Document:

Exhibit

Exhibit 10.2

Execution Version

Deed of Novation and Amendment
Block C-18, Mauritania
THIS DEED OF NOVATION AND AMENDMENT (the “Deed”) is made the 20th day of September 2017
BETWEEN:
		
	(1)
	TULLOW MAURITANIA LIMITED, a company incorporated under the laws of the Isle of Man (Previous Registration No. 104570C and Current Registration No. 010509V) whose registered office is at Falcon Cliff, Palace Road, Douglas, Isle of Man, IM2 4LB (the “Assignor”);

		
	(2)
	TOTAL E&P MAURITANIA BLOCK C18 B.V. a company incorporated under the laws of the Netherlands and having its registered office at Bordewijklaan 18, 2591 XR The Hague, The Netherlands (“Assignee”);

		
	(3)
	KOSMOS ENERGY MAURITANIA, a company incorporated in the Cayman Islands whose registered office is at c/o Circumference (Cayman), P.O. Box 32322, 4th Floor, Century yard, Cricket Square, Hutchins Drive, Elgin Avenue, George Town, Grand Cayman, KY1-1209, Cayman Islands (the "Kosmos");

		
	(4)
	BP MAURITANIA INVESTMENTS LIMITED, a company incorporated in England and Wales whose registered office is at Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, United Kingdom (“BP”); and

		
	(5)
	SOCIÉTÉ MAURITANIENNE DES HYDROCARBURES ET DE PATRIMOINE MINIER (previously named Société Mauritanienne des Hydrocarbures (SMH)), the national oil company of Mauritania, incorporated by Decree No.2005 -106 dated 7 November 2005 as abrogated by and replaced with Decree No. 2009-168 dated 3 May 2009 amended by Decree No. 2014-001 dated 06 January 2014 under the laws of the Islamic Republic of Mauritania and having its registered office at Ilot K, Rue 42-133, No. 349, B.P. 4344, Nouakchott, Islamic Republic of Mauritania (“SMHPM” ).

RECITALS:
		
	A.
	The Assignor entered a contract for the exploration and production of Hydrocarbons in block C-18 offshore Mauritania, dated 17 May 2012 and with an effective date of 15 June 2012, with the Islamic Republic of Mauritania, as represented by the Minister in charge of Petroleum, Energy and Mines (the “Contract”) and pursuant to article 21 of the Contract the Government, through SMHPM, acquired as at the effective date of the Contract a Participating Interest of ten percent (10%).

Execution Version

		
	B.
	The Assignor, Kosmos, BP and SMHPM are parties to a Joint Operating Agreement dated 11 September 2012 related to block C-18 offshore Mauritania (the “JOA”) as amended by a deed of novation and amendment signed by the Assignor, Kosmos, BP and SMHPM dated 24 August 2017 (“Kosmos/BP Deed of Novation”). 

		
	C.
	By the Sale and Purchase Agreement dated 20 April 2017, the Assignor has agreed to assign and transfer to the Assignee an undivided forty-five percent (45%) Participating Interest in the Contract and the JOA (the “Transfer”). 

		
	D.
	The Minister of Petroleum, Energy and Mines by letter n° 00000742/M.P.E.M./MM dated 9 August 2017 has approved the Transfer contemplated by the SPA; and

		
	E.
	It is a requirement of the JOA that this Deed be executed to effect the assignment and transfer of the Assigned Interest under the Transfer.

THE PARTICIPANTS COVENANT AND AGREE:
1.    DEFINITIONS
Unless otherwise required by the context or subject matter: 
Assigned Interest means a forty-five percent (45%) Participating Interest in the Contract and the JOA.

Assignment Date means 00:01 hours (London time) on 20 April 2017.
Assignor's Covenants means the covenants, agreements and obligations contained or implied in the Contract, the JOA or imposed by law to be observed and performed by the Assignor to the extent of the Assigned Interest.
Completion Date means the date on which the conditions set out in SMHPM letter N°000165/ SMHPM/DG dated 16 August 2017 have been satisfied and all conditions stated in the SPA have been satisfied or waived. 
Contract has the meaning given in Recital A.
Deed means this deed.
JOA has the meaning given in Recital B.
Kosmos/BP Assignment Date means 00:01 hours (London time) on 1 June 2017, being the “Assignment Date” as that term is defined in the Kosmos/BP Deed of Novation.
Kosmos/BP Deed of Novation has the meaning given in Recital B.
Participant means the Assignor, the Assignee, Kosmos, BP or SMHPM.

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Execution Version

Participating Interest means the interest of a Participant (expressed as a percentage) in all rights, benefits, liabilities and obligations under the Contract and the JOA.
SPA means the sale and purchase agreement between the Assignor and the Assignee dated 20 April 2017 for, inter alia, the assignment and transfer by the Assignor of the Assigned Interest to the Assignee.
Transfer has the meaning given in Recital C.
2.    INTERPRETATION
Words and expressions defined in the JOA and used but not defined in this Deed have the same meaning as in the JOA (unless expressly stated otherwise).
3.    ASSIGNMENT AND NOVATION
Subject to the satisfaction of the conditions in Clause 9.1, the Assignor assigns, transfers and novates the Assigned Interest to the Assignee on and from the Assignment Date. 
		
	4.
	ACKNOWLEDGMENT

Subject to the satisfaction of the conditions in Clause 9.1, each Participant acknowledges that the Assignee with effect from the Assignment Date:
		
	(a)
	has by this Deed become a party to the JOA in lieu of the Assignor to the extent of the Assigned Interest; 

		
	(b)
	is entitled to all of the rights and benefits of the Assignor under the Contract and the JOA to the extent of the Assigned Interest in lieu of the Assignor; and

		
	(c)
	by this Deed, undertakes and covenants with the Assignor, Kosmos, BP and SMHPM to observe and perform the Assignor’s Covenants with respect to the Assigned Interest.

5.    PARTIAL RELEASE
5.1    Release
Subject to the satisfaction of the conditions in clause 9.1, the Assignee, SMHPM, BP and Kosmos shall release and discharge the Assignor from the Assignor's Covenants with respect to the Assigned Interest under the Transfer with effect on and from the Assignment Date.

3

Execution Version

5.2    Continuing Rights and Obligations of Assignor
Subject to the satisfaction of the conditions in Clause 9.1, the Assignor:
		
	(a)
	remains liable to Kosmos, BP, SMHPM and the Assignee under the Transfer for, and must observe and perform, all the Assignor's Covenants arising in respect of Joint Operations carried out under the JOA before the Assignment Date with respect to the Assigned Interest; and

(b)    must discharge all liabilities and obligations:
(i)    incurred by or on behalf of the Assignor; or
		
	(ii)
	arising, in respect of Joint Operations carried out under the JOA, before the Assignment Date to the extent of the Assigned Interest.

6.    COMPLIANCE WITH JOA AND CONSENT
		
	6.1
	The Participants confirm that this Deed is intended to fully comply with the JOA. In case of inconsistency between the provisions of this Deed and the provisions of the JOA (except for the amendments to the JOA stated in Clauses 4, 5, 7 and 8 of this Deed), the provisions of the JOA prevail.

		
	6.2
	SMHPM, Kosmos and BP’s consent to the assignment, transfer and novation under the Transfer is evidenced by this Deed when it becomes in full force pursuant to Clause 9.1.

		
	7.
	PARTICIPATING INTERESTS OF PARTICIPANTS FROM ASSIGNMENT DATE AND JOA AMENDMENTS

		
	7.1
	On and from the Assignment Date, the Assignee will become a Party to the JOA and the Participating Interests of the Parties under Article 3.2(A) of the JOA:

		
	a)
	on and from the Assignment Date to 31 May 2017 at 24:00 hours (London time) shall be:

“
	
		
	Participant
	Participating Interest

	Total E&P Mauritania Block C18 B.V.
	45%

	Tullow Mauritania Limited
	45%

	Société Mauritanienne des Hydrocarbures et de Patrimoine Minier
	10%

“
		
	b)
	and, on and from the Kosmos/BP Assignment Date, shall be:

 “

4

Execution Version

	
		
	Participant
	Participating Interest

	Total E&P Mauritania Block C18 B.V.
	45%

	Tullow Mauritania Limited
	15%

	BP Mauritania Investments Limited
	15%

	Kosmos Energy Mauritania
	15%

	Société Mauritanienne des Hydrocarbures et de Patrimoine Minier
	10%

“
		
	7.2
	At Article 3.4(E) of the JOA in the second paragraph beginning “For the avoidance of doubt...” the table shall be deleted and replaced with the following:

		
	a)
	on and from the Assignment Date to 31 May 2017 at 24:00 hours (London time):

	
		
	"Total E&P Mauritania Block C18 B.V.
	50.000%

	Tullow Mauritania Limited
	50.000%

	 
	 

	Total
	100%"

		
	b)
	and, on and from the Kosmos/BP Assignment Date:

	
		
	"Total E&P Mauritania Block C18 B.V.
	50.000%

	Tullow Mauritania Limited
	16.670%

	Kosmos Energy Mauritania
	16.665%

	BP Mauritania Investments Limited
	16.665%

	 
	 

	Total
	100%"

		
	7.3
	With effect from the Completion Date, Article 18.3 of the JOA is amended as follows:

“18.3    Expert Determination
For any decision referred to an expert under Article 12.2(F) the Parties hereby agree that such decision shall be conducted expeditiously by an expert selected unanimously by the parties to the Dispute. The expert is not an arbitrator of the Dispute and shall not be deemed to be acting in an arbitral capacity. The Party desiring an expert determination shall give the other parties to the Dispute written notice of the request for such determination.  If the parties to the Dispute are unable to agree upon an expert within ten (10) Days after receipt of the notice of request for an expert determination, then, upon the request of any of the parties to the Dispute, the ICC International Centre for ADR shall appoint such expert and shall administer such expert determination through the Rules for the Administration of Expert Proceedings of the International Chamber of Commerce. The expert, once appointed, must not have any ex parte communications with any of the 

5

Execution Version

parties to the Dispute concerning the expert determination or the underlying Dispute. All Parties agree to cooperate fully in the expeditious conduct of such expert determination and to provide the expert with access to all facilities, books, records, documents, information, and personnel necessary to make a fully informed decision in an expeditious manner. Before issuing his final decision, the expert shall issue a draft report and allow the parties to the Dispute to comment on it. The expert shall endeavor to resolve the Dispute within thirty (30) Days (but no later than sixty (60) Days) after his appointment, taking into account the circumstances requiring an expeditious resolution of the matter in Dispute.  The expert's decision shall be final and binding on the parties to the Dispute unless challenged in an arbitration under Article 18.2(B) within sixty (60) Days of the date the expert’s final decision is received by the parties to the Dispute. In such arbitration (i) the expert determination on the specific matter under Article 12.2(F) shall be entitled to a rebuttable presumption of correctness; and (ii) the expert shall not (without the written consent of the parties to the Dispute) be appointed to act as an arbitrator or as adviser to the parties to the Dispute.”

		
	7.4
	Each Participant acknowledges and agrees that notwithstanding that the Assignment Date precedes the Kosmos/BP Assignment Date:

    
		
	(a)
	the transfers of Participating Interests to BP and Kosmos pursuant to the Kosmos/BP Deed of Novation were validly made and, as at the date of this Deed, BP and Kosmos each legitimately holds a 15% Participating Interest;

		
	(b)
	each Participant hereby waives any right it may otherwise have (including, without limitation, any right that the Assignee, Assignor or SMHPM may have or claim to have pursuant to the JOA or SPA or other agreement) to challenge the validity or effectiveness of such transfers of Participating Interest to BP and Kosmos; and 

		
	(c)
	the amendments to the JOA made pursuant to the Kosmos/BP Deed of Novation were validly made and are fully binding on all Participants.

8.    ADDRESS FOR SERVICE 

		
	8.1
	For the purposes of Article 17 of the JOA, the address of the Assignee for delivery or transmission of notices is:

“Total E&P Mauritania Block C18 B.V
Bordewijklaan 18
2591 XR The Hague
The Netherlands
Attn: M. Dominique Janodet, Managing Director
Facsimile No.: + 31 (0) 7 05 12 94 49

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Execution Version

With copy to:
M. Khaled Kouki
Facsimile No.: +33 1 47 44 57 75”

9.    APPROVAL AND REGISTRATION
		
	9.1
	This Deed is of no force until the Assignor and the Assignee have formally notified Kosmos, BP and SMHPM of the occurrence of the completion under the SPA and of the Completion Date. 

		
	9.2
	Each Participant, as applicable, must use all reasonable efforts, execute all documents and do all acts and things necessary or desirable to enable all matters contemplated by this Deed to be approved by the Government (if necessary) as quickly as possible.

		
	9.3
	From the date this Deed comes into force pursuant to Clause 9.1, the transfer and assignment of the Assigned Interest under the Transfer will relate back and be deemed to have occurred on the Assignment Date.

10.    COSTS AND STAMP DUTY
Each Participant is responsible for its own legal and other costs and expenses but the Assignees must pay the stamp duly and registration fees on this Deed, if any.
11.    APPLICABLE LAW
The provisions of Article 18.1 of the JOA are incorporated by reference as if fully set forth herein, and shall apply under this Deed.
12.    DISPUTE RESOLUTION
The Dispute Resolution provisions of Articles 18.2 and 18.4 of the JOA are incorporated by reference as if fully set forth herein, and shall apply under this Deed. 
13.    MODIFICATIONS
This Deed shall not be amended or modified except by an instrument in writing signed by the duly authorised signatory of each Participant.
14.    COUNTERPARTS
This Deed may be executed in any number of counterparts each of which is an original and all of which constitute one and the same instrument.
15.    FURTHER ASSURANCES
Each Participant must execute and do all acts and things necessary or desirable to implement and give full effect to the provisions and purpose of this Deed.

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Execution Version

EXECUTED AND DELIVERED AS A DEED: 
	
				
	Executed as a deed by 
TULLOW MAURITANIA LIMITED
acting by 

	 
	)
)
)
)
	 

	Signature of authorised signatory
	 
	/s/ Kemal Mohamedou

	Name
	 
	Kemal Mohamedou

	Signature of witness
	 
	/s/ Houda Fidah

	Name of witness
	 
	Houda Fidah

	Address of witness
	 
	N° 169T Najah

	 
	 
	Nouakchott, Mauritania

	Occupation of witness
	 
	Office & HR Advisor

	
				
	Executed as a deed by
TOTAL E&P MAURITANIA BLOCK C18 B.V.
acting by 

	 
	)
)
)
)
	 

	Signature of authorised signatory
	 
	/s/ David Mendelson

	Name
	 
	David Mendelson

	Signature of witness
	 
	/s/ Jean-Paul Precigout

	Name of witness
	 
	Jean-Paul Precigout

	Address of witness
	 
	The Hague

	 
	 
	The Netherlands

	Occupation of witness
	 
	Deputy Vice President

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Execution Version

	
				
	Executed as a deed by
KOSMOS ENERGY MAURITANIA
acting by 

	 
	)
)
)
)
	 

	Signature of authorised signatory
	 
	/s/ Mohamed Limam

	Name
	 
	Mohamed Limam

	Signature of witness
	 
	/s/ Brahim Yahya Lebatt

	Name of witness
	 
	Brahim Yahya Lebatt

	Address of witness
	 
	Nouakchott 

	 
	 
	Mauritania

	Occupation of witness
	 
	Travel & Facilities Supervisor

	
				
	Executed as a deed by
BP MAURITANIA INVESTMENTS LIMITED
acting by 

	 
	)
)
)
)
	 

	Signature of authorised signatory
	 
	/s/ Russell Smith

	Name
	 
	Russell Irving Smith

	Signature of witness
	 
	/s/ Hamish Bennell

	Name of witness
	 
	Hamish Marc Bennell

	Address of witness
	 
	BP PLC, Chertysey Road

	 
	 
	Sunbury, TWIG 7LN, UK

	Occupation of witness
	 
	Business Development Advisor

9

Execution Version

	
				
	Executed as a deed by
SOCIETE MAURITANIENNE DES HYDROCARBURES ET DE PATRIMOINE MINIER acting by 

	 
	)
)
)
)
	 

	Signature of authorised signatory
	 
	/s/ Fall N'Guissaly

	Name
	 
	Fall N'Guissaly

	Signature of witness
	 
	/s/ Chemsdine Sow Deina

	Name of witness
	 
	Chemsdine Sow Deina

	Address of witness
	 
	RUE U2-133 N°349-BP4344

	 
	 
	Nouakchott, Mauritania

	Occupation of witness
	 
	Head Exploration/Promotion Department

10Exhibit

                    

CATALENT PHARMA SOLUTIONS, INC.

DEFERRED COMPENSATION PLAN

Amended and Restated Effective January 1, 2016

 

Catalent Pharma Solutions, Inc. Deferred Compensation Plan

ARTICLE I
Establishment and Purpose    1

ARTICLE II 
Definitions    1

ARTICLE III
Eligibility and Participation    9

ARTICLE IV
Deferrals    10

ARTICLE V
Company Contributions    13

ARTICLE VI
Benefits    14

ARTICLE VII
Modifications to Payment Schedules    18

ARTICLE VIII
Valuation of Account Balances; Investments    19

ARTICLE IX
Administration    20

ARTICLE X
Amendment and Termination    22

ARTICLE XI
Informal Funding    22

ARTICLE XII
Claims    23

ARTICLE XIII
General Provisions    29

 

Catalent Pharma Solutions, Inc. Deferred Compensation Plan

ARTICLE I
Establishment and Purpose
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”).  The CPS LLC Plan was subsequently amended on December 29, 2008, July 24, 2009, and December 22, 2009.  With the approval of the Committee, the Company hereby amends, restates, and re-names the CPS LLC Plan, hereinafter the Catalent Pharma Solutions, Inc. Deferred Compensation Plan (the “Plan”), effective January 1, 2016. Except as otherwise provided herein, this amendment and restatement applies only to amounts deferred under Compensation Deferral Agreements that first take effect on or after January 1, 2016, and to other amounts credited to the Plan with respect to periods beginning on or after January 1, 2016. 

The purpose of this amended and restated Plan is to attract and retain key employees and Directors by providing Participants with an opportunity to defer receipt of a portion of their salary, bonus, and other specified compensation. The Plan is not intended to meet the qualification requirements of Code Section 401(a), but is intended to meet the requirements of Code Section 409A, and shall be operated and interpreted consistent with that intent. 

The Plan constitutes an unsecured promise by a Participating Employer to pay benefits in the future. Participants in the Plan shall have the status of general unsecured creditors of the Company or the Adopting Employer, as applicable. Each Participating Employer shall be solely responsible for payment of the benefits of its employees and their beneficiaries. The Plan is unfunded for Federal tax purposes and is intended to be an unfunded arrangement for eligible employees who are part of a select group of management or highly compensated employees of the Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. Any amounts set aside to defray the liabilities assumed by the Company or an Adopting Employer will remain the general assets of the Company or the Adopting Employer and shall remain subject to the claims of the Company’s or the Adopting Employer's creditors until such amounts are distributed to the Participants.

ARTICLE II
Definitions
		
	2.1
	Account. Account means a bookkeeping account maintained by the Committee to record the payment obligation of a Participating Employer to a Participant as determined under the terms of the Plan. The Committee may maintain an Account to record the total obligation to a Participant and component Accounts to reflect amounts payable at different times and in different forms. Reference to an Account means any such Account established by the Committee, as the context requires. Accounts are intended to constitute unfunded obligations within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA.

		
	2.2
	Account Balance. Account Balance means, with respect to any Account, the total payment obligation owed to a Participant from such Account as of the most recent Valuation Date.

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Catalent Pharma Solutions, Inc. Deferred Compensation Plan

		
	2.3
	Adopting Employer. Adopting Employer means an Affiliate who, with the consent of the Company, has adopted the Plan for the benefit of its eligible employees.  As a condition of adopting the Plan, the Adopting Employer agrees that it will be deemed to have appointed the Company as its agent to exercise on its behalf all of the powers and authority conferred upon the Company by the terms of the Plan including, but not limited to, the power to amend and terminate the Plan.

		
	2.4
	Affiliate. Affiliate means a corporation, trade or business that, together with the Company, is treated as a single employer under Code Section 414(b) or (c).

		
	2.5
	Beneficiary. Beneficiary means a natural person, estate, or trust designated by a Participant to receive payments to which a Beneficiary is entitled in accordance with provisions of the Plan. The Participant’s estate shall be the Beneficiary if: (i) the Participant has failed to properly designate a Beneficiary, or (ii) all designated Beneficiaries have predeceased the Participant. 

A former spouse shall have no interest under the Plan, as Beneficiary or otherwise, unless the Participant designates such person as a Beneficiary after dissolution of the marriage, except to the extent provided under the terms of a domestic relations order as described in  Code Section 414(p)(1)(B).

		
	2.6
	Business Day. Business Day means each day on which the New York Stock Exchange is open for business.

		
	2.7
	Change of Control. Change of Control means (i) the sale or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any “person” or “group” (as such terms are defined in Sections 13(d)(3) and 14(d)(2) of the Exchange Act or (ii) any “person” or “group” becomes the “beneficial owner” (as defined in Rules 13d-2 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the voting stock of the Company, including by way of merger, consolidation or otherwise.

Notwithstanding anything in this Section 2.7 to the contrary, no event listed in (i) or (ii) above shall constitute a Change of Control hereunder unless such event would also constitute a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation, in each case, within the meaning of Section 409A of the Code.  

		
	2.8
	Claimant. Claimant means a Participant or Beneficiary filing a claim under Article XII of this Plan.

		
	2.9
	Code. Code means the Internal Revenue Code of 1986, as amended from time to time. 

		
	2.10
	Code Section 409A. Code Section 409A means section 409A of the Code, and regulations and other guidance issued by the Treasury Department and Internal Revenue Service thereunder. 

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Catalent Pharma Solutions, Inc. Deferred Compensation Plan

		
	2.11
	Committee. Committee means, as applicable: (i) the Compensation Committee of the Board of Directors of the Company, or, if none exists, the Compensation Committee of the Board of Directors of a public parent company of the Company; (ii) such other committee to which the Board of Directors of the Company or of a public parent company of the Company, as applicable, has delegated power to oversee the administration of the Plan; or (iii) if no such committee has been created, the Board of Directors of the Company. 

		
	2.12
	Company. Company means Catalent Pharma Solutions, Inc.

		
	2.13
	Company Contribution. Company Contribution means a credit by a Participating Employer to a Participant’s Account(s) in accordance with the provisions of Section 5.1. Unless the context clearly indicates otherwise, a reference to Company Contribution shall include Earnings attributable to such contribution.

		
	2.14
	Company Stock. Company Stock means phantom shares of common stock issued by a public parent company of the Company, as applicable.

		
	2.15
	Compensation. Compensation means a Participant’s base salary, bonus, commissions, Director fees (including fees paid for service as a member of the Board of Directors of a Participating Employer, and fees for attendance at any such Board or committee meetings), restricted stock units and/or performance share units designated as eligible for deferral by the Committee, and such other cash or equity-based compensation (if any) approved by the Committee as Compensation that may be deferred under this Plan. Compensation shall not include any compensation that has been previously deferred under this Plan or any other arrangement subject to Code Section 409A.  Notwithstanding the foregoing, the following amounts are excluded from Compensation: (i) other cash or non-cash compensation that has not been approved by the Committee as Compensation that may be deferred, expense reimbursements, other benefits or contributions by the Company, its Affiliate, or any public parent company of the Company, as applicable, to any other employee benefit plan, other than pre-tax salary deferrals into the Qualified Plan or any Code Section 125 plan sponsored by the Company, its Affiliates, or any public parent company of the Company, as applicable, and (ii) amounts realized (A) from the exercise of a stock option, (B) when restricted stock (or property) held by a Participant either becomes freely transferable or is no longer subject to a substantial risk of forfeiture, or (C) from the sale, exchange or other disposition of stock acquired under a qualified stock option.

		
	2.16
	Compensation Deferral Agreement. Compensation Deferral Agreement means an agreement between a Participant and a Participating Employer that specifies: (i) the amount of each component of Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV, and (ii) the Payment Schedule applicable to one or more Accounts. The Committee may permit different deferral amounts for each component of Compensation and may establish a minimum or maximum deferral amount for each such component. 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 

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Catalent Pharma Solutions, Inc. Deferred Compensation Plan

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. A Compensation Deferral Agreement may also specify the investment allocation described in Section 8.4.

		
	2.17
	Deferral. Deferral means a credit to a Participant’s Account(s) that records that portion of the Participant’s Compensation that the Participant has elected to defer to the Plan in accordance with the provisions of Article IV. Unless the context of the Plan clearly indicates otherwise, a reference to Deferrals includes Earnings attributable to such Deferrals.

Deferrals shall be calculated with respect to the gross Compensation payable to the Participant prior to any deductions or withholdings, but shall be reduced by the Committee as necessary so that it does not exceed 100% of the cash Compensation of the Participant remaining after deduction of all required income and employment taxes, 401(k) and other employee benefit deductions, and other deductions required by law. Changes to payroll withholdings that affect the amount of Compensation being deferred to the Plan shall be allowed only to the extent permissible under Code Section 409A.

		
	2.18
	Director.  Director means a member of the Board of Directors of a Participating Employer.

		
	2.19
	Disabled. Disabled means that a Participant is, by reason of any medically-determinable physical or mental impairment, which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months: (i) unable to engage in any substantial gainful activity, or (ii) receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Participant’s employer. The Committee shall determine whether a Participant is Disabled in accordance with Code Section 409A 

		
	2.20
	Earnings. Earnings means a positive or negative adjustment to the value of an Account in accordance with Article VIII.

		
	2.21
	Effective Date. Effective Date of this amended and restated Plan means January 1, 2016.

		
	2.22
	Eligible Employee. Eligible Employee means a member of a “select group of management or highly compensated employees” of a Participating Employer within the meaning of Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA, as determined by the Committee from time to time in its sole discretion.

		
	2.23
	Employee. Employee means a common-law employee of an Employer.

		
	2.24
	Employer. Employer means, with respect to Employees it employs, the Company, each Affiliate, and any public parent company of the Company, as applicable.

		
	2.25
	ERISA. ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time.

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Catalent Pharma Solutions, Inc. Deferred Compensation Plan

2.26    Exchange Act.  The Securities Exchange Act of 1934, as amended from time to time.

		
	2.27
	Participant. Participant means an Eligible Employee or a Director who has received notification of his or her eligibility to defer Compensation under the Plan under Section 3.1 and any other person with an Account Balance greater than zero, regardless of whether such individual continues to be an Eligible Employee or a Director. A Participant’s continued participation in the Plan shall be governed by Section 3.2 of the Plan.

		
	2.28
	Participating Employer. Participating Employer means the Company, each Adopting Employer, and any public parent company of the Company.

		
	2.29
	Payment Schedule. Payment Schedule means the date as of which payment of an Account under the Plan will commence and the form in which payment of such Account will be made.

		
	2.30
	Performance-Based Compensation. Performance-Based Compensation means Compensation where the amount of, or entitlement to, the Compensation is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months. Organizational or individual performance criteria are considered pre-established if established in writing by not later than 90 days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established. The determination of whether Compensation qualifies as “Performance-Based Compensation” will be made in accordance with Treas. Reg. Section 1.409A-1(e) and subsequent guidance.

		
	2.31
	PSU Account.  PSU Account means the Account established by the Committee to record a Participant’s Deferrals of performance share units (if any) for a Plan Year and the Payment Schedule applicable to such Deferrals.

		
	2.32
	Plan. Generally, the term Plan means the “Catalent Pharma Solutions, Inc. Deferred Compensation Plan” as documented herein and as may be amended from time to time hereafter. However, to the extent permitted or required under Code Section 409A, the term Plan may in the appropriate context also mean a portion of the Plan that is treated as a single plan under Treas. Reg. Section 1.409A-1(c), or the Plan or portion of the Plan and any other nonqualified deferred compensation plan or portion thereof that is treated as a single plan under such section. 

		
	2.33
	Plan Year. Plan Year means January 1 through December 31. 

		
	2.34
	Post-2015 Account.  Post-2015 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.

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	2.35
	Pre-2016 Account.  Pre-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 prior to January 1, 2016 or that were attributable to periods that began prior to January 1, 2016, including Prior Plan Credits.

		
	2.36
	Prior Plan.  Prior Plan means the Cardinal Health Deferred Compensation Plan, as amended and restated effective January 1, 2005.

		
	2.37
	Prior Plan Credits.  Prior Plan Credits means credits made by the Company to a Participant’s Account(s) of amounts accrued by the Participant, if any, under the Prior Plan.  A schedule of the Prior Plan Credits of Participants shall be maintained by the Committee.  A Participant is 100% vested in any Prior Plan Credits credited to his or her Account.

		
	2.38
	Qualified Plan.  Qualified Plan means the Catalent Pharma Solutions, LLC 401(k) Plan, as amended from time to time.

		
	2.39
	Retirement. In connection with a Participant’s Post-2015 Account, Retirement means (i) with respect to a Participant who is an Employee, Separation from Service after age 65 or age 55 with 10 years of service and (ii) with respect to a Participant who is a Director, 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, Separation from Service.  

		
	2.40
	Retirement/Termination Account. Retirement/Termination Account means an Account established by the Committee to record amounts payable to a Participant upon Separation from Service, other than amounts allocated to a PSU Account or RSU Account. The Committee shall establish a Primary Retirement/Termination Account for each Participant effective January 1, 2016 or, if later, effective with his or her initial participation in the Plan.  A Participant may establish one additional Retirement/Termination Account.  All Deferrals and other amounts credited to the Plan on behalf of a Participant shall be allocated to the Participant’s Primary Retirement/ Termination Account unless allocated to a different Account by the Participant. 

		
	2.41
	RSU Account.  RSU Account means the Account established by the Committee to record a Participant’s Deferrals of restricted stock units (if any) for a Plan Year and the Payment Schedule applicable to such Deferrals.

		
	2.42
	Separation from Service.  Separation from Service means an Employee’s termination of employment with the Employer. A Director incurs a Separation from Service upon the date he or she ceases to serve on the Board of Directors of a Participating Employer.  Whether a Separation from Service has occurred shall be determined by the Committee in accordance with Code Section 409A.

Except in the case of an Employee on a bona fide leave of absence as provided below, an Employee is deemed to have incurred a Separation from Service if the Employer and the 

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Employee reasonably anticipated that the level of services to be performed by the Employee after a date certain would be reduced to 20% or less of the average services rendered by the Employee during the immediately preceding 36-month period (or the total period of employment, if less than 36 months), disregarding periods during which the Employee was on a bona fide leave of absence.

An Employee who is absent from work due to military leave, sick leave, or other bona fide leave of absence shall incur a Separation from Service on the first date immediately following the later of: (i) the six month anniversary of the commencement of the leave, or (ii) the expiration of the Employee’s right, if any, to reemployment under statute or contract. 

If a Participant is both a Director and an Employee, the services provided as a Director shall be disregarded in determining whether there has been a Separation from Service as an Employee, and the services provided as an Employee shall be disregarded in determining whether there has been a Separation from Service as a Director, provided the portion of the Plan in which the Participant participates as a Director is substantially similar to arrangements covering non-Employee Directors.

For purposes of determining whether a Separation from Service has occurred, the Employer means the Employer as defined in Section 2.24 of the Plan, except that in applying Code sections 1563(a)(1), (2) and (3) for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(b), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining whether another organization is an Affiliate of the Company under Code Section 414(c), “at least 50 percent” shall be used instead of “at least 80 percent” each place it appears in those sections.

The Committee specifically reserves the right to determine whether a sale or other disposition of substantial assets to an unrelated party constitutes a Separation from Service with respect to a Participant providing services to the seller immediately prior to the transaction and providing services to the buyer after the transaction. Such determination shall be made in accordance with the requirements of Code Section 409A.

		
	2.43
	Specified Date Account. Specified Date Account means an Account established by the Committee to record the amounts payable at a future date as specified in the Participant’s Compensation Deferral Agreement, other than amounts allocated to a PSU Account or RSU Account. Unless otherwise determined by the Committee, a Participant may maintain no more than five Specified Date Accounts. A Specified Date Account may be identified in enrollment materials as an “In-Service Account” or such other name as established by the Committee without affecting the meaning thereof.  Director Deferrals may not be allocated to a Specified Date Account.

		
	2.44
	Substantial Risk of Forfeiture. Substantial Risk of Forfeiture means the description specified in Treas. Reg. Section 1.409A-1(d).

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	2.45
	Unforeseeable Emergency. Unforeseeable Emergency means a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, the Participant’s dependent (as defined in Code section 152, without regard to section 152(b)(1), (b)(2), and (d)(1)(B)), or a Beneficiary; loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, as a result of a natural disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The types of events which may qualify as an Unforeseeable Emergency may be limited by the Committee.

		
	2.46
	Valuation Date. Valuation Date means each Business Day.

		
	2.47
	Year of Service. Year of Service means a period of twelve (12) consecutive calendar months during which a Participant is employed by the Company, an Affiliate, or a public parent company of the Company, as applicable; and, prior to April 10, 2007, by Cardinal Health, Inc. or one of its affiliates.

ARTICLE III
Eligibility and Participation
		
	3.1
	Eligibility and Participation. An Eligible Employee or a Director becomes a Participant upon the earlier to occur of: (i) a credit of Company Contributions under Article V, or (ii) receipt of notification of eligibility to participate.

		
	3.2
	Duration. A Participant shall be eligible to defer Compensation and receive allocations of Company Contributions, subject to the terms of the Plan, for as long as such Participant remains an Eligible Employee or a Director. A Participant who is no longer an Eligible Employee or a Director but has not Separated from Service may not defer Compensation under the Plan beyond the Plan Year in which he or she became ineligible but may otherwise exercise all of the rights of a Participant under the Plan with respect to his or her Account(s). On and after a Separation from Service, a Participant shall remain a Participant as long as his or her Account Balance is greater than zero (0), and during such time may continue to make allocation elections as provided in Section 8.4. An individual shall cease being a Participant in the Plan when all benefits under the Plan to which he or she is entitled have been paid.

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ARTICLE IV
Deferrals

		
	4.1
	Deferral Elections, Generally. 

		
	(a)
	A Participant may elect to defer Compensation by submitting a Compensation Deferral Agreement during the enrollment periods established by the Committee and in the manner specified by the Committee, but in any event, in accordance with Section 4.2. A Compensation Deferral Agreement that is not timely filed 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 Committee may modify any Compensation Deferral Agreement prior to the date the election becomes irrevocable under the rules of Section 4.2.

		
	(b)
	The Participant shall specify on his or her Compensation Deferral Agreement the amount of Deferrals and whether to allocate Deferrals (excluding Deferrals of performance share units or restricted stock units) to a Retirement/Termination Account or to a Specified Date Account. If no designation is made, Deferrals shall be allocated to the Primary Retirement/Termination Account. Deferrals of performance share units and restricted stock units shall be allocated to a PSU Account or RSU Account, as applicable.  A Participant may also specify in his or her Compensation Deferral Agreement the Payment Schedule applicable to his or her Plan Accounts. If the Payment Schedule is not specified in a Compensation Deferral Agreement, the Payment Schedule shall be the Payment Schedule specified in Article VI.

4.2    Timing Requirements for Compensation Deferral Agreements.

		
	(a)
	First Year of Eligibility. In the case of the first year in which an Eligible Employee or a Director becomes eligible to participate in the Plan, he or she has up to 30 days following notification of his or her initial eligibility to submit a Compensation Deferral Agreement with respect to Compensation to be earned during such year. The Compensation Deferral Agreement described in this paragraph becomes irrevocable upon the end of such 30-day period, and shall become effective on the first day of the calendar quarter coincident with or next following the end of such 30-day period. The determination of whether an Eligible Employee or a Director may file a Compensation Deferral Agreement under this paragraph shall be determined in accordance with the rules of Code Section 409A, including the provisions of Treas. Reg. Section 1.409A-2(a)(7).

A Compensation Deferral Agreement filed under this paragraph applies to Compensation earned on and after the date the Compensation Deferral Agreement becomes effective. 

		
	(b)
	Prior Year Election. Except as otherwise provided in this Section 4.2, Participants may defer Compensation by filing a Compensation Deferral Agreement no later than December 31 of the year prior to the year in which the Compensation to be 

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deferred is earned. A Compensation Deferral Agreement described in this paragraph shall become irrevocable with respect to such Compensation as of January 1 of the year in which such Compensation is earned.

		
	(c)
	Performance-Based Compensation. Participants may file a Compensation Deferral Agreement with respect to Performance-Based Compensation no later than the date that is six months before the end of the performance period, provided that:

		
	(i)
	the Participant performs services continuously from the later of the beginning of the performance period or the date the criteria are established through the date the Compensation Deferral Agreement is submitted; and

		
	(ii)
	the Compensation is not readily ascertainable as of the date the Compensation Deferral Agreement is filed.

A Compensation Deferral Agreement becomes irrevocable with respect to Performance-Based Compensation as of the day immediately following the latest date for filing such election. Any election to defer Performance-Based Compensation that is made in accordance with this paragraph and that becomes payable as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-1(e)) or upon a change in control event (as defined in Treas. Reg. Section 1.409A-3(i)(5)) prior to the satisfaction of the performance criteria, will be void.

		
	(d)
	Sales Commissions. Sales commissions (as defined in Treas. Reg. Section 1.409A-2(a)(12)(i)) are considered to be earned by the Participant in the taxable year of the Participant in which they are earned for income tax purposes. The Compensation Deferral Agreement must be filed before the last day of the year preceding the year in which the sales commissions are earned, and becomes irrevocable after that date.

		
	(e)
	Short-Term Deferrals. Compensation that meets the definition of a “short-term deferral” described in Treas. Reg. Section 1.409A-1(b)(4) may be deferred in accordance with the rules of Article VII, applied as if the date the Substantial Risk of Forfeiture lapses is the date payments were originally scheduled to commence, provided, however, that the provisions of Section 7.3 shall not apply to payments attributable to a change in control event (as defined in Treas. Reg. Section 1.409A-3(i)(5)).

		
	(f)
	Certain Forfeitable Rights. With respect to a legally binding right to a payment in a subsequent year that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right, an election to defer such Compensation may be made on or before the 30th day after the Participant obtains the legally binding right to the Compensation, provided that the election is made at least 12 months in advance of the earliest date at which the forfeiture condition could lapse. The Compensation Deferral Agreement described in this paragraph 

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becomes irrevocable after such 30th day. If the forfeiture condition applicable to the payment lapses before the end of the required service period as a result of the Participant’s death or disability (as defined in Treas. Reg. Section 1.409A-3(i)(4)) or upon a change in control event (as defined in Treas. Reg. Section 1.409A-3(i)(5)), the Compensation Deferral Agreement will be void unless it would be considered timely under another rule described in this Section.

		
	(g)
	Company Awards. Participating Employers may unilaterally provide for deferrals of Company awards prior to the date of such awards. Deferrals of Company awards (such as sign-on, retention, or severance pay) may be negotiated with a Participant prior to the date the Participant has a legally binding right to such Compensation.

		
	(h)
	“Evergreen” Deferral Elections. The Committee, in its discretion, may provide in the Compensation Deferral Agreement that such Compensation Deferral Agreement will continue in effect for each subsequent year or performance period. Such “evergreen” Compensation Deferral Agreements will become effective with respect to an item of Compensation on the date such election becomes irrevocable under this Section 4.2. An evergreen Compensation Deferral Agreement may be terminated or modified prospectively with respect to Compensation for which such election remains revocable under this Section 4.2. A Participant whose Compensation Deferral Agreement is cancelled in accordance with Section 4.6 will be required to file a new Compensation Deferral Agreement under this Article IV in order to recommence Deferrals under the Plan.

		
	4.3
	Allocation of Deferrals. A Compensation Deferral Agreement may allocate Deferrals (other than Deferrals of performance share units or restricted stock units) to one or more Specified Date Accounts and/or to up to two Retirement/Termination Accounts. The Committee may, in its discretion, establish a minimum deferral period for the establishment of a Specified Date Account (for example, the third Plan Year following the year Compensation is allocated to such accounts or, for restricted stock units, the third  Plan Year following the year of deferral). Deferrals of performance share units or restricted stock units shall be allocated to a PSU Account or RSU Account, as applicable.

		
	4.4
	Deductions from Pay. The Committee has the authority to determine the payroll practices under which any component of Compensation subject to a Compensation Deferral Agreement will be deducted from a Participant’s Compensation.

		
	4.5
	Vesting. Participant Deferrals of cash Compensation shall be 100% vested at all times.  Deferrals of equity-based Compensation shall be vested in accordance with the underlying equity award.

		
	4.6
	Cancellation of Deferrals. The Committee may cancel a Participant’s Deferrals: (i) for the balance of the Plan Year in which an Unforeseeable Emergency occurs, (ii) if the Participant receives a hardship distribution under the Employer’s qualified 401(k) plan, through the end of the Plan Year in which the six month anniversary of the hardship distribution falls, and (iii) during periods in which the Participant is unable to perform the 

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duties of his or her position or any substantially similar position due to a mental or physical impairment that can be expected to result in death or last for a continuous period of at least six months, provided cancellation occurs by the later of the end of the taxable year of the Participant or the 15th day of the third month following the date the Participant incurs the disability (as defined in this paragraph (iii)). 

ARTICLE V
Company Contributions
		
	5.1
	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.

		
	5.2
	Vesting. Company Contributions described in Section 5.1 above, and the Earnings thereon, shall vest in accordance with the following schedule:

    
	
		
	Years of Service
	Vested Percentage

	Less than 1
	0%

	At least 1 but less than 2
	25%

	At least 2 but less than 3
	50%

	At least 3 but less than 4
	75%

	4 or more
	100%

The Committee, may, at any time, in its sole discretion, increase a Participant’s vested interest in a Company Contribution. The portion of a Participant’s Accounts that remains unvested upon his or her Separation from Service after the application of the terms of this Section 5.2 shall be forfeited.  If such a Participant is subsequently rehired, no amounts forfeited hereunder shall be reinstated unless otherwise determined by the Committee in its sole discretion.

ARTICLE VI
Benefits
		
	6.1
	Distributions of Post-2015 Accounts. A Participant shall be entitled to payments from the Plan upon the first to occur of the following events, at the time and in the manner specified below:

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	(a)
	Retirement. Upon the Participant’s Separation from Service due to Retirement, he or she shall receive a distribution from each Retirement/Termination Account, 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. In addition, the Participant shall receive a distribution of the balance of any PSU Account or RSU Account that the Participant did not elect to have distributed upon a specified date or that is distributable upon Separation from Service under paragraph (c) below because payments from the Account had not commenced as of the date of Separation from Service.  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 occurs, in a single lump sum payment, unless the Participant elects to have the Account distributed in substantially equal annual installments over a period of up to fifteen years.  

		
	(b)
	Termination. Upon the Participant’s Separation from Service for reasons other than death or Retirement, he or she shall receive a distribution of the vested portion of each Retirement/Termination Account, 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. In addition, the Participant shall receive a distribution of the balance of any PSU Account or RSU Account that the Participant did not elect to have distributed upon a specified date or that is distributable upon Separation from Service under paragraph (c) below because payments from the Account had not commenced as of the date of Separation from Service.  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 occurs, in a single lump sum payment, unless the Participant elects to have the Account distributed in substantially equal annual installments over a period of up to five years.

		
	(c)
	Specified Date. Upon the occurrence of a specified date designated by a Participant who is not a Director, he or she shall receive a distribution of the vested portion of the applicable Specified Date Account, 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.  In addition, the Participant shall receive a distribution of the balance of any PSU Account or RSU Account that the Participant elected to have distributed upon a specified date.  Payment will be made or begin on the 15th day of the month following the month in which the specified date occurs, in a single lump sum payment, unless the Participant elects to have the Account distributed in substantially equal annual installments over a period of up to five years.  Notwithstanding any election as to the form of payment made by the Participant, Specified Date Accounts (as well as PSU Accounts and RSU Accounts that a Participant elected to have distributed at a specified date) that have not yet been distributed (or commenced distribution in the case of installment payments) upon the Participant’s Separation from Service 

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shall be distributed at the time and in the form provided under Section 6.1(a) or (b) above.

		
	6.2
	Distribution of Pre-2016 Accounts.  The balance of a Participant’s Pre-2016 Account shall be distributed upon the first to occur of the following events, at the time and in the manner specified in this Section 6.2.  Participants shall continue to have the right to modify distribution elections applicable to a Pre-2016 Account in accordance with terms of the Plan in effect prior to January 1, 2016.

		
	(a)
	Separation from Service. Upon the Participant’s Separation from Service due to Retirement or Termination, he or she shall receive a distribution of his entire Pre-2016 Account, 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, during 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. 

		
	(b)
	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. 

		
	(c)
	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 or not later than twelve months prior to the Participant’s death.  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.  

		
	6.3
	Distribution Rules Applicable to Both Pre-2016 Accounts and Post-2015 Accounts.  Notwithstanding anything to the contrary in this Article, distribution of a Participant’s Pre-2016 Account and Post-2015 Account shall be distributed in accordance with the following:

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	(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 Post-2015 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 Post-2015 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. 

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	(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.

ARTICLE VII
Modifications to Payment Schedules
		
	7.1
	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 

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Schedule for pre-retirement death benefit elections is the Payment Schedule available for Post-2015 Retirement/Termination Accounts.

		
	7.2
	Time of Election. The date on which a modification election is submitted to the Committee must be at least 12 months prior to the date on which payment is scheduled to commence under the Payment Schedule in effect prior to the modification.

		
	7.3
	Date of Payment under Modified Payment Schedule. Except with respect to modifications that relate to the payment of a Death Benefit, the date payments are to commence under the modified Payment Schedule must be no earlier than five years after the date payment would have commenced under the original Payment Schedule. Under no circumstances may a modification election result in an acceleration of payments in violation of Code Section 409A. 

		
	7.4
	Effective Date. A modification election submitted in accordance with this Article VII is irrevocable upon receipt by the Committee and becomes effective 12 months after such date.

		
	7.5
	Effect on Accounts. An election to modify a Payment Schedule is specific to the Account or payment event to which it applies, and shall not be construed to affect the Payment Schedules of any other Accounts.

ARTICLE VIII
Valuation of Account Balances; Investments
		
	8.1
	Valuation. Deferrals shall be credited to appropriate Accounts on the date such Compensation would have been paid to the Participant absent the Compensation Deferral Agreement. Company Contributions shall be credited to the Primary Retirement/Termination Account at the times determined by the Committee. Valuation of Accounts shall be performed under procedures approved by the Committee.

		
	8.2
	Earnings Credit. Each Account will be credited with Earnings on each Business Day, based upon the Participant’s investment allocation among a menu of investment options selected in advance by the Committee, in accordance with the provisions of this Article VIII (“investment allocation”).

		
	8.3
	Investment Options. Investment options will be determined by the Committee. The Committee, in its sole discretion, shall be permitted to add or remove investment options from the Plan menu from time to time, provided that any such additions or removals of investment options shall not be effective with respect to any period prior to the effective date of such change.

		
	8.4
	Investment Allocations. A Participant’s investment allocation constitutes a deemed, not actual, investment among the investment options comprising the investment menu. At no time shall a Participant have any real or beneficial ownership in any investment option included in the investment menu, nor shall the Participating Employer or any trustee 

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acting on its behalf have any obligation to purchase actual securities as a result of a Participant’s investment allocation. A Participant’s investment allocation shall be used solely for purposes of adjusting the value of a Participant’s Account Balances. 

A Participant shall specify an investment allocation for each of his Accounts in accordance with procedures established by the Committee.  Allocation among the investment options must be designated in increments of 1%. The Participant’s investment allocation will become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day.

A Participant may change an investment allocation on any Business Day, both with respect to future credits to the Plan and with respect to existing Account Balances, in accordance with procedures adopted by the Committee. Changes shall become effective on the same Business Day or, in the case of investment allocations received after a time specified by the Committee, the next Business Day, and shall be applied prospectively.

		
	8.5
	Unallocated Deferrals and Accounts. If the Participant fails to make an investment allocation with respect to an Account, such Account shall be invested in an investment option, the primary objective of which is the preservation of capital, as determined by the Committee.

		
	8.6
	Company Stock. The Committee may include Company Stock as one of the investment options described in Section 8.3. The Committee may, in its sole discretion, limit the investment allocation of Company Contributions to Company Stock. The Committee may also require Deferrals consisting of equity-based Compensation, such as deferrals of restricted stock units or performance share units, to be allocated to Company Stock.

		
	8.7
	Diversification. A Participant may not re-allocate an investment in Company Stock into another investment option. The portion of an Account that is invested in Company Stock will be paid under Article VI in the form of whole shares of Company Stock. 

		
	8.8
	Effect on Installment Payments. If an Account is to be paid in installments, the portion of the Account that is invested in Company Stock will be paid under Article VI in a single lump sum payment at the time the initial installment is distributed, and only the cash value of the Account shall be considered in determining the amount of each installment payment.

		
	8.9
	Dividend Equivalents. Dividend equivalents with respect to company stock, if any, will be credited to Participant Accounts, in the discretion of the Committee, and distributed to Participants in accordance with Section 6 of this Plan.    

ARTICLE IX
Administration
		
	9.1
	Plan Administration. This Plan shall be administered by the Committee which shall have discretionary authority to make, amend, interpret and enforce all appropriate rules and 

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regulations for the administration of this Plan and to utilize its discretion to decide or resolve any and all questions, including but not limited to eligibility for benefits and interpretations of this Plan and its terms, as may arise in connection with the Plan. Claims for benefits shall be filed with the Committee and resolved in accordance with the claims procedures in Article XII.

		
	9.2
	Administration Upon Change of Control. Upon a Change of Control, the Committee, as constituted immediately prior to such Change of Control, shall continue to act as the Committee. The individual who was the Chief Executive Officer of the Company (or if such person is unable or unwilling to act, the next highest ranking officer) prior to the Change of Control shall have the authority (but shall not be obligated) to appoint an independent third party to act as the Committee.

Upon such Change of Control, the Company may not remove the Committee, unless 2/3rds of the members of the Board of Directors of the Company and a majority of Participants and Beneficiaries with Account Balances consent to the removal and replacement of the Committee. Notwithstanding the foregoing, neither the Committee nor the officer described above shall have authority to direct investment of trust assets under any rabbi trust described in Section 11.2.

The Participating Employer shall, with respect to the Committee identified under this Section: (i) pay all reasonable expenses and fees of the Committee, (ii) indemnify the Committee (including individuals serving as Committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Committee’s duties hereunder, except with respect to matters resulting from the Committee’s gross negligence or willful misconduct, and (iii) supply full and timely information to the Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Committee may reasonably require.

		
	9.3
	Withholding. Any payments due under the Plan or any amounts credited to the Plan shall be subject to withholding of any taxes required by law to be withheld in respect of such payment (or credit). Withholdings with respect to amounts credited to the Plan shall be deducted from Compensation that has not been deferred to the Plan.

		
	9.4
	Indemnification. All Participating Employers shall indemnify and hold harmless each employee, officer, director, or agent, to whom or to which are delegated duties, responsibilities, and authority under the Plan or otherwise with respect to administration of the Plan, including, without limitation, the Committee and its agents (but excluding any third-party administrator, record-keeper, or trustee except as provided under a separate agreement with such party), against all claims, liabilities, fines and penalties, and all expenses reasonably incurred by or imposed upon him or it (including but not limited to reasonable attorney fees) which arise as a result of his or its actions or failure to act in connection with the operation and administration of the Plan to the extent lawfully allowable and to the extent that such claim, liability, fine, penalty, or expense is not paid for by liability insurance purchased by any Participating Employer. Notwithstanding the foregoing, no Participating Employer shall indemnify any person if his or its actions or 

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failure to act are due to gross negligence or willful misconduct or for any such amount incurred through any settlement or compromise of any action unless the Participating Employer consents in writing to such settlement or compromise.

		
	9.5
	Delegation of Authority. In the administration of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with legal counsel who shall be legal counsel to the Company or public parent company of the Company, as applicable.

		
	9.6
	Binding Decisions or Actions. The decision or action of the Committee in respect of any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations thereunder shall be final and conclusive and binding upon all persons having any interest in the Plan. 

ARTICLE X
Amendment and Termination
		
	10.1
	Amendment and Termination. The Company may at any time and from time to time amend the Plan or may terminate the Plan as provided in this Article X. Each Participating Employer may also terminate its participation in the Plan. 

		
	10.2
	Amendments. 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 is entitled as of the date of any such amendment or restatement.  

		
	10.3
	Termination. The Company may terminate the Plan and pay Participants and Beneficiaries their Account Balances in a single lump sum at any time, to the extent and in accordance with Treas. Reg. Section 1.409A-3(j)(4)(ix). If a Participating Employer terminates its participation in the Plan, the benefits of affected Employees shall be paid at the time provided in Article VI.

		
	10.4
	Accounts Taxable Under Code Section 409A. The Plan is intended to constitute a plan of deferred compensation that meets the requirements for deferral of income taxation under Code Section 409A. The Committee, pursuant to its authority to interpret the Plan, may sever from the Plan or any Compensation Deferral Agreement any provision or exercise of a right that otherwise would result in a violation of Code Section 409A.  Notwithstanding anything in the Plan to the contrary, no distribution on account a separation from service will be made to a specified employee within the meaning of Code Section 409 earlier than six months following the employee’s separation from service.

ARTICLE XI
Informal Funding
		
	11.1
	General Assets. Obligations established under the terms of the Plan may be satisfied from the general funds of the Participating Employers or a trust described in this Article XI. No Participant, spouse or Beneficiary shall have any right, title or interest whatever in assets 

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of the Company, an Affiliate, or a public parent company of the Company. Nothing contained in this Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary relationship, between the Company, an Affiliate, or a public parent company of the Company and any Employee, spouse, or Beneficiary. To the extent that any person acquires a right to receive payments hereunder, such rights are no greater than the right of an unsecured general creditor of the Company, its Affiliates, or any public parent company of the Company, as applicable.

		
	11.2
	Rabbi Trust. The Company or a public parent company of the Company, as applicable, may, in its sole discretion, establish a grantor trust, commonly known as a rabbi trust, as a vehicle for accumulating assets to pay benefits under the Plan. Payments under the Plan may be paid from the general assets of the Participating Employer or from the assets of any such rabbi trust. Payment from any such source shall reduce the obligation owed to the Participant or Beneficiary under the Plan.

ARTICLE XII
Claims
		
	12.1
	Filing a Claim. Any controversy or claim arising out of or relating to the Plan shall be filed in writing with the Committee, which shall make all determinations concerning such claim. Any claim filed with the Committee and any decision by the Committee denying such claim shall be in writing and shall be delivered to the Participant or Beneficiary filing the claim (the “Claimant”). 

		
	(a)
	In General. Notice of a denial of benefits will be provided within 90 days of the Committee’s receipt of the Claimant's claim for benefits. If the Committee determines that it needs additional time to review the claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial 90-day period. The extension will not be more than 90 days from the end of the initial 90-day period and the notice of extension will explain the special circumstances that require the extension and the date by which the Committee expects to make a decision.

		
	(b)
	Disability Benefits. Notice of denial of disability benefits will be provided within forty-five (45) days of the Committee’s receipt of the Claimant’s claim for Disability benefits. If the Committee determines that it needs additional time to review the Disability claim, the Committee will provide the Claimant with a notice of the extension before the end of the initial 45-day period. If the Committee determines that a decision cannot be made within the first extension period due to matters beyond the control of the Committee, the time period for making a determination may be further extended for an additional 30 days. If such an additional extension is necessary, the Committee shall notify the Claimant prior to the expiration of the initial 30-day extension. Any notice of extension shall indicate the circumstances necessitating the extension of time, the date by which the Committee expects to furnish a notice of decision, the specific standards on which such entitlement to a benefit is based, the unresolved issues 

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that prevent a decision on the claim and any additional information needed to resolve those issues. A Claimant will be provided a minimum of 45 days to submit any necessary additional information to the Committee. In the event that a 30-day extension is necessary due to a Claimant’s failure to submit information necessary to decide a claim, the period for furnishing a notice of decision shall be tolled from the date on which the notice of the extension is sent to the Claimant until the earlier of the date the Claimant responds to the request for additional information or the response deadline. 

		
	(c)
	Contents of Notice. If a claim for benefits is completely or partially denied, notice of such denial shall be in writing and shall set forth the reasons for denial in plain language. The notice shall: (i) cite the pertinent provisions of the Plan document, and (ii) explain, where appropriate, how the Claimant can perfect the claim, including a description of any additional material or information necessary to complete the claim and why such material or information is necessary. The claim denial also shall include an explanation of the claims review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an adverse decision on review. In the case of a complete or partial denial of a disability benefit claim, the notice shall provide a statement that the Committee will provide to the Claimant, upon request and free of charge, a copy of any internal rule, guideline, protocol, or other similar criterion that was relied upon in making the decision.

		
	12.2
	Appeal of Denied Claims. A Claimant whose claim has been completely or partially denied shall be entitled to appeal the claim denial by filing a written appeal with a committee designated to hear such appeals (the “Appeals Committee”). A Claimant who timely requests a review of the denied claim (or his or her authorized representative) may review, upon request and free of charge, copies of all documents, records and other information relevant to the denial and may submit written comments, documents, records and other information relevant to the claim to the Appeals Committee. All written comments, documents, records, and other information shall be considered “relevant” if the information: (i) was relied upon in making a benefits determination, (ii) was submitted, considered or generated in the course of making a benefits decision regardless of whether it was relied upon to make the decision, or (iii) demonstrates compliance with administrative processes and safeguards established for making benefit decisions. The Appeals Committee may, in its sole discretion and if it deems appropriate or necessary, decide to hold a hearing with respect to the claim appeal.

		
	(a)
	In General. Appeal of a denied benefits claim (other than a disability benefits claim) must be filed in writing with the Appeals Committee no later than 60 days after receipt of the written notification of such claim denial. The Appeals Committee shall make its decision regarding the merits of the denied claim within 60 days following receipt of the appeal (or within 120 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be 

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furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. The review will take into account comments, documents, records and other information submitted by the Claimant relating to the claim without regard to whether such information was submitted or considered in the initial benefit determination.

		
	(b)
	Disability Benefits. Appeal of a denied disability benefits claim must be filed in writing with the Appeals Committee no later than 180 days after receipt of the written notification of such claim denial. The review shall be conducted by the Appeals Committee (exclusive of the person who made the initial adverse decision or such person’s subordinate). In reviewing the appeal, the Appeals Committee shall: (i) not afford deference to the initial denial of the claim, (ii) consult a medical professional who has appropriate training and experience in the field of medicine relating to the Claimant’s disability and who was neither consulted as part of the initial denial nor is the subordinate of such individual, and (iii) identify the medical or vocational experts whose advice was obtained with respect to the initial benefit denial, without regard to whether the advice was relied upon in making the decision. The Appeals Committee shall make its decision regarding the merits of the denied claim within 45 days following receipt of the appeal (or within 90 days after such receipt, in a case where there are special circumstances requiring extension of time for reviewing the appealed claim). If an extension of time for reviewing the appeal is required because of special circumstances, written notice of the extension shall be furnished to the Claimant prior to the commencement of the extension. The notice will indicate the special circumstances requiring the extension of time and the date by which the Appeals Committee expects to render the determination on review. Following its review of any additional information submitted by the Claimant, the Appeals Committee shall render a decision on its review of the denied claim.

		
	(c)
	Contents of Notice. If a benefits claim is completely or partially denied on review, notice of such denial shall be in writing and shall set forth the reasons for denial in plain language. 

The decision on review shall set forth: (i) the specific reason or reasons for the denial, (ii) specific references to the pertinent Plan provisions on which the denial is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, or other information relevant (as defined above) to the Claimant’s claim, and (iv) a statement describing any voluntary appeal procedures offered by the plan and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA. 

		
	(d)
	For the denial of a disability benefit, the notice will also include a statement that the Appeals Committee will provide, upon request and free of charge: (i) any internal rule, guideline, protocol or other similar criterion relied upon in making 

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the decision, (ii) any medical opinion relied upon to make the decision, and (iii) the required statement under Section 2560.503-1(j)(5)(iii) of the Department of Labor regulations.

		
	12.3
	Claims Appeals Upon Change of Control. Upon a Change of Control, the Appeals Committee, as constituted immediately prior to such Change of Control, shall continue to act as the Appeals Committee. Upon such Change of Control, the Company may not remove any member of the Appeals Committee, but may replace resigning members if 2/3rds of the members of the Board of Directors of the Company and a majority of Participants and Beneficiaries with Account Balances consent to the replacement.

The Appeals Committee shall have the exclusive authority at the appeals stage to interpret the terms of the Plan and resolve appeals under the Claims Procedure.

Each Participating Employer shall, with respect to the Committee identified under this Section: (i) pay its proportionate share of all reasonable expenses and fees of the Appeals Committee, (ii) indemnify the Appeals Committee (including individual committee members) against any costs, expenses and liabilities including, without limitation, attorneys’ fees and expenses arising in connection with the performance of the Appeals Committee hereunder, except with respect to matters resulting from the Appeals Committee’s gross negligence or willful misconduct, and (iii) supply full and timely information to the Appeals Committee on all matters related to the Plan, any rabbi trust, Participants, Beneficiaries and Accounts as the Appeals Committee may reasonably require.

		
	12.4
	Legal Action. A Claimant may not bring any legal action, including commencement of any arbitration, relating to a claim for benefits under the Plan unless and until the Claimant has followed the claims procedures under the Plan and exhausted his or her administrative remedies under such claims procedures.

		
	12.5
	Discretion of Appeals Committee. All interpretations, determinations and decisions of the Appeals Committee with respect to any claim shall be made in its sole discretion, and shall be final and conclusive.

ARTICLE XIII
General Provisions
		
	13.1
	Assignment. No interest of any Participant, spouse or Beneficiary under this Plan and no benefit payable hereunder shall be assigned as security for a loan, and any such purported assignment shall be null, void and of no effect, nor shall any such interest or any such benefit be subject in any manner, either voluntarily or involuntarily, to anticipation, sale, transfer, assignment or encumbrance by or through any Participant, spouse or Beneficiary. Notwithstanding anything to the contrary herein, however, the Committee has the discretion to make payments to an alternate payee in accordance with the terms of a domestic relations order (as defined in Code Section 414(p)(1)(B)). 

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The Company may assign any or all of its liabilities under this Plan in connection with any restructuring, recapitalization, sale of assets or other similar transactions affecting a Participating Employer without the consent of the Participant.

		
	13.2
	No Legal or Equitable Rights or Interest. No Participant or other person shall have any legal or equitable rights or interest in this Plan that are not expressly granted in this Plan. Participation in this Plan does not give any person any right to be retained in the service of the Company, an Affiliate, or any public parent company of the Company. The right and power of the Company, its Affiliates, or any public parent company of the Company to dismiss or discharge an Employee is expressly reserved. The Company, its Affiliates, and any public parent company of the Company make no representations or warranties as to the tax consequences to a Participant or a Participant’s beneficiaries resulting from a deferral of income pursuant to the Plan.

		
	13.3
	No Employment Contract. Nothing contained herein shall be construed to constitute a contract of employment between an Employee and the Company, an Affiliate, or any public parent company of the Company.

		
	13.4
	Notice. Any notice or filing required or permitted to be delivered to the Committee under this Plan shall be delivered in writing, in person, or through such electronic means as is established by the Committee. Notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Written transmission shall be sent by certified mail to:

CATALENT PHARMA SOLUTIONS, INC.
ATTN: SVP HUMAN RESOURCES
14 SCHOOLHOUSE ROAD
SOMERSET, NJ 08873

Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing or hand-delivered, or sent by mail to the last known address of  the Participant.

		
	13.5
	Headings. The headings of Sections are included solely for convenience of reference, and if there is any conflict between such headings and the text of this Plan, the text shall control. 

		
	13.6
	Invalid or Unenforceable Provisions. If any provision of this Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof and the Committee may elect in its sole discretion to construe such invalid or unenforceable provisions in a manner that conforms to applicable law or as if such provisions, to the extent invalid or unenforceable, had not been included.

		
	13.7
	Lost Participants or Beneficiaries. Any Participant or Beneficiary who is entitled to a benefit from the Plan has the duty to keep the Committee advised of his or her current mailing address. If benefit payments are returned to the Plan or are not presented for 

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payment after a reasonable amount of time, the Committee shall presume that the payee is missing. The Committee, after making such efforts as in its discretion it deems reasonable and appropriate to locate the payee, shall stop payment on any uncashed checks and may discontinue making future payments until contact with the payee is restored. 

		
	13.8
	Facility of Payment to a Minor.  If a distribution is to be made to a minor, or to a person who is otherwise incompetent, then the Committee may, in its discretion, make such distribution: (i) to the legal guardian, or if none, to a parent of a minor payee with whom the payee maintains his or her residence, or (ii) to the conservator or committee or, if none, to the person having custody of an incompetent payee. Any such distribution shall fully discharge the Committee, the Company, any Affiliate, any public parent company of the Company, and the Plan from further liability on account thereof.

		
	13.9
	Governing Law. To the extent not preempted by ERISA, the laws of the State of Delaware shall govern the construction and administration of the Plan.

IN WITNESS WHEREOF, the undersigned executed this Plan as of the 23rd day of December, 2015, to be effective as of the Effective Date.

Catalent Pharma Solutions, Inc.

By: Joseph V. Beninati

Its: VP Total Rewards & HR Technology 

/s/ JOSEPH V. BENINATI

Page 26 of 26

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