Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

STOCKHOLDERS’ AGREEMENT 
 by
and among 
 CATALENT, INC., 

GREEN EQUITY INVESTORS VII, L.P., 

GREEN EQUITY INVESTORS SIDE VII, L.P., 

LGP ASSOCIATES VII-A LLC 

and 
 LGP ASSOCIATES VII-B LLC 
 Dated as of May 17, 2019 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I GOVERNANCE
	  	 	1	 
			
	 1.1
	 	 Board of Directors
	  	 	1	 
	 1.2
	 	 Voting
	  	 	5	 
		
	 ARTICLE II OTHER COVENANTS
	  	 	5	 
			
	 2.1
	 	 Information Rights
	  	 	5	 
	 2.2
	 	 Standstill
	  	 	6	 
	 2.3
	 	 Transfer Restrictions
	  	 	8	 
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	 	10	 
			
	 3.1
	 	 Representations and Warranties of the Stockholders
	  	 	10	 
	 3.2
	 	 Representations and Warranties of the Company
	  	 	11	 
		
	 ARTICLE IV DEFINITIONS
	  	 	11	 
			
	 4.1
	 	 Defined Terms
	  	 	11	 
	 4.2
	 	 Terms Generally
	  	 	15	 
		
	 ARTICLE V MISCELLANEOUS
	  	 	16	 
			
	 5.1
	 	 Term
	  	 	16	 
	 5.2
	 	 Amendments and Waivers
	  	 	16	 
	 5.3
	 	 Successors and Assigns
	  	 	16	 
	 5.4
	 	 Confidentiality
	  	 	16	 
	 5.5
	 	 Severability
	  	 	17	 
	 5.6
	 	 Counterparts
	  	 	17	 
	 5.7
	 	 Entire Agreement
	  	 	17	 
	 5.8
	 	 Governing Law; Jurisdiction
	  	 	18	 
	 5.9
	 	 WAIVER OF JURY TRIAL
	  	 	18	 
	 5.10
	 	 Specific Performance
	  	 	18	 
	 5.11
	 	 No Third-Party Beneficiaries
	  	 	18	 
	 5.12
	 	 Notices
	  	 	18	 
	 5.13
	 	 Corporate Opportunities
	  	 	19	 

  
 i 

 STOCKHOLDERS’ AGREEMENT, dated as of May 17, 2019 (as may be
amended from time to time, this “Agreement”), by and among Catalent, Inc., a Delaware corporation (the “Company”), and each of Green Equity Investors VII, L.P., a Delaware limited partnership (“Fund
VII”), Green Equity Investors Side VII, L.P., a Delaware limited partnership (“Fund Side VII”), LGP Associates VII-A LLC, a Delaware limited liability company (“LGP VII-A”), and LGP Associates VII-B LLC, a Delaware limited liability company (“LGP VII-B”, and together with
Fund VII, Fund Side VII and LGP VII-A, the “Initial Stockholder”). The obligations of the Initial Stockholder set forth in this Agreement shall be several and not joint among Fund VII, Fund
Side VII, LGP VII-A and LGP VII-B and apportioned in percentages of 44.68269%, 52.79859%, 0.25248% and 2.26624%, respectively. 

W I T N E S S E T H: 

WHEREAS, the Company, Fund VII and Fund Side VII have entered into an Equity Commitment and Investment Agreement, dated as of
April 14, 2019 (as may be amended from time to time, the “Investment Agreement”), pursuant to which, among other things, the Company is issuing to the Initial Stockholder shares of Series A Preferred Stock; 

WHEREAS, simultaneously with the execution and delivery of this Agreement by the parties, the Company and the Initial
Stockholder have entered into a Registration Rights Agreement, dated as of May 17, 2019 (as may be amended from time to time, the “Registration Rights Agreement”), pursuant to which, among other things, the Company grants the
Initial Stockholder certain registration and other rights with respect to the shares of Series A Preferred Stock and the shares of Common Stock issued upon any conversion or redemption of shares of Series A Preferred Stock; and 

WHEREAS, each of the parties wishes to set forth in this Agreement certain terms and conditions regarding ownership of the
Securities; 
 NOW, THEREFORE, in consideration of circumstances recited above and the mutual covenants, representations,
warranties and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows: 

ARTICLE I 
 GOVERNANCE 

1.1    Board of Directors. 

(a)    Effective as of the Closing, the board of directors of the Company (the “Board”)
will (i) increase the size of the Board to eleven (11) members and the Board shall appoint Peter Zippelius to the Board to serve for a term expiring at the next annual general meeting of the Company’s stockholders following his
appointment and until his successor is duly elected and qualified, or, if earlier, his death, resignation, retirement or removal from office, and (ii) acknowledge and affirm that John Baumer shall, for so long as the Majority Approved Holders
have the right to designate a non-voting observer to the Board pursuant to Section 1.1(e), be a 

 
non-voting observer to the Board entitled to the rights and subject to the obligations set forth in this Agreement until his successor is duly appointed or, if earlier, his death or
relinquishment of such position. 
 (b)    For so long as the Approved Holders beneficially own
(i) shares of Series A Preferred Stock with an aggregate Stated Value of at least $250,000,000, or (ii) either (A) shares of Common Stock having an aggregate value of at least $250,000,000, calculated by valuing each share of Common Stock
at the 30-Day VWAP of one share of Common Stock as of the measurement date (the “Common Stock Valuation”), or (B) any combination of shares of Series A Preferred Stock or shares of Common
Stock having an aggregate value of at least $250,000,000, calculated by valuing each share of Series A Preferred Stock at the Stated Value of such share of Series A Preferred Stock and each share of Common Stock at the Common Stock Valuation, the
Majority Approved Holders shall have the right to designate one (1) designee to be nominated by the Company for election (including in accordance with Section (C) of Article VI of the Company’s Certificate of Designation of Series A
Convertible Preferred Stock (the “Series A Certificate”), if applicable), to the Board; provided that such designee is (A) a partner of Leonard Green & Partners, L.P. and reasonably acceptable to the Company,
which approval shall not be unreasonably withheld, or (B) acceptable to the Company in its sole discretion. At any time that none of the thresholds set forth in this Section 1.1(b) is satisfied, the designee shall, and
the Majority Approved Holders shall cause such designee to, promptly offer to resign from the Board (and any committee of the Board of which such designee is then a member) in a writing submitted to the Nominating and Corporate Governance Committee
of the Board (or any successor committee, however denominated). 
 (c)    For so long as the Majority
Approved Holders have the right to designate a director for nomination pursuant to Section 1.1(b), the Board shall include such designee in the slate of nominees to be elected or appointed to the Board at the next annual or
special meeting of stockholders of the Company at which directors are to be elected or appointed and each subsequent such meeting, except such meetings for the purpose of filling vacancies or newly created directorships (other than a vacancy to be
filled by a designee selected by the Majority Approved Holders) (including pursuant to Section (C) of Article VI of the Series A Certificate, if applicable), in each case, subject to (i) such designee’s satisfaction of all applicable
requirements regarding service as a director of the Company under (A) NYSE rules (or the rules of the principal market on which shares of Common Stock are then listed) regarding service as a director, and (B) Applicable Law, (ii) such
designee having not been involved in any of the events enumerated under Items 2(d) or 2(e) of Schedule 13D pursuant to Regulation 13D-G under the Exchange Act or Item 401(f) of Regulation S-K under the Securities Act, and (iii) such designee’s satisfaction of all such other criteria and qualifications for service as a director applicable to all directors of the Company as in effect on the
date thereof; provided, however, that in no event shall any such designee’s relationship with the Approved Holders or their Affiliates (or any other actual or potential lack of independence resulting therefrom), in and of itself,
be considered to disqualify such designee from being a nominee or member of the Board pursuant to this Section 1.1. 

  
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 (d)    For so long as the Majority Approved Holders have
the right to designate a director for nomination pursuant to Section 1.1(b): 

(i)    the Company or the Board shall (A) to the extent necessary cause the Board to have a vacancy
to permit such Person to be added as a member of the Board, (B) nominate such Person for election to the Board in accordance with Section 1.1(c), and (C) to the extent that a vote of the Company’s
stockholders shall be required, recommend that the Company’s stockholders vote in favor of the Person designated for nomination by the Majority Approved Holders pursuant to Section 1.1(b). In the event of the death,
resignation, retirement, disqualification, disability or removal of any Person designated by the Majority Approved Holders as a member of the Board, subject to the continuing satisfaction of the applicable thresholds set forth in
Section 1.1(b), the Majority Approved Holders may designate a Person satisfying the criteria and qualifications set forth in Section 1.1(c) to replace such Person, and the Company shall cause such
newly designated Person to fill such resulting vacancy. So long as any Person designated by the Majority Approved Holders as a member of the Board is eligible to be so designated in accordance with this Section 1.1, the
Company shall not take any action to remove such Person as a director without cause without the prior written consent of the Majority Approved Holders; 

(ii)    the Majority Approved Holders’ designee for the Board shall have the rights and obligations
of a director of the Company, including the right to (A) attend all meetings of the Board and all meetings of any committee(s) of the Board, if any, on which such designee then serves, (B) receive advance notice of each meeting, including
such meeting’s time and place, at the same time and in the same manner as such notice is provided to the other members of the Board, and (C) receive copies of all materials, including notices, minutes, consents and regularly compiled
financial and operating data distributed to the other members of the Board at the same time such materials are distributed to the other members of the Board; 

(iii)    the Majority Approved Holders’ designee for the Board shall be bound by all
confidentiality, conflicts of interests, trading, disclosure and other governance requirements of a director on the Board, as determined by the Board from time to time; 

(iv)    the Company shall not, without the prior written approval of the Majority Approved Holders,
(A) increase the size of the Board in excess of thirteen (13), or (B) decrease the size of the Board if such decrease would require the resignation of the Majority Approved Holders’ designee from the Board; 

(v)    the Majority Approved Holders’ designee for the Board shall be entitled to compensation
consistent with the compensation received by other independent directors of the Board, including any fee or equity award, and reimbursement for reasonable, out-of-pocket
and documented expenses incurred in attending meetings of the Board and its committees; and 

(vi)    the Company shall provide the Majority Approved Holders’ designee for the Board with the
same rights to indemnification and advancement and the same director and officer insurance that it provides to the other members of the Board. 

(e)    In addition to the rights conferred on the Majority Approved Holders pursuant to Sections
1.1(b) - 1.1(d), for so long as the Approved Holders beneficially own (i) shares of Series A Preferred Stock with an aggregate Stated Value of at least $500,000,000, or (ii) either (A) shares of Common Stock having an
aggregate value of at least $500,000,000, calculated 

  
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by valuing each share of Common Stock at the Common Stock Valuation, or (B) any combination of shares of Series A Preferred Stock or shares of Common Stock having an aggregate value of at
least $500,000,000, calculated by valuing each share of Series A Preferred Stock at the Stated Value of such share of Series A Preferred Stock and each share of Common Stock at the Common Stock Valuation, the Majority Approved Holders shall have the
right to designate one (1) non-voting observer to the Board, subject to (x) such observer’s satisfaction of all applicable requirements regarding service as a director of the Company under
(1) NYSE rules (or the rules of the principal market on which the Common Stock is then listed) regarding service as a director, and (2) Applicable Law, (y) such observer having not been involved in any of the events enumerated under
Items 2(d) or 2(e) of Schedule 13D under the Exchange Act, or any successor provision thereto, or Item 401(f) of Regulation S-K under the Securities Act, or any successor provision thereto, and (z) such
observer’s satisfaction of all such other criteria and qualifications for service as an observer of the Board, as determined by the Board from time to time reasonably and in good faith; provided that such observer is (I) a partner
of Leonard Green & Partners, L.P. and reasonably acceptable to the Company, which approval shall not be unreasonably withheld, or (II) otherwise acceptable to the Company in its sole discretion. At any time that none of the thresholds
set forth in this Section 1.1(e) is satisfied, all rights of the Majority Approved Holders to designate an observer to the Board and for any previously designated observer to observe under this Agreement shall terminate
without the requirement of further action by the Company or any other Person. 
 (f)    For so long as
the Majority Approved Holders have the right to designate a non-voting observer to the Board, such observer to the Board shall have the right to (i) attend all meetings of the Board (but whose presence
shall not be counted towards the Board’s quorum) and all meetings of any committee(s) of the Board, if any, on which the Person designated as a director by the Majority Approved Holders pursuant to Section 1.1(b) then
serves (but whose presence shall not be counted towards any such committee(s)’ quorum), in each case, in a non-voting observer capacity, (ii) receive advance notice of each meeting, including such
meeting’s time and place, at the same time and in the same manner as such notice is provided to the members of the Board, and (iii) receive copies of all materials, including notices, minutes, consents and regularly compiled financial and
operating data distributed to the members of the Board at the same time as such materials are distributed to the Board; provided, however, (A) the Company shall have the right to exclude such observer or withhold such information
to the extent such observer’s presence or receipt of such information could reasonably be expected to result in the loss of attorney-client privilege or any other privilege or a violation of antitrust, export control or other Applicable Laws,
breach of any confidentiality agreement or any other adverse consequence to the Company, and (B) that such observer shall not be entitled to attend the portion of any Board or committee meeting that constitutes an executive session of the Board
or any such committee thereof that is limited solely to independent directors of the Board and the Company’s independent auditors or legal counsel, as applicable. The Board observer shall be bound by all confidentiality, conflicts of interests,
trading and disclosure and other governance requirements of a director on the Board, as determined by the Board from time to time. 

(g)    If the Majority Approved Holders have the right to designate a director for nomination pursuant to
Section 1.1(b) and the Majority Approved Holders notify the Company in writing that the Majority Approved Holders elect or agree not to designate a director for nomination, then the Majority Approved Holders shall have the
right to instead designate a second non-voting observer to the Board with the rights set forth in Sections 1.1(e) and 1.1(f). 

  
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 1.2    Voting. For so long as the Majority
Approved Holders have the right to designate a director for nomination pursuant to Section 1.1(b), at each meeting of the stockholders of the Company and at every postponement or adjournment thereof, each Stockholder shall
take such action as may be required so that all of the shares of Series A Preferred Stock or Common Stock beneficially owned, directly or indirectly, by such Stockholder and entitled to vote at such meeting of stockholders are voted (i) in
favor of each director nominated or recommended by the Board for election at any such meeting (provided that such nomination is not inconsistent with Section 1.1(b)), and against the removal of any director who has
been elected following nomination or recommendation by the Board, (ii) against any stockholder nomination for director that is not approved and recommended by the Board for election at any such meeting, (iii) in favor of the Company’s
“say-on-pay” proposal and any proposal by the Company relating to equity compensation that has been approved by the Board or the Compensation &
Leadership Committee of the Board (or any successor committee, however denominated), (iv) in favor of the Company’s proposal for ratification of the appointment of the Company’s independent registered public accounting firm, and
(v) in accordance with the recommendation of the Board with respect to any proposed merger, business combination or similar transaction between the Company and any other Person, but no Stockholder shall be under any obligation to vote in the
same manner as recommended by the Board or in any other manner, other than in its sole discretion, with respect to any other matter. In furtherance of the foregoing, for so long as the Majority Approved Holders have the right to designate a director
for nomination pursuant to Section 1.1(b), each Stockholder shall take such action as may be required so that such Stockholder is present, in person or by proxy, at each meeting of the stockholders of the Company and at
every postponement or adjournment thereof so that all of the shares of Series A Preferred Stock or Common Stock beneficially owned, directly or indirectly, by such Stockholder may be counted for the purposes of determining the presence of a quorum
and voted in accordance with the terms and conditions of this Section 1.2. 
 ARTICLE II 

OTHER COVENANTS 

2.1    Information Rights. 

(a)    For so long as the Majority Approved Holders have the right to designate a director for nomination
pursuant to Section 1.1(b), and subject to the terms and conditions of Section 5.4, the Company shall provide the Approved Holders with: 

(i)    quarterly financial statements as soon as reasonably practicable after they become available but
no later than forty-five (45) days after the end of each of the first three quarters of each fiscal year of the Company; provided that this requirement shall be deemed to have been satisfied if, on or prior to such date, the Company
files its quarterly report on Form 10-Q for the applicable fiscal quarter with the SEC; and 

(ii)    audited (by a nationally recognized accounting firm) annual financial statements as soon as
reasonably practicable after they become available but no later than 

  
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ninety (90) days after the end of each fiscal year of the Company; provided that this requirement shall be deemed to have been satisfied if, on or prior to such date, the Company
files its annual report on Form 10-K for the applicable fiscal year with the SEC, 
 in each case,
prepared in accordance with GAAP as in effect from time to time, which such financial statements shall include the consolidated balance sheets of the Company and its Subsidiaries and the related consolidated statements of operations, income, changes
in shareholders’ equity and cash flows. Subject to reasonable restrictions imposed by the Company to comply with antitrust, export control and other Applicable Laws, the Company shall permit the Approved Holders or any authorized
representatives designated by the Approved Holders (other than any Permitted Initial Stockholder LP or authorized representative thereof) reasonable access to visit and inspect any of the properties of the Company or any of its Subsidiaries,
including its and their books of accounting and other records, and to discuss its and their affairs, finances and accounts with its and their officers, all upon reasonable notice and at such reasonable times and as often as the Approved Holders may
reasonably request. Any investigation pursuant to this Section 2.1 shall be conducted during normal business hours and in such manner as not to interfere unreasonably with the conduct of the Company and its Subsidiaries.

 (b)    For so long as the Majority Approved Holders have the right to designate a director for
nomination pursuant to Section 1.1(b), subject to the terms and conditions of Section 5.4, the Company shall provide to the Approved Holders copies of all material written information that is
provided to the Board at substantially the same time at which such information is first delivered or otherwise made available in writing to the Board; provided, however, that the Company shall not be required to provide any such
information to the extent the terms and conditions of Section 2.1(c) apply. 

(c)    Notwithstanding anything to the contrary in this Agreement, neither the Company nor any of its
Subsidiaries shall have any obligation to disclose any information, other than the financial statements required by Section 2.1(a), to the extent that (i) such disclosure is prohibited by Applicable Law, or
(ii) such disclosure would reasonably be expected to cause a violation of any agreement to which the Company or any of its Subsidiaries is a party or would cause a risk of loss of privilege to the Company or any of its Subsidiaries
(provided that the Company shall use reasonable best efforts to make appropriate substitute arrangements under circumstances where the restrictions in any of the foregoing clauses (i) – (ii) of this
Section 2.1(c) apply). 
 2.2    Standstill. 

(a)    Until the later of (x) the three (3) year anniversary of the Closing, and (y) the
date on which the Majority Approved Holders are no longer entitled to designate any director for nomination pursuant to Section 1.1 (or have irrevocably waived their right), each Stockholder agrees that, without the prior
approval of the Board, such Stockholder will not (in its own capacity or with or through any other Person), directly or indirectly: 

(i)    acquire, offer or propose to acquire, solicit an offer to sell or agree to acquire, directly or
indirectly, alone or in concert with others, by purchase or otherwise, any direct or indirect “beneficial ownership” (as defined in Rule 13d-3 and Rule 13d-5
under the 

  
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Exchange Act) of any securities of the Company or its Subsidiaries, including shares of Common Stock, any securities convertible or exchangeable into shares of Common Stock or direct or indirect
rights, warrants or options to acquire, or securities convertible into or exchangeable for, any voting securities of the Company or any of its Subsidiaries, excluding any shares of Common Stock or other securities acquired (A) pursuant to a
conversion or redemption of any shares of Series A Preferred Stock, bonus issue, dividend or distribution by the Company or otherwise acquired pursuant to the Transaction Documents (as defined in the Investment Agreement), or (B) by a Person
from the Company in connection with such Person’s service as a director or Board observer; 

(ii)    except as otherwise expressly provided in this Agreement, make, or in any way knowingly encourage
or participate in, directly or indirectly, alone or in concert with others, any “solicitation” of “proxies” to vote (as such terms are used in the proxy rules of the SEC promulgated pursuant to Section 14 of the Exchange
Act), any securities of the Company or any of its Subsidiaries (whether or not any such vote relates to the election or removal of directors) whether subject to or exempt from the federal proxy rules, seek to advise or influence in any manner
whatsoever any Person with respect to the voting of any securities of the Company or any of its Subsidiaries or seek to propose to influence, advise, change or control the management, board of directors (or similar governing body), policies, affairs
or strategy of the Company or any of its Subsidiaries by way of any public communication or other communications to their respective equityholders intended for such purpose; 

(iii)    except as otherwise expressly provided in this Agreement or as required in connection with the
consummation of the transactions contemplated by the Investment Agreement, form, join or in any way participate or act in a “group” (as such term is used in Section 13(d)(3) of the Exchange Act) with respect to any voting securities
of the Company or any of its Subsidiaries; 
 (iv)    acquire, offer to acquire or agree to acquire,
directly or indirectly, alone or in concert with others, by purchase, exchange or otherwise, (A) any of the assets (tangible or intangible) of the Company or any of its Subsidiaries, or (B) any direct or indirect right, warrant or option
to acquire any asset of the Company or any of its Subsidiaries, except in the event any such asset as is then being offered for sale by the Company or any of its Subsidiaries; 

(v)    arrange, or in any way participate, directly or indirectly, in any financing for the purchase of
any securities or assets of the Company or any of its Subsidiaries or any securities convertible into or exchangeable or exercisable for any securities or assets of the Company or any of its Subsidiaries, except for such securities or assets as are
then being offered for sale by the Company or any of its Subsidiaries; 
 (vi)    act, alone or in
concert with others, to make any public announcement or seek to propose (in each case, with or without any condition) to the Company, any of its Subsidiaries or any of their respective equityholders any amalgamation, merger, business combination,
tender or exchange offer, restructuring, recapitalization, liquidation of or other similar transaction to or with the Company or any such Subsidiary (or in respect of any securities of the Company or any of its Subsidiaries) or otherwise seek, alone
or in concert with others, to control, change or influence the management, board of directors or policies of the Company or any such Subsidiary or nominate any Person as a director who is not nominated by the then-incumbent Board, or propose any
matter to be voted upon by the stockholders of the Company; 

  
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 (vii)    make any request or proposal to amend, waive
or terminate any provision of this Section 2.2(a); provided that this clause shall not prohibit a Stockholder from making a confidential request or proposal to the Chief Executive Officer or Chair of the Board
seeking any amendment or waiver of any provision of this Section 2.2, which the Company may accept or reject in its sole discretion, so long as any such request is made in a manner that does not require public disclosure
thereof; or 
 (viii)    take any action that might result in the Company having to make a public
announcement regarding any of the matters referred to in clauses (i) - (vii) of this Section 2.2(a), or announce any intention to do, or enter into any arrangement, understanding or discussion with any one or
more other Persons to do, any of the actions restricted or prohibited under clauses (i) - (vii) of this Section 2.2(a). 

(b)    Nothing in Section 2.2(a) will limit the Stockholders’ ability to
vote (subject to Section 1.2 above), Transfer (subject to Section 2.3 below), convert (subject to Section (C) of Article VII of the Series A Certificate) or otherwise exercise the rights of
its shares of Common Stock or shares of Series A Preferred Stock or the ability of the Stockholders’ director designee elected to the Board pursuant to Section 1.1 to vote or otherwise exercise its legal duties or
otherwise act in its capacity as a member of the Board. 
 2.3    Transfer Restrictions. 

(a)    Until the earlier of (x) eighteen (18) months following the Closing, and (y) the
occurrence of a transaction resulting in a Change of Control (as defined in the Series A Certificate) of the Company, no Stockholder shall Transfer any share of Series A Preferred Stock or any share of Common Stock issued upon conversion of any
share of Series A Preferred Stock except as otherwise permitted pursuant to the terms and conditions of this Agreement, including Section 2.3(b). 

(b)    Notwithstanding anything to the contrary in Section 2.3(a), each
Stockholder shall be permitted to Transfer any portion or all of its shares of Series A Preferred Stock or shares of Common Stock issued upon conversion of any share of Series A Preferred Stock at any time under the following circumstances: 

(i)    Transfers to any Permitted Transferee, but only if (A) such Permitted Transferee agrees in
writing for the benefit of the Company (in form and substance reasonably satisfactory to the Company and with a copy thereof to be furnished to the Company) to be bound by the terms of this Agreement, which writing shall be deemed acceptable to the
Company if in the form of a joinder substantially in the form attached hereto as Exhibit A (a “Joinder”); and (B) such Permitted Transferee and the applicable Transferor Stockholder agree in writing for the benefit of
the Company that such Permitted Transferee shall Transfer its shares of Series A Preferred Stock or shares of Common Stock issued upon conversion of any share of Series A Preferred Stock back to such Transferor Stockholder at or before such time as
such Permitted Transferee ceases to qualify hereunder as a Permitted Transferee of such Transferor Stockholder, which writing shall be deemed acceptable to the Company if in the form substantially in the form attached hereto as Exhibit B;

  
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 (ii)    Transfers pursuant to an amalgamation, merger,
tender offer or exchange offer or other business combination, acquisition of assets or similar transaction entered into by the Company or any transaction resulting in a Change of Control of the Company; or 

(iii)    Transfers that have been approved in writing by the Board prior to such Transfer. 

(c)    Notwithstanding anything to the contrary in Sections 2.3(a) and (b), for as long as
any shares of Series A Preferred Stock issued pursuant to the Investment Agreement are issued and outstanding, without the prior written consent of the Company in its sole discretion, no Stockholder may Transfer any share of Series A Preferred Stock
or share of Common Stock issued or issuable upon conversion or redemption of any share of Series A Preferred Stock to (i) any Company Competitor, (ii) any Person that has filed (individually or jointly with others in a “group”
(as such term is used in Section 13(d)(3) of the Exchange Act)) a report on Schedule 13D or Schedule 13G pursuant to Regulation 13D-G under the Exchange Act with respect to its ownership of shares of
capital stock of the Company if (A) such Person has a current obligation to file (individually or jointly with others in a group) a report on Schedule 13D or Schedule 13G, and (B) the last such report on Schedule 13D or Schedule 13G (or
amendment thereto) filed (individually or jointly with others in a group) by such Person states that such Person beneficially owns more than five percent (5%) of the issued and outstanding capital stock of the Company (any such Person that has filed
or has a current obligation to file a report on Schedule 13G, a “Schedule 13G Filer”), (iii) any Person that such Stockholder knows or reasonably should know (1) is or has been an investor in the Company, and (2) in the
three years prior to the date of any such proposed Transfer has stated an intention to or has actually attempted to (pursuant to proxy solicitation, tender or exchange offer or other means) obtain a seat on the Board, or (iv) any Person that
such Stockholder knows (after reasonably inquiry of such Person) would be required to file (individually or jointly with others in a group) a report on Schedule 13D or Schedule 13G with respect to its ownership of shares of the Company as a result
of such Transfer (any such Person, a “Prohibited Transferee”); provided that the restrictions set forth in the foregoing clauses (ii) and (iv) shall terminate and be of no further force or effect upon the
first date that there is no longer any share of Series A Preferred Stock outstanding; provided, further, that, notwithstanding anything to the contrary in the foregoing, this Section 2.3(c) shall not apply to
restrict a Transfer pursuant to a registered public offering (other than a direct placement) or Rule 144 under the Securities Act (provided that any such Transfer pursuant to Rule 144 either is not a direct placement or satisfies the
requirements of paragraph (f) of such rule), so long as, in the case of a Transfer to which either of the foregoing clauses (ii)(A) or (ii)(B) of this Section 2.3(c) would otherwise apply, such Transfer
is not knowingly (without any obligation of investigation) made by any Stockholder to a Prohibited Transferee (other than a Schedule 13G Filer, except for any Schedule 13G Filer who is a Company Competitor). 

(d)    Notwithstanding anything to the contrary in this Agreement or otherwise, “Transfer” shall
not include, and this Section 2.3 shall not prohibit, any encumbrance or pledge of any share of Series A Preferred Stock or Common Stock issued upon conversion of any share of the Series A Preferred Stock, or any exercise
of remedies with respect to any of the foregoing, 

  
 -9- 

 
pursuant to (i) one or more credit facilities of the Initial Stockholder or any of its Affiliates, so long as (A) the Initial Stockholder shall provide prompt written notice to the
Company (pursuant to Section 5.12) if any event of default pursuant to any such credit facility occurs which results in any lender thereunder becoming entitled (with the provision of notice, lapse of time, or both) to
foreclose on such collateral, (B) any such credit facility provides that the Company will be entitled to redeem any share of Series A Preferred Stock or share of Common Stock issued upon conversion of any share of Series A Preferred Stock,
within twenty (20) Business Days following notice to the Company of such foreclosure, for the redemption price set forth in Section (A) of Article VIII of the Series A Certificate, and (C) any such credit facility provides that any
lender thereunder will not be entitled to exercise any right pursuant to Sections 1.1 or 2.1, including in the event of any such foreclosure or (ii) any back leverage financing, so long as any such financing provides that any lender
thereunder will not be entitled to exercise any right pursuant to Sections 1.1 or 2.1, including in the event of any foreclosure. 

(e)    Any attempted Transfer in violation of this Section 2.3 shall be null and
void ab initio and the Company shall not be required to give any effect thereto. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES 

3.1    Representations and Warranties of the Stockholders. The Initial Stockholder, as of the date
hereof, and each other Stockholder, as of the date such Stockholder becomes a party to this Agreement pursuant to the execution of a Joinder, hereby represent and warrant to the Company as follows: 

(a)    Such Stockholder has been duly formed, is validly existing and is in good standing under the laws
of its jurisdiction of organization. Such Stockholder has all requisite power and authority to execute and deliver this Agreement (or to deliver a Joinder and join this Agreement, as applicable) and to perform its obligations under this Agreement.

 (b)    The execution and delivery by such Stockholder of this Agreement (or the execution and
delivery of a Joinder and the joining of this Agreement, as applicable) and the performance by such Stockholder of its obligations under this Agreement do not and will not conflict with, violate any provision of or require the consent or approval of
any Person under (i) Applicable Law, (ii) the organizational documents of such Stockholder, or (iii) any Contract to which such Stockholder is a party or to which any of its assets is subject, except, in case of clauses (i) and
(iii), as would not be reasonably expected to have a material adverse effect on such Stockholder’s performance of its obligations hereunder. 

(c)    The execution and delivery by such Stockholder of this Agreement (or the execution and delivery of
a Joinder and the joining in this Agreement, as applicable) and the performance by such Stockholder of its obligations under this Agreement have been duly authorized by all necessary corporate (or similar) action on the part of such Stockholder.
Assuming the due authorization, execution and delivery of this Agreement by the Company, this Agreement constitutes a legal, valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with its terms, subject
to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. 

  
 -10- 

 3.2    Representations and Warranties of the
Company. The Company hereby represents and warrants to the Initial Stockholder as of the date hereof as follows: 

(a)    The Company is a duly incorporated and validly existing corporation in good standing under the laws
of the state of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement. 

(b)    The execution and delivery by the Company of this Agreement and the performance of the obligations
of the Company under this Agreement do not and will not conflict with, violate any provision of or require any consent or approval of any Person under (i) Applicable Law, (ii) the organizational documents of the Company, or (iii) any
Contract to which the Company is a party or to which any asset of the Company and its Subsidiaries is subject, except, in case of clauses (i) and (iii), as would not be reasonably expected to have a material adverse effect on the
Company and its Subsidiaries’ ability to operate in the ordinary course of business consistent with past practice. 

(c)    The execution, delivery and performance of this Agreement by the Company have been duly authorized
by all necessary corporate action on the part of the Company. Assuming the due authorization, execution and delivery of this Agreement by the Initial Stockholder, this Agreement constitutes a legal, valid and binding obligation of the Company,
enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to general principles of equity. 

ARTICLE IV 
 DEFINITIONS 

4.1    Defined Terms. Capitalized terms when used in this Agreement have the following meanings:

 “30-Day VWAP” has the meaning set forth in the Series A
Certificate. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. Notwithstanding anything to the contrary in this definition, none of the Stockholders or their respective Affiliates shall be deemed to be
an Affiliate of the Company or any of its Subsidiaries. 

  
 -11- 

 “Agreement” has the meaning set forth in the Preamble. 

“Applicable Law” means any law, statute, constitution, principle of common law, ordinance, regulation and
order of any Governmental Entity. 
 “Approved Holders” means the Initial Stockholder and any Permitted
Transferees of the Initial Stockholder or any other direct or indirect Permitted Transferee of the Initial Stockholder. 

“Board” has the meaning set forth in Section 1.1(a). 

“Business Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday and is not a day on which
banking institutions in New York, New York, generally are authorized or obligated by Applicable Law to close. 

“Closing” has the meaning set forth in the Investment Agreement. 

“Common Stock” means the common stock, par value $0.01 per share of the Company. 

“Common Stock Valuation” has the meaning set forth in Section 1.1(b). 

“Company” has the meaning set forth in the Preamble. 

“Company Competitor” means, as of any date of determination, any Person that competes with the Company with
respect to (i) delivery technologies or development solutions for drugs, biologics or consumer and animal health products, (ii) manufacturing, packaging, labeling, storage, distribution or inventory management of customer-required patient
kits for clinical trials of drugs or biologics, or (iii) any other business in development by the Company or any of its Subsidiaries or in which the Company or any of its Subsidiaries may then be engaged, including the formulation, development,
manufacture or sale of viral vectors or related bioanalytical testing, in each case in a manner material to the Company or any of the Company’s reporting segments. 

“Confidential Information” means any and all confidential, non-public
or proprietary information or data pertaining to the Company or any of its Subsidiaries, or the respective businesses and operations thereof, furnished or made available by or on behalf of the Company or any of its Subsidiaries to any Stockholder or
any of its Representatives purporting to act on its behalf; provided that “Confidential Information” shall not include information that (i) is at the time of disclosure to such Stockholder or Representative, already in such
Stockholder’s or Representative’s possession (provided, however, that such information is not, to the knowledge of such Stockholder following reasonable inquiry subject to an obligation of confidentiality owed to the Company,
any Subsidiary of the Company or any other Person), (ii) is or becomes generally available to the public other than as a result of a disclosure by such Stockholder or any of its Affiliates or Representatives in violation of this Agreement or any
applicable confidentiality or non-disclosure agreement, (iii) becomes available to such Stockholder on a non-confidential basis from a source other than the Company, any of its Subsidiaries or any of
their 

  
 -12- 

 
respective Representatives (provided, however, that such source is not known by such Stockholder following reasonable inquiry to be bound by an obligation of confidentiality owed to
the Company, any Subsidiary of the Company or any other Person), or (iv) is developed by such Stockholder without using all or any portion of Confidential Information or violating any of the obligations of such Stockholder under this Agreement.

 “Confidentiality Agreement” means that certain Confidentiality Agreement, dated as of January 2,
2019, by and between Catalent Pharma Solutions, LLC and Leonard Green & Partners, L.P. 

“Contract” means any contract, agreement, note, bond, indenture, guarantee, subcontract, lease or undertaking.

 “Exchange Act” means the U.S. Securities and Exchange Act of 1934, as amended, and the rules and
regulations promulgated thereunder. 
 “Fund VII” has the meaning set forth in the Preamble. 

“Fund Side VII” has the meaning set forth in the Preamble. 

“Governmental Entity” means any court, administrative or regulatory agency or commission or other governmental
or arbitral body or authority or instrumentality, including any state-controlled or -owned corporation or enterprise, in each case whether federal, state, local or foreign, and any applicable industry self-regulatory organization. 

“Initial Stockholder” has the meaning set forth in the Preamble. 

“Investment Agreement” has the meaning set forth in the Recitals. 

“LGP VII-A” has the meaning set forth in the Preamble. 

“LGP VII-B” has the meaning set forth in the Preamble. 

“Majority Approved Holders” means, as of any date, any one or more of the Approved Holders holding in the
aggregate a majority of the shares of Common Stock then held, on a fully-diluted and as converted basis, by all Approved Holders. 

“Other Investments” has the meaning set forth in Section 5.13. 

“Permitted Initial Stockholder LP” means any limited partner of, or Affiliate of a limited partner of, Fund
VII or Fund Side VII or any of their parallel or feeder funds that is not a Prohibited Transferee. 
 “Permitted
Transferee” means, with respect to any Person, (i) any successor entity of such Person, (ii) if such Person is an investment fund, vehicle or similar entity, any other investment fund, vehicle or similar entity controlled by a
Related GP Entity and managed by a Related IM Entity for so long as such fund or investment vehicle remains controlled by a Related GP Entity and managed by a Related IM Entity, (iii) a wholly owned

  
 -13- 

 
Subsidiary of such Person and (iv) with the consent of the Company, such consent not to be unreasonably withheld, any Permitted Initial Stockholder LP. Notwithstanding anything to the
contrary in the foregoing, “Permitted Transferee” shall not include any portfolio company or investment of any fund or investment vehicle controlled by a Related GP Entity and managed by a Related IM Entity. 

“Person” means any natural person, corporation, partnership, limited liability company, firm, association,
trust, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 

“Prohibited Transferee” has the meaning set forth in Section 2.3(c). 

“Purchaser Group” has the meaning set forth in Section 5.13. 

“Registration Rights Agreement” has the meaning set forth in the Recitals. 

“Related IM Entity” means any Person (i) that, pursuant to contract, manages or directs the investment
decision-making of an affiliated pooled investment fund or vehicle sponsored by Leonard Green & Partners, L.P., and (ii) whose outstanding equity interests are at least seventy-five percent (75%) owned by current or former (as of the
date of determination) Leonard Green & Partners, L.P. personnel or their estate planning vehicles. 

“Related GP Entity” means any Person (i) that acts as the general partner or managing member (or in a
similar capacity) of an affiliated pooled investment fund or vehicle sponsored by Leonard Green & Partners, L.P., and (ii) whose outstanding equity interests are at least seventy-five percent (75%) owned by current or former (as of the
date of determination) Leonard Green & Partners, L.P. personnel or their estate planning vehicles or an Affiliate of Leonard Green & Partners, L.P. 

“Renounced Business Opportunity” has the meaning set forth in Section 5.13. 

“Representative” means, with respect to any Person, any director, officer, employee, general partner, member,
manager, advisor (including any financial advisor, legal counsel, accountant or consultant), agent or other representative of such Person. 

“Schedule 13G Filer” has the meaning set forth in Section 2.3(c). 

“Securities” means the shares of Series A Preferred Stock issued pursuant to the Investment Agreement on the
date hereof or the shares of Common Stock issued in connection with the conversion or redemption of all or any portion of the shares of Series A Preferred Stock (without duplication). 

“Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder. 
 “Series A Certificate” has the meaning set forth in Section 1.1(b).

  
 -14- 

 “Series A Preferred Stock” means the preferred stock, par
value $0.01 per share, designated as “Series A Convertible Preferred Stock”, of the Company issued on the date hereof pursuant to the Investment Agreement. 

“Stated Value” has the meaning set forth in the Series A Certificate. 

“Stockholders” means the Initial Stockholder and any Person (i)(x) who acquires shares of Series A Preferred
Stock (or to whom shares of Series A Preferred Stock is transferred), whether from an existing Stockholder, the Company or otherwise or (y) to whom any right, interest or obligation hereunder is assigned pursuant to and in accordance with
Section 5.3, and (ii) in the case of both clauses (i)(x) and (i)(y), who executes a written joinder substantially in the form attached hereto as Exhibit A. 

“Subsidiary” means, with respect to any Person, any corporation, partnership, joint venture, limited liability
company or other entity (i) of which such Person or a subsidiary of such Person is a general partner, or (ii) of which a majority of the voting securities or other voting interests, or a majority of the securities or other interests of
which having by their terms ordinary voting power to elect a majority of the board of directors or Persons performing similar functions with respect to such Person, is directly or indirectly owned by such Person and/or one or more subsidiaries
thereof. 
 “Transfer” by any Person means, directly or indirectly, sell, transfer, assign, pledge (subject
to Section 2.3(d)), encumber (subject to Section 2.3(d)), hypothecate or similarly dispose of, either voluntarily or involuntarily, or enter into any contract, option or other arrangement or
understanding with respect to the sale, transfer, assignment, pledge (subject to Section 2.3(d)), encumbrance (subject to Section 2.3(d)), hypothecation or similar disposition of, any securities
owned by such Person or of any interest (including any voting interest) in any securities owned by such Person. Correlative terms, including the terms “Transferor”, “Transferee” and “Transferred”,
shall have correlative meanings. 
 4.2    Terms Generally. The words “hereby,”
“herein,” “hereof,” “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which such word appears. All references herein to
“Articles” and “Sections” shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include,” “includes” and “including” shall be
deemed to be followed by the phrase “without limitation.” References to “$” or “dollars” means United States dollars. The definitions given for terms in this ARTICLE IV and elsewhere in this Agreement shall apply
equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. References herein to any agreement or letter shall be deemed
references to such agreement or letter as it may be amended, restated or otherwise revised from time to time. 

  
 -15- 

 ARTICLE V 

MISCELLANEOUS 

5.1    Term. This Agreement will be effective as of the Closing and, except as otherwise set forth
herein, will continue in effect thereafter until the mutual written agreement of the Company and the Majority Approved Holders to terminate this Agreement. 

5.2    Amendments and Waivers. Except as otherwise provided herein, the provisions of this
Agreement may be amended or waived only upon the prior written consent of the Company and the Majority Approved Holders. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any right or remedy
provided by Applicable Law. 
 5.3    Successors and Assigns. Except as otherwise expressly
provided in this Section 5.3, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties (whether an initial party or made party through a Joinder or otherwise),
in whole or in part (whether by operation of law or otherwise), without the prior written consent of the Company and the Majority Approved Holders. Notwithstanding anything to the contrary in the foregoing, (a) subject to the terms and
conditions of this Agreement, a Stockholder may assign all or any portion of its rights and interests under this Agreement to any Person (i) to which such Stockholder properly assigns or transfers Securities in accordance with
Section 2.3, and (ii) that executes a Joinder, and (b) this Agreement may be assigned by operation of law by the Company. This Agreement will be binding upon, inure to the benefit of, and be enforceable by the
parties and their respective permitted successors and assigns. Any attempted assignment in violation of this Section 5.3 shall be null and void ab initio. 

5.4    Confidentiality. The parties recognize that, in connection with the performance of this
Agreement, the Company may provide the Stockholders with access to, or otherwise furnish or make available to the Stockholders certain Confidential Information. Each Stockholder shall keep all Confidential Information strictly confidential and not
disclose any Confidential Information to any other Person, except as may be requested or legally compelled (in either case pursuant to the terms of a valid and effective subpoena or order issued by a Governmental Entity or pursuant to a civil
investigative demand or similar judicial or legal process); provided, however, that each Stockholder may disclose such Confidential Information to (i) its Representatives who need to know such Confidential Information for purposes
of evaluating or monitoring such Stockholder’s investment in the Company and who agree to be bound by the terms of this Section 5.4 or otherwise have a professional duty of confidentiality with respect to information
received from such Stockholder, it being acknowledged and agreed by each Stockholder that such Stockholder shall be liable for any breach of this Section 5.4 by any of its Representatives, (ii) proposed Permitted
Transferees in connection with a proposed Transfer of shares of Series A Preferred Stock or shares of Common Stock (it being understood and agreed by each Stockholder that (A) prior to any such disclosure, the Stockholder shall inform the
prospective Permitted Transferee of the confidential nature of the information, and (B) such Stockholder shall be liable for any breach of this Section 5.4 by such prospective Permitted Transferee), or (iii) any
Permitted 

  
 -16- 

 
Initial Stockholder LP that is bound by a customary written confidentiality obligation that contains reasonable restrictions on the use and disclosure of the Company’s non-public information; provided that, for purposes of this clause (iii), (x) such Confidential Information is limited to financial and other information regarding the Company or its Subsidiaries that
is contractually required or customarily provided to existing or prospective investors in the Initial Stockholder, and (y) such Stockholder shall be responsible for any breach of this Section 5.4 by such Person.
Furthermore, no Stockholder shall, and each Stockholder shall cause its Representatives not to, use any Confidential Information for any purpose whatsoever other than to evaluate, monitor, manage or ascribe a value to its investment in the Company
or enforce its rights under this Agreement, it being acknowledged and agreed by each Stockholder that such Stockholder shall be liable for any breach of this Section 5.4 by any of its Representatives. In furtherance of the
foregoing, each Stockholder shall take precautions that are reasonable, necessary and appropriate to guard the confidentiality of the Confidential Information and shall treat such Confidential Information with at least the same degree of care which
it applies to its own confidential and proprietary information. In the event that any Stockholder (or any Affiliate or Representative thereof) is requested or required to disclose any Confidential Information pursuant to this
Section 5.4, it shall provide prompt written notice to the Company of the proposed disclosure prior to such disclosure and shall cooperate with the Company in good faith, at the Company’s cost and expense, in any
effort the Company undertakes in order to obtain a protective order or other similar remedy. In the event that such protective order or other remedy either is not obtained or does not completely block such disclosure, or that the Company waives
compliance with this provision, such Stockholder will furnish only that portion of such Confidential Information that such Stockholder is advised by legal counsel is legally required and will exercise its commercially reasonable efforts to obtain an
order or other reliable assurance that confidential treatment will be accorded such information. Each Stockholder hereby acknowledges and agrees that all Confidential Information is and shall at all times remain the sole and exclusive property of
the Company or its Subsidiaries, as applicable. For the avoidance of doubt, the terms of this Section 5.4 shall survive the termination of this Agreement. 

5.5    Severability. Whenever possible, each provision of this Agreement will be interpreted in
such manner as to be effective and valid under Applicable Law, but, if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any Applicable Law or rule in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other provision or the effectiveness or validity of any such provision in any other jurisdiction, and this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 
 5.6    Counterparts. This Agreement
may be executed in two (2) or more counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being
understood that each party need not sign the same counterpart. 
 5.7    Entire Agreement. This
Agreement (including the documents and the instruments referred to in this Agreement), together with the Confidentiality Agreement, the Investment Agreement, the Series A Certificate and the Registration Rights Agreement, constitutes the entire
agreement among the parties or to which they are subject and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of the transactions contemplated hereby and thereby. 

  
 -17- 

 5.8    Governing Law; Jurisdiction. This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware (excluding those choice-of-law principles of such State that
would permit the application of the laws of a jurisdiction other than such State), without regard to any applicable conflicts-of-law principles. Any suit, action or
proceeding brought by any party to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought exclusively in the Chancery Court of the State of
Delaware or, to the extent such court shall not have jurisdiction over the subject matter, in any state or federal court sitting in New Castle County, Delaware, and each of the parties submits to the exclusive jurisdiction of any such court in any
suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Agreement or the transactions contemplated hereby; provided, however, that any judgment in any such
suit, action or proceeding may be enforced in any court with jurisdiction over the subject matter. Each party irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of
any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere
in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party in any manner provided for notice in Section 5.12 shall be
deemed effective service of process on such party. 
 5.9    WAIVER OF JURY TRIAL. EACH OF THE
PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

5.10    Specific Performance. The parties agree that irreparable damage may occur if any provision
of this Agreement is not performed in accordance with the terms hereof and that the parties shall be entitled to seek an injunction or injunctions or other equitable relief to prevent breaches of this Agreement or to enforce specifically the
performance of the terms and provisions hereof in any court set forth in Section 5.8, in addition to any other remedy to which they are entitled at law or in equity. 

5.11    No Third-Party Beneficiaries. Nothing in this Agreement shall confer any right upon any
Person other than the parties and each such party’s respective heirs, successors and permitted assigns, all of whom shall be express third-party beneficiaries of this Agreement. 

5.12    Notices. Any notice, request, instruction or other document to be given hereunder by any
party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or by facsimile or electronic communication, upon confirmation of receipt, (b) on the first Business Day
following the date of dispatch if delivered by a recognized next-day courier service, or (c) on the third Business Day following the date of mailing if delivered by registered or certified mail, return
receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

  
 -18- 

 If to the Company, to: 

Catalent, Inc. 

14 Schoolhouse Road 

Somerset, New Jersey 08873 

Attn:                 General Counsel –
Steven L. Fasman 

E-mail:             
GenCouns@catalent.com 
 Fax:
                (732) 537-6490 

with copies (which shall not constitute notice) to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

One New York Plaza 

New York, New York 10004 

Attn:                 Steven Epstein; Matthew
Soran 
 E-mail:
            steven.epstein@friedfrank.com; 

                     
    matthew.soran@friedfrank.com 
 Fax:
                (212) 859-4000 

If to the Initial Stockholder, to: 

c/o Leonard Green & Partners, L.P. 

11111 Santa Monica Blvd., #2000 

Los Angeles, CA 90025 

Attn:                 Peter Zippelius 

E-mail:
            pzippelius@leonardgreen.com 
 Facsimile:
        (310) 954-0404 
 with a copy (which
shall not constitute notice) to: 
 Latham & Watkins LLP 

885 Third Avenue 

New York, NY 10022-4834 

Attn:                 Howard A. Sobel 

                     
    Jason H. Silvera 

                     
    Greg Rodgers 
 E-mail:
            howard.sobel@lw.com 

                     
    jason.silvera@lw.com 

                     
    greg.rodgers@lw.com 
 Fax:
                 (212) 751-4864 

5.13    Corporate Opportunities. Notwithstanding anything to the contrary in this Agreement but
subject to the terms and conditions of Section 2.2 and the proviso set forth in the 

  
 -19- 

 
penultimate sentence of this Section 5.13, the Company, on behalf of itself and its Subsidiaries, to the fullest extent permitted by Applicable Law,
(a) acknowledges and affirms that the Initial Stockholder and its Affiliates, employees, directors, partners and members, including any director or observer designated pursuant to Section 1.1 (the “Purchaser
Group”): (i) have participated (directly or indirectly) and will continue to participate (directly or indirectly) in private equity, venture capital and other direct investments in corporations, joint ventures, limited liability companies
and other entities (“Other Investments”), including Other Investments engaged in various aspects of businesses similar to those engaged in by the Company and its Subsidiaries (and related services businesses) that may, are or will
be competitive with the Company’s or any of its Subsidiaries’ businesses or that could be suitable for the Company’s or any of its Subsidiaries’ interests, (ii) have interests in, participate with, aid and maintain seats on
the board of directors or similar governing bodies of, Other Investments, (iii) may develop or become aware of business opportunities for Other Investments; and (iv) may or will, as a result of or arising from the matters referenced in
this Section 5.13, the nature of the Purchaser Group’s businesses and other factors, have conflicts of interest or potential conflicts of interest, (b) hereby renounces and disclaims any interest or expectancy in
any business opportunity (including any Other Investments or any other opportunities that may arise in connection with the circumstances described in the foregoing clauses (a)(i) – (a)(iv) (each, a “Renounced Business
Opportunity”)), and (c) acknowledges and affirms that no member of Purchaser Group, including any director or observer designated pursuant to Section 1.1, shall have any obligation to communicate or offer any
Renounced Business Opportunity to the Company or any of its Subsidiaries, and any member of Purchaser Group may pursue a Renounced Business Opportunity. Notwithstanding anything to the contrary in the foregoing, the Company does not renounce its
interest in any corporate opportunity if such corporate opportunity was expressly offered to a member of the Board or observer of the Board designated pursuant to Section 1.1 solely in his or her capacity as a member of the
Board or an observer of the Board; provided that such opportunity has not been separately presented to the Initial Stockholder or its Affiliates or is not otherwise being independently pursued by the Initial Stockholder or its Affiliates (in
each case, whether before or after such opportunity is presented to such director), other than as a result of a breach of the confidentiality obligations of such member of the Board or observer of the Board owed to the Company pursuant to
(A) Section 5.4, or (B) Applicable Law. Notwithstanding anything to the contrary in the foregoing, the Company shall not be prohibited from pursuing any Renounced Business Opportunity as a result of this
Section 5.13. 
 [Remainder of page intentionally left blank] 

  
 -20- 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement by their
authorized representatives as of the date first above written. 
  

			
	 CATALENT, INC.

 

	 By:
	 	 /s/ Steven L. Fasman

	 Name: Steven L. Fasman

	 Title: Senior Vice President, General Counsel and Secretary

 [Signature Page to Stockholders’ Agreement] 

 
			
	 GREEN EQUITY INVESTORS VII, L.P.

 

	 By: GEI Capital VII, LLC, its General Partner

 

	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title: Senior Vice President

	  
 GREEN EQUITY INVESTORS SIDE VII,
L.P.
  

	 By: GEI Capital VII, LLC, its General Partner

 

	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title: Senior Vice President

 [Signature Page to Stockholders’ Agreement] 

 
			
	 LGP ASSOCIATES VII-A LLC

 

	 By: Peridot Coinvest Manager LLC, its Manager

 

	 By: Leonard Green & Partners, L.P., its Manager

 

	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title: Senior Vice President

	  
 LGP ASSOCIATES VII-B LLC
  

	 By: Peridot Coinvest Manager LLC, its Manager

 

	 By: Leonard Green & Partners, L.P., its Manager

 

	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title: Senior Vice President

 [Signature Page to Stockholders’ Agreement] 

 EXHIBIT A 

FORM OF JOINDER 

Catalent, Inc. 
 14 Schoolhouse
Road 
 Somerset, New Jersey 08873 

Attention: General Counsel – Steven L. Fasman 

Ladies and Gentlemen: 

Reference is made to the Stockholders’ Agreement, dated as of May 17, 2019 (as such agreement may have been or may
be amended from time to time) (the “Agreement”), by and among Catalent, Inc., a Delaware corporation, each of Green Equity Investors VII, L.P., a Delaware limited partnership, Green Equity Investors Side VII, L.P., a Delaware
limited partnership, LGP Associates VII-A LLC, a Delaware limited liability company, and LGP Associates VII-B LLC, a Delaware limited liability company, and any other
party identified on the signature page of any joinder substantially similar to this joinder executed or otherwise permitted pursuant to Section 2.3(b)(i)(A) of the Agreement and delivered in accordance with the Agreement.
Capitalized terms used but not otherwise defined herein have the meanings set forth in the Agreement. 
 The undersigned
represents and warrants that it has acquired [[ • ] shares of Series A Preferred Stock][shares of Common Stock] from [ • ] on the date hereof. The undersigned agrees that, as of the date hereof, the undersigned shall
become a party to the Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement as a “Stockholder,” as though an original party thereto. The undersigned represents and warrants that
the representations and warranties set forth in Section 3.1 of the Agreement are true and correct as to the undersigned in all respects as of the date hereof. 

THE UNDERSIGNED ACKNOWLEDGES AND ACCEPTS THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH IN SECTION 5.9 OF THE AGREEMENT.

 This joinder and all claims or causes of action based upon, arising out of, or related to this joinder (whether based on
contract, equity, tort or any other theory) shall be governed by and construed in accordance with the laws of the State of Delaware (excluding choice-of-law principles
of the laws of such State that would permit the application of the laws of a jurisdiction other than such State), without regard to any applicable conflicts-of-law
principles. 
 ***** 

 IN WITNESS WHEREOF, the undersigned has executed this Joinder as of the
[    ]th day of [                            ],
[        ]. 
  

			
	
[                       
                                 ]

		
	 By:
	 	
                  
                  

	 Name:

	 Title:

	
	 Notice Address:

	  

	  

	  

			
	 Attn:
	 	  

	 Facsimile:
	 	  

	 Email:
	 	  

 [Joinder to Catalent, Inc. Stockholders’ Agreement] 

 EXHIBIT B 

FORM OF TRANSFER GUARANTEE AGREEMENT 

Catalent, Inc. 
 14 Schoolhouse
Road 
 Somerset, New Jersey 08873 

Attention: General Counsel – Steven L. Fasman 

Ladies and Gentlemen: 

Reference is made to the Stockholders’ Agreement, dated as of May 17, 2019 (as such agreement may have been or may
be amended from time to time) (the “Agreement”), by and among Catalent, Inc., a Delaware corporation, each of Green Equity Investors VII, L.P., a Delaware limited partnership, Green Equity Investors Side VII, L.P., a Delaware
limited partnership, LGP Associates VII-A LLC, a Delaware limited liability company, and LGP Associates VII-B LLC, a Delaware limited liability company, and any other
party identified on the signature page of any joinder executed pursuant to Section 2.3(b)(i)(A) of the Agreement. Capitalized terms used but not otherwise defined in this letter agreement (this “Transfer Guarantee
Agreement”) have the meanings set forth in the Agreement. 
 The undersigned [name of Permitted Transferee]
(the “Permitted Transferee”) represents and warrants that, on the date hereof, it has (a) acquired [[ • ] shares of Series A Preferred Stock][shares of Common Stock] (the “Acquired Shares”) from
[name of Transferor] (the “Transferor Stockholder”), and (b) executed a joinder to become a party to the Agreement and fully bound by, and subject to, all of the covenants, terms and conditions of the Agreement as a
“Stockholder,” as though an original party thereto. Each of the Permitted Transferee and the Transferor Stockholder severally (i) acknowledges that entry into this Transfer Guarantee Agreement is a required precondition under the
Agreement for the Transfer of the Acquired Shares to the Permitted Transferee, and (ii) represents and warrants that (A) it has full power and authority to enter into this Transfer Guarantee Agreement, and (B) this
Agreement, once executed by both parties, will constitute a binding obligation in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and to
general principles of equity. 
 In furtherance of the foregoing, each of the Permitted Transferee and the Transferor
Stockholder hereby covenants and agrees to comply with the terms and conditions of Section 2.3(b)(i)(B) of the Agreement and that, if the Permitted Transferee ceases to qualify under the Agreement as a Permitted Transferee
of the Transferor Stockholder at any time prior to the date that is eighteen (18) months following the Closing, then at or before such time the (a) Permitted Transferee shall Transfer the Acquired Shares to the Transferor Stockholder for
all purposes of the Agreement, and (b) the Transferor Stockholder shall accept the Transfer of, and acquire, the Acquired Shares from the Permitted Transferee for all purposes of the Agreement. The Company shall be an express third-party
beneficiary of the terms and conditions of this Transfer Guarantee 

 
Agreement, entitled to sue upon and enforce this Transfer Guarantee Agreement as if the Company were a party hereto. The Permitted Transferee and the Transferor Stockholder hereby acknowledge and
agree that irreparable damage may occur if any provision of this Transfer Guarantee Agreement or Section 2.3(b)(i)(B) of the Agreement is not performed in accordance with the terms hereof and that the parties (including the
Company as an express third-party beneficiary) will be entitled to seek an injunction or injunctions or other equitable relief to prevent breaches of this Transfer Guarantee Agreement or Section 2.3(b)(i)(B) of the
Agreement or to enforce specifically the performance of the terms and provisions hereof and thereof in any court described in the last paragraph hereof, in addition to any other remedy to which they are entitled at law or in equity. 

This Transfer Guarantee Agreement and all claims or causes of action based upon, arising out of, or related to this Transfer
Guarantee Agreement (whether based on contract, equity, tort or any other theory) shall be governed by and construed in accordance with the laws of the State of Delaware (excluding
choice-of-law principles of the laws of such State that would permit the application of the laws of a jurisdiction other than such State), without regard to any
applicable conflicts-of-law principles. 
 ***** 

 IN WITNESS WHEREOF, the undersigned have executed this Transfer Guarantee
Agreement as of the [    ]th day of [                            ],
[        ]. 
  

			
	 [Permitted Transferee]

 

	 By:
	 	
                  
          

	 Name:

	 Title:

  

			
	 Acknowledged and Agreed:

 

	 [Transferor Stockholder]

 

	 By:
	 	
                  
              

	 Name:

Title:EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

REGISTRATION RIGHTS AGREEMENT 

This REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of May 17, 2019, is by and among
Catalent, Inc., a Delaware corporation (the “Company”), and Green Equity Investors VII, L.P., a Delaware limited partnership, Green Equity Investors Side VII, L.P., a Delaware limited partnership, LGP Associates VII-A LLC, a Delaware limited liability company, and LGP Associates VII-B LLC, a Delaware limited liability company (collectively, on a several and not joint basis, the
“Purchaser”). The Purchaser and any other Person who may become a party hereto pursuant to Section 11(c) are referred to individually as a “Shareholder” and collectively as the “Shareholders.”

 WHEREAS, the Company, Green Equity Investors VII, L.P. and Green Equity Investors Side VII, L.P. are parties to the
Equity Commitment and Investment Agreement, dated as of April 14, 2019 (as the same may be amended, supplemented or otherwise modified from time to time, the “Investment Agreement”); and 

WHEREAS, the Purchaser desires to have, and the Company desires to grant, certain registration and other rights with respect
to the Registrable Securities on the terms and subject to the conditions set forth in this Agreement. 
 NOW, THEREFORE, for
and in consideration of the mutual agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

 Section 1.    Definitions. As used in this Agreement, the following
terms have the following meanings, and terms used herein but not otherwise defined herein have the meanings assigned to them in the Investment Agreement: 

“Adverse Disclosure” means public disclosure of material non-public
information that the Company has determined in good faith (after consultation with legal counsel): (i) would be required to be made in any Registration Statement or Prospectus filed with the SEC by the Company so that such Registration Statement or
Prospectus would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement or Prospectus; and (iii) the Company has a bona fide
business purpose for not disclosing publicly. 
 “Affiliate” of any specified Person means any other Person
directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, (i) “control,” as used with respect to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise and (ii) the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings. For purposes of this Agreement (but not for purposes of the definition of “Registrable Securities”), none of the Shareholders and their
respective Affiliates shall be deemed to be Affiliates of the Company or any of its Subsidiaries. 

“Agreement” has the meaning set forth in the preamble. 

  
 1 

 “Automatic Shelf Registration Statement” has the meaning
set forth in Rule 405 of the Securities Act. 
 “Closing” has the meaning set forth in the Investment
Agreement. 
 “Closing Date” has the meaning set forth in the Investment Agreement. 

“Common Stock” means all shares currently or hereafter existing of Common Stock, par value $0.01 per share,
of the Company. 
 “Company” has the meaning set forth in the preamble. 

“Convertible Preferred Stock” means all currently or hereafter existing shares of Series A Convertible
Preferred Stock, par value $0.01 per share, of the Company. 
 “Demand Notice” has the meaning set forth in
Section 3(b). 
 “Demand Registration” has the meaning set forth in Section 3(b). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor statute thereto, and
the rules and regulations of the SEC promulgated thereunder. 
 “FINRA” means the Financial Industry
Regulatory Authority, Inc. 
 “Indemnified Party” has the meaning set forth in Section 8(c). 

“Indemnifying Party” has the meaning set forth in Section 8(c). 

“Investment Agreement” has the meaning set forth in the recitals. 

“Long-Form Registration” has the meaning set forth in Section 3(b). 

“Losses” has the meaning set forth in Section 8(a). 

“Marketed Offering” means a registered underwritten offering of Registrable Securities (including any
registered underwritten Shelf Offering) that is consummated, withdrawn or abandoned by the applicable Shareholders following the participation by the Company’s management in a customary “road show” (including an “electronic road
show”) or other similar marketing effort by the Company. 
 “Offering Persons” has the meaning set
forth in Section 6(o). 
 “Person” means any natural person, corporation, limited partnership, general
partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor,
administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof. 

“Piggyback Notice” has the meaning set forth in Section 4(a). 

  
 2 

 “Piggyback Registration” has the meaning set forth in
Section 4(a). 
 “Piggyback Request” has the meaning set forth in Section 4(a). 

“Proceeding” means an action, claim, suit, arbitration or proceeding (including an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 
 “Prospectus” means the prospectus
included in any Registration Statement (including a prospectus that discloses information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance upon Rule 430A or Rule 430B of the Securities Act), as
amended or supplemented by any prospectus supplement, and all other amendments and supplements to such prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such
prospectus. 
 “Public Offering” means the sale of shares of Common Stock to the public pursuant to an
effective Registration Statement (other than Form S-4 or Form S-8 or any successor form) filed under the Securities Act or any comparable law or regulatory scheme of any
foreign jurisdiction. 
 “Purchaser” has the meaning set forth in the preamble. 

“Registrable Securities” means, as of any date of determination, any shares of Convertible Preferred Stock
and any shares of Common Stock that the Shareholders have acquired or have the right to acquire upon conversion of the Convertible Preferred Stock, and any other securities issued or issuable with respect to any such shares by way of share split,
share subdivision, share dividend, distribution, recapitalization, merger, exchange, replacement or similar event or otherwise acquired. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable
Securities when (i) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities have been sold, transferred, disposed of or exchanged in accordance with such
Registration Statement; (ii) such securities have been otherwise transferred, new certificates for such securities not bearing a restrictive legend restricting further transfer shall have been delivered by the Company and subsequent public
distribution of such securities shall not require registration under the Securities Act; and (iii) such securities shall cease to be issued and outstanding. In addition, such securities shall cease to be Registrable Securities with respect to
any holder upon the later of the date (A) such holder, together with its, his or her Affiliates, beneficially owns less than 3,357,207 shares of Common Stock (including all shares issuable upon the conversion of all Convertible Preferred Stock)
and (B) such holder is able to dispose of all of its, his or her Registrable Securities pursuant to Rule 144 without any notice requirement, volume limitation or manner of sale limitation thereunder. 

“Registration Statement” means any registration statement of the Company under the Securities Act which
covers any of the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits and all material
incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 “Rule
144” means Rule 144 of the Securities Act. 

  
 3 

 “SEC” means the Securities and Exchange Commission or any
successor agency having jurisdiction under the Securities Act. 
 “Securities Act” means the Securities Act
of 1933, as amended, and any successor statute thereto, and the rules and regulations of the SEC promulgated thereunder. 

“Shareholders” has the meaning set forth in the preamble. 

“Shelf Offering” has the meaning set forth in Section 4(c). 

“Short-Form Registration” has the meaning set forth in Section 3(b). 

“Stockholders’ Agreement” has the meaning set forth in Section 11(h). 

“Subsidiary” means, with respect to any Person, any company, corporation, partnership, joint venture, limited
liability company or other entity (x) of which such Person or a subsidiary of such Person is a general partner or (y) of which a majority of the voting securities or other voting interests, or a majority of the securities or other
interests of which having by their terms ordinary voting power to elect a majority of the board of directors or Persons performing similar functions with respect to such Person, is directly or indirectly owned by such Person and/or one or more
subsidiaries thereof. 
 “Take-Down Notice” has the meaning set forth in Section 4(c). 

“Triggering Demand Notice” has the meaning set forth in Section 3(b)(iv). 

The terms “underwritten registration” or “underwritten offering” means a registration in
which securities of the Company are sold to an underwriter for reoffering to the public. 
 “Well-Known Seasoned
Issuer” has the meaning set forth in Rule 405 of the Securities Act. 

Section 2.    Holders of Registrable Securities. A holder of Registrable
Securities means a Shareholder that owns or has a right to acquire such Registrable Securities. 

Section 3.    Shelf Registration; Demand Registrations. 

(a)    Filing and Effectiveness of Shelf Registration Statement. Subject to the other applicable
provisions of this Agreement, the Company shall use its reasonable best efforts to (i) prepare, file and cause to be declared effective by the SEC (if such Registration Statement is not an Automatic Shelf Registration Statement), within one
hundred twenty (120) days following the Closing, a Registration Statement, in the form of a Short-Form Registration (if the Company is then eligible for the same) or in the form of a Long-Form Registration (if the Company is not then eligible
for a Short-Form Registration), as applicable, covering the sale or distribution from time to time by the Shareholders pursuant to a plan of distribution acceptable to a majority of the Shareholders, on a delayed or continuous basis pursuant to Rule
415 of the Securities Act, of all of the Registrable Securities; and (ii) cause such Registration Statement (including by filing a new, replacement Registration Statement as required under the Securities Act) to remain effective under the
Securities Act continuously until no Registrable Securities are outstanding. 

  
 4 

 (b)    Requests for Registration. 

Subject to the following paragraphs of this Section 3(b), following the Closing, one or more Shareholders shall have the
right, by delivering or causing to be delivered a written notice to the Company, to require the Company to register pursuant to the terms of this Agreement, under and in accordance with the provisions of the Securities Act, the offer, sale and
distribution of the number of Registrable Securities requested to be so registered pursuant to the terms of this Agreement on Form S-3 (which, unless all Shareholders delivering such notice request otherwise,
shall be (A) filed pursuant to Rule 415 of the Securities Act and (B) if the Company is a Well-Known Seasoned Issuer at the time of filing such Registration Statement with the SEC, designated by the Company as an Automatic Shelf
Registration Statement), if the Company is then eligible for such short-form, or any similar or successor short-form registration (each, a “Short-Form Registration”) or, if the Company is not then eligible for such short form
registration, on Form S-1 or any similar or successor long-form registration (each, a “Long-Form Registration”) (any such written notice, a “Demand Notice” and any such
registration, a “Demand Registration”), as soon as reasonably practicable after delivery of such Demand Notice, but, in any event, the Company shall be required to make the initial filing of the Registration Statement within sixty
(60) days following receipt of such Demand Notice in the case of a Short-Form Registration or within ninety (90) days following receipt of such Demand Notice in the case of a Long-Form Registration; provided, however, that,
unless a Shareholder requests to have registered all of its Registrable Securities, a Demand Notice may only be made if the sale of the Registrable Securities requested to be registered by such Shareholders is reasonably expected to result in
aggregate gross cash proceeds in excess of $150,000,000 (without regard to any underwriting discount or commission). Following receipt of a Demand Notice for a Demand Registration in accordance with this Section 3(b), the Company shall use its
reasonable best efforts to cause such Registration Statement to become effective under the Securities Act as promptly as practicable after the filing thereof (if such Registration Statement is not an Automatic Shelf Registration Statement). 

(i)    No Demand Registration shall be deemed to have occurred for purposes of this
Section 3(b) or Section 4(c), and any Demand Notice delivered in connection therewith shall not count as a Demand Notice for purposes of Section 3(f) or 4(c), if (A) the Registration Statement relating thereto (and covering not
less than all Registrable Securities specified in the applicable Demand Notice for sale in accordance with the intended method or methods of distribution specified in such Demand Notice) (1) does not become effective, or (2) is not
maintained as effective for the period required pursuant to this Section 3, (B) the offering of the Registrable Securities pursuant to such Registration Statement is subject to a stop order, injunction, or similar order or requirement of the
SEC during such period, or (C) the conditions to closing specified in any underwriting agreement, purchase agreement, or similar agreement entered into in connection with the registration relating to such request are not satisfied other than as
a result of the Shareholders’ actions. 
 (ii)    Each Demand Notice made pursuant
to this Section 3(b) must: (A) state that it is a notice to initiate a Demand Registration under this Agreement; (B) identify the Shareholders effecting the request; and (C) specify the number of Registrable Securities of each
such Shareholder to be registered and the intended method(s) of disposition thereof. 

  
 5 

 (iii)    Except as otherwise agreed by
all Shareholders with Registrable Securities subject to a Demand Registration, the Company shall maintain the continuous effectiveness of the Registration Statement with respect to such Demand Registration until the earliest to occur of (x) the
date on which such securities cease to be Registrable Securities, (y) the date on which such Registrable Securities have actually been sold and (z) one hundred eighty (180) days after the effective date of such Registration Statement.

 (iv)    Within five (5) Business Days after receipt by the Company of a Demand
Notice pursuant to this Section 3(b) (the “Triggering Demand Notice”), the Company shall deliver a written notice of any such Demand Notice to all other holders of Registrable Securities, and the Company shall, subject to the
provisions of Section 3(c), include in such Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein meeting all of the requirements of a Demand Notice under this
Agreement (whether or not any of the other Shareholders demanding such inclusion have exercised such Shareholders’ conversion rights) within five (5) days after the date that such notice from the Company has been delivered; provided
that (A) all of such other Shareholders must agree to the plan of distribution proposed by the Shareholders who delivered the Triggering Demand Notice and (B) in connection with any underwritten registration, such holders must agree to
abide and be bound by the underwriting agreement approved by the Company and the Shareholders who delivered the Triggering Demand Notice as if they were such Shareholders. All requests made pursuant to the preceding sentence shall specify the
aggregate amount of Registrable Securities to be registered and the intended method of distribution of such securities. 

(v)    For the avoidance of doubt, an underwritten registration pursuant to a Demand
Registration may be made pursuant to an effective shelf Registration Statement filed pursuant to Section 3(a) hereof. 

(c)    Priority on Demand Registration. If any of the Registrable Securities registered pursuant to
a Demand Registration are to be sold in an underwritten offering, and the managing underwriter(s) advise the holders of such securities in writing that in its good faith opinion the total number or dollar amount of Registrable Securities proposed to
be sold in such offering is such as to adversely affect the price, timing or distribution of such underwritten offering, then there shall be included in such underwritten offering the number or dollar amount of Registrable Securities that in the
opinion of such managing underwriter(s) can be sold without adversely affecting such underwritten offering, and such number of Registrable Securities shall be allocated pro rata among the Shareholders of Registrable Securities that have
requested to participate in such Demand Registration on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by such holders. 

No Registrable Securities excluded from the underwriting by reason of the managing underwriter’s marketing limitations
shall be included in such offering. 

  
 6 

 (d)    Postponement of Registration. The Company
shall be entitled to postpone the filing (but not the preparation) or the initial effectiveness of, or suspend the use of, a Registration Statement, in each case for a reasonable period of time not more than twice in any twelve (12) month
period and that does not exceed (x) sixty (60) days on any one occasion or (y) in the aggregate together with all other such postponements or suspensions, ninety (90) days in any twelve (12) month period, if the Company delivers,
as applicable, to the Shareholders requesting registration or the Shareholders named in a Registration Statement filed pursuant to Section 3(a) a certificate signed by an executive officer certifying that such registration and offering would
(A) require the Company to make an Adverse Disclosure or (B) materially interfere with any bona fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its Subsidiaries then
under consideration. Such certificate shall contain a statement of the reasons for such postponement and an approximation of the anticipated delay. The Shareholders receiving such certificate shall keep the information contained in such certificate
confidential subject to the same extent and on the same terms and conditions as set forth in Section 6(o). 

(i)    If the Company shall so postpone the filing of a Registration Statement in
accordance with this Section 3(d) or suspend its use following the delivery of a Demand Notice, the Shareholders who sent the Demand Notice initiating such registration shall have the right to withdraw such Demand Notice pursuant to
Section 3(b) by giving written notice to the Company during the period beginning from the date of postponement notice to the tenth (10th) day prior to the anticipated termination date of the postponement period, as provided in the certificate
delivered to the applicable Shareholders and, for the avoidance of doubt, upon such withdrawal, the withdrawn request shall not constitute a Demand Notice; provided that, in the event such Shareholders do not so withdraw their Demand Notice,
the Company shall continue to prepare a Registration Statement during such postponement such that, if the Company exercises its rights under this Section 3(d), it shall be in a position to and shall, as promptly as practicable following the
expiration of the applicable deferral or suspension period, file or update and use its reasonable efforts to cause the effectiveness of the applicable deferred or suspended Registration Statement. 

(ii)    In the event the Company exercises its rights to postpone the initial effectiveness
of, or suspend the use of, a Registration Statement, the Shareholders participating in such Demand Registration shall suspend, promptly upon their receipt of the certificate referred to above, use of the Prospectus relating to such Demand
Registration or the Prospectus contained within the Registration Statement filed pursuant to Section 3(a) in connection with any sale or offer to sell Registrable Securities. 

(e)    Cancellation of a Demand Registration. Holders of a majority of the Registrable Securities
subject to the original Triggering Demand Notice shall have the right to notify the Company that they have determined that the applicable Registration Statement be abandoned or withdrawn by giving written notice of such abandonment or withdrawal at
any time prior to the effective time of such Registration Statement, in which event the Company shall abandon or withdraw such Registration Statement; provided that any Demand Notice underlying such abandonment or withdrawal shall not be
deemed to be a Demand Notice for purposes of Section 3(f) if such Demand Notice is abandoned or withdrawn in response to a material adverse change regarding the Company or a material adverse change in the financial markets generally. The
Company shall cease all efforts to secure registration following any such abandonment or withdrawal. 

  
 7 

 (f)    Number of Demand Notices. In connection
with the provisions of this Section 3, the Shareholders collectively shall have four (4) Demand Notices in connection with Marketed Offerings, which they are permitted to deliver (or cause to be delivered) to the Company hereunder;
provided that in connection therewith, the Company shall cause its officers to use their reasonable best efforts to support the marketing of the Registrable Securities covered by the Registration Statement (including participation in
“road shows”); provided that (A) the Shareholders may not make more than two (2) Demand Registration requests in any 365-day period and (B) the Shareholders may not make
a Demand Registration requesting to launch an underwritten offering within the period commencing fourteen (14) days prior to the end of any fiscal quarter of the Company and ending two (2) days following the date on which the Company shall
publicly announce its earnings for such fiscal quarter or the year ending on such fiscal quarter. For the avoidance of doubt, the Shareholders shall have no further rights to Demand Registrations of its Registrable Securities other than pursuant to
this Section 3(f). 
 Section 4.    Piggyback Registration; Shelf Take
Down. 
 (a)    Right to Piggyback. Except with respect to a Demand Registration, the
procedures for which are addressed in Section 3, if the Company proposes to file a registration statement under the Securities Act with respect to an offering of Common Stock, whether or not for sale for its own account and whether or not an
underwritten offering or an underwritten registration (other than a registration statement (i) on Form S-4, Form S-8 or any successor forms thereto or
(ii) filed to effectuate an exchange offer or any employee benefit or dividend reinvestment plan), then the Company shall give prompt written notice of such filing no later than five (5) Business Days prior to the filing date (the
“Piggyback Notice”) to all of the holders of Registrable Securities. The Piggyback Notice shall offer such holders the opportunity to include (or cause to be included) in such Registration Statement the number of Registrable
Securities as each such holder may request (each registration wherein a holder participates in accordance with this Section 4, a “Piggyback Registration”). Subject to Section 4(b), the Company shall include in each such
Piggyback Registration all Registrable Securities with respect to which the Company has received written requests for inclusion therein (each a “Piggyback Request”) within five (5) Business Days after notice has been given to
the applicable holder. The Company shall not be required to maintain the effectiveness of the Registration Statement for a Piggyback Registration beyond the earlier to occur of (x) one hundred eighty (180) days after the effective date
thereof and (y) consummation of the distribution of the Common Stock (other than the Registrable Securities identified in such Piggyback Requests) that are the subject of such Registration Statement proposed to be filed by the Company. 

(b)    Priority on Piggyback Registrations. If any of the Registrable Securities to be registered
pursuant to the registration giving rise to the rights under this Section 4 are to be sold in an underwritten offering, the Company shall use reasonable best efforts to cause the managing underwriter(s) of a proposed underwritten offering to
permit holders of Registrable Securities who have timely submitted a Piggyback Request in connection with such offering to include in such offering all Registrable Securities included in each holder’s Piggyback Request on the same terms and
subject to the same conditions as any other shares, if any, of the Company included in the 

  
 8 

 
offering. Notwithstanding the foregoing, if the managing underwriter(s) of such underwritten offering advise the Company in writing that it is their good faith opinion the total number or dollar
amount of securities that such holders, the Company and any other Persons having rights to participate in such registration, intend to include in such offering is such as to adversely affect the price, timing or distribution of the securities in
such offering, then there shall be included in such underwritten offering the number or dollar amount of securities that in the opinion of such managing underwriter(s) can be sold without so adversely affecting such offering, and such number of
Registrable Securities shall be allocated as follows: 
 (i)    if the registration
involves an underwritten primary offering on behalf of the Company, (A) first, all securities proposed to be sold by the Company for its own account; (B) second, all Registrable Securities requested to be included in such
registration by the Shareholders pursuant to this Section 4, pro rata among such holders on the basis of the percentage of the Registrable Securities requested to be included in such Registration Statement by all holders that made such
Piggyback Request; and (C) third, all other securities requested to be included in such Registration Statement by other holders of securities entitled to include such securities in such Registration Statement pursuant to piggyback
registration rights; provided that any Shareholder may, prior to the earlier of (x) the effectiveness of the Registration Statement and (y) the time at which the offering price or underwriter’s discount are determined with the
managing underwriter(s), withdraw its request to be included in such registration pursuant to this Section 4. 

(ii)    if the registration involves an underwritten offering that was initially requested
by any Person(s) (other than a Shareholder) to whom the Company has granted registration rights which are not inconsistent with the rights granted in, and do not otherwise conflict with the terms of, this Agreement, (A) first, the
securities requested to be included in such underwritten offering by such other Person(s) pro rata among such Person(s) on the basis of the percentage of the securities requested to be included in such Registration Statement by all holders
that made such request; (B) second, all Registrable Securities requested to be included in such registration by the Shareholders pursuant to this Section 4, pro rata among such holders on the basis of the percentage of the
Registrable Securities requested to be included in such Registration Statement by all holders that made such Piggyback Request; (C) third, all other securities requested to be included in such Registration Statement by other holders of
securities entitled to include such securities in such Registration Statement pursuant to piggyback registration rights; and (D) fourth, all securities requested to be included in such Registration Statement by the Company for its own
account; provided that any Shareholder may, prior to the earlier of (x) the effectiveness of the Registration Statement and (y) the time at which the offering price or underwriter’s discount are determined with the managing
underwriter(s), withdraw its request to be included in such registration pursuant to this Section 4. 

(c)    Shelf-Take Downs. At any time that a shelf Registration Statement covering Registrable
Securities pursuant to Section 3 or Section 4 (or otherwise) is effective, if any Shareholder delivers a notice to the Company (each, a “Take-Down Notice”) stating that it intends to sell all or part of its Registrable
Securities included by it on the shelf Registration Statement (each, a “Shelf Offering”), then the Company shall amend or supplement the shelf Registration Statement as may be necessary in order to enable such Registrable Securities
to be distributed 

  
 9 

 
pursuant to the Shelf Offering. In connection with any Shelf Offering, including any Shelf Offering that is an underwritten offering (including a Marketed Offering): 

(i)    such proposing holder(s) shall also deliver the Take-Down Notice to all other
holders of Registrable Securities included on such shelf Registration Statement and permit each such holder to include its Registrable Securities included on the shelf Registration Statement in the Shelf Offering if such holder notifies the
proposing holder(s) and the Company within five (5) days after delivery of the Take-Down Notice to such holder; and 

(ii)    if the Shelf Offering is underwritten, in the event that the managing
underwriter(s) of such Shelf Offering advise such holders in writing that it is their good faith opinion the total number or dollar amount of securities proposed to be sold exceeds the total number or dollar amount of such securities that can be
sold without having an adverse effect on the price, timing or distribution of the Registrable Securities to be included, then the managing underwriter(s) may limit the number of Registrable Securities which would otherwise be included in such Shelf
Offering in the same manner as described in Section 3(c) with respect to a limitation of shares to be included in a registration; 

provided, however, that each Shelf Offering that is an underwritten offering initiated by a Shareholder shall be deemed to be a
demand subject to the provisions of Section 3(b) (subject to Section 3(e)), and shall decrease by one the number of Demand Notices the Shareholders are entitled to pursuant to Section 3(f). 

Section 5.    Restrictions on Public Sale by Holders of Registrable
Securities. 
 (a)    If any registration pursuant to Section 3 or Section 4 of this
Agreement shall be in connection with any: (i) Marketed Offering (including with respect to a Shelf Offering pursuant to Sections 3(a) or 4(c) hereof), the Company will cause each of its executive officers and directors to sign a customary “lock-up” agreement containing provisions consistent with those contemplated pursuant to Section 5(b); or (ii) underwritten offering (including with respect to a Shelf Offering pursuant to
Sections 3(a) or 4(c) hereof), the Company will also not effect any public sale or distribution of any common equity (or securities convertible into or exchangeable or exercisable for common equity) (other than a registration statement (A) on
Form S-4, Form S-8 or any successor forms thereto or (B) filed solely in connection with an exchange offer or any employee benefit or dividend reinvestment plan)
for its own account, within ninety (90) days after the date of the Prospectus (or Prospectus supplement if the offering is made pursuant to a shelf Registration Statement) for such offering except as may otherwise be agreed with the holders of
the Registrable Securities in such offering. 
 (b)    Each Shareholder agrees, in connection with any
underwritten offering made pursuant to a Registration Statement filed pursuant to Section 3 or Section 4, as applicable, that, if requested in writing by the managing underwriter or underwriters in such offering, it will not
(i) subject to customary exceptions, effect any public sale or distribution of any of the Company’s securities (except as part of such underwritten offering), including a sale pursuant to Rule 144 or any swap or other economic arrangement
that transfers to another Person any of the economic consequences of owning Common Stock, or (ii) give any Demand Notice during the period 

  
 10 

 
commencing on the date of the Prospectus pursuant to which such underwritten offering may be made and continuing for not more than thirty (30) days after the date of such Prospectus (or
Prospectus supplement if the offering is made pursuant to a shelf Registration Statement). In connection with any underwritten offering made pursuant to a Registration Statement filed pursuant to Section 3 or Section 4, the Company, or, if
Shareholders will be selling more Registrable Securities in the offering than the Company, Shareholders holding a majority of the Registrable Securities shall be responsible for negotiating all
“lock-up” agreements with the underwriters and, in addition to the foregoing provisions of this Section 5, the Shareholders agree to execute the form so negotiated; provided that the form
so negotiated is reasonably acceptable to the Company or the Shareholders, as applicable, and consistent with the agreement set forth in this Section 5 and that the Company’s executive officers and directors shall also have executed a form
of agreement substantially similar to the agreement so negotiated, as applicable, subject to customary exceptions applicable to natural persons. 

Section 6.    Registration Procedures. If and whenever the Company is
required to effect the registration of any Registrable Securities under the Securities Act as provided in Section 3 or Section 4, the Company shall use its reasonable best efforts to effect such registration to permit the sale of such
Registrable Securities in accordance with the intended method or methods of disposition thereof, and pursuant thereto the Company shall cooperate in the sale of the securities and shall use its reasonable best efforts, as promptly as practicable to
the extent applicable, to: 
 (a)    prepare and file with the SEC a Registration Statement or
Registration Statements on such form as shall be available for the sale of the Registrable Securities by the holders thereof or by the Company in accordance with the intended method or methods of distribution thereof and in accordance with this
Agreement, and use its reasonable best efforts to cause such Registration Statement to become effective and to remain effective as provided herein; provided, however, that, before filing a Registration Statement or Prospectus or any
amendment or supplement thereto (including documents that would be incorporated or deemed to be incorporated therein by reference, except to the extent that such documents shall have previously been filed with or furnished to the SEC), the Company
shall furnish or otherwise make available to counsel for the holders of the Registrable Securities covered by such Registration Statement (who may share such documents with their clients) and the managing underwriters, if any, copies of all such
documents proposed to be filed, which documents will be subject to the reasonable review and comment of such counsel, and such other documents reasonably requested by such counsel, including any comment letter from the SEC, and, if requested by such
counsel, provide such counsel reasonable opportunity to participate in the preparation of such Registration Statement and each Prospectus included therein and such other opportunities to conduct a reasonable investigation within the meaning of the
Securities Act, including reasonable access to the Company’s books and records, officers, accountants and other advisors; provided that nothing in this Section 6(a) is intended to effect any waiver of the Company’s
attorney-client or other legal privilege. The Company shall not file any such Registration Statement or Prospectus or any amendment or supplement thereto (including such documents that, upon filing, would be incorporated or deemed to be incorporated
by reference therein, except to the extent that such documents shall have previously been filed with or furnished to the SEC) with respect to a Demand Registration to which the holders of a majority of the Registrable Securities covered by such
Registration Statement, their counsel, or the managing underwriters, if any, shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company’s counsel, such filing is necessary to comply with applicable law; 

  
 11 

 (b)    prepare and file with the SEC such amendments and
post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement continuously effective during the period provided herein and comply in all material respects with the provisions of the Securities Act
with respect to the disposition of all securities covered by such Registration Statement; and cause the related Prospectus to be supplemented by any Prospectus supplement as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of the securities covered by such Registration Statement, and as so supplemented to be filed pursuant to Rule 424 of the Securities Act; 

(c)    notify counsel to each selling holder of Registrable Securities and the managing underwriters, if
any, promptly, and (if requested by any such Person or such selling holder) confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration
Statement or any post-effective amendment, when the same has become effective (if such Registration Statement is not an Automatic Shelf Registration Statement), (ii) of any request by the SEC or any other federal or state governmental authority for
amendments or supplements to a Registration Statement or related Prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or the initiation of any
proceeding for that purpose, (iv) if at any time the Company has reason to believe that the representations and warranties of the Company contained in any agreement (including any underwriting agreement) contemplated by Section 6(n) below
cease to be true and correct, (v) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose, and (vi) if the Company has knowledge of the happening of any event that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any change in such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain
any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and that, in the case of the Prospectus, it will not contain any untrue statement
of a material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading (which notice shall notify the selling Shareholders only of the
occurrence of such an event and shall provide no additional information regarding such event to the extent such information would constitute material non-public information); 

(d)    prevent the issuance or obtain the withdrawal of any order suspending the effectiveness of a
Registration Statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest date reasonably practicable; 

(e)    if requested by the managing underwriters, if any, or the holders of a majority of the then-issued
and outstanding Registrable Securities being sold in connection with an underwritten offering, promptly include in a Prospectus supplement or post-effective amendment to the applicable Registration Statement such information as the managing
underwriters, if any, and such holders may reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such Prospectus supplement or such post-effective

  
 12 

 
amendment as soon as practicable after the Company has received such request; provided, however, that the Company shall not be required to take any action under this
Section 6(e) that is not, in the opinion of counsel for the Company, in compliance with applicable law; 

(f)    furnish or make available to counsel for each selling holder of Registrable Securities and each
managing underwriter, if any, without charge, at least one conformed copy of the Registration Statement, the Prospectus and Prospectus supplements, if applicable, and each post-effective amendment thereto, including financial statements (but
excluding schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits, unless requested in writing by such counsel, the holder such counsel represents or such underwriter); provided that the
Company may furnish or make available any such document in electronic format; 
 (g)    deliver to each
selling holder of Registrable Securities, its counsel, and the underwriters, if any, without charge, as many copies of the Prospectus or Prospectuses (including each form of Prospectus) and each amendment or supplement thereto as such Persons may
reasonably request from time to time in connection with the distribution of the Registrable Securities; provided that the Company may furnish or make available any such document in electronic format (other than, in the case of a Marketed
Offering, upon the request of the managing underwriters thereof for printed copies of any such Prospectus or Prospectuses); and the Company, subject to the last paragraph of this Section 6, hereby consents to the use of such Prospectus and each
amendment or supplement thereto by each of the selling holders of Registrable Securities and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any such amendment or
supplement thereto; 
 (h)    prior to any Public Offering of Registrable Securities, register or
qualify or cooperate with the selling holders of Registrable Securities, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or “blue sky” laws of such jurisdictions within the United States as any seller or underwriter reasonably requests in writing and to keep each such registration or
qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective pursuant to this Agreement and to take any other action that may be necessary or advisable to enable such holders of
Registrable Securities to consummate the disposition of such Registrable Securities in such jurisdiction; provided, however, that the Company will not be required to (i) qualify generally to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Agreement or (ii) take any action that would subject it to taxation or general service of process in any such jurisdiction where it would not otherwise be subject but for this
Agreement; 
 (i)    cooperate with, and direct the Company’s transfer agent to cooperate with, the
selling holders of Registrable Securities and the managing underwriters, if any, to facilitate the timely settlement of any offering or sale of Registrable Securities, including the preparation and delivery of certificates (not bearing any legend)
or book-entry (not bearing stop transfer instructions) representing Registrable Securities to be sold after receiving written representations from each holder of such Registrable Securities that the Registrable Securities represented by the
certificates so delivered by such holder will be transferred in accordance with the Registration Statement and, in connection therewith, if reasonably required by the Company’s transfer agent, 

  
 13 

 
the Company shall promptly after the effectiveness of the Registration Statement cause an opinion of counsel as to the effectiveness of any Registration Statement to be delivered to and
maintained with its transfer agent, together with any other authorization, certificate, or direction required by the transfer agent that authorizes and directs the transfer agent to issue such Registrable Securities without restriction upon sale by
the holder of such shares of Registrable Securities under the Registration Statement; 
 (j)    upon the
occurrence of, or, if later, the Company’s receipt of knowledge of, any event contemplated by Section 6(c)(vi) above, prepare a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus
(then in effect) or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such that
the Registration Statement will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, not misleading, and the Prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(k)    prior to the effective date of the Registration Statement relating to the Registrable Securities,
provide a CUSIP number for the Registrable Securities; 
 (l)    provide and cause to be maintained a
transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(m)    cause all shares of Registrable Securities covered by such Registration Statement to be listed on a
national securities exchange if shares of the particular class of Registrable Securities are at that time listed on such exchange, as the case may be, prior to the effectiveness of such Registration Statement; 

(n)    enter into such agreements (including underwriting agreements in form, scope and substance as is
customary in underwritten offerings and such other documents reasonably required under the terms of such underwriting agreements, including customary legal opinions and auditor “comfort” letters) and take all such other actions reasonably
requested by the holders of a majority of the Registrable Securities being sold in connection therewith (including those reasonably requested by the managing underwriters, if any) to expedite or facilitate the disposition of such Registrable
Securities; 
 (o)    in connection with a customary due diligence review, make available for inspection
by a representative of the selling holders of Registrable Securities, any underwriter participating in any such disposition of Registrable Securities, if any, and any counsel or accountants retained by such selling holders or underwriter
(collectively, the “Offering Persons”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and properties of the Company and its subsidiaries, and
cause the officers, directors and employees of the Company and its subsidiaries to supply all information and participate in customary due diligence sessions in each case reasonably requested by any such

  
 14 

 
Offering Persons in connection with such Registration Statement; provided, however, that any information that is not generally publicly available at the time of delivery of such
information shall be kept confidential by such Offering Persons except (i) where disclosure of such information is requested or legally compelled (in either case pursuant to the terms of a valid and effective subpoena or order issued by a court
of competent jurisdiction or a federal, state or local governmental or regulatory body or pursuant to a civil investigative demand or similar judicial process), (ii) where such information is or becomes generally known to the public other than as a
result of a non-permitted disclosure or failure to safeguard by such Offering Persons in violation of this Agreement, (iii) where such information (A) was known to such Offering Persons on a
nonconfidential basis (prior to its disclosure by the Company) from a source other than the Company that, after reasonable inquiry, is entitled to disclose such information and is not bound by any contractual, legal or fiduciary obligation of
confidentiality to the Company with respect to such information, (B) was in the possession of the Offering Persons on a nonconfidential basis prior to its disclosure to the Offering Persons by the Company or (C) is subsequently developed
by the Offering Persons without using all or any portion of such information or violating any of the obligations of such Persons under this Agreement or (iv) for disclosure in connection with any suit, arbitration, claim or litigation involving
this Agreement or against any Offering Person under federal, state or other securities laws in connection with the offer and sale of any Registrable Securities. In the case of a proposed disclosure pursuant to (i) (or, unless such Person and the
Company are adversaries in such suit, arbitration, claim or litigation, (iv)) above, such Person shall be required to give the Company written notice of the proposed disclosure prior to such disclosure and to cooperate with the Company, at the
Company’s cost, in any effort the Company undertakes to obtain a protective order or other remedy. In the event that such protective order or other remedy is not obtained, or that the Company waives compliance with this provision, the Offering
Persons will furnish only that portion of such information that the Offering Persons are advised by legal counsel is legally required and will exercise their reasonable best efforts to obtain an order or other reliable assurance that confidential
treatment will be accorded such information; 
 (p)    cooperate with each seller of Registrable
Securities and each underwriter or agent participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA, including the use of reasonable best efforts to
obtain FINRA’s pre-clearance or pre-approval of the Registration Statement and applicable Prospectus upon filing with the SEC; and 

(q)    cause its officers and employees to use their respective reasonable best efforts to support the
reasonable marketing of the Registrable Securities covered by the Registration Statement (including participation in, and preparation of materials for, any “road show”) in a Marketed Offering. 

Each holder of Registrable Securities as to which any registration is being effected shall promptly furnish to the Company in writing such
information required in connection with such registration regarding such seller and the distribution of such Registrable Securities as the Company may, from time to time, reasonably request in writing as a condition for any Registrable Securities to
be included in the applicable registration hereunder. For the avoidance of doubt, failure of any holder of Registrable Securities to furnish the Company with such information as requested by the Company pursuant to the preceding sentence shall
relieve the Company of any obligation hereunder to include the applicable Registrable Securities of such holder in the Registration Statement with respect to which such information was requested. 

  
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 Each Shareholder agrees that, upon receipt of any written notice from the Company of the
happening of any event of the kind described in Section 6(c)(ii), (iii), (iv) or (v), such holder will forthwith discontinue disposition of such Registrable Securities pursuant to such Registration Statement or Prospectus until such
holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(j), or until it is advised in writing by the Company that the use of the applicable Prospectus may be resumed, and has received copies of
any additional or supplemental filing that is incorporated or deemed to be incorporated by reference in such Prospectus; provided, however, that the time periods under Section 3 with respect to the length of time that the
effectiveness of a Registration Statement must be maintained shall automatically be extended by the amount of time the holder is required to discontinue disposition of such securities. 

Section 7.    Registration Expenses. All fees and expenses incurred by
the Company and incident to the performance of or compliance with this Agreement by the Company (including (i) all registration and filing fees (including fees and expenses with respect to (A) all SEC, stock exchange or trading system and
FINRA registration, listing, filing and qualification and any other fees associated with such filings, including with respect to counsel for the underwriters and any qualified independent underwriter in connection with FINRA qualifications,
(B) rating agencies and (C) compliance with securities or “blue sky” laws, including any reasonable fees and disbursements of counsel for the underwriters in connection with “blue sky” qualifications of the Registrable
Securities pursuant to Section 6(h)), (ii) fees and expenses of the financial printer, (iii) messenger, telephone and delivery expenses of the Company, (iv) fees and disbursements of counsel for the Company, (v) fees and
disbursements of all independent certified public accountants, including the expenses of any special audits or “comfort letters” required by or incident to such performance and compliance) and all reasonable fees and expenses of one
counsel (together with any appropriate local counsel(s)) retained by the holders of Registrable Securities, shall be borne by the Company, whether or not any Registration Statement is filed or becomes effective. All underwriters’ discounts and
selling commissions, in each case related to Registrable Securities registered in accordance with this Agreement, shall be borne by the holders of Registrable Securities included in such registration pro rata among each other on the basis of
the number of Registrable Securities so registered. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including all
salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as
required hereunder. 
 Section 8.    Indemnification. 

(a)    Indemnification by the Company. The Company shall, without limitation as to time, indemnify
and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities whose Registrable Securities are covered by a Registration Statement or Prospectus, its officers, directors, partners and managing members and each
Person who controls each such holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), from and against any and all reasonably foreseeable losses, claims, damages,

  
 16 

 
liabilities, costs (including costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses actually incurred by such party in connection with any investigation
or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (collectively, “Losses”), as incurred, in each case arising out of or based upon any untrue statement (or alleged untrue statement) of a
material fact contained in any Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such term is defined in Rule 433 of the Securities Act) or other document
(including any related Registration Statement, notification, or the like or any materials prepared by or on behalf of the Company as part of any “road show” (as defined in Rule 433(h) of the Securities Act)) incident to any such
registration, qualification, or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of
the Securities Act, the Exchange Act, any state securities law, or any rule or regulation thereunder applicable to the Company and (without limitation of the preceding portions of this Section 8(a)) will reimburse each such holder, each of its
officers, directors, partners and managing members and each Person who controls each such holder, for any reasonable and documented out-of-pocket legal and any other
expenses actually incurred in connection with investigating and defending or, subject to the last sentence of this Section 8(a), settling any such Loss or action; provided that the Company will not be liable in any such case to the
extent that any such Loss arises out of or is based on any untrue statement or omission by such holder, but only if such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such Registration Statement,
Prospectus, offering circular, or other document in reliance upon and in conformity with written information regarding such holder of Registrable Securities furnished to the Company by such holder of Registrable Securities or its authorized
representatives expressly for inclusion therein. It is agreed that the indemnity agreement contained in this Section 8(a) shall not apply to amounts paid in settlement of any such Loss or action if such settlement is effected without the prior
written consent of the Company (which consent shall not be unreasonably withheld). 

(b)    Indemnification by Holder of Registrable Securities. In connection with any Registration
Statement in which a holder of Registrable Securities is participating, each such holder of Registrable Securities shall indemnify, to the fullest extent permitted by law, severally and not jointly with any other participating holder of Registrable
Securities, the Company, its officers, directors and managing members and each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) against all Losses arising out of or
based on any untrue statement of a material fact contained in such Registration Statement, Prospectus, offering circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such term is defined in Rule 433 of the
Securities Act) or other document, or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and to reimburse the Company or such officers, directors, managing members
and control persons for any reasonable and documented out-of-pocket legal or any other expenses actually incurred in connection with investigating or defending any such
Loss or action, subject to the immediately following proviso, settling any such Loss or action, in each case to the extent, but only to the extent, that such untrue statement or omission is made in such Registration Statement, Prospectus, offering
circular, any amendments or supplements thereto, “issuer free writing prospectus” (as such term is defined in Rule 433 of the Securities Act) or other document in reliance upon and in conformity with written information regarding such
holder of Registrable Securities furnished to the Company by such holder of Registrable Securities or its 

  
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authorized representatives expressly for inclusion therein; provided, however, that the foregoing obligations shall not apply to amounts paid in settlement of any such Losses (or
actions in respect thereof) if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld); and provided, further, that the liability of such holder of Registrable Securities shall
be limited to the net proceeds received by such selling holder from the sale of Registrable Securities covered by such Registration Statement. 

(c)    Conduct of Indemnification Proceedings. If any Person shall be entitled to indemnification
hereunder (each, an “Indemnified Party”), such Indemnified Party shall give prompt notice to the party from which such indemnity is sought (each, an “Indemnifying Party”) of any claim or of the commencement of any
Proceeding with respect to which such Indemnified Party seeks indemnification or contribution pursuant hereto; provided, however, that the delay or failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party
from any obligation or liability except to the extent that the Indemnifying Party has been materially prejudiced by such delay or failure. The Indemnifying Party shall have the right, exercisable by giving written notice to an Indemnified Party
promptly after the receipt of written notice from such Indemnified Party of such claim or Proceeding, to, unless in the Indemnified Party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
in respect of such claim, assume, at the Indemnifying Party’s expense, the defense of any such claim or Proceeding, with counsel reasonably satisfactory to such Indemnified Party; provided, however, that an Indemnified Party shall
have the right to employ separate counsel in any such claim or Proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless: (i) the Indemnifying Party
agrees to pay such fees and expenses; or (ii) the Indemnifying Party fails promptly to assume, or in the event of a conflict of interest cannot assume, the defense of such claim or Proceeding or fails to employ counsel reasonably satisfactory
to such Indemnified Party in any such Proceeding, in which case the Indemnified Party shall have the right to employ separate counsel and to assume the defense of such claim or proceeding at the Indemnifying Party’s expense; provided,
further, however, that the Indemnifying Party shall not, in connection with any one such claim or Proceeding or separate but substantially similar or related claims or Proceedings in the same jurisdiction, arising out of the same
general allegations or circumstances, be liable for the fees and expenses of more than one firm of attorneys (together with appropriate local counsel) at any time for all of the Indemnified Parties. Whether or not such defense is assumed by the
Indemnifying Party, such Indemnifying Party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). The Indemnifying Party shall not consent to entry of any judgment or
enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release, in form and substance reasonably satisfactory to the Indemnified Party, from all
liability in respect of such claim or litigation for which such Indemnified Party would be entitled to indemnification hereunder. All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in
connection with investigating or preparing to defend such proceeding in a manner not inconsistent with this Section 8) shall be paid to the Indemnified Party, as incurred, promptly upon receipt of written notice thereof to the Indemnifying
Party (regardless of whether it is ultimately determined that an Indemnified Party is not entitled to indemnification hereunder; provided that the Indemnifying Party may require such Indemnified Party to undertake to reimburse all such fees
and expenses to the extent it is finally judicially determined that such Indemnified Party is not entitled to indemnification under this Section 8). 

  
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 (d)    Contribution. If the indemnification
provided for in this Section 8 is unavailable to an Indemnified Party in respect of any Losses (other than in accordance with its terms), then each applicable Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute
to the amount paid or payable by such Indemnified Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and such Indemnified Party, on the other hand, in
connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party, on the one hand, and Indemnified Party, on the other hand, shall
be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made (or omitted) by, or
relates to information supplied by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent any such action, statement or omission. 

The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 8(d) were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d), an
Indemnifying Party that is a selling holder of Registrable Securities shall not be required to contribute any amount in excess of the amount by which the total net proceeds received by such holder from the sale of the Registrable Securities giving
rise to such contribution obligation and sold by such holder exceeds the amount of any damages that such holder has otherwise been required to pay by reason of the applicable action, statement or omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The obligations of the holders of Registrable Securities to
contribute pursuant to this Section are several and not joint. 
 (e)    Notwithstanding the foregoing,
to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten offering are in conflict with the foregoing provisions, the provisions in the underwriting
agreement shall control. 
 Section 9.    Rule 144. The Company shall
use reasonable best efforts to: (i) file the reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner, to the extent required from time to time to enable all holders to sell Registrable Securities
without registration under the Securities Act within the limitations of the exemption provided by Rule 144; and (ii) so long as any Registrable Securities are issued and outstanding, furnish holders thereof upon request (A) a written
statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Exchange Act and (B) a copy of the most recent annual or quarterly report of the Company (except to the extent the same is available on EDGAR).

 Section 10.    Underwritten Registrations. In connection with any
underwritten offering, the investment banker or investment bankers and managers shall be selected by the Shareholders holding the majority of Registrable Securities included in any Demand Registration, including any Shelf Offering, initiated by such
Shareholders, subject to the reasonable satisfaction of the Company. 

  
 19 

Section 11.    Miscellaneous. 

(a)    Amendments and Waivers. The provisions of this Agreement, including the provisions of this
sentence, may be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may be given by, but only with, the written consent of the Shareholders holding a majority of the Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of holders of Registrable Securities whose securities are being sold pursuant to a Registration
Statement and that does not directly or indirectly affect the rights of other holders of Registrable Securities may be given by holders of at least a majority of the Registrable Securities being sold by such holders pursuant to such Registration
Statement. 
 (b)    Notices. All notices required to be given hereunder shall be in writing and
shall be deemed to be duly given if personally delivered, telecopied and confirmed, emailed and confirmed or mailed by registered or certified mail, return receipt requested, or recognized overnight delivery service with proof of receipt maintained,
at the following address (or any other address that any such party may designate by written notice to the other parties): If to the Company, to the address of its principal executive offices, addressed to the attention of its General Counsel (email:
GenCouns@Catalent.com). If to any Shareholder, at such Shareholder’s address as set forth on the records of the Company or such other address as such Shareholder notifies the Company in writing. Any such notice shall, if delivered personally,
be deemed received upon delivery; shall, if delivered by telecopy or email, be deemed received on the first Business Day following confirmation; shall, if delivered by overnight delivery service, be deemed received the first Business Day after being
sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or five (5) Business Days after the date of deposit in the United States mail. 

(c)    Successors and Assigns; Shareholder Status. This Agreement shall inure to the benefit of and
be binding upon the successors and permitted assigns of each of the parties, including subsequent holders of Registrable Securities acquired, directly or indirectly, from the Shareholders in compliance with any restrictions on transfer or
assignment; provided, however, that (x) the Company may not assign this Agreement (in whole or in part) without the prior written consent of the holders of a majority of the Registrable Securities and (y) such successor or
assign shall not be entitled to such rights unless the successor or assign shall have executed and delivered to the Company an Addendum Agreement substantially in the form of Exhibit A hereto promptly following the acquisition of such
Registrable Securities (including the provision of an address, which the Company may use as the Shareholder’s notice address for purposes of Section 11(b) unless such address is changed in accordance with such Section by notice);
provided, further, that a Shareholder may only assign its rights and obligations under this Agreement upon written notice to the Company (i) if such assignment is in connection with (A) a transfer or sale of all or substantially all
of the Registrable Securities held by such Shareholder or (B) a transfer or sale of at least 25.0% of the shares of Registrable Securities sold to the Shareholder on the Closing Date on an “as converted basis” or (ii) to any of
its partners, members, equityholders or Affiliates or one or more private equity funds sponsored or managed by an Affiliate. 

(d)    Counterparts. This Agreement may be executed in two or more counterparts and delivered by
facsimile, pdf or other electronic transmission with the same effect as if all signatory parties had signed and delivered the same original document, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. 

  
 20 

 (e)    Headings; Construction. The section and
paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context requires otherwise: (i) pronouns in the masculine, feminine and
neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (ii) the term “including” shall be construed to be expansive rather than limiting
in nature and to mean “including, without limitation,”; (iii) references to sections and paragraphs refer to sections and paragraphs of this Agreement; (iv) the words “this Agreement,” “herein,” “hereof,”
“hereby,” “hereunder” and words of similar import refer to this Agreement as a whole, including Exhibit A hereto, and not to any particular subdivision unless expressly so limited; (v) unless otherwise specified, the
term “days” shall mean calendar days; (vi) a “percentage” (or a “majority”) of the Registrable Securities (or, where applicable, any class of securities) shall be determined based on the number of shares of such
securities; and (vii) unless otherwise provided, the currency for all dollar figures included in this Agreement shall be the US Dollar. 

(f)    Governing Law. This Agreement (and any claim or controversy arising out of or relating to
this Agreement) shall be governed by and construed in accordance with, the laws of the State of New York. 

(g)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a
court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or
invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is
hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (h)    Entire Agreement. This Agreement, that certain Confidentiality
Agreement, dated as of January 2, 2019, by and between Catalent Pharma Solutions, LLC and Leonard Green & Partners, L.P., that certain Stockholders’ Agreement, dated as of the date hereof, by and between the Company and the
Purchaser (the “Stockholders’ Agreement”) and the Investment Agreement are intended by the parties as a final expression of their agreement, and are intended to be a complete and exclusive statement
of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein,
with respect to the registration rights granted by the Company with respect to Registrable Securities. This Agreement, together with the Investment Agreement and the Stockholders’ Agreement, supersedes all prior agreements and understandings
between the parties with respect to such subject matter. Notwithstanding the foregoing, this Agreement shall not supersede the transfer restrictions in the Stockholders’ Agreement. 

  
 21 

 (i)    Securities Held by the Company
or its Subsidiaries. Whenever the consent or approval of holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Company or its subsidiaries shall not be counted in determining
whether such consent or approval was given by the holders of such required percentage. 

(j)    Specific Performance; Further Assurances. The parties hereto recognize and agree that money
damages may be insufficient to compensate the holders of any Registrable Securities for breaches by the Company of the terms hereof and, consequently, that the equitable remedy of specific performance of the terms hereof will be available in the
event of any such breach. The parties hereto agree that in the event the registrations and sales of Registrable Securities are effected pursuant to the laws of any jurisdiction outside of the United States, such parties shall use their respective
reasonable best efforts to give effect as closely as possible to the rights and obligations set forth in this Agreement, taking into account customary practices of such foreign jurisdiction, including executing such documents and taking such further
actions as may be reasonably necessary in order to carry out the foregoing. 
 (k)    Term; Other
Agreements. This Agreement shall terminate with respect to a Shareholder on the date on which such Shareholder ceases to hold Registrable Securities; provided that such Shareholder’s rights and obligations pursuant to Section 8,
as well as the Company’s obligations to pay expenses pursuant to Section 7, shall survive with respect to any Registration Statement in which any Registrable Securities of such Shareholders were included. From and after the date of this
Agreement, the Company shall not, without the consent of the Shareholders holding a majority of the Registrable Securities, enter into any agreement with any Person, including any holder or prospective holder of any securities of the Company, giving
any registration rights (i) the terms of which are more favorable than, senior to or conflict with, the registration rights granted to the Shareholders hereunder or (ii) permitting such Person to exercise a demand registration right during
the period expiring on the second anniversary of the date hereof; provided that the Company may enter into an agreement granting such rights if such agreement provides the Shareholders with piggyback rights consistent with those granted to
the Shareholders pursuant to Section 4, and, if such agreement contains any underwriter cutbacks consistent with Section 4(b), then the Shareholders shall participate with such other holders on a pro rata basis; and provided,
further, that the Company may enter into an agreement granting such demand rights in connection with the issuance of securities of the Company pursuant to (i) a bona fide material acquisition, disposition or other similar
transaction involving the Company or any of its Subsidiaries, (ii) an exchange of indebtedness of the Company into equity and (iii) a proposed resale of convertible securities of the Company by any holder thereof, in each case, to the
extent that the entering into of such an agreement is customary in a transaction of the type contemplated. 

(l)    Consent to Jurisdiction; Waiver of Jury Trial. The parties hereto hereby irrevocably and
unconditionally consent to submit to the exclusive jurisdiction of the courts of the State of New York located in New York County and the federal courts of the United States of America located in New York County, and the appropriate appellate courts
therefrom for any actions, suits or proceedings arising out of or relating to this Agreement and the transactions contemplated hereby; provided, however, that any judgment in any such suit, action or proceeding may be enforced in any
court with jurisdiction over the subject matter. The parties hereto hereby irrevocably and unconditionally consent to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such action, suit or proceeding and
irrevocably waive, to the 

  
 22 

 
fullest extent permitted by law, any objection that they may now or hereafter have to the laying of the venue of any such action, suit or proceeding in any such court or that any such action,
suit or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any such action, suit or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such
court. 
 Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit,
action, or proceeding of the nature specified in the paragraph above by the mailing of a copy thereof in the manner specified by the provisions of Section 11(b). 

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (m)    Interpretation. Wherever required by the
context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer
to such agreement, document or instrument as amended, supplemented or modified from time to time. All article, section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and
all exhibit, annex, letter and schedule references not attributed to a particular document shall be references to such exhibits, annexes, letters and schedules to this Agreement. In addition, the following terms are ascribed the following meanings:

 (i)    the word “or” is not exclusive; 

(ii)    the words “including,” “includes,”
“included” and “include” are deemed to be followed by the words “without limitation”; 

(iii)    the terms “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 

(iv)    the term “Business Day” shall mean a day that is a Monday,
Tuesday, Wednesday, Thursday or Friday and is not a day on which banking institutions in New York, New York, generally are authorized or obligated by law to close; and 

(v)    references to sections of, or rules under, the Securities Act shall be deemed to
include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Registration Rights
Agreement to be duly executed as of the date first above written. 
  

			
	 CATALENT, INC.

		
	 By:
	 	 /s/ Steven L. Fasman

		 	 Name: Steven L. Fasman

		 	 Title: Senior Vice President, General Counsel and Secretary

 [SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT] 

 
			
	 GREEN EQUITY INVESTORS VII, L.P.

	
	 By: GEI Capital VII, LLC, its General Partner

		
	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title:   Senior Vice President

	
	 GREEN EQUITY INVESTORS SIDE VII, L.P.

	
	 By: GEI Capital VII, LLC, its General Partner

		
	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title:   Senior Vice President

 [SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT] 

 
			
	 LGP ASSOCIATES VII-A LLC

	
	 By: Peridot Coinvest Manager LLC, its Manager

	
	 By: Leonard Green & Partners, L.P., its Manager

		
	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title:   Senior Vice President

	
	 LGP ASSOCIATES VII-B LLC

	
	 By: Peridot Coinvest Manager LLC, its Manager

	
	 By: Leonard Green & Partners, L.P., its Manager

		
	 By:
	 	 /s/ Peter Zippelius

	 Name: Peter Zippelius

	 Title:   Senior Vice President

 [SIGNATURE PAGE TO REGISTRATION
RIGHTS AGREEMENT] 

 EXHIBIT A 

ADDENDUM AGREEMENT 

This Addendum Agreement (this “Addendum Agreement”) is made this [•] day of [•], 20[•], by and
between [•], a [•] (the “New Shareholder”) and Catalent, Inc., a Delaware corporation (the “Company”), pursuant to a Registration Rights Agreement dated as of May 17, 2019 (the
“Agreement”), by and among the Company, Green Equity Investors VII, L.P., a Delaware limited partnership, Green Equity Investors Side VII, L.P., a Delaware limited partnership, LGP Associates
VII-A LLC, a Delaware limited liability company, and LGP Associates VII-B LLC, a Delaware limited liability company. Capitalized terms used herein but not otherwise
defined herein shall have the meanings ascribed to them in the Agreement. 
 W I T N E S S
E T H: 
 WHEREAS, the Company has agreed to provide registration rights with respect to the
Registrable Securities on the terms and subject to the conditions set forth in the Agreement; and 
 WHEREAS, the New
Shareholder has acquired the number and type of Registrable Securities specified below directly or indirectly from a Shareholder in accordance with the Agreement and all applicable law; 

WHEREAS, the Company and the Shareholders have required in the Agreement that all Persons desiring registration rights
pursuant to the Agreement must enter into an Addendum Agreement binding the New Shareholder to the Agreement to the same extent as if it were an original party thereto; and 

WHEREAS, the New Shareholder has caused this Addendum Agreement to be executed by a duly authorized individual. 

NOW, THEREFORE, in consideration of the premises recited above and intending to be bound, the New Shareholder acknowledges
that it has received and read the Agreement and that the New Shareholder shall be bound by, and shall have the benefit of, all of the terms and conditions set out in the Agreement to the same extent as if it were an original party to the Agreement
(or as otherwise provided therein) and shall be deemed to be a Shareholder thereunder. The Company may rely on the foregoing acknowledgement without further inquiry and is relieved of any liability for such reliance. 

 

	
	 [Name of New Shareholder]

	
	 By:
                                         
                       

Name:

Title:

  

	
	 Registrable Securities:

	
	 Type:
                                         
                   

			
	 Number:
	 	  

	 Notice Address:

	  

	  

	  

	 Attn:
	 	  

	 Facsimile:
	 	  

	 Email:

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