Document:

Offer Letter, dated September 28, 2007 between Tracy Tsuetaki and Catalent

 Exhibit 10.9 

			
	 

	  	 Catalent Pharma Solutions
 14 Schoolhouse
Road
 Somerset, NJ 08873
  
 T (732) 537-6341
 F (732) 537-5996
 www.catalent.com

 September 28, 2007 
 Mr. Tracy Tsuetaki 
 [Home Address] 
 Dear Tracy:

 Congratulations on your offer of employment! Catalent is the leading provider of pharmaceutical development services, drug delivery technologies,
manufacturing and packaging services to the global pharmaceutical and biotechnology industry. We take great pride in hiring executives who have talent, drive and commitment and we are extremely delighted to have you join our
team. 
 Attached is important information about our organization, your individual position, benefits and rewards. I encourage you to review all materials
thoroughly and contact me with questions. 
 I am pleased to confirm in writing our offer of employment to you. The major provisions of your offer are:

  

	 	1.	Position: Your position is President, Packaging Services, reporting directly to John Lowry, President and Chief Executive Officer. 

  

	 	2.	Pay: Your base bi-weekly rate of pay will be $14,423.07 (annualized to $375,000). The official Catalent workweek starts on Monday and runs through Sunday. Catalent employees
are paid every other Friday, one week in arrears according to the payroll schedule included in your packet. 

  

	 	3.	Sign-On Bonus: You will receive a sign on bonus of $140,000.00. Please note all applicable taxes and withholdings will apply to this bonus payment. If you voluntarily
terminate employment with Catalent within twelve (12) months of your start date, you will be obligated to repay Catalent the full amount of the sign on bonus. 

  

	 	4.	Performance: Your performance and merit reviews will follow the standard annual review calendar for Catalent. 

  

	 	5.	Rewards: Catalent is pleased to offer a comprehensive, competitive compensation program that rewards talented employees for their performance. 

  

	 	a.	You will be eligible for participation in our short-term incentive plan, which we call our Management Incentive Plan (MIP). Your potential incentive for fiscal year 2008 (July 1,
2007—June 30, 2008) will be 75% of your annual base salary, prorated to reflect the number of days you are employed during the fiscal year. Annual bonus payments are determined based upon the achievement of specific financial and management
agenda objectives. This will be explained to you in more detail when you come on board, but I am happy to answer any questions you may have in the interim. For fiscal year 2008, Catalent will guarantee you fifty percent (50%) of your prorated
target bonus. 

 

 
  

	 	b.	You will be eligible for our health, life, disability and 401(k) retirement savings plans on your first day of employment. You will receive more information on these
benefits during your new hire orientation session. 

  

	 	c.	You will be eligible to participate in Catalent’s Deferred Compensation Plan that enables you to save over the IRS limits in the qualified 401(k) plan. Complete details on the
features of this plan and how to enroll will be mailed to your home following hire date. 

  

	 	d.	We will use our commercially reasonable efforts to recommend to the Board of Directors of PTS Holdings Corp. (parent entity of Catalent) that you be awarded stock options to acquire
shares of common stock of PTS Holdings Corp. with an aggregate value of $3,000,000 dollars (based on the per share exercise price in effect at the time of grant) and with an exercise price per share equal to the Fair Market Value on the date of
grant (as such term is defined in the Equity Documents). The grant of your award will be subject to your investment of not less than $300,000 in cash to purchase shares of common stock of PTS Holdings Corp. at a per share purchase price equal to the
Fair Market Value. The grant of your award is also subject to the approval of the Board of Directors of PTS Holdings Corp. and the date of the award, if so approved, will be the date the Board of Directors approves your award. The timing
of the approval of your recommended grant is dependent on your acceptance and start date. The complete terms and conditions of this equity award, including vesting provisions, will be communicated to you as part of the Equity Documents that you
will receive, pending approval of the award. Equity Documents as used herein is defined as the PTS Holdings Corp. Management Equity Subscription Agreement, PTS Holdings Corp. Securityholders Agreement, 2007 PTS Holdings Corp. Stock Incentive Plan,
and the Non-Qualified Stock Option Agreement to the 2007 PTS Holdings Corp. Stock Incentive Plan. 

  

	 	6.	Severance: A one year severance agreement is being prepared that will provide to you severance equal to your annual base salary, MIP target bonus and a subsidized medical
insurance benefit to COBRA for length of severance, subject to the terms of the agreement. 

  

	 	7.	Paid Time Off: Upon joining Catalent you will receive seven (7) paid company holidays (New Years Day, Memorial Day, Independence Day, Labor Day, Thanksgiving Day
and the day following, and Christmas Day). 

  

	 	a.	During the 2007 calendar year, you will be eligible to receive 4 days of Paid Time Off (PTO) for your first year benefit, assuming a November start date. 

 

	 	b.	Beginning January 2008, you will be eligible to receive up to 26 days of PTO. PTO includes vacation, sick and personal days, all of which need to be used during the 2008 calendar
year. Please note that Catalent does not allow the carryover of unused PTO unless required by state law. Currently, New Jersey does not require such carry-overs. 

  

	 	8.	Relocation: You are eligible for relocation assistance in accordance with the enclosed Catalent Pharma Solutions for Homeowners Assistance. It is understood that if you
voluntarily leave the employment of Catalent Pharma Solutions before one year you would be responsible for reimbursing to the company 100% of these costs, after one year 50% of these costs and that after two years, there would no longer be a
reimbursement obligation. By signing this offer letter, you agree that Catalent Pharma Solutions may withhold any amounts due from your final paycheck, as they relate to the above.

  

	 	9.	Start Date: Your first day of employment will be on a mutually agreement date. 

  

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	 	10.	Screening: Consistent with our policies for all Catalent personnel and the special consideration of our industry, this offer is contingent upon the taking of a company-paid
drug screening test, the results of which must be negative, as well as an acceptable background check, including references. 

  

	 	a.	The drug screen must be completed within five days of receipt of this offer. 

  

	 	b.	The background check, including references must be complete prior to your start of employment. Please sign and fax back within 72 hours of receipt of your electronic offer
packet the following documents authorizing us to move forward with the initiation of the required background check: 

  

	 	1.	Signed copy of this offer 

	 	2.	Background Check – Notice & Acknowledgement 

  

	 	11.	Terms: Employment with Catalent is not for any definite period of time and is terminable, with or without notice, at the will of either you or the company at any time for any
reason. There shall be no contract, express or implied, of employment. 

  

	 	12.	Ethics: As a company founded on a core set of values, we ask you to review the attached Standards of Business Conduct and be prepared to sign a letter of compliance.

  

	 	13.	Orientation: Orientation for new hires is conducted monthly at the Somerset facility. We will work out a mutually agreeable day and time for your orientation to receive
information about the benefits program, as well as technology training. If possible, on your first day, please bring the necessary identification to fill out your I-9 form. Typical identification items include your driver’s license and social
security card. 

 As mentioned above, please fax back a signed copy of this offer as well as the completed Background Check –
Notice & Acknowledgment to commence your background investigation to Scott Butchley at 732-537-5996. 
 If you have any questions, please feel free
to call me at 732-537-6401. 
 Sincerely, 

	
	
	/s/ John Lowry
	 John Lowry
 President and CEO
 Catalent Pharma Solutions, Inc.

 Enclosures 
  

	cc:	H. Weininger 

  

							
		 	I accept the above offer of employment:	 		 	
				
	 	 	/s/ Tracy Tsuetaki	 		 	October 3, 2007
		 	Tracy Tsuetaki	 		 	Date

  

 3Severance Agreement, dated September 22, 2008

 Exhibit 10.10 

			
	 

	  	 Catalent Pharma Solutions
 14 Schoolhouse
Road
 Somerset, NJ 08873
  
 T (732) 537-6341
 F (732) 537-5996
 www.catalent.com

 September 22, 2008 
 Tracy Tsuetaki 
 [Home Address] 
 Re: Severance
Benefits 
 Dear Tracy: 
 The purpose of this letter is to
memorialize the severance payments and benefits to which you will be entitled if your employment with Catalent Pharma Solutions, Inc. (the “Company”) ceases under specified circumstances. 
 Specifically, if either (i) you are involuntarily terminated by the Company for a reason other than Cause (as defined below), death or disability, or (ii) you
resign from your position with the Company for Good Reason (as defined below), you will receive the following severance payments and benefits on account of such termination: 
  

	 	(a)	A severance payment equal to one (1) times the sum of your annual base salary and target bonus, payable in equal installments over the one (1) year period following the
date of your termination of employment (the “Severance Period”), consistent with the normal payroll practices of the Company; and 

  

	 	(b)	You will continue to receive the group health benefits coverage in effect on your termination date (or generally comparable coverage) for yourself and, where applicable, your spouse
and eligible dependents (to the extent they were receiving such coverage as of the termination date), at the same premium rates as may be charged from time to time for employees of the Company generally, which coverage shall be provided until the
earlier of (x) the expiration of the Severance Period and (y) the date you are or become eligible for coverage under group health plan(s) of any other employer. Such continued coverage shall run concurrently with COBRA.

 These severance payments and benefits are conditioned on you signing and not revoking the Company’s standard release of claims for
executives generally. In addition, your entitlement to the severance payments and benefits are conditioned on your execution of and adherence to, the Management Equity Subscription Agreement; Section 6 of that Agreement sets forth customary
restrictions on competition during your employment with the Company and for a period of one (1) year following your termination of employment for any reason as well as customary confidentiality and non-solicitation covenants. 
 For purposes of this letter, the term “Cause” shall mean: (i) your willful failure to perform your duties which is not cured within fifteen (15) days
following written notice from the Company; (ii) your conviction or confessing to or becoming subject to proceedings that provide a reasonable basis for the Company to believe that you have engaged in a (x) felony, (y) crime involving
dishonesty, or (z) crime involving moral turpitude and which is demonstrably injurious to the Company and its subsidiaries; (iii) your willful malfeasance or misconduct which is demonstrably injurious to the Company and its subsidiaries;
or (iv) breach by you of the material terms of any non-competition, non-solicitation or confidentiality provisions. 

 
For purposes of this definition, no act or failure to act will be deemed “willful” unless effected by you not in good faith. 
 The term “Good Reason” shall mean, without your consent,: (i) a substantial diminution in your position or duties, adverse change in reporting lines, up
and down, or assignment of duties materially inconsistent with your position; (ii) any reduction in your base salary; (iii) failure of the Company to pay compensation or benefits when due; (iv) the Company’s failure to provide
you with an annual bonus opportunity that is at the same level as established in your offer letter dated September 28, 2007; or (v) you are required to move your principal business location more than fifty (50) miles, in each case,
which is not cured within thirty (30) days following the Company’s receipt of written notice from you describing the event constituting Good Reason. 
 Please note that, with respect to your outstanding equity rights at the time of your termination of employment, your individual grant agreement and the related equity documents set forth the consequences of your termination of employment on
such equity rights. 
 Your agreement to the terms of this letter supersedes any other oral or written agreement or understanding you have with the Company
(including any predecessor entity) regarding your eligibility for severance payments and benefits. 
 Please sign below your agreement to the terms of this
letter. This letter may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 If you have any questions regarding these severance payments and benefits you should contact George Fotiades at (732) 537-6322. 
 Sincerely, 

	
	
	/s/ George Fotiades
	 George L. Fotiades
 President and
CEO

  

					
	I hereby agree to the terms of this letter.	 		 	
			
	/s/ Tracy Tsuetaki	 		 	September 25, 2008
	Tracy Tsuetaki	 		 	Date

  

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