Document:

Preferred Unit Purchase Agreement

 Exhibit 10.1 

ATLAS PIPELINE PARTNERS, L.P. 

8,000 CLASS C PREFERRED UNITS 
  

 
 Class C Preferred Unit
Purchase Agreement 
 June 30, 2010 

Atlas Energy, Inc. 
 Westpointe Corporate Center
One 
 1550 Coraopolis Heights Road 

Moon Township, PA 15108 
 Sirs: 

Atlas Pipeline Partners, L.P., a Delaware limited partnership (the “Company”), proposes, subject to the terms and
conditions stated herein, to issue and sell to Atlas Energy, Inc. (“Investor”) 8,000 12% Cumulative Class C Preferred Units representing limited partnership interests in the Company (the “Preferred
Units”). 
 This is to confirm the agreement between the Company and Investor concerning the purchase of the
Preferred Units from the Company by Investor. 
 1. Representations, Warranties and Agreements. 

 

	 	(a)	The Company represents and warrants to, and agrees with, Investor that: 

  

	 	(i)	The Company has been duly formed and is validly existing in good standing as a limited liability company under the Delaware Limited Partnership Act (the
“Delaware Act”) with full power and authority to enter into and perform its obligations under this Agreement. 

  

	 	(ii)	The Company has all requisite power and authority to issue, sell and deliver the Preferred Units in accordance with and upon the terms and conditions set forth in this
Agreement and the LP Agreement. 

  

	 	(iii)	As of the Closing Date (as defined in Section 3), the Preferred Units will be duly authorized by the Company’s Second Amended and Restated Agreement of
Limited Partnership, as amended (the “LP Agreement”) and, when issued and delivered to the Investor against payment therefor in accordance with the terms hereof, will be validly issued, fully paid and non-assessable.

  

	 	(iv)	This Agreement has been duly executed and delivered by the Company. 

	 	(b)	Investor represents and warrants to, and agrees with, the Company that: 

  

	 	(i)	Investor is an “accredited investor,” as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the
“Securities Act”). The Preferred Units are being acquired for its own account, for investment and with no intention of distributing or reselling such Preferred Units or any portion thereof or interest therein in any
transaction which would be a violation of the securities laws of the United States of America or any state or foreign country or jurisdiction. 

  

	 	(ii)	Investor acknowledges and agrees that it has been provided, to its full satisfaction, with the opportunity to ask questions concerning the terms and conditions of an
investment in the Company and has knowingly and voluntarily elected instead to rely solely on its own investigation. 

  

	 	(iii)	Investor acknowledges and agrees that the Investor must bear the economic risk of this investment indefinitely, and that the Preferred Units may not be sold or
transferred or offered for sale or transfer by it without registration under the Securities Act and any applicable state securities or Blue Sky laws or the availability of exemptions therefrom. 

 

	 	(iv)	Investor has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Preferred Units, and has so evaluated the merits and risks of such investment. Investor is able to bear the economic risk of an investment in the Preferred Units and, at the present time and in the foreseeable future, is able to
afford a complete loss of such investment. 

  

	 	(v)	Investor understands that the Preferred Units are being offered and sold to Investor in reliance upon specific exemptions from the registration requirements of United
States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings, which are true, correct
and complete, of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of Investor to acquire the Preferred Units. 

 

	 	(vi)	Investor has all requisite power and authority to purchase the Preferred Units in accordance with and upon the terms and conditions set forth in this Agreement.

  

	 	(vii)	This Agreement has been duly executed and delivered by Investor. 

  

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	 	(viii)	Investor understands that each certificate representing Preferred Units shall be stamped or otherwise imprinted with a legend in substantially the following form:

 THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR AFTER
RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT. 

2. Purchase and Sale. Subject to the terms and conditions herein set forth, the Company agrees to sell to Investor, and Investor
hereby agrees to purchase from the Company, 8,000 Preferred Units at a purchase price of $1,000 per Preferred Unit. 
 3.
Delivery and Payment for the Preferred Units. Delivery of and payment for the Preferred Units shall be made at 6 p.m., New York City time, on June 30, 2010 (such date and time of delivery and payment for the Preferred Units being herein
called the “Closing Date”). Delivery of the Preferred Units shall be made to Investor against payment by Investor of the purchase price thereof to or upon the order of the Company by wire transfer payable in same-day funds to
an account specified by the Company. 
 4. Condition of Investor’s Obligations. The obligations of Investor
hereunder, as to the Preferred Units, shall be subject, in its discretion, to the condition that all representations and warranties and other statements of the Company herein are, at and as of the Closing Date, true and correct and that the Company
shall have performed all of its obligations hereunder theretofore to be performed. 
 5. Successors and Assigns. Except
as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 
 6.
Sole Agreement. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Company and Investor, with respect to the subject matter hereof. 

7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania. 
  

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 8. Execution in Counterpart. This Agreement may be executed by any one or more of the
parties hereto in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute one and the same instrument. 

[SIGNATURES APPEAR ON FOLLOWING PAGE] 
  

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 Upon the acceptance hereof by Investor, this letter and such acceptance hereof shall constitute a binding
agreement between Investor and the Company. 
  

			
	 Very truly yours,

	
	 ATLAS PIPELINE PARTNERS, L.P.

	
	 By: Atlas Pipeline Partners GP, LLC,

	 Its general partner

		
	By:	 	 /s/ Eric T. Kalamaras

	Name:	 	 Eric T. Kalamaras

	Title: 	 	 Chief Financial Officer

Accepted as of the date hereof: 
 ATLAS ENERGY,
INC. 
  

			
		
	By:	 	/s/ Matthew A. Jones
	 Name:
	 	Matthew A. Jones
	 Title:
	 	Chief Financial Officer

  

 5Letter Agreement

 Exhibit 10.1 

EXECUTION COPY 

June 29, 2010 
 Mr. John R.
Chiminski 
 c/o Catalent Pharma Solutions, Inc. 

14 Schoolhouse Road 
 Somerset, NJ 08873

 Dear John: 
 As you are aware, in
connection with your employment with PTS Holdings Corp. (together with its successors and assigns, “PTS”) and Catalent Pharma Solutions, Inc. (together with its successors and assigns, “Catalent”) you entered into
an employment agreement, dated as of February 23, 2009, as amended from time to time (the “Employment Agreement”), which sets forth the terms and conditions of such employment, including the opportunity to earn an Annual Bonus
(as defined in the Employment Agreement) in respect of each full fiscal year during the Employment Term (as defined in the Employment Agreement) and the obligation to purchase shares of common stock of PTS (“PTS Shares”).
Section 12(d) of the Employment Agreement provides that the Employment Agreement may not be altered, modified or amended except by written instrument signed by you, PTS and Catalent. 

In connection with the obligation under Sections 4(a) and 5(d) of the Employment Agreement to purchase PTS Shares, and in lieu of receiving any Annual
Bonus in respect of any fiscal year during the Employment Term commencing with the 2011 fiscal year (any such fiscal year, a “Bonus Year”) solely in the form of cash as is currently provided for pursuant to the terms and conditions
of the Employment Agreement, PTS and Catalent have agreed to afford you the opportunity to elect, on an annual basis, prior to the commencement of each applicable Bonus Year (an “RSU Bonus Election”), to receive (I) in respect
of the 2011 fiscal year only, (x) fifty percent (50%) of any Annual Bonus in respect of the applicable Bonus Year in the form of cash and (y) the remaining fifty percent (50%) of any Annual Bonus in respect of the applicable
Bonus Year (the “ 2011 RSU Value”) in the form of a grant of restricted stock units (“RSUs”) in the form of the award agreement attached hereto as Exhibit A (the “Award Agreement”) and (II)
in respect of any fiscal year during the Employment Term commencing with the 2012 fiscal year, (x) up to eighty percent (80%) of any Annual Bonus in respect of the applicable Bonus Year in the form of cash and (y) the remaining
portion of any Annual Bonus in respect of the applicable Bonus Year (the “Post-2011 RSU Value”) in the form of a grant of RSUs in the form of the Award Agreement. Any RSUs which you receive pursuant to the immediately preceding
sentence, will be granted in accordance with the 2007 PTS Holdings Corp. Stock Incentive Plan, as it may be amended or supplemented from time to time (the “Plan”) and will be subject to the terms and conditions of the applicable
Award Agreement, the Plan, the Securityholders Agreement dated as of May 7, 2007 among PTS and the other parties thereto, as it may be amended or supplemented from time to time, and the Management Equity Subscription Agreement dated as of
March 17, 2009 between PTS and you, as it may be amended or supplemented from time to time (the “Subscription Agreement”) (and for this purpose the PTS Shares received upon settlement of the RSUs shall be deemed to be
“Shares” and not “RSU Shares” (as each term is defined in the Subscription Agreement) under the Subscription Agreement). PTS represents that there will be sufficient PTS Shares under the Plan to satisfy your election hereunder.

 In the event you make an RSU Bonus Election with respect to any Annual Bonus in respect of any Bonus Year,
the 2011 RSU Value and the applicable Post-2011 RSU Value, if any, will be deemed to satisfy your obligations under (x) Section 4(a) of the Employment Agreement to purchase an additional 150 PTS Shares at a purchase price of $750 per share
and (y) Section 5(d) of the Employment Agreement to invest fifty percent (50%) of the after-tax proceeds of any Annual Bonus in respect of the 2011 fiscal year in PTS Shares at a purchase price of $750 per share and, in each case, the
2011 RSU Value and the applicable Post-2011 RSU Value, if any, will count on a dollar for dollar basis against your obligation to invest a maximum of $2,500,000 (such amount, the “Cap”) in PTS Shares; provided that if for a Bonus
Year an election results in the 2011 RSU Value or the applicable Post-2011 RSU Value, if any, exceeding the Cap, the amount of the Cap shall be increased such that you will be entitled to receive the RSUs representing such 2011 RSU Value or the
applicable Post-2011 RSU Value, if any. 
 To make the RSU Bonus Election, you must execute the form attached hereto as Exhibit B and
return it to the General Counsel of Catalent in no event later than the last day of the fiscal year immediately preceding the applicable Bonus Year (the date such election is actually made, the “Election Date”). If you file such
election form in a timely fashion, then on the date the Annual Bonus, if any, is paid, pursuant to the terms and conditions of the Employment Agreement for which you have made such an election (such date, the “Bonus Payment Date”),
PTS agrees to grant you, in accordance with the terms of the Plan, a number of RSUs with a value equal to the 2011 RSU Value or the applicable Post-2011 RSU Value, as applicable, based upon the Fair Market Value (as defined in the Plan) of a PTS
Share on the Bonus Payment Date, in all cases, subject to the terms of the Award Agreement. 
 Notwithstanding anything herein to the contrary,
if a Change of Control (as defined in the Award Agreement) occurs after the Election Date but prior to the Bonus Payment Date, in lieu of receiving the RSUs under the Award Agreement on the Bonus Payment Date, you may elect, in writing, prior to the
consummation of such Change in Control, instead to (x) receive a grant of RSUs (the “Successor RSUs”) from the successor entity in such Change of Control transaction (the “Successor”) with a value equal to the
2011 RSU Value or the applicable Post-2011 RSU Value, as applicable, based upon the fair market value of a share of Successor common stock (such fair market value to be determined in the same manner as under the Plan), which RSUs will be settleable
in shares of Successor common stock and will be subject to terms and conditions that are substantially similar to those contained in the Award Agreement (including, for the avoidance of doubt, the same “Settlement Date” (as defined in the
Award Agreement) with the “Date of Grant” in such definition being deemed to be the Bonus Payment Date) or (y) have Catalent establish a deferred compensation account (the “Deferred Comp Account”) for you with terms
and conditions that are similar, to the extent applicable, to Section 3.7 and Articles 6 and 8 (other than Sections 8.2 and 8.10) of the Catalent Pharma Solutions, LLC Deferred Compensation Plan, as such sections or articles, as applicable, may
be amended from time to time (the “DCP”), with a distribution date, which, for the avoidance of doubt, is the same as the Settlement Date, with the Bonus Payment Date as the “Date of Grant” for purposes of such
definition), which account has an initial value in an amount equal to the 2011 RSU Value or the applicable Post-2011 RSU Value, as applicable, is fully vested as of the Bonus Payment Date and is treated as Deferred Compensation Credits (as defined
in the DCP). The terms of any such 
  

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Successor RSUs or Deferred Comp Account shall be determined in good faith and as mutually agreed upon by you and Catalent and/or the Successor, as applicable. To the extent you make an election
as provided for in this paragraph, such election shall be deemed to be an amendment of the relevant election form, in accordance with its terms. 

To the extent applicable, this Agreement is intended to comply with Section 409A of the Code and will be interpreted accordingly. 

This letter agreement (including its Exhibits), upon execution by the parties, hereby serves as an amendment to the Employment Agreement. 

Except as expressly set forth above, the Employment Agreement shall remain in full force and effect. 

This letter agreement shall be construed, interpreted and governed in accordance with the laws of the State of Delaware without regards to conflicts of
laws principles thereof and any dispute hereunder shall be resolved in accordance with Section 12(c) of the Employment Agreement. 
 This
letter agreement may be executed by fax or pdf and in any number of counterparts, all of which, when taken together, shall constitute one and the same instrument. 

[The remainder of this page intentionally left blank.] 

 

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 If the foregoing terms and conditions are acceptable and agreed to by you, please sign on the line provided
below to signify such acceptance and agreement and return the executed copy to the undersigned. 
  

			
	PTS HOLDINGS CORP.
		
	By:	 	/s/ Samrat S. Khichi
	Name:	 	Samrat S. Khichi
	Title:	 	Senior Vice President,
		 	General Counsel and Secretary
	
	CATALENT PHARMA SOLUTIONS, INC.
		
	By:	 	/s/ Samrat S. Khichi
	Name:	 	Samrat S. Khichi
	Title:	 	Senior Vice President,
		 	General Counsel and Secretary

 Accepted and Agreed

  

	
	
	/s/ John R. Chiminski
	 John R. Chiminski

  

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 EXHIBIT A 

2007 PTS HOLDINGS CORP. 

STOCK INCENTIVE PLAN 

FORM OF 

RESTRICTED STOCK UNIT AGREEMENT 

THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made effective as of
                        , 20         (the “Date of
Grant”), by and between PTS Holdings Corp. (together with its successors and assigns, the “Company”) and John R. Chiminski (the “Participant”). 

R E C I T A L S: 

WHEREAS, the Company has adopted the Plan (as defined below), the terms of which are hereby incorporated by reference and made a part of
this Agreement; and 
 WHEREAS, the Committee (as defined in the Plan) has determined that it would be in the best interests of
the Company and its stockholders to grant the Restricted Stock Units (as defined below) provided for herein to the Participant pursuant to the Plan and the terms set forth herein. 

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties agree as follows: 

Section 1. Definitions. Any capitalized terms not otherwise defined herein shall have the same meaning as such terms are
defined in the Plan. 
 (a) “409A Change of Control” means 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. 

(b) “Catalent” means Catalent Pharma Solutions, Inc. together with its successors and assigns. 

(c) “Catalent Board” means the board of directors of Catalent. 

(d) “Change of Control” means (i) the sale or disposition, in one or a series of related transactions, of all or
substantially all of the assets of BHP PTS Holdings L.L.C., the Company, PTS Intermediate Holdings LLC or Catalent to any Person or Group (other than Blackstone or its affiliates) or (ii) any Person or Group (other than Blackstone or its
affiliates), is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the voting equity of BHP PTS Holdings L.L.C., the Company, PTS Intermediate Holdings LLC or Catalent, including by way of merger,
consolidation or otherwise and Blackstone ceases to control the Board, or, if applicable, the Catalent Board or the board of directors of PTS Intermediate Holdings LLC or BHP PTS Holdings L.L.C., as applicable. 

 (e) “Employment Agreement” means the employment agreement entered into by
the Company, Catalent and the Participant, dated February 23, 2009, as it may be amended or supplemented from time to time. 

(f) “Plan” means the 2007 PTS Holdings Corp. Stock Incentive Plan, as it may be amended or supplemented from time to
time. 
 (g) “Restricted Stock Unit” means a notional unit representing the unfunded, unsecured right to
receive one Share on the Settlement Date. 
 (h) “Settlement Date” means the earlier to
occur of (i) the sixth (6th) anniversary of the
Date of Grant, or (ii) the date of a Change of Control which also satisfies the definition of a 409A Change of Control which, for the avoidance of doubt, occurs after the Date of Grant. 

(i) “Securityholders Agreement” means the Securityholders Agreement dated as of May 7, 2007 among the Company and
the other parties thereto, as it may be amended or supplemented from time to time. 
 (j) “Subscription
Agreement” means the Management Equity Subscription Agreement dated as of March 17, 2009 between the Company and the Participant, as it may be amended or supplemented from time to time. 

Section 2. Grant and Vesting of Restricted Stock Units.  

(a) Grant. Subject to the terms and conditions of the Plan and the additional terms set forth in this Agreement, the
Company hereby grants to the Participant                      Restricted Stock Units, subject to adjustment as set forth in the Plan.

 (b) Vesting. The Restricted Stock Units shall be one hundred percent (100%) vested as of the Date of
Grant. 
 Section 3. Settlement of the Restricted Stock Units. On the Settlement Date, the Company shall
distribute to the Participant a number of Shares equal to the number of Restricted Stock Units granted hereunder. 
 Section 4.
No Dividend Equivalents. Unless and until the Participant is the record holder of the Shares subject to the Restricted Stock Units, he is not entitled to the payment of any dividends (or dividend equivalents) with respect to the
Restricted Stock Units or the Shares subject thereto. 
 Section 5. Limitation on Obligations. The Company’s
obligation with respect to the Restricted Stock Units granted hereunder is limited solely to the delivery to the Participant of Shares on the date when such Shares are due to be delivered hereunder, and in no way shall the Company become obligated
to pay cash in respect of such obligation, unless as otherwise provided for herein. The Restricted Stock Units granted hereunder shall not be secured by any specific assets of the Company or any of its Subsidiaries, nor shall any assets of

  

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the Company or any of its Subsidiaries be designated as attributable or allocated to the satisfaction of the Company’s obligations under this Agreement. 

Section 6. No Right to Continued Employment. Neither the Plan nor this Agreement shall be construed as giving the
Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any Affiliate. Further, the Company or any Affiliate may at any time dismiss the Participant or discontinue any consulting relationship, free
from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. 
 Section 7.
Legend on Certificates. The certificates representing the Shares issued following the settlement of the Restricted Stock Units shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable
under the Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares are listed or quoted or market to which the Shares are admitted for trading and, any applicable
federal or state or any other applicable laws and the Company’s Certificate of Incorporation and Bylaws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

 Section 8. Transferability. A Restricted Stock Unit may not be assigned, alienated, pledged, attached, sold or
otherwise transferred or encumbered by the Participant otherwise than by will or by the laws of descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company or any Affiliate; provided that the designation of a beneficiary or transfer via will shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance. No such permitted
transfer of a Restricted Stock Unit to heirs or legatees of the Participant shall be effective to bind the Company unless the Committee shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem
necessary to establish the validity of the transfer and the acceptance by the transferee or transferees of the terms and conditions thereof. For the avoidance of doubt, upon the Participant’s death, any Restricted Stock Units granted under this
Agreement shall be delivered on the Settlement Date to the Participant’s designated beneficiary or beneficiaries or, if no such beneficiary is so designated, to his estate. 

Section 9. Withholding. Upon the grant of the Restricted Stock Units, the Company will be required to withhold the FICA and
medicare withholding taxes due. In addition, it shall be a condition of the obligation of the Company upon delivery of Shares to the Participant pursuant to Section 3 above that the Participant pay to the Company such amount as may be requested
by the Company for the purpose of satisfying any liability for any Federal, state or local income or other taxes required by law to be withheld with respect to such Shares. The Company shall be authorized to take such action as may be necessary, in
the opinion of the Company’s counsel, to satisfy the obligations for payment of the minimum amount of any such taxes. The Participant is hereby advised to seek his own tax counsel regarding the taxation of the grant of Restricted Stock Units
made hereunder. 
  

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 Section 10. Adjustments Upon Certain Events. The Committee shall make certain
substitutions or adjustments to any Restricted Stock Units subject to this Agreement pursuant to Section 9(a) of the Plan. 

Section 11. Securities Laws. Upon the acquisition of any Shares following settlement of a Restricted Stock Unit, the
Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. 

Section 12. Rights as Stockholder. The Participant shall not have any rights of a stockholder of the Company as a result of
the grant of Restricted Stock Units hereunder unless and until the Participant receives Shares pursuant to Section 3 above. 

Section 13. Notice. Any notice under this Agreement shall be addressed to the Company in care of its Chief Financial
Officer and a copy to the General Counsel, each copy addressed to the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for the Participant or to either party at such
other address as either party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

Section 14. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of
Delaware, without regard to the principles of conflicts of law thereof. 
 Section 15. Restricted Stock Units Subject to
Plan, Securityholders Agreement and Subscription Agreement. By entering into this Agreement the Participant agrees and acknowledges that the Participant has received and read a copy of the Plan, the Securityholders Agreement and the
Subscription Agreement. A Restricted Stock Unit and the Shares received upon settlement of a Restricted Stock Unit are subject to the Plan, the Securityholders Agreement and the Subscription Agreement. Notwithstanding anything in this Agreement or
the Subscription Agreement to the contrary, the parties hereto agree and acknowledge that (x) this Agreement, in addition to any other restricted stock unit agreements previously entered into, shall be considered an “RSU Agreement”
under the Subscription Agreement, (y) the Restricted Stock Units, in addition to any other restricted stock units previously awarded, shall be considered “RSUs” under the Subscription Agreement, and (z) the Shares received upon
settlement of the Restricted Stock Units in accordance with Section 3 hereof shall be deemed to be “Shares” under the Subscription Agreement and not “RSU Shares.” The terms and provisions of the Plan, the Securityholders
Agreement and the Subscription Agreement, as each may be amended from time to time are hereby incorporated by reference. In the event of a conflict between any term or provision contained herein (except for the definition of “Settlement
Date” and Section 19) and a term or provision of the Plan (other than the definition of “Change of Control”), the Securityholders Agreement or the Subscription Agreement, the applicable terms and provisions of the Plan, the
Securityholders Agreement or the Subscription Agreement will govern and prevail. In the event of a conflict between any term or provision of the Plan and any term or provision of the Securityholders Agreement or the

  

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Subscription Agreement, the applicable terms and provisions of the Securityholders Agreement or the Subscription Agreement, as applicable, will govern and prevail. 

Section 16. Amendment. The Committee may waive any conditions or rights under, amend any terms of, or alter, suspend,
discontinue, cancel or terminate this Agreement, but no such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination shall adversely affect the rights of the Participant hereunder without the written consent of the
Participant. 
 Section 17. Compliance with Section 409A. This Agreement is intended to comply with
Section 409A of the Code and will be interpreted accordingly. References under this Agreement to the Participant’s termination of employment shall be deemed to refer to the date upon which the Participant has experienced a “separation
from service” within the meaning of Section 409A of the Code. Notwithstanding anything herein to the contrary, (i) if at the time of the Participant’s termination of employment with the Company the Participant is a
“specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such termination of employment is necessary in order to prevent
any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such payments or benefits ultimately paid or
provided to the Participant) until the date that is six months following the Participant’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of the Code) and (ii) if any other payments
of money or other benefits due to the Participant hereunder could cause the application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or
other benefits compliant under Section 409A of the Code, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax.
The Company shall consult with the Participant in good faith regarding the implementation of the provisions of this Section 18; provided that neither the Company nor any of its employees or representatives shall have any liability to the
Participant with respect to thereto. 
 Section 18. Dispute Resolution. Any controversy, dispute or claim relating
to this Agreement shall be settled in accordance with Section 12(c) of the Employment Agreement. 
 Section 19. No
Mitigation/No Offset. The Company’s obligation hereunder shall not be subject to setoff, counterclaim or recoupment. 

Section 20. Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 *** 

 

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first above written. 
  

			
	PTS HOLDINGS CORP.
		
	By:	 	 
		 	 Name:

Title:

  

			
	PARTICIPANT
	
	 

  

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 EXHIBIT B 

ELECTION FORM 

(20__ Fiscal Year) 

Date___________, 20__ 

In lieu of receiving any Annual Bonus (as defined in the employment agreement by and between me, PTS Holdings Corp.
(“PTS”) and Catalent Pharma Solutions, Inc. (“Catalent”), dated as of February 23, 2009, as amended from time to time (the “Employment Agreement”) in respect of the 20__ fiscal year solely in
cash pursuant to the terms and conditions of the Employment Agreement, in accordance with the terms of that certain letter agreement by and between me, PTS and Catalent, dated ___________, 2010 (the “Letter Agreement”), I hereby
elect to receive (x) [For the 2011 Fiscal Year—50%][For any other Fiscal Year—__%] of any such Annual Bonus in cash and (y) the remaining [For the 2011 Fiscal Year—50%][For any other Fiscal
Year—__%] of any such Annual Bonus in the form of restricted stock units pursuant to a restricted stock unit award agreement in the form of Exhibit A to the Letter Agreement. 

I understand that (i) to the extent I make no election under this election form, the Annual Bonus, if any, in respect of the 20__
fiscal year will be paid to me solely in cash pursuant to the terms and conditions of the Employment Agreement and (ii) the election I have made above may not be amended or revoked unless such amendment or revocation complies with
Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder. 
 Acknowledged and
Agreed this __ day of ___________, 20__. 
 ____________________________ 

John R. Chiminski

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