May 17, 2021
[Address on file with Company]
Congratulations on your promotion to Vice President & Chief Accounting Officer (VP CAO). This letter amends and restates previous offer letters and is effective June 1, 2021.
The following is important information about your new position, benefits and rewards. I encourage you to review all materials thoroughly and contact me with questions.
1. Position: Your position is VP CAO, reporting directly to Tom Castellano, SVP and CFO, Catalent, Inc. As VP CAO, you will be a member of Catalents Executive Leadership Team (ELT).
2. Pay: Your annualized base pay is $350,000. and paid bi-weekly. As a member of our ELT, your salary will be reviewed annually and adjusted if required based on market data.
3. Performance: Your performance reviews follow the standard annual review calendar for Catalent. Annual Goal and Objectives will be set and amended by the CEO as appropriate.
4. Rewards: Catalent is pleased to offer a comprehensive, competitive compensation program that rewards talented employees for their performance.
a. You will continue to be eligible for participation in our short-term incentive plan, Management Incentive Plan (MIP). Your annual target incentive will increase to $280,000 effective July 1, 2021. Your actual MIP dollar value target will be reviewed annually and adjusted in the sole discretion of the company following a review of market data. Actual annual bonus payments are determined based upon the achievement of specific financial and management agenda objectives and your achievement of your personal goals and objectives. Please note that as an ELT member, your MIP target will be a fixed dollar amount and not a percentage of base pay.
b. You will continue to be eligible for participation in our Long-Term Incentive Plan (LTIP). Your target LTIP grant value will be $280,000. Your new LTIP target will be effective with the FY22-FY24 LTIP award scheduled to be granted in July 2021. Components of the award are proportionately 50% performance share units (PSUs), 30% stock options and 20% restricted stock units (RSUs), all to be granted in accordance with Catalents normal practices for LTlP awards to ELT members, which includes your execution of agreements with respect to each grant. Your LTIP annual grant value as well as the component mix will be reviewed annually and adjusted in the sole discretion of the company following a review of market data. Please note that as an ELT member, your LTIP target will be a fixed dollar amount and not a percentage of base pay.
c. In addition, you have been granted a special Restricted Stock Unit (RSU) award valued at $350,000 with a three-year cliff vesting. Details of this RSU grant will be sent under separate cover.