Exhibit 10.3

AMENDMENT NO. 1 TO DISTRIBUTION AGREEMENT

This Amendment No. 1 (the “Amendment”) dated April 10, 2012 is entered into by and between Ypsomed Distribution AG, (“Ypsomed”) and Insulet Corporation (“Insulet”) to amend the Distribution Agreement entered into between Insulet and Ypsomed, effective as of January 4, 2010 (the “Agreement”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Agreement.

WHEREAS, Ypsomed and Insulet desire to amend the Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this Amendment and in the Agreement, Ypsomed and Insulet hereby agree as follows:

The following countries shall be ready for distribution of Products by Distributor on the dates specified below, i.e. Insulet shall have obtained and maintain Product Registration in these countries and shall have the country specific version of Products ready for supply and ready for distribution by Distributor as of the date specified below.

Notwithstanding anything to the contrary in this Agreement, Distributor agrees to use commercially reasonable efforts to promote, advertise, market, distribute and sell the Products in each country of the Territory after launch date. In the event that Distributor, having used commercially reasonable efforts, does not obtain listing of the Products with reimbursement authorities in a country and is not making further efforts reasonably expected to result in listing of the Products with reimbursement authorities in a country during the Term and does not promote, advertise, market, distribute and sell the Products in such country without reimbursement then Insulet shall have to right to remove such country from the Territory. For clarification, Distributor shall not be obligated to promote, advertise, market, distribute and/or sell the Products in countries in which it has not obtained reimbursement.

Exhibit 10.3

For the avoidance of doubt the Calendar Year Minimum for a Calendar Year is the sum of the values expressed in the table above for each Calendar Year. For example, the Calendar Year Minimum of PODS for 2012 is [******], where [******] are purchased by Distributor at a Transfer Price of $[****] and [******] are purchased by Distributor at a Transfer Price of $[****]. Distributor must purchase the Calendar Year Minimum of PODS at the higher Transfer Price before purchasing PODS at the lower Transfer Price regardless of the Calendar Year except in the event of delivery delays not caused by Distributor, in which case the lower Transfer Price shall be applicable.

Exhibit 10.3

For the avoidance of doubt, Section II of Exhibit III of the Agreement remains applicable and prevails this restated Section I of Exhibit III.

PRICING FOR SAMPLES, USER GUIDE AND STARTER KIT

SAMPLE PRICING

USER GUIDE

STARTER KIT BOX WITH ACCESSORIES

The Parties shall negotiate and implement a fair and equitable adjustment to the Calendar Year Minimums, which adjustment shall be agreed to by the Parties and referenced in an amendment to this Exhibit III, if (a) the Parties amend the list of countries in the Territory in Section II of Exhibit II as permitted in this Agreement, provided, however, that the Calendar Year Minimums shall not be adjusted in the event the Parties agree on the launch dates for Australia, China, Belgium, Czech Republic, Denmark, Hungary, Poland, Russia, Saudi Arabia, Qatar, Oman, Egypt, Croatia and India; (b) if Insulet exercises its rights under Section 10.2 or 10.3; (c) if Insulet, pursuant to this Agreement, converts Distributor’s appointment as exclusive distributor to non-exclusive in any country(ies); (d) if Insulet, pursuant to this Agreement, selectively terminates Distributor’s appointment as distributor in any country(ies); or (e) if any of the following events occurs during the Term of this Agreement so as to impact sale quantities of Products in Germany, France, UK, Switzerland, The Netherlands, Sweden, Australia, China, Norway and/or Austria :

(i) an injunction based on Third Party patent infringement by the Products is issued and pending;

(ii) A Product Registration has been revoked, or an injunction or warning letter (or the like) based on regulatory problems with a Product is issued and pending in a country of the Territory;

(iii) a corrective or preventive action or a recall is requested or voluntarily performed;

(iv) Insulet materially breaches its obligations under Section 1.2;

(v) Insulet is in material breach of this Agreement;

(vi) deliveries of Products are delayed by Insulet by more than [******] days after the delivery date specified in the Order;

(vii) Insulet suspends shipments of Products in accordance with Section 5.1;

(viii) the number of PODs delivered per Customer decreases during the Term due to reasons in Insulet’s responsibility including, without limitation, new version of PODs containing more insulin;

Exhibit 10.3

(ix) a Force Majeure event prevents the supply, purchase, distribution, import, marketing or sale of Products under this Agreement;

(x) Despite Distributor’s commercially reasonable efforts, reimbursement for the Products has not been secured in France by [**********];

(xii) No Product Registration has been secured in China by [**********]; or

(xiii) the number of confirmed Pod failures experienced by Customers during any six month period is greater than [******] of the number of Pods delivered to Customers during such six month period.

Upon occurrence of an event listed in this Section III of Exhibit III and until the amendment to this Exhibit III containing the adjusted Calendar Year Minimums is in effect, the Calendar Year Minimums shall not apply.

Any equitable adjustment to the Calendar Year Minimum agreed to by the Parties shall be proportional to the share of the market in the Territory affected by the reason for the equitable adjustment. The share of the market in the Territory affected by the reason for the equitable adjustment shall be the greater of: (a) the actual market share during the most recent twelve months; and (b) the market share set forth in the most recent forecast pursuant to Section 4.3.

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Exhibit 10.3

IN WITNESS WHEREOF, the parties have caused this Amendment to be signed by a duly authorized representative effective as of the date set forth above.