Document:

EX-10.23

 Exhibit 10.23 

 

			
	Strictly Confidential	  	Execution Version

 ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”), dated as of May 11, 2017, is entered into by and
among Jaguar Holding Company I, a Delaware corporation (the “Assignor”), Eagle Holding Company I, a Delaware corporation (the “Assignee”), Pharmaceutical Product Development, LLC, a Delaware limited liability
company (“PPD”) and William Sharbaugh (the “Executive”). Capitalized or other terms used and not defined herein shall have the meanings ascribed to them in that certain Agreement and Plan of Merger, dated as of
April 26, 2017 (as amended, restated, modified or supplemented from time to time, the “Merger Agreement”), by and among the Assignee, Eagle Holding Company II, LLC, a Delaware limited liability company and wholly owned subsidiary of
the Assignee (“Holdings”), Eagle Reorganization Merger Sub, Inc., a Delaware corporation and wholly-owned subsidiary of Holdings, Eagle Buyer, Inc., a Delaware corporation and the Assignor. 

In consideration of the mutual covenants and conditions as hereinafter set forth, each of the parties hereto hereby agree as follows: 

1.    Assignment of Employment Agreement. 

a)     Assignment. The Assignor hereby irrevocably and absolutely transfers and assigns to the
Assignee, and the Assignee hereby accepts and assumes from the Assignor, the Assignor’s rights and obligations under that certain Employment Agreement, dated as of April 10, 2012, as amended, by and among PPD, the Assignor and the Executive
(the “Employment Agreement”), with effect from the Effective Time (the “Assignment”). The Assignee agrees with the Assignor to perform and satisfy when due all obligations of the Employment Agreement, and further
agrees to be bound by the terms and provisions of the Employment Agreement applicable to the Assignor thereunder. 

b)     Consent of Executive. By executing this Agreement the Executive hereby provides written
consent to the Assignment. 
 c)     Parent. Each of the parties hereto agrees that, with effect
from the Assignment, references to “Parent” in the Employment Agreement shall be deemed to be references to the Assignee. 

2.     Governing Law. This Agreement, and all claims or causes of action based upon, arising out of, or
related to this Agreement or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the laws of the State of North Carolina, without giving effect to principles or rules of conflict of laws to the extent such
principles or rules would require or permit the application of laws of another jurisdiction. 
 3.    
Jurisdiction. Each of the parties hereto (i) consent to submit itself to the personal jurisdiction and venue of any Federal court located in the State of North Carolina or any North Carolina state court with respect to any suit
relating to or arising out of this Agreement or any of the transactions contemplated hereby, (ii) agrees that it will not attempt to defeat or deny such personal jurisdiction or venue by motion or otherwise, (iii) agrees that it will not
bring any such suit in any court other than a Federal or State court sitting in the State of North Carolina, (iv) irrevocably agrees that any such suit (whether at law, in equity, in contract, in tort or otherwise) shall be heard and determined
exclusively in such Federal or State court sitting in the State of North Carolina and (v) agrees to service of process in any such Action in any manner prescribed by the laws of the State of North Carolina. Nothing herein contained shall be
deemed to affect the right of any party to serve process in any manner permitted by Law or to commence legal proceedings or otherwise proceed against any other party in any other jurisdiction, in each case, to enforce judgments obtained in any
Action brought pursuant to this Section 3. 

 4.     Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND
AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

5.     Further Assurances. Each party hereto shall cooperate and shall take such further action and shall
execute and deliver such further documents as may be reasonably requested by the other parties hereto in order to carry out the provisions and purposes of this Agreement. 

6.     Successors and Assigns. This Agreement and all the provisions hereof shall be binding upon and shall
inure to the benefit of the parties hereto and their respective successors and permitted assigns. Nothing in this Agreement is intended to give any other Person any right, remedy or claim under this Agreement 

7.     Counterparts. This Agreement may be executed in any number of counterparts (which delivery may be via
facsimile transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument. 

[Remainder of page intentionally left blank] 

  
 2 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly
executed this Agreement as of the date first written above. 
  

					
	ASSIGNOR:
	
	JAGUAR HOLDING COMPANY I
		
	By:	 	 /s/ B. Judd Hartman

		 	Name:	 	B. Judd Hartman
		 	Title:	 	General Counsel and Secretary

  
 [Signature Page
to Assignment and Assumption Agreement] 

 
					
	ASSIGNEE:
	
	EAGLE HOLDING COMPANY I
		
	By:	 	 /s/ P. Hunter Philbrick

		 	Name:	 	P. Hunter Philbrick
		 	Title:	 	Vice President

  
 [Signature Page to
Assignment and Assumption Agreement] 

	
	Accepted and acknowledged:
	
	EXECUTIVE:
	
	WILLIAM SHARBAUGH
	
	 /s/ William Sharbaugh

  
 [Signature Page to
Assignment and Assumption Agreement] 

					
	Accepted and acknowledged:
	
	PPD:
	
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	 /s/ B. Judd Hartman

		 	Name:	 	B. Judd Hartman
		 	Title:	 	General Counsel and Secretary

  
 [Signature Page
to Assignment and Assumption Agreement]EX-10.24

 Exhibit 10.24 

EXECUTION VERSION 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT 

THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (the “Amendment No. 2”), made and entered into this 1st day of March, 2019 (the “Effective Date”) by and between Pharmaceutical Product Development, LLC, a Delaware limited liability company and successor to Pharmaceutical Product
Development, Inc. (the “Company”), and William J. Sharbaugh (the “Executive”). 
 WHEREAS,
the Company and Executive are parties to that certain Employment Agreement dated as of April 10, 2012 as amended by that certain Amendment No. 1 to the Employment Agreement dated as of February 10, 2016 (the “Employment
Agreement”); and 
 WHEREAS, the parties desire to further amend the Employment Agreement as set forth herein. 

NOW, THEREFORE, that for and in consideration of the foregoing recitals, the mutual promises, covenants and conditions contained
herein, and other good and valid consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 

1.    Capitalized Terms. Capitalized terms used in this Amendment No. 2 and not defined herein shall have the
meaning given to them in the Employment Agreement. 
 2.    Amendment. The third sentence of Section 2(b) of
the Employment Agreement be and hereby is deleted in its entirety and replaced in full by the following sentence: 
 “The Annual Bonus
shall be based on the achievement of applicable Company and individual performance metrics set forth in or established under the Company’s Senior Executive Incentive Compensation Plan, as it may be amended from time to time.” 

3.     Entire Agreement. This Amendment No. 2 constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all prior or contemporaneous agreements or understandings, whether written or oral, relating to the same. 

4.     Binding Effect. The Employment Agreement, as herein amended, shall continue in full force and effect. 

 IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the date first
above written. 
  

			
	PHARMACEUTICAL PRODUCT DEVELOPMENT, LLC
		
	By:	 	 /s/ B. Judd Hartman

	Name:	 	B. Judd Hartman
	Title:	 	General Counsel
	
	 WILLIAM J. SHARBAUGH
  

/s/ William J. Sharbaugh

  

			
	Consented and agreed to by Parent:
	
	EAGLE HOLDING COMPANY I
		
	By:	 	 /s/ B. Judd Hartman

	Name:	 	B. Judd Hartman
	Title:	 	General Counsel

  
 [Signature Page to
Employment Agreement Amendment]EX-10.25

 Exhibit 10.25 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”), dated as of April 10, 2012 (the “Effective Date”), is made by
and between Pharmaceutical Product Development, LLC, a Delaware limited liability company (together with any successor thereto, the “Company”), and B. Judd Hartman (the “Executive” and, together with the Company,
the “Parties”) and, solely with respect to Section 9(n), Jaguar Holding Company I, a Delaware corporation (“Parent”). Where the context requires, references herein to the “Company” include
Pharmaceutical Product Development, Inc., a North Carolina corporation and predecessor to the Company. 
 RECITALS 

WHEREAS, the Parties have previously entered into that certain Employment Agreement, effective as of July 9, 2001 (as may have been
amended, supplemented or otherwise modified prior to the date hereof, the “Existing Employment Agreement”), and that certain Severance Agreement, dated as of July 9, 2001 (as may have been amended, supplemented or otherwise modified
prior to the date hereof, the “Severance Agreement”); 
 WHEREAS, the Parties have previously entered into that
certain Proprietary Information and Inventions Agreement, dated as of May 18, 2001 (as amended, supplemented or otherwise modified from time to time, the “Proprietary Information Agreement”); 

WHEREAS, pursuant to the transactions contemplated by that certain Agreement and Plan of Merger, dated as of October 2, 2011, by and
among the Company, Jaguar Merger Sub, Inc. and Jaguar Holding Company II, as assignee of Parent, as successor-in-interest of Jaguar Holdings, LLC, the Company became an
indirect wholly owned subsidiary of Parent (the “Transaction”); 
 WHEREAS, the Parties desire that this Agreement
replace and supersede in their entirety each of the Existing Employment Agreement and the Severance Agreement but not the Proprietary Information Agreement; and 

WHEREAS, Executive and the Company mutually desire that Executive provide services to the Company on the terms herein provided. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below, the Parties hereto agree as follows: 
  

	1.	 Employment. 

(a)     General. The Company shall employ Executive and Executive shall enter the employ of the Company, for the
period and in the position set forth in this Section 1, and upon and subject to the other terms and conditions herein provided. 
 (b)
    Employment Term. The term of employment under this Agreement (the “Term”) shall be for the period beginning on the Effective Date and ending on December 31, 2014, subject to earlier termination as
provided in Section 3. The Term shall automatically renew for additional one (1) year periods unless no later than sixty (60) days prior to the end of the otherwise applicable Term either Party gives written notice of non-extension of the Term to the other, in which case Executive’s employment will terminate at the end of the then applicable Term or any other date set by the Company in accordance with
Section 3, subject to earlier termination as provided in Section 3. 

 (c)     Position and Duties. Executive shall initially serve as
the General Counsel of the Company and Parent with such customary responsibilities, duties and authority normally associated with such position and as may from time to time be assigned to Executive by the Chief Executive Officer of the Company or
the Board (as defined below). Executive shall devote substantially all of Executive’s working time and efforts to the business and affairs of the Company (which shall include service to its subsidiaries and affiliates) and shall not engage in
outside business activities (including serving on outside boards or committees) without the consent of the Board, provided that Executive shall be permitted to (i) manage Executive’s personal, financial and legal affairs,
(ii) participate in trade associations and (iii) serve on the board of directors of not-for-profit or tax-exempt
charitable organizations, in each case, subject to Section 5 and provided that such activities do not interfere with Executive’s performance of Executive’s duties and responsibilities hereunder. The Executive
agrees to observe and comply with the rules and policies of the Company and its affiliates as adopted from time to time, in each case as amended from time to time, as delivered or made available to Executive (each, a “Policy”). 

 

	2.	 Compensation and Related Matters. 

(a)     Annual Base Salary. During the Term, Executive shall receive a base salary at a rate of $333,419 per annum
(the “Annual Base Salary”), which amount shall be subject to a 3% increase in April 2012 at the time base salaries are increased for other Company employees, and shall be reviewed and may be adjusted from time to time thereafter by
the board of directors of the Company or an authorized committee thereof, (in any case, the “Board”), provided that the Annual Base Salary may not be decreased without Executive’s consent. Annual Base Salary shall be paid in
accordance with the customary payroll practices of the Company. 
 (b)     Bonus. Executive will be eligible to
participate in an incentive program established by the Board. Executive’s annual bonus compensation under such incentive program (the “Annual Bonus”) shall be targeted at 50% of the Annual Base Salary (the “Target Bonus
Amount”). The Annual Bonus shall initially be based 70% upon a Company-wide bonus pool to be determined by the Board based upon the achievement of Company performance metrics established by the Board in good faith after consultation with
the Company’s Chief Executive Officer and 30% upon achievement of individual qualitative factors as determined by the Board in its discretion. The payment of any Annual Bonus shall be subject to Executive’s continued employment with the
Company through the date of payment; provided however that if Executive’s employment shall terminate (other than as a result of the Company’s termination of the Executive’s employment for Cause pursuant to Section 3(a)(iii) or as
a result of the Executive’s resignation without Good Reason pursuant to Section 3(a)(vi)) on or after January 1 of an applicable year, Executive shall be entitled to receive any earned but unpaid Annual Bonus for the prior year pursuant to
this Section 2(b). 
 (c)     Benefits. During the Term, Executive shall be eligible to participate in
employee benefit plans, programs and arrangements of the Company to the same extent as other senior-level executives (excluding aircraft use, severance benefits or the right to receive equity-based compensation), consistent with the terms thereof
and as such plans, programs and arrangements may be amended from time to time. In no event shall Executive be eligible to participate in any severance plan or program of the Company, except as set forth in Section 4 of this
Agreement. 

  
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 (d)     Vacation. During the Term, Executive shall be entitled to
not less than 30 days of paid personal leave in accordance with the Company’s Policies. Any vacation shall be taken at the reasonable and mutual convenience of the Company and Executive. 

(e)     Expenses. During the Term, the Company shall reimburse Executive for all reasonable travel and other
business expenses incurred by Executive in the performance of Executive’s duties to the Company in accordance with the Company’s expense reimbursement Policy. 

(f)     Key Person Insurance. At any time during the Term, the Company shall have the right to insure the life of
Executive for the Company’s sole benefit. The Company shall have the right to determine the amount of insurance and the type of policy. Executive shall reasonably cooperate with the Company in obtaining such insurance by submitting to physical
examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company or broker
shall not be provided to the Company without the prior written authorization of Executive. Executive shall incur no financial obligation by executing any required document, and shall have no interest in any such policy. Additionally, and
notwithstanding the preceding to the contrary, in the event the amount of insurance adversely affects the amount of life insurance the Executive seeks and is qualified to obtain at any time during the Term, then the Company agrees to reduce the
amount of the insurance. 
  

	3.	 Termination. 

Executive’s employment hereunder may be terminated by the Company or Executive, as applicable, without any breach of this Agreement under
the following circumstances: 
 (a)     Circumstances. 

(i)     Death. Executive’s employment hereunder shall terminate upon Executive’s death.

 (ii)     Disability. If Executive has incurred a Disability, as defined below, the Company may
terminate Executive’s employment. 
 (iii)     Termination for Cause. The Company may
terminate Executive’s employment for Cause, as defined below. 
 (iv)     Termination without
Cause. The Company may terminate Executive’s employment without Cause, which shall include a termination of Executive as a result of the Company not renewing the Term pursuant to Section 1. 

(v)     Resignation from the Company for Good Reason. Executive may resign Executive’s
employment with the Company for Good Reason, as defined below. 
 (vi)     Resignation from the
Company without Good Reason. Executive may resign Executive’s employment with the Company for any reason other than Good Reason or for no reason, which shall include a termination of Executive as a result of Executive not renewing the Term
pursuant to Section 1. 
 (b)     Notice of Termination. Any termination of Executive’s employment by
the Company or by Executive under this Section 3 (other than termination pursuant to paragraph (a)(i)) shall be 

  
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communicated by a written notice to the other party hereto (i) indicating the specific termination provision in this Agreement relied upon, (ii) setting forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated, if applicable, and (iii) specifying a Date of Termination which, if submitted by Executive, shall, except in the
event of Executive’s resignation from the Company for Good Reason pursuant to Section 3(a)(v), be at least sixty (60) days following the date of such notice (a “Notice of Termination”); provided, however, that
in the event that Executive delivers a Notice of Termination to the Company, the Company may, in its sole discretion, change the Date of Termination to any date that occurs following the date of Company’s receipt of such Notice of Termination
and is prior to the date specified in such Notice of Termination. A Notice of Termination submitted by the Company may provide for a Date of Termination on the date Executive receives the Notice of Termination, or any date thereafter elected by the
Company in its sole discretion. The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from
asserting such fact or circumstance in enforcing the Company’s rights hereunder. 
 (c)     Company Obligations
upon Termination. Upon termination of Executive’s employment pursuant to any of the circumstances listed in Section 3(a), Executive (or Executive’s estate) shall be entitled to receive the sum of: (i) the portion of
Executive’s Annual Base Salary earned through the Date of Termination but not yet paid to Executive; (ii) any expenses owed to Executive pursuant to Section 2(e); and (iii) any amount accrued and arising from Executive’s
participation in, or benefits accrued under any employee benefit plans, programs or arrangements, which amounts shall be payable in accordance with the terms and conditions of such employee benefit plans, programs or arrangements (collectively, the
“Company Arrangements”). Except as otherwise expressly required by law (e.g., COBRA) or as specifically provided herein, all of Executive’s rights to salary, severance, benefits, bonuses and other compensatory amounts hereunder
(if any) shall cease upon the termination of Executive’s employment hereunder. In the event that Executive’s employment is terminated by the Company for any reason, Executive’s sole and exclusive remedy shall be to receive the
severance payments and benefits described in Section 2(b), this Section 3(c) or Section 4, as applicable. 

(d)     Deemed Resignation. Upon termination of Executive’s employment for any reason, Executive shall be
deemed to have resigned from all offices and directorships, if any, then held with the Company or any of its affiliates. 
  

	4.	 Severance Payments. 

(a)     Termination for Cause, Resignation from the Company Without Good Reason or Termination Upon Death or
Disability. If Executive’s employment shall terminate as a result of Executive’s death pursuant to Section 3(a)(i) or Disability pursuant to Section 3(a)(ii), pursuant to
Section 3(a)(iii) for Cause or pursuant to Section 3(a)(vi) due to Executive’s resignation from the Company without Good Reason, then Executive shall not be entitled to any severance payments or benefits,
except as provided in either Section 2(b) and/or Section 3(c). 
 (b)     Termination without Cause or
Resignation from the Company for Good Reason. 
 (i)     If Executive’s employment shall
terminate without Cause pursuant to Section 3(a)(iv) or pursuant to Section 3(a)(v) due to Executive’s resignation for Good Reason, then, subject to Executive signing on or after the date of Executive’s Separation
from Service (as defined below) and before the 21st day following Executive’s Separation from Service, and not revoking, a release of claims substantially in the form attached as Exhibit A to this Agreement (the
“Release”), and Executive’s continued compliance with Section 5 and the Proprietary 

  
 4 

 Information Agreement, Executive shall receive, in addition to payments and benefits set
forth in Section 2(b) and Section 3(c), the following: 
 (A)
    an amount in cash equal to (x) 1.5 times the Annual Base Salary of Executive as of the Date of Termination, payable in the form of salary continuation in regular installments over the eighteen-month period following the date
of Executive’s Separation from Service (the “Severance Period”) in accordance with the Company’s normal payroll practices and (y) a pro-rated amount of the Target Bonus Amount
for the year of termination based on the number of days the Executive was employed during such year, payable in a lump sum within 30 days following the Date of Termination; and 

(B)     payment in an amount equal to the amount of the premiums Executive would be required to pay to
continue Executive’s and Executive’s covered dependents’ medical, dental and vision coverage in effect on the Date of Termination under the Company’s group healthcare plans pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), which amount shall be based on the premium for the first month of COBRA coverage and shall be paid on the Company’s first regular pay date of each calendar month during the
period commencing on Executive’s Separation from Service and ending upon the earliest of (Y) the last day of the Severance Period or (Z) the date Executive becomes eligible to receive healthcare coverage from a subsequent employer. 

(ii)     Executive shall not be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to Executive under this Section 4(b), and such amounts shall not be reduced whether or not the Executive obtains other employment 

(c)     Notwithstanding anything else in this Agreement to the Contrary, in the event Executive’s employment
hereunder is terminated by the Company without Cause or the Executive resigns for Good Reason on or before December 5, 2012, which date represents the end of the Covered Period (as defined in the Severance Agreement), then, subject to Executive
executing the Release in accordance with the provisions of Section 4(b)(i): 
 (i)    The amount
payable to Executive pursuant to Section 4(b)(i)(A) shall be equal to 2 times the sum of Annual Base Salary and Target Bonus Amount as of the Date of Termination, which amount shall be paid at the time specified in
Section 9(l)(vi); and 
 (ii)     Executive shall not be entitled to receive
any payments in respect of Section 4(b)(i)(B). 
 (d)     Survival. Notwithstanding anything to the contrary
in this Agreement, the provisions of Sections 2(b), 3(c), 4, 5 through 7. and 9 will survive the termination of Executive’s employment and the expiration or termination of the Term. 

 

	5.	 Competition. 

Executive acknowledges that the Company has provided and, during the Term, the Company from time to time will continue to provide Executive
with access to its confidential information. Ancillary to the rights provided to Executive as set forth in this Agreement and the Company’s provision of confidential information, and Executive’s agreements regarding the use of same, in
order to protect the value of any confidential information, the Company and Executive agree to the following provisions 

  
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 against unfair competition, which Executive acknowledges represent a fair balance of the Company’s
rights to protect its business and Executive’s right to pursue employment: 
 (a)     Executive shall not, at any
time during the Restricted Period (as defined below), directly or indirectly engage in, have any equity interest in, interview for a potential employment or consulting relationship with or manage, provide services to or operate any person, firm,
corporation, partnership or business (whether as director, officer, employee, agent, representative, partner, security holder, consultant or otherwise) that engages in any business which competes with any portion of the Business (as defined below)
of the Company anywhere in the world. Nothing in this Section 5(a) shall prohibit Executive from working for a pharmaceutical, biotechnology or medical device organization that is not a clinical research organization or being a passive
owner of not more than 2% of the outstanding voting securities of an entity that is publicly traded, so long as Executive has no active participation in the business of such entity. 

(b)     Executive shall not, at any time during the Restricted Period, directly or indirectly, recruit or otherwise
solicit or induce any employee, customer, subscriber or supplier of the Company to (i) terminate its employment or arrangement with the Company, or (ii) to otherwise change its relationship with the Company. Executive shall not, at any
time during the Restricted Period, directly or indirectly, either for Executive or for any other person or entity, (x) solicit any employee of the Company to terminate his or her employment with the Company, (y) employ any such individual
during his or her employment with the Company and for a period of twelve months after such individual terminates his or her employment with the Company or (z) solicit any vendor or business affiliate of the Company to cease to do business with
the Company. 
 (c)     In the event the terms of this Section 5 shall be determined by any
court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive in any other respect, it will be interpreted to extend only
over the maximum period of time for which it may be enforceable, over the maximum geographical area as to which it may be enforceable, or to the maximum extent in all other respects as to which it may be enforceable, all as determined by such court
in such action. 
 (d)     As used in this Section 5, (i) the term “Company”
shall include the Company and its direct and indirect parents and subsidiaries; (ii) the term “Business” shall mean the business of the Company and shall include providing drug discovery or development services to
pharmaceutical, biotechnology, medical device, government and academic organizations, as such business may be conducted or contemplated during the Term and (iii) the term “Restricted Period” shall mean the period beginning on
the Effective Date and ending on the date that is 18 months following the Date of Termination. 
 (e)     Each of the
Parties (which, in the case of the Company, shall mean its officers and the members of the Board) agrees, during the Term and following the Date of Termination, to refrain from Disparaging (as defined below) the other Party and its affiliates,
including, in the case of the Company, any of its services, technologies or practices, or any of its directors, officers, agents, representatives or stockholders, either orally or in writing. Nothing in this paragraph shall preclude any Party from
making truthful statements that are reasonably necessary to comply with applicable law, regulation or legal process, or to defend or enforce a Party’s rights under this Agreement. For purposes of this Agreement, “Disparaging”
means making remarks, comments or statements, whether written or oral, that impugn the character, integrity, reputation or abilities of the Person being disparaged. 

(f)     Executive represents that Executive’s employment by the Company does not and will not breach any agreement
with any former employer, including any non-compete agreement or any agreement 

  
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 to keep in confidence or refrain from using information acquired by Executive prior to Executive’s
employment by the Company. During Executive’s employment by the Company, Executive agrees that Executive will not violate any non-solicitation agreements Executive entered into with any former employer or
improperly make use of, or disclose, any information or trade secrets of any former employer or other third party, nor will Executive bring onto the premises of the Company or use any unpublished documents or any property belonging to any former
employer or other third party, in violation of any lawful agreements with that former employer or third party. 
  

	6.	 Injunctive Relief. 

It is recognized and acknowledged by Executive that a breach of any covenant contained in Section 5 will cause irreparable damage
to Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Executive agrees that in the event of a breach of any covenant
contained in Section 5, in addition to any other remedy which may be available at law or in equity, the Company will be entitled to specific performance and injunctive relief. 

 

	7.	 Assignment and Successors. 

The Company may assign its rights and obligations under this Agreement to any of its affiliates provided that the Company remains secondarily
liable hereunder or to any successor to all or substantially all of the business or the assets of the Company (by merger or otherwise), and may assign or encumber this Agreement and its rights hereunder as security for indebtedness of the Company
and its affiliates. This Agreement shall be binding upon and inure to the benefit of the Company, Executive and their respective successors, assigns, personnel and legal representatives, executors, administrators, heirs, distributees, devisees, and
legatees, as applicable. None of Executive’s rights or obligations may be assigned or transferred by Executive, other than Executive’s rights to payments hereunder, which may be transferred only by will or operation of law. Notwithstanding
the foregoing, Executive shall be entitled, to the extent permitted under applicable law and applicable Company Arrangements, to select and change a beneficiary or beneficiaries to receive compensation hereunder following Executive’s death by
giving written notice thereof to the Company. 
  

	8.	 Certain Definitions. 

(a)     Cause. The Company shall have “Cause” to terminate Executive’s employment hereunder upon:

 (i)     Executive’s willful failure or refusal to substantially perform Executive’s duties
with the Company (other than any such failure resulting from Executive’s Disability) or comply with, in any material respect, any of the Company’s material Policies; 

(ii)     Executive’s material breach of this Agreement or any other material written agreement between
Executive and the Company or any of its affiliates; 
 (iii)     Executive’s conviction, plea of no
contest, plea of nolo contendere, or imposition of unadjudicated probation (A) for any felony or (B) for any crime (other than a traffic violation) involving moral turpitude that is materially harmful to the business or reputation
of the Company or any of its affiliates; 
 (iv)     Executive’s unlawful use (including being under
the influence) or possession of illegal drugs on the Company’s (or any of its affiliate’s) premises or while performing Executive’s duties and responsibilities under this Agreement; or 

  
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 (v)     Executive’s commission of an act of fraud,
embezzlement, misappropriation or willful misconduct against the Company or any of its affiliates. 
 Prior to Executive’s termination
for Cause, the Company must provide written notice to Executive describing the act or omission that constitutes Cause and, in respect of circumstances capable of cure, such circumstances must remain uncured for thirty (30) days following the
date of such written notice. 
 (b)     Date of Termination. “Date of Termination” shall mean
(i) if Executive’s employment is terminated by Executive’s death, the date of Executive’s death; or (ii) if Executive’s employment is terminated pursuant to Section 3(a)(ii) – (vi) the
earlier of the date indicated in the Notice of Termination or the date specified by the Company pursuant to Section 3(b). 

(c)     Disability. “Disability” shall mean Executive’s inability to perform, with or without
reasonable accommodation, the essential functions of Executive’s position hereunder for a total of 90 days during any 12 month period as a result of incapacity due to mental or physical illness as determined in good faith by the Board or the
Chief Executive Officer of the Company. 
 (d)     Good Reason. “Good Reason” means the occurrence of
any of the following without Executive’s consent: 
 (i)     a reduction in Executive’s
then-current Annual Base Salary or Target Bonus Amount, 
 (ii)    the relocation of Executive’s
primary work location to a location that is more than twenty-five (25) miles from Executive’s then-current primary work location, 

(iii)     a material adverse reduction in Executive’s duties or responsibilities as in effect on the
date hereof, or 
 (iv)     a material breach by the Company or any of its affiliates of any material
written agreements to which Executive is a party. 
 Notwithstanding the foregoing, no Good Reason will have occurred unless
(A) Executive shall have delivered to the Company written notice of Executive’s objection to any event set forth in clause (i)–(iv) of this Section 8(d) within ninety (90) days following Executive
becoming aware of such event, (B) such event is not corrected, in all material respects, by the Company within thirty (30) days following the Company’s receipt of such notice and (C) Executive resigns Executive’s employment
with the Company not more than thirty (30) days following the expiration of the 30-day correction period described in the foregoing clause (B). 

(e)     Person. “Person” shall mean any individual, firm, corporation, partnership, limited liability
company, incorporated or unincorporated association, joint venture, joint stock company, trust, governmental authority or other entity of any kind. 
  

	9.	 Miscellaneous Provisions. 

(a)     Governing Law. This Agreement shall be governed, construed, interpreted and enforced in accordance with its
express terms, and otherwise in accordance with the substantive laws of the State of North Carolina without reference to the principles of conflicts of law of the State of North Carolina or any other jurisdiction, and where applicable, the laws of
the United States. 

  
 8 

 (b)     Validity. The invalidity or unenforceability of any
provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(c)     Notices. Any notice, request, claim, demand, document and other communication hereunder to any Party shall
be effective upon receipt (or refusal of receipt) and shall be in writing and delivered personally or sent by facsimile or certified or registered mail, postage prepaid, as follows: 

(i)     If to the Company: 

Pharmaceutical Product Development, Inc. 

929 North Front Street 

Wilmington, NC 28401 

Attention: Chief Executive Officer 

Facsimile: [                ] 

and copies to: 

Latham & Watkins LLP 

555 11th St., NW, Suite 1000 

Washington, D.C. 20004 

Attention: David T. Della Rocca 

Facsimile: [                ] 

(ii)     If to Executive, at the last address that the Company has in its personnel records for Executive,
or 
 (iii)     At any other address as any Party shall have specified by notice in writing to the other
Party. 
 (d)     Counterparts. This Agreement may be executed in several counterparts, each of which shall be
deemed to be an original, but all of which together will constitute one and the same Agreement. Signatures delivered by facsimile shall be deemed effective for all purposes. 

(e)     Entire Agreement. The terms of this Agreement are intended by the Parties to be the final expression of
their agreement with respect to the employment of Executive by the Company and supersede all prior understandings and agreements, whether written or oral, including without limitation the entirety of each of the Existing Employment Agreement and the
Severance Agreement, each of which shall be null and void hereafter. The Parties further intend that this Agreement shall constitute the complete and exclusive statement of their terms and that no extrinsic evidence whatsoever may be introduced in
any judicial, administrative, or other legal proceeding to vary the terms of this Agreement. 
 (f)    Amendments;
Waivers. This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive and a duly authorized officer of Company. By an instrument in writing similarly executed, Executive or a duly authorized
officer of the Company may waive compliance by the other Party with any specifically identified provision of this Agreement that such other Party was or is obligated to comply with or perform; provided, however, that such waiver shall not
operate as a waiver of, or estoppel with respect to, any other or subsequent failure. No failure to exercise and no delay in exercising any right, remedy, or power hereunder shall preclude any other or further exercise of any other right, remedy, or
power provided herein or by law or in equity. 

  
 9 

 (g)     No Inconsistent Actions. The Parties hereto shall not
voluntarily undertake or fail to undertake any action or course of action inconsistent with the provisions or essential intent of this Agreement. Furthermore, it is the intent of the Parties hereto to act in a fair and reasonable manner with respect
to the interpretation and application of the provisions of this Agreement. 
 (h)     Construction. This
Agreement shall be deemed drafted equally by both the Parties. Its language shall be construed as a whole and according to its fair meaning. Any presumption or principle that the language is to be construed against any Party shall not apply. The
headings in this Agreement are only for convenience and are not intended to affect construction or interpretation. Any references to paragraphs, subparagraphs, sections or subsections are to those parts of this Agreement, unless the context clearly
indicates to the contrary. Also, unless the context clearly indicates to the contrary, (a) the plural includes the singular and the singular includes the plural; (b) “and” and “or” are each used both conjunctively and
disjunctively; (c) “any,” “all,” “each,” or “every” means “any and all,” and “each and every”; (d) “includes” and “including” are each “without limitation”;
(e) “herein,” “hereof” “hereunder” and other similar compounds of the word “here” refer to the entire Agreement and not to any particular paragraph, subparagraph, section or subsection; and (f) all
pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the entities or persons referred to may require. 

(i)     Arbitration. Any controversy, claim or dispute arising out of or relating to this Agreement, shall be
settled solely and exclusively by a binding arbitration process administered by the American Arbitration Association (the “AAA”) in Wilmington, North Carolina. Such arbitration shall be conducted in accordance with the then-existing
rules of Practice and Procedure, with the following exceptions if in conflict: (a) one arbitrator who is a retired judge shall be chosen by AAA; (b) each Party to the arbitration will pay one-half of
the expenses and fees of the arbitrator, together with other expenses of the arbitration incurred or approved by the arbitrator, except that the Company shall pay all of such fees and expenses if Executive is the prevailing party in the arbitration;
and (c) arbitration may proceed in the absence of any Party if written notice (pursuant to the AAA rules and regulations) of the proceedings has been given to such Party. Each Party shall bear its own attorneys’ fees and expenses; provided
that the arbitrator may assess the prevailing Party’s fees and costs against the non-prevailing Party as part of the arbitrator’s award. The Parties agree to abide by all decisions and awards
rendered in such proceedings. Such decisions and awards rendered by the arbitrator shall be final and conclusive. All such controversies, claims or disputes shall be settled in this manner in lieu of any action at law or equity; provided,
however, that nothing in this subsection shall be construed as precluding the bringing an action for injunctive relief or specific performance as provided in this Agreement. This dispute resolution process and any arbitration hereunder shall be
confidential and neither any Party nor the neutral arbitrator shall disclose the existence, contents or results of such process without the prior written consent of all Parties, except where necessary or compelled in a Court to enforce this
arbitration provision or an Award from such arbitration or otherwise in a legal proceeding. Notwithstanding the foregoing, Executive and the Company each have the right to resolve any issue or dispute over intellectual property rights by Court
action instead of arbitration. 
 (j)    Enforcement. If any provision of this Agreement is held to be illegal,
invalid or unenforceable under present or future laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had
never comprised a portion of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement.
Furthermore, in lieu of such illegal, 

  
 10 

 
invalid or unenforceable provision there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be
possible and be legal, valid and enforceable. 
 (k)     Withholding. The Company shall be entitled to withhold
from any amounts payable under this Agreement any federal, state, local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled to rely on an opinion of counsel if any questions as to
the amount or requirement of withholding shall arise. 
 (l)     Section 409A. 

(i)     General. The intent of the Parties is that the payments and benefits under this Agreement
comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and, accordingly, to the maximum extent
permitted, this Agreement shall be interpreted to be in compliance therewith. 
 (ii)     Separation
from Service. Notwithstanding anything in this Agreement to the contrary, any compensation or benefits payable under this Agreement that is designated under this . Agreement as payable upon Executive’s termination of employment shall be
payable only upon Executive’s “separation from service” with the Company within the meaning of Section 409A (a “Separation from Service”) and, except as provided below, any such compensation or benefits shall not
be paid, or, in the case of installments, shall not commence payment, until the thirtieth (30th) day following Executive’s Separation from Service. Any installment payments that would have been made to Executive during the thirty (30) day
period immediately following Executive’s Separation from Service but for the preceding sentence shall be paid to Executive on the thirtieth (30th) day following Executive’s Separation from Service and the remaining payments shall be made
as provided in this Agreement. 
 (iii)     Specified Employee. Notwithstanding anything in this
Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of
the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such portion of Executive’s benefits shall not be provided to Executive prior to the earlier of
(i) the expiration of the six-month period measured from the date of Executive’s Separation from Service with the Company or (ii) the date of Executive’s death. Upon the first business day
following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to
Executive under this Agreement shall be paid as otherwise provided herein. 
 (iv)     Expense
Reimbursements. To the extent that any reimbursements under this Agreement are subject to Section 409A, any such reimbursements payable to Executive shall be paid to Executive no later than December 31 of the year following the year in
which the expense was incurred; provided that Executive submits Executive’s reimbursement request promptly following the date the expense is incurred, the amount of expenses reimbursed in one year shall not affect the amount eligible for
reimbursement in any subsequent year, other than medical expenses referred to in Section 105(b) of the Code, and Executive’s right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

  
 11 

 (v)     Installments. Executive’s right to
receive any installment payments under this Agreement, including without limitation any continuation salary payments that are payable on Company payroll dates, shall be treated as a right to receive a series of separate payments and, accordingly,
each such installment payment shall at all times be considered a separate and distinct payment as permitted under Section 409A. Except as otherwise permitted under Section 409A, no payment hereunder shall be accelerated or deferred unless
such acceleration or deferral would not result in additional tax or interest pursuant to Section 409A. 
 (vi)
    Certain Terminations. The Parties acknowledge that the Transaction constituted a “change in control event” for purposes of Treasury Regulation §1.409A-3(i)(5) and
a “Change in Control” as defined in the Severance Agreement. The Parties further acknowledge that severance payments provided for under the Severance Agreement were payable in a lump sum thirty (30) days following a qualifying
termination of Executive employment as provided in the Severance Agreement, and the Parties intend to provide for the same payment timing for severance payments under Section 4(c) of this Agreement as would have applied in
the event Executive had become entitled to severance payments under Section 2.01 of the Severance Agreement. Therefore, in the event that Executive’s employment is terminated as set forth in Section 4(c) on or
before December 5, 2012, notwithstanding anything else in this Agreement to the contrary, the payments, if any, paid to Executive under Section 4(b)(i)(A) (as modified by Section 4(c)) shall be
paid in a lump sum within thirty (30) days following the Date of Termination, subject to Executive’s executing and not revoking the Release as set forth in Section 4(b)(i). 

(m)     Indemnification; Insurance. During the term of this Agreement and thereafter, the Company shall indemnify
and hold Executive (including Executive’s heirs, personal representatives, executors and administrators) harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, and losses as a result of any third
party (excluding the Company and any of its affiliates) claim or proceeding, or any threatened third-party (excluding the Company and any of its affiliates) claim or proceeding, against Executive that arises out of or relates to Executive by reason
of Executive having been or having provided service as an officer, director or employee, as the case may be, of the Company, or Executive’s service in any such capacity or similar capacity with an affiliate of the Company or other entity at the
request of the Company (in all cases, subject to limitations on bad acts and any other limitations under applicable law which preclude such indemnification and excluding any and all damages, costs, liabilities and losses related to Executive’s
remuneration). The Company shall maintain or cause to be maintained for the Executive Directors’ and Officers’ insurance to the same extent provided to active officers of the Company in respect of those liabilities which Executive may
incur as a director or officer of the Company or any of its affiliates for which such insurance is normally available. 
 (n)
    Parent Guarantee. In the event that the Company shall fail to satisfy any matured payment obligation to Executive under this Agreement, Parent agrees to satisfy such payment obligation, subject to all of the terms and
conditions of this Agreement and applicable law. 
  

	10.	 Employee Acknowledgement. 

Executive acknowledges that Executive has read and understands this Agreement, is fully aware of its legal effect, has not acted in reliance
upon any representations or promises made by the Company other than those contained in writing herein, and has entered into this Agreement freely based on Executive’s own judgment. 

[Signature Page Follows] 

  
 12 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on the date and year first
above written. 
  

					
	COMPANY
		
	By:	 	 /s/ Daniel G. Darazsdi

		 	Name:	 	Daniel G. Darazsdi
		 	Title:	 	CFO
	
	EXECUTIVE
		
	By:	 	 /s/ B. Judd Hartman

	         B. Judd Hartman

 
 Solely with respect to Section 9(n):

	
	PARENT
		
	By:	 	 /s/ Daniel G. Darazsdi

		 	Name:	 	Daniel G. Darazsdi
		 	Title:	 	CFO

  
 Signature Page to
Employment Agreement (B. Hartman)

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