Document:

EX-10.49

 Exhibit 10.49 

Non-Employee Directors 

RESTRICTED STOCK UNIT GRANT NOTICE 

UNDER THE 
 CATALENT, INC.

 2014 OMNIBUS INCENTIVE PLAN 

Catalent, Inc. (the “Company”), pursuant to its 2014 Omnibus Incentive Plan, as it may be amended from time to time (the
“Plan”), hereby grants to the Participant set forth below the number of Restricted Stock Units set forth below. The Restricted Stock Units are subject to all of the terms and conditions as set forth herein and in the Restricted
Stock Unit Agreement (attached hereto or previously provided to the Participant in connection with a prior grant) and the Plan, all of which are incorporated herein in their entirety. Capitalized terms not otherwise defined herein shall have the
meaning set forth in the Plan. 
  

			
	Participant:	  	[Insert Participant Name]
		
	Date of Grant:	  	[Insert Date of Grant]
		
	Number of Restricted Stock Units:	  	[Insert No. of Restricted Stock Units Granted], subject to adjustment as set forth in the Plan.
		
	Vesting Schedule:	  	Provided the Participant has not incurred a Termination on or prior to the Vesting Date (as defined below), 100% of the Restricted Stock Units will vest on the first anniversary of the Date of Grant (the “Vesting
Date”) and upon the Vesting Date, the Restricted Period shall expire.
		
		  	Notwithstanding the foregoing, in the event of a Change in Control prior to the Termination Date (as defined in the Restricted Stock Unit Agreement), the Restricted Stock Units, to the extent not then vested or previously forfeited
or cancelled, shall become fully vested and the Restricted Period shall expire.

 *        *        * 

 THE UNDERSIGNED PARTICIPANT ACKNOWLEDGES RECEIPT OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED
STOCK UNIT AGREEMENT AND THE PLAN, AND, AS AN EXPRESS CONDITION TO THE GRANT OF RESTRICTED STOCK UNITS HEREUNDER, AGREES TO BE BOUND BY THE TERMS OF THIS RESTRICTED STOCK UNIT GRANT NOTICE, THE RESTRICTED STOCK UNIT AGREEMENT AND THE PLAN. 

This Restricted Stock Unit Grant Notice 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. 
  

					
	CATALENT, INC.	 		  	PARTICIPANT1
			
	  
	 		  	  

	By:	 		  	
	Title:	 		  	

  

	1 	To the extent that the Company has established, either itself or through a third-party plan administrator, the ability to accept this award electronically, such acceptance shall constitute the Participant’s
signature hereof. 

  
 2 

 RESTRICTED STOCK UNIT AGREEMENT 

UNDER THE 
 CATALENT, INC.

 2014 OMNIBUS INCENTIVE PLAN 

Pursuant to the Restricted Stock Unit Grant Notice (the “Grant Notice”) delivered to the Participant (as defined in the Grant Notice), and
subject to the terms of this Restricted Stock Unit Agreement (this “Restricted Stock Unit Agreement”) and the Catalent, Inc. 2014 Omnibus Incentive Plan, as it may be amended from time to time (the “Plan”),
Catalent, Inc. (the “Company”) and the Participant agree as follows. 
 1. Definitions. Whenever the
following terms are used in this Restricted Stock Unit Agreement, they shall have the meanings set forth below. Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan or the Grant Notice, as applicable. 

(a) Service. The term “Service” means the Participant’s services as a Non-Employee Director. 

(b) Termination Date. The term “Termination Date” shall mean the date upon which the Participant incurs a Termination for any
reason. 
 2. Grant of Restricted Stock Units. Subject to the terms and conditions set forth herein, in the Grant Notice and
in the Plan, for good and valuable consideration, the Company hereby grants to the Participant the number of Restricted Stock Units provided in the Grant Notice (with each Restricted Stock Unit representing an unfunded, unsecured right to receive
one share of Common Stock). The Company may make one or more additional grants of Restricted Stock Units to the Participant under this Restricted Stock Unit Agreement by providing the Participant with a new Grant Notice, which may also include any
terms and conditions differing from this Restricted Stock Unit Agreement to the extent provided therein. The Company reserves all rights with respect to the granting of additional Restricted Stock Units hereunder and makes no implied promise to
grant additional Restricted Stock Units. 
 3. Vesting. Subject to the conditions contained herein and the Plan, the
Restricted Stock Units shall vest as provided in the Grant Notice. With respect to any Restricted Stock Unit, the period of time that such Restricted Stock Unit remains subject to vesting shall be its Restricted Period. 

4. Dividend Equivalents. The Restricted Stock Units shall be entitled to be credited with dividend equivalent payments upon the
payment by the Company of dividends on shares of Common Stock. Such dividend equivalents will be provided in shares of Common Stock having a Fair Market Value equal to the amount of such applicable dividends, and shall be shall be payable at the
same time as the Restricted Stock Units are settled in accordance with Section 5 below. In the event that any Restricted Stock Unit is forfeited by its terms, the Participant shall have no right to dividend equivalent payments in respect of
such forfeited Restricted Stock Units. 
 5. Settlement of Restricted Stock Units. Upon expiration of the Restricted Period
with respect to any outstanding Restricted Stock Units that have not previously been forfeited in accordance with Section 6, the Company shall issue to the Participant as soon as practicable (but no later than March 15 of the year
following the year in which the Restricted Period expires) one share of Common Stock for each Restricted Stock Unit and such Restricted Stock Unit shall be cancelled; provided, however, that the Committee may, in its sole discretion,
elect to defer the issuance of such shares beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. 

 6. Treatment on Termination. In the event of a Termination prior to the Vesting
Date, (i) all vesting with respect to the Participant’s Restricted Stock Units shall cease and (ii) unvested Restricted Stock Units shall be forfeited to the Company by the Participant for no consideration as of the date of such
Termination. Notwithstanding the foregoing, if the Participant incurs a Termination due to death or Disability, the Restricted Stock Units shall, to the extent not then vested or previously forfeited or cancelled, become fully vested and the
Restricted Period shall expire. 
 7. Non-Transferability. The Restricted Stock Units are not transferable by the Participant
except to Permitted Transferees in accordance with Section 14(b) of the Plan. Whenever the word “Participant” is used in any provision of this Agreement under circumstances where the provision should logically be construed to apply to
executors, the administrators or the person or persons to whom the Restricted Stock Units may be transferred by will or by the laws of descent and distribution in accordance with Section 14 of the Plan, the word “Participant” shall be
deemed to include such person or persons. Except as otherwise provided herein, no assignment or transfer of the Restricted Stock Units, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise, shall
vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Restricted Stock Units shall terminate and become of no further effect. 

8. Rights as Stockholder. Except as otherwise expressly provided for herein, the Participant or a Permitted Transferee of the
Restricted Stock Units shall have no rights as a stockholder with respect to any share of Common Stock underlying a Restricted Stock Unit unless and until the Participant shall have become the holder of record or the beneficial owner of such Common
Stock, and no adjustment shall be made for dividends or distributions or other rights in respect of such share of Common Stock for which the record date is prior to the date upon which the Participant shall become the holder of record or the
beneficial owner thereof. 
 9. Tax Withholding. The provisions of Section 14(d) of the Plan are incorporated herein by
reference and made a part hereof. 
 10. Notice. Every notice or other communication relating to this Restricted Stock Unit
Agreement between the Company and the Participant shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other
party as herein provided; provided that, unless and until some other address be so designated, all notices or communications by the Participant to the Company shall be mailed or delivered to the Company at its principal executive office, to
the attention of the Company’s General Counsel, and all notices or communications by the Company to the Participant may be given to the Participant personally or may be mailed to the Participant at the Participant’s last known address, as
reflected in the Company’s records. Notwithstanding the above, all notices and communications between the Participant and any third-party plan administrator shall be mailed, delivered, transmitted or sent in accordance with the procedures
established by such third-party plan administrator and communicated to the Participant from time to time. 
 11. No Right to Continued
Service. Neither the Plan nor this Restricted Stock Unit Agreement nor the granting of the Restricted Stock Units evidenced hereby shall be construed as giving the Participant the right to be retained in the employ of, or in any consulting
relationship to, the Company. Further, the Company may at any time dismiss the Participant or discontinue any consulting relationship, free from any liability or any claim under the Plan or this Restricted Stock Unit Agreement, except as otherwise
expressly provided herein. 
 12. Binding Effect. This Restricted Stock Unit Agreement shall be binding upon the heirs,
executors, administrators and successors of the parties hereto. 

  
 4 

 13. Waiver and Amendments. Subject to Section 13(b) of the Plan, the Committee
may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, this Restricted Stock Unit Agreement, prospectively or retroactively (including after the Participant’s Termination); provided
that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of the Participant hereunder shall not to that extent be effective without the consent of the
Participant. No waiver by either of the parties hereto of their rights hereunder shall be deemed to constitute a waiver with respect to any subsequent occurrences or transactions hereunder unless such waiver specifically states that it is to be
construed as a continuing waiver. 
 14. Governing Law. This Restricted Stock Unit 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. 
 15.
Plan. The terms and provisions of the Plan are incorporated herein by reference. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Restricted Stock Unit Agreement, the
Plan shall govern and control. 
 16. Imposition of Other Requirements. The Company reserves the right to impose any other
requirements on the Participant’s participation in the Plan, on the Restricted Stock Units and on any shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to
require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. 
 17.
Section 409A of the Code. The Restricted Stock Units are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of Treasury
regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding any other
provision of the Plan, the Grant Notice or this Restricted Stock Unit Agreement, if at any time the Committee determines that the Restricted Stock Units (or any portion thereof) may be subject to Section 409A, the Committee shall have the right
in its sole discretion (without any obligation to do so or to indemnify you or any other person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Restricted Stock Unit Agreement, or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Committee determines are necessary or appropriate either for the Restricted Stock Units to be exempt from the application of
Section 409A or to comply with the requirements of Section 409A. 
 18. Entire Agreement. This Restricted Stock Unit
Agreement, the Grant Notice and the Plan constitute the entire understanding between the Participant and the Company regarding the Restricted Stock Units. This Restricted Stock Unit Agreement, the Grant Notice and the Plan supersede any prior
agreements, commitments or negotiations concerning the Restricted Stock Units. 

  
 5EX-10.51

 Exhibit 10.51 

STOCKHOLDERS AGREEMENT 

DATED AS OF [            ], 2014 

AMONG 
 CATALENT, INC.

 BLACKSTONE HEALTHCARE PARTNERS L.L.C. 

AND 
 PHOENIX CHARTER
LLC 

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I. INTRODUCTORY MATTERS
	  	 	1	  
				
		 	 1.1
	  	 Defined Terms
	  	 	1	  
		 	 1.2
	  	 Construction
	  	 	3	  
		
	 ARTICLE II. CORPORATE GOVERNANCE MATTERS
	  	 	3	  
				
		 	 2.1
	  	 Election of Directors
	  	 	3	  
		
	 ARTICLE III. INFORMATION
	  	 	5	  
				
		 	 3.1
	  	 Books and Records; Access
	  	 	5	  
		 	 3.2
	  	 Sharing of Information
	  	 	6	  
		
	 ARTICLE IV. GENERAL PROVISIONS
	  	 	6	  
				
		 	 4.1
	  	 Termination
	  	 	6	  
		 	 4.2
	  	 Notices
	  	 	6	  
		 	 4.3
	  	 Amendment; Waiver
	  	 	7	  
		 	 4.4
	  	 Further Assurances
	  	 	7	  
		 	 4.5
	  	 Assignment
	  	 	7	  
		 	 4.6
	  	 Third Parties
	  	 	7	  
		 	 4.7
	  	 Governing Law
	  	 	7	  
		 	 4.8
	  	 Jurisdiction; Waiver of Jury Trial
	  	 	8	  
		 	 4.9
	  	 Specific Performance
	  	 	8	  
		 	 4.10
	  	 Entire Agreement
	  	 	8	  
		 	 4.11
	  	 Severability
	  	 	8	  
		 	 4.12
	  	 Table of Contents, Headings and Captions
	  	 	8	  
		 	 4.13
	  	 Grant of Consent
	  	 	8	  
		 	 4.14
	  	 Counterparts
	  	 	9	  
		 	 4.15
	  	 Effectiveness
	  	 	9	  
		 	 4.16
	  	 No Recourse
	  	 	9	  

  
 i 

 STOCKHOLDERS AGREEMENT 

This Stockholders Agreement is entered into as of [            ], 2014 by and
among Catalent, Inc., a Delaware corporation (the “Company”), and each of the other parties identified on the signature pages hereto (the “Investor Parties”). 

BACKGROUND: 
 WHEREAS, the
Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined below); and 

WHEREAS, in connection with, and effective upon, the date of completion of the IPO (the “Closing Date”), the Company and the
Investor Parties wish to set forth certain understandings between such parties, including with respect to certain governance matters. 

NOW, THEREFORE, the parties agree as follows: 

ARTICLE I. 
 INTRODUCTORY MATTERS

 1.1 Defined Terms. In addition to the terms defined elsewhere herein, the following terms have the following meanings when used
herein with initial capital letters: 
 “Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange
Act, as in effect on the date hereof. 
 “Agreement” means this Stockholders Agreement, as the same may be amended,
supplemented, restated or otherwise modified from time to time in accordance with the terms hereof. 
 “beneficially own”
has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 
 “Blackstone Designee” has the meaning set
forth in Section 2.1(b). 
 “Blackstone Group” means (i) if and for so long as Phoenix Charter LLC holds Common
Stock, Phoenix Charter LLC and (ii) from and after the time at which Phoenix Charter LLC ceases to hold Common Stock, the entities listed on the signature pages hereto under the heading “Blackstone Group.” 

“Blackstone Entities” means the entities comprising the Blackstone Group from time to time, their Affiliates and their
respective successors and Permitted Assigns. 
 “Board” means the board of directors of the Company. 

 “Business Day” means a day other than a Saturday, Sunday, federal or New York
State holiday or other day on which commercial banks in New York City are authorized or required by law to close. 
 “Closing
Date” has the meaning set forth in the Background. 
 “Company” has the meaning set forth in the Preamble. 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other capital stock of
the Company into which such stock is reclassified or reconstituted and any other common stock of the Company. 
 “Control”
(including its correlative meanings, “Controlled by” and “under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether
through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person. 

“Director” means any member of the Board. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Governmental Authority” means any nation or government, any state or
other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 

“Investor Parties” has the meaning set forth in the Preamble. 

“IPO” has the meaning set forth in the Background. 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive,
requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority. 

“Permitted Assigns” means with respect to a Blackstone Entity, a Transferee of shares of Common Stock that agrees to become
party to, and to be bound to the same extent as its Transferor by the terms of, this Agreement. 
 “Person” means an
individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity
under applicable Law, or any Governmental Authority or any department, agency or political subdivision thereof. 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other
business entity of which: (i) if a 

  
 2 

 
corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or
trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or
other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly,
by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other
business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing member, managing director or other governing
body or general partner of such limited liability company, partnership, association or other business entity. 
 “Total Number of
Directors” means the total number of directors comprising the Board. 
 “Transfer” (including its correlative
meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber,
grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in
or to such security. When used as a noun, “Transfer” shall have such correlative meaning as the context may require. 
 1.2
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Unless the context otherwise
requires: (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural, and in the plural include the singular, and (c) the words “hereof”, “herein”, and
“hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified.

 ARTICLE II. 
 CORPORATE
GOVERNANCE MATTERS 
 2.1 Election of Directors. 

(a) Following the Closing Date, the Blackstone Entities shall have the right, but not the obligation, to nominate to the Board a number of
designees equal to at least: (i) a majority of the Total Number of Directors, so long as the Blackstone Entities collectively beneficially own 50% or more of the outstanding shares of Common Stock; (ii) 40% of the Total Number of
Directors, in the event that the Blackstone Entities collectively beneficially own 40% or more, but less than 50%, of the outstanding shares 

  
 3 

 
of Common Stock; (iii) 30% of the Total Number of Directors, in the event that the Blackstone Entities collectively beneficially own 30% or more, but less than 40%, of the outstanding shares
of Common Stock; (iv) 20% of the Total Number of Directors, in the event that the Blackstone Entities collectively beneficially own 20% or more, but less than 30%, of the outstanding shares of Common Stock; and (v) 10% of the Total Number
of Directors, in the event that the Blackstone Entities collectively beneficially own 5% or more, but less than 20%, of the outstanding shares of Common Stock. For purposes of calculating the number of directors that the Blackstone Entities are
entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., one and one quarter (1 1/4) Directors shall equate to two (2) Directors) and any such calculations shall be made after taking into account any increase in the Total Number of Directors. At the request of the Blackstone
Entities for so long as the Board is classified, the number of Directors nominated by the Blackstone Entities in each class shall be as nearly equal as possible. 

(b) In the event that the Blackstone Entities have nominated less than the total number of designees the Blackstone Entities shall be entitled
to nominate pursuant to Section 2.1(a), the Blackstone Entities shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Company and the Directors shall take all necessary corporate
action, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), to (x) enable the Blackstone Entities to nominate and effect the election or appointment of such additional
individuals, whether by increasing the size of the Board, or otherwise and (y) to designate such additional individuals nominated by the Blackstone Entities to fill such newly-created vacancies or to fill any other existing vacancies. Each such
person whom the Blackstone Entities shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as a “Blackstone Designee”. 

(c) In the event that a vacancy is created at any time by the death, retirement or resignation of any Director designated by the Blackstone
Entities pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), cause the vacancy created thereby to be
filled by a new designee of the Blackstone Entities, if such Director was designated by the Blackstone Entities, as soon as possible, and the Company hereby agrees to take, to the fullest extent permitted by applicable law (including with respect to
any fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same. 
 (d) The
Company agrees, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), to include in the slate of nominees recommended by the Board for election at any meeting of stockholders called
for the purpose of electing Directors the persons designated pursuant to this Section 2.1 (to the extent that Directors of such nominee’s class are to be elected at such meeting for so long as the Board is classified) and to nominate and
recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents in favor thereof. The Company is entitled to identify such individual as a Blackstone Designee pursuant to this Stockholders Agreement.

  
 4 

 ARTICLE III. 

INFORMATION 
 3.1 Books and
Records; Access. The Company shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each
of its Subsidiaries in accordance with generally accepted accounting principles. For so long as the Blackstone Entities beneficially own 5% or more of the outstanding shares of Common Stock, the Company shall, and shall cause its Subsidiaries to,
permit the Blackstone Entities and their respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the
affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary. For so long as the Blackstone Entities beneficially own 5% or more of the outstanding shares of Common Stock, the
Company shall, and shall cause its Subsidiaries to, provide the Blackstone Entities, in addition to other information that might be reasonably requested by the Blackstone Entities from time to time, (i) direct access to the Company’s
auditors and officers, (ii) the ability to into the Company’s general ledger and other systems in order to enable the Blackstone Entities to retrieve data on a “real-time” basis, (iii) quarter-end reports, in a format to be
prescribed by the Blackstone Entities, to be provided within 30 days after the end of each quarter, (iv) copies of all materials provided to the Company’s board of directors (or equivalent governing body) at the same time as provided to
the directors (or their equivalent) of the Company, (v) access to appropriate officers and directors of the Company at such times as may be requested by the Blackstone Entities, as the case may be, for consultation with each of the Blackstone
Entities with respect to matters relating to the business and affairs of the Company and its subsidiaries, (vi) information in advance with respect to any significant corporate actions, including, without limitation, extraordinary dividends,
mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the certificate of incorporation or bylaws of the Company or any of its respective subsidiaries, and to provide the
Blackstone Entities, with the right to consult with the Company and its subsidiaries with respect to such actions, (vii) flash data, in a format to be prescribed by the Blackstone Entities, to be provided within ten days after the end of each
quarter and (viii) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries (all such information
so furnished pursuant to this Section 3.1, the “Information”). The Company agrees to consider, in good faith, the recommendations of the Blackstone Entities in connection with the matters on which the Company is consulted as
described above. Subject to Section 3.2, any Blackstone Entity (and any party receiving Information from a Blackstone Entity) who shall receive Information shall maintain the confidentiality of such Information, and the Company shall not be
required to disclose any privileged Information of the Company so long as the Company 

  
 5 

 
has used its commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Blackstone Entities without the loss of any such privilege. 

3.2 Sharing of Information. Individuals associated with the Blackstone Entities may from time to time serve on the boards of directors
or similar governing bodies of the Company and its Subsidiaries. The Company, on its behalf and on behalf of its Subsidiaries, recognize that such individuals (i) will from time to time receive non-public information concerning the Company and
its Subsidiaries, and (ii) may (subject to the obligation to maintain the confidentiality of such information in accordance with Section 3.1) share such information with other individuals associated with the Blackstone Entities. Such
sharing will be for the dual purpose of facilitating support to such individuals in their capacity as directors and enabling the Blackstone Entities, as equityholders, to better evaluate the Company’s performance and prospects. The Company, on
behalf of itself and its Subsidiaries, hereby irrevocably consents to such sharing. 
 ARTICLE IV. 

GENERAL PROVISIONS 
 4.1
Termination. This Agreement shall terminate on the earlier to occur of (i) such time as the Blackstone Entities are no longer entitled to nominate a Director pursuant to Section 2.1(a) and (ii) upon the delivery of a written
notice by the Blackstone Entities to the Company requesting that this Agreement terminate. 
 4.2 Notices. Any notice provided for in
this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other
recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been
given hereunder when sent by facsimile (receipt confirmed) delivered personally, five (5) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service. 

The Company’s address is: 

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

Attention: General Counsel 
 The
Blackstone Entities’ address is: 
 The Blackstone Group L.P. 

345 Park Avenue 
 New York, NY
10154 
 Attention: Chinh Chu 

Fax: (212) 583-5722 

  
 6 

 with a copy (not constituting notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Peter Martelli, Esq. 

Fax: (212) 455-2502 
 4.3
Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto. Neither the failure nor delay on the part of any party hereto to exercise
any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be
effective unless it is in writing and is signed by the party asserted to have granted such waiver. 
 4.4 Further Assurances. The
parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof. To the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, any Blackstone Entity being
deprived of the rights contemplated by this Agreement. 
 4.5 Assignment. This Agreement will inure to the benefit of and be binding
on the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null
and void; provided, however, that each Blackstone Entity shall be entitled to assign, in whole or in part, to any of its Permitted Assigns without such prior written consent any of its rights hereunder. 

4.6 Third Parties. Except as provided for in Section 3.2 with respect to any Blackstone Entity, this Agreement does not create any
rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. 

4.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflicts of laws thereof. 

  
 7 

 4.8 Jurisdiction; Waiver of Jury Trial. In any judicial proceeding involving any dispute,
controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of or, if the Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court
of the State of Delaware (Complex Commercial Division), or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments
thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by
delivery provided pursuant to the directions in Section 4.2. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF
OR RELATING TO THIS AGREEMENT. 
 4.9 Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach
of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law
would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond. 

4.10 Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior
agreements and understandings between the parties with respect to such subject matter. 
 4.11 Severability. If any provision of this
Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other
provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted
by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

4.12 Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement
are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

4.13 Grant of Consent. Any vote, consent or approval of the Blackstone Group or a Blackstone Entity hereunder shall be deemed to be
given with respect to such entities or entity if such vote, consent or approval is given by members of such entities or entity having a pecuniary interest in a majority of the shares of Common Stock over which all members of such entities or entity
then have a pecuniary interest. 

  
 8 

 4.14 Counterparts. This Agreement and any amendment hereto may be signed in any number of
separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable). 

4.15 Effectiveness. This Agreement shall become effective upon the Closing Date. 

4.16 No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of
or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director, officer, employee,
incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by
reason of, the transactions contemplated hereby. 
 [Remainder Of Page Intentionally Left Blank] 

  
 9 

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

			
	COMPANY:
	
	CATALENT, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to Stockholders Agreement] 

 
			
	PHOENIX:
	
	PHOENIX CHARTER LLC
	
	By: BHP PTS Holdings LLC
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Stockholders Agreement] 

 
			
	BLACKSTONE GROUP:
	
	BLACKSTONE HEALTHCARE PARTNERS L.L.C.
		
	By:	 	BLACKSTONE CAPITAL PARTNERS V, L.P., managing member
		
	By:	 	BLACKSTONE MANAGEMENT ASSOCIATES V L.L.C., its general partner
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Stockholders Agreement]

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