Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
New Chief Administrative Officer
On July 5, 2022, Catalent, Inc. (the "Company") announced that Steven L. Fasman,
who has been serving as the Company's Senior Vice President, General Counsel,
and Corporate Secretary, has been appointed to the position of Executive Vice
President and Chief Administrative Officer, effective as of July 1, 2022 (the
"Effective Date"). Mr. Fasman will hold such office until his successor is duly
appointed and qualified or until his resignation, retirement, death or removal
from office. In the meantime, Mr. Fasman will continue to serve as General
Counsel on an interim basis until the Company appoints a permanent replacement.
Mr. Fasman has served as the Company's Senior Vice President, General Counsel,
and Corporate Secretary since October 2014, when he joined the Company. Prior to
that, he served as Executive Vice President-Law of MacAndrews & Forbes Holdings
Inc., a privately held diversified holding company, from January 2012 to March
2014. Before that, since 1992, Mr. Fasman held various positions at MacAndrews &
Forbes of increasing responsibility. From 2008 through March 2014, he also
served as General Counsel and Chief Compliance Officer of M & F Worldwide Corp.,
a holding company with interests in financial products, customer calling
centers, staffing operations, educational software and flavoring products. From
2008 to 2011, Mr. Fasman also served as a director of SIGA Technologies, Inc., a
biodefense company. Mr. Fasman spent his early career at the law firm of Paul,
Weiss, Rifkind, Wharton & Garrison. Mr. Fasman holds a law degree from Yale
University and an A.B. degree in mathematics from Princeton University.
In connection with Mr. Fasman's promotion, the Compensation and Leadership
Committee of the Company's Board of Directors (the "Board") approved the
following new compensation arrangements for Mr. Fasman with effect as of the
Effective Date: (1) an increase in annual base salary from $600,000 to $625,000,
(2) an increase in annual target opportunity under the Company's Management
Incentive Plan, the incentive-based annual cash bonus plan for the Company's
executives, from $460,000 to $500,000, and (3) an increase in the value of his
annual target grant under the Company's Long-Term Incentive Plan, an equity
incentive plan created under the Company's 2018 Omnibus Incentive Plan (the
"2018 Omnibus Plan"), from $1,000,000 to $1,500,000, allocated in the same
manner as applies to all members of the Company's Executive Leadership Team,
with 30% of the Fair Market Value (as defined in the 2018 Omnibus Plan) of the
grant in the form of non-qualified stock options, 20% in the form of time-based
restricted stock units, and 50% in the form of performance-based restricted
stock units (also known as "performance share units"). The terms of Mr. Fasman's
employment with the Company remain unchanged other than the changes in his
duties and compensation.
Retirement of Chief Commercial Officer
On July 5, 2022, the Company announced that Karen Flynn, the Company's Senior
Vice President and Chief Commercial Officer, had retired from these
responsibilities, effective on the Effective Date. Ms. Flynn's retirement is not
due to any disagreement with any of the Company, its Board, or its management,
and she will not be entitled to receive any payment in connection with her
departure other than as set forth in her existing offer letter.
Change in Role for Chief Accounting Officer
On the Effective Date, Ricky Hopson stepped down as Chief Accounting Officer to
become the Company's President, Division Head for Clinical Development & Supply.
The transition is not due to any disagreement with any of the Company, its
Board, or its management. Thomas Castellano, the Company's Senior Vice President
& Chief Financial Officer, will serve as the Company's principal accounting
officer effective as of the Effective Date. Mr. Castellano's age and
biographical information are set forth on page 25 of the Company's Definitive
Proxy Statement on Schedule 14A, filed with the Securities and Exchange
Commission on September 17, 2021, in the section entitled "Corporate
Governance-Executive Officers," and such biographical information is hereby
incorporated by reference into this Item 5.02.
Item 7.01 Regulation FD Disclosure
The Company issued a press release on July 5, 2022 announcing, among other
things, (1) Mr. Fasman's appointment to the position of Executive Vice President
and Chief Administrative Officer and the retirement of Ms. Flynn, in each case
as described in Item 5.02 above and (2) certain changes to the Company's
reporting segments effective as of the Effective Date, which is furnished as
Exhibit 99.1 to this Current Report on Form 8-K.
As provided in General Instruction B.2 of Form 8-K, Exhibit 99.1 and the
information contained in this Item 7.01 of this Current Report on Form 8-K shall
not be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), nor shall they be deemed
to be incorporated by reference in any filing under the Exchange Act or the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such a filing.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed (or, in the case of Exhibit 99.1,
furnished) as part of this Current Report on Form 8-K.
Exhibit No. Description
99.1 Press Release, dated July 5, 2022, issued by Catalent, Inc.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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