Offer Letter, dated July 27, 2022, by and between Catalent, Inc. and Thomas Castellano
EX-10.5 4 catalent-2022930xex105tcof.htm EX-10.5 Document
July 27, 2022
Thomas Castellano
Dear Tom,
I am very pleased to share that the Compensation and Leadership Committee of the Board of Directors has approved an increase to your Total Direct Compensation (“TDC”) comprising your base salary, short-term cash incentive and long-term equity incentives. The specific changes to your TDC are outlined below.
•Base Pay: Effective July 21, 2022, your annual rate of pay will increase to $550,000.
•MIP Target: You will continue to participate in the Management Incentive Plan (“MIP”). Your MIP target for fiscal year 2023 (July 1, 2022 – June 30, 2023) will increase to $450,000.
•LTIP Target: You will continue to participate in the Long-Term Incentive Plan (“LTIP”). Your LTIP target for the fiscal year 2023 – 2025 performance period has increased to $1,250,000.
Current TDC | New TDC | |||||||
| Base Salary | $500,000 | $550,000 | ||||||
| MIP Target | $400,000 | $450,000 | ||||||
| Target Total Cash | $900,000 | $1,000,000 | ||||||
| LTIP Target | $600,000 | $1,250,000 | ||||||
| Target TDC * | $1,500,000 | $2,250,000 | ||||||
| % Change | +50.0% | |||||||
All other terms and conditions of your employment remain unchanged. Please do not hesitate to let me know if you have any questions.
Sincerely,
Alessandro Maselli
President & Chief Executive Officer
cc: Ricardo Pravda
SVP & Chief Human Resources Officer
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