substantially all of the business, properties and assets of the Company on economic and other terms and conditions (including, without limitation, tax treatment) having consequences to the Shareholders
that are, in its, his or her reasonable objective opinion, equivalent to or better than those contemplated by this Agreement and the Arrangement Agreement (any such transaction is referred to as an “Alternative Transaction”), then
each Shareholder agrees to support the completion of the Alternative Transaction, including, if necessary, by tendering or voting the Owned Shares to a take-over bid or in favour of a special resolution approving the Alternative Transaction. 

  
 4 

 2.8 No Fettering of Discretion. Notwithstanding any other provision of this Agreement, the Company
and the Purchaser hereby agree and acknowledge that the Shareholder is bound hereunder solely in his or her capacity as a securityholder of the Company and that the provisions hereof shall not be deemed or interpreted to bind the Shareholder in his
or her capacity as a director or officer of the Company. 
 2.9 No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in
the Purchaser any direct or indirect economic benefit or ownership or incidence of ownership of, or relating to, any Owned Shares. All rights, ownership and economic benefits of and relating to the Owned Shares shall remain vested in and belong to
the Shareholders, and the Purchaser shall have no authority to manage, direct, superintend, restrict, regulate, govern, or administer any of the policies or operations of the Company or exercise any power or authority to direct the Shareholders in
the voting of any of the Owned Shares, except as otherwise provided herein, or in the performance of the Shareholders’ duties or responsibilities as Shareholders of the Company. 

ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF THE SHAREHOLDERS 

3.1 Representations and Warranties. Each Shareholder represents, warrants and, where applicable, covenants to the Purchaser and the
Company as follows and acknowledges that the Purchaser and the Company are relying upon these representations, warranties and covenants in connection with the entering into of this Agreement and the Arrangement Agreement and the purchase by the
Purchaser of the Owned Shares under the Arrangement: 
  

	 	(a)	if the Shareholder is not an individual: 

  

	 	(i)	the Shareholder has been duly formed and is validly existing under the laws of the jurisdiction of its incorporation and has all necessary power and authority to execute and deliver this Agreement and to perform its
obligations hereunder; and 

  

	 	(ii)	the execution and delivery of this Agreement by the Shareholder and the performance by it of its obligations hereunder have been duly authorized and no other proceedings on its part are necessary to authorize this
Agreement and the performance of its obligations hereunder. 

  

	 	(b)	if the Shareholder is an individual, the Shareholder has the legal capacity to execute and deliver this Agreement and performance of his or her obligations hereunder; 

 

	 	(c)	this Agreement has been duly executed and delivered by the Shareholder and, assuming the due authorization, execution and delivery by the Purchaser and the Company, constitutes a legal, valid and binding obligation,
enforceable by the Purchaser and the Company against the Shareholder in accordance with its terms, subject, however, to limitations imposed by Law in connection with bankruptcy, insolvency or similar proceedings and to the extent that the award of
equitable remedies such as specific performance and injunction is within the discretion of the court from which they are sought; 

  
 5 

	 	(d)	the Shareholder, together with the other Shareholder named on Schedule A to this Agreement, are the sole joint, unconditional legal and beneficial owners of the number of Owned Shares and the stock options or other
securities or rights exerciseable, directly or indirectly, to acquire Shares listed on Schedule A to this Agreement, and the Shareholder has no legal or beneficial interest in, or control or direction over, any other Shares or such options,
securities or rights; 

  

	 	(e)	the Shareholder, together with the other Shareholder named on Schedule A to this Agreement, have the sole joint right to sell and vote all the Owned Shares and all the Owned Shares shall, at the Effective Time, be
beneficially owned solely by such Shareholders jointly with good and marketable title thereto, free and clear of any Liens of any nature or kind whatsoever; 

  

	 	(f)	no person, firm or corporation has any agreement or option, or any right or privilege (whether by law, pre-emptive or contractual) capable of becoming an agreement or option, for the purchase, acquisition or Transfer
from the Shareholder of any of the Owned Shares or any interest therein or right thereto, except the Purchaser pursuant to this Agreement; 

  

	 	(g)	none of the Owned Shares are subject to any power of attorney or attorney in fact, proxy, voting trust, vote pooling or other agreement, or any right or privilege capable of becoming an agreement, with respect to the
right to vote, call meetings of shareholders or give consents or approvals of any kind; 

  

	 	(h)	none of the execution and delivery by the Shareholder of this Agreement or the completion or performance of the transactions contemplated hereby or the compliance by the Shareholder with the Shareholder’s
obligations hereunder will result in a breach of (i) the constating documents of the Shareholder, if the Shareholder is not an individual; (ii) any agreement or instrument to which the Shareholder is a party or by which the Shareholder or
any of the Shareholder’s property or assets is bound; (iii) to the knowledge of the Shareholder, any judgment, decree, order or award of any Governmental Entity; or (iv) to the knowledge of the Shareholder, any Law, relevant in the
context of the Arrangement or this Agreement; 

  

	 	(i)	the Shareholder acknowledges that it has had the opportunity to obtain independent legal advice with respect to the Agreement and the Arrangement; 

 

	 	(j)	the Shareholder has received, and is familiar with, the terms of the Arrangement Agreement; 

  

	 	(k)	 (i) the only securities of the Company owned, directly or indirectly, or over which control or direction is exercised, by the Shareholder are those
listed on Schedule A to this Agreement and (ii) the Shareholder has no agreement or option, or right or privilege (whether by law, 

  
 6 

	 	
pre-emptive or contractual) capable of becoming an agreement or option, for the purchase or acquisition by the Shareholder or transfer to the Shareholder of additional Shares other than upon the
exercise of stock options, if any set forth on Schedule A to this Agreement; and 

  

	 	(l)	there are no Proceedings in progress or pending or, to the knowledge of the Shareholder, threatened against the Shareholder or its affiliates that would adversely affect in any manner the ability of the Shareholder to
enter into this Agreement and to perform its obligations hereunder or the title of the Shareholder to any of the Owned Shares. 

 3.2
Survival of Representations. The representations and warranties of the Shareholders set forth in Article 3 shall survive the completion of the purchase by the Purchaser of the Owned Shares under the Arrangement and, despite such completion,
shall continue in full force and effect for the benefit of the Purchaser and the Company for a period of one year from the date of this Agreement, except for the representation and warranty in Section 3.1(e) above, which shall survive
indefinitely. 
 ARTICLE 4 

TERMINATION 
 4.1 Termination. This
Agreement shall terminate upon the earliest of: 
  

	 	(a)	written agreement of the Parties to terminate the Agreement; 

  

	 	(b)	the Arrangement Agreement has been terminated in accordance with its terms; or 

  

	 	(c)	the Effective Time. 

 ARTICLE 5 

GENERAL 
 5.1 Further Assurances.
The Parties shall, from time to time, promptly execute and deliver all such further documents and instruments and do all such acts and things as the other party may reasonably require to effectively carry out the intent of this Agreement. 

5.2 Amendment. This Agreement may only be amended by mutual written agreement of the Parties hereto. 

5.3 Assignability. This Agreement shall not be assignable by any party without the prior written consent of the other party, other than by the Purchaser
to one of its direct or indirect Subsidiaries. This Agreement shall be binding upon and shall enure to the benefit of and be enforceable by each of the Parties hereto and their respective successors and permitted assigns. 

5.4 Time. Time shall be of the essence of this Agreement. 

  
 7 

 5.5 Notices. Any notice, or other communication given regarding the matters contemplated by this Agreement
must be in writing, sent by personal delivery, courier or facsimile (but not by electronic mail) and addressed: 
  

	 	(a)	to the Purchaser at: 

 JLL/Delta Patheon Holdings, L.P. 

c/o JLL Partners, Inc. 
 450
Lexington Avenue, 31st Floor 
 New York, NY 10017 

	 	Attn:	Daniel Agroskin 

	 	    	Michel Lagarde 

 with a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

One Rodney Square 
 P.O. Box 636

 Wilmington, Delaware, U.S.A. 

19899-0636 
  

	 	Attention:	Robert B. Pincus 

	 	Telephone:	(302) 651-3090 

	 	Facsimile:	(302) 434-3090 

 with a copy to: 

Borden Ladner Gervais LLP 
 Scotia
Plaza 
 40 King Street West, Suite 4400 

Toronto, Canada M5H 3Y4 
  

	 	Attention:	Paul A.D. Mingay/Jason Saltzman 

	 	Telephone:	(416) 367-6006/(416) 367-6196 

	 	Facsimile:	(416) 367-7098/(416) 361-2770 

  

	 	(b)	to the Company at: 

 Patheon Inc. 

4721 Emperor Boulevard 
 Durham,
NC 27703 
  

	 	Attention:	Jason Conner 

	 	Telephone:	(919) 226-3340 

	 	Facsimile:	(919) 474-2269 

  
 8 

 with a copy to: 

Dentons LLP 
 99 Bank Street,
Suite 1420 
 Ottawa, Canada K1P 1H4 
  

	 	Attention:	Andrea C. Johnson 

	 	Telephone:	(613) 783-9655 

	 	Facsimile:	(613) 614-0292 

  

	 	(c)	to the Shareholders at: 

							
		 	 	 		  	
		 	 	 		  	

 Attn:
                                         
                
 Telephone:
                                         
      
 Facsimile:
                                         
        
 Any notice or other communication is deemed to be given and received (i) if sent by
personal delivery or same day courier, on the date of delivery if it is a Business Day and the delivery was made prior to 4:00 p.m. (local time in place of receipt) and otherwise on the next Business Day, (ii) if sent by overnight courier, on
the next Business Day, or (iii) if sent by facsimile, on the Business Day following the date of confirmation of transmission by the originating facsimile. 

5.6 Governing Law. 
 (a) This Agreement
will be governed by and interpreted and enforced in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein. 

(b) Each Party irrevocably attorns and submits to the non-exclusive jurisdiction of the Ontario courts situated in the City of Toronto and
waives objection to the venue of any proceeding in such court or that such court provides an inconvenient forum. 
 5.7 Remedies. Each Shareholder
agrees and acknowledges that: (i) money damages would not be a sufficient remedy for any breach of this Agreement by it; (ii) in addition to any other remedies at law or in equity that the Purchaser and the Company may have, the Purchaser
and the Company shall be entitled to seek equitable relief, including injunction and specific performance, in addition to any other remedies available to the Purchaser and the Company, in the event of any breach of the provisions of this Agreement;
and (iii) if it is a defendant or respondent, it shall waive any requirement for the securing or posting of any bond in connection with such remedy. Each Shareholder hereby consents to any preliminary applications for such relief to any court
of competent jurisdiction. The prevailing party shall be reimbursed for all costs and expenses, including reasonable legal fees, incurred in enforcing the other party’s obligations hereunder. Such remedies shall not be deemed to be exclusive
remedies for the breach of this Agreement but shall be in addition to all other remedies at law or in equity. 

  
 9 

 5.8 Severability. If any provision of this Agreement is determined to be illegal, invalid or unenforceable
by any court of competent jurisdiction, that provision will be severed from this Agreement and the remaining provisions shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable
of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the fullest extent possible. 
 5.9 Waiver. No waiver of any of the provisions of this Agreement will constitute a waiver of any other
provision (whether or not similar). No waiver will be binding unless executed in writing by the Party to be bound by the waiver. A Party’s failure or delay in exercising any right under this Agreement will not operate as a waiver of that right.
A single or partial exercise of any right will not preclude a Party from any other or further exercise of that right or the exercise of any other right. 

5.10 Rules of Construction. The Parties to this Agreement waive the application of any Law or rule of construction providing that ambiguities in any
agreement or other document shall be construed against the Party drafting such agreement or other document. 
 5.11 Entire Agreement. This Agreement
constitutes the entire agreement between the Parties with respect to the transactions contemplated by this Agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, of the Parties. There
are no representations, warranties, covenants, conditions or other agreements, express or implied, collateral, statutory or otherwise, between the Parties in connection with the subject matter of this Agreement, except as specifically set forth in
this Agreement. The Parties have not relied and are not relying on any other information, discussion or understanding in entering into and completing the transactions contemplated by this Agreement. 

5.12 Counterparties. This Agreement may be executed in any number of counterparts (including counterparts by facsimile) and all such counterparts taken
together shall be deemed to constitute one and the same instrument. The Parties shall be entitled to rely upon delivery of an executed facsimile or similar executed electronic copy of this Agreement, and such facsimile or similar executed electronic
copy shall be legally effective to create a valid and binding agreement between the Parties. 
 [Remainder of this
page intentionally left blank.] 

  
 10 

 IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first written above. 

 

			
	JLL/DELTA PATHEON HOLDINGS, L.P.
	By its general partner,
	JLL/DELTA PATHEON GP, LTD.
		
	By:	 	 
		 	Name:
		 	Title:
	
	PATHEON INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	JLL PATHEON HOLDINGS, LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

							
	SIGNED AND DELIVERED in the presence of:	 		 	))  	 	
		 		 	))	 	
		 		 	))	 	
		 		 	))	 	
	 	 		 		 	 
	Witness	 		 	))	 	[Shareholder A]
				
	SIGNED AND DELIVERED in the presence of:	 		 	))	 	
		 		 	))	 	
		 		 	))	 	
		 		 	))	 	
	 	 		 		 	 
	Witness	 		 	))	 	[Shareholder B]

 [Counterpart to Voting and Support Agreement]EX-10.3

 Exhibit 10.3 

JLL PARTNERS FUND VI, L.P. 
 JLL
PARTNERS FUND V, L.P. 
 JLL ASSOCIATES V (PATHEON), L.P. 

JLL PATHEON CO-INVESTMENT FUND, L.P. 

450 LEXINGTON AVENUE 
 NEW YORK, NEW
YORK 
 November 18, 2013 
 Re: Equity Commitment 

To: JLL Patheon Co-Investment Fund, L.P. 
 JLL/Delta Patheon
Holdings, L.P. 
 Ladies and Gentlemen: 

Reference is hereby made to (a) that certain Contribution Agreement, dated as of November 18, 2013 (the “Contribution
Agreement”), by and among JLL Patheon Co-Investment Fund, L.P., a Cayman Islands exempted limited partnership (“JLL Holdco”), Koninklijke DSM N.V., a corporation organized under the laws of The Netherlands
(“Delta”), and JLL/Delta Patheon Holdings, L.P., a Cayman Islands exempted limited partnership (“Newco”), and (b) that certain Arrangement Agreement, dated as of November 18, 2013 (the “Arrangement
Agreement”), by and between Newco and Patheon Inc., a Canadian corporation (“Patheon”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Arrangement Agreement. 

Subject to the terms and conditions thereof (a) Delta will contribute its pharmaceutical business to Newco pursuant to the Contribution
Agreement (the “Contribution”), and (b) Newco will acquire Patheon pursuant to the Arrangement Agreement and the related Plan of Arrangement (the “Acquisition”), pursuant to which all existing holders of
Patheon shares will receive cash in respect of their shares of Patheon and Patheon will continue as an indirect, wholly-owned subsidiary of Newco. 

1. Equity Commitment. 

(a) JLL Partners Fund VI, L.P., a Delaware limited partnership (“JLL Fund VI”), JLL Partners Fund V, L.P., a
Delaware limited partnership (“JLL Fund V”) and JLL Associates V (Patheon), L.P., a Cayman Islands exempted limited partnership (“JLL Rollover” and, together with JLL Fund VI and JLL Fund V, the
“Sponsors”) hereby agree that, on or before the time specified in Section 2.9 of the Arrangement Agreement, and subject to the terms and conditions hereof, they shall provide to JLL Holdco an aggregate of $310 million (U.S.)
(the “JLL Holdco Equity Financing”) to fund a portion of JLL Holdco’s obligations under the Contribution Agreement. $200 million (U.S.) of the JLL Holdco Equity Financing shall be provided by

 
JLL Fund VI, $50 million (U.S.) of the JLL Holdco Equity Financing shall be provided by JLL Fund V and $60 million (U.S.) of the JLL Holdco Equity Financing shall be provided by JLL Rollover.
Notwithstanding anything to the contrary contained in this letter agreement, the commitment of each of the Sponsors is being made severally and not jointly. 

(b) JLL Holdco hereby agrees that, on or before the time specified in Section 2.9 of the Arrangement Agreement and subject
to the terms and conditions hereof, it shall contribute to Newco (i) $152 million (U.S.) in immediately available funds (the “Newco Equity Financing”) and (ii) the JLL Holdco Equity Financing. The Newco Equity Financing and the JLL
Holdco Equity Financing are collectively referred to herein as the “Equity Financing.” 
 (c) The obligation
of each of the Sponsors and JLL Holdco to provide the Equity Financing pursuant to this Section 1 is subject to the conditions that: (a) all conditions under the Debt Commitment Letter (or in the case alternative debt financing has been
obtained in accordance with Section 4.6(2) of the Arrangement Agreement, under the debt commitment letter(s) related thereto) (other than the condition in Section [6] of Schedule D to the Debt Commitment Letter, or similar condition in such
alternative debt commitment, to make the Equity Contribution and any conditions that, by their terms, cannot be satisfied until the Effective Date, but subject to such conditions actually being satisfied at the Effective Date) shall have been
satisfied or waived in accordance with the terms thereof, (b) all conditions set forth in Sections 6.1 and 6.2 of the Arrangement Agreement shall have been satisfied or waived in accordance with the terms thereof (other than the deposit of the
Share Consideration with the Depositary pursuant to Section 2.9 of the Arrangement Agreement and any conditions that, by their terms, cannot be satisfied until the Effective Date, but subject to such conditions actually being satisfied at the
Effective Date), and (c) the Arrangement Agreement shall not have been terminated in accordance with its terms. 
 2. Limitations on
Liability. Notwithstanding the foregoing and notwithstanding anything to the contrary that may be expressed or implied herein or in the Arrangement Agreement or the Contribution Agreement (or in any exhibit, schedule, certificate or other
document executed or delivered in connection herewith or therewith) or otherwise, Newco and Patheon acknowledge and agree that no Person other than the Sponsors and JLL Holdco shall have any obligation hereunder and that, notwithstanding the fact
that each of the Sponsors and JLL Holdco may be a partnership, (i) no recourse hereunder or under any documents or instruments delivered in connection herewith may be had against any former, current or future director, officer, employee,
partner, affiliate, agent, member, manager, stockholder, representative or assignee (any such person or entity other than the Sponsors and JLL Holdco, a “Representative”) of any Sponsor or JLL Holdco or any Representative of any
Representative of any Sponsor or JLL Holdco (any such Representative other than the Sponsors and JLL Holdco, a “Secondary Representative”), whether by the enforcement of any judgment or assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law, and (ii) no personal liability whatsoever will attach to, be imposed on or otherwise be incurred by any Representative or Secondary Representative of any Sponsor or
JLL Holdco under this letter agreement or, subject to Section 7, any documents or instruments delivered in connection herewith or the Arrangement Agreement or for any claim based on or by reason of any obligations of JLL Holdco arising
hereunder or thereunder. 

  
 2 

 3. Enforceability; Patheon’s Limited Enforcement Rights. The obligations of the
Sponsors pursuant to this letter agreement may only be enforced by JLL Holdco and the obligations of JLL Holdco pursuant to this letter agreement may only be enforced by Newco; provided, however, that, subject to the terms and conditions of the
Arrangement Agreement, (i) Newco is an express third party beneficiary of the rights of JLL Holdco under this letter agreement, and (ii) Patheon is an express third party beneficiary of the rights of JLL Holdco and Newco under this letter
agreement (and Newco and Patheon, as the case may be, relying thereupon, shall have the right to enforce the terms of this letter agreement directly against the Sponsors and JLL Holdco to the extent set forth in this paragraph as if Newco or
Patheon, as the case may be, were a party hereto) solely (I) for the purpose of seeking specific performance of Newco’s or Patheon’s right, as the case may be, to cause (A) each of the Sponsors and JLL Holdco to provide the
entire amount of its commitment with respect to the Equity Financing set forth in Section 1, (B) JLL Holdco and JLL Fund VI to fully enforce the obligations of each of the co-investors of JLL Holdco other than the Sponsors (the
“Co-Investors”) pursuant to and subject to the terms and conditions of their respective equity commitment letter agreements with JLL Holdco (collectively, the “Co-Investor Equity Commitment Letters”), and
(C) JLL Holdco to fully enforce the terms of the Contribution Agreement against Delta, to the fullest extent permissible pursuant to and subject to the terms and conditions of the Contribution Agreement and applicable Laws, and (II) with
respect to Section 6 of this letter agreement. In the event that Patheon (directly or indirectly through JLL Holdco or otherwise) asserts in any litigation or other proceeding that any of the limitations on the Sponsors’ or JLL
Holdco’s liability herein are illegal, invalid or unenforceable in whole or in part, then: (x) the obligations of the Sponsors and JLL Holdco under this letter agreement shall terminate ab initio and be null and void; (y) if
any Sponsor or JLL Holdco has previously made any payments under this letter agreement, it shall be entitled to recover such payments; and (z) neither the Sponsors, JLL Holdco nor any of their respective Representatives or Secondary
Representatives shall have any liability to Newco or Patheon with respect to the transactions contemplated by the Arrangement Agreement, the Contribution Agreement or under this letter agreement. The Sponsors, JLL Holdco and Newco each agrees
(a) not to oppose the granting of an injunction, specific performance or other equitable relief on the basis that Newco or Patheon has an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at
law or equity; and (b) that neither Newco nor Patheon shall be required to post a bond or undertaking in connection with such order or injunction sought in accordance with the terms hereof. Subject to Section 7, JLL Holdco’s,
Newco’s and Patheon’s remedies against the Sponsors and/or JLL Holdco, as applicable, under this letter agreement shall, and are intended to, be the sole and exclusive direct or indirect remedies available to JLL Holdco, Newco and Patheon
against the Sponsors, JLL Holdco and any of their respective Representatives and Secondary Representatives in respect of any liabilities or obligations arising under, or in connection with, the Arrangement Agreement or the Contribution Agreement and
the transactions contemplated thereby, including in the event Newco breaches its obligations under the Arrangement Agreement or Newco or JLL Holdco breach their respective obligations under the Contribution Agreement, whether or not (in the case of
a breach by Newco) Newco’s breach is caused by JLL Holdco’s breach of its obligations under this letter agreement, or (in the case of a breach by JLL Holdco) JLL Holdco’s breach is caused by the breach by any Sponsor or Co-Investor of
their respective obligations hereunder or 

  
 3 

 
under the Co-Investor Equity Commitment Letters, as applicable, but excluding such remedies available to (i) Newco against JLL Holdco under the Contribution Agreement and (ii) Patheon
against JLL Fund VI under the Guarantee Agreement, in each case, solely in accordance with the terms and conditions thereof. Except as expressly provided in this paragraph, nothing set forth in this letter agreement shall be construed to confer upon
or give to any Person other than Newco and JLL Holdco any rights or remedies under or by reason of, or any rights to enforce or cause Newco or JLL Holdco to enforce, this commitment. 

4. Syndication. Nothing in this letter agreement shall limit the right and ability of the Sponsors to assign all or any portion of their
respective rights and obligations hereunder to other affiliates or co-investors prior to the Closing, provided that each Sponsor shall remain liable for all of its obligations hereunder, subject to Section 2 and the other limitations hereunder.

 5. Representations, Warranties and Covenants. Each of JLL Fund V and JLL Fund VI represents, covenants, warrants and agrees, as to
itself and not as to one another, with Newco and Patheon that it has available and will continue to have available sufficient undrawn commitments from its partners to fund the entire amount of its commitment with respect to the Equity Financing set
forth in Section 1 and satisfy its obligations under this letter agreement for so long as it has any obligations under this letter agreement. JLL Rollover represents, warrants, covenants and agrees that it has available and will continue to
have available sufficient assets through its indirect interest in Patheon to fund the entire amount of its commitment with respect to the Equity Financing set forth in Section 1, as described in Section 8 below, and satisfy its obligation
under this letter agreement for so long as it has any obligations under this letter agreement. 
 JLL Holdco represents, covenants, warrants
and agrees with Newco and Patheon that it has available and will continue to have available sufficient commitments from the Sponsors and the Co-Investors to fund the entire amount of its commitment with respect to the Equity Financing set forth in
Section 1 and satisfy its obligations under this letter agreement for so long as it has any obligations under this letter agreement. 

Each Sponsor and JLL Holdco further represents and warrants, as to itself and not as to one another, with Newco and Patheon that
(i) nothing in this letter agreement violates, breaches, conflicts with or would cause a default under the organizational, fund formation or other governing documents of such party; (ii) it has the requisite capacity and authority to
execute and deliver this letter agreement and to fulfill and perform its obligations hereunder; (iii) the execution, delivery and performance of this letter agreement by it has been duly and validly authorized and approved, and no other
proceedings or actions on its part are necessary therefor; and (iv) this letter agreement has been duly and validly executed and delivered by it and constitutes a legal, valid and binding agreement of it enforceable by Newco and JLL Holdco
against it in accordance with its terms. 
 JLL Holdco hereby represents, warrants, covenants and agrees with Newco and Patheon that:
(i) it has delivered to the Purchaser a complete and accurate copy of an executed copy of the Contribution Agreement and the exhibits and schedules thereto; (ii) the Contribution Agreement in the form so delivered, is a valid and binding
obligation of JLL Holdco; (iii) as of the date hereof, the Contribution Agreement has not been amended or modified in any respect; (iv) the Contribution Agreement along with the agreements set forth on Exhibit I hereto (collectively, the
“Contribution Related Agreements”) sets forth the entire agreement between the parties and their affiliates relating to the subject matter of the Contribution Agreement; and (v) it 

  
 4 

 
shall not, without the consent of Newco, permit any amendment or modification to be made to, or any waiver of any provision or remedy under, the Contribution Agreement and the other Contribution
Related Agreements, that, in each case, imposes any material new or additional conditions thereunder, or would reasonably be expected to prevent or materially delay the consummation of the Contribution. 

Each of JLL Holdco and JLL Fund VI hereby represents, warrants, covenants and agrees as to itself and not as to one another, with Newco and
Patheon that: (i) as of the date of this letter agreement (a) to its knowledge, each of the Co-Investors has the financial capability to fund its commitment to JLL Holdco under its respective Co-Investor Equity Commitment Letter, and
(b) it has no reason to believe that any of the Co-Investors will fail to fund its commitment to JLL Holdco under its respective Co-Investor Equity Commitment Letter; (ii) it has delivered to Newco a letter containing the identity of each
Co-Investor and the amount of its equity commitment along with a form of commitment letter to be entered into by each Co-Investor (the “Form Letter”); (iii) each Co-Investor Equity Commitment Letter is substantially in the form and
content of the Form Letter is a valid and binding obligation of such Co-Investor; (iv) as of the date hereof, none of the Co-Investor Equity Commitment Letters has been amended or modified, and the respective commitments contained in such
letters have not been withdrawn, terminated or rescinded in any respect; (v) it shall not, without the consent of Newco, permit any material amendment or modification to be made to, or any waiver of any provision or remedy under, the
Co-Investor Equity Commitment Letters, that, in each case, imposes any material new or additional conditions thereunder, or would reasonably be expected to (a) reduce the aggregate amount of the commitments thereunder (unless one or more of the
Sponsors or another Co-Investor will increase their Equity Commitments in the same amount), (b) prevent or materially delay the availability of the financing under the Co-Investor Equity Commitment Letters or (c) make the funding of the
financing under the Co-Investor Equity Commitment Letters (or satisfaction of the conditions to obtaining such financing) materially less likely to occur; and (vi) that that it will use its reasonable best efforts to seek to enforce its rights
under each Co-Investor Equity Commitment Letter, including using its reasonable best efforts to cause each Co-Investor to comply with its obligations under its respective Co-Investor Equity Commitment Letter. 

6. Amendments; Termination. Except as set forth in the next sentence, this letter agreement and the respective obligations of the
Sponsors and JLL Holdco hereunder will terminate automatically without any further action on the part of the Sponsors, JLL Holdco, Newco or Patheon on the earlier of the date on which the Arrangement Agreement is terminated in accordance with its
terms and the consummation of the transactions contemplated by the Arrangement Agreement. All obligations of the Sponsors and JLL Holdco hereunder shall expire automatically 6 months after the termination of the Arrangement Agreement in accordance
with its terms, without any further obligations of any Sponsor or JLL Holdco hereunder, except with respect to claims arising from lawsuits filed by JLL Holdco, Newco or Patheon prior to such 6th month anniversary seeking to enforce such
Sponsor’s or JLL Holdco’s obligations hereunder. This letter agreement may not be amended, modified or terminated and no provision of this letter agreement may be waived without the prior written consent of each Sponsor, JLL Holdco, Newco
and Patheon. 
 7. Other Agreements. For the avoidance of doubt, notwithstanding anything to the contrary that may be expressed or
implied herein, nothing expressed or implied in this letter or any document or instrument delivered in connection herewith shall in any way restrict, limit or modify any obligations of JLL Partners Fund VI, L.P., or Patheon’s rights, under the
Guarantee Agreement, or Newco’s obligations, or Patheon’s rights, under the Arrangement Agreement. 

  
 5 

 8. Contribution by JLL Rollover. The parties acknowledge and agree that the equity
contribution to be made by JLL Rollover shall be in the form of a contribution of its general partnership interest in JLL Partners Fund V (Patheon), L.P. to JLL Holdco pursuant to Section 2.2(a) of the Plan of Arrangement (as defined in the
Arrangement Agreement). 
 9. Miscellaneous. Except as contemplated by Section 3, and notwithstanding any provision of applicable
law, no obligation contained in, arising from or relating to this letter agreement will be enforceable by way of specific performance. This letter agreement constitutes the entire agreement with respect to the subject matter hereof, and supersedes
all prior agreements, understandings and statements, both written and oral, among the Sponsors, Newco and JLL Holdco or any of their respective Affiliates with respect to the subject matter hereof. THIS LETTER AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE DOMESTIC SUBSTANTIVE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OR CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION. This letter
agreement may be executed in any number of counterparts, each of which when executed will be an original, and all of which, when taken together, will constitute one agreement. Delivery of an executed counterpart of a signature page of this letter
agreement by facsimile transmission or electronic transmission via portable document format (pdf) will be effective as delivery of a manually executed counterpart hereof. The parties acknowledge and agree that Delta is not an affiliate of Newco for
purposes hereof. 
 *     *     *     * 

  
 6 

 
			
	Sincerely,
	
	SPONSORS:
	
	JLL PARTNERS FUND VI, L.P.
	
	 By: JLL ASSOCIATES VI, L.P.,
 its
general partner

	
	 By: JLL ASSOCIATES G.P. VI, L.L.C.,

its general partner

		
	By:	 	/s/ Paul S. Levy
	Name: Paul S. Levy
	Title: Managing Member
	
	JLL PARTNERS FUND V, L.P.
	
	 By: JLL ASSOCIATES V, L.P.,
 its
general partner

	
	 By: JLL ASSOCIATES G.P. V, L.L.C.,

its general partner

		
	By:	 	/s/ Paul S. Levy
	Name: Paul S. Levy
	Title: Managing Member
	
	JLL ASSOCIATES V (PATHEON), L.P.
	
	 By: JLL ASSOCIATES GP V (PATHEON), LTD.,

its general partner

		
	By:	 	/s/ Paul S. Levy
	Name: Paul S. Levy
	Title: Authorized Person

 [Sponsors Signature Page to Equity Commitment Letter] 

 
			
	JLL PATHEON CO-INVESTMENT FUND, L.P.
	
	 By: JLL PARTNERS FUND VI (PATHEON), L.P.,

its general partner

	
	 By: JLL ASSOCIATES VI (PATHEON), L.P.,

its general partner

	
	By: JLL ASSOCIATES GP V (PATHEON), LTD., its general partner
		
	By:	 	/s/ Paul S. Levy
	Name: Paul S. Levy
	Title: Authorized Person

  

			
	Accepted and Agreed
	as of November         , 2013
	
	JLL/DELTA PATHEON HOLDINGS, L.P.
	
	 By: JLL/DELTA PATHEON GP, LTD.
 its
general partner

		
	By:	 	/s/ Michel Lagarde
	Name: Michel Lagarde
	Title: Director

 [JLL Holdco/Newco Signature Page to Equity Commitment Letter] 

 Patheon hereby acknowledges and agrees to the limitations on its rights as an intended third party beneficiary of
this letter agreement as set forth above. Patheon also acknowledges that (i) the sole assets of Newco consist of this letter agreement from JLL Holdco, (ii) the sole assets of JLL Holdco consist of this letter agreement from the Sponsors
and the Co-Investor Equity Commitment Letters, and (iii) no additional funds are expected to be contributed by any party to JLL Holdco, or by JLL Holdco to Newco, unless and until the Closing occurs and only as described herein. 

 

			
	PATHEON INC.
		
	By:	 	/s/ Derek J. Watchorn
	 Name: Derek J. Watchorn

Title: Director

 [Patheon Acknowledgement of Equity Commitment Letter]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00223-of-00352.parquet"}]]