Document:

EX-10.32

 Exhibit 10.32 

SEPARATION AND CONSULTING SERVICES AGREEMENT 

This SEPARATION AND CONSULTING SERVICES AGREEMENT (this “Agreement”) is entered into as of February 21, 2016 to be effective
on the Effective Date (as defined in Section 1(a) below), by and between Valeritas, Inc. (the “Company”) and Kristine Peterson (“Executive”). 

 
 RECITALS 

WHEREAS, pursuant to the terms of an Employment Agreement, effective as of March 4, 2015, entered into by and between the Company and
Executive (the “Employment Agreement”), Executive has been employed as the Company’s Chief Executive Officer; 

WHEREAS, the Company and Executive have come to a mutual agreement with respect to Executive’s termination from employment with
the Company to be effective February 22, 2016 (the “Termination Date”); 
 WHEREAS, in connection with
Executive’s termination from employment with the Company, at the request of the Board of Directors of the Company (the “Board”), Executive resigns as an officer of the Company and as a member of the Board and any and all
committees or subcommittees thereof, as applicable, effective as of the Termination Date; 
 WHEREAS, as consideration for
Executive’s execution and non-revocation of a release of all claims against the Company and its affiliates contemporaneous with this Agreement, the Company is willing to enter into this Agreement pursuant to which Executive will provide certain
services to the Company as a consultant following the Termination Date for the payments set forth herein; and 
 WHEREAS, as
consideration for Executive’s execution and non-revocation of a release of all claims against the Company and its affiliates upon the Termination Date, the Company desires to provide Executive with the severance payments and benefits set forth
in Section 1(a) below following the Termination Date. 
 NOW, THEREFORE, in consideration of the mutual promises hereinafter set
forth and intending to be legally bound hereby, the parties hereby agree as follows: 
 1. Resignation from Board; Termination from
Employment. Executive resigns as an officer of the Company and as a member of the Board and any and all committee and/or subcommittees thereof, as applicable, as of the Termination Date. Executive’s termination from employment
with the Company shall be effective on the Termination Date. Consistent with Section 5(b) of the Employment Agreement and provided that the terms and conditions set forth herein are satisfied, Executive shall be entitled to the following: 

(a) Severance Payments and Benefits. In consideration of the payments in this Section 1(a), Executive hereby agrees to execute and not
revoke the Release and Waiver of Claims attached hereto as Exhibit A (the “Release”). Provided that the Release becomes effective in accordance with the terms set forth therein (such date the Release becomes effective,

 
the “Effective Date”), and so long as Executive continues to comply with the restrictive covenants and representations in Section 6 of the Employment Agreement, Executive will receive
the following severance payments: 
 (i) Continued Base Salary. The Company will pay Executive a severance payment equal to eighteen
(18) months of base salary at the rate in effect immediately prior to the Termination Date, less applicable tax withholding, which will be paid in equal bi-weekly installments beginning on the sixtieth (60th) day following the Termination Date and
each payroll date thereafter until fully paid, in accordance with the Company’s regular payroll practices, provided that the first such installment payment will include any unpaid severance payments that would have been made on the normal
payroll dates occurring during the first sixty (60) days following the Termination Date. 
 (ii) Health Benefits. For the eighteen
(18) month period following the Termination Date, provided that Executive is eligible for, and timely elects COBRA continuation coverage, the Company will pay on Executive’s behalf, the monthly cost of COBRA continuation coverage under the
Company’s group health plan for Executive and, where applicable, her spouse and dependents, at the level in effect as of the Termination Date, adjusted for any increase in such level paid by the Company for active employees, less the employee
portion of the applicable premiums that Executive would have paid had she remained employed during the such eighteen (18) month period (the COBRA continuation coverage period shall run concurrently with the eighteen (18) month period that COBRA
premium payments are made on Executive’s behalf under this subsection 1(a)(ii)). The reimbursements described herein shall be paid in monthly installments, commencing on the sixtieth (60th) day following the Termination Date, provided that the
first such installment payment shall include any unpaid reimbursements that would have been made during the first sixty (60) days following the Termination Date. Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premiums
in accordance with this subsection 1(a)(ii) shall cease immediately upon the earlier of: (A) the end of the eighteen (18) month period following the Termination Date, or (B) the date that Executive is eligible for comparable coverage with a
subsequent employer. Executive agrees to notify the Company in writing immediately if subsequent employment is accepted prior to the end of the eighteen (18) month period following the Termination Date and Executive agrees to repay to the Company
any COBRA premium amount paid on Executive’s behalf during such period for any period of employment during which group health coverage is available through a subsequent employer. Notwithstanding the foregoing, the Company reserves the right to
restructure the foregoing COBRA premium payment arrangement in any manner necessary or appropriate to avoid fines, penalties or negative tax consequences to the Company or Executive (including, without limitation, to avoid any penalty imposed for
violation of the nondiscrimination requirements under the Patient Protection and Affordable Care Act or the guidance issued thereunder), as determined by the Company in its sole and absolute discretion. 

(iii) 2016 Annual Bonus. The Company will pay to Executive a pro rata annual bonus for fiscal year 2016, which shall be determined
based on Executive’s target bonus for fiscal year 2016 (which target bonus equals 50% of Executive’s base salary), multiplied by a fraction, the numerator of which is fifty-two (52) (representing the number of days in which Executive was
employed by Company during fiscal year 2016), and the denominator of which is three hundred sixty-five (365). The pro rata annual bonus for fiscal year 2016 will be paid on the sixtieth (60th) day following the Termination Date. 

  
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 (b) Accrued Wages and Benefits. Without regard to whether Executive executes or revokes
the Release, the Company will pay or provide Executive with any amounts earned, accrued and owing but not yet paid under Section 3 of the Employment Agreement, including but not limited to base salary for services rendered through the Termination
Date and any benefits accrued and due under any applicable benefit plans and programs of the Company. The Company will pay Executive her accrued but unused vacation. The Company will also pay Executive $112,659, which is the amount of
Executive’s bonus earned for fiscal year 2015 (the “2015 Bonus”), less applicable taxes, which will paid to Executive at the same time and under the same terms and conditions as such bonuses are paid to other executives of the
Company who participate in the 2015 bonus plan. Upon Executive’s receipt of her final paycheck, which includes payment for services through the Termination Date and the amount for accrued but unused vacation, and Executive’s receipt of the
2015 Bonus, Executive will have received all wages and benefits owed to her by virtue of her employment with the Company or termination thereof. Executive is not eligible for any other payments or benefits by virtue of her employment with the
Company or termination thereof except for those expressly described in this Agreement. Executive will receive the payments described in this Section 1(b) whether or not she signs this Agreement. Executive will not receive the separation pay or
benefits described in Section 1(a) of this Agreement if she (i) does not sign this Agreement, (ii) rescinds the release of claims in accordance with the Release, or (iii) violates any of the terms and conditions set forth in this Agreement. The
Company agrees that Executive is not obligated to seek other employment or take any other action by way of mitigation of any of the amounts and benefits payable to her under any of the provisions of this Agreement. 

2. Consulting Services. For twenty-four (24) months following the Termination Date, Executive agrees to provide consulting
services to the Company in accordance with this Section 2. The period commencing on the Termination Date and ending on the earlier of (i) the date on which Executive ceases to provide services in accordance with this Section 2 and (ii) February 18,
2018 is referred to herein as the “Consulting Period,” or the “Term”). 
 (a) Consulting Services to be
Provided. During the Consulting Period, Executive shall perform consulting services for the Company as and when reasonably requested by the Company. In connection therewith, Executive shall provide analyses, participate in meetings and provide
other reasonable consulting services as reasonably assigned to Executive by the Chief Executive Officer of the Company or his designee. The foregoing activities of Executive shall be referred to for purposes of this Agreement as the
“Consulting Services.” 
 (b) Compensation; No Benefits. 

(i) Compensation. During the Consulting Period, the Company shall pay Executive compensation for the Consulting Services equal to $275
per hour (“Consulting Fees”). Executive shall make herself available to perform the Consulting Services, provided however, that the Company is under no obligation to request any Consulting Services during the Consulting Period and
Executive will only be paid the Consulting Fees for Consulting Services actually performed for the Company at the Company’s request. The Company will pay 

  
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Executive for the Consulting Services rendered during the Term upon receipt of a bi-weekly invoice from Executive. The Company will pay the invoice within thirty (30) days of receipt of the
invoice(s). The Company and Executive agree that it is reasonably anticipated that the Consulting Services hereunder will require Executive to render Consulting Services at a level that will not exceed 20% of the average level of services that
Executive rendered to the Company as an employee of the Company. The Company shall reimburse Executive for all reasonable expenses incurred by Executive in connection with the performance of the Consulting Services during the Consulting Period, in
accordance with the Company’s expense reimbursement policies. 
 (ii) No Benefits. As of the Termination Date, Executive shall
not be an employee of the Company and under no circumstances shall she be entitled to participate in or receive any benefit or right as an employee under any Company employee benefit or executive compensation plan, including, without limitation,
employee insurance, pension, savings, medical, health care, fringe benefit, stock option, equity compensation, deferred compensation or bonus plans, regardless of whether Executive’s status is re-characterized by a third party to constitute
employee status during the Consulting Period. 
 (c) Independent Contractor; Performance. Executive’s employment with the
Company shall cease as of the Termination Date. For purposes of this Agreement and all Consulting Services to be provided hereunder, during the Consulting Period, Executive shall not be considered an employee of the Company, but shall remain in all
respects an independent contractor of the Company, and neither party to this Agreement shall have any right or authority to make or undertake any promise, warranty or representation, to execute any contract, or otherwise to assume any obligation or
responsibility in the name of or on behalf of the other party. Executive shall direct the means, manner and method by which she performs the Consulting Services during the Consulting Period. Executive shall perform all Consulting Services in a
professional manner, consistent with industry standards and the Company’s goals and ethical standards as communicated to Executive by the Company. 

(d) Termination of Consulting Services. Although it is the intention of the Company and Executive that the Consulting Services continue
until the twenty-four (24) month anniversary of the Termination Date, either the Company or Executive may terminate the Consulting Services and the provisions of this Agreement relating to the Consulting Services for any reason or no reason,
provided that the terminating party gives the other party thirty (30) days’ notice of termination in accordance with the requirements of Section 12 below. If Executive terminates the Consulting Services, Executive agrees, at the Company’s
reasonable request, to make herself available to assist in the completion of any projects with which Executive was assisting during the Term. Notwithstanding anything in this Agreement to the contrary, if the Company terminates the Consulting
Services for Cause (as defined below), the Consulting Services hereunder shall terminate immediately upon notice of termination to Executive. Following the termination of the Consulting Services for any reason or no reason, Executive will receive
any consulting fees for consulting services rendered but not paid and/or invoiced and unreimbursed expenses through such date of termination not theretofore paid, and the Consulting Services to the Company shall be terminated. Within five (5) days
after Executive ceases to provide any Consulting Services hereunder, Executive shall deliver to the Company all work product resulting from the performance of the Consulting Services. For 

  
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purposes of this Section 2(d), “Cause” shall include the following: (i) Executive’s dishonesty, fraud or misrepresentation in connection with the performance of the
Consulting Services pursuant to the terms hereof, (ii) theft, misappropriation or embezzlement by Executive of the Company’s funds or resources, (iii) Executive’s conviction of, or a plea of guilty or nolo contendere (or a similar
plea) in connection with, any felony, crime involving fraud or misrepresentation, or any other crime, and (iv) a breach by Executive of any material term hereof. 

3. Indemnification. 

(a) Indemnification of Executive. Except as set forth in Section 10 below, the Company shall indemnify, defend and hold harmless
Executive and her heirs, successors and permitted assigns from and against any and all losses, claims, demands, damages, liabilities, expenses (including reasonable legal fees and costs), judgments, fines, penalties, interests, settlements, or other
amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative, or investigative, and whether formal or informal and including appeals to which Executive may
become subject to, or involved, or is threatened to be involved as a party or otherwise, arising out of, relating to or in connection with Executive’s performance of the Consulting Services hereunder during the Term, and the performance of her
duties as the Chief Executive Officer and Director of the Company, except in the case of Executive’s bad faith, willful misconduct or gross negligence, in accordance with applicable law, the Company’s corporate governance documents and
pursuant to any applicable insurance policy maintained by the Company from time to time for its directors, officers, senior executives and employees, in each case to the same extent as is accorded to any of such directors, officers, senior
executives and employees of the Company from time to time and to the fullest extent provided under the By-laws of the Company or otherwise. 

(b) Indemnification of the Company. Executive shall indemnify, defend and hold harmless the Company and its affiliates from and against
any losses, claims, demands, damages, liabilities, expenses (including reasonable legal fees and costs), judgments, fines, penalties, interests, settlements, or other amounts arising from any and all threatened, pending or completed claims, demands,
actions, suits or proceedings, whether civil, criminal, administrative, or investigative, and whether formal or informal and including appeals to which the Company or its affiliates may become subject to, or involved, or is threatened to be involved
as a party or otherwise, arising out of, relating to or in connection with, the Consulting Services hereunder during the Term, except in the case of bad faith, willful misconduct or gross negligence of the Company or its affiliates. 

4. Restrictive Covenants. 

(a) Executive and Company agree that Section 6 of the Employment Agreement continues to remain in full force and effect in accordance with the
terms therein and are hereby incorporated by reference. If the Board determines in good faith that Executive has breached the provisions of Section 6 of the Employment Agreement, the Company may cease payment of the severance benefits set forth in
Section 1(a) of this Agreement. 
 (b) Executive and the Company agree that (i) Executive shall not publicly disparage the Company or any of
its respective affiliates, shareholders, partners, directors, officers, employees or agents, and (ii) the Company shall direct its respective directors and officers not to publicly disparage Executive; provided, however, that the foregoing
provisions of this Section 4(b) shall not apply to, and shall not restrict, any statements made by any person or entity in the course of or in connection with litigation or any other adversarial proceeding arising between the parties under this
Agreement. The provisions of this Section 4(b) shall survive any termination of this Agreement and any termination of the Term. 

  
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 5. Non-Admission. It is expressly understood that this Agreement does not
constitute, nor will it be construed as an admission by the Company of any liability or unlawful conduct whatsoever. The Company specifically denies any liability or unlawful conduct. 

6. Section 409A. This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and its corresponding regulations, or an exemption, and payments may only be made under this Agreement upon an event and in a manner permitted by section 409A of the Code, to the extent applicable. For purposes of section
409A of the Code, all payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” within the meaning of such term under section 409A of the Code, each payment made under this
Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. In no event shall Executive, directly or indirectly, designate the
calendar year of payment of any severance benefits. All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code. 

7. No Conflicting Agreements; Non-Exclusive Engagement during the Consulting Period. Other than the Employment Agreement, which
is replaced and superseded by this Agreement, Executive represents that she is not a party to any existing agreement which would prevent her from entering into and performing this Agreement. Executive shall not enter into any other agreement that is
in conflict with her obligations under this Agreement. The Company acknowledges that Executive may enter into an employment agreement with or providing consulting services to a third party during the Consulting Period, subject to Section 4 hereof.
With respect to the Consulting Services to be performed during the Consulting Period, the Company may from time to time engage other persons and entities to act as consultants to the Company and perform similar services for the Company, and enter
into agreements similar to this Agreement with other persons or entities, in all cases without the necessity of obtaining approval from Executive. 

8. Entire Agreement, Amendment and Assignment. Except as otherwise provided in a separate writing between the Company and
Executive, this Agreement, including the attachments hereto, is the sole agreement between the Company and Executive with respect to the subject matter hereof and it supersedes all prior agreements and understandings with respect thereto, and all
prior agreements and understandings with respect to her employment with the Company prior to the Termination Date, whether oral or written, including, but not limited to, the Employment Agreement (except for Sections 6-8 therein). No modification to
any provision of this Agreement shall be binding unless in writing and signed by the Company and 

  
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Executive. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal
representatives, successors and permitted assigns of the parties hereto, except that the duties and responsibilities of Executive hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Executive. 

9. Waiver. No waiver of any rights under this Agreement shall be effective unless in writing signed by the party to be charged.
A waiver by any of the parties hereto of a breach of any provision of this Agreement by another party shall not operate or be construed as a waiver of any subsequent breach. 

10. Taxes. All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold
from any payments under this Agreement, all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation. Executive shall bear all expense of, and be solely responsible for, all
federal, state and local taxes due with respect to any payment received under this Agreement. 
 11. Governing Law; Venue.
This Agreement shall be governed in accordance with the laws of the State of New Jersey, without regard to the conflicts of law or choice of law principles thereof. If any dispute between the parties leads to litigation, the parties agree that the
courts of the State of New Jersey or the federal courts in New Jersey shall have the exclusive jurisdiction and venue over such litigation. All parties consent to personal jurisdiction in the State of New Jersey, and agree to accept service of
process outside of the State of New Jersey as if service had been made in that state. 
 12. Notices. All notices, demands or
other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when delivered personally to the recipient, two (2) business days after the date when
sent to the recipient by reputable express courier service (charges prepaid) or four (4) business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands
and other communications shall be sent to Executive and to the Company at the addresses set forth below, 
  

			
	If to Executive:	  	The most recent address in the Company’s files.
		
		  	With a copy to:
		  	Rick Steiner Fell & Benowitz LLP
		  	90 Broad Street, 25th Floor
		  	New York, New York 10004
		  	Attn: Robert J. Benowitz, Esq.
		  	(212) 422-0158 (facsimile)
		
	If to the Company:	  	Valeritas, Inc.
		  	750 Route 202 South, Suite 600
		  	Bridgewater, NJ 08807
		  	Attention: Human Resources

  
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		  	With a copy to:
		  	Morgan, Lewis and Bockius LLP
		  	502 Carnegie Center
		  	Princeton, NJ 08540
		  	Attn: Steven M. Cohen, Esq.
		  	 (877) 432-9652 (facsimile)

 or to such other address or to the attention of such other person as the recipient party has specified by prior written notice
to the sending party. 
 13. Confidentiality of this Agreement. Executive agrees not disclose to others the fact or terms of
this Agreement, except Executive may disclose such information to her spouse or domestic/civil union partner and to her attorney or accountant (in order for such individuals to render professional services to Executive), so long as such
individuals agree to keep such information confidential. Nothing in this Section 13, or elsewhere in this Agreement, is intended to prevent or prohibit Executive from (a) providing information regarding Executive’s former employment
relationship with the Company, as may be required by law or legal process, (b) cooperating, participating or assisting in any government entity investigation or proceeding, or (c) disclosing to others the fact that she is providing Consulting
Services to the Company. 
 14. Survivability. The respective rights and obligations of the parties under this Agreement shall
survive termination of Executive’s services hereunder to the extent necessary to the intended preservation of such rights and obligations. 

15. Counterparts and Electronic Signatures. This Agreement shall become binding when any one or more counterparts hereof,
individually or taken together, shall bear the signatures of Executive and the Company. This Agreement may be executed in two or more counterparts (including facsimile counterparts or as a “pdf” or similar attachment to an email), each of
which shall be deemed to be an original as against any party whose signature appears thereon, but all of which together shall constitute but one and the same instrument. 

16. Severability. If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated
to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement which can be given effect without the invalid or unenforceable provision or application and
shall not invalidate or render unenforceable such provision or application in any other jurisdiction. 
 17. Headings. The
headings of sections and subsections appearing in this Agreement are inserted for convenience only and shall not control the meaning or interpretation of any provisions of this Agreement. 

[Signature Page Follows] 

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

			
	Valeritas, Inc.
		
	By:	 	

		 	  

	Name:	 	John Timberlake
	Title: 	 	CEO
	
	Kristine Peterson
	
	

	  

  
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 Exhibit A 

RELEASE AND WAIVER OF CLAIMS 

In consideration of the severance benefits payable to Kristine Peterson (“Executive”) under Section 1(a) of the attached
Separation and Consulting Services Agreement dated as of February 21, 2016, by and between Valeritas, Inc. (the “Company”) and Executive (the “Agreement”), the terms of which are incorporated by reference to this
Release and Waiver of Claims (the “Release and Waiver”), the consulting services provided thereafter, and the potential Consulting Fees (as defined in the Agreement) provided to Executive in accordance with Section 2(b) of the
Agreement, Executive hereby executes this Release and Waiver on her own behalf and also on behalf of any heirs, agents, representatives, successors and assigns that she has now or may have in the future. 

1.    In exchange for the consideration provided to Executive by the Agreement that Executive is not entitled to receive
absent the Agreement, including but not limited to the applicable severance consideration set forth in Section 1(a) of the Agreement, and the other commitments of the Company in the Agreement, Executive and her heirs, representatives, agents and
attorneys hereby generally and completely, subject to the provisions set forth below in Paragraph 2, releases the Company and any of its predecessors, successors, parents, affiliated or subsidiary companies, and its or their present or former
officers, directors, agents, members of the Board of Directors, representatives or employees, and the various Company benefit plans, committees, trustees, fiduciaries, trusts and their respective successors and assigns, heirs, executors and personal
or legal representatives (collectively referred to as the “Releasees”) from any and all claims or causes of action Executive may have or claim to have against the Releasees including any claims arising out of or relating in any way
to Executive’s employment with the Company and/or the termination of such employment. In waiving and releasing any and all claims against the Releasees, whether or not now known to Executive, Executive understands that this means that if
Executive later discovers facts different from or in addition to those facts currently known by Executive, or believed by Executive to be true, the waivers and releases of this Release and Waiver will remain effective in all respects – despite
such different or additional facts and Executive’s later discovery of such facts, even if Executive would not have signed this Release and Waiver if Executive had prior knowledge of such facts. The claims released include, but are not
limited to: 
 (a)    all claims for monetary damages arising under Title VII of the Civil Rights Act of 1964 (as
amended), Sections 1981 through 1988 of Title 42 of the United States Code (as amended), the Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), the Older Workers Benefit Protection Act of 1990 (“OWBPA”), and the
Americans with Disabilities Act of 1990 (as amended); 
 (b)    any and all other claims, including but not limited to
claims brought under the Rehabilitation Act, Executive Retirement Income Security Act of 1974 (as amended), the Uniformed Services Employment and Reemployment Rights Act of 1994, the National Labor Relations Act (as amended), the Federal Worker
Adjustment and Retraining Notification Act (as amended), the Family and Medical Leave Act of 1993, the Occupational Safety and Health Act’ (as amended), the Equal Pay Act (as amended), the Labor Management Relations Act, New

  
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Jersey Law Against Discrimination, New Jersey Equal Pay Act, New Jersey Civil Rights Law, New Jersey Conscientious Employee Protection Act, New Jersey Family Leave Act, New Jersey Wage and Hour
Law, New Jersey WARN Laws, and the New Jersey Constitution; 
 (c)    all claims arising under any Executive Order or
derived from or based upon any state or federal regulations; 
 (d)    all common law claims, including but not limited
to any and all rights to discovery, claims for wrongful discharge, constructive discharge, violation of public policy, breach of an express or implied contract, breach of an implied covenant of good faith and fair dealing, negligent or intentional
infliction of emotional distress, defamation, conspiracy, tortious interference with contract or prospective economic advantage, promissory estoppel, equitable estoppel, fraud, misrepresentation, detrimental reliance, retaliation, and negligence;

 (e)    all claims for personal injury, including physical injury, mental anguish, emotional distress, pain and
suffering, embarrassment, humiliation, damage to name or reputation, interest, liquidated damages, and punitive damages; and 

(f)    all claims for costs, interest, and attorneys’ fees. 

2.    Notwithstanding the foregoing, the release set forth in Paragraph 1 shall not apply to any claims Executive may have
with respect to the Company’s severance obligations under Section 1 of the Agreement, any rights Executive may have with respect to outstanding equity interests in the Company, rights to indemnification under the Company’s by-laws or
otherwise, or any rights to recover under any director and officer liability insurance policy maintained by the Company for the benefit of its directors, officers, senior executives and employees in accordance with the terms of such director and
officer liability insurance policy. In addition, Paragraph 1 shall in no event apply to any claims that, as a matter of applicable law, are not waivable, Executive’s right to vested benefits under the written terms of the Company’s 401(k)
Plan, claims for unemployment or workers’ compensation benefits, any medical claim incurred during Executive’s employment that is payable under applicable medical plans or an employer-insured liability plan, or claims arising after the
date on which Executive signs the Release and Waiver. Executive and the Company agree that nothing in this Release and Waiver restricts or prohibits Executive from initiating communications directly with, responding to any inquiries from,
providing testimony before, providing confidential information to, reporting possible violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or
entity, including the U.S. Equal Employment Opportunity Commission (“EEOC”), the Department of Labor (“DOL”), the National Labor Relations Board (“NLRB”), the Department of Justice (“DOJ”), the Securities and
Exchange Commission (“SEC”), the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are protected under the whistleblower provisions of state or federal law
or regulation. However, Executive is waiving Executive’s right to receive any individual monetary relief resulting from such claims, regardless of whether Executive or another party has filed them, and in the event Executive obtains such
monetary relief the Company will be entitled to an offset for the payments made pursuant to Section 1(a) of the Agreement, except where such limitations are prohibited as a matter of law (e.g., under the

  
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Sarbanes-Oxley Act of 2002, 18 U.S.C.A. §§ 1514A). Executive does not need the prior authorization of the Company to engage in such communications with the Regulators, respond to
such inquiries from the Regulators, provide confidential information or documents to the Regulators, or make any such reports or disclosures to the Regulators. Executive is not required to notify the Company that Executive has engaged in such
communications with the Regulators. 
 3.    Executive agrees that Executive will not apply for, nor otherwise seek
or accept, employment or re-employment with the Company or any of its related or successor companies, and Executive forever releases and discharges the Company and its related or successor companies from any obligation to consider Executive for
employment or re-employment in any capacity. 
 4.    Executive acknowledges that, subject to the provisions set forth
in Paragraph 2, any prior agreements between Executive and the Company that impose non-competition, non-solicitation, confidentiality and/or nondisclosure obligations upon Executive shall remain in force and effect. 

5.    Executive acknowledges that Executive has received all amounts due from the Company through Executive’s
termination of employment, including but not limited to all wages earned and payment for all accrued but unused paid vacation time. No other amounts are due to Executive from the Company except pursuant to Section 1(a) of the Agreement. Executive
also represents that there are no existing claims, charges, or complaints filed by Executive against the Releasees in any federal, state or local court or administrative agency. 

6.    Executive acknowledges that the only consideration Executive has received for signing this Release and Waiver is
that set forth herein and in the Agreement. No other promise, inducement, threat, agreement or understanding of any kind or description has been made with or to Executive to cause Executive to enter into this Release and Waiver. Executive further
acknowledges that the consideration Executive is receiving from the Company through this Release and Waiver and the Agreement is greater than any amount Executive would otherwise be entitled to from the Company. 

7.    Executive understands that Executive has been given a period of twenty-one (21) calendar days to review and consider
this Release and Waiver before signing it. Executive also understands that Executive is free to use as much of the twenty-one (21) day period as Executive wishes or considers necessary before deciding to sign this Release and Waiver, provided,
however, that Executive may not sign this Release and Waiver before Executive’s termination of employment. Changes to the Company’s offer contained in this Release and Waiver that are immaterial will not restart the twenty-one (21) day
consideration period. 
 8.    Executive may revoke this Release and Waiver within seven (7) calendar days of signing it
by delivering written notice of revocation to                      at
                     . If Executive has not revoked this Release and Waiver within that seven (7) day period, it becomes effective immediately on the
eighth (8th) day after Executive signs the Release and Waiver. 

  
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 9.    The Company hereby advises Executive to consult with an attorney.
Executive agrees that Executive has had the opportunity to review this Release and Waiver with an attorney, that the Company recommends that Executive review this Release and Waiver with an attorney and that Executive fully understands the terms and
conditions of this Release and Waiver. Executive further acknowledges that Executive accepts the terms of this Release and Waiver and enters into it freely, voluntarily, and without duress or coercion. 

10.    Should any provision of this Release and Waiver be declared or determined by any Court of competent jurisdiction to
be illegal, invalid or unenforceable (except for Paragraph 1), the legality, validity and enforceability of the remaining parts, terms or provisions shall not be affected thereby and the illegal, unenforceable or invalid part, term or provisions
shall be deemed not to be part of this Release and Waiver. 
 11.    This Release and Waiver shall be governed by New
Jersey law, and the Courts of New Jersey, either federal or state, shall have jurisdiction over, and be the proper venue for, any disputes arising out of this Release and Waiver. 

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS RELEASE AND WAIVER OF CLAIMS AND UNDERSTAND ALL OF ITS TERMS, INCLUDING THE FULL AND FINAL RELEASE AND
WAIVER OF CLAIMS SET FORTH ABOVE. I FURTHER ACKNOWLEDGE THAT I HAVE VOLUNTARILY ENTERED INTO THIS RELEASE AND WAIVER OF CLAIMS, THAT I HAVE NOT RELIED UPON ANY REPRESENTATION OR STATEMENT, WRITTEN OR ORAL, NOT SET FORTH IN THIS RELEASE AND WAIVER OF
CLAIMS AND THAT I HAVE BEEN GIVEN THE OPPORTUNITY AND BEEN ENCOURAGED TO HAVE THIS RELEASE AND WAIVER OF CLAIMS REVIEWED BY AN ATTORNEY. 
  

							
	

	 		 	

			
	Name: Kristine Peterson	 		 	On behalf of Valeritas
				
	Date: 3/11/16	 		 	Name:	 	John Timberlake
				
		 		 	Title:	 	CEO
				
		 		 	Date:	 	3/11/16

  
 13EX-10.33

 Exhibit 10.33 

INDEMNIFICATION AGREEMENT 

THIS AGREEMENT (the “Agreement”), effective as of             ,
by and between Valeritas Holdings, Inc., a Delaware corporation (the “Company”), and the undersigned individual identified as an Indemnitee on the signature page hereto (such person is referred to herein individually and
collectively as an “Indemnitee”). 
 WITNESSETH THAT: 

WHEREAS, Indemnitee performs a valuable service for the Company; and 

WHEREAS, the Amended and Restated Certificate of Incorporation of the Company (as may be amended from time to time, the “Restated
Certificate”) provides for the indemnification of the officers and directors of the Company to the maximum extent authorized by Section 145 of the Delaware General Corporation Law, as amended (the “Law”); and 

WHEREAS, the Restated Certificate and the Law, by their nonexclusive nature, permit contracts between the Company and the officers or
directors of the Company with respect to indemnification of such officers or directors; and 
 WHEREAS, in accordance with the authorization
as provided by the Law, the Company may purchase and maintain a policy or policies of directors’ and officers’ liability insurance, covering certain liabilities which may be incurred by its officers or directors in the performance of their
obligations to the Company; 
 WHEREAS, in order to induce Indemnitee to serve as director of the Company, the Company has determined and
agreed to enter into this contract with and for the benefit of Indemnitee. 
 NOW, THEREFORE, in consideration of Indemnitee’s service
as an officer or director after the date hereof, the parties hereto agree as follows: 
 1. Indemnity of Indemnitee. The Company
hereby agrees to hold harmless and indemnify Indemnitee to the full extent authorized or permitted by the provisions of the Law, as such may be amended from time to time, and Restated Certificate, as such may be amended. In furtherance of the
foregoing indemnification, and without limiting the generality thereof: 
 (a) Proceedings Other Than Proceedings by or in the Right of
the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of his Corporate Status (as defined herein), he is, or is threatened to be made, a party to or participant in any
Proceeding (as defined herein) other than a Proceeding by or in the right of the Company. Pursuant to this Section 1(a), Indemnitee shall be indemnified against all Expenses (as hereinafter defined), judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding or any claim, issue or matter therein, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best
interests of the Company, and with respect to any criminal Proceeding, had no reasonable cause to believe his conduct was unlawful. 

 (b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to
the rights of indemnification provided in this Section 1(b) if, by reason of his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this
Section 1(b), Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by him, or on his behalf, in connection with such Proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed
to the best interests of the Company; provided, however, if applicable law so provides, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been
adjudged to be liable to the Company unless and to the extent that the Court of Chancery of the State of Delaware shall determine that such indemnification may be made. 

(c) Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified to the maximum extent permitted by law against all Expenses actually
and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

2. Additional Indemnity. In addition to, and without regard to any limitations on, the indemnification provided for in Section 1
of this Agreement, the Company shall and hereby does indemnify and hold harmless Indemnitee against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by him or on his behalf if, by reason of
his Corporate Status, he is, or is threatened to be made, a party to or participant in any Proceeding (including a Proceeding by or in the right of the Company), including, without limitation, all liability arising out of the negligence or active or
passive wrongdoing of Indemnitee. The only limitation that shall exist upon the Company’s obligations pursuant to this Agreement shall be that the Company shall not be obligated to make any payment to Indemnitee that is finally determined
(under the procedures, and subject to the presumptions, set forth in Sections 6 and 7 hereof) to be unlawful under the Law. 
 3.
Contribution. 
 (a) Whether or not the indemnification provided in Sections 1 and 2 hereof is available, in respect of any
threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall pay, in the first instance, the entire amount of any
judgment or settlement of such action, suit or proceeding without requiring Indemnitee to contribute to such payment and the Company hereby waives and relinquishes any right of contribution it may have against Indemnitee. The Company shall not
enter into any settlement of any action, suit or proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding) unless such settlement provides for a full and final release of all claims
asserted against Indemnitee. 

  
 2 

 (b) Without diminishing or impairing the obligations of the Company set forth in the preceding
subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred and paid or payable
by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or
proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the extent necessary
to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations which the Law may require to be
considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), on the one hand,
and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their liability is primary or secondary
and the degree to which their conduct is active or passive. 
 (c) The Company hereby agrees to fully indemnify and hold Indemnitee harmless
from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

(d) To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses,
in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received
by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s). 
 4. Indemnification for Expenses of a Witness. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness or is made (or asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses
actually and reasonably incurred by him or on his behalf in connection therewith. 

  
 3 

 5. Advancement of Expenses. Notwithstanding any other provision of this Agreement,
the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by reason of Indemnitee’s Corporate Status within ten (10) days after the receipt by the Company of a statement or statements from
Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be
preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings
to repay pursuant to this Section 5 shall be unsecured and interest free. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this Section 5 shall be subject to the condition that, if, when and to the
extent that the Company determines that Indemnitee would not be permitted to be indemnified under the Law, the Company shall be entitled to be reimbursed, within thirty (30) days of such determination, by Indemnitee (who hereby agrees to reimburse
the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified
under the Law, any determination made by the Company that Indemnitee would not be permitted to be indemnified under the Law shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final
judicial determination is made with respect thereto (and as to which all rights of appeal therefrom have been exhausted or lapsed). 
 6.
Procedures and Presumptions for Determination of Entitlement to Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnity that are as favorable as may be permitted under the Law and public policy of
the State of Delaware. Accordingly, the parties agree that the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 

(a) To obtain indemnification (including, but not limited to, the advancement of Expenses and contribution by the Company) under this
Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification. Notwithstanding
the foregoing, any failure of Indemnitee to provide such a request to the Company, or to provide such a request in a timely fashion, shall not relieve the Company of any liability that it may have to Indemnitee unless, and to the extent that, such
failure actually and materially prejudices the interests of the Company. 
 (b) Upon written request by Indemnitee for indemnification
pursuant to the first sentence of Section 6(a) hereof, a determination, if required by applicable law, with 

  
 4 

 
respect to Indemnitee’s entitlement thereto shall be made in the specific case by one of the following three methods, which shall be at the election of Indemnitee: (1) by a majority
vote of the Disinterested Directors (as defined herein), even though less than a quorum, (2) by independent legal counsel in a written opinion or (3) by the stockholders. 

(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 6(b) hereof, the
Independent Counsel shall be selected as provided in this Section 6(c). The Independent Counsel shall be selected by Indemnitee (unless Indemnitee requests that such selection be made by the Board of Directors). Indemnitee or the Company,
as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 15 of this Agreement, and the objection shall set forth with particularity the
factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent
Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 6(a)
hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition the Court of Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which
shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the
person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 6(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by
such Independent Counsel in connection with acting pursuant to Section 6(b) hereof, and the Company shall pay all reasonable fees and expenses incident to the procedures of this Section 6(c), regardless of the manner in which such Independent
Counsel was selected or appointed. 
 (d) In making a determination with respect to entitlement to indemnification hereunder, the person or
persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and
convincing evidence. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the
circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall
be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (e) Indemnitee shall
be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise (as hereinafter defined), including financial statements, or on information supplied to Indemnitee by the officers

  
 5 

 
of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent
certified public accountant or by an appraiser or other expert selected with reasonable care by the Enterprise. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall
not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not the foregoing provisions of this Section 6(e) are satisfied, it shall in any event be presumed that Indemnitee has
at all times acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by
clear and convincing evidence. 
 (f) If the person, persons or entity empowered or selected under Section 6 to determine whether Indemnitee
is entitled to indemnification (the “Determining Authority”) shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement to
indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under the Law; provided, however, that (x) such 30-day period may be extended for a reasonable time, not to exceed an
additional fifteen (15) days, if the Determining Authority in good faith requires such additional time to obtain or evaluate documentation and/or information relating thereto; and (y) that the foregoing provisions of this Section 6(f) shall not
apply if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 6(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination, the
Board of Directors or the Disinterested Directors, if appropriate, resolve to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such
determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having
been so called and such determination is made thereat. 
 (g) Indemnitee shall cooperate with the person, persons or entity making such
determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected
from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any Independent Counsel, member of the Board of Directors or stockholder of the Company shall act reasonably and in good faith in
making a determination regarding the Indemnitee’s entitlement to indemnification under this Agreement. Any costs or expenses (including attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 (h) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, 

  
 6 

 
distraction, disruption and uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against
Indemnitee (including, without limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action,
suit or proceeding. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by clear and convincing evidence. 

(i) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea
of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in
a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. 

7. Remedies of Indemnitee. 

(a) In the event that (i) a determination is made pursuant to Section 6 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 5 of this Agreement, (iii) no determination of entitlement to indemnification is made pursuant to Section 6(b) of this Agreement within ninety (90) days
after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to this Agreement within ten (10) days after receipt by the Company of a written request therefor or (v) payment of
indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section 6 of this Agreement, Indemnitee shall be
entitled to an adjudication in an appropriate court of the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within
one hundred eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 7(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

(b) In the event that a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is not entitled to
indemnification, any judicial proceeding commenced pursuant to this Section 7 shall be conducted in all respects as a de novo trial on the merits, and Indemnitee shall not be prejudiced by reason of the adverse determination under
Section 6(b). 
 (c) If a determination shall have been made pursuant to Section 6(b) of this Agreement that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 7, absent a prohibition of such indemnification under the Law. 

(d) In the event that Indemnitee, pursuant to this Section 7, seeks a judicial adjudication of his rights under, or to recover damages for
breach of, this Agreement, or 

  
 7 

 
to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on his behalf, in advance, any and all expenses (of the types
described in the definition of Expenses in Section 15 of this Agreement) actually and reasonably incurred by him in such judicial adjudication, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification,
advancement of expenses or insurance recovery. 
 (e) The Company shall be precluded from asserting in any judicial proceeding commenced
pursuant to this Section 7 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all the provisions of this Agreement. The Company shall
indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefore) advance, to the extent not prohibited by law, such expenses to Indemnitee,
which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case may be. 

(f) Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification under this Agreement
shall be required to be made prior to the final disposition of the Proceeding. 
 8.
Non-Exclusivity; Survival of Rights; Insurance. 
 (a) The rights of
indemnification as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under the Law, the Restated Certificate of the Company, the bylaws, any agreement, a vote of
stockholders, a resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted
by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the Law, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under
the Restated Certificate and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive
of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To
the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee
benefit plan or other Enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director,
officer, employee, agent or fiduciary under such policy or policies. 

  
 8 

 (c) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring
suit to enforce such rights. 
 (d) The Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

9. Exception to Right of Indemnification. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled
to indemnification under this Agreement with respect to any Proceeding brought by Indemnitee, or any claim therein, unless (a) the bringing of such Proceeding or making of such claim shall have been approved by the Board of Directors of the Company
or (b) such Proceeding is being brought by Indemnitee to assert, interpret or enforce his rights under this Agreement. 
 10. Duration of
Agreement. All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director of the Company (or is or was serving at the request of the Company as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or other Enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 7 hereof) by reason of
his Corporate Status, whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the
Company), assigns, spouses, heirs, executors and personal and legal representatives. 
 11. Security. To the extent requested by
Indemnitee and approved by the Board of Directors of the Company, the Company may at any time and from time to time provide security to Indemnitee for the Company’s obligations hereunder through an irrevocable bank line of credit, funded trust
or other collateral. Any such security, once provided to Indemnitee, may not be revoked or released without the prior written consent of the Indemnitee. 

12. Enforcement. 
 (a)
The Company expressly confirms and agrees that it has entered into this Agreement and assumes the obligations imposed on it hereby in order to induce Indemnitee to serve as a director of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director of the Company and that Indemnitee is entitled to enforce the provisions hereof as the direct beneficiary thereof. 

(b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

  
 9 

 13. Definitions. For purposes of this Agreement: 

(a) “Corporate Status” means the status of a person who is or was a director, officer, employee, agent or fiduciary of the Company
or of any other corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise that such person is or was serving at the express written request of the Company. 

(b) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which
indemnification is sought by Indemnitee. 
 (c) “Enterprise” means (i) the Company and (ii) any other corporation, partnership,
joint venture, trust, employee benefit plan or other enterprise that is an affiliate or wholly or partially owned subsidiary of the Company and of which the Indemnitee is or was serving as a director, trustee, general partner, managing member,
officer, employee, agent or fiduciary and (iii) any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the express written request of
the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary. 
 (d) “Expenses”
means all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and all other
disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding, or responding to, or
objecting to, a request to provide discovery in any Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs
relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 

(e) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other
indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any
person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The
Company agrees to pay the reasonable fees of the Independent 

  
 10 

 
Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto. 
 (f) “Proceeding” means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which
Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of any action taken by him or of any inaction on his part while acting as an officer or
director of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other Enterprise; in each
case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on or before the date of this Agreement, but
excluding one initiated by an Indemnitee pursuant to Section 7 of this Agreement to enforce his rights under this Agreement. 
 14.
Severability. If any provision or provisions of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, illegal or otherwise unenforceable for any reason whatsoever: (a) the validity, legality and
enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal
or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each
portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by applicable laws. In the event any provision hereof conflicts with any applicable
law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 

15. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a
continuing waiver. 
 16. Notice By Indemnitee. Indemnitee agrees to promptly notify the Company in writing upon being served
with or otherwise receiving any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the
Company shall not relieve the Company of any obligation which it may have to Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 

  
 11 

 17. Notices. All notices, requests, demands and other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii) when sent, if sent by electronic mail or facsimile during the
recipient’s normal business hours, and if not sent during normal business hours, then on the recipient’s next business day or (iii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed. For clauses (ii) and (iii), notice shall be sent to the respective address set forth on the signature page hereto, or to such other address as may have been furnished to Indemnitee by the Company or to the Company by
Indemnitee, as the case may be. 
 18. Identical Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to
evidence the existence of this Agreement. 
 19. Headings. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 20. Governing
Law. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware without application of the conflict of laws principles thereof. 

21. Gender. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. 

[Signature Page to Follow] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year
first above written. 
  

			
	 VALERITAS HOLDINGS, INC.

		
	By:	 	  

	Name:	 	John Timberlake
	Title:	 	Chief Executive Officer
	
	Notice to: 750 Route 202 South, Suite 600
	Bridgewater, NJ 08807
	Attn:   Chief Executive Officer
	
	INDEMNITEE
	
	  

	Name:
	
	Address:

 [Signature Page to Indemnification Agreement]

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