Document:

EX-4.1

 Exhibit 4.1 
 EXECUTION VERSION 
  
  

ENDO FINANCE CO. 

AND EACH OF THE GUARANTORS PARTY HERETO 
 5.75% SENIOR NOTES DUE 2022 
  

 
 INDENTURE

 Dated as of December 19, 2013 
  

 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION, 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	  			
	  			
	  			
	Section 1.01	  	Definitions	  	 	1	  
	Section 1.02	  	Other Definitions	  	 	36	  
	Section 1.03	  	Rules of Construction	  	 	37	  
		
	 ARTICLE 2
 THE NOTES
	  			
			
	Section 2.01	  	Form and Dating	  	 	37	  
	Section 2.02	  	Execution and Authentication	  	 	38	  
	Section 2.03	  	Registrar and Paying Agent	  	 	39	  
	Section 2.04	  	Paying Agent to Hold Money in Trust	  	 	39	  
	Section 2.05	  	Holder Lists	  	 	39	  
	Section 2.06	  	Transfer and Exchange	  	 	39	  
	Section 2.07	  	Replacement Notes	  	 	51	  
	Section 2.08	  	Outstanding Notes	  	 	51	  
	Section 2.09	  	Treasury Notes	  	 	51	  
	Section 2.10	  	Temporary Notes	  	 	51	  
	Section 2.11	  	Cancellation	  	 	52	  
	Section 2.12	  	Defaulted Interest	  	 	52	  
	Section 2.13	  	CUSIP or ISIN Numbers	  	 	52	  
		
	ARTICLE 3	  			
	REDEMPTION AND PREPAYMENT	  			
			
	Section 3.01	  	Notices to Trustee	  	 	52	  
	Section 3.02	  	Selection of Notes to Be Redeemed or Purchased	  	 	53	  
	Section 3.03	  	Notice of Redemption	  	 	53	  
	Section 3.04	  	Effect of Notice of Redemption	  	 	54	  
	Section 3.05	  	Deposit of Redemption or Purchase Price	  	 	54	  
	Section 3.06	  	Notes Redeemed or Purchased in Part	  	 	54	  
	Section 3.07	  	Optional Redemption	  	 	54	  
	Section 3.08	  	Mandatory Redemption	  	 	55	  
	Section 3.09	  	Offer to Purchase by Application of Excess Proceeds	  	 	55	  
	Section 3.10	  	Redemption for Changes in Taxes	  	 	57	  
		
	 ARTICLE 4
 COVENANTS
	  			
			
	Section 4.01	  	Payment of Notes	  	 	58	  
	Section 4.02	  	Maintenance of Office or Agency	  	 	58	  
	Section 4.03	  	Reports	  	 	59	  
	Section 4.04	  	Compliance Certificate	  	 	59	  
	Section 4.05	  	Taxes	  	 	60	  
	Section 4.06	  	Stay, Extension and Usury Laws	  	 	60	  
	Section 4.07	  	Restricted Payments	  	 	60	  
	Section 4.08	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	 	65	  
	Section 4.09	  	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	67	  

							
	 	  	 	  	Page	 
	Section 4.10	  	Asset Sales	  	 	71	  
	Section 4.11	  	Transactions with Affiliates	  	 	74	  
	Section 4.12	  	Liens	  	 	76	  
	Section 4.13	  	Corporate Existence	  	 	76	  
	Section 4.14	  	Offer to Repurchase Upon Change of Control	  	 	76	  
	Section 4.15	  	No Amendment to Subordination Provisions	  	 	78	  
	Section 4.16	  	Limitation on Sale Leaseback Transactions	  	 	78	  
	Section 4.17	  	Payments for Consent	  	 	78	  
	Section 4.18	  	Additional Note Guarantees	  	 	79	  
	Section 4.19	  	Designation of Restricted and Unrestricted Subsidiaries	  	 	79	  
	Section 4.20	  	Fall Away Event	  	 	80	  
	Section 4.21	  	Additional Amounts	  	 	81	  
	Section 4.22	  	Activities of Escrow Issuer During the Escrow Period	  	 	84	  
	Section 4.23	  	Escrow of Proceeds; Execution of Supplemental Indenture Upon the Paladin Merger or the Old Endo Merger	  	 	84	  
		
	ARTICLE 5	  			
	SUCCESSORS	  			
			
	Section 5.01	  	Merger, Consolidation or Sale of Assets	  	 	85	  
	Section 5.02	  	Successor Corporation Substituted	  	 	86	  
		
	ARTICLE 6	  			
	DEFAULTS AND REMEDIES	  			
	Section 6.01	  	Events of Default	  	 	86	  
	Section 6.02	  	Acceleration	  	 	88	  
	Section 6.03	  	Other Remedies	  	 	88	  
	Section 6.04	  	Waiver of Past Defaults	  	 	89	  
	Section 6.05	  	Control by Majority	  	 	89	  
	Section 6.06	  	Limitation on Suits	  	 	89	  
	Section 6.07	  	Rights of Holders of Notes to Receive Payment	  	 	89	  
	Section 6.08	  	Collection Suit by Trustee	  	 	89	  
	Section 6.09	  	Trustee May File Proofs of Claim	  	 	90	  
	Section 6.10	  	Priorities	  	 	90	  
	Section 6.11	  	Undertaking for Costs	  	 	90	  
		
	ARTICLE 7	  			
	TRUSTEE	  			
			
	Section 7.01	  	Duties of Trustee	  	 	91	  
	Section 7.02	  	Rights of Trustee	  	 	92	  
	Section 7.03	  	Individual Rights of Trustee	  	 	93	  
	Section 7.04	  	Trustee’s Disclaimer	  	 	93	  
	Section 7.05	  	Notice of Defaults	  	 	93	  
	Section 7.06	  	Compensation and Indemnity	  	 	93	  
	Section 7.07	  	Replacement of Trustee	  	 	94	  
	Section 7.08	  	Successor Trustee by Merger, etc.	  	 	95	  
	Section 7.09	  	Eligibility; Disqualification	  	 	95	  
		
	ARTICLE 8	  			
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	95	  
	Section 8.02	  	Legal Defeasance and Discharge	  	 	95	  

  
 ii 

							
	 	  	 	  	Page	 
	Section 8.03	  	Covenant Defeasance	  	 	96	  
	Section 8.04	  	Conditions to Legal or Covenant Defeasance	  	 	96	  
	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	98	  
	Section 8.06	  	Repayment to Issuer	  	 	98	  
	Section 8.07	  	Reinstatement	  	 	98	  
		
	ARTICLE 9	  			
	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	Section 9.01	  	Without Consent of Holders of Notes	  	 	99	  
	Section 9.02	  	With Consent of Holders of Notes	  	 	100	  
	Section 9.03	  	Revocation and Effect of Consents	  	 	101	  
	Section 9.04	  	Notation on or Exchange of Notes	  	 	101	  
	Section 9.05	  	Trustee to Sign Amendments, etc.	  	 	101	  
		
	ARTICLE 10	  			
	NOTE GUARANTEES	  			
			
	Section 10.01	  	Guarantee	  	 	102	  
	Section 10.02	  	Limitation on Guarantor Liability	  	 	103	  
	Section 10.03	  	Issuance and Delivery of Note Guarantee	  	 	103	  
	Section 10.04	  	Guarantors May Consolidate, etc., on Certain Terms	  	 	103	  
	Section 10.05	  	Releases	  	 	104	  
		
	ARTICLE 11	  			
	SATISFACTION AND DISCHARGE	  			
			
	Section 11.01	  	Satisfaction and Discharge	  	 	105	  
	Section 11.02	  	Application of Trust Money	  	 	106	  
		
	ARTICLE 12	  			
	MISCELLANEOUS	  			
			
	Section 12.01	  	Notices	  	 	106	  
	Section 12.02	  	Communication by Holders of Notes with Other Holders of Notes	  	 	108	  
	Section 12.03	  	Certificate and Opinion as to Conditions Precedent	  	 	108	  
	Section 12.04	  	Statements Required in Certificate or Opinion	  	 	108	  
	Section 12.05	  	Rules by Trustee and Agents	  	 	108	  
	Section 12.06	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	108	  
	Section 12.07	  	Governing Law; Waiver of Jury Trial	  	 	109	  
	Section 12.08	  	No Adverse Interpretation of Other Agreements	  	 	109	  
	Section 12.09	  	Successors	  	 	109	  
	Section 12.10	  	Severability	  	 	109	  
	Section 12.11	  	Counterpart Originals	  	 	109	  
	Section 12.12	  	Table of Contents, Headings, etc.	  	 	109	  
	Section 12.13	  	U.S.A. Patriot Act	  	 	109	  
	Section 12.14	  	Force Majeure	  	 	110	  

  
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 EXHIBITS 
  

			
	Exhibit A	  	FORM OF NOTE
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE

 INDENTURE dated as of December 19, 2013 among ENDO FINANCE CO., a Delaware corporation,
the Guarantors (as defined herein) and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 
 The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein) of the 5.75% Senior Notes due 2022 (the
“Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of,
and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary
of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and “under
common control with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying
Agent or additional paying agent. 
 “Applicable Premium” means, with respect to any Note on any redemption
date, the greater of: 
 (1) 1.0% of the principal amount of the Note; or 

(2) the excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at
January 15, 2017, (such redemption price being set forth in the table appearing below in Section 3.07) plus (ii) all required interest payments due on the Note from such redemption date through January 15, 2017, (excluding
accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of the Note. 

  
 1 

 “Applicable Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Arrangement Agreement” means the Arrangement Agreement, dated as of November 5, 2013, among Endo, Parent, Irish Intermediate Holdco, ULU Acquisition Corp. (subsequently renamed Endo
U.S. Inc.), a corporation organized in Delaware, RDS Merger Sub, LLC, a limited liability company organized in Delaware, 8312214 Canada Inc., a corporation incorporated under the laws of Canada, and Paladin Labs Inc., a corporation incorporated
under the laws of Canada. 
 “Asset Sale” means any sale, lease, transfer or other disposition (or series of
related sales, leases, transfers or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a
“disposition”), of: 
 (1) any shares of Capital Stock of a Restricted Subsidiary (other than
directors’ qualifying shares or shares required by applicable law to be held by a Person other than the Company or a Restricted Subsidiary); 
 (2) all or substantially all the assets of any division or line of business of the Company or any Restricted Subsidiary; or 

(3) any other assets of the Company or any Restricted Subsidiary outside of the ordinary course of business of the Company
or such Restricted Subsidiary, 
 other than, in the case of clauses (1), (2) and (3) above: 

 

	 	(a)	a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Restricted Subsidiary; 

 

	 	(b)	for purposes of Section 4.10 only, a disposition that constitutes a Restricted Payment (or would constitute a Restricted Payment but for the exclusions from the
definition thereof) that is not prohibited by Section 4.07 or that constitutes a Permitted Investment; 

  

	 	(c)	a disposition of all or substantially all the assets of the Company in accordance with Section 5.01 or any disposition that constitutes a Change of Control
pursuant to this Indenture; 

  

	 	(d)	a disposition of assets with a Fair Market Value of less than or equal to $20.0 million in any single transaction or series of related transactions;

  

	 	(e)	sales or dispositions of damaged, expired, short-dated, worn-out or obsolete equipment or assets in the ordinary course of business that, in the Company’s
reasonable judgment, are no longer either used or useful in the business of the Company or its Subsidiaries; 

  

	 	(f)	leases or subleases to third Persons in the ordinary course of business that do not interfere in any material respect with the business of the Company or any of the
Restricted Subsidiaries; 

  

	 	(g)	to the extent allowable under Section 1031 of the Internal Revenue Code of 1986, any exchange of like property (excluding any boot thereon) for use in a Permitted
Business; 

  
 2 

	 	(h)	the lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business; 

 

	 	(i)	any issuance or sale of Capital Stock in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

 

	 	(j)	foreclosures, condemnation, expropriation or any similar action on assets of the Company or any of the Restricted Subsidiaries; 

 

	 	(k)	the sale or discount of inventory, accounts receivable or notes receivable in the ordinary course of business or the conversion of accounts receivable to notes
receivable; 

  

	 	(l)	the licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business, other than the licensing of intellectual
property on a long-term basis unless such long-term licensing is in the ordinary course of business as determined by the Company in good faith; 

  

	 	(m)	any surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in the ordinary course of business;

  

	 	(n)	the unwinding of any Hedging Obligations; 

  

	 	(o)	sales, transfers and other dispositions of Investments in joint ventures made in the ordinary course of business or to the extent required by, or made pursuant to,
customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements or any sale, transfer or disposition of all or any part of a HealthTronics Joint Venture;

  

	 	(p)	the abandonment of intellectual property rights in the ordinary course of business, which in the reasonable good faith determination of the Company are not material to
the conduct of the business of the Company and the Restricted Subsidiaries taken as a whole; 

  

	 	(q)	the settlement or early termination of any Permitted Convertible Indebtedness Call Transaction; 

 

	 	(r)	a disposition of cash or Cash Equivalents; 

  

	 	(s)	a disposition or other divestiture of all or part of Endo’s radiation therapy services business or, so long as HealthTronics, Inc. is either an Unrestricted
Subsidiary or not a Subsidiary, all or part of Endo’s HealthTronics business segment; 

  

	 	(t)	a disposition in connection with a co-development agreement; 

  

	 	(u)	the Old Endo Merger, the Paladin Merger and the Paladin Acquisition; 

  

	 	(v)	the creation of a Lien (but not the sale or other disposition of the property subject to such Lien); 

 

	 	(w)	the sale, lease or other disposition of all or a portion of Endo’s interest in its headquarters located in Malvern, Pennsylvania; and

  
 3 

	 	(x)	a sale, assignment or other transfer of accounts receivable or other financial assets of the type specified in the definition of “Qualified Receivables
Transaction” in a Qualified Receivables Transaction. 

 “Asset Sale Offer” has the meaning
assigned to that term in Section 4.10. 
 “Attributable Debt” in respect of a Sale Leaseback Transaction
means, as at the time of determination, the present value (discounted at the interest rate implicit in the lease, compounded annually) of the total obligations of the lessee for rental payments during the remaining term of the lease included in such
Sale Leaseback Transaction (including any period for which such lease has been extended); provided, however, that if such Sale Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be
determined in accordance with the definition of “Capital Lease Obligation.” 
 “Bankruptcy Custodian”
means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “Below Investment Grade Rating Event” means the rating on the Notes is lowered in respect of a Change of Control and the Notes are rated below Investment Grade by both of the Rating
Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended
until the ratings are announced if, during such 60-day period, the rating of the Notes is under publicly announced consideration for possible downgrade by both of the Rating Agencies). 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially
Owned” have a corresponding meaning 
 “Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to
act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner
of the partnership; 
 (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and 
 (4) with respect to any other Person, the board or
committee of such Person serving a similar function. 
 “Business Day” means any day other than a Legal
Holiday. 

  
 4 

 “Capital Lease Obligation” means, with respect to any Person, the
obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as
capital leases on a balance sheet of such Person under GAAP; and, for the purposes of this Indenture, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP. 

“Capital Stock” of any Person means any and all shares, interests, participations, rights in or other equivalents
(however designated) of such Person’s capital stock, other equity interests whether now outstanding or issued after the Issue Date, partnership interests (whether general or limited), limited liability company interests, any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, including any Preferred Stock, and any rights (other than debt securities convertible into, or
exchangeable for or valued by reference to, Capital Stock until and unless any such debt security is converted into Capital Stock), warrants or options exchangeable for or convertible into such Capital Stock; provided, that no warrants,
options, rights or obligations to purchase Capital Stock purchased or sold in a Permitted Convertible Indebtedness Call Transaction or sold as units with Indebtedness constituting Permitted Convertible Indebtedness shall constitute Capital Stock.

 “Cash Equivalents” means: 
 (1) United States dollars; 
 (2) pounds sterling, euro, any
national currency of any participating member state in the European Union and Canadian dollars, and such local currencies as are held from time to time in the ordinary course of business; 

(3) securities issued or directly and fully and unconditionally guaranteed or insured by the United States or any member
state in the European Union or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition;

 (4) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less
from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $500.0 million; 

(5) repurchase obligations with a term of not more than thirty days for underlying securities of the types described in
clauses (3) and (4) entered into with any financial institution meeting the qualifications specified in clause (4) above; 
 (6) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 12 months after the date of creation thereof; 

(7) readily marketable direct obligations issued by any state of the United States of America or any political subdivision
thereof having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

  
 5 

 (8) instruments equivalent to those referred to in clauses (1) to
(7) above denominated in euro or pounds sterling or any other foreign currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management purposes in any jurisdiction outside the
United States to the extent reasonably required in connection with any business conducted by the Company or any Restricted Subsidiary organized or operating in such jurisdiction; 

(9) investment or money market funds investing 90% of their assets in securities of the types described in clauses
(1) through (7) above; 
 (10) investments in auction rate securities; and 

(11) any other cash equivalent investments permitted by the Company’s investment policy as such policy is in effect
from time to time. 
 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in
currencies other than those set forth in clauses (1) and (2) above; provided, that such amounts are converted into any currency listed in clauses (1) and (2) as promptly as practicable and in any event within ten business
days following the receipt of such amounts. 
 “Change of Control” means the occurrence of any of the
following: 
 (1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d)
of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be deemed to have beneficial ownership of all shares that such Person has the right to
acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total outstanding Voting Stock of the Company; 

(2) the Company consolidates with or merges with or into any Person or sells, assigns, conveys, transfers, leases or
otherwise disposes of all or substantially all of its assets to any Person, or any Person consolidates with or merges into or with the Company, in any such event pursuant to a transaction in which the outstanding Voting Stock of the Company is
converted into or exchanged for cash, securities or other property, other than any such transaction where: 
 (a)
the outstanding Voting Stock of the Company is changed into or exchanged for Voting Stock of the surviving corporation; and 
 (b) the holders of the Voting Stock of the Company immediately prior to such transaction own, directly or indirectly, not less than a majority of the Voting Stock of the Company or the surviving
corporation immediately after such transaction and in substantially the same proportion as before the transaction, or 
 (3) the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution other than in a transaction which complies with Section 5.01. 

Notwithstanding the foregoing, a transaction will not be deemed to constitute a Change of Control if (1) the Company becomes a
direct or indirect wholly-owned Subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the
Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or
indirectly, of more than 50% of the Voting Stock of such holding company. For the avoidance of doubt, in no event shall the Old Endo Merger, the Paladin Merger or the Paladin Acquisition constitute a Change of Control hereunder. 

  
 6 

 “Change of Control Offer” has the meaning assigned to that term in
Section 4.14. 
 “Change of Control Repurchase Event” means (a) prior to the occurrence of a Fall
Away Event, a Change of Control and (b) after the occurrence of a Fall Away Event, a Change of Control together with a Below Investment Grade Rating Event. 
 “Clearstream” means Clearstream Banking, S.A. 

“Co-Obligor” means a wholly-owned direct or indirect subsidiary of Lux Finco. 

“Company” refers to 
  

	 	•	 	 during the Escrow Period, the Escrow Issuer; 

  

	 	•	 	 during the Paladin Period, Irish Intermediate Holdco; and 

 

	 	•	 	 during the Old Endo Period, Endo. 

 “Commodity Price Protection Agreement” means any forward contract, commodity swap, commodity option or other similar financial agreement or arrangement relating to, or the value of which
is dependent upon, fluctuations in commodity prices. 
 “Consolidated Adjusted EBITDA” means , with respect to
any Person for any period, the Consolidated Net Income of such Person and the Restricted Subsidiaries for such period plus, without duplication and to the extent deducted in determining Consolidated Net Income for such period, the sum of:

 (1) expense and provision for taxes, paid or accrued, 

(2) Consolidated Interest Expense and charges and deferred financing fees, losses on hedging obligations or other
derivative instruments entered into for the purpose of hedging interest rate risk, net of gains on such hedging obligations, and costs of surety bonds in connection with financing activities, 

(3) Consolidated Depreciation and Amortization Expense, 

(4) non-cash charges recorded in respect of purchase accounting and non-cash exchange, translation or performance losses
relating to any foreign currency hedging transactions or currency fluctuations, 
 (5) any other non-cash items
except to the extent representing an accrual for future cash outlays, including pursuant to any management equity plan or stock plan or pursuant to SFAS 158 (codified under ASC 715), 

(6) (a) milestone payments in connection with any investment or series of related investments or (b) upfront or
similar payments made in connection with the closing of any acquisition (including any license or any acquisition of any license) solely or primarily of all or any portion of the rights in respect of one or more drugs or pharmaceutical products,
whether in development or on market, including related intellectual property, but not of Equity Interests in any Person or any operating business unit, 

  
 7 

 (7) any unusual, infrequent or extraordinary loss or charge (including,
without limitation, the amount of any restructuring, integration, transition, executive severance, facility closing and similar charges accrued during such period, including any charges to establish accruals and reserves or to make payments
associated with the reassessment or realignment of the business and operations of the Company and its Subsidiaries, including, without limitation, the sale or closing of facilities, severance, stay bonuses and curtailments or modifications to
pension and post-retirement employee benefit plans, asset impairments or asset disposals (including leased facilities), charges for purchase and lease commitments, start-up costs for new facilities, reserves for excess, obsolete or unbalanced
inventories, relocation costs which are not otherwise capitalized and any related promotional costs of exiting products or product lines), 
 (8) cash charges in connection with the litigation, investigations and legal and regulatory proceedings described in the Offering Memorandum or the documents incorporated by reference in the Offering
Memorandum as of the Issue Date, 
 (9) expenses with respect to casualty events, 

(10) the amount of net cost savings in connection with any acquisition or otherwise projected by the Company in good faith
to be realized as a result of specified actions taken prior to the last day of such period (calculated on a pro forma basis as though such cost savings had been realized since the first day of such period), net of the amount of actual benefits
realized during such period from such actions; provided, that (A) in connection with any acquisition, such actions have been taken prior to such date of determination and within 24 months after the Issue Date or within 12 months after
the closing date of such acquisition, and (B) no cost savings shall be added pursuant to this clause (10) to the extent duplicative of any expenses or charges relating to such cost savings that are included in clause (7) above with
respect to such period (“Pro Forma Cost Savings”), 
 (11) to the extent actually reimbursed,
expenses incurred to the extent covered by indemnification provisions in any agreement in connection with any acquisition permitted under this Indenture, 
 (12) any contingent or deferred payments (including earn-out payments, non-compete payments and consulting payments but excluding ongoing royalty payments) made in connection with any acquisition
permitted under this Indenture, and 
 (13) all reserves taken during such period on account of contingent cash
payments that may be required in future periods, 
 minus, to the extent included in Consolidated Net Income for such period, the sum of
(x) any unusual, infrequent or extraordinary income or gains and (y) any other non-cash income (except to the extent representing an accrual for future cash income), all calculated for the Company and the Restricted Subsidiaries in
accordance with GAAP (to the extent applicable) on a consolidated basis; 
 provided, that, to the extent included in Consolidated Net
Income, (A) currency translation gains and losses related to currency remeasurements of Indebtedness shall be excluded in determining Consolidated Adjusted EBITDA (including the net loss or gain resulting from swap agreements for currency
exchange risk) and (B) any adjustments resulting from the application of SFAS 133 (codified under ASC 815) shall be excluded in determining Consolidated Adjusted EBITDA. 

  
 8 

 “Consolidated Depreciation and Amortization Expense” means with respect to
any Person for any period, the total amount of depreciation and amortization expense, including any amortization of deferred financing fees, amortization in relation to terminated Hedging Obligations and amortization of intangibles, including, but
not limited to, goodwill, of such Person and the Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated Interest Expense” means, with respect to any period, the sum, without duplication, of: 

(1) the interest expense, whether or not paid in cash, of the Company and the Restricted Subsidiaries calculated on a
consolidated basis for such period in accordance with GAAP, including, without limitation, interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP and net payments, if any, pursuant to interest rate
Hedging Obligations, but excluding any (i) non-cash interest expense attributable to the movement in mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to SFAS No. 133 (codified under ASC 815),
(ii) non-cash interest expense attributable to the amortization of gains or losses resulting from the termination of Hedging Obligations prior to or reasonably contemporaneously with the Issue Date, (iii) amortization of deferred financing
fees, (iv) expensing of bridge or other financing fees and (v) interest expense of Ledgemont for any period prior to November 23, 2010; plus 
  

	 	(a)	imputed interest attributable to Capital Lease Obligations of the Company and the Restricted Subsidiaries for such period, plus 

 

	 	(b)	commissions, discounts, yield and other fees and charges owed by the Company or any of the Restricted Subsidiaries with respect to letters of credit securing financial
obligations, bankers’ acceptance financing and receivables financings for such period, plus 

  

	 	(c)	amortization, accretion or write-off of debt discount and debt issuance costs, premiums, commissions, discounts and other fees and charges associated with Indebtedness
of the Company and the Restricted Subsidiaries for such period, plus 

  

	 	(d)	cash contributions to any employee stock ownership plan or similar trust made by the Company or any of the Restricted Subsidiaries to the extent such contributions are
used by such plan or trust to pay interest or fees to any person in connection with Indebtedness incurred by such plan or trust for such period, plus 

  

	 	(e)	all interest paid or payable with respect to discontinued operations of the Company or any of the Restricted Subsidiaries for such period, plus

  

	 	(f)	the interest portion of any deferred payment obligations of the Company or any of the Restricted Subsidiaries for such period, plus 

 

	 	(g)	all interest on any Indebtedness of the Company or any of the Restricted Subsidiaries of the type described in clause (6) of the definition of
“Indebtedness” for such period, less  

 (2) (A) interest income of the Company
and the Restricted Subsidiaries for such period and (B) any amortization of deferred charges resulting from the application of 

  
 9 

 
“Accounting Principles Board Opinion No. APB 14-1—Accounting for Convertible Debt Instruments” (codified under ASC 470) that may be settled in cash upon conversion (including
partial cash settlement). 
 “Consolidated Net Income” means, of any Person for any period, the consolidated
net income (or loss) of such Person and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that in calculating Consolidated Net Income of the Company and the Restricted
Subsidiaries for any period, there shall be excluded: 
 (1) the income (or deficit) of any Person accrued prior
to the date it becomes a Restricted Subsidiary of the Company or is merged into or consolidated with the Company or any of the Restricted Subsidiaries; 
 (2) the income (or deficit) of any Person (other than a Restricted Subsidiary of the Company) in which the Company or any of the Restricted Subsidiaries has an ownership interest, except to the extent
that any such income is actually received by the Company or such Restricted Subsidiary in the form of dividends or similar distributions; 
 (3) solely for the purpose of determining the amount available for Restricted Payments under Section 4.07(a)(iii)(A), the undistributed earnings of any Restricted Subsidiary of the Company to the
extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary is not at the time permitted by the terms of any agreement, instrument, contract, charter, organizational or governing document or other
undertaking applicable to such Person, to which such Person is a party or by which any of its property is bound or any law, treaty, rule, regulation or determination of an arbitrator or a court of competent jurisdiction or other governmental
authority, in each case, applicable or binding upon such Person or any of its Property or to which such Person or any of its property is subject; 
 (4) any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with the consummation of any acquisition, investment, asset disposition, issuance or
repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date, and any such transaction
undertaken but not completed) and any charges or non-recurring costs incurred during such period as a result of any such transaction; 
 (5) any amortization of deferred charges resulting from the application of “Accounting Principles Board Opinion No. APB 14-1—Accounting for Convertible Debt Instruments” (codified under ASC
470) that may be settled in cash upon conversion (including partial cash settlement); and 
 (6) any income
(loss) for such period attributable to the early extinguishment of Indebtedness, together with any related provision for taxes on any such income. 
 There shall be excluded from Consolidated Net Income for any period (i) any gains or losses resulting from any reappraisal, revaluation or write-up or write-down of assets or liabilities (including
any gains and losses attributable to movement in the mark-to-market valuation of (a) any Permitted Convertible Indebtedness, (b) any Permitted Convertible Indebtedness Call Transaction and (c) contingent consideration assumed in
business acquisitions), (ii) any non-cash charges recorded in respect of intangible assets, including goodwill, (iii) any income (or loss) of Ledgemont for any period prior to November 23, 2010, and (iv) the purchase accounting
effects 

  
 10 

 
of in process research and development expenses for asset acquisitions and adjustments to property, inventory and equipment, software and other intangible assets and deferred revenue and deferred
expenses in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and the Subsidiaries), as a result of any acquisition consummated prior to the
Issue Date, any acquisition permitted under this Indenture, or the amortization or write-off of any amounts thereof. 

“Consolidated Senior Secured Debt Ratio” means, as of any date of determination, the ratio of (i) Consolidated
Total Indebtedness that is secured by a Lien on the Property of the Company or any Guarantor as of such date minus the aggregate amount (not to exceed $400.0 million) of unrestricted and unencumbered (other than pursuant to the liens permitted by
clauses (1), (3), (7), (11), (12), (13), (14), (17), (18), (19), (20) or (26) of the definition of “Permitted Liens”) cash and Cash Equivalents of the Company and the Restricted Subsidiaries on a consolidated basis to
(ii) Consolidated Adjusted EBITDA of the Company during the four full fiscal quarters for which internal financial statement are available ending on or prior to the date of determination, in each case with such pro forma adjustments as are
appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Consolidated Total Indebtedness” means, as at any date of determination, the sum, without duplication, of (1) the
aggregate amount of all outstanding Indebtedness of the Company and the Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of Capital Lease Obligations and debt obligations evidenced
by promissory notes and similar instruments (other than Indebtedness described in clause (4) of the definition of “Indebtedness” in respect of drawings thereunder to the extent such drawings are reimbursed within 10 business days
after the date of such drawing), (2) the principal amount of any obligations of any Person (other than the Company or any Restricted Subsidiary) of the type described in the foregoing clause (1) that are Guaranteed by the Company or any
Restricted Subsidiary (whether or not reflected on a consolidated balance sheet of the Company) and (3) the aggregate amount of all outstanding Disqualified Stock of the Company and all Preferred Stock of the Restricted Subsidiaries on a
consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a
consolidated basis in accordance with GAAP. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms
of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is
based upon, or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the Company.  

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been
cured or waived. 
 “Convertible Senior Subordinated Notes” means the Company’s $379.5 million in
aggregate principal amount of 1.75% Convertible Senior Subordinated Notes due April 15, 2015. 
 “Convertible
Senior Subordinated Notes Indenture” means the indenture governing the Convertible Senior Subordinated Notes. 

“Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.01 hereof or
such other address as to which the Trustee may give notice to the Company. 

  
 11 

 “Credit Agreement” means (i) during the Escrow Period and the Old Endo
Period, the Amended and Restated Credit Agreement, dated as of June 17, 2011, as amended and restated as of March 26, 2013, by and among Endo and the lenders named therein, Morgan Stanley Senior Funding, Inc., as administrative agent, Bank
of America, N.A. as syndication agent, and Morgan Stanley Senior Funding, Inc., Citibank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated , Barclays PLC and Credit Suisse AG, Cayman Islands Branch, as Joint Bookrunners, and Morgan
Stanley Senior Funding, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as Joint Lead Arrangers, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, as
such agreement, in whole or in part, in one or more instances, may be amended, renewed, extended, substituted, refinanced, restructured, replaced (whether or not upon termination, and whether with the original lenders or otherwise), supplemented or
otherwise modified from time to time (including, in each case, by means of one or more credit agreements, note purchase agreements or sales of debt securities to institutional investors whether with the original agents and lenders or otherwise and
including, without limitation, any successive renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing) and including, without limitation, to increase the amount of
available borrowing thereunder or to add Restricted Subsidiaries as additional borrowers or guarantors or otherwise, (ii) during the Paladin Period, a Credit Agreement to be dated on or about the date of consummation of the Paladin Merger, to
be entered into by and among Irish Intermediate Holdco, Lux Holdco, Lux Finco, NIMA Acquisition, LLC, the lenders named therein and from time to time party thereto, Deutsche Bank AG New York Branch, as administrative agent, issuing bank and
swingline lender, RBC Capital Markets, LLC, as syndication agent, Barclays Bank PLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior Funding, Inc.,
as co-documentation agents and Deutsche Bank Securities Inc., RBC Capital Markets, Barclays Bank PLC, Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley Senior
Funding, Inc. as joint bookrunners and joint lead arrangers, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, as such agreement, in whole or in part, in one or more
instances, may be amended, renewed, extended, substituted, refinanced, restructured, replaced (whether or not upon termination, and whether with the original lenders or otherwise), supplemented or otherwise modified from time to time (including, in
each case, by means of one or more credit agreements, note purchase agreements or sales of debt securities to institutional investors whether with the original agents and lenders or otherwise and including, without limitation, any successive
renewals, extensions, substitutions, refinancings, restructurings, replacements, supplementations or other modifications of the foregoing) and including, without limitation, to increase the amount of available borrowing thereunder or to add
Restricted Subsidiaries as additional borrowers or guarantors or otherwise, and (iii) whether or not the credit agreement referred to in clauses (i) or (ii) remains outstanding, if designated by the Company to be included in the
definition of “Credit Agreement,” one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables or inventory financing (including through the sale of receivables or
inventory to lenders or to special purpose entities formed to borrow from lenders against such receivables or inventory) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or
exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers, guarantors or issuers or lenders or group of
lenders, and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“Currency Agreement” means one or more of the following agreements which shall be entered into by one or more financial
institutions: foreign exchange contracts, currency swap agreements or other similar agreements or arrangements designed to protect against the fluctuations in currency values 

  
 12 

 “Custodian” means the Trustee, as custodian with respect to the Notes in
global form, or any successor entity thereto. 
 “Default” means any event that is, or with the passage of time
or the giving of notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note
registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of
Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to the
Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture. 
 “Designated Noncash Consideration” means noncash
consideration received by the Company or one of the Restricted Subsidiaries in connection with an Asset Sale that is designated by the Company as Designated Noncash Consideration, less the amount of cash or cash equivalents received in connection
with a subsequent sale of such Designated Noncash Consideration, which cash and cash equivalents shall be considered Net Proceeds received as of such date and shall be applied pursuant to Section 4.10. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder) or upon the happening of any event: 
 (1) matures or is mandatorily redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise;

 (2) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock; or

 (3) is mandatorily redeemable or must be purchased (in each case, other than redeemable or purchasable only
for Capital Stock of such Person which is not itself Disqualified Stock) upon the occurrence of certain events or otherwise, in whole or in part; 
 in each case on or prior to the date that is 91 days after the Stated Maturity of the Notes; provided, however, that any Capital Stock that would not constitute Disqualified Stock but for
provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or “change of control” occurring prior to the date that is 91 days after
the Stated Maturity of the Notes shall not constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the
terms applicable to such series of Notes and described below in Sections 4.10 and 4.14. 
 The amount of any Disqualified Stock that does not
have a fixed redemption, repayment or repurchase price will be calculated in accordance with the terms of such Disqualified Stock as if such Disqualified Stock were redeemed, repaid or repurchased on any date on which the amount of such Disqualified
Stock is to be determined pursuant to this Indenture; provided, however, that if such Disqualified Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or
repurchase price will be the book value of such Disqualified Stock as reflected in the most recent financial statements of such Person. 

  
 13 

 “Endo” means Endo Health Solutions Inc., a Delaware corporation.

 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock
(but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity
Offering” means a public or private sale either (1) of Equity Interests of the Company by the Company (other than Disqualified Stock and other than to a Subsidiary of the Company) or (2) of Equity Interests of a direct or indirect
parent entity of the Company (other than to the Company or a Subsidiary of the Company) to the extent that the net proceeds therefrom are contributed to the common equity capital of the Company. 

“Escrow Agent” means Wells Fargo Bank, National Association, or its successors from time to time. 

“Escrow Agreement” means the Escrow and Security Agreement, dated as of the date hereof, among the Company, the Trustee,
the Escrow Agent and RBC Capital Markets, LLC. and Deutsche Bank Securities Inc. as representatives of the Initial Purchasers, as amended from time to time. 
 “Escrow End Date” means the earlier to occur of (x) July 1, 2014 or (y) date that Endo has determined to abandon or terminate the Paladin Acquisition. 

“Escrow Issuer” means Endo Finance Co., a Delaware corporation and a wholly-owned subsidiary of Endo. 

“Escrow Period” refers to the period commencing on the Issue Date and ending upon the consummation of either the Old
Endo Merger or the Paladin Merger; 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear
system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in an
arm’s-length free market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair Market Value shall be determined in good faith by the Company.

 “Fall Away Event” means with respect to the Notes such time as the Notes shall have an Investment Grade
Rating (pursuant to ratings from each of S&P and Moody’s (or any substituted Rating Agency)) and the Company shall have delivered to the trustee an Officers’ Certificate certifying that the foregoing condition has been satisfied.

 “Fixed Charge Coverage Ratio” means the ratio of Consolidated Adjusted EBITDA of the Company during the four
full fiscal quarters for which internal financial statements are available (the “Four Quarter Period”) ending on or prior to the date of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio (the
“Transaction Date”) to Fixed Charges of the Company for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of this definition, Consolidated Adjusted EBITDA and Fixed Charges shall be
calculated after giving effect on a pro forma basis for the period of such calculation to: 
 (1) the Incurrence
or repayment of any Indebtedness and the issuance, maturity, redemption, conversion, exchange or repurchase of any Disqualified Stock or Preferred Stock, as applicable, of the Company or any of the Restricted Subsidiaries (and the application of the
proceeds thereof) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Incurrence or repayment, as the case may be (and the application of
the proceeds thereof), occurred on the first day of the Four Quarter Period; and 

  
 14 

 (2) any Investments, acquisitions, dispositions, mergers, consolidations and
disposed operations (as determined in accordance with GAAP) that have been made by the Company or any Restricted Subsidiary during the Four Quarter Period or subsequent to such Four Quarter Period and on or prior to or simultaneously with the
Transaction Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any associated fixed charge obligations and the change in
Adjusted EBITDA resulting therefrom) had occurred on the first day of the Four Quarter Period. If since the beginning of such Four Quarter Period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or
any Restricted Subsidiary since the beginning of such period) shall have made any Investment, acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition, then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable Four Quarter
Period. 
 Furthermore, in calculating Fixed Charges for purposes of determining the denominator (but not the numerator) of this Fixed Charge
Coverage Ratio: 
 (1) interest on outstanding Indebtedness determined on a fluctuating basis as of the
Transaction Date and that will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; 

(2) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such
interest is covered by Interest Rate Agreements, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements; and 

(3) the amount of Fixed Charges attributable to any Preferred Stock (other than Disqualified Stock) issued by the Company
that is mandatorily convertible or redeemable solely into common equity of the Company within 365 days of the Transaction Date will be recalculated by multiplying (x) the actual amount of Fixed Charges attributable thereto for the Four Quarter
Period by (y) a fraction, the numerator of which is the number of days from (and including) the Transaction Date to (but excluding) the applicable conversion or redemption date and the denominator of which is 365. 

For purposes of this definition, whenever pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a
responsible financial or accounting officer of the Company, giving effect to (a) Pro Forma Cost Savings and (b) any cost savings that could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated
under the Securities Act or any other regulation or policy of the SEC related thereto. 

  
 15 

 “Fixed Charges” means, with respect to any Person for any period, the sum,
without duplication, of: 
 (1) Consolidated Interest Expense for such period; plus  

(2) the product of: 
  

	 	(a)	the amount of all dividend payments on any series of Preferred Stock (including any Designated Preferred Stock) or Disqualified Stock of the Company or any Restricted
Subsidiary (other than dividends paid or accrued in Qualified Capital Stock or dividends paid or accrued to the Company or a Wholly-Owned Subsidiary) paid, accrued or scheduled to be paid or accrued during such period (without duplication), and

  

	 	(b)	a fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state and local income tax rate of
such Person, expressed as a decimal. 

 “Foreign Jurisdiction Deposit” means a deposit or
Guarantee incurred in the ordinary course of business and required by any Governmental Authority in a foreign jurisdiction as a condition of doing business in such jurisdiction. 

“Foreign Subsidiary” means a Restricted Subsidiary that is not organized or existing under the laws of the United States
of America or any state or territory thereof or the District of Columbia or is a Restricted Subsidiary of a Foreign Subsidiary. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time
(except with respect to accounting for capital leases, as to which such principle in effect on November 23, 2010 shall apply), including, without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as approved by a significant segment of the accounting
profession. 
 “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually
and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the
Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1) or 2.06(d)(2) hereof. 

“Government Securities” means direct obligations (or certificates representing an ownership interest in such
obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the issuer’s option.

 “Governmental Authority” means the government of the United States, any other nation or any political
subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government. 

  
 16 

 “Guarantee” means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or 
 (2) entered into for the purpose of assuring in any other manner the obligee against loss in respect thereof (in whole or in part); 
 provided, however, that the term “Guarantee” shall not include: 
 (A) endorsements for collection or deposit in the ordinary course of business; or 
 (B) a contractual commitment by one Person to invest in another Person for so long as such Investment is reasonably expected to constitute a Permitted Investment under clause (3) of the definition of
“Permitted Investment.” 
 The term “Guarantee” used as a verb has a corresponding meaning. 

“Guarantors” means: 
  

	 	•	 	 during the Paladin Period, the Paladin Period Guarantors; or 

 

	 	•	 	 during the Old Endo Period, the Old Endo Guarantors. 

 “HealthTronics Joint Venture” means any joint venture (which may be in the form of a limited liability company, partnership, corporation or other entity) through which HealthTronics, Inc.
or its subsidiaries offer medical services. 
 “Hedging Obligations” means, with respect to any specified
Person, the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement. For the avoidance of doubt, any Permitted Convertible
Indebtedness Call Transaction will not constitute a Hedging Obligation. 
 “Holder” means a Person in whose
name a Note is registered. 
 “IAI Global Note” means a Global Note substantially in the form of Exhibit A
hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of
the Notes sold to Institutional Accredited Investors. 
 “Incur” means issue, assume, Guarantee, incur
or otherwise become liable for; provided, however, that any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be
Incurred by such Person at the time it becomes a Restricted Subsidiary. The term “Incurrence” when used as a noun shall have a correlative meaning. 

  
 17 

 Solely for purposes of determining compliance with Section 4.09, the following shall
not be deemed to be the Incurrence of Indebtedness: 
 (1) amortization of debt discount or the accretion of
principal with respect to a non-interest bearing or other discount security; 
 (2) the payment of regularly
scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; 

(3) changes in the conversion value of Permitted Convertible Indebtedness attributable to movement in the mark-to-market
valuation thereof; and 
 (4) the obligation to pay a premium in respect of Indebtedness arising in connection
with the issuance of a notice of redemption or making of a mandatory offer to purchase such Indebtedness. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal in respect of (A) indebtedness of such Person for money borrowed and (B) indebtedness
evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such premium has become due and payable;

 (2) all Capital Lease Obligations of such Person and all Attributable Debt in respect of Sale Leaseback
Transactions entered into by such Person; 
 (3) all obligations of such Person issued or assumed as the deferred
purchase price of Property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding any accounts payable or other liability to trade creditors arising in the ordinary
course of business); 
 (4) all obligations of such Person for the reimbursement of any obligor on any letter of
credit, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) through (3) above) entered into in the ordinary
course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later the 30th day following payment on the letter of credit); 

(5) the amount of all obligations of such Person with respect to the redemption, repayment or other repurchase of any
Disqualified Stock of such Person or, with respect to any Preferred Stock of any Restricted Subsidiary of such Person, the principal amount of such Preferred Stock to be determined in accordance with this Indenture (but excluding, in each case, any
accrued dividends); 
 (6) to the extent not otherwise included in this definition, Hedging Obligations of such
Person; 

  
 18 

 (7) all obligations of the type referred to in clauses (1) through
(6) of other Persons and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; and

 (8) all obligations of the type referred to in clauses (1) through (7) of other Persons secured by
any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such property or assets and the amount of the
obligation so secured. 
 Notwithstanding the foregoing, in connection with the purchase by the Company or any Restricted Subsidiary of any
business, the term “Indebtedness” will exclude indemnification, purchase price adjustment, earn-outs, holdback and contingency payment obligations to which the seller may become entitled; provided, however, that to the extent
such payment becomes fixed and determined, the amount is paid within 180 days thereafter. 
 The amount of Indebtedness of any Person at any
date shall be the outstanding balance at such date of all obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time will be the accreted value
thereof at such time. 
 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a
Participant. 
 “Initial Notes” means the first $700.0 million aggregate principal amount of Notes issued under
this Indenture on the date hereof. 
 “Initial Purchasers” means RBC Capital Markets, LLC, Deutsche Bank
Securities Inc., Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC. 

“Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Interest Rate
Agreement” means one or more of the following agreements which shall be entered into by one or more financial institutions: interest rate protection agreements (including, without limitation, interest rate swaps, caps, floors, collars and
similar agreements) and/or other types of interest rate hedging agreements from time to time. 
 “Investments”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding commission,
travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be
classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary such that, after giving
effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Company’s
Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.07(c). The acquisition by the Company or any Restricted Subsidiary of a Person that holds an Investment in a third Person will be
deemed to be an Investment by the Company or such Restricted Subsidiary in such third 

  
 19 

 
Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.07(c). Except as
otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

“Investment Grade Rating” means (i) with respect to Moody’s, a rating equal to or higher than Baa3 (or the
equivalent), and (ii) with respect to S&P, a rating equal to or higher than BBB- (or the equivalent) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 
 “Irish
Intermediate Holdco” means Endo Limited, a newly-formed private limited company incorporated under the laws of Ireland that will be a wholly-owned direct subsidiary of the Parent. 

“Issue Date” means the date on which the Notes are initially issued. 

“Issuer” refers to 
  

	 	•	 	 during the Escrow Period, the Escrow Issuer; 

  

	 	•	 	 during the Paladin Period, (i) a Delaware limited liability company that will be a wholly-owned direct or indirect subsidiary of Lux Finco
(“New Finco”) and not to any of its subsidiaries and (ii) the Co-Obligor and not to any of its subsidiaries; and 

  

	 	•	 	 during the Old Endo Period, Endo and not to any of its subsidiaries. 

“Ledgemont” means Ledgemont Royalty Sub LLC, a Delaware limited liability company.  

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a Place
of Payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a Place of Payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period. 
 “Lien” means any mortgage, pledge, security
interest, encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof). 
 “Lux Finco” means Endo Luxembourg Finance Company I S.à r.l., a newly formed societe a responsabilitie limitee (private limited liability company) incorporated under the
laws of Luxembourg that will be a wholly-owned direct subsidiary of Lux Holdco. 
 “Lux Holdco” means Endo
Luxembourg Holding Company S.à r.l., a newly formed societe a responsabilitie limitee (private limited liability company) incorporated under the laws of Luxembourg that will be a wholly-owned direct subsidiary of Irish Intermediate
Holdco. 
 “Moody’s” means Moody’s Investors Service, Inc. 

“Net Cash Proceeds” means with respect to a transaction, the proceeds of such transaction in the form of cash or Cash
Equivalents including payments in respect of deferred payment obligations when received in the form of, or stock or other assets when disposed of for, cash or Cash Equivalents (except to the extent that such obligations are financed or sold with
recourse to the Company or any Restricted 

  
 20 

 
Subsidiary), net of attorney’s fees, accountant’s fees and brokerage, consultation, underwriting, taxes and other fees and expenses actually incurred or reserved in good faith for
post-closing adjustments in connection with such transaction and net of taxes paid or payable as a result thereof. 

“Net Proceeds” from an Asset Sale means cash payments received therefrom (including any cash payments received by way of
deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities received as consideration, but only as and when received, but excluding any other consideration
received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties or assets or received in any other non-cash form), in each case net of: 

(1) all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all Federal, state,
provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Sale; 
 (2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to
such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Sale, or by applicable law, be repaid out of the proceeds from such Asset Sale; 

(3) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries or
joint ventures as a result of such Asset Sale; 
 (4) the deduction of appropriate amounts provided by the seller
as a reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Asset Sale and retained by the Company or any Restricted Subsidiary after such Asset Sale; and 

(5) any portion of the purchase price from an Asset Sale placed in escrow, whether as a reserve for adjustment of the
purchase price, for satisfaction of indemnities in respect of such Asset Sale or otherwise in connection with that Asset Sale; provided, however, that upon the termination of that escrow, Net Proceeds will be increased by any portion of funds
in the escrow that are released to the Company or any Restricted Subsidiary. 
 “Non-Guarantor Subsidiary”
means a Restricted Subsidiary that is not a Guarantor. 
 “Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company nor any of the Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise; and 

(2) as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of
the Company or any of the Restricted Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary). 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

  
 21 

 “Note Guarantee” means the Guarantee by each Guarantor of the Issuer’s
obligations under this Indenture and the Notes. 
 “Notes” has the meaning assigned to it in the preamble to
this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any
Additional Notes; provided, that any Additional Notes are fungible with the existing Notes for U.S. federal tax purposes. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.

 “Offering Memorandum” means the final offering memorandum of the Company, dated as of December 11,
2013, relating to the Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the
Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, any assistant Controller, the Secretary, any Assistant Secretary or any Vice-President of such
Person. 
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer or a Vice President, and by the Treasurer, an Assistant Treasurer, the Controller, an Assistant Controller, the Secretary or an Assistant Secretary of the
Issuer or the Company, as applicable, and delivered to the Trustee. 
 “Old Endo Guarantors” means each
Restricted Subsidiary of Endo that guarantees the Issuer’s obligations under this Indenture. 
 “Old Endo
Merger” means the merger of the Escrow Issuer with and into Endo, with Endo remaining as the surviving corporation of the merger upon the Escrow End Date. 
 “Old Endo Period” refers to the period beginning immediately upon consummation of the Old Endo Merger. 
 “Opinion of Counsel” means an opinion meeting the requirements of this Indenture from legal counsel who is reasonably acceptable to the Trustee and delivered to the Trustee. The counsel
may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Paladin
Acquisition” means the transactions contemplated by the Arrangement Agreement. 
 “Paladin Merger”
means the merger of the Escrow Issuer with and into New Finco, with New Finco remaining as the surviving corporation of the merger if the Paladin Acquisition is or will be consummated on substantially the terms described in the Offering Memorandum,
with such modifications that are not, in the aggregate, as determined in good faith by Endo, materially adverse to Irish Intermediate Holdco and its Subsidiaries (after giving effect to the Paladin Acquisition), on or prior to the Escrow End Date.

 “Paladin Period” refers to the period beginning immediately upon consummation of the Paladin Merger.

  
 22 

 “Paladin Period Guarantors” means collectively, Irish Intermediate Holdco,
Lux Holdco, Lux Finco and each Restricted Subsidiary of Irish Intermediate Holdco (other than the Issuer and the Co-Obligor) that guarantees the Issuer’s obligations under this Indenture. 

“Parent” means Endo International Limited, a company incorporated in the Republic of Ireland. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Permitted Bond Hedge Transaction” means (a) any call option or capped call option (or substantively equivalent
derivative transaction) on the common stock of the Company or Parent purchased by the Company, any of its Subsidiaries or Parent in connection with an Incurrence of Permitted Convertible Indebtedness, (b) the existing call options or capped
call options (or substantively equivalent derivative transactions) purchased by the Company or any of its Subsidiaries in connection with the issuance of the Convertible Senior Subordinated Notes and (c) any call option or capped call option
(or substantively equivalent derivative transaction) replacing or refinancing the foregoing; provided, that (x) the sum of (i) the purchase price for any Permitted Bond Hedge Transaction occurring after the Issue Date, the date of
the Old Endo Merger or the date of the Paladin Merger plus (ii) the purchase price for any Permitted Bond Hedge Transaction it is refinancing or replacing, if any, minus (iii) the cash proceeds received upon the termination or the
retirement of the Permitted Bond Hedge Transaction it is replacing or refinancing, if any, less (y) the sum of (i) the cash proceeds from the sale of the related Permitted Warrant Transaction plus (ii) the cash proceeds from the sale
of any Permitted Warrant Transaction refinancing or replacing such related Permitted Warrant Transaction, if any, minus (iii) the amount paid upon termination or retirement of such related Permitted Warrant Transaction, if any, does not exceed
the net cash proceeds from the Incurrence of the related Permitted Convertible Indebtedness. 
 “Permitted
Business” means the business and any services, activities or businesses incidental, or reasonably related or complementary or similar to, any line of business engaged in by the Company and its Subsidiaries as of the Issue Date, the date of
the Old Endo Merger or the date of the Paladin Merger or any business activity that is a reasonable extension, development or expansion thereof or ancillary thereto. 
 “Permitted Convertible Indebtedness” means (a) Indebtedness of the Company or any of the Restricted Subsidiaries (which may be Guaranteed by the Guarantors) permitted to be Incurred
pursuant to Section 4.09 that is (1) convertible into common stock of the Company or any of its direct or indirect parent companies (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of
such common stock) or (2) sold as units with call options, warrants, rights or obligations to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the Company or any of its direct or indirect
parent companies and/or cash (in an amount determined by reference to the price of such common stock) and (b) the Convertible Senior Subordinated Notes. 
 “Permitted Convertible Indebtedness Call Transaction” means any Permitted Bond Hedge Transaction and any Permitted Warrant Transaction. 

“Permitted Investments” means: 
 (1) any Investment in the Company or in a Restricted Subsidiary; 

(2) any Investment in Cash Equivalents; 

  
 23 

 (3) any Investment by the Company or any Restricted Subsidiary in a Person,
if as a result of such Investment: 
  

	 	(a)	such Person becomes a Restricted Subsidiary; or 

  

	 	(b)	such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a
Restricted Subsidiary; 

 (4) any Investment made as a result of the receipt of non-cash
consideration from (i) an Asset Sale that was made pursuant to and in compliance with Section 4.10 or (ii) a disposition of assets not constituting an Asset Sale; 

(5) any Investments to the extent made in exchange for the issuance of Equity Interests (other than Disqualified Stock) of
the Company or any of its direct or indirect parent companies; 
 (6) any Investments received in compromise or
resolution of (A) obligations of trade creditors or customers that were incurred in the ordinary course of business of the Company or any of the Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration or other disputes; 
 (7) Investments represented by Hedging Obligations and Permitted Bond Hedge Transactions; 
 (8) loans or advances, and guarantees of such loans and advances, to officers, directors consultants, employees, customers and suppliers of the Company, any of its Subsidiaries or any of the
Company’s direct or indirect parent companies in the ordinary course of business in the aggregate amount outstanding at any one time not to exceed $20.0 million; 

(9) Investments in the Notes; 
 (10) any guarantee of Indebtedness permitted to be incurred by Section 4.09 and performance guarantees consistent with past practice; 

(11) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date and any Investment
consisting of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the Issue Date; provided, that the amount of any such Investment may be increased (a) as required by
the terms of such Investment as in existence on the Issue Date or (b) as otherwise permitted under this Indenture; 
 (12) Investments acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of another Person, including by way of a merger, amalgamation or consolidation
with or into the Company or any of the Restricted Subsidiaries in a transaction that is not prohibited by Sections 5.01 or 10.04 after the Issue Date to the extent that such Investments were not made in contemplation of such acquisition, merger,
amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; 

  
 24 

 (13) Investments in the ordinary course of business in prepaid expenses,
negotiable instruments held for collection and lease, utility and worker’s compensation, performance and other similar deposits provided to third parties; 
 (14) receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms;
provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the circumstances; 

(15) advances, loans or extensions of trade or other credit (including to officers, directors, consultants and employees
of the Company, its Subsidiaries or its direct and indirect parent companies) in the ordinary course of business by the Company or any of the Restricted Subsidiaries; 

(16) lease, utility and other similar deposits in the ordinary course of business; 

(17) Investments in the ordinary course of business consisting of endorsements for collection or deposit; 

(18) Investments in a Permitted Business in an aggregate amount, taken together with all other Investments made pursuant
to this clause (18) that are at that time outstanding, not to exceed the greater of $440.0 million or 5.0% of Total Assets (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent
changes in value); and 
 (19) Investments in (a) any joint ventures in an amount outstanding at any one
time not to exceed $275.0 million or 3.5% of Total Assets (with the Fair Market Value of each Investment (other than any Investment consisting of a guarantee) being measured at the time made and without giving effect to subsequent changes in value)
and (b) any Permitted Joint Venture; provided, however, that if any Investment pursuant to this clause (19) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such
Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (19) for so long as such Person
continues to be a Restricted Subsidiary; 
 (20) Investments among the Company and its Subsidiaries in the
ordinary course of business for purposes of funding the working capital and maintenance capital expenditure requirements and research and development activities of the Company and its Subsidiaries; 

(21) stock, obligations or securities received in settlement of debts created in the ordinary course of business and owing
to the Company or any Restricted Subsidiary or in satisfaction of judgments; 
 (22) Investments consisting of
co-development agreements or consisting of the licensing or contribution of intellectual property, new drug applications or similar assets pursuant to development, marketing or manufacturing agreements, alliances or arrangements or similar
agreements or arrangements with other Persons; 

  
 25 

 (23) Investments consisting of purchases and acquisitions of inventory,
supplies, materials and equipment or purchases of contract rights or licenses or leases of intellectual property, in each case in the ordinary course of business; 

(24) any customary upfront, milestone, marketing or other funding payment in the ordinary course of business to another
Person in connection with obtaining a right to receive royalty or other payments in the future; 
 (25)
Investments made in Therapeutics pursuant to the Arrangement Agreement; 
 (26) other Investments in any Person
having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (26) that are at
the time outstanding, not to exceed the greater of $375.0 million or 5.0% of Total Assets; and 
 (27)
Investments in any Person in connection with a Qualified Receivables Transaction; provided, however, that such Investment is in the form of a purchase money note, contribution of additional receivables or any equity interest.

 “Permitted Joint Venture” means any joint venture (which may be in the form of a limited liability company,
partnership, corporation or other entity) in which the Company or any of the Restricted Subsidiaries is a joint venturer; provided, however, that, immediately after giving effect to any Investment in such Permitted Joint Venture
pursuant to clause (19)(b) of the definition of “Permitted Investments”: (a) the joint venture is engaged solely in a Permitted Business, (b) the Company or a Restricted Subsidiary is required by the governing documents of
the joint venture or an agreement with the other parties to the joint venture to participate in the management of such joint venture as a member of such joint venture’s Board of Directors or otherwise, (c) the Company and any Subsidiary or
Affiliate of the Company hold or own, collectively, not more than 66-2/3 percent of the outstanding Capital Stock of such Permitted Joint Venture, and (d) if such Permitted Joint Venture is not a HealthTronics Joint Venture, at the time of the
initial Investment and at the time of each subsequent Investment in such Permitted Joint Venture, the Company would be able to Incur additional Secured Indebtedness pursuant to Section 4.09(a). 

“Permitted Liens” means: 
 (1) Liens to secure (i) Indebtedness (and other related Obligations) that was incurred pursuant to clause (1) or clause (15) of the definition of Permitted Debt and Hedging Obligations
related thereto, or (ii) Obligations with regard to Treasury Management Arrangements; 
 (2) (i) Liens on
assets of Foreign Subsidiaries or Non-Guarantor Subsidiaries securing Indebtedness (and other related Obligations) of such Foreign Subsidiary or Non-Guarantor Subsidiary that was Incurred pursuant to Section 4.09(b)(12), (ii) Liens
securing Indebtedness (and other related Obligations) that was Incurred pursuant to clause (11), clause (13) (provided that such Liens do not extend to any property or assets that are not property being purchased, leased, constructed or
improved with the proceeds of such Indebtedness Incurred pursuant to such clause (13)), or clause (25) of the definition of Permitted Debt, and (iii) Liens to secure Indebtedness (and other related Obligations) that was Incurred pursuant
to Section 4.09, provided that, in the case of this clause (iii), at the time of its Incurrence and after giving pro forma effect thereto, the Consolidated Senior Secured Debt Ratio would be no greater than 3.5 to 1.0; 

  
 26 

 (3) (a) Liens in favor of the Company or the Guarantors; (b) Liens on
the property of any Restricted Subsidiary that is not a Guarantor in favor of any other Restricted Subsidiary and (c) Liens on the property of any Subsidiary of the Company that is not a Restricted Subsidiary in favor of the Company or any of
the Restricted Subsidiaries; 
 (4) Liens on property or shares of Capital Stock of another Person existing at
the time such other Person becomes a Subsidiary of the Company or is merged with or into or consolidated with the Company or any Subsidiary of the Company; provided, that such Liens do not extend to any other property owned by the Company or
any of the Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto); 
 (5) Liens
on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of the Company; provided, that such Liens were in existence prior to such acquisition and not incurred in contemplation
of, such acquisition; 
 (6) Liens on the Capital Stock of Unrestricted Subsidiaries; 

(7) Liens to secure the performance of, or arising in connection with, public or statutory obligations (including
worker’s compensation laws, unemployment insurance laws or similar legislation), insurance, surety or appeal bonds, performance bonds or other obligations of a like nature, good faith deposits in connection with bids, tenders, contracts (other
than for the payment of Indebtedness) or leases, deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of business (including Liens to secure letters of credit issued to
assure payment or performance of such obligations); 
 (8) Liens on securities that are the subject of repurchase
agreements permitted hereunder; 
 (9) Liens to secure Indebtedness (including Capital Lease Obligations)
permitted by clause (11) of the definition of Permitted Debt covering only the assets acquired with or financed by such Indebtedness; 
 (10) Liens existing, or that would have been existing, on the Issue Date, assuming that either the Paladin Merger or the Old Endo Merger had occurred (other than Liens referred to in the foregoing clause
(1)(i)); 
 (11) Liens for taxes, assessments or other governmental charges or claims that are (i) not yet
delinquent, (ii) not yet subject to penalties for non-payment, or (iii) being contested in good faith by appropriate proceedings; 
 (12) Liens imposed by law, such as carriers’, warehousemen’s, landlord’s and mechanics’ Liens, in each case, either (i) incurred in the ordinary course of business or
(ii) for sums not yet due or being contested in good faith by appropriate proceedings; 
 (13) survey
exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real
property or Liens incidental to the conduct of the business of such Person or to the ownership of their properties which were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 

  
 27 

 (14) Liens created for the benefit of (or to secure) the Notes (or the Note
Guarantees); 
 (15) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this
Indenture or to secure any Refinancing (or successive Refinancings), as a whole or in part, of any Indebtedness secured by a Lien referred to in clauses (2)(iii), (4), (5), (10), (27) and (35) hereof; provided, however, that:

  

	 	(a)	the new Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could
secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 

  

	 	(b)	the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the greater of the outstanding principal amount, committed
amount or principal amount at the time the Lien became a Permitted Lien, of the Indebtedness being Refinanced and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing,
replacement, defeasance, extension or discharge; 

 (16) Liens on insurance policies, premiums and
proceeds thereof, or other deposits, to secure insurance premium financings; 
 (17) Liens arising from Uniform
Commercial Code (“UCC”) financing statement filings regarding operating leases or consignments entered into by the Company and the Restricted Subsidiaries in the ordinary course of business; 

(18) Liens arising solely from precautionary UCC financing statements or similar filings; 

(19) Liens securing or arising out of judgments, decrees, orders, awards or notices of lis pendens and associated rights
related to litigation with respect to which such Person shall then be proceeding with an appeal or other proceedings for review, or in respect of which the period within which such appeal or proceedings may be initiated shall not have expired;

 (20) Liens arising by virtue of any statutory or common law provisions relating to banker’s liens, rights
of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution or as to purchase orders and other agreements entered into with customers in the ordinary course of business;

 (21) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or
redemption of Indebtedness; 
 (22) Liens on cash, Cash Equivalents or other property securing Indebtedness
permitted by clause (16) of the definition of Permitted Debt; 
 (23) Liens on specific items of inventory
or other goods (and the proceeds thereof) of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such
inventory or other goods; 

  
 28 

 (24) grants of software and other technology licenses in the ordinary course
of business; 
 (25) Liens arising out of conditional sale, title retention, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business; 
 (26) Liens in favor of issuers of
performance and surety bonds or bid bonds or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(27) Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to such Person or a
Wholly-Owned Subsidiary of such Person; 
 (28) Liens securing Hedging Obligations so long as such Hedging
Obligations are permitted to be Incurred under this Indenture; 
 (29) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business; 
 (30) liens, pledges or deposits made in the ordinary course of business to secure liability to insurance carriers; 
 (31) Liens on equipment of the Company or any Restricted Subsidiary granted in the ordinary course of business to the Company’s or such Restricted Subsidiary’s supplier at which such equipment
is located; 
 (32) Liens incurred to secure cash management services or to implement cash pooling or sweep
arrangements to permit satisfaction of overdraft or similar obligations in the ordinary course of business; 

(33) any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint
venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (34) Liens (i) solely
on any cash earnest money deposits made by the Company or any of the Restricted Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture or (ii) consisting of an
agreement to dispose of any property permitted to be sold pursuant to Section 4.10; 
 (35) leases,
subleases, licenses or sublicenses granted to third parties entered into in the ordinary course of business which do not materially interfere with the conduct of the business of the Company and the Restricted Subsidiaries and which do not secure any
Indebtedness; 
 (36) Liens (i) of a collection bank arising under Section 4-210 of the Uniform
Commercial Code on items in the course of collection and (ii) attaching to commodity trading accounts or other commodities brokerage accounts incurred in the ordinary course of business, including Liens encumbering reasonable customary initial
deposits and margin deposits; 

  
 29 

 (37) ground leases in respect of real property on which facilities owned or
leased by the Company or any of its Subsidiaries are located and other Liens affecting the interest of any landlord (and any underlying landlord) of any real property leased by the Company or any Subsidiary; 

(38) Liens to secure Non-Recourse Debt permitted to be incurred pursuant to clause (23) of the definition of
Permitted Debt, which Liens may not secure Indebtedness other than Non-Recourse Debt; 
 (39) Liens to secure
contractual payments (contingent or otherwise) payable by the Company or its Subsidiaries to a seller after the consummation of an acquisition of a product, business, license or other assets; 

(40) other Liens securing Indebtedness to the extent such Indebtedness, when taken together with all other Indebtedness
secured by Liens Incurred pursuant to this clause (40) and outstanding on the date such other Lien is Incurred, does not exceed the greater of $125.0 million or 1.5% of Total Assets; 

(41) Liens on deposits or other amounts held in escrow to secure payments (contingent or otherwise) payable by the Company
or any of the Restricted Subsidiaries with respect to settlements related to any litigation disclosed in public filings; 
 (42) the Lien of the Escrow Agent on the escrowed funds and any Lien contemplated under the Escrow Agreement; and 
 (43) Liens on assets transferred in connection with a Qualified Receivables Transaction or on assets of the entity entering into a Qualified Receivables Transaction, in each case, incurred in connection
with a Qualified Receivables Transaction. 
 For purposes of determining compliance with this definition, (A) Permitted Liens need not be
incurred solely by reference to one category of Permitted Liens described above but are permitted to be incurred in part under any combination thereof and (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more
of the categories of Permitted Liens described above, the Company may, in its sole discretion, classify or reclassify such item of Permitted Liens (or any portion thereof) in any manner that complies with this definition and the Company may divide
and classify a Lien in more than one of the types of Permitted Liens in one of the above clauses. 
 “Permitted
Refinancing Indebtedness” means any Indebtedness that Refinances any Indebtedness of the Company or any of the Restricted Subsidiaries (other than intercompany Indebtedness), including Indebtedness that Refinances Refinancing Indebtedness;
provided, that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness being refinanced (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums and
defeasance costs, incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final
maturity date no earlier than the earlier of (i) the final maturity date of the Notes or (ii) the final maturity of the Indebtedness being refinanced, and has a Weighted Average Life to Maturity that is equal to or greater than the
Weighted Average Life to Maturity of the Indebtedness being refinanced; 

  
 30 

 (3) if the Indebtedness being refinanced is subordinated in right of payment
to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing the Indebtedness being refinanced; and

 (4) such Indebtedness is incurred by the Company, any Guarantor or by any Restricted Subsidiary that was an
obligor (as issuer or guarantor) on the Indebtedness being refinanced and is guaranteed only by the Issuer, any Guarantor or Persons who were obligors (as issuer or guarantor) on the Indebtedness being refinanced. 

“Permitted Warrant Transaction” means (a) any call options, warrants or rights to purchase (or substantively
equivalent derivative transactions) on common stock of the Company or any of its direct or indirect parent companies purchased or sold by the Company, any of its Subsidiaries or any of the Company’s direct or indirect parent companies
substantially concurrently with a Permitted Bond Hedge Transaction and (b) the existing call options, warrants or rights to purchase (or substantively equivalent derivative transactions) sold by the Company or any of its Subsidiaries
substantially concurrently with the issuance of the Convertible Senior Subordinated Notes. 
 “Person” means
any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Place of Payment”, when used with respect to the Notes, means the place or places where the principal of (and premium,
if any) and interest on the Notes are payable as contemplated by Section 4.02 hereof. 
 “Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to initially be placed on the Rule 144A Global Note and other Notes that are Restricted Notes. 
 “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class of classes (however designated) which is preferred as to the payment of dividends or
distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Product” means any product developed, acquired, produced, marketed or promoted by the Company or any of its
Subsidiaries in connection with the conduct of a Permitted Business. 
 “Property” means any right or interest
in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock. 
 “Purchase Money Indebtedness” means Indebtedness Incurred to finance the acquisition, development, construction or lease by the Company or a Restricted Subsidiary of Property, including
additions and improvements thereto, where the maturity of such Indebtedness does not exceed the anticipated useful life of the Property being financed; provided, however, that such Indebtedness is Incurred within 270 days after the completion
of the acquisition, development, construction or lease of such Property by the Company or such Restricted Subsidiary.  

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualifying Equity Interests” means Equity Interests of the Company other than (1) Disqualified Stock;
(2) Equity Interests that were used to support an incurrence of Contribution Indebtedness and (3) Equity Interests sold in an Equity Offering prior to the third anniversary of the Issue Date that are eligible to be used to support an
optional redemption of Notes pursuant to Section 3.07 of this Indenture. 

  
 31 

 “Qualified Receivables Transaction” means any transaction or series of
transactions entered into by the Company or any of the Restricted Subsidiaries, the proceeds of which are used to finance a discrete pool (which may be fixed or revolving) of receivables, leases or other financial assets (including, without
limitation, financing contracts), or a discrete portfolio of real property or equipment (in each case whether now existing or arising in the future), and which may include a grant of a security interest in any such receivables, leases, other
financial assets, real property or equipment (whether now existing or arising in the future) of the Company or any of the Restricted Subsidiaries, and any assets related thereto, including, all collateral securing such receivables, leases, other
financial assets, real property or equipment, all contracts and all guarantees or other obligations in respect thereof, proceeds thereof and other assets that are customarily transferred, or in respect of which security interests are customarily
granted, in connection with asset securitization transactions involving receivables, leases, other financial assets, real property or equipment. 
 “Rating Agencies” means: 
 (1) S&P;

 (2) Moody’s; or 
 (3) if S&P or Moody’s or both shall not make a rating of the Notes publicly available, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act (or any successor provision), selected by the Company, which shall be substituted for S&P or Moody’s or both, as the case may be. 

“Rating Category” means: 
 (1) with respect to S&P, any of the following categories (any of which may include a “+” or a “-”): AAA, AA, A, BBB, BB, B, CCC, CC, C and D (or equivalent successor categories);

 (2) with respect to Moody’s, any of the following categories (any of which may include a “1,”
“2” or a “3”): Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and 
 (3) the equivalent of any such category of S&P or Moody’s used by another Rating Agency. 

In determining whether the rating of the Notes has decreased by one or more gradation, gradations within Rating Categories (+ and – for S&P; 1,
2 and 3 for Moody’s; or the equivalent gradations for another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB– to B+, will constitute a decrease of one
gradation). 
 “Ratings Decline” shall be deemed to occur with respect to the Notes if, at the time of or in
connection with the occurrence of an event specified in clauses (1) through (3) of the definition of Change of Control, the rating of the Notes by either Rating Agency shall be decreased by one or more gradations (including gradations
within Rating Categories as well as between Rating Categories), and such decrease is directly attributable, in whole or in part, to such event. 

  
 32 

 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Global Note in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Global Notes; provided, that any
such Regulation S Global Note shall be deemed to be a “temporary global security” for purposes of Rule 904 under Regulation S until the expiration of the distribution compliance period (as defined in Regulation S). 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of
the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust
matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment. 
 “Restricted Note” has the same meaning as “Restricted Security” set forth in Rule 144(a)(3) promulgated under the Securities Act; provided, that the Trustee shall be
entitled to request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note. 

“Restricted Subsidiary” means any Subsidiary of the Company (as defined at such time) that is not an Unrestricted
Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“Sale Leaseback Transaction” means the leasing by the Company or any Restricted Subsidiary of any asset, whether owned
at the Issue Date or acquired after the Issue Date (except for temporary leases for a term, including any renewal term, of up to three years and except for leases between the Company and any Restricted Subsidiary or between Restricted Subsidiaries),
which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to any party with the intention of taking back a lease of such property. 
 “Secured Indebtedness” means any Indebtedness of the Company or any of the Restricted Subsidiaries secured by a Lien. 

“SEC” means the Securities and Exchange Commission. 

  
 33 

 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Indebtedness” means with respect to any Person: 

(1) Indebtedness of such Person, whether outstanding on the Issue Date or thereafter Incurred; and 

(2) all other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy
or for reorganization relating to such Person, whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above; 
 unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such Indebtedness or other obligations
are subordinate in right of payment to the Notes or the Note Guarantee of such Person, as the case may be; provided, however, that Senior Indebtedness shall not include: 

 

	 	(A)	any obligation of such Person to the Company or any Subsidiary; 

  

	 	(B)	any liability for federal, state, local or other taxes owed or owing by such Person; 

 

	 	(C)	any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

 

	 	(D)	any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; or

  

	 	(E)	that portion of any Indebtedness which at the time of Incurrence is Incurred in violation of this Indenture. 

“S&P” means Standard & Poor’s Ratings Group. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined
in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date. 
 “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any of the Restricted Subsidiaries that are reasonably
customary in an accounts receivable transaction. 
 “Stated Maturity” means, with respect to any installment of
interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of its date of issue, and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

  
 34 

 “Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or
trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); or 

(2) any partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution
rights, total equity or economic interests, as applicable, are owned, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or
limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 For the avoidance of doubt, each HealthTronics Joint Venture will be deemed not to be a Subsidiary of the Company or any of its Subsidiaries unless designated as a Subsidiary by the Company. 

“Tax” means any tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and any
other liabilities related thereto, and, for the avoidance of doubt, including any withholding or deduction for or on account of any of the foregoing). “Taxes” shall be construed to have a corresponding meaning. 

“Therapeutics” means Knight Therapeutics, a corporation organized under the laws of Canada. 

“Total Assets” means the total assets of the Company and the Restricted Subsidiaries, as shown on the most recent
balance sheet of the Company for which internal financial statements are available immediately preceding the date on which any calculation of Total Assets is being made, with such pro forma adjustments for transactions consummated on or prior to or
simultaneously with the date of the calculation as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed Charge Coverage Ratio. 

“Treasury Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash
management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting,
trade finance services and other cash management services. 
 “Treasury Rate” means, as of any redemption date,
as determined by the Company, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has
become publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption
date to January 15, 2017; provided, however, that if the period from the redemption date to January 15, 2017 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used. 
 “Triggering Indebtedness” means (i) the Credit Agreement,
(ii) the Convertible Senior Subordinated Notes or (iii) any other Indebtedness of the Company or any Restricted Subsidiary represented by bonds, debentures, notes or other securities, in each case, that has an aggregate principal amount or
committed amount of at least $100.0 million; provided that, in the case of clauses (i) through (iii) above, in no event shall Triggering Indebtedness include Indebtedness Incurred by a Foreign Subsidiary that does not directly or
indirectly Guarantee, become an obligor under, or otherwise provide direct credit support for any Indebtedness of the Company or any Restricted Subsidiary that is not a Foreign Subsidiary. 

  
 35 

 “Trustee” means Wells Fargo Bank, National Association, until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement
Legend. 
 “Unrestricted Subsidiary” means (1) any Subsidiary that at the time of determination shall be
designated an Unrestricted Subsidiary by the Board of Directors of the Company in accordance with Section 4.19, (2) any Subsidiary of an Unrestricted Subsidiary and (3) HealthTronics, Inc. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at
final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2) the then outstanding principal amount of such Indebtedness. 

“Wholly-Owned Subsidiary” means a Restricted Subsidiary of which the Company owns, directly or indirectly, all of the
Capital Stock, other than directors’ qualifying shares, of such Restricted Subsidiary. 
 Section 1.02 Other Definitions.

  

			
	 Term
	  	Defined in
Section
	 “Additional Notes”
	  	2.02
	 “Additional Amounts”
	  	4.21
	 “Affiliate Transaction”
	  	4.11
	 “Authentication Order”
	  	2.02
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Code”
	  	4.21
	 “Covenant Defeasance”
	  	8.03
	 “Designation”
	  	4.19

  
 36 

			
	 Term
	  	Defined in
Section
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “Initial Lien”
	  	4.12
	 “Legal Defeasance”
	  	8.02
	 “Material Subsidiary”
	  	4.20(c)
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09
	 “Purchase Date”
	  	3.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07
	 “Revocation”
	  	4.19
	 “Successor Guarantor”
	  	10.04
	 “Tax Jurisdiction”
	  	4.21
	 “Tax Redemption Date”
	  	3.10

 Section 1.03 Rules of Construction. 
 Unless the context otherwise requires: 
 (a) a term has the meaning
assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 
 (c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; and 

(g) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01
Form and Dating. 
 (a) General. The Initial Notes issued on the date hereof will be in an aggregate principal
amount of $700,000,000. In addition, the Issuer may issue, from time to time in accordance with the provisions of this Indenture, Additional Notes. The Notes and the Trustee’s certificate of authentication will be substantially in the form
of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of
$1,000 in excess of $2,000. 

  
 37 

 The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without
the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Euroclear and Clearstream
Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream. 

Section 2.02 Execution and Authentication. 
 At least one Officer must sign the Notes for the Issuer by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid. 

A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the
Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the Issuer signed by
an Officer of the Issuer (an “Authentication Order”), authenticate Notes in an aggregate principal amount of $700,000,000 for original issue on the Issue Date. The Trustee shall authenticate additional Notes (“Additional
Notes”) thereafter in unlimited aggregate principal amount for original issue upon receipt of an Authentication Order. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes
authorized for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this
Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 

  
 38 

 Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”) and an office or agency where notices and demands to or upon the Issuer, if any, in respect of the Notes and this
Indenture may be served. The Registrar will keep a register of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any
co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any
Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer, the Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the
Global Notes. 
 The Issuer initially appoints the Trustee to act as the Registrar, Paying Agent and Agent for service of
notices and demands in connection with the Notes and this Indenture, and to act as Custodian with respect to the Global Notes. 

Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuer will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal of, premium on, if any, or interest on, the Notes, and will notify the Trustee in writing of any default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Issuer, the Company or any of its
Subsidiaries) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05
Holder Lists. 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes. 

Section 2.06 Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary
or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Issuer for Definitive Notes if: 

  
 39 

 (1) the Issuer delivers to the Trustee notice from the Depositary that it is
unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice
from the Depositary; 
 (2) the Issuer in its sole discretion determines that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee in writing. Global Notes
also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or
Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. 
 (b)
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global
Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note
may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the distribution compliance period (as defined in Regulation S), transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than
an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(A) both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a
beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
 40 

 (ii) written instructions given in accordance with the Applicable
Procedures containing information regarding the Participant account to be credited with such increase; or 
 (B)
both: 
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above. 
 Upon satisfaction of all of the
requirements for transfer of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) above and the Registrar receives the following: 
 (A) if the transferee will take
delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (4)
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above if
the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
 41 

 (B) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (4), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to subparagraph (4) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (4) above. 
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to
Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or
Exchange of Beneficial Interests for Definitive Notes. 
 (1) Beneficial Interests in Restricted Global
Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of
Exhibit C hereto, including the certifications in item (2)(a) thereof; 
 (B) if such beneficial interest is
being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is
being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set
forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 

  
 42 

 (F) if such beneficial interest is being transferred to the Company or any
of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only if the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(B) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal

  
 43 

 
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer will execute and the Trustee will authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from
the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and
Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is
being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 

  
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 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased
the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in
all other cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the
Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

 (B) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (2), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs
(2)(B) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Issuer will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e),
the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

  
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 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made
pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged
by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (B) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set
forth in this subparagraph (2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 

(f) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement
Legend. 

  
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 (A) Except as permitted by subparagraph (B) below, each Global Note and
each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THIS NOTE AND THE RELATED GUARANTEES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR THE
RELATED GUARANTEES NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO,
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE AND THE RELATED GUARANTEES BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO [IN THE CASE OF A RESTRICTED NOTE, OTHER THAN A NOTE
ISSUED PURUSANT TO REGULATION S: THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ISSUE DATE OF ANY ADDITIONAL NOTES OF THE SAME SERIES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE
OWNER OF THIS NOTE AND THE RELATED GUARANTEES (OR ANY PREDECESSOR OF THIS NOTE AND THE RELATED GUARANTEES)] [IN THE CASE OF A NOTE ISSUED PURUSANT TO REGULATION S: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE
DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S] (THE
“RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED
INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE
SECURITIES, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT
OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF NOTES OF $250,000, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT
TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR
PURSUANT TO CLAUSE (F) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF 

  
 47 

 
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS
NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER ONLY AT THE DIRECTION AND IN THE ABSOLUTE DISCRETION OF THE ISSUER AFTER THE DISTRIBUTION COMPLIANCE PERIOD OR RESALE
RESTRICTION TERMINATION DATE, AS APPLICABLE. [IN THE CASE OF A NOTE ISSUED PURUSANT TO REGULATION S: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 BY ITS
ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN
THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE
UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” (AS DEFINED IN SECTION 3(42) OF ERISA OR ANY APPLICABLE SIMILAR LAWS) OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.” 

(B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2),
(c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 

(2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(A) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in
accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly
and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 
 (1)
To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the
Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any
such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof). 

  
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 (3) The Registrar will not be required to register the transfer of or
exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Issuer will be required: 
 (A) to
issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing any notice of redemption under Section 3.03 hereof and ending at the close of business on the day
of such mailing; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of
or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal
of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 
 (7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

(8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 The Trustee shall have no
obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or
among any participants of the Depositary or beneficial owners of interests in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depositary. 

  
 50 

 Section 2.07 Replacement Notes. 

If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. Upon written request for replacement of a Note
by a Holder, the Trustee and the Issuer shall receive an indemnity bond sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if
a Note is replaced. The Issuer may charge the Holder for its expenses in replacing a Note, with any expense of the Trustee to be reimbursed in accordance with the terms of this Indenture. 

Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those paid under this Indenture, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set
forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for
purposes of Section 3.07(a) hereof.  
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases
to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 

If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue. 
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a
redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any Guarantor, or by any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in
conclusively relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned will be so disregarded. 
 Section 2.10 Temporary Notes. 
 Until certificates representing
Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that
the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will, upon receipt of an Authentication Order, authenticate definitive Notes
in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture.

  
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 Section 2.11 Cancellation. 

The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of such canceled
Notes (subject to the record retention requirement of the Exchange Act) and in accordance with the Trustee’s customary procedures. Upon written request and at the expense of the Issuer, certification of the cancellation of such Notes will be
delivered to the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest. 
 If the Issuer defaults in a payment
of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed
each such special record date and payment date; provided, that no such special record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 10 days before the special record date, the Issuer
will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 Section 2.13 CUSIP or ISIN Numbers 
 The Issuer in issuing the
Notes may use “CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided, that any
such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed
on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any change in the “CUSIP” or “ISIN” numbers. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notices to Trustee. 
 If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, at least 45 days prior to a redemption date (unless shorter notice shall be agreed to in
writing by the Trustee) but not more than 60 days before the redemption date, the Issuer shall notify the Trustee in writing of the redemption date, the principal amount of Notes to be redeemed, the clause of this Indenture pursuant to which the
redemption shall occur and the redemption price (identifying the Notes by CUSIP or ISIN, as applicable). Notice given to the Trustee pursuant to this Section 3.01 may, at the Issuer’s discretion, state that any such redemption may be
subject to the satisfaction of one or more conditions precedent. 

  
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 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for
redemption or purchase on a pro rata basis (or, in the case of Notes issued in global form pursuant to Article 2 hereof, based on a method that most nearly approximates a pro rata selection as the Trustee deems fair and appropriate)
unless otherwise required by law or applicable stock exchange or depositary requirements. 
 Upon selection, the Trustee will
promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes
selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 
 Subject to the provisions of Sections 3.09 and 3.10 hereof, at least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice
of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof. Any notice may, at the Issuer’s discretion, be subject to the satisfaction of one or more conditions precedent. 

The notice will identify the Notes (by CUSIP or ISIN, if applicable) to be redeemed and will state: 

(a) the redemption date; 
 (b) the redemption price; 
 (c) if any Note is being redeemed in part, the portion
of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued in the name of the Holder of Notes upon
cancellation of the original Note; 
 (d) the name and address of the Paying Agent; 

(e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date; 
 (g) if such notice is conditioned upon the occurrence of one or more conditions precedent, the
nature of such conditions precedent; 
 (h) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and 
 (i) that no representation is made as to the correctness or accuracy of
the CUSIP number, if any, listed in such notice or printed on the Notes. 

  
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 At the Issuer’s written request, the Trustee will give the notice of redemption in the
Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting
forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04 Effect of Notice of
Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption
become irrevocably due and payable on the redemption date at the redemption price, subject to the satisfaction of any conditions precedent contained in such notice of redemption. 
 Section 3.05 Deposit of Redemption or Purchase Price. 
 If the
Issuer elects to redeem Notes in accordance with Section 3.07 hereof, one Business Day prior to the anticipated redemption or purchase date, the Issuer will deposit with the Trustee or with the Paying Agent money sufficient to pay the
redemption or purchase price of accrued interest on all Notes to be redeemed or purchased on that date. Upon payment of any amount in connection with redemption, the Trustee or the Paying Agent will promptly return to the Issuer any money deposited
with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or purchase price of accrued interest on all Notes to be redeemed or purchased. 

If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes Redeemed or Purchased in Part.

 Upon surrender of a Note that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an
Authentication Order, the Trustee will authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 

Section 3.07 Optional Redemption. 
 (a) At any time prior to January 15, 2017, the Issuer may on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes issued under this Indenture, upon not less than
30 nor more than 60 days’ notice, at a redemption price equal to 105.750% of the principal amount of the Notes redeemed, plus accrued and unpaid interest to, but not including, the date of redemption (subject to the rights of Holders of Notes
on the relevant record date to receive interest due on the relevant interest payment date if the Notes have not been redeemed prior to such date), with the net cash proceeds of an Equity Offering; provided that: 

(1) at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held
by the Issuer and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

  
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 (2) the redemption occurs within 120 days of the date of the closing of such
Equity Offering. 
 (b) At any time prior to January 15, 2017, the Issuer may on any one or more occasions redeem all or a
part of the Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest to, but not including,
the date of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (c) Except pursuant to the preceding paragraphs and Section 3.10 of this Indenture, the Notes will not be redeemable at the Issuer’s option prior to January 15, 2017. 

(d) On or after January 15, 2017, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon not less than
30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, on the Notes redeemed, to, but not including, the applicable date of redemption, if
redeemed during the twelve-month period beginning on January of the years indicated below (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date if the Notes have not been redeemed
prior to such date): 
  

					
	 Year
	  	Percentage	 
	 2017
	  	 	104.313	% 
	 2018
	  	 	102.875	% 
	 2019
	  	 	101.438	% 
	 2020 and thereafter
	  	 	100.000	% 

 Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable redemption date. 
 (e) Any redemption pursuant to this
Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08 Mandatory
Redemption. 
 The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 Section 3.09 Offer to Purchase by Application of Excess Proceeds. 

In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an Asset Sale Offer, it will follow the
procedures specified below. 
 The Asset Sale Offer shall be made to all Holders and all holders of other Indebtedness that is
pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at
least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the
termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and such other pari passu Indebtedness (on a pro rata
basis based on the principal amount of Notes and such other pari passu Indebtedness surrendered, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale
Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 

  
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 If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date. 
 Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 

(a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the
Asset Sale Offer will remain open; 
 (b) the Offer Amount, the purchase price and the Purchase Date; 

(c) that any Note not tendered or accepted for payment will continue to accrete or accrue interest; 

(d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease
to accrete or accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 or an integral multiple of $1,000 in excess thereof; 
 (f) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to
the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

(g) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
his election to have such Note purchased; 
 (h) that, if the aggregate principal amount of Notes and other pari passu
Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Trustee, after consultation with the Company, will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the principal
amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of $2,000, or an integral multiple of $1,000 in excess thereof, will be
purchased); and 
 (i) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount
to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 

  
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 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment,
on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The
Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by
such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or cause to be transferred by book entry) such new
Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results
of the Asset Sale Offer on the Purchase Date. 
 Other than as specifically provided in this Section 3.09, any purchase
pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.10
Redemption for Changes in Taxes 
 Unless the Old Endo Merger has occurred, the Issuer may redeem the Notes, in whole but
not in part, at its discretion at any time upon giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest to, but not including, the
date of redemption (a “Tax Redemption Date”) (subject to the right of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date if the Notes have not been redeemed prior to such
date), if on the next date on which any amount would be payable in respect of the Notes, the Issuer is or would be required to pay Additional Amounts, and the Issuer cannot avoid any such payment obligation by taking reasonable measures available
(including, for the avoidance of doubt, the appointment of a new Paying Agent), and the requirement arises as a result of: 
 (a)
any change in, or amendment to, the laws or treaties (or any regulations, or rulings promulgated thereunder) of the relevant Tax Jurisdiction affecting taxation which change or amendment has not been publicly announced as formally proposed before
and becomes effective on or after the Issue Date (or if the relevant Tax Jurisdiction has changed since the Issue Date, on or after the date on which the then current Tax Jurisdiction became the applicable Tax Jurisdiction under the Indenture); or

 (b) any change in, or amendment to, the existing official published position regarding the application, administration or
interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction or a change in published practice), which change or amendment has not been publicly announced as formally proposed
before and becomes effective on or after the Issue Date (or if the relevant Tax Jurisdiction has changed since the Issue Date, on or after the date on which the then current Tax Jurisdiction became the applicable Tax Jurisdiction under the
Indenture). 
 The Issuer will not give any such notice of redemption earlier than 60 days prior to the earliest date on which
the Issuer would be obligated to make such payment or withholding if a payment in respect of the Notes were then due and at the time such notice is given, the obligation to pay Additional Amounts must remain in effect. Prior to the mailing of any
notice of redemption of the Notes pursuant to the foregoing, the Issuer will deliver to the trustee an opinion of independent tax counsel (which counsel shall be reasonably acceptable to the trustee) to the effect that there has been such change or
amendment which would entitle the Issuer to redeem the Notes hereunder. In addition, before the Issuer mails notice of redemption of the Notes as described herein, it will deliver to the trustee an Officers’ Certificate to the effect that it
cannot avoid its obligation to pay Additional Amounts by the Issuer taking reasonable measures available to it. 

  
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 The Trustee will accept and shall be entitled to conclusively rely on such Officers’
Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction of the conditions as described above, in which event it will be conclusive and binding on all of the Holders. 

For the avoidance of doubt, the implementation of European Council Directive 2003/48/EC on any other directive implementing the
conclusions of the ECOFIN Council meeting of 26 and 27 November 2000 on the taxation of savings income or any law implementing or complying with or introduced in order to conform to, such directive will not be a change or amendment for such
purposes. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01 Payment of Notes. 

The Issuer will pay or cause to be paid the principal of, premium on, if any, and interest on, the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary thereof, holds as of 10:00 a.m. (New York City Time) on the due date money
deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then due. 
 The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1% higher than the then applicable interest rate on the
Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace period), at the same rate to the
extent lawful. 
 Section 4.02 Maintenance of Office or Agency. 

The Issuer will maintain in each Place of Payment for Notes an office or agency where Notes may be presented or surrendered for payment,
where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of
the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices
and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for
any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to maintain an office or agency in each Place of
Payment for Notes for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with
Section 2.03 hereof. 

  
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 Section 4.03 Reports. 
 (a) Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will provide the Trustee with such annual and quarterly
reports and such information, documents and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such information, documents and reports to be so
provided at the times specified for the filing of such information, documents and reports under such Sections. During the Escrow Period, the Company shall be permitted to satisfy its obligations in this Section 4.03 by furnishing annual and
quarterly reports prepared by Endo. During the Paladin Period, the Company shall be permitted to satisfy its obligations in this Section 4.03 by furnishing annual and quarterly reports prepared by the Parent, so long as, to the extent there are
in the Company’s reasonable judgment material differences between the information relating to the Parent, on the one hand, and the information relating to the Company and the Restricted Subsidiaries, on the other hand, such differences and
financial discrepancies are reasonably detailed in such report. The Company will not be required to provide the Trustee with any such information, documents or reports that are filed with the SEC and the Trustee shall have no responsibility
whatsoever to determine if such reports and information have been filed with the SEC. 
 (b) Notwithstanding anything herein to
the contrary, in the event that the Company fails to comply with its obligation to file or provide such information, documents and reports as required hereunder, the Company will be deemed to have cured such Default for purposes of
Section 6.01(4) hereof upon the provision of all such information, documents and reports required hereunder prior to the expiration of 60 days after written notice to the Company of such failure from the Trustee or the Holders of at least
25% of the principal amount of the Notes. 
 (c) For so long as any Restricted Notes are outstanding the Company agrees that, in
order to render such Restricted Notes eligible for resale pursuant to Rule 144A under the Securities Act, it will make available, upon request, to any Holder of Restricted Notes or prospective purchasers of Restricted Notes the information specified
in Rule 144A(d)(4), unless the Company furnishes such information to the SEC pursuant to Section 13 or 15(d) of the Exchange Act. 
 (d) Delivery of such reports, information and documents under this Section 4.03, as well as any such reports, information and documents pursuant to this Indenture, to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). The Trustee shall have no responsibility or liability for the filing, timeliness or content of any report required under this Section 4.03 or
any other reports, information and documents required under this Indenture (aside from any report that is expressly the responsibility of the Trustee subject to the terms hereof). 
 Section 4.04 Compliance Certificate. 
 (a) The Company shall
deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his
or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or,
if a Default or Event of Default has occurred, describing 

  
 59 

 
all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her
knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of, premium on, if any, or interest on, the Notes is prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto. 
 (b) So long as any of the Notes are outstanding, the
Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take
with respect thereto. 
 Section 4.05 Taxes.  
 The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by
appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06 Stay, Extension and Usury Laws. 
 The Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or
advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that it may lawfully
do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law has been enacted. 
 Section 4.07 Restricted Payments. 

(a) The Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly: 

(1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of the
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of the Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of the Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or
distributions payable to the Company or a Restricted Subsidiary); 
 (2) purchase, redeem or otherwise acquire or
retire for value, directly or indirectly, (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company; 

(3) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for
value any Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding any intercompany Indebtedness between or among the Company and any of the Restricted Subsidiaries), except a
payment of principal at, or within 365 days of, the Stated Maturity thereof; or 

  
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 (4) make any Restricted Investment 

(all such payments and other actions set forth in these clauses (1) through (4) above being collectively
referred to as “Restricted Payments”), unless: 
  

	 	(i)	at the time of such Restricted Payment no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

  

	 	(ii)	immediately after giving effect to such Restricted Payment, on a pro forma basis as if such Restricted Payment had been made at the beginning of the applicable
four-quarter period, the Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a); and 

 

	 	(iii)	such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and the Restricted Subsidiaries since the Issue Date
(including Restricted Payments permitted by Section 4.07(b)(1), but excluding all other Restricted Payments permitted by Section 4.07(b)), is less than the sum, without duplication, of: 

(A) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the first day
of the first fiscal quarter following the fiscal quarter in which the Issue Date occurs to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment
(or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus  

(B) 100% of the aggregate Net Cash Proceeds received by the Company since the Issue Date as a contribution to its common
equity capital or from the issue or sale of Qualifying Equity Interests of the Company or from the issue or sale of convertible or exchangeable Disqualified Stock of the Company or convertible or exchangeable debt securities of the Company, in each
case that have been converted into or exchanged for Qualifying Equity Interests of the Company (other than Qualifying Equity Interests and convertible or exchangeable Disqualified Stock or debt securities sold to a Subsidiary of the Company);
plus 
 (C) 100% of the aggregate amount received in cash and the Fair Market Value of property (other
than cash) and marketable securities received by the Company or a Restricted Subsidiary after the Issue Date by means of (i) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by
the Company or the Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Company or the Restricted Subsidiaries and repayments of loans or advances which constitute Restricted Investments of the Company or
the Restricted Subsidiaries, (ii) the sale (other than to the Company or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary and (iii) a distribution or dividend from an Unrestricted Subsidiary (other than in each
case to the extent such Investment constituted a Permitted Investment), in each case to the extent that such amounts were not otherwise included in the Consolidated Net Income of the Company for such period; plus  

  
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 (D) to the extent that any Restricted Investment that was made after the
Issue Date is made in an entity that subsequently becomes a Restricted Subsidiary, the initial amount of such Restricted Investment (or, if less, the amount of cash received upon repayment or sale); plus 

(E) to the extent that any Unrestricted Subsidiary designated as such after the Issue Date is redesignated as a Restricted
Subsidiary after the Issue Date, the lesser of (i) the Fair Market Value of the Restricted Investment in such Subsidiary as of the date of such redesignation or (ii) the aggregate amount of the Restricted Investments in such Subsidiary to
the extent such Restricted Investments reduced the amount available under this clause (iii) and were not previously repaid or otherwise reduced; plus 

(F) $668.8 million. 
 (b) Section 4.07(a) will not prohibit: 
 (1) the payment of
any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption
payment would have complied with the provisions of this Indenture; 
 (2) the making of any Restricted Payment in
exchange for, or out of or with the Net Cash Proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent
contribution of common equity capital to the Company; provided, that the amount of any such Net Cash Proceeds that are utilized for any such Restricted Payment will not be considered to be Net Cash Proceeds of Qualifying Equity Interests for
purposes of Section 4.07(a)(iii)(B) and will not be considered to be net cash proceeds from an Equity Offering for purposes of Section 3.07; 
 (3) the payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted Subsidiary of the Company to the holders of its Equity Interests
on a pro rata basis; 
 (4) the repurchase, redemption, defeasance or other acquisition or retirement for
value of Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee with the Net Cash Proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 

(5) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company, any
Restricted Subsidiary or the Company’s direct or indirect parent companies held by any current or former officer, director or employee of the Company or any of the Restricted Subsidiaries pursuant to any equity subscription agreement, stock
option agreement, shareholders’ agreement or similar agreement; provided, that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $25.0 million in any calendar year (with any
unused amount in any calendar year being carried forward and available in the next succeeding year); provided, further, that such amount in any twelve-month period may be increased by an amount not to exceed: 

  
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 (a) the Net Cash Proceeds from the sale of Qualifying Equity Interests of
the Company and, to the extent contributed to the Company as common equity capital, the Net Cash Proceeds from the sale of Qualifying Equity Interests of any of the Company’s direct or indirect parent companies, in each case to members of
management, directors or consultants of the Company, any of its Subsidiaries or any of its direct or indirect parent companies that occurs after the Issue Date to the extent the Net Cash Proceeds from the sale of Qualifying Equity Interests have not
otherwise been applied to the making of Restricted Payments pursuant to Section 4.07(a)(iii) or Section 4.07(b)(2) or to an optional redemption of Notes pursuant to Section 3.07; plus 

(b) the cash proceeds of key man life insurance policies received by the Company or the Restricted Subsidiaries after the
Issue Date; and 
 in addition, cancellation of Indebtedness owing to the Company from any current or former officer, director or
employee (or any permitted transferees thereof) of the Company or any of the Restricted Subsidiaries (or any direct or indirect parent company thereof), in connection with a repurchase of Equity Interests of the Company or the Company’s direct
or indirect parent companies from such Persons will not be deemed to constitute a Restricted Payment for purposes of this Section 4.07 or any other provisions of this Indenture); 

(6) the repurchase of Equity Interests of the Company or the Company’s direct or indirect parent companies
(i) deemed to occur upon the exercise of stock options to the extent such Equity Interests represent a portion of the exercise price of those stock options and (ii) upon the exercise of stock options in an equal or lesser amount to the
amount exercised in order to reduce the dilutive effects of such exercise (or a Restricted Payment to any of the Company’s direct or indirect parent companies in an amount sufficient to enable such company to repurchase any such Equity
Interests); 
 (7) so long as no Default or Event of Default has occurred and is continuing, the declaration and
payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Preferred Stock of any Restricted Subsidiary permitted to be issued on or after the date of this Indenture in accordance with the Fixed Charge
Coverage Ratio test described in Section 4.09(a) hereof; 
 (8) payments of cash, dividends, distributions,
advances or other Restricted Payments by the Company or any of the Restricted Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or other securities convertible
into or exercisable for Capital Stock of any such Person or (ii) the conversion or exchange of Capital Stock of any such Person (or a Restricted Payment to the Company’s direct or indirect parent company in an amount sufficient to enable
such company to make any such payments); 
 (9) payments of intercompany subordinated Indebtedness, the
Incurrence of which was permitted under Section 4.09(b)(6); 
 (10) the repurchase, redemption or other
acquisition or retirement for value of any Indebtedness (other than any Permitted Convertible Indebtedness Call Transaction) of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee pursuant to
provisions similar to Sections 4.10 and 4.14; provided, that, prior to consummating, or concurrently with, any such repurchase, the Issuer or the Company, as the case may be, has made any Change of Control Offer or Asset Sale Offer required
by this Indenture and has repurchased all Notes validly tendered for payment in connection with such offers; 

  
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 (11) the declaration or payment of cash dividends on the Company’s
common stock in an amount not to exceed $0.20 per share in any fiscal quarter (as adjusted so that the aggregate amount payable pursuant to this clause (11) is not increased or decreased solely as a result of any stock-split, stock dividend or
similar reclassification) plus the payment of pro rata dividends on shares subject to issuance pursuant to outstanding options (or a dividend or distribution to the Company’s direct or indirect parent company in an amount sufficient to
enable such company to declare or pay such cash dividends); 
 (12) the distribution, as a dividend or otherwise,
of Equity Interests of, or Indebtedness owed to the Company or a Restricted Subsidiary by, Unrestricted Subsidiaries (other than Investments in Capital Stock of or Indebtedness in Permitted Joint Ventures pursuant to clause (19)(b) of the
definition of “Permitted Investments”); 
 (13) the declaration and payment of dividends or
distributions to holders of any class or series of Preferred Stock (other than Disqualified Stock) of the Company or any of the Restricted Subsidiaries issued after the Issue Date; provided, that, immediately after giving pro forma effect to
the issuance of such Preferred Stock (assuming the payment of dividends thereon even if permitted to accrue under the terms thereof), the Company could Incur at least $1.00 of additional Indebtedness pursuant to Section 4.09(a); 

(14) the repurchase, redemption, defeasance or other retirement for value of any Permitted Convertible Indebtedness,
including any payments required in connection with a conversion of any Permitted Convertible Indebtedness; 

(15) payments or distributions made in Equity Interests (other than Disqualified Stock) of the Company or any of its
direct or indirect parent companies; 
 (16) payments made in connection with (including, without limitation,
purchases of) any Permitted Bond Hedge Transaction; 
 (17) payments made (A) to exercise or settle any
Permitted Warrant Transaction (a) by delivery of common stock of the Company or any of its direct or indirect parent companies, (b) by set-off against the related Permitted Bond Hedge Transaction or (c) with cash payments in an
aggregate amount not to exceed the aggregate amount of any payments received by the Company or any of the Restricted Subsidiaries pursuant to the exercise or settlement of any related Permitted Bond Hedge Transaction, or (B) to terminate any
Permitted Warrant Transaction; 
 (18) during the Paladin Period, Restricted Payments to the Parent after the
Issue Date (i) to pay its operating expenses attributable to its holding company status and ownership of the Company and its Subsidiaries, plus any reasonable and customary indemnification claims made by directors, officers or employees of
Parent, (ii) to pay its franchise taxes and other taxes imposed on or otherwise payable by it, (iii) to pay, or to allow Parent to pay customary fees and expenses related to any equity offering by Parent, or offering or debt issuance, in
each case whether or not successful, (iv) the proceeds of which are applied to the purchase or other acquisition by Parent all or substantially all of the property and assets or business of any Person, or of assets constituting a business unit,
a line of business or division of such Person, or of all of the Equity Interests in a Person or to finance any Permitted Investment as if such Investment 

  
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were made by the Company or any Restricted Subsidiary; provided, that (A) such Restricted Payment shall be made substantially concurrently with the closing of such purchase, other
acquisition or other Investment and (B) Parent shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) and any liabilities assumed to be contributed to the Company or any
Restricted Subsidiary or (2) the merger into a Restricted Subsidiary of the Person formed or acquired in order to consummate such purchase, other acquisition or other Investment, (v) to pay customary salary, bonus and other benefits
payable to directors, managers, officers and employees of Parent to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and the Restricted Subsidiaries and (vi) to allow Parent to
pay other actual expenses incidental to being a public company; provided that any Restricted Payments made pursuant to this clause (18) shall be treated as if the same were operating expenses incurred directly by the Company for purposes of all
determinations of Consolidated Net Income and Consolidated Adjusted EBITDA hereunder (notwithstanding any contrary treatment under GAAP); 
 (19) Restricted Payments made in connection with the Paladin Acquisition, the Old Endo Merger and the Paladin Merger; 

(20) so long as no Default or Event of Default has occurred and is continuing, other Restricted Payments in an aggregate
amount not to exceed the greater of $550.0 million or 7.5% of Total Assets since the Issue Date; 
 (21)
Restricted Payments made during the Escrow Period in connection with the transactions contemplated by the Arrangement Agreement; 
 (22) Restricted Payments in connection with the compensation and indemnification of officers and directors of the Company, any of its Subsidiaries and any of the Company’s direct or indirect parent
companies of taxes owed by such officers and directors as a result of the restructurings contemplated by the Arrangement Agreement; and 
 (23) any transfer, assignment or conveyance of a Permitted Convertible Indebtedness Call Transaction, provided that the transferee guarantees the obligations of the transferor under the related
Convertible Senior Subordinated Notes. 
 (c) The amount of all Restricted Payments (or transfer or issuance that would
constitute Restricted Payments but for the exclusions from the definition thereof) and Permitted Investments (other than cash) will be the Fair Market Value on the date of the transfer or issuance of the asset(s) or securities proposed to be
transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment (or transfer or issuance that would constitute a Restricted Payment but for the exclusions from the definition thereof) or
Permitted Investment. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company will not, and will not permit any of the Restricted Subsidiaries, to create or permit to exist or become effective any
consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or
make any other distributions on its Capital Stock to the Company or any of the Restricted Subsidiaries or pay any indebtedness owed to the Company or any of the Restricted Subsidiaries; 

  
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 (2) make loans or advances to the Company or any of the Restricted
Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of the
Restricted Subsidiaries. 
 (b) The restrictions in Section 4.08(a) will not apply to encumbrances or restrictions existing
under or by reason of: 
 (1) agreements in effect at or entered into on the Issue Date; 

(2) this Indenture, the Notes and the Note Guarantees; 

(3) agreements governing other Indebtedness permitted to be incurred under Section 4.09, provided, that,
except with respect to any such Incurrence of Indebtedness under the Credit Agreement, in the judgment of the Company, such incurrence will not materially impair the Company’s ability to make payments under the Notes when due (as determined in
good faith by senior management or the Board of Directors of the Company); 
 (4) applicable law, rule,
regulation or order; 
 (5) any instrument governing Indebtedness or Capital Stock of a Person acquired by the
Company or any of the Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided, that, in the case of Indebtedness, such Indebtedness was permitted
by the terms of this Indenture to be incurred; 
 (6) customary non-assignment provisions in contracts and
licenses entered into in the ordinary course of business; 
 (7) Capital Lease Obligations, any agreement
governing Purchase Money Indebtedness, security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the transfer of the property subject to such Capital Lease Obligations,
Purchase Money Indebtedness, security agreements or mortgages; 
 (8) any agreement in connection with the sale
or disposition of all or substantially all the Capital Stock or assets of a Restricted Subsidiary that imposes such encumbrance or restriction pending the closing of such sale or disposition; 

(9) Permitted Refinancing Indebtedness; provided, that the restrictions contained in the agreements governing such
Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(10) Liens permitted to be incurred under Section 4.12 that limit the right of the debtor to dispose of the assets
subject to such Liens; 

  
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 (11) provisions limiting the disposition or distribution of assets or
property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted Investment), which limitation is applicable
only to the assets that are the subject of such agreements; 
 (12) prohibitions, restrictions or conditions on
cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
 (13) any agreement relating to any Indebtedness Incurred by a Restricted Subsidiary on or prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness
Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or
was acquired by the Company) and outstanding on such date; 
 (14) customary provisions contained in leases,
sub-leases, licenses, sub-licenses or similar agreements, including with respect to intellectual property, and other agreements, in each case, entered into in the ordinary course of business; 

(15) customary non-assignment provisions in leases governing leasehold interests to the extent such provisions restrict
the transfer of the lease or the property leased thereunder; 
 (16) any amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing of an agreement or arrangement referred to in clauses (1) through (15) above and clauses (17) through (19) below of this Section 4.08(b); provided,
however, that such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is not materially more restrictive, as reasonably determined by the Company, with respect to such encumbrances and
other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing; 

(17) agreements in connection with the Old Endo Merger, the Paladin Merger and the Paladin Acquisition; 

(18) any encumbrance or restriction existing under or by reason of contractual requirements in connection with a Qualified
Receivables Transaction; and 
 (19) any encumbrance or restriction arising in connection with the compensation
and indemnification of officers and directors of the Company, any of its Subsidiaries and any of the Company’s direct or indirect parent companies of taxes owed by such officers and directors as a result of the restructurings contemplated by
the Arrangement Agreement. 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a) The Company will not, and will not permit any Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness, and the
Company will not issue any Disqualified Stock and will not permit any of the Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company will be entitled to Incur Indebtedness or issue
Disqualified Stock and any Restricted Subsidiary will be entitled to Incur Indebtedness or issue Preferred Stock if, on the date of such Incurrence or issuance and after giving effect thereto on a pro forma basis, the Fixed Charge Coverage
Ratio would be at least 2.0 to 1.0. 

  
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 (b) Notwithstanding Section 4.09(a), the Company and the Restricted Subsidiaries will
be entitled to Incur any or all of the following Indebtedness (collectively, “Permitted Debt”): 

(1) Indebtedness Incurred pursuant to the Credit Agreement; provided, however, that, immediately after
giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then outstanding does not exceed $3.4 billion; provided, that the Company or the Restricted Subsidiaries can
Incur additional Secured Indebtedness under this clause (1) if, after giving pro forma effect to such Incurrence, the Consolidated Senior Secured Debt Ratio would be no greater than 3.5 to 1.0; 

(2) Indebtedness owed to and held by the Company or a Restricted Subsidiary; provided, however, that
(i) any subsequent issuance or transfer of any Capital Stock that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary and (ii) any subsequent transfer of such Indebtedness (other than
to the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon that was not permitted by this clause (2); 

(3) the Notes (including any Note Guarantee but excluding any Additional Notes); 

(4) Indebtedness that is, or would have been, outstanding on the Issue Date, assuming that either the Paladin Merger or
the Old Endo Merger had occurred (other than Indebtedness described in clause (1), (2) or (3) of this Section 4.09(b)); 
 (5) Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Subsidiary was acquired by the Company (other than Indebtedness Incurred in connection with, or
to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary or was acquired by the Company); provided,
however, that on the date of such acquisition and after giving effect thereto on a pro forma basis, either (i) the Company would be entitled to Incur at least $1.00 of additional Indebtedness pursuant to the first paragraph of this
covenant or (ii) the Fixed Charge Coverage Ratio (A) would be at least 1.75 to 1.0 and (B) would be greater than such Fixed Charge Coverage Ratio immediately prior to such acquisition; 

(6) Permitted Refinancing Indebtedness in respect of Indebtedness Incurred pursuant to Section 4.09(a) or Sections
4.09(b)(3), (4), (5), (22) or this clause (6); 
 (7) Hedging Obligations directly related to Indebtedness
permitted to be Incurred by the Company and the Restricted Subsidiaries pursuant to this Indenture or entered into in the ordinary course of business and not for speculative purposes; 

(8) obligations in respect of worker’s compensation and self insurance and performance, bid, stay, customs, appeal,
replevin and surety bonds and performance and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
 (9) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft, credit card, purchase card or similar instrument drawn against insufficient funds in the ordinary
course of business or other cash management services in the ordinary course of business; provided, that (i) such Indebtedness (other than credit or purchase cards) is extinguished within ten business days of notification to the Company
of its incurrence and (ii) such Indebtedness in respect of credit or purchase cards is extinguished within 60 days from its Incurrence; 

  
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 (10) Indebtedness consisting of any Guarantee by (i) the Company or a
Guarantor of Indebtedness or other Obligations of the Company or any of the Restricted Subsidiaries, (ii) a Foreign Subsidiary of Indebtedness or other Obligations of another Foreign Subsidiary or (iii) a Non-Guarantor Subsidiary of
Indebtedness or other Obligations of another Non-Guarantor Subsidiary, in each case so long as the Incurrence of such guaranteed Indebtedness or other obligations by the Company or such Restricted Subsidiary is permitted under the terms of this
Indenture; provided, that, if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness
guaranteed; 
 (11)(i) Capital Lease Obligations and (ii) Attributable Debt, and Permitted Refinancing
Indebtedness in respect thereof, in an aggregate principal amount on the date of Incurrence that, when taken together with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (11), does not exceed the
greater of $175.0 million or 2.5% of Total Assets; 
 (12) Indebtedness of Non-Guarantor Subsidiaries and Foreign
Subsidiaries in an aggregate principal amount on the date of Incurrence that, when taken together with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (12), does not exceed the greater of $350.0
million or 5.0% of Total Assets; 
 (13) Indebtedness Incurred after the Issue Date in respect of Purchase Money
Indebtedness and Permitted Refinancing Indebtedness in respect thereof, in an aggregate principal amount on the date of Incurrence that, when taken together with the principal amount of all other Indebtedness then outstanding and Incurred pursuant
to this clause (13), does not exceed the greater of $250.0 million or 3.0% of Total Assets; 
 (14) Indebtedness
of the Company or any of the Restricted Subsidiaries consisting of (i) the financing of insurance premiums with the providers of such insurance or their affiliates or (ii) take-or-pay obligations contained in supply agreements, in each
case, in the ordinary course of business; 
 (15) Indebtedness of the Company or any of the Restricted
Subsidiaries supported by a letter of credit issued pursuant to the Credit Agreement in a principal amount not in excess of the stated amount of such letter of credit; 

(16) Indebtedness in an aggregate amount not to exceed the foreign currency equivalent of the greater of $150.0 million or
2.5% of Total Assets in respect of letters of credit denominated in currencies other than U.S. dollars; 
 (17)
Foreign Jurisdiction Deposits; 
 (18) Indebtedness consisting of guarantees of indebtedness or other obligations
of joint ventures permitted under clause (19)(a) of the definition of “Permitted Investments;” 

(19) Indebtedness Incurred in connection with judgments, decrees, attachments or awards that do not constitute an Event of
Default under Section 6.01(6); 

  
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 (20) Indebtedness in the form of (i) guarantees of loans and advances
to officers, directors, consultants and employees, in an aggregate amount not to exceed $20.0 million at any one time outstanding, and (ii) reimbursements owed to officers, directors, consultants and employees of the Company, any of its
Subsidiaries or the Company’s direct or indirect parent companies; 
 (21) Indebtedness consisting of
obligations to make payments to current or former officers, directors and employees of the Company, any of its Subsidiaries or the Company’s direct or indirect parent companies, their respective estates, spouses or former spouses with respect
to the cancellation, purchase or redemption of Equity Interests of the Company, any of its Subsidiaries, or any of the Company’s direct or indirect parent companies to the extent permitted under Section 4.07(b)(5); 

(22) Indebtedness of the Company or a Guarantor incurred in connection with or in contemplation of, or to provide all or
any portion of the funds or credit support utilized to consummate, the acquisition by the Company or such Guarantor of property used or useful in a Permitted Business (including a Product) (whether through the direct purchase of assets or the
purchase of Capital Stock of, or merger or consolidation with, any Person owning such assets); provided, however, on the date of such Incurrence and after giving effect thereto on a pro forma basis, the Fixed Charge Coverage
Ratio (A) would be at least 1.75 to 1.0 and (B) would be greater than such Fixed Charge Coverage Ratio immediately prior to such Incurrence; 
 (23) Non-Recourse Debt; provided, however, that the aggregate principal amount of any such Indebtedness, when taken together with all other Indebtedness Incurred pursuant to this clause
(23) and then outstanding, does not exceed the greater of $175.0 million or 2.5% of Total Assets; 
 (24)
Indebtedness consisting of obligations under any Permitted Convertible Indebtedness Call Transaction; 
 (25)
Indebtedness of the Company or of any of the Restricted Subsidiaries in an aggregate principal amount on the date of Incurrence that, when taken together with all other Indebtedness of the Company and the Restricted Subsidiaries then outstanding and
Incurred pursuant to this clause (25), does not exceed the greater of $400.0 million or 5.0% of Total Assets; and 
 (26) Indebtedness Incurred in a Qualified Receivables Transaction that is not recourse to the Company or any Restricted Subsidiary (except for Standard Securitization Undertakings or a Restricted
Subsidiary whose principal assets are the receivables, leases or other assets that are the subject of a Qualified Receivables Transaction). 
 (c) For purposes of determining compliance with this Section 4.09: 
 (1) all Indebtedness outstanding under the Credit Agreement on the Issue Date, the date of the Old Endo Merger and/or the date of the Paladin Merger will be treated as Incurred under clause (1) of
the immediately preceding paragraph; 
 (2) in the event that an item of Indebtedness (or any portion thereof)
meets the criteria of more than one of the types of Indebtedness described in Section 4.09, the Company, in its sole discretion, will classify such item of Indebtedness (or any portion thereof) at the time of Incurrence and will only be
required to include the amount and type of such Indebtedness in one 

  
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of the clauses of Section 4.09(b) (provided, that any Indebtedness originally classified as Incurred pursuant to any of clauses (2) through (26) of Section 4.09(b) may
later be reclassified as having been Incurred pursuant to Section 4.09(a) or any other of clauses (2) through (26) of Section 4.09(b) to the extent that such reclassified Indebtedness could be Incurred pursuant to
Section 4.09(a) or one of clauses (2) through (26) of Section 4.09(b), as the case may be, if it were Incurred at the time of such reclassification); 

(3) the Company will be entitled to divide and classify an item of Indebtedness in more than one of the types of
Indebtedness described in Section 4.09; and 
 (4) with respect to Indebtedness permitted under
Section 4.09(b)(4) in respect of Sale Leaseback Transactions that are not Capital Lease Obligations on the Issue Date, any reclassification of such Sale Leaseback Transactions as Capital Lease Obligations shall not be deemed an Incurrence of
Indebtedness for purposes of this covenant. 
 (d) For purposes of determining compliance with any U.S. dollar-denominated
restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was
incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided, that, if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause
the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar denominated restriction shall be deemed not to have been exceeded so
long as the principal amount of such Permitted Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being Refinanced. 
 (e) The principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be calculated based on the currency
exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such Refinancing. 
 (f) The Company will not, and will not permit any Guarantor to, directly or indirectly incur any Indebtedness (including Permitted Indebtedness) that is subordinated or junior in right of payment to any
Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated in right of payment to the Notes or the applicable Note Guarantee to the extent and in the same manner as such Indebtedness is
subordinated to other Indebtedness of the Company or such Guarantor, as the case may be; provided, that (i) unsecured Indebtedness shall not be treated as subordinated or junior to any other Indebtedness merely because it is unsecured
and (ii) Indebtedness shall not be treated as subordinated or junior in right of payment to other Indebtedness merely because such Indebtedness has a junior priority with respect to any collateral. 

Section 4.10 Asset Sales. 
 (a) The Company will not, and will not permit any of the Restricted Subsidiaries to, consummate an Asset Sale unless: 

(1) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or shares of Capital Stock of a Restricted Subsidiary issued or sold or otherwise disposed of; and 

  
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 (2) at least 75% of the consideration received in the Asset Sale by the
Company or such Restricted Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to be cash: 

(A) any liabilities, as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet or in
the footnotes thereto, of the Company or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee) (i) that are assumed by the transferee of any such assets and for which the
Company or such Restricted Subsidiary, as the case may be, have been released or indemnified against further liability or (ii) in respect of which neither the Company nor any Restricted Subsidiary following such Asset Sale has any obligation;

 (B) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from
such transferee that are converted by the Company or such Restricted Subsidiary within 365 days into cash, to the extent of the cash received in that conversion; 

(C) any Designated Noncash Consideration having an aggregate Fair Market Value that, when taken together with all other
Designated Noncash Consideration previously received and then outstanding, does not exceed at the time of the receipt of such Designated Noncash Consideration (with the Fair Market Value of each item of Designated Noncash Consideration being
measured at the time received and without giving effect to subsequent changes in value) the greater of $200.0 million or 2.0% of Total Assets; and 
 (D) any Investment, stock, asset, property or capital expenditure of the kind referred to in Section 4.10(b)(3). 
 (b) Within one year from the later of the date of an Asset Sale or the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the case may be) may apply
such Net Proceeds: 
 (1) to prepay, repay, redeem or purchase (i) Indebtedness and other Obligations that
are secured by a Lien or (ii) Indebtedness (other than any Disqualified Capital Stock) and other Obligations of a Non-Guarantor Subsidiary, and, in each case, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto; 
 (2) to prepay, repay, redeem or purchase Senior Indebtedness of the
Company or any Guarantor; provided, that, the Company shall (y) apply a pro rata portion (determined and as modified based on the provisions set forth below) of such Net Proceeds to redeem or repurchase the Notes (i) as described in
Section 3.07 or (ii) through open market purchases at a purchase price not less than 100% of the principal amount thereof, plus accrued but unpaid interest thereon, or (z) make an offer (in accordance with the procedures set forth
below) to all holders to purchase their Notes at a purchase price not less than 100% of the principal amount thereof, plus accrued but unpaid interest thereon (in each case other than Indebtedness or other Obligations owed to the Company or an
Affiliate of the Company); or 
 (3) to make an Investment in any one or more businesses (provided that if such
Investment is in the form of the acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), to acquire assets or property or to make capital expenditures, in each case (i) used or useful
in a Permitted Business or (ii) that replace the properties and assets that are the subject of such Asset Sale; 

  
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 provided, that in the case of Section 4.10(b)(3), entering into and not abandoning or rejecting
a binding commitment to make an investment to satisfy Section 4.10(b)(3) above shall be treated as a permitted application of Net Proceeds from the date of such commitment; provided, that (x) such investment is consummated within
545 days after the later of the receipt of such Net Proceeds or the date of such Asset Sale and (y) if such investment is not consummated within the period set forth in subclause (x), or otherwise applied as set forth in Section 4.10(b)
(1) or (2), the Net Proceeds not so applied will be deemed to constitute Excess Proceeds under Section 4.10(d). 
 (c)
Pending the final application of any Net Proceeds, the Company (or the applicable Restricted Subsidiary) may temporarily reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture.

 (d) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds the greater of $150.0 million or 1.5% of Total Assets, within 30 days thereof, the Company will make an offer (an “Asset Sale Offer”) to all
Holders of Notes and all holders of other Senior Indebtedness containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets to purchase, prepay or redeem
the maximum principal amount of Notes and such other Senior Indebtedness (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith) that may be purchased, prepaid or
redeemed out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount (or accreted value, if less, or such lesser amount as may be provided by the terms of such other Senior Indebtedness), plus
accrued and unpaid interest to the date of purchase, prepayment or redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date if the Notes have not been redeemed or
repurchased prior to such date), and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the
aggregate principal amount of Notes and other Senior Indebtedness tendered in (or required to be prepaid or redeemed in connection with) such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and such other
Senior Indebtedness to be purchased on a pro rata basis, based on the amounts tendered or required to be prepaid or redeemed (with such adjustments as may be deemed appropriate by the Issuer so that only Notes in denominations of $2,000, or
an integral multiple of $1,000 in excess thereof, will be purchased). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. The Company may satisfy the foregoing obligations with respect to any Net Proceeds
prior to the expiration of the relevant one year period or with respect to Excess Proceeds of $150.0 million or less. 
 (e) The
Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to
an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with Section 3.09 or this Section 4.10, the Company shall comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under Section 3.09 or this Section 4.10 by virtue of such compliance. 
 (f)
The provisions under this Indenture relative to the Company’s obligation to make an Asset Sale Offer may be waived or modified with the consent of the holders of a majority in principal amount of the notes. 

  
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 Section 4.11 Transactions with Affiliates. 

(a) The Company will not, and will not permit any of the Restricted Subsidiaries to, make any payment to or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, or advance with or guarantee for the benefit of, any
Affiliate of the Company (each, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $10.0 million, unless: 
 (1) the Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (2) the Company delivers to the
Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration in excess of $50.0 million, a resolution adopted by the majority of the Board of Directors of the Company
approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction has been approved by a majority of the Board of Directors of the Company and complies with Section 4.11(a)(1).

 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to
Section 4.11(a): 
 (1) any employment or consulting agreement, incentive agreement, employee benefit plan,
severance agreement, officer or director indemnification agreement or any similar arrangement entered into by the Company or any of the Restricted Subsidiaries in the ordinary course of business or approved by the Board of Directors of the Company
and payments pursuant thereto; 
 (2) transactions between or among the Company and/or the Restricted
Subsidiaries; 
 (3) transactions with any Person that is an Affiliate of the Company solely because the Company
owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; provided, that any Person that is jointly controlled by the Company and the Parent or its officers, directors or employees shall for purposes
of this clause (3) be deemed to be “solely controlled” by the Company; 
 (4) payment of
reasonable fees or other reasonable compensation to, provision of customary benefits or indemnification agreements to, and the reimbursements of expenses (pursuant to indemnity arrangements or otherwise) of officers, directors, employees or
consultants of the Company, any of the Restricted Subsidiaries or any of the Company’s direct or indirect parent companies; 
 (5) any issuance of Equity Interests (other than Disqualified Stock) of the Company; 
 (6) Restricted Payments (or transfers or issuances that would constitute Restricted Payments but for the exclusions from the definition thereof) that do not violate Section 4.07 hereof and Permitted
Investments; 

  
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 (7) loans or advances to employees of the Company, any of its Subsidiaries
or any of the Company’s direct or indirect parent companies in the ordinary course of business of the Company or the Restricted Subsidiaries not to exceed $50.0 million in the aggregate at any one time outstanding; 

(8) any agreement as in effect on the Issue Date and described in the Offering Memorandum (or described in a document
incorporated by reference in the Offering Memorandum as of the original Issue Date) or any renewals or extensions of any such agreement (so long as such renewals or extensions are not less favorable in any material respect to the Company or the
Restricted Subsidiaries) and the transactions evidenced thereby; 
 (9) transactions in which the Company or any
Restricted Subsidiary, as the case may be, delivers to the trustee a letter from an accounting, appraisal or investment banking firm of national standing stating that such transaction meets the requirements of Section 4.11(a)(1); 

(10) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms hereof which are fair to the Company and the Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Company or the senior management thereof,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party (as determined by the Board of Directors of the Company or the senior management thereof in good faith); 

(11) transactions in the ordinary course with (i) Unrestricted Subsidiaries or (ii) joint ventures in which the
Company or a Subsidiary of the Company holds or acquires an ownership interest (whether by way of Capital Stock or otherwise) so long as the terms of any such transactions are no less favorable to the Company or any Subsidiary participating in such
joint ventures than they are to other joint venture partners; 
 (12) the existence of, or the performance by the
Company or any of the Restricted Subsidiaries of its obligations under the terms of, any limited liability company agreement, limited partnership or other organizational documents or stockholders agreement (including any registration rights
agreement or purchase agreement related thereto) to which it is a party as of the Issue Date and any similar agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by the Company or any
Restricted Subsidiary of obligations under any future amendment to any such existing agreement or under any similar agreement entered into after such date shall only be permitted by this clause (12) to the extent that the terms of any such
amendment or new agreement, taken as a whole, is no less favorable to the Company and the Restricted Subsidiaries than the agreement in effect on the Issue Date (as determined by the Board of Directors of the Company or the senior management thereof
in good faith); 
 (13) the provision of services to directors or officers of the Company, any of the Restricted
Subsidiaries or any of the Company’s direct or indirect parent companies of the nature provided by the Company or any of the Restricted Subsidiaries to customers in the ordinary course of business; 

(14) transactions undertaken in good faith for the purpose of improving the consolidated tax efficiency of the Company,
its Subsidiaries or the Company’s direct or indirect parent companies; 

  
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 (15) any Incurrence of Indebtedness permitted by Section 4.09; and

 (16) transactions contemplated by the Old Endo Merger, the Paladin Merger and the Paladin Acquisition.

 Section 4.12 Liens. 
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of
its properties (including Capital Stock of a Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than Permitted Liens, without effectively providing that the Notes shall be secured equally
and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. 
 Any Lien created
for the benefit of the Holders of the Notes pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien.

 Section 4.13 Corporate Existence. 
 Subject to Article 5 hereof, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation. 

Section 4.14 Offer to Repurchase Upon Change of Control. 
 (a) If a Change of Control Repurchase Event occurs, each Holder of Notes will have the right to require the Issuer to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess thereof) of that Holder’s Notes pursuant to a Change of Control offer (a “Change of Control Offer”) on the terms set forth herein. In the Change of Control Offer, the Issuer will offer a Change of Control payment in cash
equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased to, but not including, the date of purchase (subject to the rights of Holders of Notes on the relevant record date to
receive interest due on the relevant interest payment date if the Notes have not been redeemed or repurchased prior to such date) (the “Change of Control Payment”). 

(b) Within 30 days following any Change of Control Repurchase Event, the Issuer will mail a notice to each Holder describing the
transaction or transactions that constitute the Change of Control Repurchase Event and stating: 
 (1) that the
Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);

 (3) that any Note not tendered will continue to accrue interest; 

(4) that, unless the Issuer defaults in the payment of the Change of Control Payment, any Notes accepted for payment
pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 

  
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 (5) that Holders electing to have any Notes purchased pursuant to a Change
of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the
notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of
business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is
withdrawing his election to have the Notes purchased; and 
 (7) that Holders whose Notes are being purchased
only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof.

 (c) The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.14, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.14 by virtue of such
compliance. 
 (d) On the Change of Control Payment Date, the Issuer will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes
properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred
by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Issuer will publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date. 
 (e) Notwithstanding anything to the contrary in this Section 4.14, the Issuer will not
be required to make a Change of Control Offer upon a Change of Control Repurchase Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Section 4.14 and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until there is a default in payment of
the applicable redemption price. 

  
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 Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be
made in advance of a Change of Control Repurchase Event, conditioned upon the consummation of such Change of Control Repurchase Event, if a definitive agreement is in place for the Change of Control Repurchase Event at the time the Change of Control
Offer is made. 
 (f) The provisions under this Indenture relative to the Issuer’s obligation to make a Change of Control
Offer may be waived or modified with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes. 

Section 4.15 No Amendment to Subordination Provisions. 
 During the Old Endo Period, without the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, the Company will not amend, modify or alter the
Convertible Senior Subordinated Notes Indenture in any way to: 
 (a) increase the rate of or change the time for payment
of interest on any Convertible Senior Subordinated Notes; 
 (b) increase the principal of, advance the final maturity date of
or shorten the Weighted Average Life to Maturity of any Convertible Senior Subordinated Notes; 
 (c) alter the redemption
provisions or the price or terms at which the Company is required to offer to purchase any Convertible Senior Subordinated Notes; or 
 (d) amend the provisions of Article 6 of the Convertible Senior Subordinated Notes Indenture (which relate to subordination). 
 Section 4.16 Limitation on Sale Leaseback Transactions. 
 The Company
will not, and will not permit any of the Restricted Subsidiaries to, enter into any Sale Leaseback Transaction with respect to any asset; provided, that the Company or any Restricted Subsidiary may enter into a Sale Leaseback Transaction if:

 (a) the Company or that Restricted Subsidiary would be entitled to (i) Incur Indebtedness in an amount equal to the
Attributable Debt relating to such Sale Leaseback Transaction under Section 4.09(a) and (ii) create a Lien on such property securing such Attributable Debt without equally and ratably securing the Notes pursuant to Section 4.12;

 (b) the gross cash proceeds received by the Company or any Restricted Subsidiary in connection with such Sale Leaseback
Transaction are at least equal to the Fair Market Value of such property; and 
 (c) the Company applies the proceeds of such
transaction in compliance with Section 4.10 hereof. 
 Section 4.17 Payments for Consent. 

The Company will not, and will not permit any of the Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is paid to all Holders of the Notes
that so consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

  
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 Section 4.18 Additional Note Guarantees. 

During the Paladin Period, if any direct or indirect Subsidiary of the Company, Lux Holdco or Lux Finco that is not a Guarantor becomes a
guarantor or obligor in respect of any Triggering Indebtedness, within 10 business days of such event the Company will cause such Subsidiary to enter into a supplemental indenture pursuant to which such Subsidiary shall agree to Guarantee the
Issuer’s Obligations under the Notes, fully and unconditionally and on a senior basis. The form of such supplemental indenture is attached as Exhibit E hereto. 
 During the Old Endo Period, if any direct or indirect Subsidiary of the Company that is not a Guarantor becomes a guarantor or obligor in respect of any Triggering Indebtedness, within 10 business days of
such event the Company will cause such Subsidiary to enter into a supplemental indenture pursuant to which such Subsidiary shall agree to Guarantee the Issuer’s Obligations under the Notes, fully and unconditionally and on a senior basis. The
form of such supplemental indenture is attached as Exhibit E hereto. 
 The Company also may, at any time, cause a Subsidiary to
become a Guarantor by executing and delivering a supplemental indenture providing for the Guarantee of payment of the Notes by such Subsidiary on the basis provided above. 
 Section 4.19 Designation of Restricted and Unrestricted Subsidiaries. 

The Company may designate after the Issue Date any Subsidiary (including any newly acquired or newly formed Subsidiary) as an
“Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
 (a) no Default or Event
of Default has occurred and is continuing after giving effect to such Designation; 
 (b) the Subsidiary to be so designated and
its Subsidiaries do not at the time of Designation own any Capital Stock or Indebtedness of, or own or hold any Lien on any Property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary so designated;

 (c) the Subsidiary to be so designated and its Subsidiaries do not at the time of Designation have and do not thereafter
Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of the Restricted Subsidiaries; and 
 (d) either (x) the Subsidiary to be so designated has total consolidated assets of $1,000 or less or (y) if such Subsidiary has consolidated assets greater than $1,000, then such Designation
would be permitted under Section 4.07. 
 The Company may revoke any Designation of a Subsidiary as an Unrestricted
Subsidiary (a “Revocation”) only if, immediately after giving effect such Revocation: 
 (e)(x) the Company
could Incur at least $1.00 of additional Indebtedness under Section 4.09(a) or (y) the Fixed Charge Coverage Ratio would be greater than immediately prior to such Revocation, in each case on a pro forma basis taking into account
such Revocation; 
 (f) all Liens of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if
Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and 

  
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 (g) no Default or Event of Default has occurred and is continuing after giving effect to
such Revocation. 
 Each Designation and Revocation must be evidenced by promptly delivering to the Trustee a board resolution
of the Board of Directors of the Company giving effect to such Designation or Revocation, as the case may be, and an Officers’ Certificate certifying compliance with the preceding provisions. A Revocation will be deemed to be an Incurrence of
Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary. 
 Section 4.20 Fall Away
Event 
 In the event of the occurrence of a Fall Away Event (and notwithstanding the failure of the Company subsequently to
maintain an Investment Grade Rating): 
 (a) Sections 4.07, 4.08, 4.09, 410, 4.11, 4.16(a)(i), 4.16(c), 4.19 and 5.01(d) shall
each no longer be in effect for the remaining term of the applicable Notes; and 
 (b) Section 4.12 hereof shall be
replaced in its entirety with the following covenant: 
 “(a) The Company will not, and will not permit any
Material Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any Restricted Property securing any Indebtedness, other than Permitted Liens, without effectively providing
that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured for so long as such obligations are so secured. Any Lien created for the benefit of the Holders of the Notes pursuant to the preceding sentence shall
provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Initial Lien. 
 (b) Notwithstanding the restrictions described above, the Company and the Material Subsidiaries may, directly or indirectly, Incur or permit to exist any Lien that would otherwise be subject to the
restrictions set forth in the immediately preceding paragraph without effectively providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so secured if, at the time of such Incurrence or permission, after
giving effect thereto and to the retirement of any Secured Indebtedness which is concurrently being retired, the aggregate principal amount of outstanding Secured Indebtedness which would otherwise be subject to such restrictions (not including
Permitted Liens) plus all Attributable Debt of the Company and the Material Subsidiaries in respect of Sale Leaseback Transactions with respect to any Restricted Property, does not exceed 15% of Total Assets.” 

(c) the following definition shall be added to Section 1.01 in alphabetical order: 

“Restricted Property” means (a) any manufacturing facility (or portion thereof) owned or leased by
the Company or any Material Subsidiary and, only during the Old Endo Period, located within the continental United States, that, in the good faith opinion of the Company’s Board of Directors, is of material importance to the Company’s
business taken as a whole, but no such manufacturing facility (or portion thereof) shall be deemed of material importance if its gross book value of property, plant and equipment (before deducting accumulated depreciation) is less than 2% of the
Company’s Total Assets measured as of the end of the most recent quarter for which financial statements are available; or (b) any Capital Stock of any Material Subsidiary of the Company owning a manufacturing facility (or a portion
thereof) covered by clause (a). As used in this definition, “manufacturing facility” means property, plant and equipment used for 

  
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actual manufacturing and for activities directly related to manufacturing such as quality assurance, engineering, maintenance, staging areas for work in process administration, employees, eating
and comfort facilities and manufacturing administration, and it excludes sales offices, research facilities and facilities used only for warehousing, distribution or general administration. and “Material Subsidiary” means any
Subsidiary of the Company that constitutes more than 5% of the Company’s Total Assets”; and 
 (d) the definition of
“Permitted Liens” shall be replaced in its entirety with the following definition: 
 “Permitted
Liens” means: 
 (1) Liens existing on the Fall Away Date; 

(2) Liens in favor of the Company or a Subsidiary; 

(3) Liens on any property existing at the time of the acquisition thereof; 

(4) Liens on any property of a Person or its subsidiaries existing at the time such Person is consolidated with or merged
into the Company or a Subsidiary, or Liens on any property of a Person existing at the time such Person becomes a Material Subsidiary; 
 (5) Liens to secure all or part of the cost of acquisition (including Liens created as a result of an acquisition by way of Capital Lease Obligation), construction, development or improvement of the
underlying property, or to secure Indebtedness incurred to provide funds for any such purposes, provided, that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than 18 months
after the later of (A) the completion of the acquisition, construction, development or improvement of such property and (B) the placing in operation of such property or of such property as so constructed, developed or improved; 

(6) Liens securing industrial revenue, pollution control or similar bonds; and 

(7) any extension, renewal or replacement (including successive extensions, renewals and replacements), in whole or in
part, of any Lien referred to in any of clauses (1), (3), (4) or (5) that would not otherwise be permitted pursuant to any of clauses (1) through (6), to the extent that (A) the principal amount of Indebtedness secured thereby
and not otherwise permitted to be secured pursuant to any of clauses (1) through (6) does not exceed the principal amount of Indebtedness, plus any premium or fee payable in connection with any such extension, renewal or replacement, so
secured at the time of any such extension, renewal or replacement and (B) the property that is subject to the Lien serving as an extension, renewal or replacement is limited to some or all of the property that was subject to the Lien so
extended, renewed or replaced. 
 Section 4.21 Additional Amounts 

Unless the Old Endo Merger has occurred, all payments made by or on behalf of the Issuer or any of the Paladin Period Guarantors under or
with respect to the Notes or any Note Guarantee will be made free and clear of and without withholding or deduction for, or on account of, any present or future Taxes unless the withholding or deduction of such Taxes is then required by law. If any
deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in 

  
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which the Issuer or any Paladin Period Guarantor (including any successor entity), is then incorporated, engaged in business, organized or resident for tax purposes or any political subdivision
thereof or therein or (2) any jurisdiction from or through which payment is made by or on behalf of the Issuer or any Paladin Period Guarantor (including, without limitation, the jurisdiction of any Paying Agent) or any political subdivision
thereof or therein (each of (1) and (2), a “Tax Jurisdiction”), will at any time be required to be made from any payments under or with respect to the Notes or any Note Guarantee, including, without limitation, payments of
principal, redemption price, purchase price, interest or premium, the Issuer or the relevant Paladin Period Guarantor, as applicable, will pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the
net amounts received and retained in respect of such payments by each holder or beneficial owner of Notes after such withholding, deduction or imposition will equal the respective amounts of cash that would have been received and retained in respect
of such payments in the absence of such withholding or deduction; provided, however, that no Additional Amounts will be payable with respect to: 
 (a) any Taxes, to the extent such Taxes would not have been imposed but for the Holder or the beneficial owner of the Notes (or a fiduciary, settlor, beneficiary, partner of, member or shareholder of, or
possessor of a power over, the relevant holder, if the relevant holder is an estate, trust, nominee, partnership, limited liability company or corporation) being a citizen or resident or national of, incorporated in the relevant Tax Jurisdiction in
which such Taxes are imposed or having any other present or former connection with the relevant Tax Jurisdiction other than the acquisition or holding of such Notes, the exercise or enforcement of rights under such Note or the Indenture or under a
Note Guarantee of a Paladin Period Guarantor or the receipt of payments in respect of such Note or a Note Guarantee of a Paladin Period Guarantor; 
 (b) any Taxes, to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant payment is first made
available for payment to the holder (except to the extent that the holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period); 

(c) any estate, inheritance, gift, sale, transfer, personal property or similar Taxes; 

(d) any Taxes withheld, deducted or imposed on a payment to an individual and that are required to be made pursuant to European Council
Directive 2003/48/EC or any other directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or any law implementing or complying with or introduced in order to conform
to, such directive; 
 (e) any Note presented for payment (where presentation is required) by or on behalf of a Holder of Notes
who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Paying Agent in a member state of the European Union; 
 (f) any Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes or with respect to any Note Guarantee of a Paladin Period Guarantor; 

(g) any Taxes to the extent such Taxes are imposed or withheld by reason of the failure of the Holder or beneficial owner of Notes,
following the Issuer’s reasonable written request addressed to the Holder or beneficial owner at least 60 days before any such withholding or deduction would be payable to the holder or beneficial owner, to comply with any certification,
identification, information or other reporting requirements, whether required by statute, treaty, regulation or administrative practice of a Tax Jurisdiction, as a precondition to exemption from, or reduction in the rate of deduction or withholding
of, Taxes imposed by the Tax Jurisdiction (including, without limitation, a certification that the Holder or beneficial owner is not resident in the Tax Jurisdiction), but in each case, only to the extent the Holder or beneficial owner is legally
entitled to provide such certification or documentation; 

  
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 (h) any Taxes imposed or withheld by reason of the failure of the holder or beneficial owner
of the Notes to comply with the requirements of Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date hereof (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), the U.S. Treasury Regulations issued thereunder or any official interpretation thereof or any agreement entered into pursuant to Section 1471(b) of the Code; 

(i) any withholding Tax imposed by the United States or a political subdivision thereof; or 

(j) any combination of clauses (a) through (i) above. 
 In addition to the foregoing, the Issuer and any Paladin Period Guarantors will also pay and indemnify the holder for any present or future stamp, issue, registration, value added, transfer, court or
documentary Taxes, or any other excise or property taxes, charges or similar levies (including penalties, interest and any other liabilities related thereto) which are levied by any jurisdiction on the execution, delivery, issuance, or registration
of any of the Notes, the indenture, any Note Guarantee of a Paladin Period Guarantor or any other document referred to therein, or the receipt of any payments with respect thereto, or enforcement of, any of the Notes or any Note Guarantee of a
Paladin Period Guarantor. 
 If the Issuer or any Paladin Period Guarantor, as the case may be, becomes aware that it will be
obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes or any Note Guarantee of a Paladin Period Guarantor, the Issuer or the relevant Paladin Period Guarantor, as the case may be, will deliver to the
Trustee on a date that is at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case the Issuer or the relevant Paladin Period Guarantor
shall notify the Trustee promptly thereafter) an Officers’ Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The Officers’ Certificates must also set forth any other information
reasonably necessary to enable the Paying Agents to pay Additional Amounts to holders on the relevant payment date. The Issuer or the relevant Paladin Period Guarantor will provide the Trustee with documentation reasonably satisfactory to the
Trustee evidencing the payment of Additional Amounts. The Trustee shall be entitled to rely absolutely on an Officers’ Certificate as conclusive proof that such payments are necessary, and may conclusively presume that no payments are necessary
unless and until it receives any such Officers’ Certificate. 
 The Issuer or the relevant Paladin Period Guarantor will
make all withholdings and deductions (within the time period and in the minimum amount) required by law and will remit the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer or the relevant
Paladin Period Guarantor will use its reasonable efforts to obtain Tax receipts from each Tax authority evidencing the payment of any Taxes so deducted or withheld. The Issuer or the relevant Paladin Period Guarantor will furnish to the Trustee (or
to a holder upon request), within 60 days after the date the payment of any Taxes so deducted or withheld is made, certified copies of Tax receipts evidencing payment by the Issuer or a Paladin Period Guarantor, as the case may be, or if,
notwithstanding such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments (reasonably satisfactory to the Trustee) by such entity. 
 Unless the Old Endo Merger has occurred, whenever in the Indenture or the Notes there is mentioned, in any context, the payment of amounts based upon the principal amount of the Notes or of principal,
interest or of any other amount payable under, or with respect to, any of the Notes or any Note Guarantee of a Paladin Period Guarantor, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such
context, Additional Amounts are, were or would be payable in respect thereof. 

  
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 Unless the Old Endo Merger has occurred, the above obligations will survive any termination,
defeasance or discharge of the Indenture, any transfer by a holder or beneficial owner of its Notes, and will apply, mutatis mutandis, to any jurisdiction in which any successor Person to the Issuer or any Paladin Period Guarantor is incorporated,
engaged in business for tax purposes or resident for tax purposes or any jurisdiction from or through which such Person makes any payment on the Notes (or any Note Guarantee of a Paladin Period Guarantor) and any department or political subdivision
thereof or therein. 
 Section 4.22 Activities of Escrow Issuer During the Escrow Period 

During the Escrow Period, the Escrow Issuer will not engage in any activities other than activities incidental to issuing the Notes,
issuing capital stock to, redeeming or repurchasing its capital stock from, and receiving capital contributions from, its parent company, performing its obligations in respect of the Notes, this Indenture and the Escrow Agreement, and consummating
the Old Endo Merger or the Paladin Merger, as the case may be, and conducting such other activities as are necessary, appropriate or desirable to carry out the activities described above. 

During the Paladin Period, the Co-Obligor will not hold any material assets, become liable for any material obligations, or engage in any
business activities other than as necessary to (a) maintain its corporate existence and (b) perform its obligations under the notes and the indenture. 
 Section 4.23 Escrow of Proceeds; Execution of Supplemental Indenture Upon the Paladin Merger or the Old Endo Merger 
 (a) On the Issue Date, the Escrow Issuer shall enter into the Escrow Agreement with the Trustee, in its capacity the Escrow Agent. At the same time, the Initial Purchasers will deposit an amount equal to
the aggregate initial offering price of the original issuance of the Notes into the Escrow Account (as defined in the Escrow Agreement) created under the Escrow Agreement. All funds deposited into the Escrow Account will be held by the Escrow Agent
for the benefit of the Holders of the Notes. Pending release of the funds in the Escrow Account to the Escrow Issuer, either upon consummation of the Paladin Acquisition or the termination of the Paladin Acquisition, such funds will be invested,
pursuant to specific written instructions of the Escrow Issuer, solely in Cash Equivalents. 
 To secure the Obligations with
respect to the Notes, the Escrow Issuer shall grant the Trustee, for the benefit of the Holders of the Notes, a first priority security interest in the Escrow Account and all deposits therein, pending disbursement as described as follows:

 (1) immediately prior the consummation of the Old Endo Merger, the Escrow Agent shall release funds in the
Escrow Account to the Escrow Issuer pursuant to the Escrow Agreement; or 
 (2) immediately prior to the
consummation of the Paladin Acquisition on substantially the terms described in the Offering Memorandum, with such modifications that are not, in the aggregate, as determined in good faith by Endo, materially adverse to Irish Intermediate Holdco and
its Subsidiaries (after giving effect to the Paladin Acquisition), on or prior to the Escrow End Date, the Escrow Agent will concurrently with such consummation release funds in the Escrow Account to the Escrow Issuer pursuant to the Escrow
Agreement. 

  
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 The Escrow Issuer shall consummate the Old Endo Merger or the Paladin Merger, as applicable,
immediately after the release of all amounts in the Escrow Account to the Escrow Issuer. 
 (b) Contemporaneously with the
consummation of the Paladin Merger or the Old Endo Merger, as the case may be, (1) the Issuer shall execute a supplemental indenture to this Indenture, pursuant to which the Issuer will assume the obligations of the Escrow Issuer under the
Notes and this Indenture and (2) the Paladin Period Guarantors, in the case of the Paladin Merger, or the Old Endo Guarantors, in the case of the Old Endo Merger, shall execute a supplemental indenture to this Indenture, substantially in the
form set forth in Exhibit E hereto, pursuant to which the Paladin Period Guarantors or the Old Endo Guarantors, as the case may be, shall agree to Guarantee the Issuer’s Obligations under the Notes, fully and unconditionally and on a senior
basis as set forth in Article 10 hereof. 
 ARTICLE 5 
 SUCCESSORS 
 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 the Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 
 (a) either: 

(1) the Company is the surviving corporation; or 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale,
assignment, transfer, conveyance, lease or other disposition has been made is an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia, Luxembourg, Ireland or Canada; and, if
such entity is not a corporation, a co-obligor of the Notes is a corporation organized or existing under any such laws; 
 (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 and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; 
 (c) immediately after such
transaction, no Default or Event of Default exists; 
 (d) the Company or the Person formed by or surviving any such
consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance, lease or other disposition has been made would, on the date of such transaction after giving pro forma effect thereto and any related
financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, (i) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in
Section 4.09(a); or (ii) have had a Fixed Charge Coverage Ratio greater than the actual Fixed Charge Coverage Ratio for such four-quarter period; and 
 (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. 

  
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 This Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease
or other disposition of assets between or among the Company and the Restricted Subsidiaries. Section 5.01(c) and (d) will not apply to any merger or consolidation of the Company (1) with or into one of the Restricted Subsidiaries for
any purpose or (2) with or into an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction. 
 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
will be the successor to the Company and shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, and the Company, except in the case of a lease, shall be released from the obligation to
pay the principal of and interest on the Notes. 
 Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all
of the properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect
as if such successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of, premium on, if any, and interest on, the Notes except in the
case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 

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 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) failure by the Company or any of the Restricted Subsidiaries to comply with
(i) Sections 4.14(d)(1) and 4.14(d)(2) and (ii) Article 5 and Section 10.04 and failure by the Escrow Issuer to comply with Section 4.22; 
 (4) failure by the Company or any of the Restricted Subsidiaries to comply with any of the other agreements in this Indenture (other than a failure that is the subject of clause (1), (2) or
(3)) for 60 days after receipt by the Issuer of written notice of such failure from the Trustee (or receipt by the Issuer and the Trustee of written notice of such failure from the Holders of at least 25% in aggregate principal amount of the
Notes then outstanding voting as a single class); 

  
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 (5) one or more defaults shall have occurred under any of the agreements,
indentures or instruments under which the Company or any Significant Subsidiary has outstanding Indebtedness in excess of $100.0 million, individually or in the aggregate, and either (a) such default results from the failure to pay such
Indebtedness at its stated final maturity and such default has not been cured or the Indebtedness repaid in full within 20 days of the default or (b) such default or defaults have resulted in the acceleration of the maturity of such
Indebtedness and such acceleration has not been rescinded or such Indebtedness repaid in full within 20 days of the acceleration; 
 (6) one or more judgments or orders that exceed $100.0 million in the aggregate (net of amounts covered by insurance or bonded) for the payment of money have been entered by a court or courts of competent
jurisdiction against the Company or any Significant Subsidiary and such judgment or judgments have not been satisfied, stayed, annulled or rescinded within 60 days after such judgment or judgments become final and nonappealable; 

(7) the Company or any Significant Subsidiary: 

(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; 

provided, however, that the liquidation of any Restricted Subsidiary into another Restricted Subsidiary, other than as part of a
credit reorganization, shall not constitute an Event of Default under this Section 6.01(7); 
 (8) a court
of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against
the Company or any Significant Subsidiary in an involuntary insolvency proceeding; 
 (B) appoints a Bankruptcy
Custodian of the Company or any Significant Subsidiary for all or substantially all of the property of the Company a Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days; and 
 (9) any Note Guarantee by a Significant Subsidiary shall for any reason cease to be, or shall for any reason be held in any judicial proceeding not to be, or asserted in writing by any such Guarantor or
the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated by this Indenture and any such Note Guarantee, and any such Default continues for ten days. 

  
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 Section 6.02 Acceleration. 

If an Event of Default (other than an Event of Default specified in Section 6.01(7) and 6.01(8) hereof with respect to the Company)
shall have occurred and be continuing, either the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes may declare to be immediately due and payable the principal amount of all such Notes then outstanding, plus
accrued but unpaid interest to the date of acceleration. Upon the effectiveness of such a declaration, such principal, premium, accrued and unpaid interest, and other monetary obligations shall be due and payable immediately. If an Event of Default
specified in Sections 6.01(7) and 6.01(8) hereof with respect to the Company shall occur, such amounts with respect to all the Notes shall become automatically due and payable immediately without any further action or notice. After any such
acceleration, but before a judgment or decree based on acceleration is obtained by the applicable person, the registered Holders of a majority in principal amount of the outstanding Notes may cancel such acceleration if (i) the rescission would
not conflict with any judgment or decree and (ii) if all existing Events of Default have been cured or waived except nonpayment of principal, that has become due solely because of the acceleration. No such rescission shall affect any subsequent
Default or impair any right consequent thereto. 
 If an Event of Default occurs on or after January 15, 2017 by reason of
any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding payment of the premium that the Issuer would have had to pay if the Issuer then had elected to redeem the Notes pursuant to
Section 3.07 hereof, then, upon acceleration of the Notes, an equivalent premium shall also become and be immediately due and payable, to the extent permitted by law, anything in this Indenture or in the Notes to the contrary notwithstanding.
If an Event of Default occurs prior to January 15, 2017 by reason of any willful action (or inaction) taken (or not taken) by or on behalf of the Company with the intention of avoiding the prohibition on redemption of the Notes prior to such
date, then upon acceleration of the Notes, the Applicable Premium will also become and be immediately due and payable, to the extent permitted by law. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Subject to the duties of the Trustee to act with the required standard of care, if
there is a continuing Event of Default, the Trustee need not exercise any of its rights or powers under this Indenture at the written request or direction of any of the Holders of Notes, unless such Holders have offered to the Trustee security or
indemnity satisfactory to the Trustee. Subject to such provisions for security or indemnification of the Trustee and certain other conditions, the Holders of a majority in principal amount of the outstanding Notes will have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power the Trustee holds with respect to the Notes. 

  
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 Section 6.04 Waiver of Past Defaults 

The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes;
provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereon. 
 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders
of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 

No Holder of any Note will have any right to institute any proceeding with respect to this Indenture or for any remedy unless:

 (a) the Trustee has failed to institute such proceeding for 60 days after the Holder has previously given to the Trustee
written notice of a continuing Event of Default with respect to the Notes; 
 (b) the Holders of at least 25% in principal
amount of the then outstanding Notes have made a written request to the trustee, and offered indemnity or security satisfactory to the Trustee, to institute such proceeding as trustee; and 

(c) the Trustee has not received from the Holders of a majority in principal amount of the outstanding Notes a direction inconsistent
with such request. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the Holder of any Note will have an absolute and unconditional right to receive
payment of the principal of, and any premium on, if any, or interest on such Note, on or after the date or dates they are to be paid as expressed in such Note and to institute suit for the enforcement of any such payment. 

Section 6.08 Collection Suit by Trustee. 
 If an Event of Default in payment of principal, premium or interest specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company (or any other obligor on the Notes) for the whole amount of unpaid principal and accrued interest remaining unpaid. 

  
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 Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have
the claims of the Trustee (including any claim for the compensation (as agreed in writing by the Issuer and the Trustee), expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any
judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such
claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due to it for the compensation(as agreed in writing by the Issuer and the Trustee), expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under this Indenture. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under this Indenture out of the estate in any such proceeding, shall be denied for
any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10 Priorities. 
 If the Trustee collects any money pursuant
to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents
and attorneys for amounts due under this Indenture, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 

Section 6.11 Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit,
having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by
Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

  
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 ARTICLE 7 
 TRUSTEE 
 Section 7.01 Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee will exercise such of the rights and powers expressly vested in it
by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(2) the Trustee will not be liable for any error of judgment made in good faith, by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it under this Indenture. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The
Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or
expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains
from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.
The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and
in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the misconduct
or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request of any Holders of Notes unless such Holders have offered to the Trustee indemnity or
security satisfactory to it against any losses, liabilities or expenses. 
 (g) In no event shall the Trustee be responsible or
liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action. 
 (h) The Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the
Notes and this Indenture. 
 (i) The Trustee may request that the Issuer deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 (j) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder. 
 (k) The Trustee shall not be required to give any bond or surety in
respect of the performance of its powers and duties hereunder. 

  
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 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or
any Affiliate of the Company with the same rights it would have if it were not Trustee. If the Trustee becomes a creditor of the Issuer or any Guarantor, this Indenture limits the right of the Trustee to obtain payment of claims in certain cases, or
to realize on certain property received in respect of any such claim as security or otherwise. The Trustee will be permitted to engage in other transactions; however, if it acquires any conflicting interest it must eliminate such conflict within 90
days. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.09 hereof. 
 Section 7.04
Trustee’s Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be
responsible for the use or application of any money received by any Paying Agent other than the Trustee, acting in such capacity, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document
in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05
Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the
Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium on, if any, or interest, on, any Note, the
Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Compensation and Indemnity. 
 (a) The Issuer will pay to
the Trustee from time to time compensation, as agreed in writing between the Issuer and the Trustee, for its acceptance of this Indenture and services hereunder and/or under the Escrow Agreement. The Trustee’s compensation will not be limited
by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services.
Such expenses will include the compensation, as agreed in writing by the Issuer and the Trustee, and reasonable disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Issuer and the Guarantors will indemnify the Trustee against any and all losses, claims, damages, expenses, fees, liabilities or
expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture and/or the Escrow Agreement, including the costs and expenses (including attorneys fees and expenses) of enforcing this
Indenture against the Issuer and the Guarantors (including this Section 7.06) and defending itself against any claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Issuer promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The
Trustee may have separate counsel and the Issuer will pay the reasonable fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld.

  
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 (c) The obligations of the Issuer and the Guarantors under this Section 7.06 will
survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Issuer’s and the Guarantors’ payment
obligations in this Section 7.06, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or interest on, particular Notes.
Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law. 
 (f) The Trustee shall have no liability or responsibility for any action or inaction on the part of
any Paying Agent, Registrar, authenticating agent, Custodian (aside from the Trustee acting in such capacities and subject to the terms hereof). 
 Section 7.07 Replacement of Trustee. 
 (a) A resignation or removal of
the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07. 

(b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The
Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 

(1) the Trustee fails to comply with Section 7.09 hereof; 

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer will promptly appoint
a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Issuer. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition, at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee.

  
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 (e) If the Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders.
The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee; provided, all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Company’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. The Trustee shall have no responsibility for any
action or inaction of any successor Trustee. 
 Section 7.08 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09 Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital
and surplus of at least $50.0 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8

 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may at any time elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with
the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer and each of
the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes (including the Note Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (a) and
(b) below, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on written demand of and at the expense of the Issuer, shall execute proper instruments acknowledging the
same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

  
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 (a) the rights of Holders of outstanding Notes to receive payments in respect of the
principal of, premium on, if any, or interest on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (b) the Issuer’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith; and 

(d) this Article 8. 
 Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 

Section 8.03 Covenant Defeasance. 
 Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16, 4.17, 4.18, 4.19 and 4.20 hereof and clause (d) of
Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Issuer and the
Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the
remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of
the conditions set forth in Section 8.04 hereof, Sections 6.01(3), (4), (5), (6), (7) (only as such clause 7 applies to Significant Subsidiaries), (8) (only as such clause 8 applies to Significant Subsidiaries) and (9) hereof
will not constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 

(a) the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, premium on,
if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether Notes are being defeased to such stated date for payment or to a
particular redemption date; 

  
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 (b) in the case of an election under Section 8.02 hereof, the Issuer must deliver to
the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that, subject to customary assumptions and exclusions: 
 (1) the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (2) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax
purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(c) in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that, subject to customary assumptions and exclusions, the Holders of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and
will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting of Liens to secure such borrowings); 

(e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Issuer or any of the Guarantors is a party or by which the Issuer or any of the Guarantors is
bound; 
 (f) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Issuer with the intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(g) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel (which Opinion of Counsel may be
subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Notwithstanding the foregoing provisions of this Section 8.04, the conditions set forth in the foregoing subsections (b), (c), (d),
(e), (f) and (g) of this Section 8.04 need not be satisfied so long as, at the time the Issuer makes the deposit described in subsection (a), (i) no Default under Section 6.01(1), (2) and (8) has occurred and is
continuing on the date of such deposit and after giving effect thereto and (ii) either (x) a notice of redemption has been mailed providing for redemption of all the Notes not more than 60 days after such mailing and the requirements for
such redemption shall have been complied with or (y) the Stated Maturity of the Notes will occur within 60 days. If the conditions in the preceding sentence are satisfied, the Issuer shall be deemed to have exercised its Covenant Defeasance
option. 

  
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 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds
thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and
applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of
such Notes of all sums due and to become due thereon in respect of principal, premium, if any, interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
outstanding Notes. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to the Company
from time to time upon the written request of the Issuer any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of,
premium on, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuer on its written request or (if then held by the Issuer) will
be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Issuer as trustee thereof, will thereupon cease. 
 Section 8.07 Reinstatement. 

If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with
Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantors’
obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply
all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium on, if any, or interest on, any Note following the reinstatement of its
obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes.

 Notwithstanding Section 9.02, without the consent of any Holder of Notes, the Issuer, the Guarantors and the Trustee may
amend or supplement this Indenture, the Notes or the Note Guarantees: 
 (a) to cure any ambiguity, defect or inconsistency;

 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes(provided that the uncertificated
notes are issued in registered form for purposes of Section 163(f) of the Code); 
 (c) to provide for the assumption of
the Issuer’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Issuer or such Guarantor pursuant to Article 5 or Article 10 hereof; 

(d) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights hereunder of any Holder; 
 (e) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act of 1939, as amended; 
 (f) to conform the text of this Indenture,
the Notes or the Note Guarantees to any provision of the “Description of the Notes” section of the Offering Memorandum, to the extent that such provision in that “Description of the Notes” was intended to be a verbatim recitation
of a provision of this Indenture, the Notes or the Note Guarantees, which intent may be evidenced by an Officers’ Certificate to that effect; 
 (g) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date; 

(h) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; or 

(i) during the Old Endo Period or the Paladin Period, as applicable, to revise the provisions of this Indenture to remove provisions with
respect to the Escrow Period, the Paladin Period (during the Old Endo Period) or the Old Endo Period (during the Paladin Period), as applicable, to the extent such provisions are no longer applicable to the terms of the Notes. 

Upon the request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer and the Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. 

  
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 Section 9.02 With Consent of Holders of Notes. 

Except as provided below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture
(including, without limitation, Sections 3.09, 4.10 and 4.14 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without
limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any
existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, interest on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for Notes). 
 Upon the request of the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer and the Guarantors in the
execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its
discretion, but will not be obligated to, enter into such amended or supplemental indenture. 
 It is not necessary for the
consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer will promptly mail to the Holders of
Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Issuer or
any Guarantor with any provision of this Indenture, the Notes or the Note Guarantees. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by a
non-consenting Holder): 
 (a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (b) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with
respect to the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.10 and 4.14 hereof); 
 (c)
reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

  
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 (d) waive a Default or Event of Default in the payment of principal of, premium on, if any,
or interest on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration);

 (e) make any Note payable in money other than that stated in the Notes; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, premium on, if any, or interest on, the Notes; 
 (g) waive a redemption payment with respect to any
Note (other than a payment required by Sections 3.09, 4.10 or 4.14 hereof); 
 (h) release any Guarantor from any of its
obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (i) make any
change in the preceding amendment and waiver provisions; or 
 (j) modify the provisions of the Escrow Agreement in any manner
materially adverse to the Holders of the Notes. 
 Section 9.03 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of
a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of
a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder. 
 Section 9.04 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in
exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
 Section 9.05 Trustee to Sign Amendments, etc. 
 The Trustee will
sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or
supplemental indenture until the Board of Directors of the Issuer approves it. In executing any amended or supplemental indenture, the Trustee will receive and (subject to Section 7.01 hereof) will be fully protected in conclusively relying
upon, in addition to the documents required by Section 12.03 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and
that such supplemental indenture constitutes the valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against such parties in accordance with its terms, subject to customary exceptions. 

  
 101

 ARTICLE 10 
 NOTE GUARANTEES 
 Section 10.01 Guarantee. 

(a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that: 

(1) the principal of, premium on, if any, and interest on, the Notes will be promptly paid in full when due, whether at
maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest on, the Notes, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance
of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or
otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that
it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided

  
 102

 
in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the
right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee. 
 Section 10.02 Limitation on Guarantor Liability. 
 Each
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby
irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of
such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance under federal, state or similar foreign law. 

Section 10.03 Issuance and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees that this Indenture (or a supplemental indenture to this Indenture) shall be executed on behalf of such
Guarantor by an Officer of such Guarantor. 
 Each Guarantor hereby agrees that its Note Guarantee set forth in
Section 10.01 shall remain in full force and effect notwithstanding the absence of the endorsement of any notation of such Note Guarantee on the Notes. 
 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note
Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder,
will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. Upon execution of a supplemental indenture to this Indenture by any Guarantor in the form of Exhibit E hereto, the Note Guarantee set forth
in this Indenture and such supplemental indenture shall be deemed duly delivered, without any further action by any Person, on behalf of such Guarantor. All the Note Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 

Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Guarantor (other than the Company) may sell or otherwise dispose of all or
substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company, the Issuer or another Guarantor, unless: 

(a) immediately after giving effect to such transaction, no Default or Event of Default exists; and 

  
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 (b) either: 

(1) subject to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person
formed by or surviving any such consolidation or merger (the “Successor Guarantor”) unconditionally assumes all the obligations of that Guarantor under its Note Guarantees and this Indenture on the terms set forth herein or therein,
pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; or 
 (2) the
Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation, Section 4.10 hereof. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the Successor Guarantor, by a supplemental
indenture, of the Note Guarantees and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such Successor Guarantor will succeed to and be substituted for the Guarantor with the
same effect as if it had been named herein as a Guarantor. 
 Except as set forth in Articles 4 and 5 hereof, and
notwithstanding clauses b(1) and b(2) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company, the Issuer or another Guarantor, or will prevent any sale or
conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 

This Section 10.04 will not apply to the Old Endo Merger, the Paladin Merger or the Paladin Acquisition. Notwithstanding anything to
the contrary above, in the event the Paladin Acquisition does not occur, the Old Endo Merger shall immediately be consummated without regard to any of the provisions described above. In addition, in the event the Paladin Acquisition does occur, the
Paladin Merger shall immediately be consummated without regard to any of the provisions described above. 
 Section 10.05 Releases.

 (a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of
merger, consolidation or otherwise, to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, then the corporation acquiring the property will be released and relieved of any
obligations under the Note Guarantee; 
 (b) In the event of any sale or other disposition of Capital Stock of any Guarantor to a
Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary, and such Guarantor ceases to be a Restricted Subsidiary as a result of the sale or other disposition, then such Guarantor will be
released and relieved of any obligations under its Note Guarantee; 
 provided, in both cases, that the Net Proceeds of such sale or
other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10 hereof. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10 hereof, the Trustee will execute any documents reasonably required
in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 

  
 104

 (c) Upon designation by the Issuer of any Restricted Subsidiary that is a Guarantor as an
Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor will be released and relieved of any obligations under its Note Guarantee. 
 (d) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will be released
and relieved of any obligations under its Note Guarantee. 
 (e) Upon the release of the Guarantor’s guarantee under all
applicable Triggering Indebtedness, each Guarantor will be released and relieved of any obligations under its Note Guarantee. 

Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for
the full amount of principal of, premium on, if any, and interest on, the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 

ARTICLE 11 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (a) either: 
 (1) all Notes that have been authenticated, except
lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or 

(2) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not
delivered to the Trustee for cancellation for principal of, premium on, if any, and interest on, the Notes to the date of maturity or redemption provided, that, upon any redemption that requires the payment of a premium, the amount deposited
shall be sufficient to the extent that an amount is deposited with the Trustee equal to the premium calculated as of the date of the notice of redemption, with any deficit on the date of redemption only required to be deposited with the Trustee on
or prior to the date of redemption (it being understood that any satisfaction and discharge shall be subject to the condition subsequent that such deficit is in fact paid); 
 (b) in respect of Section 11.01(a)(2), no Default or Event of Default has occurred and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing
of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default
under, any other instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such
satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the granting of Liens to secure such borrowings); 

  
 105

 (c) the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under
this Indenture; and 
 (d) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the
deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Issuer must
deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to Section 11.01(a)(2), the provisions of Sections 11.02 and 8.06 hereof will
survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 

Section 11.02 Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal, premium,
if any, and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by
reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided, that if the Company has made any payment of principal of, premium on, if any, or interest on, any Notes
because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 12 

MISCELLANEOUS 

Section 12.01 Notices. 
 Any notice or communication by the Issuer, the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified,
return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Issuer, Company and/or any Guarantor: 
 Endo Finance Co. 

c/o Endo Health Solutions Inc. 
 1400 Atwater Drive 
 Malvern, Pennsylvania 19355 

Fax: (610) 884-7159 
 Attention: Treasurer 

  
 106

 With a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 
 Four Times Square 

New York, NY 10036 
 Facsimile No.: (212) 735-2000 
 Attention: Stacy J. Kanter 

If to the Trustee: 
 Wells Fargo Bank, National Association 
 150 East 42nd Street, 40th Floor 
 New York, NY 10017 
 Facsimile No.: (917) 260-1593 

Attention: Corporate Trust Services—Administrator for Endo Health Solutions Inc. 

With a copy to: 
 Thompson Hine LLP 335 Madison Avenue, 12th floor 
 New York, NY 10017 

Facsimile No.: (212) 344-6101 
 Attention: Irving Apar, Esq. 
 The Issuer, the Company, any Guarantor or the
Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 

All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand,
if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight
air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will
not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above
within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Issuer or the Company mails a
notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 

  
 107

 Section 12.02 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate with other Holders with respect to their rights under this Indenture or the Notes. 

Section 12.03 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer and/or the Company to the Trustee to take any action under this Indenture, the Issuer and/or
the Company, as applicable, shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have
been complied with; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must
include the statements set forth in Section 12.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 Section 12.04 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture and must include:

 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 12.05 Rules by Trustee and Agents. 
 The Trustee may
make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 12.06 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, this
Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

  
 108

 Section 12.07 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. THE ISSUER, 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 INDENTURE, THE NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 12.08 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.09 Successors.

 All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this
Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof. 
 Section 12.10 Severability. 
 In case any provision in this Indenture
or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.11 Counterpart Originals. 
 The parties may sign any
number of copies of this Indenture. Each signed copy (which may be provided via facsimile or other electronic transmission) will be an original, but all of them together represent the same agreement. 

Section 12.12 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this
Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 Section 12.13 U.S.A. Patriot Act

 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
disasters, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 

  
 109

 Section 12.14 Force Majeure 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising
out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances. 
 [Signatures on following page] 

  
 110

 SIGNATURES 
 Dated as of December 19, 2013 
  

			
	ENDO FINANCE CO.
		
	By:	 	/s/ Brian Lortie
		 	 Name: Brian Lortie
 Title:
  President

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
     As Trustee

		
	By:	 	/s/ Martin Reed
		 	 Name: Martin Reed
 Title:
  Vice President

 EXHIBIT A 
 [Face of Note] 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of
the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 

CUSIP/ISN                     

 5.75% Senior Notes due 2022 
  

			
	No.         	  	$                    

 ENDO FINANCE CO. 
 promises to pay to                  or registered assigns, 
 the principal sum of
                                         
                                         
                                         
                          DOLLARS on January 15, 2022. 
 Interest Payment Dates: January 15 and July 15 
 Record Dates: January 1 and
July 1 
 Dated: 

  
 A-1

 
			
	ENDO FINANCE CO.
		
	By:	 	 
		 	 Name:

Title:

  
 A-2

			
	 This is one of the Notes referred to
 in the within-mentioned Indenture:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

			
		
	By:	 	 
		 	Authorized Signatory

  
 A-3

 [Back of Note] 
 5.75% Senior Notes due 2022 
 Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1)
INTEREST. Endo Finance Co., a Delaware corporation (the “Issuer”), promises to pay or cause to be paid interest on the principal amount of this Note at 5.75% per annum from December 19,
2013 until maturity. The Issuer will pay interest, semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that, if this Note is authenticated between a record date
referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further, that the first Interest Payment Date shall be July 15, 2014. The
Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1% higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest, if any (without regard to any applicable grace period), at the same rate to the extent lawful. 

Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

(2) METHOD OF PAYMENT. The Issuer will pay interest on
the Notes (except defaulted interest), if any, to the Persons who are registered Holders of Notes at the close of business on the January 1 and July 1 next preceding the Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of
the Paying Agent and Registrar within the City and State of New York, or, at the option of the Issuer, payment of interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided,
that payment by wire transfer of immediately available funds will be required with respect to principal of, premium on, if any, and interest on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions
to the Issuer or the Paying Agent at least five Business Days prior to the applicable Payment Date. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. 
 (3) PAYING AGENT AND
REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Issuer may change the Paying Agent or Registrar without prior notice to the
Holders of the Notes. The Issuer, the Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

(4) INDENTURE. The Issuer issued the Notes under an Indenture, dated as
December 19, 2013 (the “Indenture”), among the Issuer and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and such
Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer.
The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

  
 A-4

 (5) OPTIONAL REDEMPTION.

 (a) At any time prior to January 15, 2017, the Issuer may on any one or more occasions redeem up to 35%
of the aggregate principal amount of the Notes issued under the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 105.750% of the principal amount of the Notes redeemed, plus accrued and unpaid
interest to, but not including, the date of redemption (subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date if the Notes have not been redeemed prior to such date), with
the net cash proceeds of an Equity Offering; provided, that: 
 (1) at least 65% of the aggregate
principal amount of Notes originally issued under the Indenture (excluding Notes held by the Issuer and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(2) the redemption occurs within 120 days of the date of the closing of such Equity Offering. 

(b) At any time prior to January 15, 2017, the Issuer may on any one or more occasions redeem all or a part of the
Notes, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, to, but not including, the date
of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (c) Except pursuant to this paragraph 5 and paragraph 7 below, the Notes will not be redeemable at the Issuer’s option prior to January 15, 2017. 

(d) On or after to July 15, 2017, the Issuer may on any one or more occasions redeem all or a part of the Notes, upon
not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest on the Notes redeemed, to, but not including, the applicable date of
redemption, if redeemed during the twelve-month period beginning on January 15 of the years indicated below (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date if the Notes
have not been redeemed prior to such date): 
  

					
	 Year
	  	Percentage	 
	 2017
	  	 	104.313	% 
	 2018
	  	 	102.875	% 
	 2019
	  	 	101.438	% 
	 2020 and thereafter
	  	 	100.000	% 

 Unless the Issuer defaults in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable redemption date. 
 (6)
MANDATORY REDEMPTION. The Issuer is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

  
 A-5

 (7) REDEMPTION FOR CHANGES
IN TAXES. Unless the Old Endo Merger has occurred, the Issuer may redeem the Notes, in whole but not in part, at its discretion at any time, at a redemption price equal to 100% of the principal amount of the Notes
redeemed plus accrued and unpaid interest to, but not including, the Tax Redemption Date pursuant to Section 3.10 of the Indenture. 
 (8) REPURCHASE AT THE OPTION OF HOLDER. 

(a) If there is a Change of Control Repurchase Event, the Issuer will be required to make an offer (a “Change of
Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest thereon to, but not including, the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date (the “Change of Control
Payment”). Within 30 days following any Change of Control Repurchase Event, the Issuer will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b) The Company may be required to make an offer to purchase Notes in the event of an Asset Sale as set forth in
Section 4.10 of the Indenture. 
 (9) NOTICE OF
REDEMPTION. At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed
at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to
Articles 8 or 11 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of
Notes held by such Holder shall be redeemed or purchased. 
 (10) DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged
as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or
register the transfer of any Notes for a period of 15 days before the mailing of any notice of redemption or during the period between a record date and the next succeeding Interest Payment Date. 

(11) PERSONS DEEMED OWNERS. The registered Holder of a
Note may be treated as the owner of it for all purposes. Only registered Holders have rights under the Indenture. 
 (12) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may
be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes,
the Indenture, the Notes or the Note Guarantees may be amended or supplemented as provided in the Indenture. 

  
 A-6

 (13) DEFAULTS AND
REMEDIES. If an Event of Default (other than an Event of Default specified in Section 6.01(7) and 6.01(8) of the Indenture with respect to the Company) shall have occurred and be continuing, either the Trustee
or the Holders of at least 25% of the outstanding principal amount of the Notes may declare to be immediately due and payable the principal amount of all such Notes then outstanding, plus accrued but unpaid interest to the date of
acceleration. Upon the effectiveness of such a declaration, such principal, premium, accrued and unpaid interest, and other monetary obligations shall be due and payable immediately. If an Event of Default specified in Sections 6.01(7) and
6.01(8) of the Indenture with respect to the Company shall occur, such amounts with respect to all the Notes shall become automatically due and payable immediately without any further action or notice. The Holders of a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of all the Holders, rescind an acceleration or waive an existing Default or Event of Default and its respective consequences under the Indenture except a
continuing Default or Event of Default in the payment of principal of, premium on, if any, or interest on, the Notes (including in connection with an offer to purchase). 

(14) TRUSTEE DEALINGS WITH ISSUER. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee. 

(15) NO RECOURSE AGAINST OTHERS. No
director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may
not be effective to waive liabilities under the federal securities laws. 
 (16)
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

(17) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(18) CUSIP OR ISIN NUMBERS. Pursuant to a recommendation promulgated
by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP or ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(19) GOVERNING LAW. THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE ISSUER, 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 THE INDENTURE, THIS NOTE OR THE TRANSACTIONS CONTEMPLATED THEREBY OR HEREBY. 

  
 A-7

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Endo Finance Co. 
 c/o Endo Health Solutions Inc. 
 1400 Atwater Drive 

Malvern, Pennsylvania 19355 
 Attention: Treasurer 

  
 A-8

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	                             
                                         
                                         
                                         
                       
		 	(Insert assignee’s legal name)
	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	
	 
	
	 
	
	 
	(Print or type assignee’s name, address and zip code)

			
		
	and irrevocably appoint	 	                             
                                         
                                         
                                         
                                         
                   

 to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:                      

 

					
		  	Your Signature:	  	                             
                                         
          
		  	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company or the Issuer, as applicable, pursuant to Section 4.10 or 4.14 of
the Indenture, check the appropriate box below: 
  ̈
Section 4.10                             ̈
Section 4.14 
 If you want to elect to have only part of the Note purchased by the Company or the Issuer, as applicable,
pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 

$                      
   
 Date:
                     
  

					
		  	Your Signature:	  	                             
                                         
          
		  	(Sign exactly as your name appears on the face of this Note)

 Tax Identification No.:
                                         
                              
 Signature Guarantee*:
                                 

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following
exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in
Principal Amount of

this Global Note
	  	 Amount of increase in
Principal Amount of

this Global Note
	  	 Principal Amount
 of this Global Note
 following such

decrease
 (or increase)
	  	 Signature of authorized

signatory of Trustee or
Custodian

 

	*	This schedule should be included only if the Note is issued in global form.  

  
 A-11

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Endo Finance Co. 

c/o Endo Health Solutions Inc. 
 1400 Atwater
Drive 
 Malvern, Pennsylvania 19355 

Wells Fargo Bank, National Association 
 DAPS
Reorg 
 MAC N9303-121 
 608-2nd
Avenue South 
 Minneapolis, Minnesota 55479 
 Telephone No.: (877) 872-4605 
 Facsimile No.: (866) 969-1290 

Email: DAPSReorg@wellsfargo.com 

Re: 5.75% Senior Notes due 2022 
 Reference is hereby made to the Indenture, dated as of December 19, 2013 (the “Indenture”), among Endo Finance Co., as issuer (the “Issuer”), the Guarantors party
thereto and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Transferor”) owns and proposes to transfer the
Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $             in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A
Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and,
accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction
meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the
Securities Act. 
 2.  ̈ Check if Transferee will take delivery of a
beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a 

  
 B-1

 
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the distribution compliance period (as defined in Regulation S), the transfer is not being made to a U.S. Person or for the account or benefit of a
U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer
enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈ Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to
any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive
Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Issuer or a subsidiary thereof; 
 or 
 (c)  ̈ such Transfer is being
effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 
 (d)  ̈ such Transfer is being
effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not
engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes
and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes
at the time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the
Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 

  
 B-2

 4.  ̈ Check if Transferee will
take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture. 
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption.
(i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
 This certificate
and the statements contained herein are made for your benefit and the benefit of the Issuer. 

			
		
		 	 
		 	[Insert Name of Transferor]

  

			
		
	By:	 	 
		 	 Name:

Title:

 Dated:
                     

  
 B-3

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Endo Finance Co. 

c/o Endo Health Solutions Inc. 
 1400 Atwater
Drive 
 Malvern, Pennsylvania 19355 

Wells Fargo Bank, National Association 
 DAPS
Reorg 
 MAC N9303-121 
 608-2nd
Avenue South 
 Minneapolis, Minnesota 55479 
 Telephone No.: (877) 872-4605 
 Facsimile No.: (866) 969-1290 

Email: DAPSReorg@wellsfargo.com 

Re: 5.75% Senior Notes due 2022 
 (CUSIP [            ]) 

Reference is hereby made to the Indenture, dated as of December 19, 2013 (the “Indenture”), among Endo Finance Co.,
as issuer (the “Issuer”), the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                    ,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $             in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1.
Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

(b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States. 

  
 C-1

 (c)  ̈ Check if Exchange is from
Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive
Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 

(a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the
Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuer. 

  
 C-2

 
			
		
		 	 
		 	[Insert Name of Transferor]

 
			
		
	By:	 	 
		 	 Name:

Title:

 Dated:
                     

  
 C-3

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Endo Finance Co. 
 c/o Endo Health Solutions
Inc. 
 1400 Atwater Drive 
 Malvern,
Pennsylvania 19355 
 [Trustee Address] 
 [                    ] 
 [                    ] 
 Re: 5.75% Senior Notes due 2022 
 Reference is hereby made to the Indenture, dated
as of December 19, 2013 (the “Indenture”), among Endo Finance Co., as issuer (the “Issuer”), the Guarantors party thereto and Wells Fargo Bank, National Association, as trustee. Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture. 
 In connection with our proposed purchase of
$                     aggregate principal amount of: 
 (a)  ̈ a beneficial interest in a Global Note, or 
 (b)  ̈ a Definitive Note, 
 we
confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain
restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the
Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the
Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are
acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Issuer or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Issuer
a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Issuer to the
effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements
of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

  
 D-1

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein,
we will be required to furnish to you and the Issuer such certifications, legal opinions and other information as you and the Issuer may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion. 
 You and the Issuer are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

 

			
		
		 	 
		 	[Insert Name of Accredited Investor]

 
			
		
	By:	 	 
		 	 Name:

Title:

 Dated:
                     

  
 D-2

 EXHIBIT E 
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                        , among
                         (the “Guaranteeing Subsidiary”), a subsidiary of Endo Finance Co. (or its
permitted successor), a Delaware corporation (the “Issuer”), the Issuer, the other Guarantors (as defined in the Indenture referred to herein) 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 Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of
December 19, 2013 providing for the issuance of 5.75% Senior Notes due 2022 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 
 4. NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Issuer or any Guarantor, as such, will have
any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 

5. NEW YORK LAW TO GOVERN; WAIVER OF JURY TRIAL. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK. EACH OF THE ISSUER AND THE GUARANTORS CONSENTS AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE OR U.S. FEDERAL COURT LOCATED IN THE BOROUGH OF MANHATTAN, CITY OF NEW YORK, COUNTY OF NEW YORK, STATE OF
NEW YORK IN RELATION TO ANY LEGAL ACTION OR PROCEEDING (I) ARISING OUT 

  
 E-1

 
OF, RELATING TO OR IN CONNECTION WITH THIS INDENTURE, AS SUPPLEMENTED, THE NOTES, THE GUARANTEES AND ANY RELATED DOCUMENTS AND/OR (II) ARISING UNDER ANY U.S. FEDERAL OR U.S. STATE SECURITIES
LAWS IN RESPECT OF THE NOTES, THE GUARANTEES AND ANY SECURITIES ISSUED PURSUANT TO THE TERMS OF THE INDENTURE, AS SUPPLEMENTED. EACH OF THE ISSUER AND THE GUARANTORS WAIVES ANY OBJECTION TO PROCEEDINGS IN ANY SUCH COURTS, WHETHER ON THE GROUND OF
VENUE OR ON THE GROUND THAT THE PROCEEDINGS HAVE BEEN BROUGHT IN AN INCONVENIENT FORUM. EACH OF THE ISSUER AND THE GUARANTORS, TO THE EXTENT ORGANIZED OUTSIDE OF THE UNITED STATES, SHALL APPOINT CT CORPORATION SYSTEM, 111 EIGHTH AVENUE, 13TH FLOOR,
NEW YORK, NY 10011, AS ITS AGENT FOR SERVICE OF PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING AND AGREES THAT SERVICE OF PROCESS UPON SAID AUTHORIZED AGENT SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON IT IN ANY SUCH SUIT,
ACTION OR PROCEEDING. EACH OF THE ISSUER AND THE GUARANTORS AGREES TO DELIVER, UPON THE EXECUTION AND DELIVERY OF THIS SUPPLEMENTAL INDENTURE, A WRITTEN ACCEPTANCE BY SUCH AGENT OF ITS APPOINTMENT AS SUCH AGENT. EACH OF THE ISSUER AND THE
GUARANTORS, TO THE EXTENT ORGANIZED OUTSIDE OF THE UNITED STATES, FURTHER AGREES TO TAKE ANY AND ALL ACTION, INCLUDING THE FILING OF ANY AND ALL SUCH DOCUMENTS AND INSTRUMENTS, AS MAY BE REASONABLY NECESSARY TO CONTINUE SUCH DESIGNATION AND
APPOINTMENT OF CT CORPORATION SYSTEM IN FULL FORCE AND EFFECT FOR SO LONG AS THE INDENTURE, AS SUPPLEMENTED, REMAINS IN FORCE. THE ISSUER, 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 SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 6. COUNTERPARTS. The parties may sign any number of copies of this 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. 
 7. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 

8. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the
validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer. 

  
 E-2

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

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[ENDO FINANCE CO.]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	[EXISTING GUARANTORS]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	 [WELLS FARGO BANK, NATIONAL

ASSOCIATION], as Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  
 E-3EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of December 13, 2013 (the “Effective
Date”) by and between PRGX Global, Inc., a Georgia corporation (the “Company”), and Ronald E. Stewart (the “Executive”). 

W I T N E S S E T H: 

WHEREAS, the Company considers the availability of the Executive’s services to be important to the management and conduct of the
Company’s business and desires to secure the availability of the Executive’s services; and 
 WHEREAS, the Executive is
willing to make the Executive’s services available to the Company on the terms and subject to the conditions set forth herein. 

NOW, THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements hereinafter set forth and intending to be
legally bound, the Company and the Executive agree as follows: 
 1. Employment and Duties. 

(a) Position. The Company hereby employs the Executive, and the Executive hereby accepts such employment, as the Chief Executive
Officer and President of the Company, effective as of the Effective Date, on the terms and subject to the conditions of this Agreement. The Executive agrees to perform such duties and responsibilities as are customarily performed by persons acting
in such capacity or as are assigned to Executive from time to time by the Board of Directors of the Company. The Executive acknowledges and agrees that from time to time the Company may assign Executive additional positions with the Company or the
Company’s subsidiaries, with such title, duties and responsibilities as shall be determined by the Company, provided such duties and responsibilities shall be consistent with those customarily performed by a chief executive officer and
president of a corporation. The Executive agrees to serve in any and all such positions without additional compensation. The Executive will report directly to the Board of Directors of the Company. 

(b) Duties. The Executive shall devote the Executive’s best efforts and full professional time and attention to the business
and affairs of the Company and the Company’s subsidiaries. During the Term, as hereinafter defined, Executive shall not serve as a director or principal of any other company or charitable, religious or civic organization without the prior
written consent of the Board of Directors of the Company. The principal place(s) of employment of the Executive shall be the Company’s executive offices in Atlanta, Georgia subject to reasonable travel on the business of the Company or the
Company’s subsidiaries. The Executive shall be expected to follow and be bound by the terms of the Company’s Code of Conduct and Code of Ethics for Senior Financial Officers and any other applicable policies as the Company from time to
time may adopt. 
 2. Term. This Agreement is effective as of the Effective Date, and will continue through the third
anniversary of the Effective Date (the “Term”), unless terminated earlier as hereinafter provided. 

 3. Compensation. 

(a) Base Salary. The Company shall pay the Executive an annual base salary of $515,000. The annual base salary shall be paid to
the Executive in accordance with the established payroll practices of the Company (but no less frequently than monthly) subject to ordinary and lawful deductions. Beginning with calendar 2015, the Compensation Committee of the Company will review
the Executive’s base salary from time to time, no less frequently than annually, to consider whether any increase should be made. The base salary during the Term will not be less than that in effect at any time during the Term. 

(b) Annual Bonus. During the Term, the Executive will be eligible to participate in an annual incentive bonus plan that will
establish measurable criteria and incentive compensation levels payable to the Executive for performance in relation to defined targets established by the Compensation Committee of the Company’s Board of Directors in good faith, after
consultation with management and the Executive, and consistent with the Company’s business plans, strategy and objectives. To the extent the targeted performance levels are exceeded, the incentive bonus plan will provide a means by which the
annual bonus will be increased. Similarly, the incentive plan will provide a means by which the annual bonus will be decreased or eliminated if the targeted performance levels are not achieved. In connection with such annual incentive bonus plan,
subject to the corresponding performance levels being achieved, the Executive shall be eligible for an annual target bonus equal to 75 percent of the Executive’s annual base salary and an annual maximum bonus equal to 150 percent of the
Executive’s annual base salary. Any bonus payments due hereunder shall be payable to the Executive no later than the 15th day of the third month following the end of the applicable year to
which the incentive bonus relates. 
 (c) Equity Compensation. 

(i) The Company shall grant to the Executive, as of the Effective Date, restricted stock covering 150,000 shares of the common stock, no par
value per share, of the Company (the “Restricted Stock”), pursuant to the Company’s form of Restricted Stock Agreement under the PRGX Amended and Restated 2008 Equity Incentive Plan (the “2008 Incentive Plan”). The
Restricted Stock will be time-vested restricted stock, vesting and becoming non-forfeitable as to 100% of the Restricted Stock on the third anniversary of the date of grant, subject to the Executive’s continued employment through such date and
the acceleration provisions in this Agreement. 
 (ii) The Company also shall grant to the Executive, as of the Effective Date, stock
options to acquire 100,000 shares of the common stock, no par value per share, of the Company (the “Stock Options”) at an exercise price equal to the closing price, as of the date of grant, of the underlying shares of common stock and a
term of seven years, pursuant to the Company’s form of Non-Qualified Stock Option Agreement under the 2008 Incentive Plan. The Stock Options will be time-vested stock options, vesting and becoming exercisable as to one-third (1/3) of the
Stock Options (rounded down to the nearest whole share) on each of June 15, 2015 and June 15, 2016, and as to the remaining Stock Options on June 15, 2017, subject to the Executive’s continued employment through such date(s) and
the acceleration provisions in this Agreement. 

  
 2 

 (iii) Beginning with calendar year 2014, the Executive shall be eligible to receive stock
options, restricted stock, stock appreciation rights and/or other equity awards under the Company’s applicable equity plans on such basis as the Compensation Committee or the Board of Directors of the Company or their designees, as the case may
be, may determine on a basis not less favorable than that provided to the class of employees that includes the Executive, except that the Compensation Committee and the Board of Directors may take into account, for purposes of determining the number
of equity awards to be granted to the Executive, that the Executive, unlike others in the class of employees that include the Executive, previously received the Stock Options described herein. Except as specifically set forth above, however, nothing
herein shall require the Company to make any equity grants or other awards to the Executive in any specific year. 
 4 Indemnity and
Insurance. The Company and the Executive have entered into the Company’s standard indemnification agreement for executive officers and directors. In addition, the Company shall provide the Executive with director and officer liability
insurance on the same and customary terms and conditions as provided to the members of the Board of Directors and other officers of the Company. 

5. Benefits. 
 (a)
Benefit Programs. The Executive shall be eligible to participate in any plans, programs or forms of compensation or benefits that the Company or the Company’s subsidiaries provide to the class of employees that includes the
Executive, on a basis not less favorable than that provided to such class of employees, including, without limitation, group medical, disability and life insurance, paid time-off, and retirement plan, subject to the terms and conditions of such
plans, programs or forms of compensation or benefits. 
 (b) Paid Time-Off. The Executive shall be entitled to five weeks of
paid time-off annually, to be accrued and used in accordance with the normal Company paid time-off policy. 
 6. Reimbursement
of Expenses. The Company shall reimburse the Executive, subject to presentation of adequate substantiation, including receipts, for the reasonable travel, entertainment, lodging and other business expenses incurred by the Executive in
accordance with the Company’s expense reimbursement policy in effect at the time such expenses are incurred. In no event will such reimbursements, if any, be made later than the last day of the year following the year in which the Executive
incurs the expense. 
 7. Termination of Employment. 

(a) Death or Incapacity. The Executive’s employment under this Agreement shall terminate automatically upon the
Executive’s death. If the Board of Directors of the Company determines in good faith that the Incapacity, as hereinafter defined, of the Executive has occurred, it may terminate the Executive’s employment and this Agreement.
“Incapacity” shall mean the inability of the Executive to perform the essential functions of the Executive’s job due to physical or mental impairment, with or without reasonable accommodation, for a period of 90 days in the aggregate
in any rolling 180-day period. 
 (b) Termination by Company For Cause. The Company may terminate the Executive’s
employment during the Term of this Agreement for Cause. For purposes of this Agreement, “Cause” shall mean, as determined by the Board of Directors of the Company in good faith, the following: 

  
 3 

 (i) the Executive’s willful misconduct or gross negligence in connection
with the performance of the Executive’s duties which the Board of Directors of the Company believes in good faith and after investigation does or is likely to result in material harm to the Company or any of its subsidiaries; 

(ii) the Executive’s intentional misappropriation or embezzlement of funds or property of the Company or any of its
subsidiaries; 
 (iii) the Executive’s fraud or dishonesty with respect to the Company or any of its subsidiaries which
the Board of Directors of the Company believes in good faith and after investigation does or is likely to result in material harm to the Company of any of its subsidiaries; 

(iv) the Executive’s conviction of, indictment for (or its procedural equivalent), or entering of a guilty plea or plea of
no contest with respect to any felony or, if the Board of Directors of the Company believes in good faith and after investigation does or is likely to result in material harm to the Company or any of its subsidiaries, any other crime involving moral
turpitude or dishonesty; 
 (v) the Executive’s material breach of a term of this Agreement, or violation in any
material respect of any code or standard of behavior generally applicable to officers of the Company (including, without, limitation the Company’s Code of Conduct, Code of Ethics for Senior Financial Officers and any other applicable policies
as the Board of Directors of the Company from time to time may adopt applicable to officers of the Company), after being advised in writing of such breach or violation and being given 30 days to remedy such breach or violation, to the extent that
such breach or violation can be cured; 
 (vi) the Executive’s breach of fiduciary duties owed to the Company or any of
its subsidiaries which the Board of Directors of the Company believes in good faith and after investigation does or is likely to result in material harm to the Company or any of its subsidiaries; 

(vii) the Executive’s engagement in habitual insobriety or the use of illegal drugs or substances; or 

(viii) the Executive’s willful failure to cooperate, or willful failure to cause and direct persons under the
Executive’s management or direction, or employed by, or consultants or agents to, the Company or its subsidiaries to cooperate, with all corporate investigations or independent investigations by the Board of Directors of the Company or its
subsidiaries, all governmental investigations of the Company or its subsidiaries or orders involving the Executive, the Company or the Company’s subsidiaries entered by a court of competent jurisdiction, after being advised in writing of such
failure. Notwithstanding the foregoing, the following actions by the Executive shall not be considered a violation of this provision with respect to any matter under investigation: (1) the Executive’s retention of counsel; (2) the
Executive’s assertion of any federal or state constitutional rights; (3) the Executive’s assertion of any legally recognized privilege; or (4) the Executive’s assertion of any legally available defense or objection. 

  
 4 

 Notwithstanding the above, and without limitation, the Executive shall not be deemed to have been terminated for
Cause unless and until there has been delivered to the Executive (i) a letter from the Board of Directors of the Company finding that the Executive has engaged in the conduct set forth in any of the preceding clauses and specifying the
particulars thereof in detail and (ii) a copy of a resolution duly adopted by the affirmative vote of the majority of the members of the Board of Directors of the Company who are not officers of the Company at a meeting of the Board of
Directors called and held for such purpose or such other appropriate written consent (after at least 10 days’ prior notice to the Executive and an opportunity for the Executive, together with the Executive’s counsel, to be heard before the
Board of Directors of the Company), finding that the Executive has engaged in such conduct and specifying the particulars thereof in detail. 

(c) Termination by Executive for Good Reason. The Executive may terminate the Executive’s employment for Good Reason. For
purposes of this Agreement, “Good Reason” shall mean, without the Executive’s consent, the following: 
 (i)
any action taken by the Company which results in a material reduction in the Executive’s authority, duties or responsibilities (except that any change in the foregoing that results solely from the Company ceasing to be a publicly traded entity
or from the Company becoming a wholly-owned subsidiary of another publicly traded entity will not, in any event and standing alone, constitute a substantial reduction in the Executive’s authority, duties or responsibilities), including any
requirement that the Executive report directly to anyone other than the Board of Directors of the Company; 
 (ii) the
assignment to the Executive of duties that are materially inconsistent with Executive’s authority, duties or responsibilities as the Chief Executive Officer and President; 

(iii) any decrease in the Executive’s base salary or annual bonus opportunity or material decrease in the benefits
generally available to the class of employees that includes the Executive, except to the extent the Company has instituted a salary, bonus or benefits reduction generally applicable to all executives of the Company other than in contemplation of or
after a Change in Control; 
 (iv) the relocation of the Executive to any primary place of employment other than as specified
in Section 1(b) above which might require the Executive to move the Executive’s residence which, for this purpose, means any reassignment to a place of employment 50 miles or more from the place (or, if applicable, all places) of
employment set forth in Section 1(b), without the Executive’s express written consent to such relocation; provided, however, this subsection (iv) shall not apply in the case of business travel which requires the Executive to relocate
temporarily for periods of 90 days or less; 
 (v) the failure by the Company to pay to the Executive any portion of the
Executive’s base salary, annual bonus or other benefits within 10 days after the date the same is due; 
 (vi) the
Company’s failure to nominate Executive to serve as a member of the Board of Directors of the Company (other than on and after the Company has reason to terminate the Executive’s employment for Cause), or the removal of the Executive from
the Board of Directors of the Company, by action of the Board of Directors, other than for Cause; or 
 (vii) any material
failure by the Company to comply with the terms of this Agreement. 

  
 5 

 Notwithstanding the above, and without limitation, “Good Reason” shall not include any resignation by
the Executive where Cause for the Executive’s termination by the Company exists and the Company then follows the procedures described above. The Executive must give the Company notice of any event or condition that would constitute “Good
Reason” within 30 days of the event or condition which would constitute “Good Reason,” and upon the receipt of such notice the Company shall have 30 days to remedy such event or condition. If such event or condition is not remedied
within such 30-day period, any termination of employment by the Executive for “Good Reason” must occur within 30 days after the period for remedying such condition or event has expired. 

(d) Termination by Company Without Cause or by Executive Other than For Good Reason. The Company may terminate the
Executive’s employment during the Term of this Agreement without Cause, and Executive may terminate the Executive’s employment during the Term of this Agreement for other than Good Reason, upon 30 days’ written notice. Notwithstanding
the foregoing, the Company may elect to terminate the Executive’s employment during the Term of this Agreement without Cause immediately (without any such notice period) or upon such shorter notice period as the Company may elect, by agreeing
to continue to pay the Executive the sum of his base salary and the Company’s contribution to the cost of the welfare benefits provided to the Executive (in accordance with the established payroll practices of the Company, no less frequently
than monthly), in lieu of such notice or for the portion of the notice period that is shorter than 30 days, during the time the Executive otherwise would have been employed during the applicable notice period. 

(e) Termination on Failure to Extend the Term. If the Term of the Agreement is not extended, the Company and the Executive agree
that the Executive’s employment will terminate immediately following the expiration of the Term. The Company agrees to give the Executive no less than 120 days’ written notice prior to expiration of the Term if the Company does not intend
to seek an extension of the Term. 
 (f) Resignation from Board of Directors and Other Positions. Notwithstanding any other
provision of this Agreement, the Executive agrees to resign, as soon as administratively practicable, as a member of the Board of Directors of the Company and of any subsidiaries and affiliates of the Company and from any and all positions held in
the Company or any subsidiary or affiliate of the Company, at the time of termination of the Executive’s employment if the Executive’s employment is terminated pursuant to Sections 7(b), (c), (d) or (e) of this Agreement. The
Company agrees that upon resignation by the Executive pursuant to this Section 7(f) during the first year of the Term, any outstanding unvested options, restricted stock and other equity-based awards previously granted to the Executive in
connection with his services to the Company as a member of the Board of Directors shall vest in full. 

  
 6 

 8. Obligations of the Company Upon Termination. 

(a) Without Cause; Good Reason; Before the First Anniversary of the Effective Date. If, during the Term and before the first
anniversary of the Effective Date, the Company terminates the Executive’s employment without Cause in accordance with Section 7(d) hereof or the Executive terminates the Executive’s employment for Good Reason in accordance with
Section 7(c) hereof, subject to Section 20 below, the Executive shall be entitled to receive: 
 (i) payment of the
Executive’s annual base salary in effect immediately preceding the date of the Executive’s termination of employment (or, if greater, the Executive’s annual base salary in effect immediately preceding any action by the Company
described in Section 7(c)(iii) above for which the Executive has terminated the Executive’s employment for Good Reason), for the period equal to the greater of three (3) months or the number of full months of continuous service the
Executive has with the Company and its subsidiaries from the Effective Date until the time of termination of employment, beginning immediately following termination of employment (the “Initial Severance Period”), payable in accordance with
the established payroll practices of the Company (but no less frequently than monthly), beginning on the first payroll date following 60 days after termination of employment, with the Executive to receive at that time a lump sum payment with respect
to any installments the Executive was entitled to receive during the first 60 days following termination of employment, and the remaining payments made as if they had commenced immediately following termination of employment; 

(ii) continuation after the date of termination of employment of any health care (medical, dental and vision) plan coverage,
other than that under a flexible spending account, provided to the Executive and the Executive’s spouse and dependents at the date of termination for the Initial Severance Period, on a monthly or more frequent basis, on the same basis and at
the same cost to the Executive as available to similarly-situated active employees during such Initial Severance Period, provided that such continued participation is possible under the general terms and provisions of such plans and programs and
provided that such continued coverage by the Company shall terminate in the event Executive becomes eligible for any such coverage under another employer’s plans. If the Company reasonably determines that maintaining such coverage for the
Executive or the Executive’s spouse or dependents is not feasible under the terms and provisions of such plans and programs (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is
provided), the Company shall pay the Executive cash equal to the estimated cost of the expected Company contribution therefor for such same period of time, with such payments to be made in accordance with the established payroll practices of the
Company (not less frequently than monthly) for the period during which such cash payments are to be provided; 
 (iii)
payment of an amount equal to the Executive’s actual earned full-year bonus for the year in which the termination of Executive’s employment occurs, prorated based on the number of days the Executive was employed for the year, payable at
the time the Executive’s annual bonus for the year otherwise would be paid had the Executive continued employment; 

  
 7 

 (iv) payment of any Accrued Obligations. For purposes of this Agreement,
“Accrued Obligations” shall mean the sum of (A) the Executive’s annual base salary through Executive’s termination of employment which remains unpaid, (B) the amount, if any, of any incentive or bonus compensation
earned for any completed fiscal year of the Company which has not yet been paid, (C) any reimbursements for expenses incurred but not yet paid, and (D) any benefits or other amounts, including both cash and stock components, which pursuant
to the terms of any plans, policies or programs have been earned or become payable, but which have not yet been paid to the Executive, including payment for any unused paid time-off (but not including amounts that previously had been deferred at the
Executive’s request, which amounts will be paid in accordance with the Executive’s existing directions). The Accrued Obligations will be paid to the Executive in a lump sum as soon as administratively feasible after the Executive’s
termination of employment, which for purposes of any incentive or bonus compensation described in (B) above shall mean at the same time such annual bonus would otherwise have been paid; 

(v) vesting of a prorated number of the Restricted Stock as follows: if the closing price of a share of the Company’s
common stock, no par value per share, for any 20 consecutive trading days during the 180 days (or if fewer the days the Executive was employed) immediately prior to the date of termination is $1.00 or more than the closing price of such common stock
at the date of grant of the Restricted Stock, then a prorated number of one-third (1/3) of the Restricted Stock shall become vested and non-forfeitable based upon the Executive’s continued employment after the date of grant of the
Restricted Stock in the number that would have vested had such one-third (1/3) of the Restricted Stock vested in 12 equal installments on each monthly anniversary of the date of grant of the Restricted Stock; and 

(vi) vesting of a prorated number of the Stock Options as follows: a prorated number of one-third (1/3) of the outstanding
unvested Stock Options shall vest based upon the Executive’s continued employment after the date of grant in the number that would have vested had such one-third (1/3) of the Stock Options vested in 18 equal installments on each monthly
anniversary of the date of grant of the Stock Options. All of Executive’s outstanding vested Stock Options shall remain outstanding until the earlier of (i) one year after the date of termination of the Executive’s employment or
(ii) the original expiration date of the Stock Options (disregarding any earlier expiration date provided for in any other agreement, including without limitation any related grant agreement, based solely on the termination of the
Executive’s employment). 
 (b) Without Cause; Good Reason; on or after the First Anniversary of the Effective Date (No Change in
Control). If, during the Term and on or after the first anniversary of the Effective Date, the Company terminates the Executive’s employment without Cause in accordance with Section 7(d) hereof or the Executive terminates the
Executive’s employment for Good Reason in accordance with Section 7(c) hereof, other than on or within two years after a Change in Control, subject to Section 20 below, the Executive shall be entitled to receive: 

(i) payment of the Executive’s annual base salary in effect immediately preceding the date of the Executive’s
termination of employment (or, if greater, the Executive’s annual base salary in effect immediately preceding any action by the Company described in Section 7(c)(iii) above for which the Executive has terminated the Executive’s

  
 8 

 
employment for Good Reason), for the 12 months beginning immediately following termination of employment (the “Severance Period”), payable in accordance with the established payroll
practices of the Company (but no less frequently than monthly), beginning on the first payroll date following 60 days after termination of employment, with the Executive to receive at that time a lump sum payment with respect to any installments the
Executive was entitled to receive during the first 60 days following termination of employment, and the remaining payments made as if they had commenced immediately following termination of employment; 

(ii) payment of an amount equal to the Executive’s actual earned full-year bonus for the year in which the termination of
Executive’s employment occurs, prorated based on the number of days the Executive was employed for the year, payable at the time the Executive’s annual bonus for the year otherwise would be paid had the Executive continued employment; 

(iii) continuation after the date of termination of employment of any health care (medical, dental and vision) plan coverage,
other than that under a flexible spending account, provided to the Executive and the Executive’s spouse and dependents at the date of termination for the Severance Period, on a monthly or more frequent basis, on the same basis and at the same
cost to the Executive as available to similarly-situated active employees during such Severance Period, provided that such continued participation is possible under the general terms and provisions of such plans and programs and provided that such
continued coverage by the Company shall terminate in the event Executive becomes eligible for any such coverage under another employer’s plans. If the Company reasonably determines that maintaining such coverage for the Executive or the
Executive’s spouse or dependents is not feasible under the terms and provisions of such plans and programs (or where such continuation would adversely affect the tax status of the plan pursuant to which the coverage is provided), the Company
shall pay the Executive cash equal to the estimated cost of the expected Company contribution therefor for such same period of time, with such payments to be made in accordance with the established payroll practices of the Company (not less
frequently than monthly) for the period during which such cash payments are to be provided; 
 (iv) payment of any Accrued
Obligations in a lump sum as soon as administratively feasible after the Executive’s termination of employment, which for purposes of any incentive or bonus compensation described in Section 8(a)(iv)(B) above shall mean at the same time
such annual bonus would otherwise have been paid; 
 (v) vesting of a prorated number of the Restricted Stock as follows:
(x) if the closing price of a share of the Company’s common stock, no par value per share, for any 20 consecutive trading days during the 180 days immediately prior to the date of termination is $1.00 or more than the closing price of such
common stock at the date of grant of the Restricted Stock, then a prorated number of two-thirds (2/3) of the Restricted Stock shall become vested and non-forfeitable based upon the Executive’s continued employment after the date of grant
of the Restricted Stock in the number that would have vested had such two-thirds (2/3) of the Restricted Stock vested in 24 equal installments on each monthly anniversary of the date of grant of the Restricted Stock, and (y) if
(i) the date of termination of Executive’s employment occurs after the second anniversary of the date of grant of the 

  
 9 

 
Restricted Stock and (ii) the closing price of a share of the Company’s common stock, no par value per share, for any 20 consecutive trading days during the 180 days immediately prior
to the date of termination is $2.00 or more than the closing price of such common stock at the date of grant of the Restricted Stock, then a prorated number of the remaining one-third (1/3) of the Restricted Stock shall vest and become
non-forfeitable based on the Executive’s continued employment after the second anniversary of the date of grant of the Restricted Stock in the number that would have vested had such remaining one-third (1/3) of the Restricted Stock vested
in 12 equal installments on each monthly anniversary of the second anniversary of the date of grant of the Restricted Stock; 

(vi) vesting of a prorated number of the Stock Options as follows: (i) if the date of termination occurs before
June 15, 2015, a prorated number of one-third (1/3) of the outstanding unvested Stock Options shall vest based upon the Executive’s continued employment after the date of grant in the number that would have vested had such one-third
(1/3) of the Stock Options vested in 18 equal installments on each monthly anniversary of the date of grant of the Stock Options; (ii) if the date of termination occurs after June 15, 2015 and before June 15, 2016, a prorated
number of one-third (1/3) of the outstanding unvested Stock Options shall vest based upon the Executive’s continued employment after June 15, 2015 in that number that would have vested had such one-third (1/3) of the Stock
Options vested in 12 equal installments on each monthly anniversary of June 15, 2015; and (iii) if the date of termination occurs after June 15, 2016, a prorated number of one-third (1/3) of the outstanding unvested Stock Options
shall vest based upon the Executive’s continued employment after June 15, 2016 in that number that would have vested had such one-third (1/3) of the Stock Options vested in 12 equal installments on each monthly anniversary of
June 15, 2016. All of Executive’s outstanding vested Stock Options shall remain outstanding until the earlier of (i) one year after the date of termination of the Executive’s employment or (ii) the original expiration date
of the Stock Options (disregarding any earlier expiration date provided for in any other agreement, including without limitation any related grant agreement, based solely on the termination of the Executive’s employment); and 

(vii) payment of one year of outplacement services from Executrack or an outplacement service provider of the Executive’s
choice, limited to $20,000 in total. This outplacement services benefit will be forfeited if the Executive does not begin using such services within 90 days after the termination of the Executive’s employment. 

(c) Without Cause; Good Reason; on or after the First Anniversary of the Effective Date (Change in Control). If, during the Term
and on or after the first anniversary of the Effective Date, the Company terminates the Executive’s employment without Cause in accordance with Section 7(d) hereof or the Executive terminates the Executive’s employment for Good Reason
in accordance with Section 7(c) hereof, on or within two years after a Change in Control, subject to Section 20 below, the Executive shall be entitled to receive: 

(i) payment of the Executive’s annual base salary in effect immediately preceding the date of the Executive’s
termination of employment (or, if greater, the Executive’s annual base salary in effect immediately preceding any action by the Company described in Section 7(c)(iii) above for which the Executive has terminated the Executive’s
employment for Good Reason), for the 18 months beginning immediately following 

  
 10 

 
termination of employment (the “Change in Control Severance Period”), payable in accordance with the established payable practices of the Company (but no less frequently than monthly),
beginning on the first payroll date following 60 days after termination of employment, with the Executive to receive at that time a lump sum payment with respect to any installments the Executive was entitled to receive during the first 60 days
following termination of employment; 
 (ii) payment of an amount equal to the Executive’s actual earned full-year bonus
for the year in which the termination of Executive’s employment occurs, prorated based on the number of days the Executive was employed for the year, payable at the time the Executive’s annual bonus for the year otherwise would be paid had
the Executive continued employment; 
 (iii) continuation after the date of termination of employment of any health care
(medical, dental and vision) plan coverage, other than that under a flexible spending account, provided to the Executive and the Executive’s spouse and dependents at the date of termination for the Change in Control Severance Period, on a
monthly or more frequent basis, on the same basis and at the same cost to the Executive as available to similarly-situated active employees during such Change in Control Severance Period, provided that such continued participation is possible under
the general terms and provisions of such plans and programs and provided that such continued contribution by the Company shall terminate in the event Executive becomes eligible for any such coverage under another employer’s plans. If the
Company reasonably determines that maintaining such coverage for the Executive or the Executive’s spouse or dependents is not feasible under the terms and provisions of such plans and programs (or where such continuation would adversely affect
the tax status of the plan pursuant to which the coverage is provided), the Company shall pay the Executive cash equal to the estimated cost of the expected Company contribution therefor for such same period of time, with such payments to be made in
accordance with the established payroll practices of the Company (not less frequently than monthly) for the period during which such cash payments are to be provided; 

(iv) payment of any Accrued Obligations in a lump sum as soon as administratively feasible after the Executive’s
termination of employment, which for purposes of any incentive or bonus compensation described in Section 8(a)(iv)(B) above shall mean at the same time such annual bonus would otherwise have been paid; 

(v) all of Executive’s outstanding vested Stock Options shall remain outstanding until the earlier of (i) one year
after the date of termination of the Executive’s employment or (ii) the original expiration date of the Stock Options (disregarding any earlier expiration date provided for in any other agreement, including without limitation any related
grant agreement, based solely on the termination of the Executive’s employment); and 
 (vi) payment of one year of
outplacement services from Executrack or an outplacement service provider of the Executive’s choice, limited to $20,000 in total. This outplacement services benefit will be forfeited if the Executive does not begin using such services within 90
days after the termination of the Executive’s employment. 

  
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 (d) Death or Incapacity. If the Executive’s employment is terminated by reason
of death or Incapacity in accordance with Section 7(a) hereof, the Executive shall be entitled to receive: 
 (i)
payment of an amount equal to the actual full-year bonus earned for the year that includes Executive’s death or Incapacity, prorated based on the number of days the Executive is employed for the year, payable at the same time such annual bonus
would otherwise have been paid had the Executive continued employment; 
 (ii) payment of any Accrued Obligations in a lump
sum as soon as administratively feasible after the Executive’s termination of employment, which for purposes of any incentive or bonus compensation described in Section 8(a)(iv)(B) above shall mean at the same time such annual bonus would
otherwise have been paid; 
 (iii) vesting of a prorated number of the Restricted Stock as follows: (x) if the closing
price of a share of the Company’s common stock, no par value per share, for any 20 consecutive trading days during the 180 days (or if fewer the days the Executive was employed) immediately prior to the date of termination is $1.00 or more than
the closing price of such common stock at the date of grant of the Restricted Stock, then a prorated number of two-thirds (2/3) of the Restricted Stock shall become vested and non-forfeitable based upon the Executive’s continued employment
after the date of grant of the Restricted Stock in the number that would have vested had such two-thirds (2/3) of the Restricted Stock vested in 24 equal installments on each monthly anniversary of the date of grant of the Restricted Stock, and
(y) if (i) the date of termination of Executive’s employment occurs after the second anniversary of the date of grant of the Restricted Stock and (ii) the closing price of a share of the Company’s common stock, no par value
per share, for any 20 consecutive trading days during the 180 days (or if fewer the days the Executive was employed) immediately prior to the date of termination is $2.00 or more than the closing price of such common stock at the date of grant of
the Restricted Stock, then a prorated number of the remaining one-third (1/3) of the Restricted Stock shall vest and become non-forfeitable based on the Executive’s continued employment after the second anniversary of the date of grant of
the Restricted Stock in the number that would have vested had such remaining one-third (1/3) of the Restricted Stock vested in 12 equal installments on each monthly anniversary of the second anniversary of the date of grant of the Restricted
Stock; and 
 (iv) vesting of a prorated number of the Stock Options as follows: (i) if the date of termination occurs
before June 15, 2015, a prorated number of one-third (1/3) of the outstanding unvested Stock Options shall vest based upon the Executive’s continued employment after the date of grant in the number that would have vested had such
one-third (1/3) of the Stock Options vested in 18 equal installments on each monthly anniversary of the date of grant of the Stock Options; (ii) if the date of termination occurs after June 15, 2015 and before June 15, 2016, a
prorated number of one-third (1/3) of the outstanding unvested Stock Options shall vest based upon the Executive’s continued employment after June 15, 2015 in that number that would have vested had such one-third (1/3) of the
Stock Options vested in 12 equal installments on each monthly anniversary of June 15, 2015; and (iii) if the date of termination occurs after June 15, 2016, a prorated number of one-third (1/3) of the outstanding unvested Stock
Options shall vest based upon the Executive’s 

  
 12 

 
continued employment after June 15, 2016 in that number that would have vested had such one-third (1/3) of the Stock Options vested in 12 equal installments on each monthly anniversary
of June 15, 2016. All of Executive’s outstanding vested Stock Options shall remain outstanding until the earlier of (i) one year after the date of termination of the Executive’s employment or (ii) the original expiration
date of the Stock Options (disregarding any earlier expiration date provided for in any other agreement, including without limitation any related grant agreement, based solely on the termination of the Executive’s employment). 

(e) Cause; Other Than for Good Reason. If the Company terminates the Executive’s employment for Cause in accordance with
Section 7(b) hereof, or the Executive terminates the Executive’s employment other than for Good Reason in accordance with Section 7(d) hereof, this Agreement shall terminate without any further obligation to the Executive other than
to pay the Accrued Obligations (except that any incentive or bonus compensation earned for any completed fiscal year of the Company which has not yet been paid shall not be paid if the Company terminates the Executive’s employment for Cause in
accordance with Section 7(b) hereof) as soon as administratively feasible after the Executive’s termination of employment. 
 (f)
Termination on Failure to Extend the Term. If the Executive’s employment terminates upon expiration of the Term in accordance with Section 7(e) hereof, the Executive shall be entitled to receive payment of any Accrued
Obligations in a lump sum as soon as administratively feasible after the Executive’s termination of employment, which for purposes of any incentive or bonus compensation described in Section 8(a)(iv)(B) above shall mean at the same time
such annual bonus would otherwise have been paid. Additionally, if the Executive’s employment terminates upon expiration of the Term in accordance with Section 7(e) hereof, the Executive shall be entitled to receive vesting of the
remaining one-third (1/3) of the outstanding unvested Stock Options, and all of the Executive’s Stock Options shall remain outstanding until the earlier of (i) one year after the date of termination of the Executive’s employment
or (ii) the original expiration date of the Stock Options (disregarding any earlier expiration date provided for in any agreement, including without limitation any related grant agreement, based upon termination of the Executive’s
employment). Additionally, if the Company fails to provide written notice to the Executive, at least 120 days prior to the expiration of the Term, that the Company does not intend to seek an extension of the Term (and assuming the Executive is
willing to agree to extend the Term), and the Executive terminates his employment upon expiration of the Term in accordance with Section 7(e) hereof, subject to Section 20 below, the Executive also shall be entitled to receive payment of
the Executive’s annual base salary in effect immediately preceding the date of the Executive’s termination of employment for the four (4) months beginning immediately following termination of employment, payable in accordance with the
established payroll practices of the Company (but no less frequently than monthly), beginning on the first payroll date following 60 days after termination of employment, with the Executive to receive at that time a lump sum payment with respect to
any installments the Executive was entitled to receive during the first 60 days following termination of employment, and the remaining payments made as if they had commenced immediately following termination of employment. 

(g) Release and Waiver. Notwithstanding any other provision of this Agreement, the Executive’s right to receive any payments
or benefits under Sections 8(a)(i), (ii), (iii), (v) and (vi), 8(b)(i), (ii), (iii), (v), (vi) and (vii), and 8(c)(i), (ii), (iii), (v) and (vi) and the second sentence of section 8(f) of this Agreement upon the termination of
the Executive’s 

  
 13 

 
employment by the Company without Cause or by the Executive for Good Reason or upon the failure of the Company to provide sufficient notice of its intent not to seek an extension of the Term, as
applicable, is contingent upon and subject to the Executive signing and delivering to the Company (i) a separation agreement (including without limitation such updated business protection agreements as the Company may reasonably request) and
(ii) a complete general release of all claims arising out of or related to the Executive’s employment, both of which shall be in a form acceptable to the Company, and allowing the applicable revocation period required by law to expire
without revoking or causing revocation of same, within 60 days following the date of termination of Executive’s employment, provided that the general release will preserve the Executive’s rights (x) under Section 8 of this
Agreement and (y) under the Executive’s indemnification agreement for executive officers and directors entered into by the parties pursuant to Section 4 above. 

(h) Change in Control. For purposes of this Agreement, Change of Control means the occurrence of any of the following events:

 (i) The accumulation in any number of related or unrelated transactions by any person of beneficial ownership (as such
term is used in Rule 13d-3, promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of 50 percent or more of the combined total voting power of the Company’s voting stock; provided that for purposes of
this subsection (a), a Change in Control will not be deemed to have incurred if the accumulation of 50 percent or more of the voting power of the Company’s voting stock results from any acquisition of voting stock (i) by the Company,
(ii) by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of the Company’s subsidiaries, or (iii) by any person pursuant to a merger, consolidation, reorganization or other transaction (a
“Business Combination”) that would not cause a Change in Control under subsection (ii) below; 
 (ii) A
consummation of a Business Combination, unless, immediately following that Business Combination, substantially all the persons who were the beneficial owners of the voting stock of the Company immediately prior to that Business Combination
beneficially own, directly or indirectly, at least 50 percent of the combined voting power of the voting stock of the entity resulting from that Business Combination (including, without limitation, an entity that as a result of that transaction owns
the Company, or all or substantially all of the Company assets, either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as the ownership, immediately prior to that Business Combination, of
the voting stock of the Company; 
 (iii) A sale or other disposition of all or substantially all of the assets of the
Company except pursuant to a Business Combination that would not cause a Change in Control under subsection (ii) above; 

(iv) At any time less than a majority of the members of the Board of Directors of the Company or any entity resulting from any
Business Combination are Incumbent Board Members; 
 (v) Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company, except pursuant to a Business Combination that would not cause a Change in Control under subsection (ii) above; 

  
 14 

 (vi) Any other transaction or event that the Board of Directors of the Company
identifies as a Change in Control for purposes of this Agreement; or 
 (vii) For purposes of this Agreement, (x) an
“Incumbent Board Member” shall mean any individual, other than the Executive, who either is (a) a member of the Company Board of Directors as of the Effective Date or (b) a member who becomes a member of the Company’s Board
of Directors subsequent to the Effective Date of this Agreement, whose election or nomination by the Company’s shareholders, was approved by a vote of at least a majority of the then Incumbent Board Members (either by specific vote or by
approval of a proxy statement of the Company in which that person is named as a nominee for director, without objection to that nomination), but excluding, for that purpose, any individual whose initial assumption of office occurs as a result of an
actual or threatened election contest (within the meaning of Rule 14A-11 of the Exchange Act) with respect to the election or removal of directors or other actual threatened solicitation of proxies or consents by or on behalf of the person other
than a board of directors and (y) a person means any individual, corporation, partnership, limited liability company, joint venture, incorporated or unincorporated association, joint-stock company, trusts, unincorporated organization or any
other entity of any kind. 
 9. Business Protection Agreements. 

(a) Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 

(i) “Business of the Company” means services to (A) identify clients’ erroneous or improper payments,
(B) assist clients in the recovery of monies owed to them as a result of overpayments and overlooked discounts, rebates, allowances and credits, and (C) assist clients in the improvement and execution of their procurement and payment
processes. 
 (ii) “Confidential Information” means any information about the Company or the Company’s
subsidiaries and their employees, customers and/or suppliers which is not generally known outside of the Company or the Company’s subsidiaries, which Executive learns of in connection with Executive’s employment with the Company, and which
would be useful to competitors or the disclosure of which would be damaging to the Company or the Company’s subsidiaries. Confidential Information includes, but is not limited to: (A) business and employment policies, marketing methods and
the targets of those methods, finances, business plans, promotional materials and price lists; (B) the terms upon which the Company or the Company’s subsidiaries obtains products from their suppliers and sells services and products to
customers; (C) the nature, origin, composition and development of the Company or the Company’s subsidiaries’ services and products; and (D) the manner in which the Company or the Company’s subsidiaries provide products and
services to their customers. “Confidential Information” does not include (E) information already in the public domain, available to the public through no action or disclosure by the Executive, or subsequently released to the public by
the Company or the Board of Directors of the Company; (F) already and lawfully known or possessed by Executive prior to disclosure to the Executive by the Company; or (G) information generated or developed independently by the Executive
without use or knowledge of Confidential Information. 

  
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 (iii) “Material Contact” means contact by the Executive in person, by
telephone, or by paper or electronic correspondence in furtherance of the Business of the Company. 
 (iv) “Restricted
Territory” means, and is limited to, the geographic area described in Exhibit A attached hereto. Executive acknowledges and agrees that this is a portion of the area in which the Company and its subsidiaries does business at the time of
the execution of this Agreement, and in which the Executive will have responsibility, at a minimum, on behalf of the Company and the Company’s subsidiaries. Executive acknowledges and agrees that if the geographic area in which Executive has
responsibility should change while employed under this Agreement, Executive will execute an amendment to the definition of “Restricted Territory” to reflect such change. This duty shall be part of the consideration provided by Executive
for Executive’s employment hereunder. 
 (v) “Trade Secrets” means the trade secrets of the Company or the
Company’s subsidiaries as defined under applicable law, including without limitation any Confidential Information of the Company or the Company’s subsidiaries which meets the definition of a trade secret under applicable law. 

(b) Confidentiality. Executive agrees that the Executive will not (other than in the performance of Executive’s duties
hereunder), directly or indirectly, use, copy, disclose, distribute or otherwise make use of on his own behalf or on behalf of any other person or entity: (a) any Confidential Information during the period of time the Executive is employed by
the Company and for a period of five years thereafter; or (b) any Trade Secret at any time such information constitutes a trade secret under applicable law, except in either case for any disclosures as are required by applicable law. In the
event that applicable law requires Executive to disclose any Confidential Information or Trade Secrets in violation of the foregoing, Executive agrees to promptly notify the Company in writing of such pending disclosure and assist the Company (at
the Company’s expense) in seeking a protective order or in objecting to such request, summons or subpoena, as applicable, with regard to such Confidential Information and Trade Secrets. If the Company does not obtain such relief after a period
that is reasonable under the circumstances, Executive may disclose such portion of the Confidential Information and Trade Secrets as Executive is advised in writing by counsel that Executive is legally required to disclose or else stand liable for
contempt or suffer penalty. In such cases, Executive shall promptly provide the Company with a copy of the Confidential Information and Trade Secrets so disclosed. Upon the termination of Executive’s employment with the Company (or upon the
earlier request of the Company), Executive shall promptly return to the Company all documents and items in the Executive’s possession or under the Executive’s control which contain any Confidential Information or Trade Secrets. 

(c) Non-Competition. Executive agrees that during the Executive’s employment with the Company and for a period of two years
thereafter, Executive will not, either for himself or on behalf of any other person or entity, compete with the Business of the Company within the Restricted Territory by performing activities which are the same as or substantially similar to those
performed by Executive for the Company or the Company’s subsidiaries. 

  
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 (d) Non-Solicitation of Customers. Executive agrees that during Executive’s
employment with the Company and for a period of two years thereafter, Executive shall not, directly or indirectly, solicit any actual or prospective customers of the Company or the Company’s subsidiaries with whom Executive had Material
Contact, for the purpose of selling any products or services which compete with the Business of the Company 
 (e) Non-Recruitment of
Employees or Contractors. Executive agrees that during the Executive’s employment with the Company and for a period of two years thereafter, Executive will not, directly or indirectly, solicit or attempt to solicit any employee or
contractor of the Company or the Company’s subsidiaries with whom Executive had Material Contact, to terminate or lessen such employment or contract. 

(f) Future Cooperation. Executive agrees that, notwithstanding the termination of Executive’s employment and for a period of
two years thereafter, Executive upon reasonable notice will make himself available to Company or its designated representatives for the purposes of: (a) providing information regarding the projects and files on which Executive worked for the
purpose of transitioning such projects; and (b) providing information regarding any other matter, file, project and/or client with whom Executive was involved while employed by Company; provided that such cooperation shall not unreasonably
interfere with Executive’s other business affairs. The Company will reimburse the Execution for all reasonable out of pocket expenses incurred with such cooperation and, if such cooperation is to be rendered during the time after which no
additional severance is owed to the Executive, shall compensate Executive for his services and time as a consultant at customary and market rates to be mutually agreed upon by the parties. 

(g) Obligations of the Company. The Company agrees to provide Executive with Confidential Information in order to enable
Executive to perform Executive’s duties hereunder. The covenants of Executive contained in the covenants of Confidentiality, Non-Competition, Non-Solicitation of Customers, Non-Recruitment of Employees or Contractors, and Future Cooperation set
forth in Subsections 9(b)—9(f) above (“Protective Covenants”) are made by Executive in consideration for the Company’s agreement to provide Confidential Information to Executive, and intended to protect Company’s
Confidential Information and the investments the Company makes in training Executive and developing customer goodwill. 
 (h)
Acknowledgments. Executive hereby acknowledges and agrees that the Protective Covenants and Section 10 hereof are reasonable as to time, scope and territory given the Company and the Company’s subsidiaries’ need to
protect their business, customer relationships, personnel, Trade Secrets and Confidential Information. For purposes of the Protective Covenants, Company shall refer also to Company’s subsidiaries as applicable. In the event any covenant or
other provision in this Agreement shall be determined by any court of competent jurisdiction to be unenforceable by reason of its extending for too great a period of time or over too great a geographical area or by reason of its being too extensive
in any other respect, it shall be interpreted to extend only over the maximum period of time for which it may be enforceable and/or over the maximum geographical area as to which it may be enforceable and/or to the maximum extent in all other
respects as to which it may be enforceable, all as determined by such court in such action, and the invalidity of any one or more of the covenants or other provisions in this Agreement shall not cause or render any other covenants or provisions in
this Agreement invalid or voidable. Executive acknowledges and represents that Executive has substantial experience and knowledge such that Executive can readily obtain subsequent employment which does not violate this Agreement. 

  
 17 

 (i) Specific Performance. Executive acknowledges and agrees that any breach of any
of the Protective Covenants or the provisions of Section 10 by him will cause irreparable damage to the Company or the Company’s subsidiaries, the exact amount of which will be difficult to determine, and that the remedies at law for any
such breach will be inadequate. Accordingly, Executive agrees that, in addition to any other remedy that may be available at law, in equity, or hereunder, the Company shall be entitled to specific performance and injunctive relief, without posting
bond or other security, to enforce or prevent any violation of any of the Protective Covenants by him. Additionally, notwithstanding the obligations within Section 15 of this Agreement regarding the exclusive jurisdiction of the United States
District Court for the Northern District of Georgia and the State and Superior Courts of Cobb County, Georgia pertaining to actions arising out of this Agreement, and in addition to the Company’s right to seek injunctive relief in any state or
federal court located in Cobb County, Georgia, the parties hereby acknowledge and agree that the Company may seek specific performance and injunctive relief in any jurisdiction, court or forum applicable to Executive’s then current residency in
order to prevent or to restrain any breach by the Executive, or any and all of the Executive’s partners, co-venturers, employers, employees, or agents, acting directly or indirectly on behalf of or with the Executive, of any of the provisions
of the Protective Covenants or the provisions of Section 10. 
 (j) Exception. Notwithstanding the foregoing, if the
Executive’s employment is terminated by the Company pursuant to Section 8(a) above, the provisions of Sections 9(c), (d) and (e) shall only apply for a period after the termination of the Executive’s employment that is the
greater of (i) six (6) months or (ii) the number of full months of Executive’s continued employment after the Effective Date (in lieu of two years after termination of the Executive’s employment). 

10. Ownership of Work Product. 

(a) Assignment of Inventions. Executive will make full written disclosure to the Company, and hold in trust for the sole right
and benefit of the Company, and hereby assigns to the Company, or its designees, all of the Executive’s right, title, and interest in and to any and all inventions, original works of authorship, developments, concepts, improvements or trade
secrets, whether or not patentable or registrable under copyright or similar laws, which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be conceived or developed or reduced to practice, during the period
of time the Executive is engaged as an employee of the Company (collectively referred to as “Inventions”) and which (i) are developed using the equipment, supplies, facilities or Confidential Information or Trade Secrets of the
Company or the Company’s subsidiaries, (ii) result from or are suggested by work performed by Executive for the Company or the Company’s subsidiaries, or (iii) relate at the time of conception or reduction to practice to the
business as conducted by the Company or the Company’s subsidiaries, or to the actual or demonstrably anticipated research or development of the Company or the Company’s subsidiaries, will be the sole and exclusive property of the Company
or the Company’s subsidiaries, and Executive will and hereby does assign all of the Executive’s right, title and interest in such Inventions to the Company and the Company’s subsidiaries. Executive further acknowledges that all
original works of authorship which are made by him (solely or jointly with others) within the scope of and during the period of the Executive’s employment arrangement with the Company and which are protectable by copyright are “works made
for hire,” as that term is defined in the United States Copyright Act. 

  
 18 

 (b) Patent and Copyright Registrations. Executive agrees to assist the Company and
the Company’s subsidiaries, or their designees, at the Company or the Company’s subsidiaries’ expense, in every proper way to secure the Company’s or the Company’s subsidiaries’ rights in the Inventions and any
copyrights, patents, mask work rights or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company and the Company’s subsidiaries of all pertinent information and data with respect
thereto, the execution of all applications, specifications, oaths, assignments and all other instruments which the Company or the Company’s subsidiaries shall deem necessary in order to apply for and obtain such rights and in order to assign
and convey to the Company and its subsidiaries, and their successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property
rights relating thereto. Executive further agrees that the Executive’s obligation to execute or cause to be executed, when it is in the Executive’s power to do so, any such instrument or papers shall continue after the termination of this
Agreement. 
 (c) Inventions Retained and Licensed. There are no inventions, original works of authorship, developments,
improvements, and trade secrets which were made by Executive prior to the Executive’s employment with the Company (collectively referred to as “Prior Inventions”), which belong to Executive, which relate to the Company’s or the
Company’s subsidiaries’ proposed business, products or research and development, and which are not assigned to the Company or the Company’s subsidiaries hereunder. 

(d) Return of Company Property and Information. The Executive agrees not to remove any property of the Company or the
Company’s subsidiaries or information from the premises of the Company or the Company’s subsidiaries, except when authorized by the Company or the Company’s subsidiaries. Executive agrees to return all such property and information
within seven days following the cessation of Executive’s employment for any reason. Such property includes, but is not limited to, the original and any copy (regardless of the manner in which it is recorded) of all information provided by the
Company or the Company’s subsidiaries to the Executive or which the Executive has developed or collected in the scope of the Executive’s employment, as well as all issued equipment, supplies, accessories, vehicles, keys, instruments,
tools, devices, computers, cell phones, materials, documents, plans, records, notebooks, drawings, or papers. Upon request by the Company, the Executive shall state in writing that all copies of information subject to this Agreement located on the
Executive’s computers or other electronic storage devices have been permanently deleted. Provided, however, the Executive may retain copies of documents relating to any employee benefit plans applicable to the Executive and income records to
the extent necessary for the Executive to prepare the Executive’s individual tax returns. 
 11. Mitigation. The Executive
shall not be required to mitigate the amount of any payment the Company becomes obligated to make to the Executive in connection with this Agreement, by seeking other employment or otherwise. Except as specifically provided above with respect to the
health care continuation benefit, the amount of any payment provided for in Section 8 shall not be reduced, offset or subject to recovery by the Company by reason of any compensation earned by the Executive as the result of employment by
another employer after the Date of Termination, or otherwise. 

  
 19 

 12. Withholding of Taxes. The Company shall withhold from any amounts or benefits
payable under this Agreement all federal, state, city or other taxes that the Company is required to withhold under any applicable law, regulation or ruling. 

13. Modification and Severability. The terms of this Agreement shall be presumed to be enforceable, and any reading causing
unenforceability shall yield to a construction permitting enforcement. If any single covenant or provision in this Agreement shall be found unenforceable, it shall be severed and the remaining covenants and provisions enforced in accordance with the
tenor of the Agreement. In the event a court should determine not to enforce a covenant as written due to overbreadth, the parties specifically agree that said covenant shall be enforced to the maximum extent reasonable, whether said revisions be in
time, territory, scope of prohibited activities, or other respects. 
 14. Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Georgia without regard to the choice of law rules thereof. 
 15. Remedies
and Forum. The parties agree that they will not file any action arising out of this Agreement other than in the United States District Court for the Northern District of Georgia or the State or Superior Courts of Cobb County, Georgia.
Notwithstanding the pendency of any proceeding, either party shall be entitled to injunctive relief in a state or federal court located in Cobb County, Georgia upon a showing of irreparable injury. The parties consent to personal jurisdiction and
venue solely within these forums and solely in Cobb County, Georgia and waive all otherwise possible objections thereto. The prevailing party shall be entitled to recover its costs and attorney’s fees from the non-prevailing party(ies) in any
such proceeding no later than 90 days following the settlement or final resolution of any such proceeding. The existence of any claim or cause of action by the Executive against the Company or the Company’s subsidiaries, including any dispute
relating to the termination of this Agreement, shall not constitute a defense to enforcement of said covenants by injunction. 
 16.
Notices. All written notices required by this Agreement shall be deemed given when delivered personally or sent by registered or certified mail, return receipt requested, or by a nationally-recognized overnight delivery service to the
parties at their addresses set forth on the signature page of this Agreement. Each party may, from time to time, designate a different address to which notices should be sent. 

17. Amendment. This Agreement may not be varied, altered, modified or in any way amended except by an instrument in writing
executed by the parties hereto or their legal representatives. 
 18. Binding Effect. This Agreement shall be binding on the
Executive and the Company and their respective successors and assigns effective on the Effective Date. Executive consents to any assignment of this Agreement by the Company, so long as the Company will require any successor to all or substantially
all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. If the
Executive dies before receiving all payments due under this Agreement, unless expressly otherwise provided hereunder or in a separate plan, program, arrangement or agreement, any remaining payments due after the Executive’s death shall be made
to the Executive’s beneficiary designated in writing (provided such writing is executed and dated by the Executive and delivered to the Company in a form acceptable to the Company prior to the Executive’s death) and surviving the Executive
or, if none, to the Executive’s estate. 

  
 20 

 19. No Construction Against Any Party. This Agreement is the product of informed
negotiations between the Executive and the Company. If any part of this Agreement is deemed to be unclear or ambiguous, it shall be construed as if it were drafted jointly by all parties. The Executive and the Company agree that none of the parties
were in a superior bargaining position regarding the substantive terms of this Agreement. 
 20. Deferred Compensation Omnibus
Provision. Notwithstanding any other provision of this Agreement, it is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be deferred compensation subject to
Section 409A of the Code shall be provided and paid in a manner, and at such time, including without limitation payment and provision of benefits only in connection with the occurrence of a permissible payment event contained in
Section 409A (e.g. separation from service from the Company and its affiliates as defined for purposes of Section 409A of the Code), and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid
the unfavorable tax consequences provided therein for non-compliance. Notwithstanding any other provision of this Agreement, the Company’s Compensation Committee or Board of Directors is authorized to
amend this Agreement, to amend or void any election made by the Executive under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by it to be necessary or appropriate to
comply, or to evidence or further evidence required compliance, with Section 409A of the Code (including any transition or grandfather rules thereunder). For purposes of this Agreement, all rights to payments and benefits hereunder shall be
treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A of the Code. If the Executive is a key employee (as defined in Section 416(i) of the Code without regard to paragraph
(5) thereof) and any of the Company’s stock is publicly traded on an established securities market or otherwise, then payment of any amount or provision of any benefit under this Agreement which is considered deferred compensation subject
to Section 409A of the Code shall be deferred for six (6) months after termination of Executive’s employment or, if earlier, Executive’s death, as required by Section 409A(a)(2)(B)(i) of the Code (the “409A Deferral
Period”). In the event such payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a
lump sum as soon as the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled. In the event benefits are required to be deferred, any such benefit may be provided during the 409A Deferral Period at the
Executive’s expense, with the Executive having a right to reimbursement from the Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. For purposes of this Agreement, termination
of employment shall mean a “separation from service” within the meaning of Section 409A of the Code where it is reasonably anticipated that no further services would be performed after such date or that the level of bona fide services
Executive would perform after that date (whether as an employee or independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services performed over the immediately preceding 36-month period (or,
if lesser, Executive’s period of service).  

  
 21 

 21. Mandatory Reduction of Payments in Certain Events. Anything in this Agreement
to the contrary notwithstanding, in the event it shall be determined that any payment or distribution by the Company to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement
or otherwise) (a “Payment”) would be subject to the excise tax (the “Excise Tax”) imposed by Section 4999 of the Code, then, prior to the making of any Payment to Executive, a calculation shall be made comparing (i) the
net benefit to Executive of the Payment after payment of the Excise Tax to (ii) the net benefit to Executive if the Payment had been limited to the extent necessary to avoid being subject to the Excise Tax. If the amount calculated under
(i) above is less than the amount calculated under (ii) above, then the Payment shall be limited to the extent necessary to avoid being subject to the Excise Tax (the “Reduced Amount”). In that event, cash payments shall be
modified or reduced first and then any other benefits. The determination of whether an Excise Tax would be imposed, the amount of such Excise Tax, and the calculation of the amounts referred to in clauses (i) and (ii) of the foregoing
sentence shall be made by an independent accounting firm selected by Company and reasonably acceptable to the Executive, at the Company’s expense (the “Accounting Firm”), and the Accounting Firm shall provide detailed supporting
calculations. Any determination by the Accounting Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that Payments which Executive was entitled to, but did not receive pursuant to this Section 21, could have been made without the imposition of the Excise Tax (“Underpayment”). In such event, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to or for the benefit of the Executive. 

22. Professional Fees. The Company will pay on the Executive’s behalf, or reimburse the Executive for, reasonable
professional fees and costs associated with Executive’s negotiation and execution of this Agreement, limited to $15,000 in total, which reimbursement shall be paid during the 30 days after the Effective Date of this Agreement, subject to prompt
submission to the Company before such time of adequate substantiation of the fees and costs incurred. 
 23. Entire Agreement.
Except as provided in the next sentence, this Agreement constitutes the entire agreement of the parties with respect to the matters addressed herein and it supersedes all other prior agreements and understandings, both written and oral, express or
implied, with respect to the subject matter of this Agreement. It is further specifically agreed and acknowledged that, except as provided herein, the Executive shall not be entitled to severance payments or benefits under any severance or similar
plan, program, arrangement or agreement of or with the Company for any termination of employment occurring while this Agreement is in effect. 

[Signatures are on the following page.] 

  
 22 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written herein. 
  

			
	PRGX GLOBAL, INC.
		
	By:	 	/s/ Victor A. Allums
	Its:	 	Senior Vice President and General Counsel
		 	600 Galleria Parkway
		 	Suite 100
		 	Atlanta, Georgia 30339
		 	Attn: General Counsel

  

	
	EXECUTIVE
	
	/s/ Ronald E. Stewart
	Ronald E. Stewart
	 5630 Long Island Dr.

	 Atlanta, Georgia 30327

  
 23 

 EXHIBIT A 

RESTRICTED TERRITORY 

“Restricted Territory” refers to all of the geographic areas described in I. and II. below, collectively. 

I. All of the following Metropolitan Statistical Areas in the U.S., collectively: 

Baltimore-Towson, MD 

Fayetteville-Springdale-Rogers, AR-MO 

Danville, IL 

Charlotte-Gastonia-Concord, NC-SC 

Cincinnati-Middletown, OH-KY-IN 

Dallas-Fort Worth-Arlington, TX 

Chicago-Naperville-Joliet, IL-IN-WI 

Boise City-Nampa, ID 
 Grand
Rapids–Wyoming, MI 
 Minneapolis-Saint Paul-Bloomington, MN-WI 

New York-Northern NJ-Long Island, NY-NJ-PA 

Phoenix-Mesa-Scottsdale, AZ 

Miami-Fort Lauderdale-Pompano Beach, FL 

Waco, TX 
 Milwaukee-Waukesha-West
Allis, WI 
 Memphis, TN-MS-AR 

Seattle-Tacoma-Bellvue, WA 

Trenton-Ewing, NJ 

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 

Harrisburg-Carlisle, PA 

Atlanta-Sandy Springs-Marietta, GA 
 II. All of
the area within the city limits of the following cities and within 25 kilometers of the city limits of the following cities, collectively: 

Brampton, Ontario, Canada 

Cambridge, Ontario, Canada 

Mississauga, Ontario, Canada 

Toronto, Ontario, Canada 

Montreal, Quebec, Canada 

Calgary, Alberta, Canada 
 Mexico
City, Mexico 
 San Paulo, Brazil 

Hemel Hempstead, United Kingdom 

London, United Kingdom 
 Luton,
United Kingdom 
 Manchester, United Kingdom 

Goix, Nord-pas-de-Calais, France 

Rungis, France 
 Lyon — Saint
Etienne, France 
 Paris, France 

Madrid, Spain 
 Stockholm, Sweden

 Hong Kong, China 

 Shanghai, China 

Bangkok, Thailand 
 Sydney,
Australia 
 Auckland, New Zealand 

Victoria, Australia 
 West
Flanders, Belgium 
 Barueri, Brazil 

Saskatoon, Canada 
 Chestnut,
United Kingdom 
 Surrey, United Kingdom 

Worksop, United Kingdom 

Boulogne-Billancourt, France 

  
 25

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