Document:

EX-10.3

 Exhibit 10.3 

FIFTH SUPPLEMENTAL INDENTURE 

FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”), dated as of
April 17, 2014, among Endo Health Solutions Inc. (formerly known as Endo Pharmaceuticals Holdings Inc.), a Delaware corporation (the “Company”), the Guarantors (as such term is defined in the Indenture) and Wells Fargo Bank,
National Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture, dated as of June 8, 2011 (the “Base
Indenture”), among the Company, the then existing Guarantors and the Trustee, which was supplemented by the first supplemental indenture, dated as of June 17, 2011 (the “First Supplemental Indenture”), the second
supplemental indenture, dated as of August 16, 2011 (the “Second Supplemental Indenture”), the third supplemental indenture, dated as of September 26, 2011 (the “Third Supplemental Indenture”) and the
fourth supplemental indenture, dated as of December 2, 2013 (the “Fourth Supplemental Indenture” and together with the Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental
Indenture and the Fourth Supplemental Indenture, the “Indenture”), each among the Company, the then existing Guarantors named therein and the Trustee related to the Company’s
7 1⁄4% Senior Notes due 2022 (the “Notes”); 

WHEREAS, the Company has offered to exchange (the “Exchange Offer”) any and all of the outstanding Notes from the Holders of
the Notes for 7.25% Senior Notes due 2022 to be issued by Endo Finance LLC and Endo Finco Inc. and, in conjunction with the Exchange Offer, solicited consents (the “Consent Solicitation”) from the Holders of the Notes pursuant to
the offer to exchange, dated March 27, 2014 (the “Offer to Exchange”), to the amendments to the Indenture contained herein upon the terms and subject to the conditions set forth therein; 

WHEREAS, in connection with the Consent Solicitation, Holders that have delivered and have not withdrawn a valid consent on a timely basis
(the “Consenting Holders”) are entitled to receive a consent fee with respect to the Notes in respect of which they have validly consented, payable only if all conditions to the Consent Solicitation are satisfied or waived by the
Company (the “Consent Payment”); 
 WHEREAS, Section 9.02 of the Indenture provides that, subject to certain
exceptions inapplicable hereto, the Company and the Trustee may amend or supplement the Indenture with the consent of at least a majority in aggregate principal amount of the outstanding Notes (the “Requisite Consents”); 

WHEREAS, the Company has received the Requisite Consents to effect amendments to the Indenture as set forth in Article II hereof (the
“Consented Amendments”), based on reports provided by D.F. King & Co., Inc., as exchange agent and information agent in the Exchange Offer and the Consent Solicitation, and delivered to the Trustee such Requisite Consents
to the Trustee; 
 WHEREAS, the execution and delivery of this Fifth Supplemental Indenture has been duly authorized by the Company and the
Guarantors and all conditions and requirements necessary to make this instrument a valid and binding agreement have been duly performed and complied with; 

 WHEREAS, following the execution of this Fifth Supplemental Indenture, the terms hereof will
become operative (the “Operative Date”) upon the payment of the applicable consideration in the Exchange Offer in respect of the Notes accepted for Exchange, on the settlement date of the Exchange Offer. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Company, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01. DEFINED TERMS. All capitalized terms used but not defined
herein shall have the meanings ascribed to such terms in the Indenture, as supplemented and amended hereby. All definitions in the Indenture shall be read in a manner consistent with the terms of this Fifth Supplemental Indenture. 

ARTICLE II 
 CONSENTED
AMENDMENTS 
 SECTION 2.01. AMENDMENTS TO CERTAIN COVENANTS
OF THE INDENTURE. Subject to Section 4.02 hereof, the following Sections of the Indenture are hereby amended to read as follows and any and all references to such sections and
provisions of the Indenture which are amended, modified, replaced or deleted and any and all obligations thereunder are hereby deleted throughout the Indenture, and such sections and references shall be of no further force or effect: 

a) Section 3.09 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 3.09 [INTENTIONALLY OMITTED]” 

b) Section 4.03 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.03 Reports. 

Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise
report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, the Company shall comply with the reporting obligations set forth under Section 314(a)
of the Trust Indenture Act.” 
 c) Section 4.05 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.05 [INTENTIONALLY OMITTED]” 

  
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 d) Section 4.06 of the Indenture is hereby amended and restated in its entirety as follows:

 “SECTION 4.06 [INTENTIONALLY OMITTED]” 

e) Section 4.07 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.07 [INTENTIONALLY OMITTED]” 

f) Section 4.08 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.08 [INTENTIONALLY OMITTED]” 

g) Section 4.09 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.09 [INTENTIONALLY OMITTED]” 

h) Section 4.10 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.10 [INTENTIONALLY OMITTED]” 

i) Section 4.11 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.11 [INTENTIONALLY OMITTED]” 

j) Section 4.12 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.12 [INTENTIONALLY OMITTED]” 

k) Section 4.13 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.13 [INTENTIONALLY OMITTED]” 

l) Section 4.14 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.14 [INTENTIONALLY OMITTED]” 

m) Section 4.15 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.15 [INTENTIONALLY OMITTED]” 

n) Section 4.16 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.16 [INTENTIONALLY OMITTED]” 

  
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 o) Section 4.17 of the Indenture is hereby amended and restated in its entirety as follows:

 “SECTION 4.17 [INTENTIONALLY OMITTED]” 

p) Section 4.18 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.18 [INTENTIONALLY OMITTED]” 

q) Section 4.19 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.19 [INTENTIONALLY OMITTED]” 

r) Section 4.20 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 4.20 [INTENTIONALLY OMITTED]” 

s) Section 10.04 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 10.04 [INTENTIONALLY OMITTED]” 

t) Section 5.01 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 5.01 Merger, Consolidation or Sale of Assets 

The Company shall not: (1) consolidate with or merge with or into another Person (whether or not the Company is the surviving
corporation); or (2) directly or indirectly, sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 
 (a) [INTENTIONALLY OMITTED]: 

(1) [INTENTIONALLY OMITTED]; or 

(2) [INTENTIONALLY OMITTED]; 

(b) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the
Trustee; 
 (c) [INTENTIONALLY OMITTED]; 

(d) [INTENTIONALLY OMITTED]; and 

  
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 (e) the Company shall have delivered to the trustee an Officers’ Certificate and an opinion
of counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.” 

u) Section 6.01 of the Indenture is hereby amended and restated in its entirety as follows: 

“SECTION 6.01 Events of Default 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest and Additional Interest, if any, on the Notes; 

(2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on the Notes; 

(3) [INTENTIONALLY OMITTED]; 

(4) [INTENTIONALLY OMITTED]; 

(5) [INTENTIONALLY OMITTED]; 

(6) [INTENTIONALLY OMITTED]; 

(7) the Company: 
  

	 	(A)	commences a voluntary insolvency proceeding, 

  

	 	(B)	consents to the entry of an order for relief against it in an involuntary insolvency proceeding, 

  

	 	(C)	consents to the appointment of a Bankruptcy Custodian of it or for all or substantially all of its property, 

  

	 	(D)	makes a general assignment for the benefit of its creditors, or 

  

	 	(E)	generally is not paying its debts as they become due; 

 (8) a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that: 
  

	 	(A)	is for relief against the Company in an involuntary insolvency proceeding; 

  

	 	(B)	appoints a Bankruptcy Custodian of the Company for all or substantially all of the property of the Company; or 

  

	 	(C)	orders the liquidation of the Company; 

 and the order or decree remains unstayed and in effect for 60
consecutive days; and 
 (9) [INTENTIONALLY OMITTED].” 

  
 5 

 SECTION 2.02. AMENDMENTS TO CERTAIN
DEFINITIONS. Subject to Section 4.02 hereof, Section 1.01 of the Indenture is hereby amended by deleting those definitions which appear solely in the text deleted from the Indenture pursuant to the
amendments contained herein. All cross-references in the Indenture to sections and clauses deleted by this Article II shall also be deleted in their entirety. 

ARTICLE III 
 AMENDMENTS
TO THE NOTES 
 The Notes include certain of the foregoing provisions from the Indenture to be deleted or amended pursuant to Article II
hereof. Upon the Operative Date, such provisions from the Notes shall be deemed deleted or amended as applicable. 
 ARTICLE IV 

MISCELLANEOUS PROVISIONS 

SECTION 4.01. EFFECT OF FIFTH SUPPLEMENTAL
INDENTURE. Except as amended hereby, all of the terms of the Indenture shall remain and continue in full force and effect and are hereby confirmed in all respects. From and after the date of this Fifth Supplemental
Indenture, all references to the Indenture (whether in the Indenture or in any other agreements, documents or instruments) shall be deemed to be references to the Indenture as amended and supplemented by this Fifth Supplemental Indenture. 

SECTION 4.02. EFFECTIVENESS. This Fifth Supplemental Indenture shall become effective and binding on
the Company, the Trustee and every Holder of the Notes heretofore or hereafter authenticated and delivered under the Indenture, upon the execution and delivery by the parties to this Fifth Supplemental Indenture. The provisions of this Fifth
Supplemental Indenture shall be effective upon the execution hereof by the Company, the Guarantors and the Trustee; provided that the amendments to the Indenture and the Notes set forth in Article II and Article III hereof shall not become operative
until the Operative Date. Prior to the Operative Date, the Company or the Guarantors may terminate this Fifth Supplemental Indenture upon written notice to the Trustee. 

SECTION 4.03. NEW YORK LAW TO GOVERN; WAIVER
OF JURY TRIAL. THIS FIFTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE COMPANY, THE TRUSTEE AND EACH OF THE
GUARANTORS HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 SECTION 4.04. COUNTERPARTS. The parties may sign any number of copies of this Fifth
Supplemental Indenture. Each signed copy (which may be provided via facsimile or other electronic transmission) shall be an original, but all of them together represent the same agreement. 

SECTION 4.05. EFFECT OF HEADINGS. The Section headings herein are for
convenience only and shall not affect the construction hereof. 

  
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 SECTION 4.06. FURTHER ASSURANCES. The
parties hereto will execute and deliver such further instruments and do such further acts and things as may be reasonably required to carry out the intent and purpose of this Fifth Supplemental Indenture and the Indenture. 

SECTION 4.07. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Fifth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Guarantors. 

(Signature pages follow) 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
  

					
	COMPANY:
	
	ENDO HEALTH SOLUTIONS INC.
		
	By:	 	 /s/ Deanna Voss

		 	Name:	 	Deanna Voss
		 	Title:	 	Assistant Secretary
	
	GUARANTORS:
	
	ENDO PHARMACEUTICALS INC.
	ENDO PHARMACEUTICALS SOLUTIONS INC.
	ENDO PHARMACEUTICALS VALERA INC.
	GENERICS INTERNATIONAL (US), INC.
	AMERICAN MEDICAL SYSTEMS HOLDINGS, INC.
	AMERICAN MEDICAL SYSTEMS, INC.
	AMS RESEARCH CORPORATION
	AMS SALES CORPORATION
	LASERSCOPE
	GENERICS INTERNATIONAL (US MIDCO), INC.
	GENERICS INTERNATIONAL (US PARENT), INC.
	GENERICS INTERNATIONAL (US HOLDCO), INC.
		
	By:	 	 /s/ Deanna Voss

		 	Name:	 	Deanna Voss
		 	Title:	 	Assistant Secretary

 [Signature pages to 2022 Notes Fifth Supplemental Indenture] 

 
					
	GENERICS BIDCO I, LLC
	VINTAGE PHARMACEUTICALS, LLC
	GENERICS BIDCO II, LLC
	WOOD PARK PROPERTIES LLC
	MOORES MILL PROPERTIES LLC
	QUARTZ SPECIALTY PHARMACEUTICALS, LLC
			
		 	By:	 	 GENERICS INTERNATIONAL (US),
 INC., as its
Manager

		
	By:	 	 /s/ Deanna Voss

		 	Name:	 	Deanna Voss
		 	Title:	 	Assistant Secretary
	
	LEDGEMONT ROYALTY SUB LLC
			
		 	By:	 	 ENDO PHARMACEUTICALS
 SOLUTIONS, INC., as its
Manager

		
	By:	 	 /s/ Deanna Voss

		 	Name:	 	Deanna Voss
		 	Title:	 	Assistant Secretary

 [Signature pages to 2022 Notes Fifth Supplemental Indenture] 

 
					
	TRUSTEE:
	
	Wells Fargo Bank, National
	Association, as Trustee
		
	By:	 	 /s/ Martin G. Reed

		 	Name:	 	Martin G. Reed
		 	Title:	 	Vice President

 [Signature pages to 2022 Notes Fifth Supplemental Indenture]EX-10.1

 Exhibit 10.1 

Board Pay Policies 
 As of
March 7, 2014 
 The purpose of this document is to summarize the compensation policies and programs that apply to non-employee directors of Chipotle
Mexican Grill, Inc. (Chipotle). 
 Overview–Total Compensation 

Chipotle aims to compensate directors at competitive market levels. A director’s compensation may include up to four components: 

 

	•	 	Annual retainer (both cash and equity portions); 

  

	•	 	Board meeting fee; 

  

	•	 	Committee meeting fee; and 

  

	•	 	Committee chairperson retainer. 

 The sum of these components received by a non-employee director comprises
total compensation. Following is a detailed explanation of each. 
 Annual Retainer 

Non-employee directors receive a $195,000 annual retainer. $75,000 of this retainer is paid in cash. Cash payments will be distributed to directors via
standard Chipotle payroll processing and paid out in equal amounts in June and December of each year. The appropriate payroll tax elections must be made with Chipotle upon election to the Board. 

The remaining portion of the retainer will be delivered via Restricted Stock Units denominated in shares of common stock issued on the date of Chipotle’s
annual meeting of shareholders each year to each non-employee director under Chipotle’s 2011 Stock Incentive Plan. The number of RSU’s delivered will be determined by dividing $120,000 by the closing stock price on the day of grants. The
RSU’s will be subject to cliff vesting on the third anniversary of the date of grant, and directors may elect to defer receipt of the shares issuable under the RSU’s by making an election with Chipotle Human Resources, as further described
in the RSU agreement issued to each director. A Form 4 will need to be filed with the SEC, this will be done by Chipotle on behalf of each director within the required time frame. A Form 4 is a document required by the SEC that discloses changes in
equity holdings of directors, officers, and 10 percent shareholders. 
 For the first year of service, the cash and RSU portions of the annual retainer will
be prorated based on a calendar year, using the date of election to the Board (whether by the Board to fill a vacancy, or by the shareholders). Payment of the prorated cash portion of a new director’s annual retainer will be made on the first
regularly-scheduled date for payment of all directors following the new director’s joining the Board; payment of, and 

  
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issuance of the prorated RSU’s will be effective upon the later of the director’s joining the Board and the date of the annual shareholder meeting during the year in which the director
joined. There may also be a prorated cash retainer provided when there is a separation from the Board, with the timing of payment of the prorated cash retainer to be determined by the Compensation Committee in its sole discretion. 

Board Meeting Fee 
 Non-employee directors will receive
$2,000 for each Board meeting. Multi-day Board meetings will be paid at $2,000 for each day of the meeting. These cash fees will be tracked and accrued by Chipotle. Cash payments will be distributed to directors via standard Chipotle payroll
processing and paid out in June and December of each year. The appropriate tax elections must be made with Chipotle upon election to the Board. 

Committee Meeting Fees 
 A committee meeting fee of $1,500
per meeting will be paid to each non-employee director attending the meeting in person, while telephonic participation in an in-person committee meeting pays a $750 fee. Meetings which are held telephonically for all members due to scheduling
conflicts or logistics and which are full meetings where minutes are taken and normal committee business is conducted are eligible for the full $1,500 in-person meeting fee. Meetings held telephonically for updates or other brief matters and at
which no minutes are taken pay a $750 fee. 
 These cash fees will be tracked and accrued by Chipotle. Cash payments will be distributed to directors via
standard Chipotle payroll processing and paid out in June and December of each year. The appropriate tax elections must be made with Chipotle upon election to the Board. 

These fees apply to the Audit Committee, Compensation Committee, and the Nominating and Corporate Governance Committee. The chairperson and members of each
committee are paid the same per-meeting fees. 
 Standard committee meeting fees will be provided irrespective of whether there is a Board meeting on the
same day. 
 Special Meetings 
 It may be necessary from
time to time to have special meetings and/or participation of Board members in meetings other than the standard scheduled Board or committee meetings. Meetings of a substantive nature that require non-employee director participation or in which
participation has been requested of a non-employee director are eligible for a $1,500 and $750 meeting fee for in-person and telephonic participation, respectively. 

The same meeting fees will also apply in cases where non-employee directors are required to attend or have been invited to attend committee meetings for which
they are not members. 

  
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 Committee Chairperson Retainer 

The chairperson of each committee will receive a retainer for their additional services to each committee. The chairperson of the Audit Committee will receive
$20,000 annually; the chairperson of the Compensation Committee will receive $15,000 annually; and the chairperson of the Nominating and Corporate Governance Committee will receive $10,000 annually. The chairperson of any other committees created by
the Board will receive $5,000 annually, unless otherwise specified by the Board. These cash fees will be tracked and accrued by Chipotle. Cash payments will be distributed to directors via standard Chipotle payroll processing and paid out in equal
amounts in June and December of each year. The appropriate tax elections must be made with Chipotle upon election to the Board. 
 For the first year of
service and any subsequent separation, the committee chair retainer will be prorated in the same manner as the non-employee director annual retainer. 

Stock Ownership Guidelines 
 Directors are expected to own
shares of Chipotle common stock having a total value of five times the annual cash retainer payable to outside directors within five years of being elected to the Board. The following forms of equity count towards the required stock
ownership guidelines: 
  

	 	•	 	Outright shares owned 

  

	 	•	 	Unvested restricted stock 

  

	 	•	 	Unvested and vested restricted stock units 

  

	 	•	 	Any awards that are deferred into stock units of the Company 

 The following forms of equity do not
count towards the required stock ownership guidelines: 
  

	 	•	 	Outright shares transferred to any individual other than a spouse* 

  

	 	•	 	Unvested and vested stock options 

  

	 	•	 	Unvested and vested stock appreciation rights 

  

	 	•	 	Unearned performance shares/units 

  

	*	Shares transferred directly or indirectly to a third party, other than a family member, will not be counted toward the ownership guidelines. Shares transferred directly or indirectly to a family member will be evaluated
on a case by case basis considering all the facts and circumstances. 

  
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