Document:

EX-10.33

 Exhibit 10.33 

EXECUTION VERSION 

SEPARATION AGREEMENT 

SEPARATION AGREEMENT, dated August 8, 2016 (the “Effective Date”), between Valeant Pharmaceuticals International,
Inc. (“Valeant”) and Robert R. Chai-Onn (“Employee” and together with Valeant, the “Parties”). 

WHEREAS, Employee serves as Valeant’s Executive Vice President, General Counsel and Chief Legal Officer, Head of Corporate and
Business Development pursuant to a letter agreement entered into on January 13, 2014 (the “Employment Agreement”); 

WHEREAS, Employee’s employment with Valeant will be terminated by Valeant without Cause (as defined in the Employment Agreement)
effective as of the Termination Date (as defined below); 
 WHEREAS, during the period commencing on the Effective Date and ending on
the Termination Date, Employee will serve as an officer of Valeant in the role of Vice President of Legal and cease serving as Executive Vice President, General Counsel and Chief Legal Officer, Head of Corporate and Business Development; and 

WHEREAS, Valeant and Employee desire to enter into this Separation Agreement (this “Agreement”) to set forth the
Parties’ agreement as to Employee’s entitlements and obligations in connection with his termination of employment with Valeant. 

NOW THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency whereof is hereby acknowledged, the Parties hereto agree as follows: 
  

	1.	Termination Date; Change in Title. The Parties agree that Employee’s employment with Valeant will terminate on October 8, 2016 or such later date that is mutually agreed upon by the Parties (the
“Termination Date”). Effective as of the Effective Date, Employee will cease serving as Valeant’s Executive Vice President, General Counsel and Chief Legal Officer, Head of Corporate and Business Development. During the period
commencing on the Effective Date and ending on the Termination Date (the “Interim Period”), Employee will serve as an officer of Valeant in the role of Vice President of Legal and will report to Valeant’s General Counsel.
During the Interim Period, Employee’s annual compensation and benefits (including travel pursuant to the existing executive-level travel policy) shall remain unchanged. Effective as of the Termination Date, Employee will automatically resign
from all positions he held in any capacity as an officer, director, benefit plan trustee or otherwise with respect to Valeant and its subsidiaries. 

  

	2.	 Remuneration Upon Termination. The Parties acknowledge that in connection with Employee’s termination
of employment with Valeant on the Termination Date, in addition to any Accrued Obligations (as defined in the Employment Agreement), and subject to Employee executing the general release of claims attached hereto as Annex A (the
“Release”) and the applicable seven (7) calendar day revocation period expiring (the date upon which such revocation expires being referred to hereinafter as the “Release Effective Date”) within sixty
(60) days following the Termination Date, Employee shall 

	 	
receive, in full satisfaction of all amounts payable by Valeant to Employee under any agreement, plan or policy to which Employee is a party or under which payment is due in respect of
Employee’s employment or termination of employment: 

  

	 	(a)	a lump sum cash payment equal to two (2) times the sum of Employee’s (A) annual base salary plus (B) target bonus, in each case as of the Effective Date (less applicable withholding amounts), payable
within ten (10) business days following the Release Effective Date; 

  

	 	(b)	a lump sum cash payment equal to the remaining balance of the “special retention award” granted to Employee pursuant to the terms of the retention letter agreement, dated May 4, 2016, between Employee and
Valeant (the “Retention Letter Agreement”), payable within ten (10) business days following the Release Effective Date; 

  

	 	(c)	an annual bonus in respect of the 2016 fiscal year in an amount equal to the product of (A) the lesser of (x) the bonus Employee would have been entitled to receive based on actual achievement against the
stated performance metrics for the 2016 fiscal year bonus plan or (y) Employee’s target bonus as of the Effective Date and (B) a fraction, the numerator of is the number of days in 2016 through the Termination Date and the denominator
of which is 365, payable (less applicable withholding amounts) on the date bonuses are normally paid to Valeant’s executives under the annual bonus plan, but in no event later than March 15, 2017; 

 

	 	(d)	for a period of two (2) years following the Termination Date, continued coverage for Employee and his dependents under any health, medical, dental or vision program or policy on the same basis as active executive
employees, at the rates applicable to active executive employees (it being understood that such programs or policies shall remain subject to change from time to time); provided, that such coverage may be reduced by Valeant to the extent that
Employee obtains replacement coverage following the Termination Date; 

  

	 	(e)	until the earlier of (A) twelve (12) months following the Termination Date and (B) the date Employee secures full-time employment, outplacement services through one or more firms of Employee’s
choosing up to an aggregate of $20,000; and 

  

	 	(f)	any outstanding equity compensation awards held by Employee as of the Termination Date shall be treated in accordance with the applicable terms of the Employment Agreement, Retention Letter Agreement and individual
award agreements. 

  

	3.	Confidentiality. Employee confirms that he will comply with any existing confidentiality agreement or arrangement between Employee and the Company or any of its affiliates, pursuant to the terms of any such
agreement or arrangement. 

  

	4.	 Defend Trade Secrets Act. Pursuant to Section 7 of the Defend Trade Secrets Act of 2016 (which added
18 U.S.C. § 1833(b)), Employee acknowledges that Employee shall 

  
 2 

	 	
not have criminal or civil liability under any federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such Section. 

 

	5.	Non-Disparagement. Employee agrees not to make written or oral statements about Valeant, its subsidiaries or affiliates, or its directors, executive officers or non-executive officer employees that are negative
or disparaging. Valeant, its subsidiaries and affiliates shall not, and Valeant shall cause its directors and executive officers to not, make written or oral statements about Employee that are negative or disparaging. Notwithstanding the foregoing,
nothing in this Agreement shall preclude Employee, Valeant, its subsidiaries and affiliates, and Valeant’s directors and executive officers from communicating or testifying truthfully to the extent required by law to any federal, state,
provincial or local governmental agency or in response to a subpoena to testify issued by a court of competent jurisdiction. 

  

	6.	Covenant Not to Solicit. Employee agrees to continue to be bound by Section 10 of the Employment Agreement, pursuant to the terms thereof. 

 

	7.	Other Valeant Policies. Employee agrees that he shall continue to be bound by and comply with the terms of the Standards of Business Conduct, the compensation recoupment policy and any other policies of Valeant
and its affiliates, in each case to the extent that any such policies survive termination of employment. 

  

	8.	Indemnification. To the extent legally permitted, Employee shall be entitled to indemnification and advancement of expenses to the same extent as provided in Valeant’s articles, and, if applicable, pursuant
to any indemnification agreement between Employee and Valeant, in each case, as in effect on the Effective Date. 

  

	9.	 Section 409A; Other Tax Matters. The Parties intend for the payments and benefits under this
Agreement to be exempt from Section 409A or, if not so exempt, to be paid or provided in a manner which complies with the requirements of such section, and intend that this Agreement shall be construed and administered in accordance with such
intention. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation
under Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A,
(i) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement during the six (6) month period immediately following Employee’s separation from service shall instead be paid on the
first business day after the date that is six (6) months following his termination of employment (or upon his death, if earlier) and (ii) in no event shall the timing of Employee’s execution of the Release, directly or indirectly,
result in Employee designating the calendar year of payment, and if a payment that is subject to execution of 

  
 3 

	 	
the Release could be made in more than one taxable year, based on timing of the execution of the Release, payment shall be made in the later taxable year. Notwithstanding any other provision of
this Agreement, Valeant may withhold from amounts payable under this Agreement all amounts that are required or authorized to be withheld, including, but not limited to, federal, state, local and foreign taxes required to be withheld by applicable
laws or regulations. 

  

	10.	Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without regard to the application of any choice-of-law rules that would result in the
application of another state’s laws. 

  

	11.	Entire Agreement. This Agreement sets forth the entire agreement between Employee and Valeant concerning the termination of Employee’s employment and supersedes any other written or oral promises concerning
the subject matter of this Agreement, including, without limitation, those set forth in the Employment Agreement and the Retention Letter Agreement. No waiver or amendment of this Agreement will be effective unless it is in writing, refers to this
Agreement, and is signed by Employee and Valeant’s Chief Executive Officer. 

 [Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first set forth
above. 
  

			
	VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
		
	By:	 	/s/ Joseph C. Papa
		 	Joseph C. Papa
		
		 	/s/ Robert R. Chai-Onn
		 	Robert R. Chai-Onn

 ANNEX A 

General Waiver & Release 

This Legal Release (“Release”) dated as of the last date executed below (the “Release Date”) is between
Valeant Pharmaceuticals International, Inc. (“Valeant”) and Robert R. Chai-Onn (“Employee”). 

Employee Release. Employee, on behalf of himself, and Employee’s heirs, executors, administrators, and/or assigns, does
hereby RELEASE AND FOREVER DISCHARGE Valeant, together with its parents, subsidiaries, affiliates, predecessors, and successor corporations and business entities, past, present and future, and its and their agents, directors, officers,
employees, shareholders, insurers and reinsurers, and employee benefit plans (and the trustees, administrators, fiduciaries, agents, insurers, and reinsurers of such plans) past, present and future, and their heirs, executors, administrators,
predecessors, successors, and assigns (collectively, the “RELEASEES”), of and from any and all legally waivable claims, causes of actions, suits, lawsuits, debts, promises, agreements and demands whatsoever in law or in
equity, known or unknown, suspected or unsuspected, which Employee or which Employee’s heirs, executors administrators, or assigns hereafter ever had, now have, or may have, from the beginning of time to the date Employee executes this Release
arising out of or attributable to Employee’s employment, consultancy, directorship or other service relationship with Valeant or any Releasees or the termination of such relationship or service. This general waiver and release does not include
any claims, causes of actions, suits, lawsuits, debts, and demands whatsoever in law or in equity, known or unknown, suspected or unsuspected which may come into existence post the date of this Release. 

The claims being waived and released include, without limitation: 
  

	 	(a)	any and all claims of violation of any foreign or United States federal, state, provincial and local law arising from or relating to Employee’s recruitment, hire, employment and termination of employment with
Valeant; 

  

	 	(b)	any and all claims of wrongful discharge, emotional distress, defamation, misrepresentation, fraud, detrimental reliance, breach of contractual obligations, promissory estoppel, negligence, assault and battery, and
violation of public policy; 

  

	 	(c)	all claims to disputed wages, compensation, and benefits, including any claims for violation of applicable state laws relating to wages and hours of work; 

 

	 	(d)	 any and all claims for violation of any state or federal statute or regulation relating to termination of
employment, unlawful discrimination, harassment or retaliation under applicable federal, state and local constitutions, statutes, laws, and regulations (which includes, but is not limited to, the Age Discrimination in Employment Act, as amended
(“ADEA”), Title VII of the Civil Rights Act of 1964, 42 U.S.C. 1981, the Employee Retirement Income Security Act (“ERISA”), the Family and Medical Leave Act of 1993, the Americans with Disabilities Act, the
Rehabilitation Act, the Equal Pay Act, the Worker Adjustment and Retraining 

  
 A-1 

	 	
Notification Act, the New Jersey Law Against Discrimination and Conscientious Employee Protection Act, the California Fair Employment and Housing Act and the California Family Rights Act), the
Ontario Employment Standards Act, 2000, Human Rights Code, and Workplace Safety and Insurance Act; and 

  

	 	(e)	any and all claims for monetary damages and any other form of personal relief. 

 In waiving and
releasing any and all claims against the Releasees, whether or not now known to Employee, Employee understands that this means that, if Employee later discovers facts different from or in addition to those facts currently known by Employee,
or believed by Employee to be true, the waivers and releases of this Release will remain effective in all respects — despite such different or additional facts and Employee’s later discovery of such facts, even if Employee would not have
agreed to this Release if Employee had prior knowledge of such facts. 
 Notwithstanding any provision of this Release to the contrary, by
executing this Release, Employee is not waiving and releasing any and all claims Employee may have for: 
  

	 	(a)	unemployment, state disability and/or paid family leave insurance benefits pursuant to the terms of applicable state law; 

  

	 	(b)	continuation of existing participation in Valeant-sponsored group health benefit plans under the United States federal law known as “COBRA” and/or under any applicable state counterpart law;

  

	 	(c)	any benefit entitlements that are vested as of the date of termination pursuant to the terms of a Valeant-sponsored benefit plan, policy or other arrangement, whether or not governed by the United States federal law
known as “ERISA”; 

  

	 	(d)	violation of any foreign or United States federal, state or local statutory and/or public policy right or entitlement that, by applicable law, is not waivable; 

 

	 	(e)	any claims, causes of actions, suits, lawsuits, debts, or demands whatsoever arising out of or relating to Employee’s right to enforce the terms of this Release or the Separation Agreement between Employee and
Valeant dated as of August 8, 2016 (the “Separation Agreement”); 

  

	 	(f)	any rights or claims for indemnification under any written agreements with any of the Releasees, the charter, articles, by-laws or operating agreements of Valeant or any of its subsidiaries, or under applicable law or
any rights as an insured, or to coverage, under any director’s and officer’s liability insurance policy; 

  

	 	(h)	any wrongful act or omission occurring after the date Employee signs this Release. 

 Nothing in
this Release shall prevent Employee from filing a charge with the Equal Employment Opportunity Commission (or similar state or local agency) or participating in any investigation conducted by the Equal Employment Opportunity Commission (or similar
state or local agency); provided, however, that Employee acknowledges and agrees that Employee shall 

  
 A-2 

 
not be entitled to any personal monetary recovery in connection with such a charge or investigation. 

No Admission. Nothing about the fact or content of this Release shall considered to be or treated by Employee or Valeant as an
admission of any wrongdoing, liability or violation of law by Employee or by any Releasee. 
 Consideration & Revocation
Periods; Effective Date. Employee acknowledges that (a) Valeant has advised him in this writing of his right to consult with an attorney prior to signing this Release; (b) he has carefully read and fully understands all of the
provisions of this Release, and (c) he is entering into this Release, including the releases set forth herein, knowingly, freely and voluntarily in exchange for good and valuable consideration to which he would not be entitled in the absence of
signing this Release. Employee has twenty-one (21) calendar days to consider this Release, although Employee may sign it sooner, but not before the Termination Date (as defined in the Separation Agreement). 

In addition, for the period of seven (7) calendar days after the date Employee signs this Release (“7-day Revocation
Period”), Employee may revoke it by delivering written notice of revocation to Valeant by hand-delivery or by facsimile or e-mail transmission using the street, facsimile or e-mail address for Valeant stated below. 

Because of this 7-day Revocation Period, this Release will not become effective and enforceable until the eighth calendar day after the date
Employee signed it, provided that Employee has delivered Employee’s signed Release to Valeant, and Employee did not revoke the Release. 

Delivery to Valeant. Employee should return this Release, signed by Employee (and any notice of revocation, if applicable) to:

 Valeant Pharmaceuticals International, Inc. 

400 Somerset Corporate Boulevard 

Bridgewater, NJ 08807  

Attn: General Counsel 

Judicial Interpretation/Modification; Severability. In the event that this Release shall be held to be void, voidable, unlawful
or, for any reason, unenforceable, the Release shall be voidable at the sole discretion of Valeant. 
 Changes to Release. No
changes to this Release can be effective except by another written agreement signed by Employee and by Valeant’s Chief Executive Officer. 

Complete Agreement. Except for the Separation Agreement and any equity or other employee benefit plans, programs or policies
referenced herein or therein as surviving this Release, this Release, assuming it is executed and not revoked during the 7-day Revocation Period, cancels, supersedes and replaces any and all prior agreements (written, oral or implied-in-fact or
in-law) between Employee and Valeant regarding all of the subjects covered by this Release. This Release together with the Separation Agreement and any equity or other employee benefit plans, programs or policies referenced herein or therein as
surviving this Release, is the 

  
 A-3 

 
full, complete and exclusive agreement between Employee and Valeant regarding all of the subjects covered by this Release, and neither Employee nor Valeant is relying on any representation or
promise that is not expressly stated in this Release. 
 I HAVE READ THIS RELEASE. I UNDERSTAND THAT I AM GIVING UP IMPORTANT RIGHTS. I AM AWARE OF MY
RIGHT TO CONSULT WITH AN ATTORNEY OF MY OWN CHOOSING DURING THE CONSIDERATION PERIOD, AND THAT VALEANT HAS ADVISED ME TO UNDERTAKE SUCH CONSULTATION BEFORE SIGNING THIS RELEASE. I SIGN THIS RELEASE FREELY AND VOLUNTARILY, WITHOUT DURESS OR COERCION.

  

									
	Date:	 	 	 		 		 	 
		 		 		 		 	Robert R. Chai-Onn
		 		 		 		 	

  
 A-4EX-10.35

 Exhibit 10.35 
  

 
  

Valeant Pharmaceuticals International, Inc. 

400 Somerset Corporate Blvd., Bridgewater, NJ 08807 

October 13, 2016 
 Joseph C. Papa 

Chairman and Chief Executive Officer 
 Valeant Pharmaceuticals
International, Inc. 
 Dear Joe: 
 This letter
confirms the terms of the transition of my employment with Valeant Pharmaceuticals International, Inc., or its applicable subsidiary (the “Company”). For the avoidance of doubt, I hereby affirm that the terms of my employment agreement
with the Company dated December 30, 2014 (my “Employment Agreement”), as amended by my retention agreement with the Company dated May 6, 2016 (my “Retention Agreement”), shall remain in full force and effect in
accordance with its terms. 
 By this letter, I hereby affirm, and by signing below, the Company hereby acknowledges and agrees, that: 

1. The organizational changes that were announced at the Company on or about August 8, 2016 trigger the “Good Reason” provision
of my Employment Agreement (specifically section (i) of the Good Reason provision entitled “Diminution of Responsibility”) and the Good Reason provision set forth in my Retention Agreement (specifically section (1) of the Good
Reason provision), that I have fulfilled my obligation to provide the Company with a written notice of Good Reason under both my Employment Agreement and my Retention Agreement by virtue of sending this letter, and that the conditions triggering the
Good Reason provisions in my Employment Agreement and my Retention Agreement are not susceptible to cure by the Company. 
 2. In order to
receive the compensation and benefits provided under my Employment Agreement and my Retention Agreement in the event of my termination for Good Reason as a result of such organizational changes, I will be required to comply with all of the terms of
such agreements, including, without limitation, my obligation, as requested by the Company, to continue to perform my job duties (as modified by the organizational changes previously announced by the Company) plus any duties related to the
transition of my role to another individual and remain employed by the Company through December 31, 2016 (or such earlier date as agreed to by the Company in its sole discretion). In the event that the Company and I agree that my employment
with the Company shall continue beyond December 31, 2016, the terms of my continued employment will be negotiated and memorialized in writing at that time. 

3. Upon the termination of my employment on December 31, 2016 (or such earlier date as agreed to by the Company in its sole discretion),
I shall be entitled to receive, at the times specified in the applicable agreements, the Severance Benefits provided under the terms of my Employment Agreement in the event of my termination for Good Reason, as modified and enhanced by my Retention
Agreement and as provided in the event of my termination for Good Reason pursuant thereto, including the Special Retention Award (to the extent then unpaid), the Special Equity Award, the Enhanced Severance Benefits, and a pro-rated bonus for fiscal
year 2016 based on the lesser of target or actual performance, if I would otherwise be entitled to receive a bonus for 2016. These benefits shall be provided in exchange for my execution and non-revocation of a general release as provided in, and in
accordance with the terms of, my Employment Agreement and my Retention Agreement. 

  
 [Signature Page
Follows] 

					
	Agreed and Accepted:	 		 	
			
	/s/ Dr. Ari S. Kellen	 		 	/s/ Joseph C. Papa
	Dr. Ari S. Kellen	 		 	Joseph C. Papa
		 		 	Chairman and Chief Executive Officer

  
 [Signature Page to Kellen
Transition Letter]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00267-of-00352.parquet"}]]