Document:

Exhibit

Exhibit 10.41

AMENDMENT 
to the 
CATALENT PHARMA SOLUTIONS, INC.
DEFERRED COMPENSATION PLAN
(As Effective April 10, 2007, Amended Effective December 29, 2008, July 24, 2009, and December 22, 2009, and Amended and Restated and Re-named Effective January 1, 2016)

WITNESSETH:

WHEREAS, Catalent Pharma Solutions, Inc. (the “Company”) established the Catalent Pharma Solutions, LLC Deferred Compensation Plan, effective as of April 10, 2007 (the “CPS LLC Plan”); 

WHEREAS, the CPS LLC Plan was subsequently amended on December 29, 2008, July 24, 2009, and December 22, 2009;

WHEREAS, with the approval of the Compensation Committee of the Board of Directors of Catalent, Inc., a public parent company of the Company, the Company amended, restated, and re-named the CPS LLC Plan, to be thereafter known as the Catalent Pharma Solutions, Inc. Deferred Compensation Plan (the “Plan”), effective January 1, 2016; 

WHEREAS, the Company desires to amend the Plan to clarify and add certain provisions; and

WHEREAS, pursuant to Section 10.2 of the Plan, the Company may amend the Plan at any time and for any reason, provided that any such amendment shall not adversely affect the rights to which a Participant (as that term is defined in the Plan) is entitled as of the date of any such amendment.  

NOW, THEREFORE, the Plan is hereby amended, effective January 1, 2017, as follows:

		
	1.
	The Table of Contents on the page immediately following the cover page of the Plan is deleted in its entirety.

		
	2. 
	Section 2.16 of the Plan is amended by deleting the following:

“Unless otherwise specified by the Committee in the Compensation Deferral Agreement, Employees may defer up to 100% of restricted stock units and performance share units and up to 80% of base salary and other types of Compensation for a Plan Year, and Directors may defer 0% or 100% of restricted stock units and up to 100% of cash Director fees.”

		
	3.
	Section 2.34 of the Plan is amended in its entirety to read as follows:

 “2016 Account.  2016 Account means all amounts credited to the Plan on behalf of a Participant that were deferred under Compensation Deferral Agreements that first took effect on or after January 1, 2016 or that were attributable to periods that began on or after January 1, 2016 and before December 31, 2016.”

		
	4.
	The following new definition is added to the Plan and subsequent provisions are renumbered accordingly:

“Post-2016 Account.  Post-2016 Account means all amounts credited to the Plan on behalf of a Participant that were deferred under Compensation Deferral Agreements that first took effect on or after January 1, 2017 or that were attributable to periods that began on or after January 1, 2017.”

		
	5. 
	The following new definition is added to the Plan and subsequent provisions are renumbered accordingly:

“Period of Service.  Period of Service means the continuous period of the Participant’s employment with an Employer up to the date of Separation from Service, and also includes any prior period of the Participant’s employment with an Employer separated by: (i) any break in the Participant’s employment with an Employer as a result of a leave of absence authorized by an Employer or by law; and (ii) any break in the Participant’s employment with an Employer not authorized by an Employer or by law lasting twelve (12) months or less.  For purposes of converting Periods of Service to years for Retirement eligibility, each 12 months in the Period of Service equals one year.  Remaining months that do not aggregate to a year are also taken into account for purposes of determining Retirement eligibility.”

		
	6.
	Section 2.39 of the Plan is amended in its entirety to read as follows: 

“Retirement.  In connection with a Participant’s Post-2016 Account, Retirement means: (i) with respect to a Participant who is an Employee, Separation from Service initiated by the Participant that occurs on or after the date on which the sum of the Participant’s age and Period of Service equals sixty-five (65) years, so long as the Participant is at least fifty-five (55) years old and provides at least six (6) months’ notice of his or her intention to retire; and (ii) with respect to a Participant who is a Director but not an Employee, Separation from Service.  For purposes of determining whether the sum of a Participant’s age and Years of Service equals sixty-five (65) years, months in excess of whole years will be aggregated. For example, a Participant who, as of the date of his Separation from Service, is age 59 and 11 months and has completed a Period of Service equal to five years and two months will be considered to have a combined age and Period of Service equal to 65 years and one month.  In connection with a Participant’s 2016 Account, Retirement means: (i) with respect to a Participant who is an Employee, Separation from Service that occurs on or after the date on which the sum of the Participant’s age and Period of Service (calculated in months) equals sixty-five (65) years; and (ii) with respect to a Participant who is a Director but not an Employee, Separation from Service. In connection with a Participant’s Pre-2016 Account, Retirement means: (i) with respect to a Participant who is an Employee, Separation from Service after attainment of age 65; and (ii) with respect to a Participant who is a Director but not an Employee, Separation from Service.”

7.    Section 4.1(a) of the Plan is amended in its entirety to read as follows:

		
	“(a) 
	A Participant may elect to defer Compensation by submitting a Compensation Deferral Agreement during the enrollment periods established by the Committee as further described below in this paragraph (a), but in any event, in accordance with Section 4.2. A Compensation Deferral Agreement that is not timely filed during the enrollment periods established by the Committee with respect to a service period or component of Compensation shall be considered void and shall have no effect with respect to such service period or Compensation. The Participant may modify any Compensation Deferral Agreement prior to the date the election becomes irrevocable under the rules of Section 4.2.

		
	(i)
	Subject to Section 4.2, a Participant, other than a non-employee Director, may elect to defer up to 80% of base salary for services rendered in the next following Plan Year.

 
		
	(ii)
	Subject to Section 4.2, a Participant, other than a non-employee Director, may elect to defer up to 80% of his or her Management Incentive Plan (“MIP”) annual bonus for services rendered in the fiscal year commencing on July 1 of the current Plan Year and ending on June 30 of the next following Plan Year.

		
	(iii)
	Subject to Section 4.2, a Participant, other than a non-employee Director, may elect to defer up to 80% of quarterly sales commissions for sales occurring in the next following Plan Year.

		
	(iv)
	Subject to Section 4.2, a Participant, other than a non-employee Director, may elect to defer either 0% or 100% of  the restricted stock units (“RSUs”) granted under the Catalent, Inc. 2014 Omnibus Incentive Plan (the “OIP”); provided, only RSUs granted under the OIP subject to a three-year vesting schedule are eligible for deferral under this Plan.

		
	(v)
	Subject to Section 4.2, a Participant, other than a non-employee Director, may elect to defer either 0% or 100% of performance share units (“PSUs”) awarded under the OIP (the “PSU Award”); provided, only PSU Awards granted under the OIP and subject to a three-year performance period are eligible for deferral under this Plan. A Participant’s election to defer PSUs under this paragraph shall have no impact on the value of his or her PSU Award, which is governed by Section 11 of the OIP, as in effect from time to time.   

		
	(vi)
	Subject to Section 4.2, a Participant who is a non-employee Director may elect to defer up to 100% of meeting and retainer fees for services rendered in the next following Plan Year.

		
	(vii)
	Subject to Section 4.2, a Participant who is a non-employee Director may elect to defer either 0% or 100% of RSUs granted under the OIP; provided, only RSUs granted under the OIP subject to a one-year vesting schedule are eligible for deferral under this Plan.”

8.    Section 5.1 of the Plan is amended in its entirety to read as follows:

“Discretionary Company Contributions.   The Committee, in its discretion for any year, shall credit Company Contributions with respect to the Deferrals made by Participants who are Employees.  Such Company Contributions shall be equal to fifty percent of the amount of Deferrals for the year on Compensation up to six percent of the Participant’s Compensation.  Any such Company Contributions made with respect to a Participant’s post-2016 Account shall be allocated to the Participant’s Primary Retirement/Termination Account.”

9.    Section 6.1 of the Plan is amended to change the underlined heading to read as follows:

“Distributions of 2016 and Post-2016 Accounts.”

10.    Section 6.2 of the Plan is amended in its entirety to read as follows:

“Distribution of Pre-2016 Accounts due to Retirement or Termination.  The balance of a Participant’s Pre-2016 Account shall be distributed upon the Participant’s Separation from Service due to Retirement or Termination, based on the value of that Account as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine. Payment will be made or begin on the 15th day of the month following the month in which the six-month anniversary of the Participant’s Separation from Service due to Retirement or Termination occurs, in a single lump 

sum payment or, if elected by the Participant during his or her initial enrollment in the Plan for the period ending on December 31, 2015 pursuant to the terms of Plan then in effect, or in accordance with Article VII, in substantially equal annual installments over a period of five or ten years, as elected by the Participant.”

11.    Section 6.3 of the Plan is amended in its entirety to read as follows:

“Distribution Rules Applicable to Both Pre-2016 Accounts, 2016 Accounts and Post 2016 Accounts.  Notwithstanding anything to the contrary in this Article, distribution of a Participant's Pre-2016 Account, 2016 Account and Post-2016 Account shall be distributed in accordance with the following:
		
	(a)
	Disability. Upon the Participant's becoming Disabled the Participant shall receive a distribution of all of his or her Accounts, based on the value of such Accounts as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine, in a single lump sum. Payment will be made or begin no later than the later of (i) December 31 of the year in which the Participant is determined to be Disabled, or (ii) ninety (90) days following the date of the Participant's disability.

		
	(b)
	Unforeseeable Emergency. Upon the occurrence of an Unforeseeable Emergency, a Participant may submit a written request to the Committee to receive payment of all or any portion of his or her vested Accounts. Whether a Participant or Beneficiary is faced with an Unforeseeable Emergency permitting an emergency payment shall be determined by the Committee based on the relevant facts and circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency may not be made to the extent that such emergency is or may be reimbursed through insurance or otherwise, by liquidation of the Participant's assets, to the extent the liquidation of such assets would not cause severe financial hardship, or by cessation of Deferrals under this Plan. If an emergency payment is approved by the Committee, the amount of the payment shall not exceed the amount reasonably necessary to satisfy the need, taking into account the additional compensation that is available to the Participant as the result of cancellation of deferrals to the Plan, including amounts necessary to pay any taxes or penalties that the Participant reasonably anticipates will result from the payment. The amount of the emergency payment shall be subtracted first from the Participant's Pre-2016 Account until depleted, and then from the Participant's 2016 Account and Post- 2016 Account on a pro rata basis from the vested portion of each of the Participant's Retirement/Termination Accounts until depleted and then pro rata from the vested portion of each of the Participant's Specified Date Accounts. Emergency payments shall be paid in a single lump sum as soon as administratively practicable following the date the payment is approved by the Committee.

		
	(c)
	Change of Control. Notwithstanding anything to the contrary in this Section 6.1, the remaining balance of all of a Participant's Accounts will be distributed in a single lump sum payment if the Participant Separates from Service within 24 months following a Change of Control. Payment of 2016 and Post-2016 Accounts will be made on the 15th day of the month following the month in which the six-month anniversary of the Participant's Separation from Service occurs, based on the value of that Account(s) as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine. Payment of Pre-2016 Accounts will be on the first regular payment processing date after the termination of the Participant's employment or service, as applicable, unless a longer delay is required by applicable law, in which event the lump sum shall be paid as soon as is permitted by applicable law, with the amount based on the value of that Account as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine.

		
	(d)
	Small Account Balances. Notwithstanding anything to the contrary in this Article VI, the Committee shall pay the value of the Participant's Accounts upon a Separation from Service in a single lump sum if the balance of such Accounts is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), provided the payment represents the complete liquidation of the Participant's interest in the Plan. Further, the Committee may, in its discretion, direct a single lump sum payment of all of a Participant's Account at any time, if the balance of such Accounts is not greater than the applicable dollar amount under Code Section 402(g)(1)(B), provided the payment represents the complete liquidation of the Participant's interest in the Plan and all plans and arrangements which are required to be aggregated with the Plan under Treas. Reg. § 1.409A-1(c)(2).

		
	(e)
	Rules Applicable to Installment Payments. If a Payment Schedule specifies installment payments, annual payments will be made beginning as of the payment commencement date for such installments and shall continue on each anniversary thereof until the number of installment payments specified in the Payment Schedule has been paid. Earnings shall continue to be credited to a Participant's Accounts during the installment period. The amount of each installment payment shall be determined by dividing (a) by (b), where (a) equals the Account Balance as of the Valuation Date disregarding any portion thereof consisting of units of Company Stock and (b) equals the remaining number of installment payments. For purposes of Article VII, each installment payment will be treated as a separate payment.

		
	(f)
	Acceleration of or Delay in Payments. The Committee, in its sole and absolute discretion, may elect to accelerate the time or form of payment of a benefit owed to the Participant hereunder, provided such acceleration is permitted under Treas. Reg. Section 1.409A-3(j)(4). The Committee may also, in its sole and absolute discretion, delay the time for payment of a benefit owed to the Participant hereunder, to the extent permitted under Treas. Reg. Section 1.409A-2(b)(7). If the Plan receives a domestic relations order (within the meaning of Code Section 414(p)(1)(B)) directing that all or a portion of a Participant's Accounts be paid to an "alternate payee," any amounts to be paid to the alternate payee(s) shall be paid in a single lump sum.

		
	(g)
	Death (2016 Account and Post-2016 Account).  With respect to a Participant’s 2016 Account and Post-2016 Account, upon the Participant’s death, his or her designated Beneficiary(ies) shall receive a distribution of all such Accounts, based on the value of such Accounts as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine, in a single lump sum.  Payment will be made or begin no later than the later of (i) December 31 of the year in which the Participant’s death occurs, or (ii) ninety (90) days following the date of the Participant’s death. 

		
	(h)
	Death (Pre-2016 Accounts). 

Death After the Commencement of Benefits. Upon the Participant's death after the commencement of the distribution of the Participant's Pre-2016 Account, his or her designated Beneficiary(ies) shall receive the remaining distributions of the Pre-2016 Account due under the Plan in accordance with the distribution method in effect at the time of the Participant's death.
Death Prior to the Commencement of Benefits. Upon the Participant's death prior to the commencement of the distribution of the Participant's Pre-2016 Account, his or her designated Beneficiary(ies) shall receive a distribution of all of his or her Pre-2016 Account, based on the value of such Account as of the end of the month preceding the month of payment or such later date as the Committee, in its sole discretion, shall determine, in a single lump sum.  Notwithstanding the forgoing, the Participant's designated Beneficiaries shall receive distributions of the Participant's Pre-2016 

Account in annual installments as elected by the Participant during his or her initial enrollment in the Plan. Payment of the Pre-2016 Account in a lump sum or annual installments will be made or begin no later than the later of (i) December 31 of the year in which the Participant's death occurs, or (ii) ninety (90) days following the date of the Participant's death.”

12.    Section 7.1 of the Plan is amended in its entirety to read as follows:
“Participant’s Right to Modify.   A Participant may modify any or all of the alternative
Payment Schedules with respect to an Account, consistent with the permissible Payment Schedules available under the Plan for the applicable Account, provided such modification complies with the requirements of this Article VII. For purposes of clarity, the Payment Schedule applicable to a Pre-2016 Account may be modified only to elect a different Payment Schedule available for a Pre-2016 Account. The permissible Payment Schedule for pre-retirement death benefit elections is the Payment Schedule available for 2016 and Post-2016 Retirement/Termination Accounts.”

IN WITNESS WHEREOF, the Company has caused this Amendment to the Catalent Pharma Solutions, Inc. Deferred Compensation Plan, to be executed by its duly authorized representative as of the date written below.

CATALENT PHARMA SOLUTIONS, INC.

By:    /s/Joseph Beninati        
Print Name:  Joseph Beninati
Title:  Vice President, HR-Total Rewards
Date:  12-8-16Exhibit

Exhibit 10.42
    
Management Incentive Plan - FY2017
Summary Plan Description

Introduction

The Management Incentive Plan (MIP) is a variable annual cash incentive program that rewards performance against annual individual and business-based goals. Individual performance goals designed to support the broader business goals are established each year between eligible participants and their respective managers. The Compensation Committee of the Board of Directors of Catalent, Inc. selects the business-based goals for the MIP from among the corporate financial and strategic growth objectives approved each year by the Board.

Eligibility for the MIP is based on several criteria, including position in the organization and past performance. MIP participants are expected to play an important role in achieving the Company’s strategic goals and contributing to the growth of the Company and its people. Key features of the MIP, including funding and the determination and payment of individual awards, are described below.

Market-Based Program 

Catalent believes that providing competitive market-based compensation is critical to attracting, engaging and retaining key talent and the critical skill sets and expertise necessary to make Catalent successful. With this in mind, Catalent’s incentive programs, including the MIP, are reviewed on an annual basis taking into account market compensation trends, annual financial goals, and changes in business strategies. Where appropriate, a review is performed and changes are generally agreed prior to the start of the fiscal year, although the Company reserves the right to make changes at any time.

MIP Alignment with Financial Goals
 
Catalent believes that the MIP acts best as an incentive when there is meaningful alignment between the business performance factors used to measure a participant’s achievement and the participant’s ability to enhance the performance of the overall organization through the participant’s position within the organization. Depending on a participant’s role, the business performance factors can be weighted among one, two, or three organizational levels (i.e., overall Catalent, the principal business unit to which the participant’s efforts are directed (if any), and the principal site and/or region to which the participant’s efforts are directed (if any)).  In rare cases, the business performance factors may be weighted differently for participants who support multiple business units and/or sites. The chart below provides several examples of weightings for the business performance factors.

	
				
	 
	Business Performance Factors Weighting 

	Position Category(1)
	Overall
Catalent
	Business
Unit
	Site/
Region(3)

	ELT and Corporate
	100%
	 
	 

	BU Functional Leaders(2)
	50%
	50%
	 

	Site/Region-Based Leaders
	30%
	30%
	40%

	Site-Based Participants
	0%
	40%
	60%

		
	Notes:
	(1)    As noted above, there may in rare cases be other weightings used for individual participants.

(2)     Includes positions that support business unit-wide initiatives (e.g., VPs of   operations, quality, or finance for a BU).
(3)    This weighting may take into account  site/regional results, which may include the results of multiple BUs and sites.

Business Performance Factors Combine for a Business Achievement Factor (BF)

As noted, the business performance factors measure achievement against a set of goals fixed each year by the Board of Directors and the Compensation Committee. For fiscal 2017, as in recent years, the business performance factors will be based on achievement in revenue and “EBITDA” (earnings before interest, taxes, depreciation, and amortization) against the amounts set forth in the board-approved budget for this fiscal year. Because the MIP measures achievement against budget, adjustments to revenue and EBITDA that are used in determining the budget will also apply when measuring performance, and results in foreign currencies will be converted to U.S. dollars at the currency exchange rates used to determine the budget. 

Achievement against each goal-revenue and EBITDA-is measured separately, and an achievement factor is assigned based on the percentage attainment against each goal. These achievement factors are then weighted-25% for revenue, and 75% for EBITDA-to determine an overall business achievement factor (BF). 

Set forth below is the chart used to convert the achievement percentage for each goal to the achievement factor used to calculate the MIP. 

	
			
	% of Target Achieved
	Achievement Factor Assigned
	Comment

	< 90%
	Zero
	Any payout at Compensation Committee discretion

	90%
	50.0%
	Threshold performance @ 50%

	91%
	55.0%
	 

	92%
	60.0%
	 

	93%
	65.0%
	 

	94%
	70.0%
	 

	95%
	75.0%
	 

	96%
	80.0%
	 

	97%
	85.0%
	 

	98%
	90.0%
	 

	99%
	95.0%
	 

	100%
	100.0%
	Target

	101%
	105.0%
	 

	102%
	110.0%
	 

	103%
	115.0%
	 

	104%
	120.0%
	 

	105%
	125.0%
	 

	106%
	132.5%
	 

	107%
	140.0%
	 

	108%
	147.5%
	 

	109%
	155.0%
	 

	110%
	162.5%
	 

	111%
	167.5%
	 

	112%
	172.5%
	 

	113%
	177.5%
	 

	114%
	182.5%
	 

	115%
	187.5%
	Maximum performance @ 187.5%

	>115%
	187.5%
	 

As seen in the chart, 100% achievement converts to a 100% achievement factor, and the achievement factor increases for improved performance against the targets and decreases if performance does not meet the budget target. The minimum achievement factor for the MIP is 90%--below that, the assigned achievement factor is 0%, although the Compensation Committee remains free, in its sole discretion, to make MIP awards even if achievement does not reach 90%. Similarly, the maximum achievement factor is 115%--above that, the assigned achievement factor remains the same. 

Set forth below is a chart showing, at multiple example levels of achievement, how the two separate business performance factors-revenue and EBITDA-come together to give participants a singled combined BF.

	
									
	 
	 
	Revenue Goal Achievement

	 
	 
	<90%(1)
	90%
	95%
	100%
	105%
	110%
	115%

	EBITDA Goal
Achievement
	<90%(1)
	0.0%
	12.5%
	18.8%
	25.0%
	31.3%
	40.6%
	46.9%

	90% 
	37.5%
	50.0%
	56.3%
	62.5%
	68.8%
	78.1%
	84.4%

	95%
	56.3%
	68.8%
	75.0%
	81.3%
	87.5%
	96.9%
	103.1%

	100%
	75.0%
	87.5%
	93.8%
	100.0%
	106.3%
	115.6%
	121.9%

	105%
	93.8%
	106.3%
	112.5%
	118.8%
	125.0%
	134.4%
	140.6%

	110%
	121.9%
	134.4%
	140.6%
	146.9%
	153.1%
	162.5%
	168.8%

	115%
	140.6%
	153.1%
	159.4%
	165.6%
	171.9%
	181.3%
	187.5%

		
	    Note: (1)
	For fiscal 2017, the Compensation Committee has set the revenue and EBITDA performance thresholds at 90% of target. Funding for the MIP is dependent on achievement of at least the threshold level for both performance metrics. If both hurdles are not met, MIP funding can only occur at the discretion of management, with approval of the Compensation Committee.

Individual Performance Factor (IPF) 

Each year, MIP participants, in collaboration with their managers, establish appropriate individual performance goals based on the individual’s role. These goals are to be aligned with the business performance goals established for Catalent overall. At fiscal year-end, managers determine each participant’s individual performance factor (IPF) based on the participant’s overall performance for the year, including achievement of the participant’s individual performance goals. In general, the IPF ranges from 0 to 150%.

For fiscal 2017, MIP participants who receive a performance rating of “Did Not Meet Expectations” will receive a zero IPF and will not be eligible for payout under the MIP regardless of the BF achievement. 
The Business and Individual Performance Factors Are Combined to Determine the MIP Award
                                                                
At the beginning of each fiscal year, a target MIP payout is set for each participant, usually expressed as a percentage of base salary. The amount actually paid to the participant following the end of the fiscal year is dependent on both the participant’s combined business achievement percentage (a non-discretionary fixed amount) and the individual performance factor assigned to the participant (based on manager’s discretion). For fiscal 2017, the combined BF is weighted 70%, and the IPF is weighted 30%, in order to obtain an overall combined performance factor, which is expressed as a percentage and then applied against the target. Because the BF can range from 0% to 187.5%, and the IPF can range from 0% to 150%, the total MIP payout can range from 0% to 176.25% of the target payout amount. 

MIP Calculation Summary for Fiscal 2017

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

Below is an example of a MIP calculation for illustrative purposes: 

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

Performance Updates During the Fiscal Year

The MIP design is open and transparent, reflecting Catalent’s confidence that Company leaders can deliver on its challenging but achievable goals.

Throughout the fiscal year, participants should review their progress against their personal goals with their managers. The senior management team will also provide updates on Catalent’s progress against its business goals. These individual and team updates will help participants to track their progress toward annual MIP funding and payout.

Effect of Employment Status Changes on Eligibility

Your eligibility to receive a MIP award is affected by your employment status at payout. Listed below are payout provisions pertaining to different termination scenarios:

	
			
	Event
	Event occurs:  Prior to April 1, 2017
	Event occurs:  From April 1, 2017through date of MIP payment (scheduled to occur in Sept. 2017)

	Voluntary termination (including resignation and job abandonment)
	Not eligible for payout
	Not eligible for payout

	Involuntary termination for cause* or for other than reduction-in-force/restructure/divestiture
	Not eligible for payout
	Not eligible for payout

	Involuntary termination due to reduction-in-force/restructure/divestiture
	Not eligible for payout
	Employees with continuous MIP-eligible service through the date of termination, where at least 90 days of that service occurred  in fiscal 2017, will be eligible for payout at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)

	Death
	Employees with continuous MIP-eligible service through the date of death, where at least 90 days of that service occurred in fiscal 2017, will be eligible for payout  at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)

	Retirement
	Not eligible for payout
	Employees with at least 90 days of MIP-eligible service in fiscal 2017 will be eligible for payout at the normal payout date based on actual company/BU/site results (pro-rated for the portion of the year in service) and IPF as determined by the employees’ manager (similarly pro-rated)

	Certain leaves of absence (LOA) may affect eligibility. Applicable LOA policies should be consulted on a regional basis.

		
	*
	Management reserves the right to determine in its sole discretion whether an individual termination of a MIP participant is for “cause.”

Timetable for Bonus Determination and Payment

After the close of the fiscal year, BF determinations will be made and overall MIP funding will be calculated.

At the appropriate time during the Catalent annual performance management cycle, year-end performance reviews will be completed and managers will determine and assign MIP-eligible participants an applicable IPF value based on assessments of individual performance against goals. 

Typically, within 90 days of the end of the fiscal year (generally in September), individual MIP awards will be communicated. 

Important Limitations on this Summary Plan Description
 
Please note that this document is only a summary of the Catalent MIP program. Participation in the MIP in any year is not a guarantee of participation in any future year. The application of the MIP to any given individual may vary depending on various circumstances, including the terms of any applicable employment contract, applicable regional laws governing employment, benefits, or payments under benefit plans applicable to only a subset of employees, and the terms of any applicable collective bargaining or employment agreement. Furthermore, the Company reserves the right to modify or cancel the MIP at any time, with or without notice to employees, to the fullest extent permitted by applicable law. In addition, separation from Catalent employment may affect a participant’s ability to participate in the MIP or the amount of the participant’s benefits in ways that are not fully described in this summary plan description. Employees with questions concerning eligibility for the MIP or the terms and conditions of the plan may contact their Catalent Human Resources representatives.

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