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Exhibit 10.56

OPTION GRANT NOTICE
UNDER THE
CATALENT, INC.
2018 OMNIBUS INCENTIVE PLAN
Catalent, Inc. (the “Company”), pursuant to its 2018 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”), hereby grants to the Participant set forth below the Option set forth below, at an Exercise Price per share as set forth below. The Option is subject to all of the terms and conditions as set forth herein and in the Substitute Option Agreement (the “Agreement”), the Rollover Agreement, dated May 9, 2019, between the Company and the Participant (the “Rollover Agreement”), and the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein or in the Agreement shall have the meaning set forth in the Plan.
Participant:     Peter L. Buzy
Date of Grant:    May 17, 2019
Number of Shares
Subject to Option:    230,093, subject to adjustment as set forth in the Plan and      the Rollover Agreement.
Exercise Price per Share:   $0.88, subject to adjustment as set forth in the Plan and the
Rollover Agreement.
Option Period Expiration Date:  December 16, 2024
Type of Option:    Nonqualified Stock Option
Vesting Schedule:    100% vested and exercisable as of the Date of Grant.
By the Participant’s signature below, the Participant acknowledges receipt of this Option Grant Notice, the Agreement, and the Plan, and, as an express condition to the grant of Stock Options hereunder, agrees to be bound by the terms of this Option Grant Notice, the Agreement, and the Plan.
The Agreement, the Plan, and Plan Prospectus are available on Morgan Stanley’s StockPlan Connect website. Morgan Stanley is the Company’s third-party plan administrator.
ACKNOWLEDGED & AGREED

     /s/ Peter L. Buzy                
Peter L. Buzy

Exhibit 10.56

    EXECUTION COPY
SUBSTITUTE OPTION AGREEMENT
UNDER THE
CATALENT, INC.
2018 OMNIBUS INCENTIVE PLAN
Pursuant to the Option Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), the Rollover Agreement by and between the Participant and Catalent, Inc., dated as of May 9, 2019, and subject to the terms of this Option Agreement (this “Agreement”) and the Plan (as defined below), Catalent, Inc. (the “Company”) and the Participant agree as follows.
1. Definitions. Whenever the following terms are used in this Agreement, they shall have the meanings set forth below. Capitalized terms not defined in this Agreement shall have the meaning set forth in the Plan or the Grant Notice, as applicable.
(a) Employment. The term “Employment” means the Participant’s employment as an employee of the Company or any of its Affiliates or Subsidiaries.
(b) Plan. The term “Plan” means the 2018 Omnibus Incentive Plan, as in effect from time to time.
(c) Termination Date. The term “Termination Date” means the date upon which the Participant incurs a Termination for any reason.
(d) Vested Portion. The term “Vested Portion” means, at any time, the portion of the Option which has become and remains vested in accordance with the Grant Notice and this Agreement.
2. Grant of Option. Subject to the terms and conditions set forth in this Agreement, the Grant Notice and the Plan, for good and valuable consideration, the Company hereby grants to the Participant the right and option to purchase, all or any part of the aggregate number of shares of Common Stock subject to the Option provided in the Grant Notice, at an Exercise Price per share as provided in the Grant Notice. The Options granted pursuant to this Agreement shall be Substitute Awards, as defined in the Plan.
3. Vesting. The Option is fully vested on the date of grant as provided in the Grant Notice
such that the Vested Portion represents 100% of the Option.
4. Treatment on Termination. If the Participant incurs a Termination for any reason, the
Vested Portion of the Option shall remain exercisable for the applicable period set forth in Section 5.

Exhibit 10.56

5. Exercise of Options. Subject to the provisions of the Plan and this Agreement, the Participant may exercise all or any part of the Vested Portion of the Option at any time prior to the Option Period Expiration Date. Notwithstanding the foregoing, if the Participant incurs a Termination prior to the Option Period Expiration Date, the Vested Portion of the Option shall remain exercisable for the period set forth below.
(a) Death. If the Participant incurs a Termination due to death, the Participant may
exercise the Vested Portion of the Option for a period ending on the earlier of (A) the first anniversary of the Termination Date and (B) the Option Period Expiration Date.
(b) Disability. If the Participant incurs a Termination due to Disability, the Participant may exercise the Vested Portion of the Option for a period ending on the earlier of (A) the first anniversary of the Termination Date and (B) the Option Period Expiration Date.
(c) Other Terminations. If the Participant incurs a Termination for any other reason not covered by clauses (a) and (b) above, the Participant may exercise the Vested Portion of the Option for a period ending on the earlier of (A) the 90th day following the Termination Date and (B) the Option Period Expiration Date.
6. Method of Exercising Option. All or any portion of the Vested Portion of the Option may be exercised by the delivery of notice of the number of shares subject to the Option that are being exercised accompanied by payment in full of the Exercise Price applicable to the portion of the Option so exercised. Such notice shall be delivered either (x) in writing to the Company at its principal office or at such other address as may be established by the Committee, to the attention of the Company’s General Counsel; or (y) to a third-party plan administrator as may be arranged for by the Company or the Committee from time to time for purposes of the administration of outstanding Options under the Plan, in the case of either (x) or (y), as communicated to the Participant by the Company from time to time. Payment of the aggregate
Exercise Price may be made using any of the methods described in Section 7(d)(i) or (ii) of the Plan; provided, that the Participant shall obtain written consent from the Committee prior to the use of the method described in Sections 7(d)(ii)(A) of the Plan.
7. Issuance of Shares. If the Participant elects to exercise all or any portion of the Option, then, as promptly as practical after receipt of such notification and full payment of the Exercise Price and any required withholding or any other applicable taxes, the Company shall issue or transfer to the Participant the number of shares with respect to which the Option has been so exercised, and shall either
(a) deliver to the Participant a certificate or certificates therefor, registered in the Participant’s name or (b) credit such shares to the Participant’s account at the third-party plan administrator.
8. [RESERVED]
9. [RESERVED]
10. Non-Transferability. The Option is not transferable by the Participant except to Permitted Transferees in accordance with Section 14(b) of the Plan. Whenever the word 

Exhibit 10.56

“Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply
to executors, the administrators or the person or persons to whom the Option may be transferred by will or by the laws of descent and distribution in accordance with Section 14(b) of the Plan, the word “Participant” shall be deemed to include such person or persons. Except as otherwise provided in this Agreement or the Plan, no assignment or transfer of the Option, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall vest in the assignee or transferee any interest or right in this Agreement or the Plan whatsoever, but immediately upon such assignment or transfer the Option shall be forfeited and become of no further effect.
11. Rights as Stockholder. The Participant or a Permitted Transferee of the Option shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Option until the Participant becomes the holder of record or the beneficial owner of such Common Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such shares of Common Stock for which the record date is prior to the date upon which the Participant becomes the holder of record or the beneficial owner thereof.
12. Tax Withholding.
(a) Responsibility for Taxes. The Participant acknowledges that, regardless of any
action taken by the Company or, if different, the Service Recipient, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Service Recipient. The Participant further acknowledges that neither the Company nor the Service Recipient (1) makes any representation or undertaking regarding the treatment of any Tax-Related Item in connection with any aspect of the Option, including, but not limited to, the grant, vesting, exercise, or settlement of the Option, the subsequent sale of shares of Common Stock acquired pursuant to such settlement and the receipt of any dividend or any dividend equivalent; and (2) commits to or is under any obligation to structure the terms of the grant or any aspect of the Option to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company or the Service Recipient (or former Service Recipient, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
(b) Satisfaction of Withholding Obligations. Prior to any relevant taxable or tax
withholding event, as applicable, the Participant shall make adequate arrangements satisfactory to the Company or the Service Recipient, as appropriate, to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and the Service Recipient, or their respective agents, at their discretion, to satisfy their withholding obligations with regard to all Tax-Related Items by any of the means described in the Plan or by such other means or method as the Committee in its sole discretion and without notice to the Participant deems appropriate; 

Exhibit 10.56

provided, however, that, if the Participant is subject to Section 16 of the Exchange Act, then the Participant may elect, in advance of any tax withholding event, to satisfy the amount of all required Tax-Related Items in respect of the Option in cash, and, in the absence of Participant’s timely election, the Company will withhold shares of Common Stock upon the relevant tax withholding event. 
Depending on the withholding method, the Company may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates. If the maximum or another rate that is higher than the Participant's actual rate is used, the Company or the Service Recipient may refund any over-withheld amount to the Participant in cash (with no entitlement to the Common Stock equivalent), or, if not refunded, the Participant may seek a refund from the local tax authorities. If the obligation for Tax-Related Items is satisfied by withholding shares of Common Stock, the Participant shall be deemed for tax purposes to have been issued the full number of shares of Common Stock subject to the exercised Option, notwithstanding that a portion of the shares of Common Stock is held back solely for the purpose of paying the Tax-Related Items.
Finally, the Participant shall pay to the Company or the Service Recipient any amount of Tax-Related Items that the Company or the Service Recipient may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the shares of Common Stock or the proceeds of the sale of shares of Common Stock, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.
13. Notice. Every notice or other communication relating to this Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as provided in this Agreement; provided that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to the attention of the Company’s General Counsel, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as reflected in the Company’s records. Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures established by such third-party plan administrator and communicated to the Participant from time to time.
14. No Right to Continued Employment. Neither the Plan nor this Agreement nor the granting of the Option that are the subject of this Agreement shall be construed as giving the Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any of its Affiliates or Subsidiaries. Further, the Company, or, if different, the Service Recipient, may at any time dismiss the Participant or discontinue any consulting 

Exhibit 10.56

relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided in this Agreement.
15. Nature of Grant. In accepting the grant of the Option, the Participant acknowledges, understands, and agrees that:
(a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended, or terminated by the Company at any time, to the extent permitted by the Plan;
(b) the grant of the Option does not create any contractual or other right to receive
future grants of Options, or benefits in lieu of Options, even if Options have been granted in the past;
(c) all decisions with respect to future Options or other grants, if any, will be at the sole discretion of the Company;
(d) neither the Option grant nor the Participant’s participation in the Plan shall create any right to employment or be interpreted as forming an employment or service contract with the Company, the Service Recipient or any Affiliate or Subsidiary of the Company or interfere with the ability of the Company, the Service Recipient or any Affiliate or Subsidiary of the Company, as applicable, to terminate the Participant’s employment or service contract (if any), to the extent otherwise permitted by law or any applicable agreement other than this Agreement;
(e) unless otherwise agreed with the Company, none of the Option, the shares of
Common Stock subject to the Option, and the income and value of same is granted as consideration for, or in connection with, the service the Participant may provide as a director of the Company, the Service Recipient, or any Affiliate or Subsidiary of the Company;
(f) the Participant is voluntarily participating in the Plan;
(g) none of the Option, the shares of Common Stock subject to the Option, and the income and value of same is intended to replace any pension right or other form of compensation;
(h) none of the Option, the shares of Common Stock subject to the Option, and the income and value of same is part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, or end-of-service payments, any bonus, holiday pay, long-service award, pension, or retirement or welfare benefit, or any similar payment;
(i) the future value of the underlying shares of Common Stock is unknown,
indeterminable and cannot be predicted with certainty;
(j) unless otherwise provided in the Plan or by the Company in its discretion, neither the Option nor any benefit evidenced by this Agreement creates any entitlement either (i) 

Exhibit 10.56

to have the Option or any such benefit transferred to or assumed by another company or (ii) to be exchanged, cashed out, or
substituted for, in connection with any corporate transaction affecting the Common Stock; and
(k) the Participant acknowledges and agrees that none of the Company, the Service Recipient, and any Affiliate or Subsidiary of the Company shall be liable for any foreign exchange rate fluctuation between the Participant’s local currency, if any, and the United States Dollar that may affect the value of the Option or of any amount due to the Participant pursuant to the settlement of the Option or the subsequent sale of any share of Common Stock acquired upon settlement.
16. No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendation regarding the Participant’s participation in the Plan, or the Participant’s acquisition or sale of the underlying shares of Common Stock. The Participant is hereby advised to consult with the Participant’s own personal tax, legal and financial advisors regarding the Participant’s participation in the Plan before taking any action related to the Plan.
17. Data Privacy. The Participant hereby explicitly and without reservation consents to the collection, use, and transfer, in electronic or other form, of the Participant’s personal data as described in this Agreement and any other Option grant material by and among, as applicable, the Service Recipient, the Company and its other Affiliates or Subsidiaries for the exclusive purpose of implementing, administering and managing the Participant’s participation in the Plan. 
The Participant understands that the Service Recipient, the Company, and is other Affiliates or Subsidiaries may hold certain personal information about the Participant, including, but not limited to, the Participant’s name, home address and telephone number, email address, date of birth, social insurance number, passport or other identification number, salary, nationality, job title, any shares of Common Stock or directorships held in the Company, or details of all Options or any other entitlement to shares of Common Stock awarded, canceled, exercised, vested, unvested, or outstanding in the Participant’s favor (“Data”), for the exclusive purpose of implementing, administering, and managing the Plan. 
The Participant understands that Data will be transferred to Morgan Stanley Smith Barney LLC, or such other third-party administrator or stock plan service provider as may be selected by the Company in the future, which is assisting the Company with the implementation, administration, and management of the Plan. The Participant understands that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (e.g., the United States) may have different data privacy laws and protections than the Participant’s country.The Participant understands that the Participant may request a list with the names and addresses of any potential recipient of the Data by contacting the Participant’s local human resources representative. The Participant authorizes the Company, Morgan Stanley Smith Barney LLC, and any other possible recipient that may assist the Company (presently or in the future) with implementing, administering, and managing the Plan to receive, possess, use, retain, and transfer the Data, in electronic or other 

Exhibit 10.56

form, for the sole purpose of implementing, administering, and managing the Participant’s participation in the Plan. The Participant understands that Data will be held only as long as is necessary to implement, administer, and manage the Participant’s participation in the Plan. The Participant understands that the Participant may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendment to Data, or refuse or withdraw the consents in this Section 17, in any case without cost, by contacting in writing the Participant’s local human resources representative. Further, the Participant understands that the Participant is providing on a purely voluntary basis the consents described in this Agreement. If the Participant does not consent, or if the Participant later seeks to revoke the Participant’s consent, the Participant’s Employment or service with the Service Recipient will not be adversely affected; the only adverse consequence of refusing or withdrawing the Participant’s consent is that the Company may be unable to grant Options or other awards to the Participant or administer or maintain such awards. Therefore, the Participant understands that refusing or withdrawing the Participant’s consent may affect the Participant’s ability to participate in the Plan. For more information on the consequences of the Participant’s refusal to consent or withdrawal of consent, the Participant understands that the Participant may contact the Participant’s local human resources representative. 
The Participant understands that the Company may rely on a different legal basis for the collection, processing and/or transfer of Data either now or in the future and/or request the Participant to provide another data privacy consent. If applicable and upon request of the Company or the Service Recipient, the Participant agrees to provide an executed acknowledgment or data privacy consent (or any other acknowledgments, agreements or consents) to the Company and/or the Service Recipient that the Company and/or the Service Recipient may deem necessary to obtain under the data privacy laws in the Participant’s country, either now or in the future. The Participant understands that the Participant may be unable to participate in the Plan if the Participant fails to execute any such acknowledgment,
agreement or consent requested by the Company and/or the Service Recipient.
18. Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators, successors and, to the extent permitted, assigns or other Permitted Transferees of the parties to this Agreement.
19. Waiver and Amendments. Subject to Section 13(b) of the Plan, the Committee may waive any condition or right under, amend any term of, or alter, suspend, discontinue, cancel, or terminate, this Agreement, prospectively or retroactively (including after the Participant’s Termination); provided, that any such waiver, amendment, alteration, suspension, discontinuance, cancellation, or termination that would materially and adversely affect the rights of the Participant under this Agreement shall not to that extent be effective without the consent of the Participant. No waiver by either of the parties hereto of their rights under this Agreement shall be deemed to constitute a waiver with respect to any subsequent occurrence or transaction under this Agreement unless such waiver specifically states that it is to be construed as a continuing waiver.

Exhibit 10.56

20. Governing Law; Venue. This Agreement shall be construed and interpreted in accordance with the laws of the State of Delaware, without regard to its principles of conflicts of law. For purposes of litigating any dispute that arises under this grant or this Agreement, the parties hereby submit to and consent to the jurisdiction of the federal and state courts located in the State of New Jersey, and hereby waive any objection to proceeding in such jurisdiction, including any objection regarding an inconvenient forum.
21. Plan. The terms and conditions of the Plan are incorporated in this Agreement by reference. In the event of a conflict or inconsistency between the terms and conditions of the Plan and the terms and conditions of this Agreement, the Plan shall govern and control.
22. Electronic Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any document related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
23. Imposition of Other Requirements. The Company reserves the right to impose any other requirements on the Participant’s participation in the Plan, on the, Option and on any share of Common Stock acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreement or undertaking that may be necessary to accomplish the foregoing.
24. Insider Trading Restrictions/Market Abuse Laws. The Participant acknowledges that the Participant may be subject to the insider trading restrictions and/or market abuse laws of one or more countries that may affect the Participant’s ability to accept, acquire, sell, or otherwise dispose of shares of Common Stock, rights to shares of Common Stock (e.g., Options) or rights linked to the value of shares of Common Stock under the Plan during such times as the Participant is considered to have “inside information” regarding the Company (as defined by the laws in applicable jurisdictions). Local insider trading laws and regulations may prohibit the cancellation or amendment of orders the Participant placed before the Participant possessed inside information. Further, the Participant could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) “tipping”
third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restriction that may be imposed under any applicable Company securities trading policy. The Participant acknowledges that Participant is responsible for complying with any applicable restrictions and is encouraged to speak to Participant’s personal legal advisor for further details regarding any insider trading and/or market abuse laws applicable to the Participant.
25. Entire Agreement; Miscellaneous. This Agreement, the Grant Notice, and the Plan constitute the entire understanding between the Participant and the Company regarding the Option. This Agreement, the Grant Notice, and the Plan supersede any prior agreements, commitments, or negotiations concerning the Option. The headings used in this Agreement are for convenience only and shall not affect its interpretation.

Exhibit 10.56

[Remainder of page intentionally left blank]

IN WITNESS WHEREOF, the parties have executed this Agreement as of May 17, 2019.
CATALENT, INC.

By:      /s/ Lance Miyamoto            
Name: Lance Miyamoto
Title: Senior Vice President, Human Resources

     /s/ Peter L. Buzy                        
PARTICIPANT : Peter L. BuzyDocument

Exhibit 10.57

Management Incentive Plan
FY2019 Summary
Introduction
The Management Incentive Plan (MIP) is a variable annual cash incentive program under the Catalent, Inc. 2014 Omnibus Incentive Plan (the Plan) that rewards performance against annual individual and business-based goals. Individual performance goals designed to support the broader business goals are established each year between eligible participants and their respective managers. The Compensation and Leadership Committee (the Committee) of the Board of Directors (the Board) of Catalent, Inc. (Catalent or the Company) selects the business-based goals for the MIP from among the corporate financial and strategic growth objectives approved each year by the Board.
Eligibility for the MIP is based on several criteria, including position in the organization and past performance. MIP participants are expected to play an important role in achieving the Company’s strategic goals and contributing to the growth of the Company and its people. Key features of the MIP, including funding and the determination and payment of individual awards, are described below.
Market-Based Program
Catalent believes that providing competitive market-based compensation is critical to attracting, engaging and retaining key talent and the critical skill sets and expertise necessary to make Catalent successful. With this in mind, Catalent’s incentive programs, including the MIP, are reviewed on an annual basis taking into account market compensation trends, annual financial goals, and changes in business strategies. Where appropriate, a review is performed and changes are generally agreed prior to the start of the fiscal year, although the Company reserves the right to make changes at any time.
MIP Alignment with Financial Goals
Catalent believes that the MIP acts best as an incentive when there is meaningful alignment between the business performance factors used to measure a participant’s achievement and the participant’s ability to enhance the performance of the overall organization through the participant’s position within the organization. Depending on a participant’s role, the business performance factors can be weighted among one, two, or three organizational levels (i.e., overall Catalent, the principal business unit (BU) to which the participant’s efforts are directed (if any), and the principal site and/or region to which the participant’s efforts are directed (if any)).  In some cases, the business performance factors may also be weighted differently for participants who support multiple BUs and/or sites. The chart below provides several examples of weightings for the business performance factors.
												
		Business Performance Factors Weighting		
	Position Category (1)
	Overall
Catalent	Business
Unit	Site/
Region (3)

	ELT and Corporate	100%		
	BU Functional Leaders (2)
	50%	50%	
	Site/Region-Based Leaders	30%	30%	40%
	Site-Based Participants	0%	40%	60%

(1)   As noted above, there may be cases in which other weightings are used for individual participants.
(2)   Includes positions that support business unit-wide initiatives (e.g., VPs of operations, quality, or finance for a BU).
(3)   This weighting may take into account site/regional results, which may include the results of multiple BUs and sites.

Exhibit 10.57

Business Performance Factors Combine for a Business Achievement Factor (BF)
As noted, the business performance factors measure achievement against a set of goals fixed each year by the Board and the Committee. For fiscal 2019, there are three business goals, (1) EBITDA (earnings before interest, taxes, depreciation, and amortization), which accounts for 65% of the overall business goal, (2) Revenue at 20%, and (3) Annual Capital Deployed at 15%. Because the MIP measures achievement against budget, adjustments to EBITDA, Revenue, and Annual Capital Deployed that are used in determining the budget will also apply when measuring performance, and results in foreign currencies will be converted to U.S. dollars at the currency exchange rates used to determine the budget.
EBITDA and Revenue directly measure Catalent’s overall financial performance. The goal of improving Annual Capital Deployed is to improve Catalent’s working capital ratio, which in turn should result in an increase in cash flow. This improvement can come from, for example, improvements in collections and the management of payables. The target for fiscal 2019 is to improve this ratio by one-half of one percentage point. Annual Capital Deployed is calculated as the 12-month average of the Working Capital ratio using actual results at budget rates, where the ratio is (Working Capital) / (annualized computation of last-90-days revenue).
Achievement against each goal—EBITDA, Revenue, and Annual Capital Deployed—is measured separately, and an achievement factor is assigned based on the attainment against each goal. These achievement factors are then weighted—65% for EBITDA, 20% for Revenue, and 15% for Annual Capital Deployed—to determine an overall business achievement factor (BF).
Set forth below are the charts used to convert the achievement against each goal to the achievement factor used to calculate the MIP.

Exhibit 10.57

EBITDA and Revenue Payout Scale
									
	% of Target Achieved	Achievement Factor Assigned	Comment
	>115%	187.50%	
	115%	187.50%	Maximum performance @ 187.5%
	114%	182.50%	
	113%	177.50%	
	112%	172.50%	
	111%	167.50%	
	110%	162.50%	
	109%	155.00%	
	108%	147.50%	
	107%	140.00%	
	106%	132.50%	
	105%	125.00%	
	104%	120.00%	
	103%	115.00%	
	102%	110.00%	
	101%	105.00%	
	100%	100.00%	Target
	99%	95.00%	
	98%	90.00%	
	97%	85.00%	
	96%	80.00%	
	95%	75.00%	
	94%	70.00%	
	93%	65.00%	
	92%	60.00%	
	91%	55.00%	
	90%	50.00%	Threshold performance @ 50%
	< 90%	Zero	Any payout at Committee discretion

100% performance results in a 100% achievement factor. Performance above and below target increases or decreases the achievement factor as indicated in the chart above. The minimum achievement factor is 90%—below that, the assigned achievement factor is 0% (though the Committee remains free, in its sole discretion, to still make a MIP award in respect of this Business Performance Factor). Similarly, the maximum achievement factor is 115%—above that, the assigned achievement factor remains the same.

Exhibit 10.57

Corporate Annual Capital Deployed Scale
									
	Improvement in Annual Capital Deployed	Target Payout %	Comment
	-1.15%	170%	Maximum
	-1.05%	145%	
	-0.80%	125%	
	-0.65%	110%	
	-0.50%	100%	Target
	-0.35%	90%	
	-0.20%	75%	
	-0.10%	50%	Minimum

Reducing our Annual Capital Deployed by one-half of a percentage point results in a 100% achievement factor, with the achievement factor increasing for improved performance against the 0.5% target and decreasing if performance does not meet the 0.5% target. The minimum achievement factor is -0.10%--below that, the assigned achievement factor is 0% (though the Committee remains free, in its sole discretion, to still make a MIP award in respect of this Business Performance Factor). Similarly, the maximum achievement factor is -1.15%--above that, the assigned achievement factor remains the same. The Committee remains free, in its sole discretion, to make MIP awards even if achievement does not reach -0.10%. The Annual Capital Deployed Scale may differ within one or more of Catalent’s Business Units.
Set forth below is a chart showing, at multiple example levels of achievement, how the three separate business performance factors—EBITDA, Revenue, and Annual Capital Deployed—can come together to give participants a singled combined BF.

Note:  For fiscal 2019, the Committee has set the EBITDA and revenue performance thresholds at 90% of target and the Corporate Annual Capital Deployed at ‐0.10%. Funding for the MIP is dependent on achievement of at least one of the threshold levels. If no hurdles are met, MIP awards can only occur at the sole discretion of the Committee.

Exhibit 10.57

Individual Performance Factor (IPF) 
Each year, MIP participants, in collaboration with their managers, establish appropriate individual performance goals based on the individual’s role. These goals are to be aligned with the business performance goals established for Catalent overall. At fiscal year-end, managers determine each participant’s individual performance factor (IPF) based on the participant’s overall performance for the year, including achievement of the participant’s individual performance goals. In general, the IPF ranges from 0 to 150%.
For fiscal 2019, MIP participants who receive a performance rating of “Did Not Meet Expectations” will receive a zero IPF and will not be eligible for payout under the MIP regardless of the BF achievement. 
The Business and Individual Performance Factors Are Combined to Determine the MIP Award
At the beginning of each fiscal year, a target MIP payout is set for each participant, usually expressed as a percentage of base salary. The amount actually paid to the participant following the end of the fiscal year is dependent on both the participant’s combined business achievement percentage (a non-discretionary fixed amount) and the individual performance factor assigned to the participant (based on manager’s discretion). For fiscal 2019, the combined BF is weighted 70%, and the IPF is weighted 30%, in order to obtain an overall combined performance factor, which is expressed as a percentage and then applied against the target. Because the BF can range from 0% to 187.5% for EBITDA/Revenue and from 0% to 170% for Annual Capital Deployed, and the IPF can range from 0% to 150%, the total MIP payout can range from 0% to 174.41% of the target payout amount. 

Exhibit 10.57

MIP Calculation Summary for Fiscal 2019
Set forth below is a graphical summary of the MIP calculation process. For participants with multiple business factors (overall, BU, and site/region), the business factor calculation is performed separately for each segment, then combined as a weighted average, in order to determine an overall combined BF. 

Exhibit 10.57

Sample MIP calculation for illustrative purposes:
In this example, we assume that all relevant business metrics perform at target. We also assume that the participant has a base salary of $100,000 and a MIP target of 15%, and that the participant ends the fiscal year with an individual performance factor of 100%.

Performance Updates During the Fiscal Year
The MIP design is open and transparent, reflecting Catalent’s confidence that Company leaders can deliver on its challenging but achievable goals.
Throughout the fiscal year, participants should review their progress against their personal goals with their managers. The senior management team will also provide updates on Catalent’s progress against its business goals. These individual and team updates will help participants to track their progress toward annual MIP funding and payout.

Effect of Employment Status Changes on Eligibility (Subject to Local Laws)

Exhibit 10.57

Your eligibility to receive a MIP award is affected by your employment status at payout. Listed below are payout provisions pertaining to different termination scenarios:
									
	Event	Occurring prior to April 1, 2019
	Occurring between April 1, 2019 and MIP payment (scheduled for Sept. 2019)

	Voluntary termination (including resignation and job abandonment)	Not eligible for payout	
	Involuntary termination for cause* or for other than reduction-in-force/restructure/divestiture
	Not eligible for payout	
	Involuntary termination due to reduction-in-force/restructure/divestiture	Not eligible for payout	Employees with continuous MIP-eligible service through the date of termination, where at least 90 days of that service occurred in fiscal 2019, will be eligible for payout at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)
	Death	Employees with continuous MIP-eligible service through the date of death, where at least 90 days of that service occurred in fiscal 2019, will be eligible for payout at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)	
	Retirement**
	Not eligible for payout	Employees with at least 90 days of MIP-eligible service in fiscal 2019 will be eligible for payout at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)
	Certain leaves of absence (LOA) may affect eligibility. Applicable LOA policies should be consulted on a regional basis.		

                                                          
* Management reserves the right to determine in its sole discretion whether an individual termination of a participant is for cause.
** A termination (other than a termination when grounds existed for a termination for cause at the time thereof) initiated by a participant that occurs on or after the date on which the sum of the participant’s age and period of service (calculated in months) equals sixty-five (65) years, so long as the participant is at least fifty-five (55) years old.

Exhibit 10.57

Eligibility Guidelines for New Hires and Newly Eligible Employees
If an employee’s start date or entry into a MIP-eligible position during the fiscal year is between July 1 and March 31 of a fiscal year, then the MIP target amount for that employee will be prorated to reflect the portion of that fiscal year during which the employee was eligible. Any employee with a start date or entry into a MIP-eligible position during the final quarter of a fiscal year (April 1 through June 30) will not be eligible for participation in the MIP for that fiscal year.
Timetable for Bonus Determination and Payment
After the close of the fiscal year, BF determinations will be made and overall MIP funding will be calculated.
At the appropriate time during the Catalent annual performance management cycle, year-end performance reviews will be completed and managers will determine and assign MIP-eligible participants an applicable IPF value based on assessments of individual performance against goals.
Typically, within 90 days of the end of the fiscal year (generally in September), individual MIP awards will be communicated.
Clawback/Forfeiture
A participant’s participation in the MIP may be cancelled by the Committee in its sole discretion, or the Committee in its sole discretion may require that a MIP award paid to a participant be forfeited and repaid to the Company, if the participant has engaged in or engages in any Detrimental Activity, as defined in the Plan and summarized below. In addition, if a participant receives any amount in excess of what the participant should have received under the terms of the MIP for any reason (including by reason of a financial restatement, mistake in calculation, or other administrative error), then the Participant shall be required to repay any such excess amount to the Company. Without limiting the foregoing, all MIP awards are subject to reduction, cancellation, forfeiture, or recoupment to the extent necessary to comply with applicable law.
“Detrimental Activity” can be summarized as including any of the following: (i) unauthorized disclosure of any confidential or proprietary information of the Company or its affiliates; (ii) any activity that would be grounds to terminate a participant’s employment; (iii) maligning, denigrating, or disparaging the Company, its affiliates or any of the current or former directors, officers, employees, shareholders, partners, members, agents or representatives of any of the foregoing, with respect to any of their respective past or present activities, or otherwise publishing statements that tend to portray any of the aforementioned persons or entities in an unfavorable light; (iv) the breach of any non-competition, non-solicitation or other agreement containing restrictive covenants, with the Company or its affiliates; or (v) fraud or conduct contributing to any financial restatement or irregularity, as determined by the Committee in its sole discretion. Notwithstanding the foregoing, this definition is not intended to, and shall not be interpreted in a manner that limits or restricts a participant (or any other person or entity) from (1) initiating communications directly with, cooperating with, providing relevant information to, or otherwise assisting in an investigation by (A) the SEC or any other governmental, regulatory, or legislative body regarding a possible violation of any federal law relating to fraud or any SEC rule or regulation; or (B) the U.S. Equal Employment Opportunity Commission or any other governmental authority with responsibility for the administration of fair employment practices laws regarding a possible violation of such laws; (2) responding to any inquiry from any such governmental, regulatory, or legislative body or official or governmental authority; or (3) participating, cooperating, testifying, or otherwise assisting in any governmental action, investigation, or proceeding relating to a possible violation of any such law, rule or regulation.
Important Information Regarding the Summary
Participation in the MIP in any year is not a guarantee of participation in any future year. The application of the MIP to any given individual may vary depending on various circumstances, including the terms of any applicable employment contract, applicable regional laws governing employment, benefits, or payments under benefit plans applicable to only a subset of employees, and the terms of any applicable collective bargaining or employment agreement. Furthermore, the Company reserves the right to modify or cancel the MIP at any time, with or without notice to employees, to the fullest extent permitted by applicable law. In addition, separation from Catalent employment may affect a participant’s ability to participate in the MIP or the amount of the participant’s benefits in 

Exhibit 10.57

ways that are not fully described in this summary plan description. Employees with questions concerning eligibility for the MIP or the terms and conditions of the plan may contact their Catalent Human Resources representatives.

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