UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

PROXY STATEMENT PURSUANT TO SECTION

Proxy Statement Pursuant to
Sectio
n 14(a) OF THE

SECURITIES EXCHANGE ACT OFof the

Securities Exchange Act of 1934

(Amendment No. )
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Filed by a Partyparty other than the Registrant  ¨

Check the appropriate box:

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14a-6(e)(2))

¨Definitive Proxy Statement
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¨
Soliciting Material Pursuant to sec. 240.14a-11(c) or sec. under §
240.14a-12

AMARIN CORPORATION PLC

(Name of Registrant as Specified In Its Charter)

N/A

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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PRELIMINARY COPY, SUBJECT TO COMPLETION

Letter from Chairman of the Board of Directors

Dear Fellow Shareholders,

As a formerly practicing internal medicine physician of close to ten years, I look at Vascepa and the results of the REDUCE-IT trial (and the supportive data from the JELIS and RESPECT-EPA trials in Japan) and am impressed. The ability of Vascepa when added to statins to reduce cardiovascular events is powerful. And cardiovascular disease, despite the widespread use of statins, remains the leading cause of death worldwide, a debilitating disease and a massive expenditure for global health systems. Yet, the number of patients taking Vascepa is small. Amarin has tremendous potential, but we are not there yet.

I write this letter being on the board of Amarin for a few months. I would love to tell you from where I now sit that all the shareholder frustrations over the last few years regarding stock performance, capital allocation decisions, lack of accountability from leadership, and other issues, were completely misguided and all that is needed to turn Amarin around will be easy and quick, but I cannot. That is the state of Amarin that the old board (en masse) and later the CEO left when they unexpectedly resigned soon after the shareholder meeting. There is a lot of work to be done, and it will take time.

Notably, as pointed out on the first quarter earnings call, our commercialization of Vazkepa in Europe is behind schedule and not where we want it to be. Rather than making the same mistakes over and over, Amarin needs to learn from prior mistakes, in particular the lessons from our failure to obtain reimbursement in Germany. (We are evaluating options for a path forward in Germany.) The need to learn applies not only to reimbursement negotiations but also to our cost infrastructure. We should have an infrastructure that matches on-the-ground realities. Amarin needs to be nimble and, as a small company with a commercial cardiovascular drug, willing to think outside the box.

We, the new board, are working with urgency to right the wrongs. Among the many immediate actions that we have taken include:

 

Appointing an interim CEO, Aaron Berg, who shares our passion to fix Amarin and get Vascepa to patients. He is working collaboratively with the board to effect immediate changes in strategy and operations. Meanwhile, the board has commenced a CEO search to expeditiously fill the permanent role.

 

Further optimizing our spending to match our operating expenses with the revenue opportunities in the U.S. and Europe.

 

(2)Form, Schedule or Registration State No.:

Reviewing our cash spend to defend our balance sheet in various scenarios, with the expectation that our current cash coffers provide sufficient runway to fund our European launch activities.

 

Maximizing the profitability of our U.S. branded franchise in the face of increasing generic competition.

 

Listening and communicating with fellow shareholders, the owners of the company, more frequently. We have not done enough and will improve.

The board continues to believe that Amarin’s stock is meaningfully undervalued and does not reflect the potential of Vascepa to both improve cardiovascular outcomes for patients and create significant savings for payors – a unique proposition for a drug.

(3)Filing Party:

The path to progress at Amarin will take time, and the journey will have its bumps along the way. Nevertheless, the board is working tirelessly to turn the company around at this critical junction. We are passionate about the impact Vascepa can have on cardiovascular disease worldwide, and we are optimistic about the future of Amarin.

Thank you for your continued support of Amarin and its important mission.

Sincerely,

(4)Date Filed:

Odysseas Kostas, M.D.

Chairman of the Board of Directors

The information contained in this letter shall not be deemed to be (1) “soliciting material,” (2) “filed” with the SEC, (3) subject to Regulations 14A or 14C of the Exchange Act, or (4) subject to the liabilities of Section 18 of the Exchange Act. This letter shall not be deemed incorporated by reference into any of our other filings under the Exchange Act or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference into such filing.


LOGO

2 Pembroke HouseIconic Offices, The Greenway, Block C Ardilaun Court

Upper Pembroke Street 28-32,112-114 St Stephens Green, Dublin 2, Ireland

(Registered in England & Wales under Company No. 2353920)

NOTICE IS HEREBY GIVEN that the Annual General Meeting of Shareholders of Amarin Corporation plc, a public limited company registered in England and Wales (the “Company”), will be held at The Shelbourne Hotel, 27 St. Stephen’s Green,the Dublin offices of Arthur Cox LLP, Ten Earlsfort Terrace, Dublin 2, D02 T380, Ireland, on July 6, 2015[June 21, 2023] at 2:[9:00 p.m.a.m.] local time for the purpose of considering and, if thought fit, passing the following resolutions, of which Resolutions 1 to 78 will be proposed as ordinary resolutions and Resolution 89 will be proposed as a special resolution:

1. To re-elect Mr. O’Connor as a director;

1.To re-elect Jan van Heek as a director;

2. To re-elect Mr. DiPaolo as a director;

2.To re-elect Patrick J. O’Sullivan as a director;

3. To re-elect Dr. Kostas as a director;

3.To hold an advisory (non-binding) vote to approve the compensation of the Company’s “named executive officers” as described in full in the “Compensation Discussion and Analysis” section, the tabular disclosure regarding such compensation, and the accompanying narrative disclosure on page 8 and pages 36 to 55 of the accompanying Proxy Statement;

4. To hold an advisory (non-binding) vote to approve the compensation of the Company’s “named executive officers” as described in full in the “Executive Compensation Discussion and Analysis” section, the tabular disclosure regarding such compensation, and the accompanying narrative disclosure on pages [●] to [●] of the accompanying Proxy Statement;

4.To appoint Ernst & Young LLP as auditors of the Company to hold office until the conclusion of the next general meeting at which accounts are laid before the Company and to authorize the Audit Committee of the Board of Directors of the Company to fix the auditors’ remuneration as described in full on pages 9 to 11 of the accompanying Proxy Statement;

5. To hold an advisory (non-binding) vote on the frequency of future advisory votes to approve the compensation of the Company’s “named executive officers”;

5.To adopt and approve the proposed amendment to the Company’s 2011 Stock Incentive Plan as described in full on pages 12 to 18 of the accompanying Proxy Statement;

6. To appoint Ernst & Young LLP as auditors of the Company to hold office until the conclusion of the next general meeting at which annual accounts are laid before the Company and to authorize the Audit Committee of the Board of Directors of the Company to agree the auditors’ remuneration as described in full on pages [●] to [●] of the accompanying Proxy Statement;

6.To approve the issuance of 38,867,180 of the Company’s restricted American Depositary Shares, each representing one share of the Company’s Series A Convertible Preference Shares (convertible into 3,886,718 ordinary shares) in accordance with NASDAQ Listing Rule 5635(d) as described in full on pages 19 to 21 of the accompanying Proxy Statement;

7. To adopt and approve the proposed amendment to the Company’s 2020 Stock Incentive Plan as described on pages [●] to [●] of the accompanying Proxy Statement;

7.To generally and unconditionally authorize the Board of Directors of the Company to exercise all powers of the Company to allot shares in the Company or grant rights to subscribe for or to convert any security into shares of the Company up to an aggregate nominal amount of £148,000,000 as described in full on pages 22 to 23 of the accompanying Proxy Statement; and

8. To generally and unconditionally authorize the Board of Directors (the “Board”) of the Company to exercise all powers of the Company to allot shares in the Company or grant rights to subscribe for or to convert any security into shares of the Company up to an aggregate nominal amount of £[125,000,000] (being the aggregate nominal amount of £[110,000,000] in respect of ordinary shares and £[15,000,000] in respect of preference shares) as described in full on pages [●] to [●] of the accompanying Proxy Statement; and

8.To, subject to the passing of Resolution No. 7, disapply statutory pre-emption rights otherwise applicable to shares in the Company allotted by the Board of Directors, up to an aggregate nominal amount of £148,000,000 as described in full on pages 24 to 25 of the accompanying Proxy Statement.

9. To, subject to the passing of Resolution No. 8, disapply statutory pre-emption rights otherwise applicable to shares in the Company allotted by the Board, up to an aggregate nominal amount of £[125,000,000] (being the aggregate nominal amount of £[110,000,000] in respect of ordinary shares and £[15,000,000] in respect of preference shares) as described in full on pages [●] to [●] of the accompanying Proxy Statement.

Additional Business

As a public limited company organized under the laws of England and Wales, it is a statutory requirement that the Board of Directors of the Company lay before the Annual General Meeting the Company’s statutory accounts, which are those accounts included in the Company’s Annual Report for the year ended December 31, 20142022 as prepared in conformity with U.S. Generally Accepted Accounting Principles (the “Annual Report”) and the accounts for the financial year ended December 31, 20142022 prepared in accordance with International Financial Reporting Standards. The Company does not expect that other items of business will be considered at the Annual General Meeting.


Only shareholders who held shares at the close of business on the record date, April 22, 2015,May 8, 2023, may vote at the Annual General Meeting, including any adjournment or postponement thereof. The accompanying Proxy Statement more fully describes the details of the business to be conducted at the Annual General Meeting. After careful consideration, ourthe Board of Directors has unanimously approved the proposals and recommends that you vote FOR each director nominee and FOR each other proposal described in the Proxy Statement.


The Company’s principal executive offices are located at 2 Pembroke House, Upper Pembroke Street 28-32,Iconic Offices, The Greenway, Block C Ardilaun Court, 112-114 St. Stephen’s Green, Dublin 2, Ireland. The registered office of Amarin Corporation plcthe Company is One New Change, London EC4M 9AF, England.88 Harcourt Street, Dublin 2, Ireland. A copy of the Company’s Annual Report accompanies this Notice and the enclosed Proxy Statement. As a public limited company organized under the laws of England and Wales and pursuant to the Company’s Articles of Association, the presence, in person or by proxy, of at least two shareholders entitled to vote at the Annual General Meeting constitutes a quorum for the transaction of business at the Annual General Meeting. Consistent with the marketplace rules of the Nasdaq Stock Market, the Company will seek to ensure that the shareholders present at the meeting in person or by proxy represent at least one-third of its outstanding shares of voting stock.

The Company will seek to maintain a healthy and safe environment at the Annual General Meeting. The Board may adopt measures that it considers appropriate to address any health and safety concerns, as may the operators of the venue of the Annual General Meeting. If the arrangements for our Annual General Meeting change materially, the Company will issue a further communication through a Form 8-K filing with the U.S. Securities and Exchange Commission and on its website at https://investor.amarincorp.com.

Important Notice of Internet Availability.Availability. The accompanying Proxy Statement, Form of Proxy and Annual Report will also be available to the public athttp:https://investor.amarincorp.com.

We look forward to seeing you at the Annual General Meeting.Sincerely,

Aaron Berg

Sincerely,

/s/ John F. Thero

John F. Thero
President and Chief Executive Officer

April     Interim Chief Executive Officer

May [●], 20152023

 

WHETHER OR NOT YOU EXPECT TO ATTEND THE ANNUAL GENERAL MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY CARD USING THE ENCLOSED RETURN ENVELOPE AS PROMPTLY AS POSSIBLE IN ORDER TO ENSURE YOUR REPRESENTATION AT THE MEETING. EVEN IF YOU HAVE VOTED BY PROXY, YOU MAY STILL VOTE IN PERSON IF YOU ATTEND THE MEETING. PLEASE NOTE, HOWEVER, THAT IF YOUR SHARES ARE REPRESENTED BY AMERICAN DEPOSITARY SHARES AND HELD ON DEPOSIT BY CITIBANK, N.A., AS DEPOSITARY, OR IF YOUR SHARES ARE HELD OF RECORD BY A BROKER, BANK OR OTHER NOMINEE AND YOU WISH TO HAVE YOUR VOTES CAST AT THE MEETING, YOU MUST OBTAIN, COMPLETE AND TIMELY RETURN A PROXY CARD ISSUED IN YOUR NAME FROM THAT INTERMEDIARY IN ACCORDANCE WITH ANY INSTRUCTIONS PROVIDED THEREWITH.



AMARIN CORPORATION PLC

PROXY STATEMENT FOR

20152023 ANNUAL GENERAL MEETING OF SHAREHOLDERS

TABLE OF CONTENTS

GENERAL INFORMATION

1

Shares Outstanding and Voting Rights

1

PROPOSALS NOS. 1, 2, AND 3 ELECTION OF DIRECTORS

5

Nomination of Directors

5

Nominees and Incumbent Directors

6

Directors Nominated for Election

6

Directors Continuing in Office

7

PROPOSAL NO. 4 ADVISORY VOTE ON EXECUTIVE COMPENSATION

10

Background

10

PROPOSAL NO. 6 APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

12

Fees for Independent Registered Public Accounting Firm

12

PROPOSAL NO. 7 ADOPTION OF AN AMENDMENT TO THE COMPANY’S 2020 STOCK INCENTIVE PLAN

14

Proposal

14

Summary of Material Features of the Amended Plan

15

PROPOSAL NO. 8 RENEWAL OF THE POWER OF THE DIRECTORS TO ALLOT SHARES

22

PROPOSAL NO. 9 DISAPPLICATION OF PRE-EMPTIVE RIGHTS TO HOLDERS OF ORDINARY SHARES

24

ADDITIONAL BUSINESS

26

CORPORATE GOVERNANCE

26

Director Independence

26

Code of Business Conduct and Ethics

26

Shareholder Communications

27

BOARD OF DIRECTORS AND COMMITTEES

28

Board Leadership Structure and Risk Oversight

28

Board Committees

29

Compensation Committee Interlocks and Insider Participation

30

EXECUTIVE OFFICERS

31

CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

32

Transactions with Related Parties

32

Related-Party Transaction Review and Approval

32

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

33

INSIDER TRADING POLICY

33

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

34

Equity Compensation Plan Information

35

EXECUTIVE COMPENSATION DISCUSSION AND ANALYSIS

37

2022 Operating Highlights

37

Compensation Philosophy and Objectives

38

Chief Executive Officer Performance and Compensation

39

REMUNERATION COMMITTEE REPORT

52

2022 Summary Compensation Table

53

Option Exercises and Stock Vested

56

Outstanding Equity Awards at Fiscal Year-End 2022

57

Pension Benefits

59

Nonqualified Deferred Compensation

59

Change of Control and Severance Arrangements

59

i


Potential Payments upon Termination or Change in Control

61

Chief Executive Officer Pay Ratio

61

DIRECTOR COMPENSATION

70

Non-Employee Director Compensation

70

Director Compensation Table

71

Director Stock Ownership Guidelines

72

REPORT OF THE AUDIT COMMITTEE

73

PROPOSALS

74

DELIVERY OF PROXY MATERIALS

75

ii


PROXY STATEMENT FOR

2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS

TO BE HELD ON JULY 6, 2015JUNE [21], 2023

GENERAL INFORMATION

This Proxy Statement is furnished in connection with the solicitation of proxies by the Board of Directors (the “Board”) of Amarin Corporation plc, a public limited company registered in England & Wales (“Amarin”, the “Company”, “we” or “us”) for use at the Company’s 20152023 Annual General Meeting of Shareholders (the “Annual General Meeting”) to be held at The Shelbourne Hotel, 27 St. Stephen’s Green,the Dublin offices of Arthur Cox LLP, Ten Earlsfort Terrace, Dublin 2, D02 T380, Ireland on July 6, 2015,[June 21], 2023 at 2:9:00 p.m.a.m. local time for the purpose of considering and, if thought fit, passing the resolutions specified in the Notice of Annual General Meeting. This Proxy Statement is being mailedsent to shareholders on or about May 4, 2015.[26], 2023.

Please vote on the resolutions specified in the Notice of Annual General Meeting by appointing a proxy. A form of proxy for use by holders of ordinary shares at the Annual General Meeting is enclosed.

For a proxy to be effective, it must be properly executed and dated and lodged (together with a duly signed and dated power of attorney or other authority (if any) under which it is executed (or a notarially certified copy of such power of attorney or other authority)) at the offices of the Company’s registrars, Equiniti Limited of Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, England (the “Registrars”) so as to be received by 8:00[9:00] a.m. local time on July 2, 2015.June [17], 2023. Each proxy properly tendered will, unless otherwise directed by the shareholder, be voted FOR the proposals subject to a binding vote, FOR the nominees described in this Proxy Statement and FOR each other proposal described in the Proxy Statement, and at the discretion of the proxy holder(s) with regard to all other matters that may properly come before the meeting.

The Company will pay all of the costs of soliciting proxies. We will provide copies of our proxy materials to Citibank, N.A. as the depositary (the “Depositary”) for our American Depositary Shares (the “Depositary(“ADSs”), brokerage firms, fiduciaries and custodians for forwarding to beneficial owners and will reimburse these persons for their costs of forwarding these materials. We have engaged D.F. King & Co. to assist us in the distribution and solicitation of proxies for a fee of $25,000 plus expenses. Our directors, officers and employees may also solicit proxies; however, we will not pay them additional compensation for any of these services. Proxies may be solicited by telephone, facsimile, or personal solicitation.

If you plan to attend the Annual General Meeting in person, please notify the Company in advance by email to annual.general.meeting@amarincorp.com to assist the Company with planning and implementing arrangements for the Annual General Meeting.

We will seek to maintain a healthy and safe environment at the Annual General Meeting. The Board may adopt measures that it considers appropriate to address any health and safety concerns, as may the operators of the venue of the Annual General Meeting. If the arrangements for our Annual General Meeting change materially, we will issue a further communication through a Form 8-K filing with the U.S. Securities and Exchange Commission and on our website at https://investor.amarincorp.com.

Shares Outstanding and Voting Rights

Amarin is registered in England & Wales and therefore subject to the United Kingdom Companies Act 2006 (the “Companies Act”), which, together with the Articles of Association of the Company (the “Articles”Articles), governs the processes for shareholder voting at Annual General Meetings. There are a number of differences between English and U.S. law in relation to voting. At the Annual General Meeting, a resolution put to the vote of the meeting shall be decided on a show of hands unless a poll is demanded (either before a show of hands on that resolution or immediately after the result of a show of hands on that resolution is declared)declared or on the withdrawal of any other

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demand for a poll) by (a) the chairman,Chairman of the meeting, (b) at least two shareholders entitled to vote at the meeting, (c) a shareholder or shareholders representing not less than one-tenth of the total voting rights of all shareholders having the right to vote at the meeting (excluding any voting rights attached to shares that are held as treasury shares) or (d) a shareholder or shareholders holding shares conferring a right to vote at the meeting being shares on which an aggregate sum has been paid up equal to not less than one-tenth of the total sum paid up on all shares conferring that right (excluding any shares in the Company conferring a right to vote at the meeting that are held as treasury shares).

Only holders of record of our ordinary shares with a par value of £0.50 each (“Ordinary Shares”) at the close of business on April 22, 2015[May 8], 2023 (the “Record Date”), are entitled to notice of, and to attend and to vote at, the Annual General Meeting. On the Record Date, approximately [●] Ordinary Shares were issued and [20,379,985] were outstanding, of which approximately [387,307,491] were held in the name of the Depositary, which issues Company-sponsored American Depositary Receipts (“ADRs”) evidencing American Depositary Shares (“ADSs”) which, in turn, each represent one Ordinary Share. With respect to all matters to be voted on at the

1


Annual General Meeting, each shareholder present has only one vote unless demand is made for a vote on a poll (in which case each shareholder gets one vote per Ordinary Share held). The presence, in person or by proxy, of at least two shareholders who hold shares as of the Record Date will constitute a quorum for the transaction of business at the Annual General Meeting. Consistent with the marketplace rules of the Nasdaq Stock Market, we will seek to ensure that the shareholders present at the meeting in person or by proxy represent at least one-third of our outstanding shares of voting stock. At any adjournment of the Annual General Meeting, if a quorum is not present within fifteen15 minutes from the time appointed for such meeting, one person entitled to be counted in a quorum present at the adjournment shall be a quorum.

Persons who hold Ordinary Shares directly on the Record Date (“record holders”) must return a proxy card or attend the Annual General Meeting in person in order to vote on the proposals.

Persons who own Ordinary Shares indirectlyhold ADSs through a bank, broker or nominee on the Record Date will receive documentation and instructions for voting such ADSs at the Annual General Meeting, including the ADS proxy card, through a brokerage firm, bank or other financial institution, including persons who own Ordinary Shares insuch organization. The organization holding your account is considered the formADS holder of ADSs through the Depositary (“beneficial owners”) must return arecord. Please reach out to that organization to provide your voting instruction form to have their shares or the shares underlying their ADSs, as the case may be, voted on their behalf. Brokerage firms, banks or other financial institutions that do not receive voting instructions from beneficial owners may either vote these shares on behalf of the beneficial owners or return a proxy leaving these shares un-voted (a “broker non-vote”). ADRinstructions.

ADS holders are not entitled to vote directly at the Annual General Meeting, but an Amended and Restated Deposit Agreement dated as of November 4, 2011 or (the “Deposit Agreement”), exists between the Depositary and the holders of ADRsADSs pursuant to which registered holders of ADRsADSs as of the Record Date are entitled to instruct the Depositary as to the exercise of voting rights pertaining to the Ordinary Shares so represented. The Depositary has agreed that it will endeavor, insofar as practicable, to vote (in person (if permitted) or by delivery to the Company of a proxy) the Ordinary Shares registered in the name of the Depositary, in accordance with the instructions of the ADRADS holders. In the event that the instruction card is executed but does not specify the manner in which the Ordinary Shares represented are to be voted (i.e., by marking a vote “FOR”, “AGAINST” or any other option), the Depositary will vote in respect of each proposal as recommended by the Board which is described in the Notice of Annual General Meeting. Instructions from the ADRADS holders must be sent to the Depositary so that the instructions are received by no later than 10:00[10:00] a.m. New York time on June 29, 201514, 2023 (the “Instruction Date”).

Persons who own Ordinary Shares indirectly on the Record Date through a brokerage firm, bank or other financial institution, including persons who own Ordinary Shares in the form of ADSs through the Depositary (“beneficial owners”) must return a voting instruction form to have their shares or the shares underlying their ADSs, as the case may be, voted on their behalf. Under U.S. national securities exchange rules, if the beneficial owner does not provide voting instructions, your brokerage firm, bank or other financial institution is only allowed to vote your shares on routine matters, and cannot vote your shares on any non-routine matter. A “broker non-vote” occurs when a brokerage firm, bank or other financial institution holding the shares for a beneficial owner has discretionary voting power to vote on one proposal at a meeting, does not have discretionary voting power to vote on another proposal or chooses not to exercise such power where applicable, and has not received

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instructions from the beneficial owner as to how to vote such shares. The appointment of our independent registered public accounting firm (Proposal 6) is the only routine matter being presented at the Annual General Meeting. For non-routine matters, brokers, or other nominees, do not have authority, discretionary or otherwise, to vote your shares unless they receive proper instructions to do so from you in a timely manner. We encourage you to provide voting instructions to your brokerage firm, bank or other financial institution by giving your proxy to them as promptly as possible to ensure that your shares will be voted at the Annual General Meeting according to your instructions. You should receive directions from your brokerage firm, bank or other financial institution about how to submit your proxy to them at the time you receive this Proxy Statement.

The Company has retained the Registrars to hold and maintain its register of members. The Registrars will be engaged by the Company to send proxy forms to all registered members appearing on that register and to take delivery of completed proxy forms posted to it in accordance with the details above.

Abstentions and broker non-votes will be counted for the purpose of determining the presence or absence of a quorum, but will not be counted for the purpose of determining the number of votes cast on a given proposal. The required vote for each of the proposals expected to be acted upon at the Annual General Meeting is described below:

Ordinary Resolutions

Proposals No. 1, 2, and No. 2—3—Election of directors.directors. Each director nominated for election is elected if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of such director or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of such director. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

Proposal No. 3—4—Advisory (non-binding) vote to approve the compensation of the Company’s named executive compensationofficers. This advisory proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

Proposal No. 45—Advisory (non-binding) vote on frequency of future votes to approve the compensation of the Company’s named executive officers. This advisory vote provides a choice among three frequency periods for future advisory votes on executive compensation (so-called “say-on-pay” votes). The frequency period that receives the most votes (i.e., every one, two or three years) will be deemed to be the recommendation of the shareholders. As a result, any shares that are not voted, whether by abstention, broker non-votes or otherwise, will not affect the outcome of this proposal, except to the extent that the failure to vote for a particular frequency period may result in another frequency period receiving a larger proportion of the votes cast.

Proposal No. 6Approval of independent registered public accounting firm. This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the

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proposal vote in favor of the resolution or (ii) on a poll, a majority of the shares present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

Proposal No. 5 Approval of an amendment to the Company’s 2011 Stock Incentive Plan. This proposal must be approved by a majority of the shares present at the meeting in person or by proxy and entitled to vote on the proposal (whether voting is by show of hands or a poll is taken). As a result, abstentions will have the same effect as voting against the proposal and broker non-votes will have no effect on the vote outcome.

Proposal No. 6 Approval of a private placement of 38,867,180 of the Company’s Series A Convertible Preference Shares (convertible into 3,886,718 ordinary shares) in accordance with NASDAQ Listing Rule 5635(d). This proposal must be approved by a majority of the shares present at the meeting in person or by proxy and entitled to vote on the proposal (whether voting is by show of hands or a poll is taken). As a result, abstentions will have the same effect as voting against the proposal and broker non-votes will have no effect on the vote outcome.

Proposal No. 7 Renewal of the power of the directors to allot shares. This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the total voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions will have no effect on the vote outcome. Because brokers and other nominees can exercise their discretionary authority on this matter, there will not be any broker non-votes for this proposal.

Proposal No. 7—Approval of an amendment to the Company’s 2020 Stock Incentive Plan. This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the total voting

3


rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.”.

Proposal No. 8Renewal of the power of the directors to allot shares. This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the total voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

Special Resolution

Proposal No. 8 9Approval of the disapplication of pre-emptive rights to holders of ordinary shares. Approval of this proposal requires (i) on a show of hands, the affirmative vote of at least 75% of the holders of shares present at the meeting in person or by proxy and voting on the proposal or (ii) on a poll, the affirmative vote of shareholders representing at least 75% of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

We encourage youTo ensure your vote is counted on the proposed resolutions, shareholders are strongly encouraged to vote byappoint the Chairman of the meeting as your proxy by mailing an executed proxy card.through the process described in this Proxy Statement. By voting in advance of the meeting, this ensures that your shares will be voted and reduces the likelihood that the Company will be forced to incur additional expenses soliciting proxies for the Annual General Meeting. Any record holder of our Ordinary Shares may attend the Annual General Meeting in person and may revoke the enclosed form of proxy at any time by:

 

executing and delivering to the corporate secretary a later-dated proxy; or

 

voting in person at the Annual General Meeting.

Beneficial owners of our Ordinary Shares and ADSs representing our Ordinary Shares who wish to change or revoke their voting instructions should contact their brokerage firm, bank or other financial institution or the Depositary, as applicable, for information on how to do so. Generally, however, beneficial owners of our Ordinary Shares and ADSs representing our Ordinary Shares who wish to change or revoke their voting instructions may do so up until 10:00 a.m. New York time on the Instruction Date. To ensure your vote is counted on the proposed resolutions, shareholders are strongly encouraged to appoint the Chairman of the meeting as your proxy through the process described in this Proxy Statement. Beneficial owners who wish to attend the Annual General Meeting and vote in person should contact their brokerage firm, bank or other financial institution holding Ordinary Shares of Amarin on their behalf in order to obtain a “legal proxy” which will allow them to both attend the meeting and vote in person. Without a legal proxy, beneficial owners cannot vote in person at the Annual General Meeting because their brokerage firm, bank or other financial institution may have already voted or returned a broker non-vote on their behalf. Record holders of ADRsADSs who wish to attend the Annual General Meeting and vote in person should contact the Depositary (and beneficial owners wishing to do the same should contact their brokerage firm, bank or other financial institution holding their ADSs) to cause their ADSs to be cancelled and the underlying shares to be withdrawn in accordance with the terms and conditions of the Deposit Agreement so as to be recognized by us as a record holder of our Ordinary Shares.

 

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PROPOSALS NO.NOS. 1, 2, AND NO. 23

ELECTION OF DIRECTORS

The Articles provide that, at every annual general meeting, at least one-third of the directors at the time shall retire from office (or, if the number of directors at the time is not a multiple of three, then the number nearest to but not exceeding one-third shall retire from office). The directors elected at the Annual General Meeting will hold office until their successors are elected and qualified, unless they resign or their seats become vacant due to death, removal or other cause in accordance with the Articles.

As described below, the Board has nominated Messrs. van HeekMr. O’Connor, Mr. DiPaolo, and O’SullivanDr. Kostas for re-election at the Annual General Meeting. Each of the nominees has indicated his or her willingness to serve if re-elected. Should any of the nominees become unavailable for election at the Annual General Meeting, the persons named on the enclosed proxy as proxy holders may vote all proxies given in response to this solicitation for the election of a substitute nominee chosen by the Board.

Nomination of Directors

The Nominating and Corporate Governance Committee, which acts as the Company’s nominating committee, reviews and recommends to the Board potential nominees for election to the Board. In reviewing potential nominees, the Nominating and Corporate Governance Committee considers the qualifications of each potential nominee in light of the Board’s existing and desired mix of experience and expertise. Specifically, as set forth in our Nominating and Corporate Governance Committee Charter, it considers whether the nominee satisfies the following minimum criteria: has experience at a strategic or policymaking level in a business, government, non-profit or academic organization of high standing; is highly accomplished in his or her field, with superior credentials and recognition; is well regarded in the community and has a long-term reputation for the highest ethical and moral standards; has sufficient time and availability to devote to the affairs of the Company, particularly in light of the number of boards on which the nominee may serve; has a demonstrated history of actively contributing at board meetings (to the extent that the nominee serves or has previously served on other boards). In addition to these minimum qualifications, the Nominating and Corporate Governance Committee recommends that the Board select persons for nomination to help ensure that: a majority of the Board shall be independent in accordance with in the listing standards of the NASDAQNasdaq Global Select Market (“NASDAQNasdaq”); each of the Company’s Audit, Remuneration and Nominating and Corporate Governance Committees shall be comprised entirely of independent directors; and at least one member of the Audit Committee shall qualify as an audit committee financial expert as defined by Securities and Exchange Commission (“SEC”) rules. In addition, the Nominating and Corporate Governance Committee may consider whether the nominee has direct experience in the pharmaceutical, biotechnology or healthcare industries or in the markets in which the Company operates and whether the nominee, if elected, would assist in achieving a mix of Board members that represents a diversity of background and experience. Although the Nominating and Corporate Governance Committee may consider whether nominees assist in achieving a mix of Board members that represents a diversity of background and experience, which is not only limited to race, gender or national origin, we have no formal policy regarding board diversity.

After reviewing the qualifications of potential Board candidates, the Nominating and Corporate Governance Committee presents its recommendations to the Board, which selects the final director nominees. Upon the recommendation of the Nominating and Corporate Governance Committee, the Board nominated Messrs. van HeekMr. O’Connor, Mr. DiPaolo, and O’SullivanDr. Kostas for re-election as directors.

The Nominating and Corporate Governance Committee considers shareholder nominees using the same criteria set forth above. Shareholders who wish to present a potential nominee to the Nominating and Corporate Governance Committee for consideration for election at a future annual general meeting of shareholders must provide the Nominating and Corporate Governance Committee with notice of the nomination and certain information regarding the candidate within the time periods set forth below under the caption “Shareholder Proposals.”

 

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Nominees and Incumbent Directors

The Nominating and Corporate Governance Committee has recommended, and the Board has nominated, Messrs. van HeekMr. O’Connor, Mr. DiPaolo, and O’SullivanDr. Kostas to be re-elected as directors at the Annual General Meeting. The table below sets forth the following information for these nominees and the Company’s continuing directors: the year each was first elected as a director of the Company, their respective ages and the positions currently held with the Company:

 

Nominee / Director Name and Year of First Became a
Director

Election
  

Age

   

Position(s) with the Company

Nominees for Director:

    

Jan van Heek (2010)Mr. O’Connor (2023)

61Director

Mark DiPaolo (2023)

52Director

Odysseas Kostas, M.D. (2023)

48Director

Directors Continuing in Office:

Patrice Bonfiglio (2023)

41Director

Paul Cohen, M.D. (2023)

48Director

Keith L. Horn (2023)

   65   Director

Patrick J. O’Sullivan (2011)Louis Sterling III (2023)

   73Director

Continuing Directors:

Joseph S. Zakrzewski (2010)

5244   Director

Kristine Peterson (2010)Diane Sullivan (2023)

   55Director

David Stack (2012)

64Director

John F. Thero (2014)

54President, Chief Executive Officer, Director

Lars G. Ekman, M.D., Ph.D. (2008)

65Director

James I. Healy, M.D., Ph.D. (2008)

5061   Director

Directors Nominated for Election

The following persons have been nominated by the Board to be elected as directors at the Annual General Meeting.

Jan van HeekMr. Oliver O’Connor joined Amarin as a non-executive director in April 2023. Mr. O’Connor currently serves as the Chief Executive Officer of the Irish Pharmaceutical Healthcare Association a position he has held since January 2015. Earlier in his career, Mr. O’Connor served as an advisor to the Deputy Prime Minister, Minister for Enterprise, Trade and Employment and Minister for Health and Children in Ireland. Mr. O’Connor has served as a founder board member of the Irish Medicines Verification Organisation since 2017. Mr. O’Connor earned an MBA from Stanford University’s Graduate School of Business and a Bachelor of Arts from University College Dublin. Mr. O’Connor is well-qualified to serve on our Board as he brings more than 30 years of experience in government and health policy, pharmaceutical industry, and finance.

Mr. Mark DiPaolo joined Amarin as a non-executive director in February 2010. He is currently2023. Since February 2013, Mr. DiPaolo has served as the Senior Partner and General Counsel of Sarissa. From 2005 to 2013, Mr. DiPaolo served as a Principalsenior member of Carl Icahn’s investment team at Icahn Capital, working on all aspects of Mr. Icahn’s investment strategy. During that time, Mr. DiPaolo worked closely with Dr. Alexander Denner, the Founder and Partner at BioPoint Group, where he advises biotechnologyChief Investment Officer of Sarissa Capital, on many healthcare activist campaigns and other healthcare companiesachieved many favorable investment outcomes for investors. Mr. DiPaolo worked with Dr. Denner in commercial strategyfounding Sarissa Capital and has been instrumental in the development financing and business development.execution of Sarissa Capital’s investments and strategy. Prior to establishing BioPoint,working at Icahn, Mr. van Heek spent more than 18 yearsDiPaolo was an M&A attorney at Genzyme Corporation, most recently as an Executive Vice President and Senior AdvisorWillkie Farr & Gallagher LLP. Since February 2018, Mr. DiPaolo has served on the board of directors of Innoviva, Inc. (Nasdaq: INVA). From August 2017 to September 2018, Mr. DiPaolo also served on the CEO and senior management team.board of directors of Novelion Therapeutics Inc. (until October 2019, Nasdaq: NVLN). Mr. van Heek is currently a board member of PanGenetics BV in the Netherlands as well as Minerva Neurosciences, Inc., and was a board member and Chairman of the Audit Committee of ViaCell Corporation, a U.S. public company, from 2002 until it was sold to Perkin Elmer Corporation in 2007. HeDiPaolo received an M.B.A. from St. Gallen University in Switzerland and an executivehis B.A. degree from Stanford Business School. Based on Mr. van Heek’s experience within the biotechnology industryFordham University and his executive experience, specifically his experience in executive officer positions at other companies in the biotechnology industry, as well as his service on other boards of directors, the Board believesJ.D. degree from Georgetown University. Mr. van Heek has the appropriate set of skillsDiPaolo is well-qualified to serve as a member of our Board.Board due to his significant experience in investments, operations, capital allocation, corporate governance, corporate finance, and mergers and acquisitions.

Patrick J. O’SullivanDr. Odysseas Kostas, M.D., joined Amarin as a non-executive director in December 2011.February 2023. Since 2016, Mr. O’SullivanKostas has more than 40 years of pharmaceutical industry experience, including more than 30 years as Chief Executive Officer and board member of the LEO Pharma companies in Ireland and more than 10 yearsserved as a board memberPartner and Senior Managing Director of the parent company of the LEO Pharma Group in Denmark. Since 2007 Mr. O’Sullivan has been a business consultant to the pharmaceutical industry,Sarissa, and he currently also serves as Head of Research. He most recently served as a memberdirector at Evercore ISI (formerly ISI), where he was employed from

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2011 to 2015, covering the biotechnology and pharmaceutical industries. Previously, he practiced internal medicine as part of the Yale New Haven Health system and was engaged as a consultant to various biotechnology companies. Since December 2017, Dr. Kostas has served on the board of directors of Actavis Plc. Mr. O’Sullivan is a registered pharmacist who earned a BachelorInnoviva, Inc. (Nasdaq: INVA) (as Chairman from December 2017 to December 2020), and since February 2020, has served on the board of Commerce and an M.B.A.directors of Armata Pharmaceuticals, Inc. (NYSE: ARMP). Dr. Kostas also served on the board of directors of Enzon Pharmaceuticals, Inc., from University College in Dublin. The Board believes that Mr. Sullivan’s experience from serving as an officer director of various companies within the pharmaceutical industry, as well as2013 to 2020. Dr. Kostas received his educational training in business administration, make him a valuable member of our Board.

Directors Continuing in Office

John F. Thero joined Amarin in November 2009. He was promoted to President and Chief Executive Officer, and appointed to the Board, effective January 2014. Prior to his promotion, he was Amarin’s President since November 2010 before which he was Amarin’s Chief Financial Officer. Mr. Thero has more than 20 years

5


of senior financial and operational management experience, including supporting the growth of life science companies for over 15 years. Mr. Thero has helped manage both the successful commercial growth and the successful sale of companies. In 2007, Mr. Thero was Chief Financial Officer at ViaCell, Inc., where he helped guide the company to its successful sale. From 2003 to 2007, Mr. Thero was Senior Vice President at Acusphere, Inc., where he oversaw the successful build-out and qualification of manufacturing operations. From 1994 to 2003, in a number of senior positions at Abiomed, Inc., including Senior Vice President Business Operations and Chief Financial Officer, he helped manage the transition from a development-stage company into a commercial entity. Mr. Thero began his professional career at Arthur Andersen LLP, during which time he became a Certified Public Accountant. He received a B.A. in EconomicsB.S. degree from the CollegeMassachusetts Institute of Technology and his M.D. degree from the Holy Cross. The Board believes that Mr. Thero’s experience in management positions at life sciences companies, as well as his past experience as Amarin’s President and Chief Financial Officer, provide him with the appropriate qualifications and skillsUniversity of Texas Southwestern Medical School. Dr. Kostas is well-qualified to serve as a member of the Board.our Board due to his significant experience in medicine, investments, operations, research and development, capital allocation, partnerships and strategic collaboration, corporate governance, corporate finance, and mergers and acquisitions.

Lars G. Ekman, M.D., Ph.D.Directors Continuing in Office

Ms. Patrice Bonfiglio joined Amarin as a non-executive director in November 2008,February 2023. Since March 2014 and February 2017, Ms. Bonfiglio has served as the Chief Financial Officer and Chief Compliance Officer of Sarissa Capital Management LP (“Sarissa” or “Sarissa Capital”), respectively. From 2013 to 2014, Ms. Bonfiglio was named Amarin’s lead independent director in October 2011also Manager of Accounting and Amarin’s ChairmanOperations of Sarissa. From 2012 to 2013, Ms. Bonfiglio served as the Head of Operations for commodities hedge fund Arbalet Capital Management, LP (“Arbalet”), where she was responsible for managing the firm’s spinout from hedge fund Arrowhawk Capital Partners, LLC, covering operations, accounting, and compliance. Prior to the spinout of Arbalet, Ms. Bonfiglio was the Operations Manager at Arrowhawk Capital Partners, LLC from 2010 to 2012, managing all aspects of the Board effective January 2014. With more than 29 yearsfirm’s day to day operations and contributing to the accounting and compliance teams of experience in the pharmaceutical industry, Dr. Ekman is currently an executive partner at Sofinnova Ventures and serves as Executive Chairman of Sophiris Bio Inc. (formerly Protox Therapeutics) as well as Chairman of Prothena Biosciences.multi-strategy hedge fund. From October 2008 to 2011 he2010, Ms. Bonfiglio served as Co-FounderSenior Accountant at Ridgefield Capital Asset Management, where she was responsible for the operations and Chief Executive Officeraccounting of Cebixthe portfolio funds and managed accounts. From 2006 to 2008, Ms. Bonfiglio was an Associate and Fund Accountant at Pequot Capital Management, Inc. He was Executive Vice President and President of Global Research and Development at Elan Corporation plc,Ms. Bonfiglio received her B.S. degree from January 2001 to December 2007. Prior to joining Elan, he was Executive Vice President, Research and Development at Schwarz Pharma AG from February 1997 to December 2000, and prior to that was employed in a variety of senior scientific and clinical functions at Pharmacia, now Pfizer. Dr. Ekman also sits on the board of directors of InterMune Inc. and Ocera Therapeutics. Dr. EkmanTemple University. Ms. Bonfiglio is a board-certified surgeon with a Ph.D. in experimental biology and has held several clinical and academic positions in both the United States and Europe. He obtained his Ph.D. and M.D. from the University of Gothenburg, Sweden. Based on Dr. Ekman’s experience within the pharmaceutical industry and his executive experience, specifically his experience as Chief Executive Officer and other executive positions in the biotechnology industry, as well as his service on boards of directors in the biotechnology industry, the Board believes Dr. Ekman has the appropriate set of skillswell-qualified to serve as a member of our Board.Board due to her significant operational, accounting, finance and compliance expertise.

James I. Healy, M.D., Ph.D.Dr. Paul Cohen joined Amarin as a non-executive director in May 2008.February 2023. Dr. HealyPaul Cohen is the Albert Resnick, M.D., Associate Professor, Head of the Laboratory of Molecular Metabolism, and Senior Attending Physician at The Rockefeller University. Dr. Cohen has also served as a scientific advisor to Hoxton Farms, a biotech startup based in London, since September 2021. Since 2016, Dr. Cohen has been a General Partnerpracticing cardiologist at Memorial Sloan Kettering Cancer Center. Dr. Cohen received his undergraduate degree from Harvard College. He then entered the Tri-Institutional M.D.-Ph.D. Program, where he completed his Ph.D. research at Rockefeller studying the metabolic effects of Sofinnova Ventures, a venture capital firm, since June 2000. Prior to June 2000, Dr. Healy held various positionsthe hormone leptin. He received his M.D. from Weill Cornell Medical College. He then completed an Internal Medicine Residency at Sanderling Ventures, Bayer Healthcare Pharmaceuticals (as successor to Miles Laboratories) and ISTA Pharmaceuticals, Inc. Dr. Healy is currently on the board of directors of Ascendis Pharma A/S, Auris Medical Holding AG, Hyperion Therapeutics, Inc., Coherus BioSciences, Inc. and several private companies. Previously, he served as a board member of InterMune, Inc., Anthera Pharmaceuticals, Inc., Durata Therapeutics, Inc., CoTherix, Inc., Movetis NV, KaloBios Pharmaceuticals, Inc. and several private companies. Dr. Healy holds an M.D.Columbia and a Ph.D. in Immunology fromCardiology Fellowship at Brigham and Women’s Hospital. He performed postdoctoral research training at the Stanford SchoolDana Farber Cancer Institute studying transcriptional determinants of Medicine and holds a B.A. in molecular biology and a B.A. in Scandinavian Studies from the University of California at Berkeley. The Board believes thatadipocyte identity. Dr. Healy’s experience in the pharmaceutical industries and investing in life sciences companies, as well as his medical and scientific background, provide him with the qualifications and skills to serve as a director.

Joseph S. Zakrzewski joined Amarin as a non-executive director in January 2010. From November 2010 to December 2013, Mr. Zakrzewski served as Amarin’s Chief Executive Officer and Chairman of the Board of Directors. From May 2007 to May 2010, Mr. Zakrzewski served as President and Chief Executive Officer of Xcellerex, a privately held company focusing on commercializing its proprietary next generation manufacturing technology for biotherapeutics and from January 2005 to May 2007, Mr. Zakrzewski served as the Chief Operating Officer of Reliant Pharmaceuticals. From 1988 to 2004, Mr. Zakrzewski served in a variety of positions at Eli Lilly and Company including as Vice President, Corporate Business Development from 2003 through 2004. In addition, Mr. Zakrzewski served as a Venture Partner with Orbimed, the world’s largest healthcare-dedicated investment firm, in 2010 and 2011. Mr. ZakrzewskiCohen is currently the Chairman of Firehouse

6


Pharmaceuticals and serves on the board of directors of Acceleron Pharma, and Insulet Corporation as well as a number of privately held companies. Mr. Zakrzewski earned a B.S. in Chemical Engineering and an M.S. in Biochemical Engineering from Drexel University as well as an M.B.A. in Finance from Indiana University. The Board believes that Mr. Zakrzewski should serve on our Board based on his knowledge of our Company gained from his former position as Chief Executive Officer and his substantial experience serving as an executive officer of other pharmaceutical companies, as well as Mr. Zakrzewski’s service as a member of boards of directors of other pharmaceutical companies.

Kristine Peterson joined Amarin as a non-executive director in November 2010. Ms. Peterson has more than 30 years of pharmaceutical industry experience, including 20 years at Bristol-Myers Squibb Company, where she was responsible for sales, marketing and general management in a variety of therapeutic areas, including leading the cardiovascular and metabolic disease business unit. She is currently, and has been since June 2009, Chief Executive Officer at Valeritas, Inc., a medical technology company committed to the development and commercialization of innovative drug delivery solutions, with its lead product for the treatment of diabetes. Prior to joining Valeritas, Ms. Peterson was Company Group Chair for the biotech business at Johnson & Johnson from May 2006 through June 2009, was an Executive Vice President at Johnson & Johnson from August 2004 through May 2006 and was Senior Vice President of commercial operations at Biovail Corporation from May 2003 to August 2004. Ms. Peterson is currently a director of Valeritas, Inc., ImmunoGen, Inc. the Biotechnology Industry Organization and the Greater Philadelphia Life Sciences Congress. Ms. Peterson has an M.B.A. in Marketing from the University of Illinois. Based on Ms. Peterson’s experience within the pharmaceutical industry and her executive experience, specifically her experience as an executive officer at other companies in the biotechnology industry, as well as her service on other boards of directors in the biotechnology industry, the Board believes Ms. Peterson has the appropriate set of skillswell-qualified to serve as a member of our Board.Board due to his significant scientific, medical and research and development expertise.

David StackMr. Keith L. Horn joined Amarin as a non-executive director in December 2012.February 2023. Since 2016, Mr. Stack is currentlyHorn has been the Presidentfounder and managing member of Loring Capital Advisors, LLC, a firm providing investment advisory and consulting services to hedge fund managers, asset management firms, and early-stage and start-up businesses. Mr. Horn served as the Chief Executive Officer and a director of Pacira Pharmaceuticals,Forest Road Acquisition Corp. from September 2020 to June 2021, when it consummated a business combination with The Beachbody Company. From 2003 to 2015, Mr. Horn served as Chief Operating Officer and was a member of the Management Committee and Valuation Committee of Elliott Management Corporation, a global multi-strategy firm, where he was responsible for global management and oversight of operational, support, and control functions of the firm’s investment advisory business.

Prior to Elliott, Mr. Horn spent 16 years at Merrill Lynch, Pierce, Fenner & Smith Incorporated, serving in various capacities, including Global Head of Leveraged Finance, Head of Latin America Debt, and Chief of Staff

7


to the Chairman and President. Mr. Horn began his career in private practice as a corporate and securities attorney. Mr. Horn served on the board of directors of Sarissa Capital Acquisition Corp. (Nasdaq: SRSA), a special purpose acquisition company sponsored by Sarissa Capital, and served as a director of Forest Road Acquisition Corp. II (NYSE: FRXB), a special purpose acquisition company, from March 2021 to April 2023. In addition, in July 2019, Mr. Horn was appointed to the strategic advisory board of Investcorp Strategic Capital Partners, a fund established to assemble a diverse portfolio of general partnership stakes in alternative asset managers. In December 2019, Mr. Horn joined the strategic advisory board of the Forest Road Company, LLC, a specialty finance and tax services company that lends against U.S. tax credits and provides capital in the media space.

From April 2016 to November 2019, Mr. Horn served on the board of directors of Empire Resorts, Inc. (“Empire”) (Nasdaq: NYNY), which operates in the gaming and hospitality industries, where he served as Chairperson of the audit committee and as Chairperson of the special committee in its review and approval of an acquisition transaction pursuant to which Empire became a privately-held entity. Mr. StackHorn received his J.D. (cum laude) from Georgetown University Law Center and his B.A. degrees in Economics and Political Science from Binghamton University, where he graduated Phi Beta Kappa with highest honors. Mr. Horn is well-qualified to serve as a member of our Board due to his significant investment, capital markets, operations, capital allocation, strategic collaboration, corporate governance, corporate finance, and mergers and acquisitions expertise.

Mr. Louis Sterling III joined Amarin as a non-executive director in February 2023. Since January 2017, Mr. Sterling has been a private investor targeting small-cap public equities and select fast-growth private companies, particularly in the healthcare industries. Prior to 2017, Mr. Sterling worked in investment banking (corporate finance/M&A) at Goldman Sachs, middle-market private equity at Lincolnshire Management, and was a managing director of MPM Capital since 2005BondFactor. From December 2021 to April 2023, Mr. Sterling served as a director of BZAM Ltd. (formerly the Green Organic Dutchman Holdings Ltd.), a sustainable global cannabis company, and a managing partnerserved as chair of Stack Pharmaceuticals, Inc. since 1998. From 2001 to 2004, he was Presidentthe corporate governance & nominating committee and Chief Executive Officer of The Medicines Company. Previously, Mr. Stack was President and General Manager at Innovex, Inc. He was Vice President, Business Development/Marketing at Immunomedics from 1993 until 1995. Prior to that, he was with Roche Laboratories from 1981 until 1993, in various positions including therapeutic world leader in infectious disease and director, business development and planning, infectious disease, oncology, and virology. He currently serves as a member of the boardcompensation committee. Mr. Sterling received his J.D. from Harvard Law School, his M.B.A. from Harvard Business School and his B.B.A. from Howard University. Mr. Sterling is well-qualified to serve as a member of directorsour Board due to his significant investments, operations, capital allocation, corporate finance, and mergers and acquisitions expertise.

Ms. Diane Sullivan joined Amarin as a non-executive director in February 2023. Ms. Sullivan founded her own consulting firm in May 2020, which specializes in strategy development and commercialization for life sciences companies. From May 2020 until August 2021, Ms. Sullivan served as the Chief Commercial Officer of Pacira Pharmaceuticals, Inc.DalCorp Pharmaceuticals. From November 2018 to April 2020, Ms. Sullivan served as Chief Commercial Officer of The Medicines Company (“MDCO”), PepTx, Inc., Chiasma, Inc.until its $9.7B acquisition by Novartis. Prior to her time at MDCO, Ms. Sullivan was an independent commercialization and Medivo, Inc. Hemarket access consultant from October 2017 to November 2018. Ms. Sullivan was Vice President, Market Access & Patient Strategies at AstraZeneca from 2013 to 2017. She was Vice President, Specialty Payer & Channel Group at Pfizer from 2009 to 2013 and prior to the acquisition, was Vice President, Healthcare Systems Marketing at Wyeth in 2008.

Before Wyeth, Ms. Sullivan spent 12 years in a series of strategy, marketing, brand management, business development, and integration roles at GlaxoSmithKline. She began her career at IBM and was a member of the boardsteam that launched IBM’s entry into the Health Data Networking business. Ms. Sullivan served on the board of directors of Molecular Insight Pharmaceuticals, Inc.OrthogenRx, a privately held medical device company from 2006May 2018 until it was acquired by Avanos Medical in January 2022. Ms. Sullivan received a B.A. from Dickinson College. She also graduated from IBM’s intensive two-year marketing and account management training program as well as IBM’s customized version of an M.B.A. program. Ms. Sullivan is well-qualified to 2010 and BioClinica, Inc. from 1999 to 2010. Mr. Stack holdsserve as a B.S. in Pharmacy from Albany Collegemember of Pharmacy and a B.S. in Biology from Siena College. The Board believes that Mr. Stack’s qualifications to sit on our Board include his extensive experience with pharmaceutical companies, his financial expertisedue to her significant investments, operations, research and his years of experience providingdevelopment, capital allocation, partnerships and strategic collaboration, corporate governance, corporate finance, and financial advisory services to pharmaceuticalmergers and biotechnology organizations.acquisitions expertise.

8


Vote Required

Each nominee will be elected to the Board if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of such director or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of such director. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

Holders of proxies solicited by this Proxy Statement will vote the proxies received by them as directed on the proxy card or, if no direction is made, then FOR the election of all the nominees named in this Proxy Statement.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR”

EACH OF THE NOMINEES IDENTIFIED ABOVE.

 

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PROPOSAL NO. 34

ADVISORY VOTE ON EXECUTIVE COMPENSATION

Background

As recommended by our shareholders at our 20112017 annual general meeting and subsequently approved by our Board, we give our shareholders the opportunity to cast an advisory (non-binding) vote onto approve the compensation of the Company’s “named executive officers,” each year (a so-called “say-on-pay”say-on-pay vote). At the 20142022 annual general meeting, the Company’s shareholders supported the say-on-pay vote with 92%approximately 65.3% of the votes cast in favor of the proposal.

The say-on-pay vote is a non-binding vote to approve the compensation of the Company’s “named executive officers,” as described in this Proxy Statement under the “Compensation“Executive Compensation Discussion and Analysis” section, the tabular disclosure regarding such compensation, and the accompanying narrative disclosure on pages 36[34] to 55[49] of this Proxy Statement. The say-on-pay vote is not a vote on the Company’s general compensation policies, compensation of the Company’s Board, or the Company’s compensation policies as they relate to risk management. Our philosophy in setting compensation policies for executive officers has two fundamental objectives: (1) to attract and retain a highly skilled team of executives and (2) to align our executives’ interests with those of our shareholders by rewarding short-term and long-term performance and tying compensation to increases in shareholder value. The Remuneration Committee believes that executive compensation should be directly linked both to continuous improvements in corporate performance (so-called(so-calledpay for performance”) and accomplishments that are expected to increase shareholder value. The “Compensation“Executive Compensation Discussion and Analysis” section herein provides a more detailed discussion of the executive compensation program and compensation philosophy.philosophy managed by our Prior Board (as described below), including how we align compensation elements with our annual goals and long-term business strategies and objectives, as well as review of incentive compensation, which is intentionally heavily weighted to equity compensation in an effort to align such compensation with investors, and review the Company’s performance against predefined goals.

The vote under this Proposal No. 34 is advisory, and therefore not binding on the Company, the Board or our Remuneration Committee. However, our Board, including our Remuneration Committee, values the opinions of our shareholders and, considers changes to our executive compensation program as appropriate in response to input from shareholders and evolving factors such as the extent there is any significant vote against the named executive officer compensation as disclosed in this Proxy Statement, we will consider our shareholders’ concernsbusiness environment and evaluate what actions may be appropriate to address those concerns.competition for talent.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No. 3:4:

RESOLVED, that the shareholders of the Company vote in favor ofapprove, on a non-binding, advisory vote approvingbasis, the compensation of the Company’s ‘named executive officers.officers, as disclosed in this Proxy Statement under the “Executive Compensation Discussion and Analysis” section, the compensation tables and the narrative disclosures that accompany the compensation tables.

Vote Required

This advisory proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 3.

4.

 

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PROPOSAL NO. 45

ADVISORY VOTE ON THE FREQUENCY OF FUTURE ADVISORY VOTES ON EXECUTIVE COMPENSATION

We are also required by the Dodd-Frank Act to provide shareholders with a separate advisory (non-binding) vote for the purpose of asking shareholders to express their preference for the frequency of future advisory say-on-pay votes. Shareholders may indicate whether they would prefer an advisory vote on executive compensation once every one, two or three years. We are required to solicit shareholder votes on the frequency of future advisory votes on executive compensation at least once every six years, although we may seek shareholder input more frequently.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No. 5:

RESOLVED, that, subject to fiduciary duties under applicable law, the shareholders of the Company vote in favor of holding future non-binding, advisory votes on executive compensation every year.”

At the Annual General Meeting, shareholders may cast a vote on the frequency of a say-on-pay vote by choosing the option of one year, two years or three years or shareholders may abstain from voting altogether.

The Board believes that, of the three choices, submitting a non-binding, advisory say-on-pay resolution to shareholders every year is the most appropriate choice. The Company believes that gathering shareholder feedback as close in time to the relevant compensation decisions as possible will be most useful to the Board. An annual advisory vote on executive compensation is consistent with our policy of seeking input from and engaging in discussions with our shareholders on corporate governance matters and our executive compensation philosophy, policies and practices. We believe that an annual advisory vote on the compensation of our named executive officers will allow all of our shareholders to provide us with their general input on our compensation philosophy, policies and practices. Although some of our shareholders may prefer a two-year or three-year interval for the advisory vote on executive compensation, we believe that a majority of our shareholders will prefer a one-year interval for this advisory vote as the first advisory vote in 2017 resulted in our holding a say-on-pay vote every year.

Vote Required

The frequency period that receives the most votes (every one, two or three years) will be deemed to be the recommendation of the shareholders. However, because this vote is advisory and not binding on the Board or the Company, the Board may decide that it is in the best interests of our shareholders and the Company to hold an advisory vote on executive compensation more or less frequently than the option selected by a plurality of our shareholders.

THE BOARD RECOMMENDS A VOTE TO HOLD FUTURE VOTES ON EXECUTIVE COMPENSATION EVERY YEAR.

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PROPOSAL NO. 6

APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Our Audit Committee has selected Ernst & Young LLP (“E&Y”) as our independent registered public accounting firm for the fiscal year ending December 31, 2015,2023, and has further directed that we submit the selection of E&Y for approval by our shareholders at the Annual General Meeting.

The Audit Committee reviews and pre-approves all audit and non-audit services performed by itsour independent registered public accounting firm, as well as the fees charged for such services. All fees incurred in fiscal 2014year 2022 for services rendered by E&Y were approved in accordance with these policies. In its review of non-audit service fees, the Audit Committee considers, among other things, the possible impact of the performance of such services on the auditor’s independence. The Audit Committee has determined that the non-audit services performed by E&Y in the fiscal year ended December 31, 20142022 were compatible with maintaining the auditor’s independence. Additional information concerning the Audit Committee and its activities can be found in the following sections of this Proxy Statement: “Board Committees” and “Report of the Audit Committee.”

E&Y commenced auditing our annual financial statements with the fiscal year ended December 31, 2014. Representatives of E&Y are expected to be available telephonically at the Annual General Meeting, will have the opportunity to make a statement if they desire to do so and will be available to respond to appropriate shareholder questions.

Change in Auditors

As previously disclosed by the Company in its Current Report on Form 8-K filed with the SEC on March 6, 2014, on February 28, 2014, the Audit Committee approved the engagement of E&Y as our independent auditors for the fiscal year ending December 31, 2014 and notified its prior independent auditors Deloitte & Touche LLP (“Deloitte”) of its decision. The reports of Deloitte on the consolidated financial statements of the Company as of and for the fiscal years ended December 31, 2012 and 2013 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.

During our fiscal years ended December 31, 2012 and 2013 and any subsequent interim period preceding March 6, 2014, there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Deloitte, would have caused Deloitte to make reference to such disagreements in its report on the consolidated financial statements for such years.

The Company did not consult with E&Y during the two fiscal years ended December 31, 2013 and 2012, and the subsequent interim period through February 28, 2014, regarding (i) the application of accounting principles to a specified transaction either completed or proposed or the type of audit opinion that might be rendered on the Company’s consolidated financial statements; or (ii) any matter that was either the subject of a “disagreement,” as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K, or a “reportable event,” as described in Item 304(a)(1)(v) of Regulation S-K.

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Fees for Independent Registered Public Accounting Firm—E&YFirm

The following is a summary of the fees billed to the Company by E&Y for professional services rendered for the fiscal yearyears ended December 31, 2014.2022 and 2021. Audit fees are for services invoiced relating to the yearyears ended December 31, 20142022 and 2021 as described in (1) below and all non-audit fees are for services invoiced in 2014.2022 and 2021.

 

  2014   2022   2021 

Audit Fees(1):

  $588,114 

Audit Fees(1):

  $1,853,411   $1,595,277 

Audit-Related Fees:

  $—     $—    $—  

Tax Fees(2):

  $56,547 

Tax Fees(2):

  $—    $6,750 

All Other Fees:

  $—     $—    $—  
  

 

   

 

   

 

 

Total All Fees:

$644,661   $1,853,411   $1,602,027 

 

(1)

Audit fees for 20142022 include fees incurred in connection with the audit of our financial statements as of December 31, 20142022, as prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), costs incurred in connection with the audit of statutory financial statements as of December 31, 20132022, as prepared in accordance with International Financial Reporting Standards (“IFRS”), and costs incurred in connection with registration statement filings.

(2)

Tax fees consist primarily of tax advisory fees and costs incurred for the preparation of tax returns and other related statutory filings.

Fees for Prior Independent Registered Public Accounting Firm—Deloitte

The following is a summary of the fees billed to the Company by Deloitte for professional services rendered for the fiscal year ended December 31, 2013. Audit fees are for services invoiced relating to the year ended December 31, 2013 and all non-audit fees are for services invoiced in 2013.

   2013 

Audit Fees(1):

  $1,152,145 

Audit-Related Fees:

  $—   

Tax Fees(2):

  $79,159 

All Other Fees:

  $—   
  

 

 

 

Total All Fees:

$1,231,304 

(1)Audit fees for 2013 include fees incurredfilings in connection with the audit of our financial statements as of December 31, 2013 as prepared in accordance with GAAP, costs incurred in connection with the audit of statutory financial statements as of December 31, 2013 as prepared in accordance with IFRS and costs incurred in connection with registration statement filings and comfort letters issued.
(2)Tax fees consist primarily of costs incurred for strategic tax advice, the preparation of our tax returns and other related statutory filings.2021.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No. 4:6:

RESOLVED, to appoint Ernst & Young LLP as the Company’s auditors to hold office from the conclusion of this meeting until the conclusion of the next meeting at which the annual accounts are laid before the Company and to authorize the directorsAudit Committee to agree upon the remuneration of the auditors.”

In the event that shareholders do not approve the foregoing resolution, we will need to engage a third-party auditor who will act as our independent registered public accounting firm under U.S. law and as our statutory auditor under UK law for the fiscal year ending December 31, 2015.2023. We may proceed to engage such firm as our Board and Audit Committee deem advisable, which firm may include E&Y.

 

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Vote Required

This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes, if any, will have no effect on the vote outcome.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 4

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1113


PROPOSAL NO. 57

ADOPTION OF AN AMENDMENT TO THE COMPANY’S 20112020 STOCK INCENTIVE PLAN, AS AMENDED

Proposal

Our Board believes that share-based incentive awards can play an important role in the success of the Company by encouraging and enabling the employees, officers, non-employee members of our Board and consultants of the Company and its subsidiaries upon whose judgment, initiative and efforts the Company largely depends for the successful conduct of its business to acquire a proprietary interest in the Company. Consistent with our compensation philosophy and objectives, our Board believes that providing such persons with a direct stake in the Company assures a closer identification of the interests of such individuals with those of the Company and its shareholders, thereby stimulating their efforts on the Company’s behalf and strengthening their desire to remain with the Company.

On March 9, 2015, upon[●], 2023, our Board, based on input from Aon’s Human Capital Solutions practice, a division of Aon plc (“Aon”) (previously known as Radford), as independent external compensation consultants, and the recommendation of Radford, an Aon Hewitt Company and independent external compensation consultant (“Radford”) to theour Remuneration Committee, the Remuneration Committee approvedadopted, subject to shareholder approval, an amendment (the “Plan Amendment”) to the Company’s 20112020 Stock Incentive Plan, (asas amended by Amendment No. 1 to the 2020 Stock Incentive Plan (the “2020 Plan” and, as further amended by the Plan Amendment, the “Amended Plan”), subject to shareholder approval atincrease the Annual General Meeting.share reserve under the 2020 Plan by [●] Ordinary Shares or ADSs, as the case may be (“Shares”) and to increase the number of Shares that may be issued in the form of incentive stock options by [●] Shares. The 20112020 Stock Incentive Plan was originally adopted by our Board on March 16, 2020 and approved by our shareholders at our 2011 annual general meeting (as2020 Annual General Meeting of Shareholders and Amendment No. 1 to the 2020 Stock Incentive Plan was adopted by our Board on May 14, 2022 and approved by our shareholders at our 2022 Annual General Meeting of Shareholders.

Say-on-Pay Results and amended from timeShareholder Outreach

At our 2022 Annual General Meeting of Shareholders, our non-binding advisory vote regarding the compensation of our named executive officers (our “say-on-pay”) received the support of 65.3% of the votes cast at the meeting. The Remuneration Committee has considered and will continue to time,consider the Equity Incentive Plan”). If this Proposal No. 5outcome of such say-on-pay votes when evaluating our compensation programs. We make a point of annually engaging with our shareholders to solicit feedback on our executive compensation program, regardless of our say-on-pay result. However, given recent years’ voting results, the New Directors and management feel it is approved, the number of shares reserved for issuance under the Amended Plan would increase by 20,000,000 Ordinary Shares or ADSs,particularly important to solicit feedback on our executive compensation program, particularly as the case may be (“Shares”)New Directors and management undertake their comprehensive review of the Company’s pay practices and programs. Since the 2022 annual meeting, the Prior Board and management met with institutional investors representing over [    ]% of outstanding shares and over [    ]% of our institutional investors. Representatives from the Company included our CEO, our CFO and our head of investor relations. We intend to increase the amount currently reserved underof outreach and discussion with investors, including our institution and retail investor base.

It is worth noting that the Equity Incentive Plan. In addition, inclusive of stock options currently outstanding underphilosophy and approach to compensation that was subject to the Equity Incentive Plan, the aggregate ISO Limit (as definedsay-on-pay vote described in the Equity Incentive Plan) would be increased to 31,500,000 Sharesproxy statement for our 2022 Annual General Meeting of Shareholders, and in this proxy statement for our 2023 Annual General Meeting of Shareholders, reflected the Amended Planphilosophy, judgment and approach of the prior Board members and the annual limit on individual option grants would be increased to 10,000,000 Shares under the Amended Plan. As of March 15, 2015, prior to this proposed Plan Amendment, we have 16,073,367 stock options and restricted stock grants outstanding under the Equity Incentive Plan.

The purposemembers of the Equity Incentive PlanRemuneration Committee, which are not necessarily reflective of the views of the New Directors. The New Directors, including the New Remuneration Committee (described below), which now includes shareholder representation, with their advisors and the input of management and with the input of shareholders, are currently undertaking a comprehensive review of Amarin’s approach and philosophy to executive and non-executive compensation matters and their views, and the resulting changes, will be detailed in next year’s compensation discussion and analysis. The New Directors,

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together with management, will be focused on ensuring that Amarin’s approach to compensation is formulated and implemented to enablecreate and maximize long-term shareholder value.

Based on the feedback received from this type of engagement, over the past several years the Company to have a compensation program designed to attract, retain, and motivate highly qualified employees; provide employees with long-term equity-based incentives to produce long-term growth thereby increasing our value to shareholders; and foster a cooperative teaching and learning environment that focuseshas relied more heavily on delivering shareholder value as further discussed below in this Proxy Statement in the section titled, “Compensation Discussion and Analysis.” We believe thatperformance-based equity compensation, is an essential elementand the New Directors and the current Remuneration Committee will incorporate the feedback from investors and employees as they undertake their review of our compensation package and that equity awards align employees and directors’ interests with those of our shareholders. Our Board recommends a vote for approval of the Plan Amendment because the Plan Amendment will allow us to continue to use equity based incentives and promote the goals of our compensation strategy. The Plan Amendment will only become effective subject to approval by our shareholders. In light of the limited available pool of shares under the Equity Incentive Plan and the expectation that the Plan Amendment would be presented for approval at the Annual General Meeting, the Company has granted performance-based restricted stock units contingent upon approval of the Plan Amendment as discussed in further detail below in the section entitled “New Plan Benefits.”programs.

Changes to the Equity Incentive Plan by the Plan Amendment

If this Proposal No. 5 is approved, the maximum number of the Company’s Shares that can be issued under the Equity Incentive Plan, and the ISO Limit, would increase by 20,000,000 Shares to 31,500,000 Shares and the annual limit on individual option grants would be increased to 10,000,000 shares. As of March 15, 2015, we have 1,712,755 Shares available under the Equity Incentive Plan, and we believe that such amount will not be sufficient to cover the on-going needs of the Company under its compensation strategy. In its deliberations regarding the size of the increase in the maximum number of shares issuable under the Equity Incentive Plan (the “Grant Pool”), the Board, in consultation with Radford, determined that an increase in the Grant Pool of 20,000,000 Shares as proposed by the Plan Amendment would place the Company in approximately the 68th percentile as compared to peer companies and the size of their respective equity grant pools and would otherwise comport with institutional shareholder recommendations. The Remuneration Committee, upon the advice of Radford, considers this pool allocation to be within market for similarly situated companies. It is not uncommon, however, for companies to be above the market median immediately following the approval of an increase in the equity grant pool as it is expected that the pool will revert back to the median over time. In addition, the Remuneration Committee, upon the advice of Radford, considers the increase in the annual limit on individual option grants to be advisable given the Company’s growth and the increase in the number of outstanding Shares since the Equity Incentive Plan’s original adoption in 2011.

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Summary of Material Features of the Equity IncentiveAmended Plan

The material features of the Equity IncentiveAmended Plan are:

 

  

The maximum number of Shares that can be issued under the Equity IncentiveAmended Plan shall not exceed the sum of (i) either (a) 11,500,000[                    ] Shares reserved underand (ii) the Equity Incentive Plan if the Plan Amendment is not approved and adopted or (b) 31,500,000 Shares reserved under the Amended Plan, (ii) 3,074,680 Shares that remained available for grantsgrant under the Company’s former 20022011 Stock OptionIncentive Plan (the(as amended, the20022011 Plan”) as of July 12, 2011,13, 2020 (the “Plan Limit”);

The Amended Plan provides for the award of stock options (both incentive and (iii) the number of Shares subject to grants under the 2002 Plan that are outstanding as of the Effective Date but subsequently become lapsed awards.non-qualified stock options), restricted stock units and certain limited unrestricted share awards;

 

The Amended Plan will continue to be administered by the Remuneration Committee;

Stock options may not be repriced in any manner without shareholder approval;

Shares from forfeited, expired and terminated awardssubject to grants under the 20022011 Plan and the Equity IncentiveCompany’s 2002 Stock Option Plan canthat were outstanding as of the date of shareholder approval of the 2020 Plan but subsequently expire, are forfeited, surrendered, canceled or otherwise terminated in whole or in part, other than through exercise, may be added back to the reserved poolmade available for subsequent grants under the Equity Incentive Plan. For this purpose, Amended Plan at the discretion of the Remuneration Committee;

Shares that are tendered or held back to cover the exercise price of an award or for taxes willare not be added to the reserved pool under the Equity Incentive Plan.Amended Plan;

 

The

Any dividends and dividend equivalent rights payable with respect to any award of stock options (both incentive and non-qualified options) and restricted stock unitsunder the Amended Plan are subject to employees, directors and consultants is permitted. In addition, unrestricted Shares may be awarded to directors;the same vesting provisions as the underlying award;

 

Minimum vesting periods are required for grants of restricted stock units;

The definition of “change of control” in the Amended Plan requires the consummation of a specified change of control transaction and is not a “liberal” change of control definition (i.e., our Board does not have the ability to exercise discretion with respect to what does and does not constitute a “change of control”);

 

Any material amendment to the Equity IncentiveAmended Plan is subject to approval by our shareholders; and

 

The term of the Equity IncentiveAmended Plan will expire on July 12, 2021.the tenth anniversary of the date of original shareholder approval of the 2020 Plan.

Based solely on the closing price of our ADSs as reported by NASDAQ on March 27, 2015, 2015,[                    ], 2023 and the maximum number of Shares that would have been available for awards as of such date under the Amended Plan, the maximum aggregate market value of the additional Shares that could potentially be issued under the Amended Plan is approximately $[        ] million, of which approximately $[        ] million represents Shares that were available for grant under the 2020 Plan as of such date assuming this Proposal No. 5 is approved, is $52,327,740.and approximately $[        ] million represents the [                    ] new Shares that can be issued under the Plan Amendment. The Shares available for issuance under the Equity IncentiveAmended Plan will be authorized but unissued Shares or Shares acquired in the open market or otherwise.

Rationale for the Plan Amendment

The Plan Amendment is critical to our ongoing effort to build shareholder value. Equity incentive awards are an important component of our executive and non-executive employees’ compensation. Our Remuneration Committee and our Board believe that revertwe must continue to us through forfeiture, surrender or cancelationoffer a competitive equity compensation program in order to attract, retain and motivate the talented and qualified employees necessary for our continued growth and success in Ireland, the United States and internationally.

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We manage our long-term shareholder dilution by limiting the number of outstanding grants.

Qualified Performance-Based Compensation under Code Section 162(m)

To ensure that certainequity incentive awards granted under the Equity Incentive Plan to a “Covered Employee” (as defined in the Internal Revenue Code of 1986, as amended (the “Code”) qualify as “performance-based compensation” under Section 162(m) of the Code, the Equity Incentive Plan provides that the Remuneration Committee may require that the vesting of such awards be conditioned on the satisfaction of performance objectives that may be measured by any or all of the following: (1) earnings before interest, taxes, depreciation and amortization; (2) net income (loss) (either before or after interest, taxes, depreciation and/or amortization); (3) changes in the market price of the Shares; (4) economic value-added; (5) funds from operations or similar measures; (6) sales or revenue; (7) development, clinical or regulatory milestones; (8) acquisitions or strategic transactions; (9) operating income (loss); (10) cash flow (including, but not limited to, operating cash flow and free cash flow); (11) return on capital, assets, equity, or investment; (12) shareholder returns; (13) return on sales; (14) gross or net profit levels; (15) productivity; (16) expenses; (17) margins; (18) operating efficiency; (19) customer satisfaction; (20) working capital; (21) earnings (loss) per Share; (22) sales or market shares; and (23) number of customers, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group.annually. The Remuneration Committee will selectcarefully monitors our annual net burn rate, total dilution and equity expense in order to maximize shareholder value by granting only the particular performance criterianumber of equity incentive awards that it believes is necessary and appropriate to attract, reward and retain our employees.

Our compensation philosophy reflects broad-based eligibility for equity incentive awards for high performing employees. As of [                    ], 2023, [    ]% of our employees held outstanding equity awards in varying levels or were within 90 days followinga three-month provisional period to become eligible to receive equity awards. By ensuring that our employees hold equity awards, we link the commencementinterests of a performance cycle. Subjectthose employees with those of our shareholders and motivate our employees to adjustments for stock splits and similar events, the maximum award granted to any one individual that is intended to qualifyact as “performance-based compensation” under Section 162(m)owners of the Codebusiness.

Burn Rate

The following table sets forth information regarding historical awards granted and earned for the 2020 through 2022 period, and the corresponding burn rate, which is defined as the number of shares subject to equity-based awards granted in a year divided by the weighted average number of shares outstanding for that year, for each of the last three fiscal years.

Based on input from Radford, the prior Remuneration Committee and the Prior Board determined the size of reserved pool under the Amended Plan based on projected equity awards to anticipated new hires, projected annual equity awards to existing employees and an assessment of the magnitude of increase that our institutional investors and the firms that advise them would likely find acceptable. We anticipate that if our requested share reserve is approved by our shareholders, it will not exceed 3.5 million Sharesbe sufficient to provide equity incentives to attract, retain, and motivate employees for any performance cycle.the next [one to two] years.

Share Element  2022  2021  2020 

Time- and Performance-Based Stock Options Granted(1)

   5,038,124   4,813,388   3,101,389 

Time- and Performance-Based Full-Value Awards Granted(2)

   12,586,955   7,724,500   3,459,527 

Total Awards Granted(3)

   17,625,079   12,537,888   6,560,916 

Weighted average common shares outstanding during the fiscal year

   401,155,000   395,992,009   381,759,067 

Annual Burn Rate

   4.39  3.17  1.72

Three Year Average Burn Rate

     3.09

Weighted average common shares outstanding during the fiscal year, including shares issuable upon conversion of preferred stock

   401,155,000   395,992,009   391,838,157 

Annual Burn Rate Including Shares Issuable Upon Conversion of Preferred Stock

   4.39  3.17  1.67

Three Year Average Burn Rate Including Shares Issuable Upon Conversion of Preferred Stock

    3.08 

(1)

Includes [zero] performance-based stock options granted in 2022, 2021 and 2020, respectively.

(2)

Includes 1,919,500, 2,008,800, and 1,483,400, performance-based full-value awards granted in 2022, 2021 and 2020, respectively.

(3)

Total Awards Granted represents the sum of Stock Options Granted and Adjusted Full-Value Awards Granted.

Summary of the Equity IncentiveAmended Plan

The following description of certain features of the Equity IncentiveAmended Plan is intended to be a summary only. The summary is qualified in its entirety by the full text of the Equity Incentive Plan filed as Exhibit 10.4 to our

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Quarterly Report on Form 10-Q for the quarter ended June 30, 2011, Amendment No. 1 to the 2011 Stock Incentive2020 Plan filed as Exhibit 10.1 to our Form 8-K, filed with the Quarterly ReportSEC on Form 10-Q forJuly 14, 2020, the quarter ended June 30, 2012,full text of Amendment No. 21 to the 2011 Stock Incentive2020 Plan filed as Exhibit 10.2 to our

16


Form 8-K, filed with the Quarterly ReportSEC on Form 10-Q for the quarter ended June 30, 2012, Amendment No. 3 to the 2011 Stock Incentive Plan filed as Exhibit 10.5 to the Annual Report on Form 10-K for the year ended December 31, 20122022 and the Plan Amendment, set forth in Annex Awhich is attached hereto as Appendix [A].

Eligibility. Eligible persons include any employee, officer, consultant or director providing services to this Proxy Statement.

Plan Administration. The Equity Incentive Plan is administeredthe Company or any affiliate of the Company, as determined by the Remuneration Committee. The Remuneration Committee has full power to select, from among theAs of [                ], 2023, approximately [        ] individuals eligible for awards, the individuals to whom awards will be granted, to make any combination of awards to participants, and to determine the specific terms and conditions of each award, subject to the provisions of the Equity Incentive Plan. The Remuneration Committee may delegate to one or more directors or to one or more officers its authority under the Equity Incentive Plan, subject to such terms, conditions and limitations as it may establish in its sole discretion.

Eligibility. Personswere eligible to participate in the Equity Incentive Plan will be those full or part-time officers, employees, directors and other key persons (including consultants) of the Company and its subsidiaries as selected from time to time by the Remuneration Committee in its discretion. Approximately 207 individuals are currently eligible to participate in the Equity Incentive2020 Plan, which includes 4[        ] executive officers, 196approximately [        ] employees who are not executive officers, eight non-employee directors and 7 non-employee directors.[        ] consultants.

Plan Limits.Stock Options. The maximum number of Shares that can be issued under the Equity Incentive Plan is as set out in the first bullet point of “Summary of Material Features of the Equity Incentive Plan” above. Incentive Stock Options cannot be granted in respect of more Shares than the ISO Limit (31,500,000 Shares). Options with respect to no more than 10,000,000 Shares may be granted to any one individual during any calendar year period.

Stock Options. The Equity IncentiveAmended Plan permits the granting of (1) options to purchase Shares intended to qualify as incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), and (2) options that do not so qualify. Options granted under the Equity IncentiveAmended Plan will be non-qualified stock options if

they fail to qualify as incentive stock options or exceed the annual limit on incentive stock options. Incentive stock options may only be granted to employees of the Company and its subsidiaries. any subsidiary or parent (each as defined in Section 424 of the Code) of the Company. Non-qualified stock options may be granted to any persons eligible to receive awards under the Equity IncentiveAmended Plan. The option exercise price of each option will beis determined by the Remuneration Committee but may not be less than 100% of the fair market value of the Shares on the date of grant. Fair market value for this purpose will beis the last reportedclosing sale price of the Shares on NASDAQNasdaq on the date of grant and, if the exercise of the option is to be satisfied by a new issue of Shares, may not be less than the nominal value of the Shares (£0.50).grant. The exercise price of an option may not be reduced after the date of the option grant, other than to appropriately reflect changes in our capital structure. Incentive stock options cannot be granted in respect of more than [                ] Shares.

The term of each option is typicallymay not exceed ten years from the date of grant. The Remuneration Committee will determine at what time or times each option may be exercised. Options may be made exercisable in installments and the exercisability of options may be accelerated by the Remuneration Committee. Typically, options will vest in equal installments over a four year period subject to continued service with the Company.installments. In general, unless otherwise permitted by the Remuneration Committee, no option granted under the Equity IncentiveAmended Plan is transferable by the optionee other than by will or by the laws of descent and distribution, and options may be exercised during the optionee’s lifetime only by the optionee, or by the optionee’s legal representative or guardian in the case of the optionee’s incapacity. UponThe method of payment to be used to exercise of options, thean option exercise price must be paid in full either in cash,is determined by certified or bank check or other instrument or consideration acceptable to the Remuneration Committee and may consist of, alone or in combination, (a) cash or check, (b) surrender (or attestation to the ownership following such procedures as the Company may prescribe) of other Shares that are not then subject to restrictions under any Company plan and have a fair market value on the date of surrender or attestation equal to the aggregate exercise price of Shares as to which such option shall be exercised or (c) delivery of a properly executed exercise notice together with such other documentation as the Remuneration Committee and the broker, if applicable, shall require to effect an exercise of the option and delivery to the Company of the sale or loan proceeds required to pay the aggregate exercise price and any applicable income or employment taxes. In addition, non-qualified stock options can be exercised for consideration in the form of cancelled indebtedness or by a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issuable upon exercise by the largest whole number of shares with a fair market value that does not exceed the aggregate exercise price. The Remuneration Committee can also provide for the payment of such other consideration and method of payment permitted under applicable law.laws.

To qualify as incentive stock options, options must meet additional U.S. federal tax requirements, including a $100,000 limit on the value of shares subject to incentive stock options that first become exercisable by a participant in any one calendar year.

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Restricted Stock Units.Units. The Remuneration Committee may award restricted stock units to any eligible persons. Restricted stock units are payable in Shares or, at the discretion of the Remuneration Committee, in cash or a combination of cash and Shares, and may be subject to such conditions and restrictions as the Remuneration Committee may determine. These conditions and restrictions may include the achievement of certain performance objectives and/or continued service with the Company through a specified vesting period, generally four years.period.

Unrestricted Share Awards. The Remuneration Committee may also grant to directors Shares that are free from any restrictions under the Amended Plan, provided that the director shall pay an amount for the Shares at least

17


equal to their aggregate nominal values. A director may elect to receive such an award of unrestricted Shares in lieu of cash meeting fees to which the director is otherwise entitled.

Dividend Equivalent Rights. During the vesting period thefor restricted stock units, restricted stock units may be credited with dividend equivalent rights, which entitle the participant to receive credits for dividends that would have been paid if the recipient had held the Shares underlying the restricted stock unitsunits. Any such dividend equivalent rights shall provide that vest since the datesuch rights be settled only upon settlement or payment of, grantor lapse of thoserestrictions on, such restricted stock units.

Unrestricted Share Awards. The Remuneration Committee may also grant to directors Sharesunit award, and that are free from any restrictionssuch dividend equivalent right shall expire or be forfeited or annulled under the Equity Incentive Plan, provided thatsame conditions as the director shall pay an amount for the Shares at least equal to their aggregate nominal values. A director may elect to receive such an award of unrestricted Shares in lieu of cash meeting fees to which the director is otherwise entitled.restricted stock unit award.

Change of Control Provisions.Provisions. The Equity IncentiveAmended Plan provides that upon the effectiveness of a “change of control” as(as defined in the Equity Incentive Plan,Amended Plan), except as otherwise provided by the Remuneration Committee in an award agreement, (i) participants may exercise their options to the extent vested immediately prior to the change of control for a period ofwithin 12 months followingof the change of control (or through the expiration date, if earlier), (ii) all unvested awards held by directors (other than the Chief Executive Officer of the Company) will automatically vest in full and (iii) all unvested awards held by other participants (i.e.(i.e., the Chief Executive Officer and participants who are not directors) shall continue to vest following a change of control and, if any such participant’s employment is terminated by the Company for any reason other than cause“cause” (as defined in the Equity IncentiveAmended Plan) within two years of the change of control, shall fully vest, and in the case of options become exercisable and remain exercisable for a period of twelve12 months following such termination (or through the expiration date, if earlier). In addition, the Company may provide for awards to be substituted by equivalent awards or for a cash payment to be paid to participants in respect of all awards held by participants (whether or not vested) upon the change of control, in which case all original awards shall lapse upon the consummation of the change of control.

Adjustments for Stock Dividends, Stock Splits, Etc. The Equity IncentiveAmended Plan requires the Remuneration Committee to make appropriate adjustments to the number of Shares that are subject to the Equity IncentiveAmended Plan, to certain limits in the Equity IncentiveAmended Plan, and to any outstanding awards to reflect stock dividends, stock splits, extraordinary cash dividends and similar events.

Tax Withholding.Withholding. Participants in the Equity IncentiveAmended Plan are responsible for the payment of any federal, state or local taxes that the Company is required by law to withhold upon the exercise of options or the receipt, vesting or settlement of other awards. The Remuneration Committee may require that tax withholding obligations be satisfied by withholding Shares that otherwise would be issued upon exercise, settlement or vesting or other Company shares. The Remuneration Committee may also require that the Company’s tax withholding obligation be satisfied, in whole or in part, by an arrangement whereby a certain number of Shares issued pursuant to an award are immediately sold and proceeds from such sale are remitted to the Company in an amount that would satisfy the withholding amount due.

Amendments and Termination.Termination. The Board may at any time amend or discontinue the Equity IncentiveAmended Plan and the Remuneration Committee may at any time amend or cancel any outstanding award for the purpose of satisfying changes in the law or for any other lawful purpose. However, no such action may adversely affect any rights under any outstanding award without the holder’s consent. To the extent required under the rules of NASDAQ,Nasdaq, any amendments that materially change the terms of the Equity IncentiveAmended Plan will be subject to approval by our shareholders. Amendments shall also be subject to approval by our shareholders if and to the extent determined by the Remuneration Committee to be required by the Code to preserve the qualified status of incentive stock options.

Administration; Delegation. As noted above, the Amended Plan will continue to be administered by the Remuneration Committee, which has full power, subject to the provisions of the Amended Plan, to, among other things, select, from among the individuals eligible for awards, the individuals to whom awards will be granted, to make any combination of awards to participants, to determine the specific terms and conditions of each award, and to accelerate the vesting of one or more outstanding awards at such times and in such amounts as it

18


determines. The Remuneration Committee may delegate to a committee of one or more directors or to a committee of one or more officers its authority under the Amended Plan with respect to the granting of awards to individuals who are not members of the delegated committee.

Compliance with Other Policies. Awards under the Amended Plan are subject to the Company’s insider trading policy and the Company’s clawback policy, as in effect from time to time.

Effective Date of Plan. The Board originally adopted the Equity2020 Stock Incentive Plan on April 29, 2011,March 16, 2020, and it became effective on July 12, 2011,13, 2020, which was the day it was approved by shareholders. The EquityAmendment No. 1 to the 2020 Stock Incentive Plan was further amendedadopted by the Board on April 13, 2012, July 10, 2012,May 14, 2022 and December 11, 2012. No awards may be granted under the Equity Incentive Plan after the date that is 10 years from the date of shareholder approval.was approved by shareholders on June 27, 2022. The effective date of the Plan Amendment proposed in this Proposal No. 57 will be the date the Plan Amendment is approved by shareholders.

Awards of incentive stock options may be granted under the Amended Plan until March 16, 2030. No other awards may be granted under the Amended Plan after July 13, 2030.

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New Plan Benefits

The Remuneration Committee will have full discretion to determine the number and amount of awards to be granted to employees under the Equity Incentive Plan, subject to the terms of the Equity Incentive Plan. The Remuneration Committee approvedBecause the grant of 5,455,500 performance-based restricted stock units on January 29, 2015 (the “Contingent Grants”). These grants were made based in part on input from Radford as our independent external compensation consultant. These Contingent Grants are contingent on shareholder approvalawards under the Amended Plan is within the discretion of the Plan Amendment as there are insufficient Shares available under the Equity Incentive Plan to satisfy these grants. These performance restricted stock units become due for payment byRemuneration Committee, the Company in cash upon vesting absent shareholder approvalcannot determine the dollar value or number of the Plan Amendment. These grants are subject to performance-based vesting, tied to the achievement of financial and clinical performance goals by the Company. Other than the Contingent Grants, which are set forthShares that will in the table below, the future benefits or amounts that would be received by or allocated to any participant in the Amended Plan.

Grants Under the 2020 Plan

The following table provides information concerning the benefits that were received by the following persons and groups under the 2020 Plan (excluding any forfeitures): each named executive officer; all current executive officers, and the groups named in the table below under the Equity Incentive Planas a group; all current directors who are not determinable at this time.executive officers, as a group; and all current employees who are not executive officers, as a group.

 

   RSUs 

Name and Position

  Dollar
Value(1)
($)
   Number of
Units (#)
 

Named Executive Officers

    

John F. Thero

  $2,581,110     2,530,500  

Joseph T. Kennedy

  $406,980     399,000  

Steven B. Ketchum, Ph.D.

  $406,980     399,000  

Michael J. Farrell

  $168,300     165,000  

All current executive officers, as a group

  $3,563,370     3,493,500  

All current directors who are not executive officers, as a group

   —       —    

All current employees who are not executive officers, as a group

  $2,001,240     1,962,000  
   Options   Stock
Awards
 
   Average
Exercise
Price
($)
   Number
of Awards
(#)
   Number of
Awards
(#)(2)
 

Named Executive Officers

      

Karim Mikhail

   4.60    487,007    800,800 

Thomas C. Reilly

   1.70    369,600    437,800 

Steven B. Ketchum, Ph.D.

   5.89    873,237    620,731 

Aaron D. Berg

   5.19    1,088,932    591,598 

Michael W. Kalb

   8.08    399,282    14,566 

Jason M. Marks

   4.55    99,388     

All current executive officers, as a group(1)

   4.90    2,331,769    1,650,129 

All current directors who are not executive officers, as a group(1)

            

All current employees who are not executive officers, as a group(1)

   5.49    14,869,002    14,122,822 

 

(1)Dollar value

Represents the weighted-average exercise price for the group, and includes grants to employees who were still active employees as of the Contingent Grants consisting ofMay 8, 2023.

(2)

Includes performance-based restricted stock units reflects the $1.02 closing price of our ADSs as reported by NASDAQ on February 2, 2015, the date theunit awards were granted, contingent upon shareholder approval of this Proposal No. 5.that vest and are earned only if pre-defined milestones are achieved.

Tax Aspects Under the Code

The following is a summary of the principal U.S. federal income tax consequences of certain transactions under the Equity IncentiveAmended Plan. It does not describe all U.S. federal tax consequences under the Equity IncentiveAmended Plan, nor does it describe non-U.S.,state or local tax consequences.

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Incentive Stock Options. No taxable income is generally realized by the optionee upon the grant or exercise of an incentive stock option. If Shares issued to an optionee pursuant to the exercise of an incentive stock option are sold or transferred after two years from the date of grant and after one year from the date of exercise, then (i) upon sale of such shares,Shares, any amount realized in excess of the optionexercise price (the amount paid for the shares)Shares) will be taxed to the optionee as a long-term capital gain, and any loss sustained will be a long-term capital loss, and (ii) the Company will not be entitled to any deduction for U.S. federal income tax purposes. The exercise of an incentive stock option will give rise to an item of tax preference that may result in alternative minimum tax liability for the optionee.

If Shares acquired upon the exercise of an incentive stock option are disposed of prior to the expiration of the two-year and one-year holding periods described above (a “disqualifying disposition”), generally (i) the optionee will realize ordinary income in the year of disposition in an amount equal to the excess (if any) of the fair market value of the Shares at exercise (or, if less, the amount realized on a sale of such Shares) over the optionexercise price thereof, and (ii) we will be entitled to deduct such amount. Special rules will apply where all or a portion of the exercise price of the incentive option is paid by tendering Shares.

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If an incentive option is exercised at a time when it no longer qualifies for the tax treatment described above, the option is treated as a non-qualified option. Generally, an incentive stock option will not be eligible for the tax treatment described above if it is exercised more than three months following termination of employment (or one year in the case of termination of employment by reason of disability). In the case of termination of employment by reason of death, the three-month rule does not apply.

Non-Qualified Stock Options. No income is realized by the optionee at the time thea non-qualified stock option is granted. Generally (i) at exercise, ordinary income is realized by the optionee in an amount equal to the difference between the optionexercise price and the fair market value of the Shares on the date of exercise, and we receive a tax deduction for the same amount, and (ii) at disposition, appreciation or depreciation after the date of exercise is treated as either short-term or long-term capital gain or loss depending on how long the Shares have been held. Special rules will apply where all or a portion of the exercise price of the non-qualified stock option is paid by tendering Shares. Upon exercise, the optionee will also be subject to U.S. Social Security taxes on the excess of the fair market value over the exercise price of the option.

Other Awards. The Company generally will be entitled to a tax deduction in connection with an awardother awards under the Equity IncentiveAmended Plan in an amount equal to the ordinary income realized by the participant at the time the participant recognizes such income. Participants typically are subject to income tax and recognize such tax at the time that an award is exercised, vests or becomes non-forfeitable, or is settled, unless the award provides for a further deferral.

Parachute Payments. The vesting of any portion of an option or other award that is accelerated due to the occurrence of a change of control (such as a sale event) may cause a portion of the payments with respect to such accelerated awards to be treated as “parachute payments” as defined in the Code. Any such parachute payments may be non-deductible to the Company, in whole or in part, and may subject the recipient to a non-deductible 20% federal excise tax on all or a portion of such payment (in addition to other taxes ordinarily payable).

Limitation on Deductions. Under Section 162(m) of the Code, the Company’s deduction for certain awards under the Equity IncentiveAmended Plan may beare limited to the extent that any “covered employee” (as defined in Section 162(m) of the Chief Executive Officer or other executive officer whose compensation is required to be reported in the summary compensation table (other than the Principal Financial Officer)Code) receives compensation in excess of $1 million a year (other than performance-basedyear.

Equity Compensation Plan Information

The following table provides information as of December 31, 2022 with respect to the ordinary shares or ADSs, as the case may be, that may be issued under our equity compensation that otherwise meets the requirements of Section 162(m)plans, consisting of the Code). The EquityCompany’s 2020 Stock Incentive Plan, is structured to allow certain awards to qualify as performance-based compensation.amended (the “2020 Plan”), the Company’s 2011 Stock Incentive Plan, as amended (the “2011 Plan”), and the Amarin Corporation plc Employee Stock Purchase Plan (“ESPP”).

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Plan category Number of
securities
to be
issued upon
exercise of
outstanding
options,
warrants
and rights
(a)
  Weighted
Average
exercise
price of
outstanding
options,
warrants
and rights
(b)
  Number of
securities
remaining
available for
future
issuance
under equity
compensation
plan
(excluding
securities
referenced in
column (a))
(c)

Equity compensation plans approved by security holders:

  33,643,161(1)  $5.80(2)  16,744,267(3)

Equity compensation plans not approved by security holders:

  —     —    —  

Total

  33,643,161(1)  $5.80(2)  16,744,267(3)

(1)

Includes 19,182,111 shares issuable upon the exercise of outstanding options and 14,461,050 shares issuable upon the vesting of restricted stock units.

(2)

Represents the weighted-average exercise price of options outstanding under the 2020 Plan and the 2011 Plan. The weighted-average exercise price does not take into account restricted stock unit awards since such awards have no exercise price.

(3)

As of December 31, 2022, a total of 15,382,690 shares were reserved for issuance pursuant to the 2020 Plan and a total of 1,361,577 shares were reserved for issuance pursuant to the ESPP. No shares were available for grant under our 2011 Plan.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No. 5:7:

RESOLVED, to adopt and approve the proposed Plan Amendment to the Company’s 20112020 Stock Incentive Plan.”

Vote Required

This proposal must be approved by a majority of the shares present and entitled to vote on the proposal (whether voting is by show of hands or a poll is taken). As a result, abstentions will have the same effectPlan, as voting against the proposal and broker non-votes will have no effect on the vote outcome.

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EQUITY COMPENSATION PLAN INFORMATION

The following table sets forth certain information, as of December 31, 2014, regarding stock options previously issued by the Company as compensation for services pursuant to the 2002 Plan and the Equity Incentive Plan.

Plan category

  Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options
   Weighted-
Average Exercise
Price of
Outstanding
Options
   Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(Excluding Securities
Reflected in First
Column)
 

Equity compensation plans approved by security holders

   9,470,412    $4.62     5,577,591 

Equity compensation plans not approved by security holders(1)

   1,200,000    $7.56     —   
  

 

 

   

 

 

   

 

 

 

Total

 10,670,412  $4.95   5,577,591 

(1)Consists of 600,000 Ordinary Shares which are issuable upon exercise of stock options outside of the Equity Incentive Plan granted to each of Joseph T. Kennedy and Steven B. Ketchum as an employment inducement award in connection with the commencement of Mr. Kennedy’s and Dr. Ketchum’s employment with Amarin as Senior Vice President, General Counsel and President of Research and Development, Senior Vice President, respectively. These grants were made in reliance on NASDAQ Listing Rule 5635(c)(4). These shares were registered on a Registration Statement on Form S-8 filed with the SEC on March 16, 2012.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 5

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PROPOSAL NO. 6

APPROVAL OF SUBSEQUENT PRIVATE PLACEMENT PURSUANT TO PRE-EMPTIVE RIGHT

Background

On March 5, 2015, we entered into a Securities Subscription Agreement with a group of institutional investors (the “Initial Purchasers”), including both existing and new investors, for the private placement (the “Initial Private Placement”) of 352,150,790 restricted American Depositary Shares, each representing one share of our Series A Convertible Preference Shares, par value £0.05 per share, in the capital of the Company (“Series A Preference Shares”). Each ten (10) Series A Preference Shares may be consolidated and redesignated as one ordinary share, par value £0.50 per share, in the capital of the Company, each ordinary share to be represented by one American Depositary Share. For each restricted American Depositary Share, the Initial Purchasers paid a negotiated price of $0.15 (equating to $1.50 on an as-converted to Ordinary Share basis), resulting in $52,822,618.50 in aggregate gross proceeds to the Company. On March 30, 2015, we closed the Initial Private Placement with the Initial Purchasers and issued 352,150,790 restricted American Depositary Shares, each representing one Series A Preference Share, which shares may be consolidated and redesignated from time to time as up to a maximum of 35,215,079 ordinary shares, each ordinary share to be represented by one American Depositary Share.

On that same day, in connection with the Initial Private Placement, and pursuant to a pre-existing contractual pre-emptive right to participate in certain private placement transactions effected by the Company, Sofinnova Venture Partners VII L.P. entered into a new Securities Subscription Agreement for the purchase of an additional $5,830,077.00 in restricted American Depositary Shares, each representing one share of the Company’s Series A Preference Shares, at the same price per share as the Initial Private Placement, or 38,867,180 restricted American Depositary Shares, each representing one of our Series A Preference Shares (the “Subsequent Private Placement”). A maximum of 3,886,718 ordinary shares, each represented by one ADS, are issuable upon the consolidation and redesignation of the Series A Preference Shares to be issued in the Subsequent Private Placement. This amount represents the maximum amount available to Sofinnova Venture Partners, VII, L.P. under its pre-existing contractual pre-emptive right. Dr. James Healy, a member of our Board, is a managing member of Sofinnova Management VII, L.L.C., the general partner of Sofinnova Venture Partners VII L.P. In accordance with applicable marketplace rules of the Nasdaq Stock Market, the consummation of the Subsequent Private Placement is conditioned upon approval by the Company’s shareholders at a future meeting of the Company’s shareholders as described in this Proposal No. 6.

Description of Series A Preference Shares

Each ten (10) Series A Preference Shares may be consolidated and redesignated as one ordinary share, par value £0.50 per share, in the capital of the Company, each ordinary share to be represented by one American Depositary Share.

In the event of the Company’s liquidation or a return of capital (other than a conversion, redemption or purchase of shares) (each, a “Liquidation Event”), subject to the preferential rights of the holders of any class or series of shares ranking by their terms senior to any Series A Preference Shares (“Senior Securities”), each holder of Series A Preference Shares is entitled to receive, in priority to any distributions of any of the assets or surplus funds of the Company to the holders of the Ordinary Shares and any class or series of shares ranking by their terms subordinate to any Series A Preference Shares (“Junior Securities”) and pari passu with any distribution to the holders of any class or series of shares ranking by their terms pari passu with the Series A Preference Shares (“Parity Securities”), an amount equal to $0.001 per Series A Preference Share, plus an additional amount equal to any dividends declared but unpaid on such shares, before any payments shall be made or any assets distributed to holders of any class of Ordinary Shares or Junior Securities. If, upon any such Liquidation Event, the assets of the Company shall be insufficient, after payment to any Senior Securities, to pay the holders of the Series A Preference Shares the amount required under the preceding sentence, then all remaining assets of the Company shall be distributed pro rata to holders of the Series A Preference Shares and

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Parity Securities. After payment to the holders of the Series A Preference Shares of the amount described in the foregoing sentence and subject to the preferential rights of the holders of any Senior Securities of the Company, the remaining assets or surplus funds of the Company, if any, available for distribution to shareholders shall be distributed pro rata among the holders of the Series A Preference Shares, any other class or series of shares that participates with the Ordinary Shares in the distribution of assets upon any Liquidation Event and the Ordinary Shares, with the holders of the Series A Preference Shares deemed to hold that number of Ordinary Shares into which such Series A Preference Shares may be redesignated.

Except as otherwise provided in the rights, preferences, privileges and restrictions of the Series A Preference Shares or as required by applicable law, the Series A Preference Shares shall have no voting rights. However, as long as any Series A Preference Shares are outstanding, the Company shall not, without the approval of the holders of seventy-five percent (75%) of the then outstanding Series A Preference Shares, alter or change adversely the powers, preferences or rights attaching to the Series A Preference Shares or enter into any agreement with respect to the foregoing. Holders of the Series A Preference Shares shall be entitled to receive, and the Company shall pay, dividends (other than dividends in the form of Ordinary Shares) on the Series A Preference Shares equal (on an as-converted to Ordinary Share basis) to and in the same form as dividends (other than dividends in the form of Ordinary Shares) actually paid on ordinary shares when, as and if such dividends (other than dividends in the form of Ordinary Shares) are paid on the Ordinary Shares.

Certain Registration Rights

The securities offered and to be sold by us in the Subsequent Private Placement, subject to shareholder approval, have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (“SEC”) or an applicable exemption from registration requirements. We have agreed to file a registration statement with the SEC covering the resale of the restricted ADS and the ADSs representing Ordinary Shares created by the consolidation and redesignation of the Series A Preference Shares (the “Registrable Securities”) to be purchased by Sofinnova Venture Partners, VII L.P. in connection with the Subsequent Private Placement, subject to shareholder approval. In addition, we agreed to use its commercially reasonable best efforts to keep the registration, and any qualification, exemption or compliance under state securities laws which we determine to obtain, continuously effective, and to keep the Registration Statement free of any material misstatements or omissions, until the earlier of (a) the second anniversary of the target closing date for the private placement or (b) the date on which all Registrable Securities held by Sofinnova Venture Partners, VII L.P. may be sold or transferred in compliance with Rule 144 under the Securities Act, without any volume or manner of sale restrictions.

Please refer to our Current Report on Form 8-K filed with the SEC on March 11, 2015, including the exhibits thereto, for additional information regarding the Initial Private Placement, and our Current Report on Form 8-K filed with the SEC on March [30], 2015, including the exhibits thereto, for additional information regarding the Subsequent Private Placement.

Why We Are Seeking Your Approval

We are seeking your approval of the Subsequent Private Placement to help ensure our compliance with NASDAQ Listing Rules. Shareholder approval of the Initial Private Placement or the Subsequent Private Placement is not required under the Companies Act or our Articles. NASDAQ Listing Rule 5635(d)(2) requires, with limited exceptions, shareholder approval prior to the sale or issuance or potential issuance of shares equal to 20% or more of our Ordinary Shares and ADSs, or 20% or more of our voting power, outstanding before the issuance, if the effective sale price is less than the greater of the book or market value of our Ordinary Shares and ADSs on the date of such issuance (a “5635 issuance”). Our Ordinary Shares underlying the ADSs or issuable upon the exercise or conversion of warrants, options, debt instruments, preferred stock or other equity securities issued or granted in such

20


capital raising transactions are considered shares issued in the transaction in determining whether the 20% limit has been reached. NASDAQ may in certain circumstances “integrate” a later transaction with an earlier transaction for purposes of determining compliance with such listing rule, in which case the integrated transactions collectively must comply with the listing rule.

We are seeking shareholder approval of the Subsequent Private Placement so that we can complete the Subsequent Private Placement. The Initial Private Placement and Subsequent Private Placement may be integrated for purposes of determining compliance with NASDAQ Listing Rule 5635(d)(2) and would involve the potential issuance of up to a total of 391,017,970 restricted American Depositary Shares, each representing one share of our Series A Convertible Preference Shares, par value £0.05 per share, in the capital of the Company, which shares may be consolidated and redesignated from time to time as up to a maximum of 39,101,797 Ordinary Shares, each Ordinary Share to be represented by one American Depositary Share. Prior to Initial Private Placement, we had 176,960,199 Ordinary Shares outstanding, including 176,228,632 American Depositary Shares, each representing the right to receive one Ordinary Share and 865,904 Ordinary Shares and not including 134,337 Ordinary Shares held in treasury. Because the Initial Private Placement and Subsequent Private Offering are each considered a 5635 issuance subject to Rule 5635(d)(2), and because the 20% threshold of Rule 5635(d)(2) would be met upon the closing of the Subsequent Private Placement, shareholder approval is required prior to the closing of the Subsequent Private Placement.

Shareholders will be asked at the Annual General Meeting to approve the following resolution with pursuant to this Proposal No.6:

RESOLVED, to approve the issuance of 38,867,180 of the Company’s restricted American Depositary Shares, each representing one share of our Series A Convertible Preference Shares, par value £0.05 per share, in the capital of the Company, which shares may be consolidated and redesignated from time to time as up to a maximum of 3,867,718 ordinary shares, each ordinary share to be represented by one American Depositary Share in accordance with NASDAQ Listing Rule 5635(d).amended.

Vote Required

This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 6

7

 

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PROPOSAL NO. 78

RENEWAL OF THE POWER OF THE DIRECTORS TO ALLOT SHARES

Under the Companies Act, the directors of a public company may exercise the power of the company to allot shares in the company or to grant rights to subscribe for or to convert any security into shares in the company if they are authorized to do so by the company’s articles of association or by resolution of the company. Any such authorization is only valid for a maximum period of five years. The grant of a general power of allotment by the Company’scompany’s shareholders is an additional step not generally required when companies domiciled in the United SatesStates are issuing securities.

This Proposal No. 78 seeks shareholder approval of a grant of authority to the Board to allot shares in the Company or grant rights to subscribe for or to convert any security into shares (the “Rights”) up to an aggregate nominal amount of £125,000,000£[125,000,000] (being the aggregate nominal amount of £[110,000,000] in respect of Ordinary Shares (equal to 250,000,000 million Ordinary Shares)ordinary shares and £23,000,000£[15,000,000] in respect of preference shares (equal to 460,000,000 preference shares), provided that such authority shall, unless renewed, varied or revoked by the Company, expire on the fifth18-month anniversary of the passing of the applicable resolution, except that the Company may, before such expiration, make an offer or agreement which would, or might, require shares to be allotted or Rights to be granted after the expiration of such period and the Board may allot relevant securities in pursuance of any such offer or agreement notwithstanding that the authority conferred by this resolution has expired.

The Company currently may allot shares pursuant This proposal is similar to anthe authorization approved by our shareholders at a general meeting of the Company held on 6 July 2010. ThisMay 20, 2019.

The previously approved authorization, expirespursuant to which the Company currently may allot shares, will expire on July 6, 2015.May 20, 2024. The Board believes that it is important for the Company to retain the flexibility to allot equity securities on an accelerated basis should the Board determine it is necessary or advisable and in the best interests of shareholders, without incurring the costs or delays associated with calling a special meeting and preparing and circulating proxy materials to approve specific allotments of shares. The Board also believes that a large majority of public companies based in the United States do not require shareholder approval of each issuance and allotment of common equity. Without the approval of this Proposal No. 7,8, the Company may not be able to raise additional capital, in a timely manner or at all, if and as needed to fund its ongoing business and operations.

Other than the Subsequent Private Placement with Sofinnova Venture Partners, VII L.P. described in Proposal No. 6, theThe Company has no present plans or proposals to effect share issues in a single transaction, or to a small number of persons resulting in one or more of such persons becoming a principal shareholder of the Company with the attendant ability to exercise significant influence over the Company’s affairs. The closing of the Subsequent Private Placement is not conditioned on the approval of Proposal No. 7.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No. 7:8:

RESOLVED, to generally and unconditionally authorize the Board of Directors of the Company, in accordance with Section 551 of the Companies Act 2006, to exercise all powers of the Company to allot shares in the Company or grant rights to subscribe for or to convert any security into shares of the Company (“Rights”) up to an aggregate nominal amount of £148,000,000£[125,000,000] (being the aggregate nominal amount of £125,000,000£[110,000,000] in respect of ordinary shares and £23,000,000£[15,000,000] in respect of preference shares), provided thatthat: (a) this authority shall, unless renewed, varied, or revoked by the Company, expire on the date five years from18-month anniversary of the date on which this resolution is passed, except that the Company may, before such expiration, make an offer or agreement which would, or might, require shares to be allotted or Rights to be granted after the expiration of such period and the Board may allot shares or grant Rights in pursuance of any such offer or agreement notwithstanding that the authority conferred by this resolution has expired.expired; and (b) this authority replaces all subsisting authorities previously granted to the Board for the purposes of Section 551, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of shares or grant of rights already made, offered or agreed to be made under such authorities.

 

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Vote Required

This proposal will be approved if (i) on a show of hands, a majority of shareholders present in person or by proxy and voting on the proposal vote in favor of the resolution or (ii) on a poll, shareholders representing a majority of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal are voted in favor of the resolution. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 7

8

 

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PROPOSAL NO. 89

DISAPPLICATION OF PRE-EMPTIVE RIGHTS TO HOLDERS OF ORDINARY SHARES

Pre-emptive rights can be disapplied with respect to a specific allotment of securities by a special resolution of shareholders. Obtaining disapplication of pre-emptive rights at the time of each individual proposed stock issuance is time-consuming and costly. To reduce such costs, minimize the delays associated with convening special meetings of shareholders, and provide the Company with sufficient flexibility in the issuance of equity securities on such terms and conditions as the Board considers to be in the best interests of the Company and its shareholders, the Board is asking the Company’s shareholders to resolve, subject to Proposal No. 78 being passed and in accordance with Section 570 of the Companies Act, that the directors be generally empowered to allot equity securities (as defined in Section 560 of the Companies Act) pursuant to the authority conferred by Proposal No. 7,8, as if Section 561(1) of the Companies Act did not apply to any such allotment, provided that this power shall (1) be limited to the allotment of equity securities up to an aggregate nominal amount of £148,000,000£[125,000,000] (being the aggregate nominal amount of £125,000,000£[110,000,000] in respect of Ordinary Shares (equal to 250,000,000 million Ordinary Shares)ordinary shares and £23,000,000£[15,000,000] in respect of preference shares (equal to 460,000,000 preference shares)) and (2) expire on the date being the fifth18-month anniversary of the date of passing of this resolution (unless renewed, varied or revoked by the Company prior to or on that date), except that the Company may, before such expiration, make an offer or agreement which would, or might, require equity securities to be allotted after such expiration and the directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that the authority conferred hereby has expired. The securities in respect of which the Board is seeking disapplication of shareholders’ pre-emption rights are equity securities as defined in Section 560 of the Companies Act.

Other than the Subsequent Private Placement with Sofinnova Venture Partners, VII L.P described in Proposal No. 6, theThe Company has no present plans or proposals to effect share issues in a single transaction, or to a small number of persons resulting in one or more of such persons becoming a principal shareholder of the Company with the attendant ability to exercise significant influence over the Company’s affairs. The closing of the Subsequent Private Placement is not conditioned on the approval of Proposal No. 8.

The Company currently may allot shares without such allotment being subject to statutory pre-emptive rights of its ordinary shareholders pursuant to an authorization approved by our shareholders at a general meeting of the Company held on 6 July 2010.May 19, 2019. This authorization expires on July 6, 2015.May 20, 2024. The Board believes that a large majority of public companies based in the United States do not have mandatory pre-emptive rights provisions with respect to their common equity. Without the approval of this Proposal No. 8,9, the Company may not be able to raise additional capital, in a timely manner or at all, if and as needed to fund its ongoing business and operations.

Shareholders will be asked at the Annual General Meeting to approve the following resolution pursuant to this Proposal No.8:No. 9:

RESOLVED, to generally empowergive power to the Board, subject to the passing of Resolution No. 78 above and in accordance with Section 570 of the Companies Act 2006, to allot equity securities (as defined in Section 560 of the Companies Act) pursuant to the authority conferred upon them by Resolution No. 7,8, as if Section 561(1) of the Companies Act did not apply to any such allotment, provided that the power hereby conferred shall (a) be limited to the allotment of equity securities up to an aggregate nominal amount of £148,000,000£[125,000,000] (being the aggregate nominal amount of £125,000,000£[110,000,000] in respect of ordinary shares and £23,000,000£[15,000,000] in respect of preference shares); and (b) expire on the date five years from18-month anniversary of the date on which this resolution is passed (unless renewed, varied or revoked by the Company prior to or on that date), except that the Company may, before such expiration, make an offer or agreement which would, or might, require equity securities to be allotted after the expiration of such period and the directors may allot equity securities in pursuance of any such offer or agreement notwithstanding that the authority conferred by this resolution has expired.expired; and (c) this power replaces all subsisting powers previously given to the Board for the purposes of Section 570, which, to the extent unused at the date of this resolution, are revoked with immediate effect, without prejudice to any allotment of equity securities already made, offered or agreed to be made under any such power.

 

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Vote Required

Approval of this proposal requires (i) on a show of hands, the affirmative vote of at least 75% of the holders of shares present at the meeting in person or by proxy and voting on the proposal or (ii) on a poll, the affirmative vote of shareholders representing at least 75% of the sharestotal voting rights of shareholders who are present at the meeting in person or by proxy and voting on the proposal. As a result, abstentions and broker non-votes will have no effect on the vote outcome.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” PROPOSAL NO. 8

9

 

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ADDITIONAL BUSINESS

As a public limited company organized under the laws of England and Wales, it is a statutory requirement that the Board lay before the Annual General Meeting the Company’s statutory accounts, which are the Company’s Annual Report for the year ended December 31, 20142022, as prepared in conformity with GAAP (the “Annual Report”) and the accounts for the financial year ended December 31, 20142022, prepared in accordance with International Financial Reporting StandardsIFRS (the “Statutory Accounts”). As required byIn accordance with the Companies Act and the Articles, the Statutory Accounts will be madeare available for download in “PDF” format on the Company’s website (http:https://investor.amarincorp.com) as soon as they are complete, but no later than June 14, 2015, which is twenty-one clear days in advance of the Annual General Meeting.. In addition, hard copies of the Statutory Accounts may be obtained once they are complete, by contacting the Company’s investor relations department at Amarin Corporation plc, c/o Amarin Pharma, Inc., 1430 Route 206, Bedminster,440 US Highway 22, Bridgewater, NJ 0792108807 or by telephone at (908) 719-1315. Shareholders of the Company will not be asked to take any action in respect of the Statutory Accounts at the Annual General Meeting but shareholders in attendance will have opportunity to ask questions relating to the Statutory Accounts.Meeting.

We know of no other matters to be submitted to a vote of shareholders at the Annual General Meeting. If any other matter is properly brought before the Annual General Meeting or any adjournment thereof, it is the intention of the persons named in the enclosed proxy to vote the shares they represent in accordance with their judgment. In order for any shareholder to nominate a candidate at a given annual general meeting, he or she must provide timely written notice to our corporate secretary pursuant to the terms of our Articles as described below.and the Companies Act.

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CORPORATE GOVERNANCE

Director Independence

We believe that the Company benefits from having a strong and independent Board. For a director to be considered independent, the Board must determine that the director does not have any direct or indirect material relationship with the Company that would affect his or her exercise of independent judgment. On an annual basis, the Board reviews the independence of all directors under guidelines established by NASDAQNasdaq and in light of each director’s affiliations with the Company and members of management, as well as significant holdings of Company securities. This review considers all known relevant facts and circumstances in making an independence determination. Based on this review, the Board has made an affirmative determination that all directors other than Messrs. Thero and Zakrzewski, are independent. It was determined that Mr. Thero lacks independence because of his status as the Company’s President and Chief Executive Officer. It was determined that Mr. Zakrzewski lacks independence because of his prior status as the Company’s Chief Executive Officer through December 31, 2013.

Code of Business Conduct and Ethics

Our Board has adopted a Code of Business Conduct and Ethics that applies to our directors, officers and employees. We believe that our Board and its committees, led by a group of strong and independent directors, provide the necessary leadership, wisdom and experience that the Company needs in making sound business decisions. Our Code of Business Conduct and Ethics helps clarify the operating standards and ethics that we expect of all of our officers, directors and employees in making and implementing those decisions. Waivers of our Code of Business Conduct and Ethics for the benefit of a director or an executive officer may only be granted by the Board or, if permitted, a committee of the Board, and will be publicly announced promptly in our SEC filings.Board. Waivers of our Code of Business Conduct and Ethics for the benefit of other employees may be made by our Compliance Officer, the Board or, if permitted, a committee of the Board. There have been no material modifications to, or waivers from, the provisions of such code. Our Code of Business Conduct and Ethics is available on the corporate governance section of our website (which is a subsection of the investor relations section of our website) at the following address: https://investor.amarincorp.com/corporate-governance. You may also request a printed copy of the code, without charge, by writing to us at Amarin Pharma, Inc., 440 Route 22, Bridgewater, NJ 08807, Attention: Investor Relations. In furthering our commitmentaddition, should any changes be made to these principles, we invite you to review our Code of Business Conduct and Ethics, and other corporate governance materials locatedwe intend to disclose within four business days on our website atwww.amarincorp.com.(or in any other medium required by law or Nasdaq): (a) the date and nature of any amendment to our Code of Business Conduct and Ethics that applies to our

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principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions and (b) the nature of any waiver, including an implicit waiver, from a provision of our code of business conduct and ethical responsibility that is granted to one of these specified officers, the name of such person is granted the waiver, and the date of the waiver.

Shareholder Communications

Generally, shareholders who have questions or concerns regarding the Company should contact our Investor Relations department at (908) 719-1315. However, any shareholders who wish to address questions regarding the business or affairs of the Company directly with the Board, or any individual director, should direct his or her questions in writing to the Lead Independent DirectorChairman of the Board, Amarin Corporation plc, 2 Pembroke House, Upper Pembroke Street 28-32,Iconic Offices, The Greenway, Block C Ardilaun Court 112-114 St Stephens Green, Dublin 2, Ireland or c/o Amarin Pharma, Inc., 1430 Route 206, Bedminster, NJ 07921.440 US Highway 22, Bridgewater, New Jersey 08807. Upon receipt of any such communications, the correspondence will be directed to the appropriate person, including individual directors.

 

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BOARD OF DIRECTORS AND COMMITTEES

The Prior Board

Because the New Directors were not members of the Board during the fiscal year ended December 31, 2022, the time period to which most of the discussions herein relate, we sometimes reference the “Prior Board,” which refers to the Board as constituted during 2022. The New Directors are currently, together with management, undertaking a comprehensive review of the Company’s business strategies, risk management, corporate governance and compensation practices and the matters discussed herein are not necessarily reflective of the views of the New Directors.

During our 20142022 fiscal year, our Prior Board formally met in person five times and acted by written consent one time.six times. Each director attended at least 75% of the aggregate of thethese meetings of the Board and meetings of the committees of which he or she was a member in our last fiscal year. During fiscal 2014, ourOur Board had anhas a standing Audit Committee, a Remuneration Committee and a Nominating and Corporate Governance Committee. All members of the Audit, Remuneration and Nominating and Corporate Governance Committees are non-employee directors who are deemed independent. In addition to the formal meeting numbers referenced herein, the Board and its committees met or engaged in discussions informally throughout the year.

All members of our Board who were directors at the time attended the 2014 Annual General Meeting of Shareholders, either in person or via telephone. Although the Company has no formal policies regarding director attendance at annual general meetings, it generally encourages directors to attend annual general meetings and expects that all members of the Board will attend the 2015 Annual General Meeting.annual general meetings when conditions permit.

Board Leadership Structure and Risk Oversight

Dr. Lars Ekman isOn March 21, 2023, Odysseas D. Kostas was appointed as our Chairman of the Board. Dr. EkmanKostas is independent and all key committees of the Board are comprised solely of, and chaired by, independent directors. The Board believes that this structure, combined with the Company’s established corporate governance guidelines, provides an effective leadership structure for the Company. In addition, to ensure effective independent oversight of the Company, the Board holds meetings of the independent directors of the Board at every meeting.

The Board has overall responsibility for the oversight of the Company’s risk management process, which is designed to support the achievement of organizational objectives, including strategic objectives, to improve long-term organizational performance and enhance shareholder value. Risk management includes not only understanding company-specific risks and the steps management implements to manage those risks, but also what level of risk is acceptable and appropriate for the Company. Management is responsible for establishing our business strategy, identifying and assessing the related risks and implementing appropriate risk management practices. The Board periodically reviews our business strategy and management’s assessment of the related risk, and discusses with management the appropriate level of risk for the Company. The Board also delegates oversight to Board committees to oversee selected elements of risk as set forth below.

As part of the Board’s risk oversight role, our Remuneration Committee reviews and evaluates the risks associated with our compensation programs. OurIn 2022, the Remuneration Committee has reviewed our compensation policies as generally applicable to our employees and believesbelieved that our policies do not encourage excessive and unnecessary risk-taking, and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on Amarin. In making this determination, our Remuneration Committee considered the following:

 

the Company’s use of different types of compensation vehicles to provide a balance of long and short-term incentives with fixed and variable components;

the Company’s use of different types of compensation vehicles to provide a balance of long and short-term incentives with fixed and variable components;

 

the granting of equity based awards with time-based vesting and performance-based vesting, both of which encourage participants to look to long-term appreciation in equity values;

 

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the Company’s annual bonus determinations for each employee being tied to achievement of company goals, which goals promote long-term value; and

 

the Company’s system of internal control over financial reporting and codeCode of conductBusiness Conduct and ethics,Ethics, which among other things, reduce the likelihood of manipulation of the Company’s financial performance to enhance payments under any of its incentive plans.

The new members of the Remuneration Committee, together with management, are undertaking such a review.

Board Committees

Audit Committee.TheDuring the 2022 fiscal year, the Audit Committee is currentlywas comprised of former directors Ms. Enright (Chair, effective upon her appointment to the Board in May 2022), Mr. van Heek (Chairman)(Chair until the appointment of Ms. Enright as Chair in May 2022), Mr. O’Sullivan, and Ms. Peterson. In March 2023, following our Special General Meeting of Shareholders, Mr. Horn (Chair) Ms. Bonfiglio, Ms. Sullivan, and Mr. Sterling were appointed to the Audit Committee. The Audit Committee oversees the accounting and financial reporting

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processes of the Company and the audits of the Company’s financial statements. The Audit Committee also assists the Board in overseeing the integrity of the Company’s financial statements, the Company’s compliance with legal and regulatory requirements, the external auditors’ qualifications and independence, the performance of the Company’s internal audit function and external auditors and performs other duties, as set forth in the Audit Committee charter. The Audit Committee charter is availablefurnished on our website atwww.amarincorp.com. The Audit Committee met by teleconference six times and acted by unanimous written consent once during our 2014 fiscal year.https://amarincorp.com/corporate-governance. All members of the Audit Committee satisfy the current independence standards promulgated by NASDAQNasdaq and the SEC, and the Board has determined that Mr. van Heek is anKeith L. Horn and Patrice Bonfiglio each meet the definition of “audit committee financial expert,” as the SEC has defined that term in Item 407 of Regulation S-K. The prior Audit Committee formally met five times during our 2022 fiscal year.

Nominating and Corporate Governance Committee.Currently,Committee. During the 2022 fiscal year, the Nominating and Corporate Governance Committee iswas comprised of former directors Mr. O’Sullivan (Chairman)(Chair), Mr. Zakrzewski and Dr. EkmanEkman. Ms. Peterson replaced Mr. Zakrzewski on the Committee upon his retirement at the conclusion of our 2022 Annual General Meeting. In March 2023, following our Special General Meeting of Shareholders, Mr. Sterling (Chair), Mr. DiPaolo, and Ms. Peterson.Dr. Kostas were appointed to the Nominating and Corporate Governance Committee, and Mr. O’Connor was appointed to the Committee at the time of his appointment to the Board in April 2023. The Nominating and Corporate Governance Committee is responsible for identifying individuals qualified to become members of the Board, consistent with criteria approved by the Board. The Nominating and Corporate Governance Committee also develops and implements policies and processes regarding corporate governance matters, assesses Board membership needs and acts as the Company’s nominating committee by reviewing potential director nominees and recommending nominees to the Board. The Nominating and Corporate Governance Committee charter is availablefurnished on our website atwww.amarincorp.com. The Nominating and Corporate Governance Committee met by teleconference one time during our 2014 fiscal year.https://amarincorp.com/corporate-governance. All members of the Nominating and Corporate Governance Committee satisfy the current NASDAQNasdaq independence standards. The prior Nominating and Corporate Governance Committee met formally five times during our 2022 fiscal year.

Remuneration Committee.TheMr. Stack, Mr. van Heek, and Ms. Peterson served as members of the Remuneration Committee is currently comprised of Dr. Healy (Chairman),during 2022, until June 2022, when Mr. Wold-Olsen (Chair) replaced Mr. Stack upon Mr. Stack’s retirement at the conclusion of our 2022 Annual General Meeting. In December 2022, Mr. Zulueta replaced Ms. Peterson on the Remuneration Committee. In March 2023, following our Special General Meeting of Shareholders, Ms. Sullivan (Chair), Ms. Bonfiglio, Dr. Cohen, and Mr. van Heek.Horn were appointed to serve as members of the Remuneration Committee. The Remuneration Committee, together with the Board, determines the framework for the compensation of the Company’s chief executive officer and chairmanChief Executive Officer and such other members of executive management as it is designated to consider. The Remuneration Committee also determines the corporate and individual performance goals under the Company’s management incentive plan and achievement of these goals,

as well as determinesreviews and reassesses the policy forCompany’s processes and scope of pension arrangements, service agreementsprocedures for the consideration and

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determination of executive management team and termination payments.remuneration. Further, the Remuneration Committee oversees any major changes in employee benefit structures throughout the Company reviews and authorizes the reimbursement of any claims for expenses from the chief executive officer and chairman in excess of £10,000 and performs other duties as set forth in the Remuneration Committee charter. Additionally, the Remuneration Committee reviews and evaluates the risks associated with our compensation programs. The Remuneration Committee may delegate its authority to a subcommittee composed of one or more of its members. The Remuneration Committee charter is availablefurnished on our website atwww.amarincorp.com. The Remuneration Committee met by teleconference four times and acted by unanimous written consent once during our 2014 fiscal year.https://amarincorp.com/corporate-governance. All members of the Remuneration Committee satisfy the current NASDAQNasdaq and SEC independence standards and qualify as “outside“non-employee directors” pursuant tounder Rule 16b-3 of the Code.Exchange Act. The prior Remuneration Committee met formally five times during our 2022 fiscal year.

Compensation Committee Interlocks and Insider Participation

During the last completed fiscal year, no memberMr. Stack, Mr. van Heek and Ms. Peterson served as members of the Remuneration Committee was a currentduring 2022, until June 2022, when Mr. Wold-Olsen (Chair) replaced Mr. Stack upon Mr. Stack’s retirement at the conclusion of our 2022 Annual General Meeting. In December 2022, Mr. Zulueta replaced Ms. Peterson on the Remuneration Committee. In March 2023, following our Special General Meeting of Shareholders, Ms. Sullivan (Chair), Ms. Bonfiglio, Mr. Horn, and Dr. Cohen were appointed to serve as members of the Remuneration Committee. No one currently serving, or formerserving on the Remuneration Committee during 2022, is or has been an officer or employee of Amarin. None of our executive officers served as a member of the compensation committee (or other committee of the board of directors serving the compensation function)function or, in the absence of any such committee, the entire board of directors) of another entity where such entity’s executive officers served on our Remuneration Committee. Moreover, none of our executive officers served as a member of the board of directors or compensation committee (or other committee of the board of directors serving the compensation function)function or, in the absence of any such committee, the entire board of directors) of another entity where such entity’s executive officers served on our Board.

Board or Remuneration Committee.

 

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EXECUTIVE OFFICERS AND CERTAIN SIGNIFICANT EMPLOYEES

Our current executive officers and certain significant employees and their respective positions are set forth in the following table. Biographical information regarding each executive officer and significant employee is set forth following the table.

 

Name

  

Age

  

Position

Executive OfficersAaron Berg

  60  

John F. Thero

54Interim President and Chief Executive Officer, (principalExecutive Vice President, President-U.S. (interim principal executive officer)

Joseph T. Kennedy

47Senior Vice President, General Counsel, Secretary and Chief Compliance Officer

Steven B. Ketchum, Ph.D.

  5058  President of Research and Development, SeniorExecutive Vice President and Chief Scientific Officer

Michael J. FarrellThomas C. Reilly

  3751  Vice President, FinanceChief Financial Officer (principal accountingfinancial officer and principal financialaccounting officer)

Significant Employees

Aaron D. Berg

52Senior Vice President, Marketing and Sales

John F. Thero. Please refer to Proposals No. 1 and No. 2 “Election of Directors” for Mr. Thero’s biography.

Joseph T. KennedyAaron D. Bergjoined Amarin in December 2011 as General Counsel and was named Amarin’s Secretary and Chief Compliance Officer in February 2012. From March 2009 to December 2011, he was Vice President, General Counsel and Secretary of Transcept Pharmaceuticals, Inc., where he played a lead role negotiating the company’s strategic collaboration with Purdue Pharma, helped secure key U.S. patents, helped obtain U.S. Food and Drug Administration (“FDA”) approval for the company’s lead product and had responsibility for all legal and compliance matters affecting the company. Mr. Kennedy represented large pharmaceutical companies, developing life science companies and venture capital firms in private law practice from January 2006 to March 2009. Prior to that, Mr. Kennedy served as Chief Corporate Counsel, then Vice President, Acting Chief Legal Officer with Eyetech Pharmaceuticals, Inc. His work at Eyetech included transitioning the company from private to public, legal matters related to the company’s development and commercialization collaboration with Pfizer Inc., public company and pharmaceutical industry compliance, and the sale of the company to OSI Pharmaceuticals Inc. Previously, Mr. Kennedy servedNovember 2012 as Vice President, Marketing and U.S. Counsel, Corporate Business Development, with Élan Corporation, plcManaged Care. He has since served in roles of increasing responsibility, including as Senior Vice President, Marketing and Sales from February 2014 until April 2018, as Senior Vice President and Chief Commercial Officer from April 2018 through July 2021, and currently as Executive Vice President, President-U.S., a position he has held since August 2021. Mr. Berg was appointed interim President and interim Chief Executive Officer of Amarin in April 2023. Before joining Amarin, Mr. Berg served as president and chief executive officer of Essentialis, Inc., a development stage pharmaceutical company, where he helped acquire technologies, managed legal issues related to multiple collaborations and participated inled the company’s salework on triglyceride management. Prior to joining Essentialis, Mr. Berg served as vice president of assets that raised over $2.0marketing and sales at Kos Pharmaceuticals, where he was instrumental in driving annual revenues approaching $1 billion until the acquisition of Kos Pharmaceuticals by Abbott Laboratories in December 2006. Mr. Berg began his pharmaceutical industry career as a restructuring.sales representative with Bristol-Myers Squibb, followed by various commercial positions with Schering-Plough and GlaxoSmithKline. He obtained his B.S. in Business Management, Marketing from the University of Maryland.

Steven B. Ketchum, Ph.D., joined Amarin in February 2012 as Senior Vice President and President of Research and Development. He was named Chief Scientific Officer in January 2016. Dr. Ketchum has 2025 years of experience in late-stage product development and clinical regulatory strategy. From 2008 to 2012, Dr. Ketchum served as Senior Vice Presidentsenior vice president of Researchresearch and Developmentdevelopment for Viracta Therapeutics, Inc., formerly known as Sunesis Pharmaceuticals, Inc. (which subsequently merged with, and was renamed, Viracta Therapeutics, Inc. in February 2021) where he provided strategic direction for all facets of research and development, including clinical strategy and operations, regulatory affairs, and pharmaceutical development and has servedwhere he continued to serve on its board of directors since his departure.until February 2021. From 2005 to 2008, Dr. Ketchum served as Senior Vice Presidentsenior vice president of Researchresearch and Developmentdevelopment and Medical Affairsmedical affairs for Reliant Pharmaceuticals where he led development and support activities for Lovaza and other commercialized cardiovascular products. Prior to 2005, Dr. Ketchum was Senior Vice Presidentsenior vice president of Operationsoperations and Regulatory Affairsregulatory affairs at IntraBiotics Pharmaceuticals, Inc., and also held positions of increasing responsibility in regulatory affairs during his nearly eight-year tenure at ALZA Corporation, where he supported the development and commercialization of a number of products, including Concerta. Dr. Ketchum earned a Ph.D. in pharmacology from University College London and a B.S. in biological sciences from Stanford University.

Michael J. FarrellTom C. Reillyjoined Amarin in July 2013June 2022 as Controller, was named Amarin’s principal accounting officerChief Financial Officer. Mr. Reilly has more than 20 years of experience in building and principal financial officerleading finance and administration teams at life sciences companies both in January 2014,the United States and has since been promoted to Vice President of Finance. Prior toglobally. Before joining Amarin, Mr. Farrell spent the previous ten years with various life sciences companies. From May

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2012Reilly served as chief financial officer for Cara Therapeutics from October 2020 to June 2013, Mr. Farrell was the Controller for Unigene Laboratories, Inc., a publicly traded biotechnology company,2022, where he was responsible for leading all aspects of financial operations and planning. Prior to joining Cara Therapeutics, Mr. Reilly served as head of finance of the accounting and finance function, which included a significant role in multiple financing transactions. FromAllergan General Medicines business from October 20102017 to April 2012, he was the Controller of New American Therapeutics, Inc.,October 2020. Prior to joining Allergan, until September 2017, Mr. Reilly spent 14 years with Novartis where he contributed to the formation of the company and the successful acquisition and subsequent divestiture of the company’s assets. From April 2008 to September 2010, he was Controller of Akrimax Pharmaceuticals LLC. From April 2004 through March 2008, he held variousserved in roles of increasing responsibility, withinincluding finance head for the oncology development unit, chief financial officer for Novartis Pharma Austria, and financial controller for Novartis USA’s pharmaceutical division. He earned his bachelor’s degree in finance department at Reliant Pharmaceuticals, Inc. prior to the sale of the company to GlaxoSmithKline. Mr. Farrell started his career at Arthur Andersen LLPfrom Manhattan College, an M.B.A in 1999, during which time he becameaccounting from Seton Hall University, and is a Certified Public Accountant. Mr. Farrell holds a B.S. in Accounting from the University of Maryland.

Aaron D. Berg joined Amarin in November 2012 as Vice President, Marketing and Managed Care, and was named Senior Vice President, Marketing and Sales in February 2014. Before joining Amarin, Mr. Berg was with Essentialis, Inc. from 2009 to 2012, where he led the company’s work on triglyceride management as President and Chief Executive Officer. Prior to joining Essentialis, Mr. Berg was with Kos Pharmaceuticals for six years, and as Vice President of Marketing and Sales at Kos Pharmaceuticals contributed to the acquisition of Kos by Abbott Laboratories. Prior to his position with Kos Pharmaceuticals, Mr. Berg began his pharmaceutical industry career as a sales representative with Bristol-Myers Squibb, followed by various positions with Schering-Plough and GlaxoSmithKline.

certified public accountant.

 

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CERTAIN RELATIONSHIPS AND RELATED-PARTY TRANSACTIONS

Transactions with Related Parties

OtherSince January 1, 2022, other than the compensation arrangements described below under the captions “Executive Compensation”Compensation Discussion and Analysis” and “Director Compensation,” there have not been and thethere is not currently proposed Subsequent Private Placement with Sofinnova Venture Partners, VII L.P. (with which Dr. James Healy, a member of our Board, is affiliated) described in Proposal No. 6, we are not a party to be any transactions between us and certain “related parties,” which are generally considered to be our directors and executive officers, nominees for director, holders of more than 5% or more of our outstanding Ordinary Shares andordinary shares, or members of their immediate families.families of any of the foregoing persons.

Related-Party Transaction Review and Approval

Our Board has adopted policies and procedures for the review and approval of related-party transactions and has delegated to our Compliance Officer the authority to review and approve the material terms of any proposed related-party transactions.

Pursuant to our Code of Business Conduct and Ethics, any transaction or relationship that reasonably could be expected to give rise to a conflict of interest should be promptly reported to the Compliance Officer. Our Compliance Officer may notify the Board or a committee thereof as deemed appropriate. Conflicts of interest may arise in the following situations: if an individual is simultaneously employed or engaged by Amarin and another business (particularly a client or business partner of Amarin); if an individual participates in any activity that enhances or supports a competitor’s position; if an individual or member of such person’s immediate family accepts a gift with the intent to improperly influence the normal business relationship between Amarin and its clients or business partners or gives to or accepts gifts from a competitor; if an individual or a member of such person’s immediate family holds a financial interest in another business (particularly a client or business partner of Amarin); and if an individual conducts business on behalf of Amarin with a business in which a family member of such individual is associated in any significant role.

 

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SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

DELINQUENT SECTION 16(a) REPORTS

Section 16(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) requires our executive officers and directors, and persons who own more than 10% of a registered class of our equity securities, to file reports of beneficial ownership and changes in beneficial ownership with the SEC. Executive officers, directors and greater-than-10% shareholders are required by SEC regulations to furnish us with copies of all reports filed under Section 16(a). To the Company’s knowledge, based solely on the review of copies of the reports filed with the SEC, all such reports required to be filed by our executive officers, directors and greater-than-10% shareholders during the fiscal year ended December 31, 20142022 were timely filed.filed, except for two late Forms 3 in connection with Geraldine Murphy and Adam Berger’s appointments as Section 16 directors and two late Forms 4, each related to two transactions pertaining to vesting of securities, due to administrative error.

INSIDER TRADING POLICY

Amarin has an insider trading policy that applies to all officers, directors and employees and certain affiliated persons. Amarin’s insider trading policy prohibits sale of any Amarin securities that are not owned by such persons at the time of the sale, so called short sales. Those persons subject to Amarin’s insider trading policy may not pledge Amarin’s securities as collateral for a loan (or modify an existing pledge) unless the pledge has been approved by the Audit Committee of the Board.

Amarin does not have a policy regarding the ability of employees and directors to enter into hedging transactions with respect to Amarin securities, and hedging transactions are generally permitted, subject to the insider trading policy.

 

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

Based on information available to us and filings with the SEC, the following table sets forth certain information regarding the beneficial ownership (as defined by Rule 13d-3 of the Exchange Act) of our outstanding Sharesordinary shares for (i) each of our directors, (ii) each of our “named executive officers,” as defined in Executive Compensation Discussion and Analysis below, (iii) all of our directors and executive officers as a group, and (iv) persons known to us to beneficially hold more than 5% of our outstanding Shares. Theordinary shares. Unless otherwise noted, the following information is presented as of March 31, 2015.2023.

Beneficial ownership and percentage ownership are determined in accordance with the rules of the SEC and include voting or investment power with respect to our Shares.ordinary shares. This information does not necessarily indicate beneficial ownership for any other purpose. Under these rules, Sharesordinary shares issuable under stock options, warrants, or warrantsother convertible securities that are vested or exercisable within 60 days of March 31, 20152023 are deemed outstanding for the purpose of computing the percentage ownership of the person holding the options or warrant(s), or other convertible securities, but are not deemed outstanding for the purpose of computing the percentage ownership of any other person.

Unless otherwise indicated and subject to applicable community property laws, to our knowledge, each shareholder named in the following table possesses sole voting and investment power over their Shares,ordinary shares, except for those jointly owned with that person’s spouse. Unless otherwise indicated below, the address of each person listed on the table is c/o Amarin Pharma, Inc., 1430 Route 206, Bedminster, NJ 07921.440 US Highway 22, Bridgewater, New Jersey 08807.

The percentage of shares beneficially owned is computed on the basis of 407,265,944 ordinary shares outstanding as of March 31, 2023.

 

   Shares Beneficially
Owned
 

Name and Address of Beneficial Owner

  Number(1)   Percent of
Class(2)
 

Greater than 5% Holders:

    

Camber Capital Management LLC(3)

101 Huntington Avenue

Suite 2550

Boston, MA 02199

   12,000,000    6.78  

Aristeia Capital, L.L.C.(4)

136 Madison Avenue, 3rd Floor

New York, NY 10016

   9,376,154     5.29  

Current directors and named executive officers:

    

John F. Thero(5)

   1,767,436    1.00 

Lars G. Ekman, M.D., Ph.D.(6)

   238,390    0.13 

James I. Healy, M.D., Ph.D.(7)

   6,513,588    3.68 

Kristine Peterson(8)

   192,000    0.11 

Jan van Heek(9)

   187,203    0.11 

Patrick J. O’Sullivan(10)

   117,000    0.07 

David Stack(11)

   72,000    0.04 

Joseph S. Zakrzewski(12)

   2,358,714    1.33 

Joseph T. Kennedy(13)

   719,775    0.40 

Steven B. Ketchum, Ph.D.(14)

   637,048    0.35 

Michael J. Farrell(15)

   40,586    0.02 

All current directors and executive officers as a group (11 persons)

   12,843,740     7.24  
Name and Address of Beneficial Owner  Shares Beneficially Owned 
  Number   Percent of Class 

Greater than 5% Holders:

    

Sarissa Capital Management LP(1)

   25,279,772    6.21 

Current directors and named executive officers:

    

Karim Mikhail(2)

   1,098,839    * 

Steven B. Ketchum, Ph.D.(3)

   2,418,573    * 

Aaron Berg(4)

   2,598,144    * 

Thomas C. Reilly

   —      —   

Patrice Bonfiglio

   —      —   

Paul Cohen, M.D.

   —      —   

Mark DiPaolo

   —      —   

Keith L. Horn

   —      —   

Odysseas Kostas, M.D.

   —      —   

Louis Sterling III(5)

   65,673    * 

Diane E. Sullivan

   —      —   

Michael W. Kalb(6)

   1,033,017    * 

Jason M. Marks(7)

   305,499    * 

All current directors and executive officers as a group (13 persons)(8)

   7,519,745    8.81 

 

*

Represents beneficial ownership of less than one percent.

(1)Represents Shares held

Based on information provided in a Schedule 13D/A filed by Sarissa Capital, Alexander J. Denner (together with Sarissa Capital, the “Sarissa Reporting Persons”) and Louis Sterling III on February 15, 2023. Sarissa Capital and the fund and other private investment vehicles for which Sarissa Capital acts as the investment advisor own the 25,210,000 ordinary shares (the “Sarissa Shares”). Sarissa Capital has the authority to vote and to dispose of March 31, 2015, plus Shares thatthe Sarissa Shares. Alexander J. Denner, Ph.D, is the Chief Investment Officer of, and the ultimate general partner of, Sarissa Capital, and by virtue of such position, may be acquired upon exercisedeemed to have

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beneficial ownership of options exercisablethe Sarissa Shares. The address for Sarissa Capital and Alexander J. Denner is 660 Steamboat Road, Greenwich, CT 06830. Mr. Sterling may be deemed to be the beneficial owner of an additional 69,772 ordinary shares (the “Sterling Shares”). Mr. Sterling has sole power to vote and dispose the Sterling Shares. The address for Mr. Sterling is 133 Gale Drive, Beverly Hills, CA 90211. The Sarissa Reporting Persons and Mr. Sterling may be deemed to have formed a group within 60 days the meaning of March 31, 2015.Rule 13d-5(b) under the Securities Act and may be deemed to beneficially own, in the aggregate, 25,279,772 ordinary shares representing approximately 6.21% of the outstanding ordinary shares. The Sarissa Reporting Persons disclaim beneficial ownership of the Sterling Shares. Mr. Sterling disclaims beneficial ownership of the Sarissa Shares.
(2)Based on 177,094,536 Ordinary Shares outstanding as of March 31, 2015. The percentage ownership and voting power for each person (or all directors and executive officers as a group) is calculated by assuming the exercise or conversion of all options exercisable within 60 days of March 31, 2015 held by such person and the non-exercise and non-conversion of all outstanding options held by all other persons.
(3)Based on a Schedule 13G/A filed February 13, 2015, filed jointly on behalf of Camber Capital Management LLC and Stephen DuBois, who share voting power and dispositive power over the Shares.
(4)Based on a Schedule 13G filed February 17, 2015, filed by Aristeia Capital, L.L.C.

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(5)Based on a Form 4 filed February 2, 2015, a Form 4 filed November 12, 2014, a Form 4 filed January 10, 2014, a Form 4 filed November 20, 2013, a Form 4 filed July 26, 2013, a Form 4 filed May 29, 2013, a Form 4 filed January 30, 2013, a Form 4 filed January 2, 2013, a Form 4 filed September 24, 2012, a Form 4 filed September 11, 2012, a Form 4 filed July 30, 2012, Form 4 filed April 11, 2012, a Form 4 filed February 3, 2012 and a Form 3 filed December 30, 2010. Includes 284,400 Shares283,507 ordinary shares directly owned, and 1,483,036 Shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.
(6)Based on a Form 4 filed March 13, 2014, a Form 4 filed November 20, 2013, a Form 4 filed July 11, 2013, a Form 4 filed July 12, 2012 and a Form 3 filed December 30, 2010. Includes 40,000 Shares directly owned and 198,390 Shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.
(7)Based on a Form 4 filed March 13, 2014, a Form 4 filed July 11, 2013, a Form 4 filed September 5, 2012, a Form 4 filed August 15, 2012, a Form 4 filed July 13, 2012, a Form 4 filed April 6, 2012, a Form 4 filed April 4, 2012, a Form 4 filed March 31, 2012, a Form 4 filed January 31, 2012 and a Schedule 13D/A filed August 23, 2013 on behalf of Sofinnova Venture Partners VII, L.P. Includes 6,321,588 Shares owned directly by Sofinnova Venture Partners VII, L.P., 90,000 Shares directly owned by Dr. Healy and 102,000413,163 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015 directly owned by Dr. Healy. Dr. Healy may be deemed to have shared voting2023, and dispositive power over402,169 ordinary shares issuable upon the Shares owned by Sofinnova Venture Partners VII, L.P. via Sofinnova Management VII, LLC (the general partnervesting of Sofinnova Venture Partners),restricted stock units within 60 days of which he is a managing general partner, but Dr. Healy disclaims beneficial ownership of the Shares except to the extent of his pecuniary interest in Sofinnova Management VII, LLC.March 31, 2023.

(8)(3)Based on a Form 4 filed March 13, 2014, a Form 4 filed July 11, 2013, a Form 4 filed July 12, 2012 and a Form 3 filed December 30, 2010.

Includes 192,000 Shares588,111 ordinary shares directly owned, 343,830 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.2023, and 1,486,632 ordinary shares issuable upon the vesting of restricted stock units within 60 days of March 31, 2023.

(9)(4)Based on a Form 4 filed March 13, 2014, a Form 4 filed July 11, 2013, a Form 4 filed April 15, 2013, a Form 4 filed January 14, 2013, a Form 4 filed October 12, 2012, a Form 4 filed July 12, 2012, a Form 4 filed April 12, 2012 a Form 4 filed January 12, 2012, a Form 4 filed October 18, 2011, a Form 4 filed July 13, 2011, a Form 4 filed May 16, 2011, a Form 4A filed April 27, 2011, a Form 4 filed April 20, 2011, a Form 4 filed February 11, 2011, a Form 3A filed February 11, 2011 and a Form 3 filed December 30, 2010.

Includes 25,203 Shares and 162,000 Shares510,760 ordinary shares directly owned, 571,619 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.2023, and 1,515,765 ordinary shares issuable upon the vesting of restricted stock units within 60 days of March 31, 2023.

(10)(5)Based on a Form 4 filed March 13, 2014, a Form 4 filed July 11, 2013, a Form 4 filed July 12, 2012, a Form 4 filed December 15, 2011 and a Form 3 filed December 15, 2011.

Includes 117,000 Shares65,673 ordinary shares directly owned (including 1,401 shares owned by his spouse).

(6)

Includes 337,314 ordinary shares directly owned, 399,282 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.2023, and 633,735 ordinary shares issuable upon the vesting of restricted stock units within 60 days of March 31, 2023.

(11)(7)Based on a Form 4 filed March 13, 2014, a Form 4 filed July 11, 2013, a Form 4 filed December 12, 2012, and a Form 3 filed December 12, 2012 and Form 4 filed December 12, 2012.

Includes 72,000 Shares42,777 ordinary shares directly owned, 99,388 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.2023, and 163,334 ordinary shares issuable upon the vesting of restricted stock units within 60 days of March 31, 2023.

(12)(8)Based on a Form 4 filed March 13, 2014, a Form 4 filed November 18, 2013, a Form 4 filed July 26, 2013, a Form 4 filed Jun 25, 2013, a Form 4 filed April 25, 2013, a Form 4 filed January 2, 2013, a Form 4 filed October 3, 2012, a Form 4 filed July 30, 2012, a Form 4 filed May 31, 2012, a Form 4 filed March 27, 2012, a Form 4 filed February 3, 2012, a Form 4 filed November 7, 2011, a Form 4 filed October 24, 2011, a Form 4 filed 22, 2011, a Form 4A filed July 15, 2011, a Form 4 filed April 20, 2011, a Form 4 filed March 9, 2011, a Form 4 filed February 28, 2011, a Form 4 filed February 24, 2011 and a Form 3 filed December 30, 2010.

Includes 226,047 Sharesan aggregate of 1,828,142 ordinary shares directly owned, and 2,132,667 Shares1,827,282 ordinary shares issuable upon the exercise of options exercisable within 60 days of March 31, 2015.

(13)Based on a Form 4 filed February 2, 2015, a Form 4 filed January 10, 2014, a Form 4 filed July 26, 2013, a Form 4 filed January 2, 2013, a Form 4 filed July 30, 2012, a Form 4 filed February 3, 2012, a Form 4 filed February December 20, 20112023 and a Form 3 filed December 20, 2011. Includes 63,450 Shares directly owned and 656,325 Shares4,201,635 ordinary shares issuable upon the exercisevesting of options exercisablerestricted stock units within 60 days of March 31, 2015.2023 held by our directors and executive officers as a group.

Equity Compensation Plan Information

The following table provides information as of December 31, 2022 with respect to the ordinary shares or ADSs, as the case may be, that may be issued under our equity compensation plans, consisting of the Company’s 2020 Stock Incentive Plan, as amended (the “2020 Plan”), the Company’s 2011 Stock Incentive Plan, as amended (the “2011 Plan”), and the Amarin Corporation plc Employee Stock Purchase Plan (“ESPP”).

Plan Category  Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options,
Warrants and
Rights
Weighted-
Average
  Exercise Price of
Outstanding
Options,
Warrants and
Rights Number
of
Securities
Remaining
  Available for
Future Issuance
Under Equity
Compensation
Plans
(Excluding
Securities
Reflected in the
First Column)
 

Equity compensation plans approved by stockholders

   33,643,161(1)  $5.80(2)   16,744,267(3) 

Equity compensation plans not approved by stockholders

   —     —     —   

Total

   33,643,161(1)  $5.80(2)   16,744,267(3) 

(14)(1)Based on a Form 4 filed February 2, 2015, a Form 4 filed January 10, 2014, a Form 4 filed January 2, 2013, a Form 4 filed March 5, 2012, and a Form 3 filed February 21, 2012.

Includes 56,500 Shares directly owned and 580,548 Shares19,182,111 shares issuable upon the exercise of outstanding options exercisable within 60 daysand 14,461,050 shares issuable upon the vesting of March 31, 2015.restricted stock units.

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(2)

Represents the weighted-average exercise price of options outstanding under the 2020 Plan and the 2011 Plan. The weighted-average exercise price does not take into account restricted stock unit awards since such awards have no exercise price.

(15)(3)Based on

As of December 31, 2022, a Form 4 filed February 2, 2015, a Form 4 filed November 12, 2014, a Form 4 filed January 10, 2014total of 15,382,690 shares were reserved for issuance pursuant to the 2020 Plan and a Form 3 filed January 9, 2014. Includes 12,537 Shares directly owned and 28,049 Shares issuable upontotal of 1,361,577 shares were reserved for issuance pursuant to the exercise of options exercisable within 60 days of March 31, 2015.ESPP. No shares were available for grant under our 2011 Plan.

For more information on the 2020 Plan, the 2011 Plan and the ESPP, see Note 9 to our consolidated financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

 

3536


EXECUTIVE COMPENSATION

COMPENSATION DISCUSSION AND ANALYSIS

The following compensation discussion and analysis describes the material elementsphilosophy, objectives, and structure of our fiscal year 2022 executive compensation earned in fiscal 2014 by each of the executive officers identified below in the Summary Compensation Table, who are referred to collectively asprogram for our “named executive officers.” Our2022 named executive officers, includeseveral of whom are no longer with the Company, as determined by the Prior Board. This section is intended to be read in conjunction with the tables that immediately follow, which provide further historical compensation information for our (i) principal executive officer; (ii) principal financial officer; and (iii) the only othernamed executive officers, other than the principal executive officer and the principal financial officer who were serving as executive officers as of December 31, 2014. Forfor the fiscal year ended December 31, 2014, our named executive officers2022, were:

 

John F. Thero

Karim Mikhail

Former President and Chief Executive Officer (principal executive officer)Officer*
Joseph T. Kennedy

Thomas C. Reilly

SeniorChief Financial Officer and Secretary

Aaron D. Berg

Executive Vice President, General Counsel, SecretaryChief Commercial Officer and Chief Compliance OfficerPresident, U.S.*

Steven B. Ketchum, Ph.D.

President of Research and Development and Chief Scientific Officer

Michael W. Kalb

Former Senior Vice President and Chief Financial Officer, Assistant Secretary
Michael J. Farrell

Jason M. Marks

Controller (principal accounting officer and principal financial officer) (through December 31, 2014;Former Executive Vice President, Finance (principal accounting officerChief Legal and principal financial officer) thereafter)Compliance Officer & Secretary

2014

*

Mr. Berg was named Interim President and Chief Executive Officer on April 14, 2023, following Mr. Mikhail’s separation on March 27, 2023.

Following the conclusion of the Special Ordinary General Meeting of Shareholders held on February 28, 2023, our Board and Remuneration Committee were reconstituted. The philosophy and approach to compensation described in this compensation discussion and analysis reflects the philosophy, judgment and approach of the Prior Board and the prior Remuneration Committee, which are not necessarily reflective of the views of the New Directors. The New Directors, including the New Remuneration Committee (described below), which now includes shareholder representation, with their advisors and the input of management, are currently undertaking a comprehensive review of Amarin’s approach and philosophy to executive and non-executive compensation matters and their views, and the resulting changes, will be detailed in next year’s compensation discussion and analysis. The New Directors, together with management, will be focused on ensuring that Amarin’s approach to compensation is formulated and implemented to create and maximize long-term shareholder value.

Management Transition

Fiscal year 2022 and early fiscal year 2023 noted several key leadership changes. On March 27, 2023, Mr. Mikhail left the Company and, on April 14, 2023, Mr. Berg was promoted to Interim President and Chief Executive Officer. Mr. Marks left the Company on December 6, 2022. Mr. Reilly joined the Company as Chief Financial Officer and Secretary on June 20, 2022, as successor to Mr. Kalb.

2022 Operating Highlights

During 2014, we achieved significant commercial, clinical development, intellectual property, supplyIn 2022, Amarin continued to advance its strategy to become a global, diversified cardiometabolic player. The Company delivered four consecutive quarters of U.S. revenue stabilization despite additional generic competition, well-positioning Amarin to focus on implementing its European and other milestones. As discussed more fullyinternational strategies. This stabilization was coupled with successfully implementing a major restructuring, resulting in cost savings of over $100 million. These achievements, as well as key operating highlights for 2022 described below, achievement in these objectives were considered by our prior Remuneration Committee in determining executive compensation for 2014. Important 2014 performance considerations include:2022:

Commercial:United States

Our four consecutive quarters of revenue stabilization in the U.S. business resulted in positive free cash flow in the fourth quarter of $4 million

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Achieved significant profit from U.S. commercial activities

 

  Reported $54.2 million

Maintained exclusive managed care coverage for VASCEPA through the successful implementation of the Go-To-Market strategy we launched in Vascepa® revenues in 2014, representing an increase of 105% over 2013 revenues of $26.4 million2021

United Kingdom and the European Union

 

Secured managed care coverage for over 215 million lives on formulary, including contracting over 125 million Tier 2 covered livespositive pricing and reimbursement decisions in five European markets: England & Wales, Sweden, Austria, Denmark, and Finland.

 

Launched a Vascepa co-promotion partnership with Kowa Pharmaceuticals America, Inc., resulting

Continued to progress in more than doublereimbursement negotiations in all remaining markets including Spain, Italy, France, Norway, and the number of physician details made by Amarin’s sales force aloneNetherlands.

Product Development:

Progressed our fixed-dose combination (“FDC”) program for icosapent ethyl, including initiating the process to seek scientific advice from the European Medicines Agency.

International

 

Achieved cumulative patient enrollment in the REDUCE-IT cardiovascular outcomes study of more than 7,300 patients (through February 2015)

The REDUCE-IT study remains on track to complete enrollment in 2015, for an interim analysis after 60% of the events accrue in 2016,Secured six International regulatory approvals, including Australia, Hong Kong, Bahrain, Puerto Rico, Saudi Arabia, and study completion in 2017 with results anticipated to be published in 2018

Switzerland.

Notified FDA that Amarin would not continue to appeal the rescinding of the Special Protocol Assessment (SPA) agreement for ANCHOR; no action taken by FDA on the sNDA for the ANCHOR indication

Intellectual Property:

40 patents issued or allowed by U.S. Patent and Trademark Office with numerous additional patent applications being prosecuted in the United States and other countries

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Supply:

Purchased qualified inventory to support 2014 sales requirements and qualifying supply chain sufficient to supply anticipated 2015 sales requirements

One additional supplier of drug substance (Slanmhor/Novasep consortium), and an additional encapsulator and packager were approved by the FDA for supplying Vascepa

Financial:

Reduced net cash outflows from operations from $190.3 million in 2013 to $72.3 million in 2014

Exchanged $118.7 million in outstanding senior secured notes resulting in the deferral of the first put date on such notes from 2017 to 2019

Compensation Philosophy and Objectives

Pay for Performance

OurAmarin’s philosophy in setting compensation policies for executive officers has two fundamental objectives: (1) to attract and retain a highly skilled team of executives and (2) to align our executives’ interests with those of our shareholders by rewarding short-term and long-term performance and tying compensation to increases in shareholder value. The Remuneration Committee believes that executive compensation should be directly linked both to continuous improvements in corporate performance (“pay for performance”) and accomplishments that are expected to increase shareholder value. In furtherance of this goal, the Remuneration Committee has adhered to the following guidelines as a foundation for decisions that affect the levels of compensation:

 

provide a competitive total compensation package that enables the Company to attract and retain highly qualified executives with the skills and experience required for the achievement of business goals;

 

align compensation elements with the Company’s annual goals and long-term business strategies and objectives;

 

promote the achievement of key strategic and financial performance measures by linking short-term and long-term cash and equity incentives to the achievement of measurable corporate and individual performance goals; and

 

align executives’ incentives with the creation of shareholder value.

The Remuneration Committee has historically compensated executive officers with three primary compensation components: base salary, annual and short-term incentive bonusbonuses, and long-term equity-based compensation. The Remuneration Committee believes that cash compensation in the form of base salary and an annual incentive bonusbonuses provides our executives with short-term rewards for success in operations, and that long-term compensation through the awardgrant of equity awards aligns the objectives of management with those of our shareholders with respect to our long-term performance and success. While the New Remuneration Committee agrees with these basic pay for performance tenets and overall philosophy, as part of its comprehensive review of the Company’s approach to compensation, the New Remuneration Committee, together with management, will assess whether the Company’s compensation design adequately promotes these tenets and philosophy.

As part of establishing competitive compensation and evaluating performance, the Remuneration Committee takes into account the Company’s plans and the Company’s performance against such plans.

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Chief Executive Officer Performance and Compensation

Our Remuneration Committee believes that it is especially important to set compensation for our Chief Executive Officer in a manner that addresses the fundamental objectives described above. The compensation discussion below pertains to the 2022 compensation of Karim Mikhail, our former President and Chief Executive Officer as set and judged by the Prior Board and prior Remuneration Committee.

Mr. Mikhail’s base cash compensation was set at the market 25th percentile of other Chief Executive Officers in our 2022 peer group. Mr. Mikhail’s bonus potential was tied to achievement of pre-defined corporate goals for the applicable year, with no consideration given to individual performance goals as his individual goals were deemed to be the corporate goals. For 2022, Mr. Mikhail’s target cash bonus potential, which was 75% of his base compensation and at approximately the 25th percentile for other Chief Executive Officers in our peer group for short-term incentives and the 75th percentile for other Chief Executive Officers in our peer group for long-term incentives, was tied to achievement of the corporate goals established by the prior Remuneration Committee. Mr. Mikhail’s total compensation was at the market 50th to 75th percentile.

The prior Remuneration Committee established Mr. Mikhail’s compensation based on his performance since taking on the role of CEO and on the belief that his experience, leadership and abilities would be critical to the Company’s continued efforts to overcome challenges and to focus on Amarin’s long-term growth strategy. The prior Remuneration Committee believed that Mr. Mikhail’s total compensation was strongly aligned with corporate performance and the interests of our shareholders, including consideration of base compensation, target cash bonus potential and equity incentive awards. With regard to incentive cash bonuses, our prior Remuneration Committee had an established practice of paying no or partial incentive cash bonuses when the pre-defined corporate goals are not achieved or achieved only in part. For 2022, Mr. Mikhail was awarded an annual bonus for 2022 in the amount of $591,000 based on 100% achievement of the Company’s 2022 corporate goals, as well as a “stretch” bonus in the amount of $50,000 for achievement of lowering the Company’s cash burn from $230 million to $200 million in 2022.

Intentionally, a substantial portion of Mr. Mikhail’s compensation was in the form of equity incentive awards, which the prior Remuneration Committee believed further aligned Mr. Mikhail’s interests with those of our shareholders.

Approximately 80% of Mr. Mikhail’s 2022 total compensation as reported in the Summary Compensation Table below related to stock options and restricted stock units and 88% of his total target compensation was performance-based and/or at risk, in either the form of equity awards or incentive bonus.

The prior Remuneration Committee believed that the amount and nature of Mr. Mikhail’s compensation in 2022 were at levels that strongly aligned with Mr. Mikhail’s level of experience, Amarin’s corporate performance and goals and the interests of our shareholders.

Roles in Determining Compensation

Remuneration Committee

The Remuneration Committee, together with the Board, determines the framework for the compensation of the Company’sAmarin’s executive officers. The Remuneration Committee also determines the corporate and individual performance goals under the Company’sour management incentive plan and the level of achievement of these goals, as well asand determines the policy for and scope of service agreements for the executive officers and terminationcontractual severance payments. While the Remuneration Committee draws on a number of resources, including input from the Chief Executive Officer and independent compensation consultants, to make decisions regarding the Company’sour executive compensation program, ultimate decision-making authority rests with the Remuneration Committee, subject in key cases to ratification by the independent members of the Board. The Remuneration Committee relies upon the judgment of its members in making compensation decisions, after reviewing the performance of the Company and evaluating an executive’s

37


performance during the year against established goals, operational performance,

39


and business responsibilities. In addition, the Remuneration Committee incorporates judgment in the assessment process to respond to and adjust for the evolving business environment.

Risks Related to Compensation Policies and Practices

As part of the Board’s risk oversight role, our Remuneration Committee reviews and evaluates the risks associated with our compensation programs. Our prior Remuneration Committee has reviewed our compensation policies as generally applicable to our employees and believes that our policies do not encourage excessive and unnecessary risk-taking, and that the level of risk that they do encourage is not reasonably likely to have a material adverse effect on Amarin. In making this determination, our Remuneration Committee considered the following:

 

the Company’s use of different types of compensation vehicles to provide a balance of longlong- and short-term incentives with fixed and variable components;

 

the granting of equity basedequity-based awards with time-based vesting and performance-based vesting, both of which encourage participants to look towork towards long-term appreciation in equity values;

 

the Company’s annual bonus determinations for each employee and vesting of performance-based equity awards being tied to achievement of companyCompany goals, which goals promote long-term value; and

 

the Company’s system of internal control over financial reporting and codeCode of conductBusiness Conduct and ethics,Ethics, which among other things, reduce the likelihood of manipulation of the Company’s financial performance to enhance payments under any of its incentive plans.

Our New Remuneration Committee, together with management, is currently undertaking a review of these risks and will make a determination as to the interplay with Amarin’s compensation policies.

Compensation Consultant

The Remuneration Committee retains the services of Radford,Aon Human Capital Solutions, a division of Aon plc (“Aon”) (formerly known as Radford) as its independent external compensation consultants.consultant. The mandate of the compensation consultants includeincludes assisting the Remuneration Committee in its review of executive and director compensation practices, including the competitiveness of pay levels, executive compensation design, and benchmarking with the Company’s peers in the industry. The Remuneration Committee regularly evaluates the performance of its compensation consultants, considers alternative compensation consultants, and has the final authority to engage and terminate such services.

The Remuneration Committee has assessed the independence of RadfordAon pursuant to Nasdaq and SEC rules and concluded that no conflict of interest exists that would prevent RadfordAon from serving as an independent consultant to the Remuneration Committee.

Chief Executive Officer

Our Chief Executive Officer attendshas historically attended Remuneration Committee meetings and worksworked with the Remuneration Committee Chairman and its compensation consultants to develop compensation recommendations for the executive officers (excluding the Chief Executive Officer), and other key executives, based upon individual experience and breadth of knowledge, internal considerations, individual performance during the fiscal year, and other factors deemed relevant by the Remuneration Committee. The recommendations are then submitted to the Remuneration Committee for review and consideration. The Remuneration Committee works directly with its compensation consultants to determine compensation actions for the Chief Executive Officer. In accordance with NASDAQNasdaq listing rules, our Chief Executive Officer is not present during voting or deliberations concerning his own compensation.

40


Say-on-Pay

At our annual general meeting of shareholders, in July 2014, we heldhold a non-binding advisory vote to approveregarding the compensation of our named executive officers, which we refer to as say-on-pay. The compensation of our named executive officers reported in our 2014 proxy statement was approved by 92% of the votes cast at the 2014 annual meeting. The Remuneration Committee has considered and will continue to consider the outcome of our such say-on-pay votes, including the percentage of votes cast in favor and against the say-on-pay proposal, when making future compensation decisions for our named executive officers.

The Remuneration Committee also relies on advice from its compensation consultants, its evaluation of Company performance against pre-defined corporate goals, its understanding of the challenges facing the Company, and its observations of executive officer performance to determine executive officer compensation.

At our 2022 Annual General Meeting of Shareholders, the non-binding advisory vote of shareholders supported the compensation of our named executive officers as reported in our 2022 proxy statement by 65.3% of the votes cast at the meeting. These votes for and against the say-on-pay proposal, together with available feedback from investors, have been and will continue to be considered by the Remuneration Committee in connection with the evaluation of executive compensation.

38Following the Special General Meeting of Shareholders held on February 28, 2023, the Remuneration Committee was reconstituted and now includes shareholder representation (the “New Remuneration Committee”). This New Remuneration Committee, and the Board generally, are committed to ensuring that shareholder voices are heard and that shareholder sentiments are implemented, and is already working on increasing proactive shareholder outreach to make sure the Company’s executive compensation programs are aligned with creating and maximizing shareholder value. The Board and the New Remuneration Committee look forward to continued and improved dialogue with shareholders as the Company moves forward.


Competitive Market Benchmarking

The Remuneration Committee draws on a number of resources to assist in the evaluation of the various components of the Company’s executive compensation program. While we dothe Remuneration Committee did not establish compensation levels based solely on benchmarking, pay practices at other companies are a factor that the Remuneration Committee considersconsidered in assessing the reasonableness of compensation and ensuring that our compensation practices are competitive in the marketplace.

OurThe peer companies usedreferenced in determining compensation actions in the 2014with respect to 2022 fiscal year compensation were selected by the prior Remuneration Committee with the support of Radford,Aon, which, beginning in 2011, has been retained to conduct comprehensive reviews of the Company’s executive compensation practices.

In November 2013, following the recommendation of the FDA’s Endocrinologic and Metabolic Drugs Advisory Committee against the potential Vascepa ANCHOR label expansion, and our subsequent decision to implement a reduction in force of approximately 50% of our staff positions worldwide, our Remuneration Committee updated the list ofOur peer companies that was used in determiningfor 2022 compensation actions inevaluation were selected prior to the 2014 fiscal year to consiststart of 19 publicly-traded companies in the pharmaceutical and biotechnology industries. The updated list of peer companies were selected2022 in consultation with RadfordAon on the basis of their similarity to us in terms of competition for talent, their status as a commercial or near-commercial stage company, phase of products in development, financial attributes, researchbusiness segment and development expenditures,size metrics, including market capitalization, revenue, headcount and stock price. Radfordbusiness model. Aon also qualitatively evaluated each company based on business focus and corporate strategy.

The Remuneration Committee considered the foregoing analysis in selecting the following 1918 publicly-traded peer companies for use in determiningevaluating compensation actions in the 20142022 fiscal year:

 

AMAG Pharmaceuticals, Inc.ACADIA Pharmaceuticals*Discovery Laboratories, Inc.Halozyme Therapeutics*Spectrum Pharmaceuticals, Inc.*Pacira Biosciences*
Amicus Therapeutics, Inc.Alkermes*DURECT CorporationIncyteSynta Pharmaceuticals CorporationPTC Therapeutics*
AriadAmphastar Pharmaceuticals Inc.*Dynavax Technologies CorporationIonis Pharmaceuticals*Vical IncorporatedSarepta Therapeutics
Avanir Pharmaceuticals, Inc.BioMarin PharmaceuticalHorizon Pharma plcIronwood Pharmaceuticals*XOMA CorporationSupernus Pharmaceuticals*
Cadence Pharmaceuticals, Inc.Emergent BioSolutions*Immunomedics, Inc.Jazz Pharmaceuticals*Zogenix, Inc.United Therapeutics*
Cell Therapeutics, Inc.Exelixis*Pernix Therapeutics, Inc.Neurocrine Biosciences*
Depomed, Inc.Repligen CorporationVanda Pharmaceuticals

 

*

Included in prior-year peer group.

41


In addition to the peer group above, the Remuneration Committee also reviewsreviewed competitive compensation data from the RadfordAon Global Life Sciences Compensation Survey, which in 2013Survey. For 2022 compensation decisions, the Aon survey group included 2 of the companies in the current peer group, as well as a broader survey of 55 publicly traded biotechnology and pharmaceuticalbiopharmaceutical companies with between 100300 and 500 employees. Radford3,000 employees, annual revenue between $300 million and $1.6 billion, and market capitalization of between $400 million and $6.5 billion. For benchmarking purposes, Aon then developed a final market composite data point based equally on proxy data and survey data. Aon then assessed Amarin’s 2014the Company’s 2022 compensation against market pay elements such as base salary, target short-term incentives as a percentage of base salary, target total cash compensation, long-term incentives and target total direct compensation. Additionally, Amarin’sthe Company’s incumbent officers were matched to benchmark positions according to each officer’s primary responsibilities.

The Remuneration Committee reviews the Company’s list of peer companies periodicallyannually to reflect changes in market capitalization, developments at the Company relative to its peer companies, and other factors.

The New Remuneration Committee is reviewing the Company’s list of peer companies and the benchmarks used to determine proposed peers to identify an appropriate peer group for 2023 that aligns with the Company’s evolving business and infrastructure.

Implementation of Objectives

In fiscal 2014,year 2022, our executive compensation program consisted of the following forms of compensation, each of which areis described below in greater detail:

 

Base Salary

 

Annual Incentive Bonus Incentive

 

Special Incentive Bonus Program

39


Equity Compensation (subject to time and/or performance vesting)

 

Employee Benefit ProgramPrograms

In general, ourthe Remuneration Committee aimsaimed to set executives’ total cash compensation (base salary plus target bonus) at levels near the 50th50th percentile for executives with similar roles in the Company’s peer group and long-termgroup. Long-term incentive awards at the 75th percentile (with a mix of time-basedinclude stock options and performance based restricted stock unit awards).units and the value of such awards is generally targeted at the 50th percentile of our peer group. The Remuneration Committee believes that the 50th percentile for total compensation is the minimum total compensation level that will allow us to attract and retain highly skilled executives.

Base Salary

Overview of 2022 Compensation

Our Remuneration Committee aims to set executives’ base salaries, in the aggregate, at levels near the 50th percentile of salaries of executives with similar roles at the Company’s peer group. The Remuneration Committee believes it is important to provide adequate fixed compensation to our executive officers working in a highly volatile and competitive industry. Our Remuneration Committee believes that the 50th percentile for base salaries is the minimum cash compensation level that will allow us to attract and retain highly skilled executives. The Remuneration Committee’s choice of this target percentile reflects consideration of our shareholders’ interests in paying what is necessary to attract and retain qualified executives and achieve our corporate goals, while conserving cash and equity as much as practicable. We believe that, given the industry in which we operate and our compensation philosophy and objectives, base salaries at the 50th percentile are generally sufficient to retain our current executives and to hire new executives when and as required. In determining appropriate base salary levels for a given executive officer for 2022, the Remuneration Committee also considersconsidered the following factors:

 

individual performance of the executive, as well as overall performance of the Company, during the prior year;

 

42


level of responsibility, including breadth, scope, and complexity of the position;

 

level of experience and expertise of the executive;

 

internal review of the executive’s compensation relative to other executives to ensure internal equity; and

 

level of the executive’s compensation in the form of equity incentive awards; and

executive officer compensation levels at other similar companies to ensure competitiveness.

Salaries for executive officers are determined on an individual basis at the time of hire (or promotion) and are set to be competitive with peer companies in our industry. Adjustments to base salary are considered annually in light of each executive officer’s individual performance, the Company’s performance, and compensation levels at peer companies in our industry, as well as changes in job responsibilities or promotion. The Chief Executive Officer assistsassisted the Remuneration Committee in its annual review of the base salaries of other executive officers based on the foregoing criteria.

Changes in Base Salaries for Fiscal 20142022

In January 2014,February 2022, the Remuneration Committee approved salary increases, effective February 1, 2022, for 2014the named executive officers as set forth below, reflecting a 3.0% salary3.5% increase for all employees other than in the cases of those executive officers identified below, each of whom received individually targeted salary increases. Thesethe individuals. In determining these increases, were determinedin addition to takethe considerations listed above, the Remuneration Committee took into consideration the rate of inflation and to approximate the estimated rate of compensation increasemedian projected salary increases in the Company’sbiopharmaceutical industry and how each individual’s salary compared to the market 50th percentile.

Individual  2021 Base Salary   2022 Base Salary 

Steven B. Ketchum, Ph.D.

  $600,000   $621,000 

Aaron D. Berg

  $550,000   $569,300 

Michael W. Kalb

  $475,200   $491,832 

Jason M. Marks

  $475,000   $491,600

*

Mr. Marks’ salary was increased to $565,000 in April 2022 in connection with his promotion from Senior Vice President and Chief Legal Officer to Executive Vice President, Chief Legal and Compliance Officer.

In February 2022, Mr. Mikhail’s base salary was increased from $750,000 to $787,500, representing an increase of approximately 5%, to maintain Mr. Mikhail’s base salary at approximately the 25th percentile for Chief Executive Officers within our peer group. In the case of Mr. Thero, aReilly’s initial base salary of $500,000, effective January 1, 2014, was approved,set at $525,000 in connection with his execution of a new employment agreementhire in connection with his promotion to Chief Executive Officer, effective January 1, 2014. This base salary was slightly below the 50th percentile for CEOs within our peer group. In the case of Mr. Kennedy, a salary of $404,800, effective February 1, 2014, was approved. This base salary was higher than the 50th percentile for offices of similar position within our peer group; this determination was made in light of the Remuneration Committee’s recognition of Mr. Kennedy’s several contributions to the Company during 2014, in particular in connection with our ongoing regulatory efforts, several litigation matters and continued advancement of the Company’s intellectual property estate. In the case of Dr. Ketchum, no change was made to

June 2022.

40


his then current salary of $404,800. This base salary was higher than the 50th percentile for offices of similar position within our peer group; this determination to maintain Dr. Ketchum’s compensation at this level was made in light of the Remuneration Committee’s recognition of Dr. Ketchum’s several contributions to the Company during 2014, in particular in connection with our ongoing regulatory efforts and continued advancement of the Company’s REDUCE-IT cardiovascular outcomes trial.

Cash Incentive Awards

The Company also provides executive officers with the opportunity to earn annual performance-based cash bonuses, which are specifically designed to reward executives for overall corporate performance as well as, for executives other than the Chief Executive Officer, individual performance in a given year.

The Board has adopted a Management Incentive Compensation Plan (MICP)(“MICP”), under which the Remuneration Committee each year determines and approves corporate and individual performance goals and achievement of these goals for purposes of determining annual performance-based cash bonuses. The MCIPMICP is intended to provide structure and predictability regarding the determination of performance-based cash bonuses. Specifically, the MICP is intended to:

 

i.(i)

increase management focus on realistic goals that are challenging but achievable and intended to create value for shareholders;

 

ii.(ii)

encourage management to work as a team to achieve the Company’s goals;

 

43


iii.(iii)

encourage individuals to realize goals that are meaningful to the Company;

 

iv.(iv)

provide incentives for participantsmanagement to strive for achievement above and beyond the Company goals; and

 

v.(v)

help attract and retain high quality senior management personnel.

The MICP provides that the bonus potential for our executive officers will be established on an annual basis by the Remuneration Committee. Under the MICP, the actual amount of the bonus paid is calculated usingon a goals-based formula.formulaic basis based upon achievement of pre-determined performance goals. In order to be eligible to receive a bonus, the Company must have achieved at least a specified percentage of the corporate and individual goals for that year. The corporate goals and the relative weighting of the corporate and individual performance goals, as well as the relative weighting for each individual of individual performance goals, are established by the Remuneration Committee on an annual basis, shortly after our Board has approvedapproves our annual operating plan.plan (referred to herein as the Company’s “2022 operating plan” or the “Company’s plan”). The Remuneration Committee has determined it appropriate to have our Chief Executive Officer’s goals match our corporate goals and for no portion of his annual incentive bonus to be determined based on individual performance goals. For all other executive officers, individual goals are determined on an annual basis by the Remuneration Committee based on their areas of functional responsibility. In the case of our Senior Vice Presidents and Vice Presidents, 75% of their bonus for 2014 was based on achievement of the corporate goals (in proportion to the extent such goals were achieved) and 25% of their bonus was based on achievement of their individual goals (in proportion to the extent such goals were achieved) and for our Senior Directors, 50% of their bonus for 2014 was based on achievement of the corporate goals (in proportion to the extent such goals were achieved) and 50% of their bonus was based on achievement of their individual goals (in proportion to the extent such goals were achieved).

Under the MICP, the Remuneration Committee reserves the right to make subjective assessments of executive performance and to separately reward performance beyond established individual or corporate goals and targets, and to award a smaller or larger bonus than provided for in the MICP, or to award no bonus.

For fiscal 2014,year 2022, the target bonus potential for our executive officersmanagement employees as a percentage of base salary ranged from 65%75% for our President and CEO, 40%Chief Executive Officer, 50% for our Executive Vice Presidents, 40-50% for our Senior Vice Presidents, 30%30-35% for our Vice Presidents, and 15%15-25% for our Senior Directors. All of the bonus potential for our PresidentDirectors and CEO was tied to the 2014 corporate goals.Managers.

Fiscal 2014Year 2022 Annual Bonus Incentive

Upon completionDuring the fourth quarter of fiscal 2014,2022 and January 2023, the Remuneration Committee assessed the Company’s performance against corporate performance goals established for 2022 and, for executive officers other than our President and Chief Executive Officer, the executive’s overall performance against the achievement of corporate and individual performance goals established for 2022. The Prior Board approved the pre-defined 2022 corporate goals in 2014.February 2022.

41


Set forth below are the corporate goals that were consideredapproved by the Remuneration Committee in assessing overall performance for the 20142022 fiscal year, as well as the relative weighting of these goals and the Remuneration Committee’s assessmentdetermination of achievement for each goal.

20142022 Corporate GoalsGoals*

Sales, Marketing, and Managed Care (60%U.S. Commercial Operations (20%):. These goals established target performance for the Company regarding the commercialization of Vascepa forVASCEPA in the MARINE indication.United States. The specific goals and the determined achievement for each were as follows:

 

Revenues: Achieve net revenue target per 2014 Operating Plan*

Managed care: Achieve covered livesExceed certain profit targets per 2014 Operating Plan* for Tier 2 or equivalent covered lives

Clinical / Regulatory / Medical Affairs (25%profit from U.S. commercial activities (gross profit minus U.S. sales and marketing costs) (65%): These goals established target performance for the Company. This goal was determined to be 100% achieved, resulting in clinical development progress. The specific goals were as follows:

ANCHOR indication: Secure ability to market resultsa weighed score of the ANCHOR trial13%.

Outcomes study: Achieve enrollment target by year end (or terminate study effectively if Board elects to terminate)*

Supply (5%): These goals established target performance for the Company in connection with securing supply of the active ingredient for Vascepa. The specific goals were as follows:

Supplier management: Maintain effective working relationships with at least two qualified API suppliers

Financial and Public Relations / Investor Relations (10%): These goals established target performance for the Company regarding financial and investor relations matters. The specific goals were as follows:

Cash burn: Cash burn from operations not greater than target per 2014 Operating Plan*

Stock price: Achieve performance which exceeds peer group (as defined for SEC purposes)

In addition to the above stated goals, the Remuneration Committee also established further stretch goals relating to exceeding the net revenue target per the 2014 Operating Plan.* These goals, if achieved in full, were given an incremental weighting, up to an additional 50% of total bonus potential.

 

*The above-described

Successful implementation of the new Go-To-Market strategy according to the operating plan, including growth targets for exclusive management care coverage for VASCEPA and prescriber base (35%). This goal was determined to be 100% achieved, resulting in a weighed score of 7%.

*

Certain of the metrics under the MICP tied to the 2014 Operating Plan2022 operating plan above and throughout this Proxy Statement include highly sensitive data, including revenue targets, expense targetsinternational expansion projections, inventory purchase requirements, cash outflows, and targetssupport for securing additional covered lives and patient enrollment in the Company’s ongoing outcomes study.supplier capacity expansion. We do not disclose the specific

44


target levels for these metrics, including as they inform certain individual performance goals, because we believe that such disclosure would result in serious competitive harm to our company.Company. We purposely set these target levels at aggressive levels because we are a growth-oriented company and we are highly dependent on securing additional covered lives, increasing revenues, enrolling patients in our outcomes trial and controlling our expenses.levels. Revealing these metrics, including the reasoning for setting targets at specific levels, could potentially reveal insights about our commercialization plans and research and other objectives that our competitors could use against us in the marketplace for similar pharmaceutical products. We believe each of these target levels werewas designed to be challenging butattainable under assumed conditions if we had what we considered to be a successful year,year. Determinations of achievement were made by the Prior Board and the prior Remuneration Committee.

European Commercialization (30%). These goals establish target performance for the Company regarding the commercialization of VAZKEPA in the European Union (“EU”) and the United Kingdom. The specific goals were as follows:

Secure market access with pricing consistent with operating plan (50%). This goal was determined to be 100% achieved, resulting in a weighed score of 15%.

Launch VAZKEPA commercially in up to six countries in 2022 (25%). This goal was determined to be 100% achieved, resulting in a weighed score of 8%.

Maximize revenue growth in Europe and deliver annual revenues consistent with the operating plan (25%). This goal was determined to be 50% achieved, resulting in a weighed score of 4%.

International Expansion (15%). These goals establish target performance for the Company regarding the commercialization of VAZKEPA in the rest of the world. The specific goals were as follows:

Achieve regulatory approvals in at least six additional countries, including: Australia, New Zealand, and select Asia-Pacific markets (35%). This goal was determined to be 100% achieved, resulting in a weighed score of 5%.

Enter into a partnership in certain additional international markets (35%). This goal was determined to be 100% achieved, resulting in a weighed score of 5%.

Achieve regulatory approval in China before year-end while taking necessary steps to prepare for commercial launch of VASCEPA (30%). This goal was determined to not have been achieved, resulting in a weighed score of 0%.

R&D/Business Development (20%). These goals establish target performance for the Company regarding research and development, as well as business development activities. The specific goals were as follows:

Enter into a definitive partnership agreement and initiate development of a fixed-dose product in accordance with the operating plan (50%). This goal was determined to be 100% achieved, resulting in a weighed score of 10%.

Secure a commercialization partnership/license or acquisition and advance such opportunity with the exception of the stretch goals which were intendedbusiness plan supported by Board before year-end (50%). This goal was determined to be attainable only100% achieved, resulting in the event we had an especially successful year, in the extreme case well beyond the assumption incorporated into our 2014 Operating Plan.a weighed score of 10%.

Financial (15%). This goal established target performance for the Company regarding the operational finance performance. The specific goal was as follows:

Ensure gross cash outflow from operating activities is not greater than the 2022 operating plan target of $1.6 million (50%). This goal was determined to be 100% achieved, resulting in a weighed score of 8%.

Achievement of favorable year-end report to the Board on adherence to and compliance with corporate compliance program, and no lost claim due to untruthful or misleading statements to healthcare professionals (20%). This goal was determined to be 100% achieved, resulting in a weighed score of 3%.

45


Enhance infrastructure further to support business through successful implementation of systems upgrades and improvements (15%). This goal was determined to be 100% achieved, resulting in a weighed score of 2%.

Attract and retain key talent to Amarin, while establishing a performance driven culture to ensure we can deliver on our future growth plans (15%). This goal was determined to be 100% achieved, resulting in a weighed score of 2%.

In reviewingtotal, the above-describedprior Remuneration Committee determined that these pre-defined corporate goals were achieved at approximately the 91% level.

The prior Remuneration Committee determined: (i)also acknowledged additional and unplanned work in 2022, including:

Evolving the Company’s supply chain strategy;

Countering headwinds in public sentiment about the science behind mineral oil and the validity of Amarin’s choice of placebo; and

Navigating unplanned macroeconomic difficulties, which slowed Amarin progress in Europe.

The prior Remuneration Committee also recognized exceptional achievement in certain areas outside of the Company’s predefined 2022 corporate goals, including:

Stabilizing the U.S. business decline despite additional generics and a reduced sales force;

Delivering on pricing and reimbursements in certain geographies despite unexpected challenges;

Implementing the Company’s restructuring plan, resulting in approximately $100 million in savings; and

Effectively addressing supply and inventory positions and the Company’s cash burn.

In light of the above, the prior Remuneration Committee determined that the revenue goal was achieved atoverall Company achievement for the 90% level and the managed care goalMICP was achieved at the 100% level,level.

In addition, in February 2022, the prior Remuneration Committee had set certain “stretch” goals for a combined weighted score of 50-55% for this componentwhich certain members of the corporate goals; (ii) thatexecutive team could each earn an additional $50,000 if the ANCHOR indication goalCompany’s cash burn was not achieved and the outcomes study goallowered from $230 million to $200 million in 2022, which was achieved, at the 95% level, for a combined weighted score of 10-15% for this componentresulting in an additional $50,000 being paid to each of the corporate goals; (iii) that the supply goal was achieved at the 100% level, for a weighted score of 5% for this component of the corporate goals; (iv) that the cash burn goal was achieved at the 100% levelnamed executive officers, other than Mr. Kalb and the stock

Mr. Marks.

42


price goal was not achieved, for a combined weighted score of 5-8% for this component of the corporate goals; and (v) that the stretch goal for achieving the net revenue target was not achieved. In total, the Remuneration Committee determined that the above-described goals were achieved at the 70-83% level and recommended a 75% achievement level for purposes of determining incentive cash bonuses for 2014, as further described below.

Individual Performance-Based Cash Bonus Awards

John F. Thero, President and Chief Executive Officer

The cash bonus award for ourKarim Mikhail, President and Chief Executive Officer John F. Thero, was based entirely on(principal executive officer)

As noted above, Mr. Mikhail’s individual performance goals are tied 100% to the Company’s achievement of the 20142022 corporate goals. As a result, he received a cash bonus in the amount of 75% of his target bonus amount.

Joseph T. Kennedy, General Counsel,Thomas C. Reilly, Senior Vice President and Chief ComplianceFinancial Officer, Secretary (principal financial officer and principal accounting officer)

For Mr. Kennedy,Reilly, individual performance goals for fiscal 2014year 2022 were as follows:

SEC Compliance and Investor Relations: 20%focused on the areas outlined below:

 

Ensure timely filing

Achieve year end cash target with tight overall finance management to strengthen operational financial position, including to end 2022 with a target level of SEC filingscash and compliance of public disclosures with applicable lawensuring operational cost reductions are executed upon (30%)`

 

Advise

Achievements related to financial system automation (23%)

46


Support business development process with focus on investor relations issues to help ensure accurate disclosures consistent with industry practice

Legal Function Management: 15%

Ensure adherence to Company bylawsfinancial valuation and conduct orderly annual meetingoptimal financing arrangements (23%)

 

Provide legal advice to support company functions: regulatory, managed care, sales

Advance the Global Finance organization, including investor interactions, supporting the organization with financial analytics and marketing, manufacturing, human resourcesbudgeting, timely financial closes and general corporate matterswith a high focus on automation. Deliver a robust 2023 Financial Operating Plan; attract talent and create development opportunities for internal talent (15%)

 

Oversee legal systems

Lead internal control assessment and external financial reporting, including to help manage risks affecting the Company

Oversee litigation: Secure dismissal or an orderly path to resolution of existing class action suitsensure SOX 404 & 302 controls are met, external financial reporting is done on time and address any new matters in a timely and diligentcompliant manner

FDA Law: 15% (10%)

ANCHOR indication: Support ANCHOR supplemental drug application efforts

Pharmaceutical Industry Compliance: 10%

Oversee comprehensive corporate compliance program, including policies, training, monitoring, and auditing of pharmaceutical compliance related functions

Implement Sunshine Act compliance reporting system and make application reports

Advise Company on pharmaceutical industry compliance matters

Intellectual Property and Hatch-Waxman Exclusivity: 30%

Obtain and defend robust patent coverage for MARINE, ANCHOR, and combo products

Implement litigation and regulatory strategy to protect Vascepa exclusivity if NCE is not granted

Enforce intellectual property rights against third parties

Strategic Development: 10%

Support executive team and Corporate Development on interactions with potential strategic partners

In reviewing the above-described individual performance goals, the Remuneration Committee first concluded that Mr. KennedyReilly had fully achieved all120% of his individual goals with the exception of the ANCHOR

goals.

43


indication goal, for a cumulative total of 85% (which comprised 25% of his bonus eligibility for 2014). When combined with 75% achievement of the corporate goals (which comprised 75% of his bonus eligibility for 2014), Mr. Kennedy was awarded a bonus representing 78% of his target bonus for 2014.

Steven B. Ketchum, Ph.D., President of Research and Development, SeniorExecutive Vice President and Chief Scientific Officer

For Dr. Ketchum, individual performance goals for fiscal 2014year 2022 were as follows:

Clinical / Regulatory Affairs: 55%focused on the areas outlined below:

 

ANCHOR indication: Lead ANCHOR supplemental drug application efforts

Advance fixed-dose-combination development, including leading the R&D team on reaching internal alignment on development plan and timeline (35%)

 

Outcomes study: Attain specified enrollment targets (or efficiently execute study close-down activities, if Board elects

Support European Union commercialization and expansion of VAZKEPA, including leading the R&D team to terminate the study)support product launch in various European Union countries (20%)

 

Outcomes study: Develop recommendations to Board for any modification to study conduct and/or interim/final analyses of results

Support ROW expansion of VASCEPA/VAZKEPA, including global product registration, support for existing ex-U.S. partnerships and future potential partnering activities (30%)

CMC / QA / Regulatory: 5%

Support life cycle management and portfolio diversification with focus on evaluation of in-licensing opportunities in support of portfolio diversification strategy (10%)

 

Supplier management: Provide support needed to maintain technical correctness of marketing and/or clinical trial applications to ensure effective working relationships

Lead business infrastructure initiatives, with qualified suppliers

Outcomes study: Provide uninterrupted supply of clinical trial materials to achieve enrollment targets (or efficiently execute study close-down activities, if Board elects to terminate)

Medical Affairs / R&D: 20%

Managed care: Support achievement of covered lives targets per 2014 Operating Plan for Tier 2 or equivalent covered lives

Publications: Achieve specified goalsa focus on scientific publications (papers, review articles, abstracts, and/or posters) on MARINE, ANCHOR, and/or other study results

Thought leaders: Conduct specified meetings with representativescash outflow from operations, attraction and retention of key organizations (such as ACC, NLA, AHA, AACE, ADA) on matters of clinical and scientific relevance to Amarin and Vascepa

Business Development: 5%

In-licensing: Develop and implement a process to screen and prioritize potential assets of interest/fit

Business Support: 15%

Vascepa commercialization: Support planningtalent, compliance with corporate compliance program, and implementation of strategy to market results of ANCHOR trial (subject to securing this ability); support ongoing commercialization of MARINE indication

business systems (5%)

Cash burn: Control expenditures consistent with target per 2014 Operating Plan

In reviewing the above-described individual performance goals, the Remuneration Committee first concluded that Dr. Ketchum had fully achieved the CMC / QA / Regulatory, Medical Affairs / R&D, and Business Support goals and partially achieved the rest of the goals, for a cumulative total of 68% (which comprised 25%100% of his bonus eligibility for 2014). When combined with 75% achievement of the corporate goals (which comprised 75% of his bonus eligibility for 2014), Dr. Ketchum was awarded a bonus representing 73% of his target bonus for 2014.

individual goals.

44


Michael J. Farrell,Aaron D. Berg, Executive Vice President Finance (principal accounting officer and principal accounting officer)President, U.S.

For Mr. Farrell,Berg, individual performance goals for fiscal 2014year 2022 were as follows:

Reporting and Budgeting: 40%focused on the areas outlined below:

 

Timely file and certify all required SEC quarterly and annual filings, statutory filings and tax returns

Advance financial performance, including profitability of U.S. commercial activities (50%)

 

Manage tax compliance function, including

Stabilize U.S. Vascepa through the preparationevolution of strategic priorities for the tax provision and resolutionsecond half of all related compliance issues2022 (35%)

 

Manage relationships with key external vendors, including the financial and SOX audit firms

Diversify U.S. product portfolio (10%)

 

Oversee monthly accounting book close, including managing areas requiring technical accounting expertise

Develop internal monthly management reporting package

Financing and Strategic Matters: 20%

Manage state tax nexus analysis, includingSupport company culture by leading the calculation of applicable liabilities and timely filing of related tax returns

U.S. organization (5%)

Identify at least one significant cost saving initiative and successfully implement

Assist in the assessment of ongoing strategic initiatives

Operations and IT Systems: 20%

Successfully implement additional module functionality within Oracle as it relates to manufacturing and/or procurement to streamline accounting processes and gain cost efficiencies

Implement equity administration software package for internal tracking of awards and for financial reporting purposes

Internal Controls: 20%

Ensure no material control weaknesses from 2014 compliance testing

Identify and implement initiatives to enhance internal control processes

In reviewing the above-described individual performance goals, the Remuneration Committee first concluded that Mr. FarrellBerg had fully achieved all100% of his individual goals.

Michael W. Kalb, Former Senior Vice President and Chief Financial Officer, Assistant Secretary (principal financial officer and principal accounting officer)

Pursuant to his Transition Agreement, Mr. Kalb was contractually entitled to a pro-rated annual bonus (based on his seven months of employment during 2022) based on the accomplishment of the Company’s 2022 corporate

47


goals with respectand the Prior Board’s assessment of the appropriate amount based on his contribution during the first seven months of 2022. Based on such assessment the Prior Board determined to Reportingpay him his target bonus, prorated for seven months.

Jason M. Marks, Former Executive Vice President and Budgeting, FinancingChief Legal and Strategic Matters, OperationsCompliance Officer and IT Systems, and Internal Controls, for a cumulative totalSecretary

Pursuant to his Transition Agreement, Mr. Marks was contractually entitled to an annual bonus of $313,000.

Based on the 100% (which comprised 50% of his bonus eligibility for 2014). When combined with 75% achievement of the Company’s 2022 corporate goals (which comprised 50%and individual performance, the prior Remuneration Committee approved the following annual bonus amount for the named executive officers:

Name  

Bonus

Target

as % of

Base

Salary

  

% Based

on

Company

2022

Corporate

Goals

  

% Based

on 2022

Individual

Goals

  

% of

Company

2022

Corporate

Goals

Achieved

  

% of

Individual

2022

Goals

Achieved

  

% of

Target

Payable

  

Annual

Cash

Bonus

Amount

 

Karim Mikhail

   75  100  0  100  N/A   100 $614,200 

Thomas C. Reilly

   50  75  25  100  120  105 $276,000 

Steven B. Ketchum, Ph.D.

   50  75  25  100  100  100 $311,000 

Aaron D.. Berg

   50  75  25  100  100  100 $285,000 

Michael W. Kalb

   50  75  25  100  N/A   100%* $143,451*

Jason M. Marks

   50  75  25  100  N/A   106 $313,000**

*

Prorated for seven months pursuant to Mr. Kalb’s Transition Agreement.

**

Guaranteed bonus paid pursuant to Mr. Marks’ Transition Agreement.

The above table does not include the stretch bonus amounts of his bonus eligibility$50,000 that were approved for 2014), Mr. Farrell was awarded a bonus representing 88% of his target bonus for 2014.each named executive officer, other than Michael Kalb and Jason Marks.

Special Incentive Bonus Programs

On December 2, 2013, as amended on January 8, 2014, and again on January 29, 2015,From time to time, the Remuneration Committee approved a special incentive bonus program for each of Mr. Thero, Dr. Ketchum and Mr. Kennedy. Under thisestablishes special bonus program, each of these executive officers will be eligibleprograms to receive a one-time, special bonus payment in the amount of: $250,000, in the event the Company’s sNDA for the ANCHOR indication is approved by the FDA on or before December 31, 2015 or $150,000, in the event the Company is able to expand its right to market Vascepa such as through inclusion of the clinical data from the Company’s ANCHOR clinical

45


trial in the Vascepa label for the current (MARINE) indication on or before December 31, 2015. All determinations concerning the above referenced criteria for payment will be madeincentivize individual performance toward goals that are judged by the Remuneration Committee in its sole discretion.as important for corporate progress, very difficult to achieve, and of significant shareholder value if achieved or to reward exceptional achievement.

On January 29, 2015, the Remuneration Committee approved a special incentive bonus program for each of Mr. Thero and Mr. Kennedy. Under this special bonus program, each of these executive officers will be eligible to receive a one-time, special bonus payment in the amount of: $250,000, in the event the Company prevails in ANDA litigation on or before December 31, 2016 with surviving patent claims which block generic entry; or $150,000, in the event the Company on or before December 31, 2016 secures five-year regulatory exclusivity, through the courts or through convincing the FDA that Vascepa should have New Chemical Entity (NCE) designation, in each case as determined in the Remuneration Committee’s discretion.

Each such executive officer must be continuously employed by the Company through the date of the applicable payment date in order to be eligible to receive an incentive bonus payment, provided that if such executive officer is terminated by the Company without cause prior to the achievement of any such milestone or any such payment date such executive officer shall also remain eligible to receive such payment. To date, none of the specified criteria have been achieved and as a result, no bonuses have been paid under either of these special bonus programs.

Equity Compensation

Overview

Stock Options and Restricted Stock Units. As an additionalimportant component of our compensation program, executive officers are eligible to receive equity compensation, which has historically been in the form of stock options, restricted stock units and performance-based restricted stock units. The Remuneration Committee grants stock options and restricted stock units (both time-based and performance-based) to executive officers to aid in their retention, to motivate them to assist with the achievement of both near-term and long-term corporate objectives and to align their interests with those of our shareholders by creating a return tied to the performance of our stockshare price. In determining the form, date of issuance and value of a grant, the Remuneration Committee considers the contributions and responsibilities of each executive officer, appropriate incentives for the achievement of our long-term growth, the size and value of grants made to other executives at peer companies holding comparable positions, individual achievement of designated performance goals, and the Company’s overall performance relative to corporate objectives.

We believe that equity awards, through stock options and restricted stock units, align the objectives of management with those of our shareholders with respect to long-term performance and success. We believe that equity awards serve as useful performance-recognition mechanisms with respect to key employees, as most awards are subject to time-based vesting provisions. Stock options are typically awarded to executive officers upon their hiring. We believe that such equity awards encourage executive officers to remain with the Company and also focus on our long-term

48


performance as well as the achievement of specific performance goals.

In considering annual The New Directors and the New Remuneration Committee, together with management, are reviewing the Company’s approach to equity awards for our executive officers in 2014, our Remuneration Committee aimed to set total equity grants at level equivalent to 1.5 timesensure that the 50th percentile for annual equity delivery for executives with similar roles in the Company’s peer group, which was generally consistent to the Remuneration Committee’s general goalbalance of setting long-term incentive awards at the 75th percentile. Equity awards in 2014 were comprised of a mix of time-based stock options (over a four-year period)and restricted stock units, including as compared to cash components of compensation, aligns with the retention and performance based restricted stock unit awards. Equity awards in 2014 were granted with a view towards both retaining and incentivizing our executives in future periods.goals of the compensation program.

Equity Award Grant Policy. We have an equity award grant policy that formalizes our process for granting equity-based awards to officers and employees. Under our equity award grant policy, all grants to executive officers must be approved by our Board or Remuneration Committee and all grants to other employees must be

46


granted within guidelines approved by our Board or Remuneration Committee. All stock options will be awarded athave an exercise price equal to the fair market value andof our ordinary shares, calculated based on our closing market price on the applicable grant date. Under our equity award grant policy, equity awards will generally be granted as follows:

 

grants made in conjunction with the hiring of a new employee or the promotion of an existing employee will generally be made at meetings of the Remuneration Committee, and effective on the first trading day of the month following the later of (1) the hire date or the promotion date or (2) the date on which such grant is approved; and

 

grants made to existing employees other than in connection with a promotion will be made, if at all, on an annual basis and generally shall be made effective on the first trading day of the month following the date on which such grant is approved.

The New Directors and New Remuneration Committee are currently reviewing the Company’s Equity Award Grant Policy.

Equity Grants Awarded in Fiscal 2014Year 2022

In considering annual equity awards for our executive officers in 2022, the prior Remuneration Committee aimed to grant equity that generally targets the 50th percentile of the Company’s 2022 peer group, with some performance-based awards targeted at the 75th percentile of the Company’s 2022 peer group. Equity awards in 2022 were comprised of a mix of time-based stock options (vesting over a four-year period), time-based restricted stock unit awards (vesting over a three-year period), and performance-based restricted stock unit awards (with vesting tied to the achievement of pre-defined performance milestones; including the achievement of pre-defined revenue milestones). Equity awards made in 2022 were granted with a view towards both retaining and incentivizing our executives in future periods.

The grant date fair values of the equity awards granted to executive officers for the 20142022 fiscal year as well as all compensation actions taken with respect to the named executive officers in fiscal 2014, are reflected in the Summary Compensation Table furtherbelow and the number of shares subject to equity awards granted in 2022 is reflected in the Grants of Plan-Based Awards table below.

With respect to the Black-Scholes option-pricing model required under FASB ASC Topic 718 and discussed further below, historical variable assumptions and other variables can cause model prices to be more or less than the actual value of an option when exercised or in an ultimate exit. Actual option value is instead based on the performance of our ordinary shares, which can vary significantly from these historical variable assumption-based valuation estimates. Because the actual value is based on share performance, the Remuneration Committee believes that the equity awards create added and important alignment of management with our other shareholders regarding our long-term growth.

Employee Benefit Programs

Executive officers are eligible to participate in all of our employee benefit plans, including medical, dental, group life, disability, and accidental death and dismemberment insurance, in each case on the same basis as other

49


employees, subject to applicable law. We also provide vacation and other paid holidays to all employees, including executive officers, all of which we believe to be comparable to those provided at peer companies. These benefit programs are designed to enable us to attract and retain our workforce in a competitive marketplace. Health, welfare, and vacation benefits ensure that we have a productive and focused workforce through reliable and competitive health and other benefits. Our executive officers participate in the same employee benefit plans as other employees of the Company on the same terms as such employees.

Our retirement savings plan (401(k) Plan)(“401(k) Plan”) is a tax-qualified retirement savings plan, pursuant to which all employees, including the named executive officers, are able to contribute certain amounts of their annual compensation, subject to limits prescribed by the Internal Revenue Service. In 2014, we did notIRS, which contributed amounts are eligible for a discretionary percentage match, or supplement contributionsin cash, as defined in the 401(k) Plan and determined by the Board. We recognized $1.7 million of compensation expense related to the 401(k) plan.Plan for the year ended December 31, 2022.

Our New Directors and the New Remuneration Committee, together with management, are reviewing employee feedback to ensure that the Company’s employees are satisfied with the benefits package.

Tax and Accounting Considerations

Deductibility of Executive Compensation.In making compensation decisions affecting our executive officers, the Remuneration Committee considers our ability to deduct under applicable federal corporate income tax law compensation payments made to executives. Specifically, the Remuneration Committee considers the requirements and impact of Section 162(m) of the United States Internal Revenue Code which limitsof 1986, as amended (the “Code”). Under Section 162(m) of the Code compensation paid to each of the company’s “covered employees” that exceeds $1 million per taxable year is generally non-deductible for tax deductibility to us ofpurposes unless the compensation in excess of $1.0 million in any yearqualifies for certain executive officers, exceptgrandfathered exceptions for qualified “performance-based compensation” undercertain compensation paid pursuant to a written binding contract in effect on November 2, 2017 and not materially modified on or after such date.

Although the Section 162(m) rules. The Remuneration Committee considers the Section 162(m) rulestax implications as aone factor in determining executive compensation, but will not necessarily limitthe Remuneration Committee also looks at other factors in making its decisions and believes that stockholder interests are best served if the Committee retains maximum flexibility to design executive compensation to amounts deductible under Section 162(m).programs that meet stated business objectives.

Allocation of Compensation

There is no pre-established policy or target for the allocation of compensation. The factors described above, as well as the overall compensation philosophy, are reviewed to determine the appropriate level and mix of compensation.

Timing of Compensation Actions

Compensation, including base salary adjustments, for our named executive officers is reviewed annually, usually in the first quarter of the fiscal year and upon promotion or other change in job responsibilities.

47


Stock Ownership Guidelines

The Board believes it is important to align the interests of our executive officers with those of its shareholders. To this end, in March 2013, the Board established Stock Ownership Guidelines for its executive officers, including the named executive officers. The guidelines require that each executive officer maintain an equity interest in the Company with a value at least equal to a multiple of the executive officer’s base salary, as follows:

 

Position

  

Target

Chief Executive Officer

  3x annual base salary

Other Executive Officers

  1x annual base salary

Equity interests that count toward the satisfaction of the ownership guidelines include the value of Ordinary Shares beneficiallyordinary shares owned (including shares purchased on the open market or issuableacquired upon the settlementexercise of restricted stock or restricted stock units, and unvested deferred stock units.options). The calculation of an individual’s equity interest, however, does not include the value of stock options (whether or not vested), unvested restricted stock, and unvested restricted stock units, except unvested deferred stock units. Executive officers have five years from the date of the policy adoption in March 2013 or later commencement of their appointment as an executive officer to attain these ownership levels. If an executive officer does not meet the applicable guideline by the end of the five-year period, the officer is required to hold a minimum of 50% to 100% of the shares resulting from any future equity awards until the applicable guideline is met, net of shares sold or withheld to exercise stock options and pay withholding taxes. The Remuneration Committee, however, may make exceptions for any officer on whom this requirement could impose a financial hardship.

50


As of the date of this Proxy Statement, all of the Company’s named executive officers have satisfied these ownership guidelines, or have time to do so.

Additionally, we have instituted stock ownership guidelinesStock Ownership Guidelines for our non-employee directors. For information regarding these guidelines, see the section entitled “Director Compensation—Non-Employee Director Compensation.Compensation.

Clawback

As of the date of this Proxy Statement, we do not have a formal compensation recovery policy, often referred to as a “clawback” policy, which would typically provide that the officers or directors subject to the policy must reimburse the Company for any bonus or other incentive-based or equity-based compensation received during the twelve-month period following the preparation ofimproperly received. The Company has not had an accounting restatement, as a resultrestatement. Furthermore, the majority of misconductthe Company’s cash incentive awards have over the years been for matters pertaining to third-party regulatory approvals and other milestone achievements that are objective in nature or other specified events. Theotherwise able to be evaluated by the Remuneration Committee intendswithout risk of accounting restatement. In light of the SEC’s adoption of final clawback rules in October 2022, we intend to adopt a formal clawback policy once the finalthat complies with applicable Nasdaq Rules when such rules relating to such policies are issued pursuant to the Dodd-Frank Act.

Conclusion

Our compensation policies are designed and are continually being developed to retain and motivate our executive officers and to reward them for outstanding individual and corporate performance.

become effective.

 

4851


REMUNERATION COMMITTEE REPORT

The information contained in this report shall not be deemed to be (1) “soliciting material,” (2) “filed” with the SEC, (3) subject to Regulations 14A or 14C of the Exchange Act, or (4) subject to the liabilities of Section 18 of the Exchange Act. This report shall not be deemed incorporated by reference into any of our other filings under the Exchange Act or the Securities Act of 1933, as amended, except to the extent that the Company specifically incorporates it by reference into such filing.

The Remuneration Committee of the Board of Directors has reviewed and discussed the Executive Compensation Discussion and Analysis contained in this Proxy Statement with management. Based on such review and discussion, we have recommended to the Board of Directors that the Executive Compensation Discussion and Analysis be included in this Proxy Statement for the fiscal year endingended December 31, 2014.2022.

Submitted by the Remuneration Committee of the Board of Directors

James I. Healy (Chairman)Diane Sullivan (Chairwoman effective March 2023)

Jan van HeekPatrice Bonfiglio (member effective March 2023)

David StackPaul Cohen (member effective March 2023)

Keith L. Horn (member effective March 2023)

 

4952


2022 Summary Compensation Table

The following table sets forth information concerning the compensation of the named executive officers for the fiscal years ended December 31, 2014, 2013 and 2012.indicated.

 

Name and Principal Position

 Fiscal
Year
  Salary  Bonus(1)  Stock
Awards(2)
  Option
Awards(3)
  Non-Equity
Incentive Plan
Compensation(4)
  All Other
Compensation(5)
  Total 

John F. Thero

  2014   $500,000   $—    $1,037,340   $988,403   $243,750   $—     $2,769,493 

President and
Chief Executive Officer,
Assistant Secretary

  2013  $395,153  $—    $—    $355,950  $—    $—    $751,103 
  2012  $386,300  $—    $167,454  $632,737  $156,065  $—    $1,342,556 
        

Joseph T. Kennedy

  2014   $400,917   $—    $345,780   $329,468   $125,473   $—     $1,201,638 

General Counsel,
Senior Vice President,
Secretary and Chief
Compliance Officer

  2013  $358,021  $—    $—    $228,825  $143,520  $—    $730,366 
  2012  $350,000  $—    $123,154  $465,247  $120,632  $77,212  $1,136,245 
        
        

Steven B. Ketchum, Ph.D.

  2014   $404,750   $—    $345,780   $329,468   $118,592   $—     $1,198,590  

President of Research
and Development,
Senior Vice President

  2013  $384,313  $—    $—    $228,825  $—    $—    $613,138 
  2012  $325,500  $31,900  $—    $4,430,074  $114,516  $—    $4,901,990 
        

Michael J. Farrell

  2014   $212,500   $—     $39,780   $70,775   $28,219   $—     $351,274  

Controller, Principal
Accounting and
Financial Officer

  2013  $88,996   $—    $—     $82,820   $—     $—     $171,816  
  2012  $—     $—     $—     $—     $—     $—     $—    
        
Name and Principal Position Fiscal
Year
  Salary
($)
  Bonus
($)(5)
  Stock
Awards
($)(6)
  Option
Awards
($)(7)
  Non-Equity
Incentive Plan
Compensation
($)(8)
  All Other
Compensation
($)(9)
  Total
($)
 

Karim Mikhail

  2022   799,637   —     4,446,672   2,273,228   660,101   213,913   8,393,551 

Former President and Chief Executive Officer(1)

  2021   672,747   50,000   3,099,291   1,546,456   430,000   36,059   5,834,553 
        
        

Thomas C. Reilly

  2022   280,367   —     288,000   116,325   326,000   4,803   1,015,495 

Chief Financial Officer and Secretary(2)

        

Steven B. Ketchum, Ph.D.

  2022   618,375   —     645,258   378,345   361,000   11,812   2,014,790 

Chief Scientific Officer

  2021   562,608   —     1,462,784   1,084,166   258,000   7,012   3,374,570 
  2020   535,975    2,396,186   1,283,786   225,250   6,912   4,438,109 

Aaron D. Berg

  2022   566,891   —     645,258   378,345   335,000   11,812   1,937,306 

Senior Vice President and Chief Commercial Officer

  2021   505,100   —     1,462,781   1,084,166   233,406   7,012   3,292,468 
  2020   458,275   —     2,396,186   1,283,786   190,900   6,912   4,336,059 
        

Michael W. Kalb

  2022   286,715   —     645,258   378,345   143,451   530,882   1,984,651 

Senior Vice President and Chief Financial Officer, Assistant Secretary(3)

  2021   473,933   —     1,765,147   765,949   204,930   7,012   3,216,971 
  2020   458,275    2,396,186   1,283,786   191,475   6,912   4,336,634 
        
        

Jason M. Marks

  2022   541,519   313,000   789,042   378,345   —     576,206   2,598,112 

Executive Vice President, Chief Legal and Compliance Officer & Corporate Secretary(4)

  2021   173,766   207,219   1,086,000   423,522   —     1,811   1,892,318 

 

(1)“Bonus” summarized

Mr. Mikhail was promoted to, and began serving as, our President and Chief Executive Officer in August 2021, and did not serve as our executive officer during fiscal year 2020. Accordingly, his compensation with respect to fiscal year 2020 is not included. Mr. Mikhail is paid in CHF which has been translated at the table consists entirelyaverage 2022 exchange rate of discretionary cash bonuses. The bonus paid1.07. In addition to Dr. Ketchum wasserving as an incentiveour President and Chief Executive Officer, Mr. Mikhail served as a member of our Board, but received no additional compensation for him to join Amarinhis service in February 2012.such role. Mr. Mikhail separated from the Company in March 2023.

(2)

Mr. Reilly joined the Company on June 20, 2022 as the Company’s Chief Financial Officer.

(3)

Mr. Kalb’s resigned as Chief Financial Officer effective June 20, 2022 and he provided transition services through July 2022.

(4)

Mr. Marks resigned as an officer of the Company effective December 6, 2023 and he provided transition services through February 2023.

(5)

The amount reported in this column for 2022 for Mr. Marks represents his guaranteed annual bonus, payable to him pursuant to the terms of his Transition Agreement.

(6)

This column reflects the aggregate grant date fair value of time- and performance-based vesting restricted stock unit awards granted in 2014each year calculated in accordance with FASB ASC 718, excluding the effect of estimated forfeitures related to service-based vesting. For performance- based restricted stock units, the

53


value reported reflects the value of the award at the grant date based upon the probable outcome of the performance conditions. For the performance-based restricted stock units granted in 2022, the grant date fair value of each such award included in the table assuming achievementthe probable outcome of all vesting conditions.the performance conditions (which is assumed to be the maximum level of achievement) is $2,166,126 for Mr. Mikhail, $144,000 for Mr. Reilly (which was part of his new hire package), $265,716 for each of Dr. Ketchum, Mr. Berg, Mr. Kalb and Mr. Marks. Assumptions used in the calculations for these amounts are set forth in Note 9 to our consolidated financial statements included in the Original Form 10-K Filing.
(3)(7)

This column reflects the aggregate grant date fair value of equitytime-based stock option awards granted in 2014, 2013 or 2012each year and calculated in accordance with FASB ASC 718, excluding the effect of estimated forfeitures related to service-based vesting. Assumptions used in the calculations for these amounts are set forth in Note 9 to our consolidated financial statements included in the Original Form 10-K Filing.

(8)

This column reflects payments made under the MICP, including stretch bonus amounts, and special incentive bonus programs in respect of the year earned. See the discussion regarding annual and special incentive compensation in “Executive Compensation Discussion and Analysis” for further information regarding the performance measures.

(9)

The amounts included in this column represent Company-paid match of 401(k)/pension contributions and life insurance premiums. For Mr. Mikhail in 2022, this amount also includes $18,345 for his car allowance and $122,299 for his housing allowance. For Mr. Kalb and Mr. Marks in 2022, these amounts also include $491,832 and $565,000 in severance payments, respectively, payable pursuant to the terms of their Transition Agreements and the Company’s Executive Severance and Change of Control Plan. For each of Mr. Reilly, Dr. Ketchum, Mr. Berg, Mr. Kalb and Mr. Marks in 2022 this amount also includes $4,500 in car allowance.

Narrative to the 2022 Summary Compensation Table

The amounts reported in the Summary Compensation Table, including base salary, stock awards, option awards, and payments made under the MICP, are described more fully above under “Executive Compensation Discussion and Analysis.”

Grants of Plan-Based Awards Tables for the First Year Ended December 31, 2022

The following table sets forth certain information regarding grants of plan-based option awards to the named executive officers during fiscal year 2022:

Name

  Grant Date   All Other Option
Awards: Number
of Securities
Underlying
Options (#)(2)
   Exercise or
Base Price
of Option
Awards
($/Sh)
   Grant Date
Fair Value
of Option
Awards ($)(1)
 

Karim Mikhail*

   2/4/2022    791,300    3.66    2,273,228 

Thomas C. Reilly

   7/1/2022    100,000    1.44    116,325 

Steven B. Ketchum, Ph.D.

   2/4/2022    131,700    3.66    378,345 

Aaron D. Berg

   2/4/2022    131,700    3.66    378,345 

Michael W. Kalb*

   2/4/2022    131,700    3.66    378,345 

Jason M. Marks*

   2/4/2022    131,700    3.66    378,345 

(1)

This column reflects the aggregate grant date fair value of option awards granted in 2022, and is calculated in accordance with FASB ASC 718, using the Black-Scholes option-pricing model, excluding the effect of estimated forfeitures related to service-based vesting. Assumptions used in the calculations for these amounts are set forth in Note 9 to our consolidated financial statements included in the Original Form 10-K Filing.

(2)

These options vest over four years, with 25% vesting on the first anniversary of the grant date and the balance vesting ratably over the subsequent 12 calendar quarters.

***

54


The following table sets forth certain information regarding grants of plan-based restricted stock unit awards subject to time-based vesting to the named executive officers during fiscal year 2022:

Name  Grant Date   All Other Stock
Awards:
Number of
Shares of Stock
or Units (#)(2)
  Grant Date
Fair Value
of Stock
Awards ($)(1)
 

Karim Mikhail*

   2/4/2022    623,100   2,280,546 

Thomas C. Reilly

   7/12022    100,000(3)   144,000 

Steven B. Ketchum, Ph.D.

   2/4/2022    103,700   379,542 

Aaron D. Berg

   2/4/2022    103,700   379,542 

Michael W. Kalb*

   2/4/2022    103,700   379,542 

Jason M. Marks*

   2/4/2022    103,700   379,542 
   5/2/2022    150,000 (4)   409,500 

(1)

This column reflects the aggregate grant date fair value of time-based restricted stock unit awards granted in 2022, calculated in accordance with FASB ASC 718, excluding the effect of estimated forfeitures. Assumptions used in the calculations for these amounts are set forth in note 12Note 9 to our consolidated financial statements included in our Annual Reportthe Original Form 10-K Filing.

(2)

Unless otherwise noted, these restricted stock unit awards vest in three equal annual installments onForm 10-K filed with the SEC each of January 31, 2023, January 31, 2024 and January 31, 2025.

(3)

This restricted stock unit award vests in three equal annual installments on March 3, 2015.each of June 20, 2023, June 20, 2024 and June 20, 2025.

(4)

This column reflects payments under the Management Incentive Compensation Planrestricted stock unit award would have vested in respectthree equal annual installments on each of the year earned. See the discussion regarding annual incentive compensation in “Compensation DiscussionMay 2, 2023, May 2, 2024 and Analysis” for further information regarding the performance measures.May 2, 2025.

(5)Excludes medical, group life insurance and certain other benefits received by the named executive officers that are available generally to all of our salaried employees and certain perquisites and other personal benefits received by the named executive officers which do not exceed $10,000 in the aggregate. The amount included for Mr. Kennedy for fiscal 2012 consists entirely of amounts reimbursed to him in connection with relocation-related activities which Amarin agreed to pay Mr. Kennedy in connection with his joining Amarin.

Narrative to the Summary Compensation Table

The amounts reported in the Summary Compensation Table, including base salary, stock awards, option awards, and payments made under the Management Incentive Compensation Plan, are described more fully under “Compensation Discussion and Analysis.”

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Grants of Plan-Based Awards

The following table sets forth certain information regarding grants of plan-based option awards to the named executive officers during fiscal 2014:

Name

  Grant Date   Number of Securities
Underlying Options (#)
  Exercise
Price of
Option
Awards
($/Sh)
   Grant Date
Fair Value
of

Option
Awards(1)
 

John F. Thero

   1/8/2014     607,500(2)  $2.04    $988,403  

Joseph T. Kennedy

   1/8/2014     202,500(2)  $2.04    $329,468  

Steven B. Ketchum, Ph.D.

   1/8/2014     202,500(2)  $2.04    $329,468  

Michael J. Farrell

   1/8/2014     43,500(2)  $2.04    $70,775  

(1)This column reflects the aggregate fair value of equity awards granted in 2014 as of the grant date for each such award, and is calculated in accordance with FASB ASC 718, using the Black-Scholes option-pricing model and excluding the effect of estimated forfeitures. Assumptions used in the calculations for these amounts are set forth in note 12 to our financial statements included in our Annual Report on Form 10-K filed with the SEC on March 3, 2015.
(2)The options vest monthly over 48 months beginning on January 31, 2014.

The following table sets forth certain information regarding grants of non-equity plan-based incentive bonus awards to the named executive officers during fiscal 2014:

Name

Grant Date(1)Estimated Future Payouts Under
Non-Equity Incentive Plan
Awards ($)
        Target                Maximum        

John F. Thero

—  $325,000(2)$487,500(2)
12/2/13$150,000(3)$250,000(3)

Joseph T. Kennedy

—  $161,900(2)$242,850(2)
12/2/13$150,000(3)$250,000(3)

Steven B. Ketchum, Ph.D.

—  $161,900(2)$242,850(2)
12/2/13$150,000(3)$250,000(3)

Michael J. Farrell

—  $32,250(2)$48,375(2)

(1)The listed grant date is the original grant date of the award in question. The Remuneration Committee amended the ANCHOR label enhancement special incentive bonus program on January 8, 2014, and again on January 29, 2015, as fully described above in the section entitled “Compensation Discussion and Analysis—Special Incentive Bonus Programs.”
(2)The information in the “Target” and “Maximum” columns reflects the potential payouts under the 2014 annual bonus incentive. Actual bonuses awarded to the individuals were based on achievement of objectives, as discussed in the “Executive Compensation” section above, and were paid in March 2015.
(3)The information in the “Target” and “Maximum” columns reflects the range of and alternative potential payouts under the ANCHOR label enhancement special incentive bonus program. To date, none of the specified criteria have been achieved and as a result, no bonuses have been paid under this special incentive bonus program.

51


The following table sets forth certain information regarding grants of plan-based restricted stock unit awards subject to performance-based vesting to the named executive officers during fiscal 2014:year 2022:

 

Name

  Grant Date   Number of Securities
Underlying RSUs (#)
   Grant Date
Fair Value
of
RSU
Awards(1)
 

John F. Thero

   1/8/2014     508,500    $1,037,340  

Joseph T. Kennedy

   1/8/2014     169,500    $345,780  

Steven B. Ketchum, Ph.D.

   1/8/2014     169,500    $345,780  

Michael J. Farrell

   1/8/2014     19,500    $39,780  
Name  Grant Date   Estimated
Future Payouts
Under Equity
Incentive Plan
Awards: Target
(#)(1)
   Grant Date
Fair Value of
Stock Awards
($)(2)
 

Karim Mikhail

   
2/4/2022
3/14/2022
 
 
   
436,100
200,000
 
 
   
1,596,126
570,000
 
 

Thomas C. Reilly

   7/1/2022    100,000    144,000 

Steven B. Ketchum, Ph.D.

   2/4/2022    72,600    265,716 

Aaron D. Berg

   2/4/2022    72,600    265,716 

Michael W. Kalb

   2/4/2022    72,600    265,716 

Jason M. Marks

   2/4/2022    72,600    265,716 

 

(1)

There is no threshold for these awards and the target equates to the maximum. These restricted stock unit awards vest and are earned only if pre-defined sales and operational milestones are achieved by December 31, 2024. To date, the pre-defined sales and operational milestones have not been achieved and, as a result, none of the restricted stock units have vested.

(2)

This column reflects the aggregate grant date fair value, representing the market value of the Company’s ADSs on the date of grant of $2.04, of restricted stock unit awards granted in 2014 calculated in accordance with FASB ASC 718 excludingassuming the effectprobable outcome of estimated forfeitures. These restricted stock unit awards vestthe performance condition on the grant date, which was assumed to be maximum achievement of such condition.

***

55


The following table sets forth certain information regarding grants of non-equity incentive plan-based awards to the named executive officers during fiscal year 2022:

Name  Grant
Date
   Estimated Future
Payouts Under
Non-Equity Incentive
Plan Awards ($)(1)
 
  Target(1)   Maximum(1) 

Karim Mikhail

   —      591,000    641,000 

Thomas C. Reilly

   —      276,000    326,000 

Steven B. Ketchum, Ph.D.

   —      311,000    361,000 

Aaron D. Berg

   —      285,000    335,000 

Michael W. Kalb

   —      245,916    295,916 

Jason M. Marks

   —      283,000    333,000 

(1)

The amounts in three equal annual installmentsthe “Target” and “Maximum” columns reflect the potential payouts under the 2022 MICP. The amounts in the “Maximum” column represent the amounts that could be earned if all corporate performance, individual performance and pre-defined stretch goals under the 2022 MICP were achieved. Actual bonuses awarded to the individuals were based on eachachievement of January 31, 2015, January 31, 2016objectives, are discussed in the “Executive Compensation Discussion and January 31, 2017.Analysis” section.

Option Exercises and Stock Vested During 2022

No stock options were exercised by named executive officers nor did any restricted stock units heldThe following table sets forth the number of shares acquired by the named executive officers vestupon the exercise of stock options and vesting of restricted stock units in fiscal 2014.year 2022 as well as the value realized upon exercise or vesting. The value realized represents the aggregate difference between the fair market value of shares on the dates of exercise or vesting and the exercise prices, if any, multiplied by the number of shares acquired upon exercise or vesting, prior to payment of any applicable withholding taxes.

Name  Option Awards   Stock Awards 
  Number of
Shares
Acquired on
Exercise (#)
   Value
Realized on
Exercise ($)
   Number of
Shares
Acquired on
Vesting (#)
   Value
Realized on
Vesting ($)
 

Karim Mikhail

   —      —      116,434    303,729 

Thomas C. Reilly

   —      —      —      —   

Steven B. Ketchum, Ph.D.

   —      —      100,717    185,756 

Aaron D. Berg

   —      —      100,717    185,756 

Michael W. Kalb

   —      —      159,167    269,226 

Jason M. Marks

   —      —      33,334    53,334 

56


Outstanding Equity Awards at Fiscal Year-End 2022

The following table shows information regarding outstanding equitystock option awards at December 31, 20142022 for our named executive officers.officers:

 

Option Awards
Number of Securities
Underlying Unexercised Options
Option
Exercise
Price
($)
Option
Expiration
Date

Name

#
Exercisable
#
Unexercisable

John F. Thero


407,611

750,000

60,214

26,250

151,875



—  

—  

23,016

26,250

455,625


(2)

(4)

(6)

$

$

$

$

$

1.35

3.40

8.86

8.10

2.04



12/21/2019

11/10/2020

2/1/2022

1/2/2023

1/8/2024


Joseph T. Kennedy


449,999

45,570

16,875

50,625



150,001

16,930

16,875

151,875

(1)

(2)

(4)

(6)

$

$

$

$

6.35

8.86

8.10

2.04



12/16/2021

2/1/2022

1/2/2023

1/8/2024


Steven B. Ketchum, Ph.D.


425,000

16,875

50,625



175,000

16,875

151,875

(3)

(4)

(6)

$

$

$

8.77

8.10

2.04



3/1/2022

1/2/2023

1/8/2024


Michael J. Farrell


7,085

10,875



12,915

32,625

(5)

(6)

$

$

5.46

2.04



8/1/2023

1/8/2024


Name  Option
Grant
Date
   Number of Securities
Underlying Unexercised
Options
  Option
Exercise
Price
($/Sh)
   Option
Expiration
Date
 
  Exercisable
(#)
   Unexercisable
(#)
 

Karim Mikhail

   7/1/2020    —      43,750(1)   7.03    7/1/2030 
   1/4/2021    23,000    23,000(2)   5.03    1/4/2031 
   4/12/2021    108,826    181,374(3)   4.97    4/12/2031 
   2/4/2022    —      791,300(4)   3.66    2/4/2032 

Thomas C. Reilly

   7/1/2022    —      100,000(8)   1.44    7/1/2032 

Steven B. Ketchum, Ph.D.

   2/1/2018    31,687    —     3.80    2/1/2028 
   2/1/2019    50,157    3,343(5)   16.87    2/1/2029 
   2/3/2020    66,344    30,156(6)   18.39    2/3/2030 
   1/4/2021    96,750    96,750(2)   5.03    1/4/2031 
   8/2/2021    30,235    66,515(4)   4.22    8/2/2031 
   2/4/2022    —      131,700(4)   3.66    2/4/2032 

Aaron D. Berg

   2/2/2015    3,906    —     1.02    2/2/2025 
   7/6/2015    49,998    —     2.50    7/6/2025 
   2/1/2016    36,458    —     1.40    2/1/2026 
   2/1/2017    69,270    —     2.95    2/1/2027 
   5/1/2018    87,750    —     2.80    5/1/2028 
   2/1/2019    50,157    3,343(5)   16.87    2/1/2029 
   2/3/2020    66,344    30,156(6)   18.39    2/3/2030 
   1/4/2021    96,750    96,750(2)   5.03    1/4/2031 
   8/2/2021    30,235    66,515(4)   4.22    8/2/2031 
   2/4/2022    —      131,700(4)   3.66    2/4/2032 

Michael W. Kalb

   7/1/2016    55,000    —     2.19    7/1/2026 
   2/1/2017    39,000    —     2.95    2/1/2027 
   2/1/2018    86,000    —     3.80    2/1/2028 
   2/1/2019    50,157    —     16.87    2/1/2029 
   2/3/2020    72,375    —     18.39    2/3/2030 
   1/4/2021    96,750    96,750(2)   5.03    1/4/2031 

Jason M. Marks

   9/1/2021    31,250    68,750(7)   5.43    9/1/2031 
   2/4/2022    —      131,700(4)   3.66    2/4/2032 

 

(1)

Twenty-five percent (25%) of thesethe shares underlying this stock optionsoption vested on December 16, 2012,July 1, 2021, and the remaining 75% of the optionsshares underlying this option vest ratably over the next 36 months.12 quarters.

(2)These stock options vest over 48 months beginning February 29, 2012.
(3)

Twenty-five percent (25%) of thesethe shares underlying this stock optionsoption vested on February 16, 2013,January 4, 2022, and the remaining 75% of the optionsshares underlying this option vest ratably over the next 36 months.12 quarters.

(4)(3)These stock options vest over 48 months beginning January 31, 2013.

52


(5)Twenty-five percent (25%) of thesethe shares underlying this stock optionsoption vested on July 8, 2014,April 12, 2022, and the remaining 75% of the optionsshares underlying this option vest ratably over the next 36 months.12 quarters.

(4)

Twenty-five percent (25%) of the shares underlying this stock option vest on the first anniversary of the grant date, and the remaining 75% of the shares underlying this option vest ratably over the next 12 quarters.

(5)

The shares underlying these stock options vest quarterly over 16 quarters beginning May 15, 2019.

(6)These

The shares underlying these stock options vest quarterly over 48 months16 quarters beginning January 31, 2014.April 30, 2020.

(7)

Twenty-five percent (25%) of the shares underlying this stock option vest on August 19, 2022, and the remaining 75% of the shares underlying this option vest ratably over the next 12 quarters.

(8)

Twenty-five percent (25%) of the shares underlying this stock option vest on June 20, 2023, and the remaining 75% of the shares underlying this option vest ratably over the next 12 quarters.

57


The following table shows information regarding outstanding restricted stock unit awards at December 31, 20142022, for our named executive officers.officers:

 

   Stock Awards 
   Number of Securities
Underlying RSUs
  Market
Value of
Unvested
RSUs
($)
   RSU
Expiration
Date
 

Name

  #
Vested
   #
Unvested
    

John F. Thero

   

 

—  

—  

  

  

   

 

37,800

508,500

(1) 

(2) 

 $

$

0.98

0.98

  

  

   

 

2/1/2015

2/1/2017

  

  

Joseph T. Kennedy

   

 

—  

—  

  

  

   

 

27,800

169,500

(1) 

(2) 

 $

$

0.98

0.98

  

  

   

 

2/1/2015

2/1/2017

  

  

Steven B. Ketchum, Ph.D.

   —       169,500(2)  $0.98     2/1/2017  

Michael J. Farrell

   —       19,500(2)  $0.98     2/1/2017  
Name  Grant
Date
   Number of
Shares or Units
of Stock That
Have Not Vested
(#)
  Market Value
of Shares or
Units of Stock
That Have Not
Vested ($)(1)
   Equity Incentive
Plan Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested (#)
  Equity Incentive
Plan Awards:
Market or
Payout Value of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested ($)(1)
 

Karim Mikhail

     33,333(2)   40,333    —     —   
     11,367(3)   13,754    —     —   
     95,533(4)   115,595    —     —   
   2/4/2022    623,100(11)   753,951    —     —   
     —     —      100,000(5)   121,000 
   1/4/2021    —     —      100,000(9)   121,000 
     —     —      200,000(5)   242,000 
   2/4/2022    —     —      436,100(5)   527,681 
   3/14/2022    —     —      200,000   242,000 

Thomas C. Reilly

   7/1/2022    100,000(12)   121,000    
   7/1/2022       100,000(5)   121,000 

Steven B. Ketchum, Ph.D.

     16,333(7)   19,763    —     —   
     47,766(3)   57,797    —     —   
     47,766(8)   57,797    —     —   
   2/4/2022    103,700(11)   125,477    —     —   
     —     —      50,000(5)   60,500 
   1/4/2021    —     —      87,400(9)   105,754 
     —     —      87,400(5)   105,754 
   2/4/2022    —     —      72,600(5)   87,846 

Aaron D. Berg

     47,766(3)   57,797    —     —   
     47,766(8)   57,797    —     —   
   2/4/2022    103,700(11)   125,477    —     —   
     —     —      50,000(5)   60,500 
   1/4/2021    —     —      87,400(9)   105,754 
     —     —      87,400(5)   105,754 
   2/4/2022    —     —      72,600(5)   87,846 

Michael W. Kalb

     47,766(3)   57,797    —     —   
     47,766(8)   57,797    —     —   
   2/4/2022    103,700(11)   125,477    —     —   
     —     —      50,000(5)   60,500 
   1/4/2021    —     —      87,400(9)   105,754 
     —     —      87,400(5)   105,754 
   2/4/2022    —     —      72,600(5)   87,846 

Jason M. Marks

     66,666(10)   80,666    —     —   
   2/4/2022    103,700(11)   125,477    —     —   
   5/2/2022    150,000   181,500    —     —   
   9/1/2021    —     —      100,000(9)   121,000 
   2/4/2022    —     —      72,600(5)   87,846 

 

(1)One-sixth

The market value of the restricted stock unit awards represents the product of the closing price of our stock as of December 30, 2022, the last trading day of the year, which was $1.21, and the number of shares underlying each such award and, with respect to performance-based awards, assumes satisfaction of the applicable performance criteria.

58


(2)

This restricted stock unit award vested upon approval of our New Drug Application withvests in equal annual installments over three years, commencing July 1, 2021. Amount unvested at December 31, 2022 represents the FDA on July 26, 2012third and one-sixth vested on July 26, 2013. An additional one-sixth would have vested upon approval of the Supplemental New Drug Application for the ANCHOR indication for Vascepa, one-sixth would have vested upon the one-year anniversary of that date, one-sixth would have vested if Vascepa achieved “New Chemical Entity” status from the FDA, and the final one-sixth would vest upon the one-year anniversary of that date subject to the participant’s continued service to the Company on the vesting date. As a result of the vesting criteria not having been met by February 1, 2015, the unvested awards described above were forfeited on February 1, 2015.tranche.

(2)(3)

These restricted stock unit awards will vest in equal annual installments over three years, oncommencing December 31, 2021. Amount unvested at December 31, 2022 represents the anniversarythird and final tranche.

(4)

This restricted stock unit award vests in equal annual installments over three years, commencing April 12, 2022. Amount unvested at December 31, 2022 represents the remaining two vesting tranches.

(5)

These restricted stock unit awards vest upon achievement of certain sales and operational performance goals. As of December 31, 2022, the grant date,specified performance criteria had not been achieved.

(6)

This restricted stock unit award vests in equal annual installments over three years, commencing January 31, 2015.2020. Amount unvested at December 31, 2021 represents the third and final tranche.

(7)

This restricted stock unit award vests in equal annual installments over three years, commencing February 28, 2021. Amount unvested at December 31, 2022 represents the third and final tranche.

(8)

These restricted stock unit awards vest in equal annual installments over three years, commencing July 31, 2022. Amount unvested at December 31, 2022 represents the remaining two vesting tranches.

(9)

These restricted stock unit awards vest upon achievement of certain sales and operational performance goals and are subject to certain further time-based vesting. Amarin’s Remuneration Committee certified the achievement of performance effective as of February 21, 2023, resulting in the vesting of two tranches at such time, with the remaining third tranche scheduled to vest on January 4, 2024.

(10)

This restricted stock unit award vests in equal annual installments over three years, commencing August 19, 2022. Amount unvested at December 31, 2022 represents the remaining two vesting tranches.

(11)

These restricted stock unit awards vest in equal annual installments over three years, commencing January 31, 2023.

(12)

This restricted stock unit award vests in equal annual installments over three years, commencing June 20, 2023.

Pension Benefits

We do not have a defined benefit plan. Our named executive officers did not participate in, or otherwise receive any special benefits under, any pension or defined benefit retirement plan sponsored by us during fiscal 2014.year 2022.

Nonqualified Deferred Compensation

During fiscal 2014,year 2022, our named executive officers did not contribute to, or earn any amount with respect to, any defined contribution or other plan sponsored by us that provides for the deferral of compensation on a basis that is not tax-qualified.

Employment, Change of Control and Severance Arrangements

We have entered into employment agreements or arrangements with each of our current named executive officers. These agreements set forth the individual’s base salary, bonus compensation, equity compensation and other employee benefits, which are described above in the “CompensationExecutive Compensation Discussion and Analysis.Analysis. In January 2021, Amarin adopted an Executive Severance and Change of Control Plan (the “Executive Severance Plan”), pursuant to which our U.S. officers with a title of vice president and higher (at the time of termination) are eligible for certain severance benefits. Under the Executive Severance Plan, if a named executive officer’s employment agreement includes severance or change of control benefits that are more favorable than those provided under the Executive Severance Plan, then the more favorable term or provision, or relevant combination thereof, will be applicable for the benefit of the Eligible Executive, except that in no event will there be duplication of payments or benefits under the Executive Severance Plan and the named executive officer’s employment agreement. Furthermore, if any outstanding equity awards are subject to more favorable acceleration or other terms than those provided in the Executive Severance Plan, the terms of the applicable outstanding equity award will control. The benefits provided to our named executive officers under the Executive Severance Plan or the applicable employment agreements are described below.

John F. Thero

As of December 31, 2014,59


Pursuant to the Executive Severance Plan, in the event that Mr. Thero had been terminatedof a termination of a named executive officer’s employment by us without cause or resignedby a named executive officer for good reason, hein each case, during the 24-month period following a change of control and subject to the execution and effectiveness of a separation agreement including,among other things, a general release of claims in favor of Amarin, our named executive officers are eligible for the following severance payments and benefits under the Executive Severance Plan:

Dr. Ketchum, Mr. Reilly and Mr. Berg will be, and Mr. Kalb and Mr. Marks would have been, entitled to severance as follows: continuationa lump sum cash payment equal to 1.5 times the sum of such named executive officer’s base salary plus such named executive officer’s target annual performance bonus for twelve (12) months;the year in which termination occurs or, if higher, the target annual performance bonus in effect as of immediately prior to the change of control (the higher of such amounts, the “Target Bonus”), continuation of group health plan benefits for up to twelve (12)18 months to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”); and for twelve (12) months of

53


accelerated vesting onof all outstandingof such named executive officer’s then-outstanding stock options, restricted stock units or other equity incentive awards to the extent(whether or not subject to time-based vesting. If time- based vesting) (the “Outstanding Equity Awards”); and

Mr. Thero was terminated without cause or he quit for good reason as of December 31, 2014,Mikhail, who separated from the Company effective in either case, within twenty-four (24) months following a change of control, then heMarch 2023, would have been entitled to severance as follows: continuation of his base salary for eighteen (18) months;24 months, a lump sum cash payment equal to 2.0 times his Target Bonus, continuation of group health plan benefits for up to eighteen (18)24 months and accelerated vesting of all of his Outstanding Equity Awards. Mr. Mikhail has asserted that he is entitled to severance payments as the result of his resignation, which the Company is disputing.

Under the Executive Severance Plan, in the event that a named executive officer’s employment is terminated by us without cause (or, to the extent authorized bya named executive officer’s employment agreement provides good reason protection outside of a change of control, if the participant terminates employment for good reason) outside the 24-month period following a change of control, and consistent with COBRA; a lump sum cash payment equalsubject to the full target annual performance bonusexecution and effectiveness of a separation agreement, our named executive officers are eligible for the year during whichfollowing severance payments and benefits under the termination occurred; and 100% acceleration of vesting on all outstanding equity incentive awards.Executive Severance Plan:

Joseph T. Kennedy

In the event that Mr. Kennedy is terminated without cause, he

Dr. Ketchum, Mr. Reilly and Mr. Berg, and Mr. Kalb and Mr. Marks would have been, will be entitled to continuation of such named executive officer’s base salary for 12 months, continuation of group health plan benefits for up to 12 months and six months of accelerated vesting of such named executive officer’s outstanding equity awards (collectively, the “Non-CEO Executive Severance Benefits”); and

Mr. Mikhail would have been entitled to severance as follows: continuation of his base salary for six (6) months;18 months, an amount equal to 1.5 times his Target Bonus which would have been payable in substantially equal installments over the course of 18 months, continuation of group health plan benefits for up to six (6)18 months to the extent authorized by and consistent with COBRA; and six (6)12 months of accelerated vesting on allof his outstanding equity incentive awardsawards.

Pursuant to their respective Transition Agreements, Mr. Marks’ and Mr. Kalb’s separations were treated as terminations by the Company without cause for purposes of the Executive Severance Plan. Accordingly, each was entitled to the extent subjectNon-CEO Executive Severance Benefits under the Executive Severance Plan in connection with their termination of employment and the severance payments to time-based vesting. If Mr. Kennedy is terminated without cause or he quits for good reason,Kalb and Mr. Marks are reflected in either case, within twenty-four (24) months following a change of control, then he will be entitled to severance as follows: continuation of base salary for twelve (12) months; continuation of group health plan benefits for up to twelve (12) months to the extent authorized by and consistent with COBRA; a lump sum cash payment equal to the full target annual performance bonus for the year during which the termination occurred; and 100% acceleration of vesting on all outstanding equity incentive awards.Summary Compensation Table above.

Steven B. Ketchum, Ph.D.

In the event that Dr. Ketchum is terminated without cause, he will be entitled to severance as follows: continuation of base salary for six (6) months; continuation of group health plan benefits for up to six (6) months to the extent authorized by and consistent with COBRA; and six (6) months of accelerated vesting on all outstanding equity incentive awards to the extent subject to time-based vesting. If Dr. Ketchum is terminated without cause or he quits for good reason, in either case, within twenty-four (24) months following a change of control, then he will be entitled to severance as follows: continuation of base salary for twelve (12) months; continuation of group health plan benefits for up to twelve (12) months to the extent authorized by and consistent with COBRA; a lump sum cash payment equal to the full target annual performance bonus for the year during which the termination occurred; and 100% acceleration of vesting on all outstanding equity incentive awards.60

Michael J. Farrell

In the event that Mr. Farrell is terminated without cause or he quits for good reason, in either case, within twenty-four (24) months following a change of control, he will be entitled to severance as follows: continuation of base salary for six (6) months; continuation of group health plan benefits for up to six (6) months to the extent authorized by and consistent with COBRA; and 100% acceleration of vesting on all outstanding equity incentive awards.


Potential Payments upon Termination or Change ofin Control

The table below shows the benefits potentially payable to each of our named executive officers ifassuming the named executive officer’s employment was terminated without cause by the Company or for good reason within 24 months following a change of control and such termination occurred on December 31, 2014,30, 2022, the last business day of fiscal 2014.year 2022.

 

Name

  Base Salary
($)
   Bonus
Payment
($)(1)
   Accelerated
Vesting of
Options(2)
($)
   Accelerated
Vesting of
Time-Based
RSUs(3)
($)
   Continuation of
Health Benefits
($)
   Total ($) 

John F. Thero

  $750,000    $575,000    $—      $498,330    $29,000    $1,852,330  

Joseph T. Kennedy

  $404,800   $411,920    $—      $166,110    $25,000    $1,007,830  

Steven B. Ketchum, Ph.D.

  $404,800   $411,920    $—      $166,110    $25,000    $1,007,830  

Michael J. Farrell

  $107,500   $—      $—      $19,110    $10,000    $136,610  

54


Name  Base
Salary ($)
   Bonus
Payment
($)
   Accelerated
Vesting of
Options(1)
($)
   Accelerated
Vesting of
Restricted
Stock
Units(2)
($)
   Continuation
of Health
Benefits
($)
   Total
($)
 

Karim Mikhail

   1,575,000    1,181,250    1,227,500    1,847,365    20,320    5,851,435 

Thomas C. Reilly

   787,500    393,750    100,000    200,000    52,390    1,533,640 

Steven B. Ketchum, Ph.D.

   931,500    465,750    603,637    512,965    50,739    2,564,591 

Aaron D. Berg

   853,950    426,975    819,332    512,965    52,390    2,665,612 

 

(1)Represents the maximum amount payable under the ANCHOR label enhancement special incentive bonus program assuming the Company’s sNDA for the ANCHOR indication is approved by the FDA on or before December 31, 2015 and the named executive officer is terminated following such approval. Depending on the timing of the achievement, if any, of the applicable performance milestones described under the ANCHOR label enhancement special incentive bonus program, the named executive officer may be entitled to $0, $150,000 or $250,000. The Remuneration Committee amended the ANCHOR label enhancement special incentive bonus program on January 8, 2014, and again on January 29, 2015, as fully described above in “Compensation Discussion and Analysis—Special Incentive Bonus Programs.”
(2)

The value of the accelerated vesting of options equals the difference (if positive) between the option exercise price and the closing price per share of our ADSs on December 31, 201430, 2022 ($0.98)1.21), multiplied by the number of optionsshares that would have been accelerated upon a change of controltermination occurring on December 31, 2014. As of December 31, 2014, all such options were underwater.30, 2022.

(3)(2)

The value of the accelerated vesting of time-based RSUsrestricted stock units equals the closing price per share of our ADSs on December 31, 201430, 2022 ($0.98)1.21) multiplied by the number of time-based RSUsrestricted stock units that would have been accelerated upon a change of controltermination occurring on December 31, 2014.30, 2022. Included in these amounts are amounts related to performance-based restricted stock units that would vest upon a change in control of $1,253,681 for Mr. Mikhail, $100,000 for Mr. Reilly, $359,854 for Dr. Ketchum, and $359,854 for Mr. Berg.

The table below shows the benefits potentially payable to each of our named executive officers if a terminationassuming the named executive officer’s employment was terminated by the Company without cause in the absence of aother than within 24 months following change of control and assuming such termination occurred on December 31, 2014.30, 2022, the last business day of fiscal year 2022.

 

Name

  Base Salary
($)
   Bonus Payment(1)
($)
   Accelerated
Vesting of
Options(2)($)
   Accelerated
Vesting of
Time-Based
RSUs(3)
($)
   Continuation
of Health
Benefits($)
   Total ($) 

John F. Thero

  $500,000    $250,000    $—      $166,110    $19,000    $835,110  

Joseph T. Kennedy

  $202,400   $250,000    $—      $55,370    $12,500    $520,270  

Steven B. Ketchum, Ph.D.

  $202,400   $250,000    $—      $55,370    $12,500    $520,270  

Michael J. Farrell

  $—      $—      $—      $—      $—      $—    
Name  Base
Salary
($)
   Bonus
Payment
($)
   Accelerated
Vesting of
Options(1)
($)
   Accelerated
Vesting of
Restricted
Stock Units(2)
($)
   Continuation
of Health
Benefits
($)
   Total ($) 

Karim Mikhail

   1,181,250    885,938    —      1,943,661    15,240    4,026,089 

Thomas C. Reilly

   525,000    262,500    —      529,738    34,927    1,352,165 

Steven B. Ketchum, Ph.D.

   621,000    310,500    —      751,085    33,826    1,716,411 

Aaron D. Berg

   569,300    284,500    —      715,834    34,926    1,604,560 

Michael W. Kalb(3)

   491,832    143,451    —      —      33,826    669,109 

Jason M. Marks(3)

   565,000    313,000    —      —      34,768    912,768 

 

(1)Represents the maximum amount payable under the ANCHOR label enhancement special incentive bonus program assuming the Company’s sNDA for the ANCHOR indication is approved by the FDA on or before December 31, 2015 and the named executive officer is terminated without cause in the absence of a change of control following such approval. Depending on the timing of the achievement, if any, of the applicable performance milestones described under the ANCHOR label enhancement special incentive bonus program, the named executive officer may be entitled to $0, $150,000 or $250,000. The Remuneration Committee amended the ANCHOR label enhancement special incentive bonus program on January 8, 2014, and again on January 29, 2015, as fully described above in “Compensation Discussion and Analysis—Special Incentive Bonus Programs.”
(2)

The value of the accelerated vesting of time-based options equals the difference (if positive) between the option exercise price and the closing price per share of our ADSs on December 31, 201430, 2022 ($0.98)1.21), multiplied by the number of optionsshares that would have been accelerated upon termination without cause absent a change of control occurring on December 31, 2014. As of December 31, 2014, all such options were underwater.termination.

(3)(2)

The value of the accelerated vesting of time-based RSUsrestricted stock units equals the closing price per share of our ADSs on December 31, 201430, 2022 ($0.98)1.21) multiplied by the number of time-based RSUsrestricted stock units that would have been accelerated upon termination without cause absent a changetermination.

(3)

Represents amounts actually paid in connection with Mr. Kalb’s and Mr. Mark’s separations, respectively.

Chief Executive Officer Pay Ratio

Pursuant to a mandate of the Dodd-Frank Act, the SEC adopted a rule requiring annual disclosure of the ratio of the median employee’s total annual compensation to the total annual compensation of the principal executive officer (“PEO”). Our PEO for 2022 was Mr. Karim Mikhail.

61


We believe that our compensation philosophy must be consistent and internally equitable to motivate our employees to create shareholder value. The purpose of the required disclosure is to provide a measure of pay equity within the organization. We are committed to internal pay equity, and our Remuneration Committee monitors the relationship between the pay our PEO receives and the pay our non-executive employees receive.

As illustrated in the table below, our 2022 PEO to median employee pay ratio was approximately 51:1.

PEO 2022 Compensation

  $7,733,450 

Median Employee 2022 Compensation

  $151,981 

Ratio of PEO to Median Employee Compensation

   51:1 

We identified the median employee using annualized base salary for 2022, bonus(es) earned in 2022, and aggregate grant date fair values for equity awards granted in 2022 for all individuals who were employed by us on December 31, 2022, the last day of our fiscal year (whether employed on a full-time or part-time basis). Employees on leave of absence were excluded from the list and reportable wages were annualized for those permanent full-time or part-time employees who were not employed for the full calendar year.

The pay ratio reported above is a reasonable estimate calculated in a manner consistent with SEC rules, based on our internal records and the methodology described above. The SEC rules for identifying the median compensated employee allow companies to adopt a variety of methodologies, to apply certain exclusions, and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Accordingly, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may use different methodologies, exclusions, estimates, and assumptions in calculating their own pay ratios.

A substantial portion of the compensation included in this analysis is based on estimates. Furthermore, as discussed above, the Black-Scholes option-pricing model is used to estimate the value of option awards. Under the Black-Scholes option-pricing model, historical variable assumptions and other variables can cause model prices to be more or less than the actual value of an option when exercised or in an ultimate exit. Actual option value is instead based on stock performance, which can vary significantly from these historical variable assumption-based valuation estimates. The realized value of the long-term equity awards granted to the Company’s CEO and other employees in the future could be considerably more or less than these historical estimates as the future value of the Company’s ADSs cannot be accurately predicted by the Black-Scholes option-pricing model or by any model.

62


PAY VERSUS PERFORMANCE
Pay Versus Performance Disclosure
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, we provide the following disclosure regarding executive compensation for our principal executive officers (“PEOs”) and
Non-PEO
NEOs and Company performance for the fiscal years listed below. The Remuneration Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
Year
 
Summary
Compensation
Table Total
for

John F. Thero¹

($)
  
Summary
Compensation
Table Total
for Karim
Mikhail
1

($)
  
Compensation
Actually Paid
to John F.
Thero¹
,
²
,
³
($)
  
Compensation
Actually Paid
to Karim
Mikhail
1,2,3

($)
  
Average
Summary
Compensation
Table Total
for
Non-PEO

NEOs
1

($)
  
Average
Compensation
Actually Paid
to
Non-PEO

NEOs
1,2,3

($)
  
Value of Initial
Fixed $100
Investment
based on:
4
  
Net Income
($ Millions)
  
Cash
Preservation
5
 
 
TSR
($)
  
Peer
Group
TSR
($)
 
(a)
 
(b)
  
(b)
  
(c)
  
(c)
  
(d)
  
(e)
  
(f)
  
(g)
  
(h)
  
(i)
 
2022
 
 
—  
 
 
 
8,393,551
 
 
 
—  
 
 
 
1,247,331
 
 
 
1,910,071
 
 
 
235,099
 
 
 
5.64
 
 
 
113.65
 
 
 
(106
 
 
100.0
2021
 
 
9,635,654
 
 
 
5,834,553
 
 
 
(949,252
 
 
3,521,093
 
 
 
2,873,934
 
 
 
1,563,924
 
 
 
15.72
 
 
 
126.45
 
 
 
8
 
 
 
100.0
2020
 
 
17,915,674
 
 
 
—  
 
 
 
5,949,541
 
 
 
—  
 
 
 
4,388,387
 
 
 
1,736,867
 
 
 
22.81
 
 
 
126.42
 
 
 
(18
 
 
100.0
1.
John F. Thero was our PEO from 2019 to 8/31/2021. Karim Mikhail was our PEO starting 9/01/2021. The individuals comprising the
Non-PEO
NEOs for each year presented are listed below.
2020
  
2021
  
2022
Joseph T. Kennedy  Joseph T. Kennedy  Michael W. Kalb
Michael W. Kalb  Michael W. Kalb  Steven B. Ketchum, Ph.D.
Steven B. Ketchum, Ph.D.  Steven B. Ketchum, Ph.D.  Aaron D. Berg
Aaron D. Berg  Aaron D. Berg  Jason Marks
   Jason Marks  Thomas Reilly
2.
The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of control occurring onRegulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
3.
Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
Year
  
Summary Compensation
Table Total for

John F. Thero
($)
   
Exclusion of Stock
Awards and
Option Awards
for John F. Thero
($)
   
Inclusion of Equity
Values for

John F. Thero
($)
   
Compensation Actually
Paid to John F. Thero
($)
 
2021   9,635,654    (8,421,183   (2,163,723   (949,252
2020   17,915,674    (16,547,719   4,581,586    5,949,541 
Year
  
Summary Compensation
Table Total for

Karim Mikhail
($)
   
Exclusion of Stock
Awards and
Option Awards
for

Karim Mikhail
($)
   
Inclusion of Equity
Values for

Karim Mikhail
($)
   
Compensation Actually
Paid to Karim Mikhail
($)
 
2022   8,393,551    (6,719,900   (426,320   1,247,331 
2021   5,834,553    (4,645,747   2,332,287    3,521,093 
Year
  
Average Summary
Compensation
Table Total for
Non-PEO
NEOs
($)
   
Average Exclusion of
Stock Awards and
Option Awards for
Non-PEO
NEOs
($)
   
Average Inclusion of
Equity Values for
Non-PEO
NEOs
($)
   
Average Compensation
Actually Paid to
Non-PEO
NEOs
($)
 
2022   1,910,071    (928,504   (746,468   235,099 
2021   2,873,934    (2,212,177   902,167    1,563,924 
2020   4,388,387    (3,679,972   1,028,452    1,736,867 
6
3

Table of Contents
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
Year
 
Year-End Fair

Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as of
Last Day of
Year for John
F. Thero
($)
  
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity
Awards for
John F. Thero
($)
  
Vesting-Date

Fair Value
of Equity
Awards
Granted
During Year
that Vested
During Year
for John F.
Thero
($)
  
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity
Awards that
Vested During
Year for John
F. Thero
($)
  
Fair Value at
Last Day of
Prior Year
of Equity
Awards
Forfeited
During Year
for John F.
Thero
($)
  
Value of
Dividends or
Other
Earnings
Paid on
Equity
Awards Not
Otherwise
Included for
John F.
Thero
($)
  
Total -
Inclusion
of
Equity
Values
for John
F. Thero
($)
 
2021  483,954   (122,958  644,907   136,266   (3,305,892  0   (2,163,723
2020  4,273,070   0   308,516   0   0   0   4,581,586 
Year
 
Year-End Fair

Value of
Equity
Awards
Granted
During Year
That
Remained
Unvested as of
Last Day of
Year for
Karim
Mikhail
($)
  
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity
Awards for
Karim
Mikhail
($)
  
Vesting-Date

Fair Value
of Equity
Awards
Granted
During Year
that Vested
During Year
for Karim
Mikhail
($)
  
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity
Awards that
Vested During
Year for
Karim
Mikhail
($)
  
Fair Value
at Last
Day of
Prior
Year of
Equity
Awards
Forfeited
During
Year for
Karim
Mikhail
($)
  
Value of Dividends
or Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Karim Mikhail
($)
  
Total -
Inclusion
of
Equity
Values
for
Karim
Mikhail
($)
 
2022  1,462,261   (1,691,095  0   (197,486  0   0   (426,320
2021  2,663,658   (344,476  38,307   (25,202  0   0   2,332,287 
Year
 
Average Year-End

Fair Value of
Equity Awards
Granted During
Year That
Remained
Unvested as of
Last Day of Year
for
Non-PEO

NEOs
($)
  
Average
Change in Fair
Value from
Last Day of
Prior Year to
Last Day of
Year of
Unvested
Equity
Awards for
Non-PEO

NEOs
($)
  
Average Vesting-
Date Fair Value
of Equity
Awards Granted
During Year
that Vested
During Year for
Non-PEO
NEOs
($)
  
Average
Change in Fair
Value from
Last Day of
Prior Year to
Vesting Date
of Unvested
Equity
Awards that
Vested During
Year for
Non-PEO

NEOs
($)
  
Average Fair
Value at
Last Day of
Prior Year
of Equity
Awards
Forfeited
During Year
for
Non-PEO

NEOs
($)
  
Average Value
of Dividends
or Other
Earnings Paid
on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
  
Total -
Average
Inclusion
of
Equity
Values
for
Non-PEO

NEOs
($)
 
2022  173,214   (377,438  0   (202,228  (340,016  0   (746,468
2021  1,138,315   (251,447  128,780   30,518   (143,999  0   902,167 
2020  943,558   0   84,894   0   0   0   1,028,452 
4.
The Peer Group TSR set forth in this table utilizes the NASDAQ Biotechnology Index (“NASD Biotech Index”), which we also utilize in the stock performance graph required by Item 201(e) of Regulation
S-K
included in our Annual Report for the year ended December 31, 2014.2022. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the NASD Biotech Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
5.
We determined Cash Preservation to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and
Non-PEO
NEOs in 2022. This performance measure may not have been the most important financial performance measure for years 2021 and 2020 and we may determine a different financial performance measure to be the most important financial performance measure in future years.
64

Table of Contents
Description of Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Company Total Shareholder Return (“TSR”)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years.
65

Table of Contents
Description of Relationship
Between PEO
and
Non-PEO
NEO Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Net Income during the three most recently completed fiscal years.
66

Table of Contents
Description of Relationship Between PEO and
Non-PEO
NEO Compensation Actually Paid and Company-Selected Measure
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our
Non-PEO
NEOs, and our Cash Preservation during the three most recently completed fiscal years. [Summarize adjustments from U.S. GAAP, if any, or refer to such disclosure elsewhere in the proxy statement where this should be described –.]
67

Table of Contents
Description of Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the three most recently completed fiscal years to that of the NASDAQ Biotechnology Index over the same period.
Tabular List of Most Important Financial [and Non-Financial] Performance Measures
The following table presents the financial [and non-financial] performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO[s] and other NEOs for 2022 to Company performance. The measures in this table are not ranked.
[Table to be inserted]
PEO
Other NEOs
68

Table of Contents
PEO[NEO 1][NEO 2][NEO 3][NEO 4, etc.]
#    #    #
69

55


DIRECTOR COMPENSATION

Non-Employee Director Compensation

Upon recommendation of the Remuneration Committee, the Board approved an amended a non-employee director compensation program effective December 10, 2012, as most recently amended on May 20, 2013 and March 11, 2014.in January 2020. The amended non-employee director compensation program wasis intended to approximate the 50th50th percentile of non-employee director compensation within the Company’s peer group. The New Remuneration Committee is currently working with Aon to revise the non-employee director compensation program, including the initial and annual equity grant amounts, and the various retainers. Because the New Directors view the current non-employee director compensation program described below to be excessive, the New Directors have each declined to accept the initial equity grants under the current policy, and will instead be granted the revised initial equity awards, and revised annual equity awards, under the new non-employee director compensation program once it is finalized.

A summary of the non-employee director compensation arrangements for fiscal 2015year 2022 is set forth below.

 

   Retainer 

Annual Board Retainer Fee:

  

Non-Executive Chairman

  $95,000*

All non-employee directors

  $55,000  

Annual Chairman Retainer Fees:**

  

Audit Committee Chairman

  $20,000  

Remuneration Committee Chairman

  $15,000  

Nominating and Corporate Governance Committee Chairman

  $10,000  

Annual Committee Member Retainer Fees:**

  

Audit Committee

  $10,000  

Remuneration Committee

  $7,500  

Nominating and Corporate Governance Committee

  $5,000  
Retainer ($)

Annual Board Retainer Fee:

Non-Executive Chairman

95,000

All non-employee directors

62,500

Annual Chairman Retainer Fees:*

Audit Committee Chairman

25,000

Remuneration Committee Chairman

20,000

Nominating and Corporate Governance Committee Chairman

11,000

Annual Committee Member Retainer Fees:*

Audit Committee

12,000

Remuneration Committee

10,000

Nominating and Corporate Governance Committee

5,000

 

*Effective January 1, 2014.
**

These fees are in addition to the Annual Board Retainer Fee, as applicable.

The annual retainers are paid in equal installments made in arrears within thirty30 days of the end of each calendar quarter, or upon the earlier resignation or removal of the non-employee director. Amounts owing to For non-employee directors as annual retainers shall be annualized, meaning that for non-employee directors who join the Board during the calendar year, such amounts shall beannual retainers are prorated based on the number of calendar days served by such director.director in the calendar year.

Non-employee directors shall beare given an annual election option, which option is to be exercised within ten calendar days of the end of each quarter, of receiving their annual retainers in the form of either (i) cash or (ii) unregistered non-ADRnon-ADS Ordinary Shares, with any such issuances to be priced at the greater of (i)(a) the closing price of the Company’s ADSs on NASDAQNasdaq on the date which is ten calendar days after the end of each quarter or (ii)(b) £0.50 per share (i.e., par value per Ordinary Share).

In addition, upon their initial appointment or re-election to the Board, non-employee directors will be eligible to receive equity awards valued at $135,000 based onwith a consistently-applied, Black Scholes methodology,grant date fair value of $540,000, split equally in value between option awards and restricted stock units. The option awards vest in full upon the one-year anniversary of the date of grant. The restricted stock units are subject to deferred settlement upon the director’s separation of service with the Company (“DSUsDSUs”) and vest in equal installments over three years on theeach anniversary of the date of grant. The grant date for such awards will be theis date of such initial appointment, or re-election, as the case may be, and the exercise price of any such option award shall beis equal to the closing market price on NASDAQNasdaq of the ADSs representing the Company’s Ordinary Sharesordinary shares on the date of such appointment or re-election to the Board.date. In addition, for so long as the non-employee director remains on the Board, the non-employee director will be eligible to receivereceives annual equity awards valued at $90,000 based onwith a consistently-applied, Black Scholes methodology,grant date fair value of $360,000, split equally in value between option awards and DSUs. Such award for Ordinary Shares willoption awards vest in full upon the earlier of the one-year anniversary of the date of grant or the annual general meeting of shareholders in such anniversary year. Such DSUs will vest in equal annual installments over three years, in each case upon the earlier of the anniversary of the date of grant or the annual general meeting of shareholders in such anniversary year.

 

5670


On March 9, 2015, based on the recommendation of the Company’s independent compensation consultant, Radford, our Board approved a one-time equity grant of $135,000 to each of our non-employee directors effective on July 6, 2015, in addition to the above-described $90,000 annual equity award to non-employee directors remaining in office. This one-time grant shall consistent of 75% stock options and 25% restricted stock units, and, as with the options included in the $90,000 annual grant described above, the strike price for such option awards will be equal to the closing market price on NASDAQ of the ADSs representing the Company’s Ordinary Shares on July 6, 2015.

In addition, a Non-Executive Chairman of the Board that continues on the Board following the Company’s annual general meeting of shareholders (and who was not first elected to the Board at such meeting) will beis eligible to receive an annual equity award valued atwith a grant date fair value of $20,000, based on a consistently-applied, Black Scholes methodology, split equally in value between option awards and DSUs. Such awards will have a grant date, vesting schedule and exercise price identical to other annual equity awards.

All equity awards will beare made pursuant to the terms of the Company’s Equity2020 Stock Incentive Plan, as amended and in effect from time to time. In the event of a change of control (as defined in the EquityStock Incentive Plan), all option awards and DSUs shall immediately become fully vested.

In addition, the non-employee directors are also eligible to participate in the Company’s stock option plans on a case-by-case basis.

Non-employee directors are also reimbursed for their reasonable out-of-pocket expenses incurred in connection with attending Board and committee meetings.

On March 11, 2014, the Company awarded an option representing the right to purchase 28,500 Ordinary Shares and 24,000 DSUs to each of Dr. Ekman, Dr. Healy, Mr. O’Sullivan, Ms. Peterson, Mr. Stack, Mr. Zakrzewski and Mr. van Heek in connection with their service on the Board. The total grant-date value of each of these awards was $42,303 and $44,880, respectively, based on a closing price of $1.87 on NASDAQ of the ADSs representing the Company’s Ordinary Shares on the date of grant. The option awards vested in full on the one year anniversary of the grant date, while the DSU awards will vest in equal annual installments over three years commencing on the one year anniversary of the grant date. The Company awarded an additional grant of 6,390 options and 5,348 DSUs to Dr. Ekman in connection with his service as Non-Executive Chairman of the Board, with the total grant-date value of these awards being $9,485 and $10,001, respectively, based on a closing price of $1.87 on NASDAQ of the ADSs representing the Company’s Ordinary Shares. The option award vested in full on January 1, 2015 and the DSU award will vest in equal annual installments over three years commencing January 1, 2015.Director Compensation Table

The following table shows the compensation for each person who served as a non-employee member of our Board during the year ended December 31, 2022.

We do not provide separate compensation to our directors who are also our employees. The compensation paid to Karim Mikhail, our former President and Chief Executive Officer, for fiscal year 2022, is set forth in fiscal 2014 to the Company’s non-employee directors.Executive Compensation Discussion and Analysis.”

 

Name

  Fees
Earned or
Paid in
Cash
($)
   Stock
Awards(1)
($)
   Option
Awards(2)
($)
   Total ($)   Fees Earned
or Paid in
Cash
($)
   Stock
Awards(1)(3)
($)
   Option
Awards(2)(3)
($)
   Total ($) 

Adam M. Berger

   12,944    270,000    270,000    552,944 

Lars G. Ekman, M.D., Ph.D.

  $95,082    $54,881    $51,788    $201,751     79,643    180,000    179,674    439,317 

Joseph S. Zakrzewski

  $41,250    $44,880    $42,303    $128,433  

James I. Healy, M.D., Ph.D.

  $69,262    $44,880    $42,303    $156,445  

Erin Enright

   54,808    450,000    450,000    954,808 

Jan van Heek

   89,357    180,000    179,674    449,031 

Geraldine Murphy

   11,944    270,000    270,000    551,944 

Per Wold-Olsen

   93,822    190,000    189,656    473,478 

Patrick J. O’Sullivan

  $71,188    $44,880    $42,303    $158,371     80,380    180,000    179,674    440,054 

Kristine Peterson

  $66,178    $44,880    $42,303    $153,361     82,367    180,000    179,674    442,041 

David Stack

  $62,137    $44,880    $42,303    $149,320  

Jan van Heek

  $81,500    $44,880    $42,303    $168,683  

David Stack(4)

   43,750    —      —      43,750 

Joseph S. Zakrzewski(4)

   37,500    —      —      37,500 

Alfonso Zulueta

   43,415    450,000    450,000    943,415 

 

(1)

The value of the stock awards reflects the aggregate grant date fair value, representing the market value of the Company’s common stock on the date of grant, calculated in accordance with FASB ASC 718, excluding the effect of estimated forfeitures.

57


(2)The value of the option awards has been computed in accordance with FASB ASC 718, excluding the effect of estimated forfeitures.forfeitures related to service-based vesting. Assumptions used in the calculations for these amounts are set forth in note 12Note 9 to our consolidated financial statements included in our Annual Report onthe Original Form 10-K filed with the SEC on March 3, 2015. Filing.

(2)

The value of the option awards reflects the aggregate grant date fair value, calculated in accordance with FASB ASC 718 using the Black-Scholes option-pricing model, excluding the effect of estimated forfeitures related to service-based vesting. Assumptions used in the calculations for these amounts are set forth in Note 9 to our consolidated financial statements included in the Original Form 10-K Filing.

71


(3)

The following table shows the amount of unexercised stock options, unvested stock unit awards and vested stock unit awards subject to deferred delivery held by the non-employee members of the Board as of December 31, 2022:

   Unexercised
Unvested Stock
Options
   Unexercised
Vested Stock
Options
   Unvested
Stock
Awards
   Vested but
Deferred
Stock Awards
 

Adam M. Berger

   302,122    —      247,707    —   

Lars G. Ekman, M.D., Ph.D.

   115,919    95,676    93,750    218,031 

Erin Enright

   339,638    —      273,750    —   

Jan van Heek

   115,919    212,537    93,750    195,463 

Geraldine Murphy

   302,122    —      247,707    —   

Per Wold-Olsen

   225,928    —      180,041    —   

Patrick J. O’Sullivan

   69,966    315,837    81,750    195,463 

Kristine Peterson

   69,966    302,337    81,750    134,487 

David Stack(4)

   —      90,416    —      —   

Joseph S. Zakrzewski(4)

   45,953    210,431    2,476    183,987 

Alfonso Zulueta

   339,638    —      273,750    —   

(4)

Mr. Stack and Mr. Zakrzewski resigned as directors of the Company, effective June 27, 2022.

Director Stock Ownership Guidelines

In March 2013, our Board established Stock Ownership Guidelines for its non-employee directors. The guidelines require that each non-employee director maintain an equity interest in the Company at least equal to three times the amount of such director’s annual cash retainer. Equity interests that count toward the satisfaction of the ownership guidelines include the value of Ordinary Sharesordinary shares owned beneficially and Ordinary Shares(including shares purchased on the open market or acquired upon the exercise of stock options) or issuable upon the settlement of restricted stock or restricted stock units, and unvested deferred stock units.vested DSUs. The calculation of an individual’s equity interest, however, does not include the value of stock options (whether or not vested), unvested restricted stock, and unvested restricted stock units, except unvested deferred stock units. Non-employee directors have five years from the date of the commencement of their appointment as a director to attain these ownership levels. If a non-employee director does not meet the applicable guideline by the end of the five-year period, the director is required to hold a minimum of 50% to 100% of the shares resulting fromreceived upon the exercise or vesting of any future equity awards until the applicable guideline is met, net of shares sold or withheld to exercise stock options and pay withholding taxes. The Remuneration Committee, however, may make exceptions for any director on whom this requirement could impose a financial hardship.

Each of the Company’s non-employee directors has until February 2028 to attain the required ownership level, given that they were elected as directors in February 2023.

 

5872


REPORT OF THE AUDIT COMMITTEE

The Audit Committee oversees the accounting and financial reporting processes of the Company and the audits of the Company’s financial statements, evaluates auditor performance, manages relations with the Company’s independent registered public accounting firm and evaluates policies and procedures relating to internal control systems. The Audit Committee operates under a written Audit Committee charter that has been adopted by the Board. All members of the Audit Committee currently meet the independence and qualification standards for Audit Committee membership set forth in the listing standards provided by NASDAQ and the SEC, and the Board has determined that Audit Committee Member Jan van Heek is anMr. Horn and Ms. Bonfiglio each meets the definition of “audit committee financial expert,” as the SEC has defined that term in Item 407 of Regulation S-K.

The Audit Committee members are not professional accountants or auditors. The members’ functions are not intended to duplicate or to certify the activities of management and the independent registered public accounting firm. The Audit Committee serves a board-level oversight role in which it provides advice, counsel and direction to management and the auditors on the basis of the information it receives, discussions with management and the auditors, and the experience of the Audit Committee’s members in business, financial and accounting matters.

The Audit Committee oversees the Company’s financial reporting process on behalf of the Board. The Company���sCompany’s management has the primary responsibility for the financial statements and reporting process, including the Company’s system of internal controls. In fulfilling its oversight responsibilities, the Audit Committee reviewed with management the audited financial statements included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2014.2022. This review included a discussion of the quality and the acceptability of the Company’s financial reporting, including the nature and extent of disclosures in the financial statements and the accompanying notes. The Audit Committee also reviewed the progress and results of the testing of the design and effectiveness of its internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002.

The Audit Committee also reviewed with the Company’s independent registered public accounting firm, which is responsible for expressing an opinion on the conformity of the audited financial statements with accounting principles generally accepted in the United States of America, their judgments as to the quality and the acceptability of the Company’s financial reporting and such other matters as are required to be discussed with the Committee by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) AU380,, including the matters required to be discussed by PCAOB Auditing Standard No. 1301, Communications with Audit Committees, and SEC Regulation S-X Rule 207,2-07,Communication with Audit Committees. The Audit Committee has received the written disclosures and the letter from the independent registered public accounting firm required by the Public Company Accounting Oversight Board. The Audit Committee discussed with the independent registered public accounting firm their independence from management and the Company, including the matters required by the applicable rules of the Public Company Accounting Oversight Board.

In addition to the matters specified above, the Audit Committee discussed with the Company’s independent registered public accounting firm the overall scope, plans and estimated costs of their audit. The Audit Committee met with the independent registered public accounting firm periodically, with and without management present, to discuss the results of the independent registered public accounting firm’s examinations, the overall quality of the Company’s financial reporting and the independent registered public accounting firm’s reviews of the quarterly financial statements, and drafts of the quarterly and annual reports.

In reliance on the reviews and discussions referred to above, the Audit Committee recommended to the Board of Directors that the Company’s audited financial statements should be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.2022.

Submitted by the Audit Committee of the Board of Directors,

Jan van Heek (Chairman)Keith L. Horn (Chairman effective March 2023)

Kristine PetersonPatrice Bonfiglio (member effective March 2023)

Patrick J. O’SullivanLouis Sterling III (member effective March 2023)

Diane E. Sullivan (member effective March 2023)

 

5973


SHAREHOLDER PROPOSALS

Pursuant to Rule 14a-8 under the Exchange Act, of 1934, as amended, shareholder proposals intended to be included in the 20162024 Annual General Meeting proxy materials must be received by the Secretary of the Companyat Iconic Offices, The Greenway, Block C Ardilaun Court 112-114 St Stephens Green, Dublin 2, Ireland or by email at [            ] no later than January 3, 2016,[            ], or otherwise as permitted by applicable law;provided, however, that if the 20162024 Annual General Meeting date is advanced or delayed by more than 30 days from the anniversary date of the 20152023 Annual General Meeting, then shareholders must submit proposals within a reasonable time before the Company begins to print and send its proxy materials. Proposals received after this timeframe will not be included in the Company’s proxy materials for the 20162024 Annual General Meeting. The form and substance of these proposals must satisfy the requirements established by the Company’s Articles, the Nominating and Corporate Governance Committee charter and the SEC, and the timing for the submission of any such proposals may be subject to change as a result of changes in SEC rules and regulations.

The Company is registered in England & Wales and therefore subject to the Companies Act, which, together with our Articles of Association and the applicable rules and regulations of the SEC, governs the processes for shareholder proposals at the 2024 Annual Meeting. Under Section 338 of the Companies Act, in order for a shareholder proposal to be presented atincluded in a notice of an Annual General Meeting,annual general meeting, such proposal must have been requisitioned either by shareholders representing at least 5% of the voting rights of all members having a right to vote on such proposal at the Annual General Meetingannual general meeting or by at least 100 shareholders who have a right to vote on such proposal at the relevant Annual General Meetingannual general meeting and who hold shares in the Company on which there has been paid up an average sum, per member, of at least £100. Such proposal must have been signed or otherwise authenticated by all requisitionists and submitted to the Company not later than (1) six weeks before the Annual General Meetingannual general meeting to which the requests relate, or (2) if later, the time at which notice of that meeting is given by the Company.

Additionally, shareholders who intend to nominate a director to be elected at the 2016 Annual General Meetingannual general meeting must provide the Secretary of the Company with written notice of such nomination between 7seven and 42 clear days prior to the date of such meeting, together with a written notice signed by the director nominee regarding his or her willingness to be elected. Any shareholder seeking to recommend a director candidate or any director candidate who wishes to be considered by the Nominating and Corporate Governance Committee, the committee that recommends a slate of nominees to the Board for election at each annual general meeting, must also provide the Secretary of the Company with:with the following information between seven and 42 clear days prior to the date of such meeting: the name and address of the shareholder seeking to recommend a director candidate; a representation that the shareholder is a record holder of the Company’s securities (or, if the shareholder is not a record holder, evidence of ownership in accordance with Rule 14a-8(b)(2) of the Exchange Act); the name, age, business and residential address, educational background, current principal occupation or employment for the preceding five full fiscal years of the proposed director candidate; a description of the qualifications and background of the proposed director candidate, which addresses the minimum qualifications and other criteria for Board membership approved by the Board from time to time; a description of all arrangements or understandings between the shareholder and the proposed director candidate; the consent of the proposed director candidate to be named in the proxy statement relating to the Company’s annual general meeting and to serve as a director if elected at such annual general meeting; and any other information regarding the proposed director candidate that is required to be included in a proxy statement filed pursuant to SEC rules, if then required. The Nominating and Corporate Governance Committee will consider all director candidates who

To comply with these requirements and will evaluate these candidates using the criteria described aboveuniversal proxy rules, shareholders who intend to solicit proxies in support of director nominees other than the Company’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the caption, “NominationSecurities Exchange Act of Directors.” Director candidates who are then approved by the Board will be included in the Company’s proxy statement for that annual general meeting.

1934 no later than [●].

 

6074


DELIVERY OF PROXY MATERIALS

Our Annual Report on Form 10-Kto Shareholders for the fiscal year ended December 31, 2014,2022, including audited financial statements, accompanies this Proxy Statement. Copies of our Annual Report on Form 10-K for the fiscal year ended December 31, 20142022, and the exhibits thereto are available from the Company without charge upon written request of a shareholder. Copies of these materials are also available online through the SEC atwww.sec.gov.

The Company may satisfy SEC rules regarding delivery of proxy materials, including this Proxy Statement and the Annual Report, by delivering a single set of proxy materials to an address shared by two or more Company shareholders. This delivery method can result in meaningful cost savings for the Company. In order to take advantage of this opportunity, the Company may deliver only a single set of proxy materials to multiple shareholders who share an address, unless contrary instructions are received prior to the mailing date. Similarly, if you share an address with another shareholder and have received multiple copies of our proxy materials, you may write or call us at the address and phone number below to request delivery of a single copy of the proxy materials in the future. We undertake to deliver promptly upon written or oral request a separate copy of the proxy materials, as requested, to a shareholder at a shared address to which a single copy of the proxy materials was delivered. If you hold Ordinary Shares as a record shareholder and prefer to receive separate copies of proxy materials either now or in the future, please contact the Company’s investor relations department at Amarin Corporation plc, c/o Amarin Pharma, Inc., 1430 Route 206, Bedminster, NJ 07921440 US Highway 22, Bridgewater, New Jersey 08807 or by telephone at (908) 719-1315. If you hold Ordinary Shares in the form of ADSs through the Depositary or hold Ordinary Shares through a brokerage firm or bank and you prefer to receive separate copies of proxy materials either now or in the future, please contact the Depositary, your brokerage firm or bank, as applicable.

EACH ORDINARY SHAREHOLDER IS URGED TO COMPLETE, DATE, SIGN

AND PROMPTLY RETURN THE ENCLOSED PROXY.

 

6175


PRELIMINARY COPY, SUBJECT TO COMPLETION


ANNEX APROXY FORM

AMARIN CORPORATION PLC

AMENDMENT NO. 4 TO

2011 STOCK INCENTIVE PLAN

The Amarin Corporation plc 2011 Stock Incentive Plan (the “Plan”) is hereby amended by the Board of Directors and shareholders of Amarin Corporation plc as follows:

Section 2(v) of the Plan is hereby amended to read as follows:

“ISO Limit” shall mean 31,500,000 Shares, subject to adjustment as provided in the Plan and subject to the provisions of Section 422 or 424 of the Code or any successor provisions.

Section 4(a) of the Plan is hereby amended to increase the total number of Shares available for issuance under the Plan shall be increased by 20,000,000 shares, such that Section 4(a) of the Plan, as so amended, shall read in its entirety as follows:

Section 4. Shares Available for Awards

(a)Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the number of Shares in respect of which Awards may be made under this Plan on any day shall not exceed the sum of (i) 31,500,000 Shares, (ii) 3,074,680 Shares (being Shares that remained available for grants under the Company’s existing 2002 Stock Option Plan (the “2002 Plan”) as of July 12, 2011) and (iii) the number of Shares subject to grants under the 2002 Plan that are outstanding as of the Effective Date but subsequently become Lapsed Awards (as defined below) (“the Plan Limit”). Shares to be issued under the Plan may be either authorized but unissued Shares, or Shares acquired in the open market or otherwise. If any award over Shares granted under this Plan or the 2002 Plan expires or is forfeited, surrendered, canceled or otherwise terminated in whole or in part without Shares being issued (“Lapsed Award”), then the Shares subject to such Lapsed Award may, at the discretion of the Committee, be made available for subsequent grants under the Plan;provided,however, that Shares tendered or held back upon exercise of an Option or settlement of an Award to cover the exercise price or tax withholding shall not be considered a Lapsed Award. Notwithstanding the foregoing, the number of Shares available for granting Incentive Stock Options under the Plan shall not exceed the ISO Limit, and Options with respect to no more than 10,000,000 Shares may be granted to any one individual Participant during any one calendar year period.

ADOPTED BY BOARD OF DIRECTORS: March 9, 2015

ADOPTED BY SHAREHOLDERS:                     , 2015


PROXY FORM

AMARIN CORPORATION PLC

For use at the Annual General Meeting to be held at The Shelbourne Hotel, 27 St. Stephen’s Green,the Dublin offices of Arthur Cox LLP, Ten Earlsfort

Terrace, Dublin 2, D02 T380, Ireland at 2:9:00 p.m.a.m. on Monday, 6 July 2015.June 21, 2023.

 

I/We  

(Name in full block capitals please)

 

(Name in full block capitals please)
of  

being (a) member(s) of Amarin Corporation plc (the“Company”) hereby appoint the Chairman of the meeting or (see note 6 below)

as my/our proxy to attend, speak and vote for me/us and on my/our behalf as identified by an “X” in the appropriate box below at the annual general meeting of the Company to be held at 2:00 p.m. on Monday, 6 July 2015 and at any adjournment of the meeting. This form of proxy relates to the resolutions referred to below.
I/We instruct my/our proxy to vote as follows:

being (a) member(s) of Amarin Corporation plc (the “Company”) hereby appoint the Chairman of the meeting or (see note 6 below)

as my/our proxy to attend, speak and vote for me/us and on my/our behalf as identified by an “X” in the appropriate box below at the Annual General Meeting of the Company to be held at 9:00 a.m. on June 21, 2023 and at any adjournment of the meeting. This form of proxy relates to the resolutions referred to below.

[I/We instruct my/our proxy to vote as follows:]

 

      
   Resolutions  For   Against   

Abstain

(see note 2)

  

Discretionary 

(see note 3)

      

1.

 

Ordinary resolution to re-elect Mr. Jan van HeekO’Connor as a director.

        
      

2.

 

Ordinary resolution to re-elect Mr. Patrick J. O’SullivanDiPaolo as a director.

        
      

3.

 Ordinary resolution to re-elect Dr. Kostas as a director.

4.

Ordinary resolution (advisory, non-binding vote) to approve the compensation of the Company’s “named executive officers.”

        
      
4.  

5.

 Ordinary resolution (advisory, non-binding vote) on the frequency of future advisory votes to approve the compensation of the Company’s “named executive officers.”

6.

Ordinary resolution to appoint Ernst & Young LLP as auditors of the Company and to authoriseauthorize the Audit Committee of the Board of Directors of the Company to fix their remuneration.

        

5.  

Ordinary resolution to approve an amendment to the Company’s 2011 Stock Incentive Plan.

6.  

Ordinary Resolution to approve the issuance of 38,867,180 of the Company’s restricted American Depositary Shares, each representing one share of the Company’s Series A Convertible Preference Shares (convertible into 3,886,718 ordinary shares) in accordance with NASDAQ Listing Rule 5635(d).

      

7.

 Ordinary resolution to adopt and approve the proposed amendment to the Company’s 2020 Stock Incentive Plan.

8.

Ordinary Resolution to generally and unconditionally authorize the Board of Directors of the Company to exercise all powers of the Company to allot shares in the Company or grant rights to subscribe for or to convert any security into shares of the Company up to an aggregate nominal amount of £148,000,000.

£[125,000,000].
        
      

8.  9.

 

Special Resolution to, subject to the passing of Resolution No. 7,8, disapply statutory pre-emption rights otherwise applicable to shares in the Company allotted by the Board of Directors, up to an aggregate nominal amount of £148,000,000.

£[125,000,000].


Dated   
Signature(s)   

Dated this2015

Signature(s)


Notes:

 

 1.

Please indicate with an “X” in the appropriate box how you wish the proxy to vote. In the absence of any indication, the proxy will exercise his/her discretion as to whether and how he/she votes. The proxy may also vote or abstain from voting as he/she thinks fit on any other business which may properly come before the meeting.

 

 2.

If you mark the box “abstain”, it will mean that your proxy will abstain from voting and, accordingly, your vote will not be counted either for or against the relevant resolution.

 

 3.

If you mark the box “discretionary”, the proxy can vote as it chooses or can decide not to vote at all.

 

 4.

The form of proxy should be signed and dated by the member or his attorney duly authorised in writing. If the appointer is a corporation this proxy should be under seal or under the hand of an officer or attorney duly authorised. Any alteration made to the form of proxy should be initialed.

 

 5.

To be valid, this form of proxy, together with a duly signed and dated power of attorney or any other authority (if any) under which it is executed (or a notarially certified copy of such power of attorney or other authority) must be signed and dated and lodged at the Company’s registrars at the address below, so as to be received by 8:[9:00 a.m.] on Thursday, 2 July 2015.June 19, 2023.

 

 6.

A proxy need not be a memberthe Chairman of the Company.meeting. A member may appoint a proxy of his/her own choice. If you wish to appoint someone else please deleteto act as your proxy, you may strike out the words “the Chairman of the meeting” and insert the name of the person whom you wish to appoint to act as your proxy in the space provided. TheAll amendments to this form must be initialed. If you sign and return this form with no name inserted in the space provided, the Chairman of the meeting will act asbe deemed to be your proxy, whether or not such deletion is made, if no other name is inserted.proxy. A member may appoint more than one proxy in relation to the meeting provided that each proxy is appointed to exercise rights attached to different shares. A proxy need not be a member of the Company but must attend the meeting. Where someone other than the Chairman is appointed as a proxy, the member appointing him/her is responsible for ensuring that they attend the meeting and are aware of his/her voting intentions. If a member wishes his/her proxy to speak on his/her behalf at the meeting, he/she will need to appoint someone other than the Chairman and give his/her instructions directly to them.

 

 7.

In the case of joint holders, signature of any one holder will be sufficient, but the names of all the joint holders should be stated. The vote of the senior holder (according to the order in which the names stand in the register of members in respect of the holding) who tenders a vote in person or by proxy will be accepted to the exclusion of the vote(s) of the other joint holder(s).

 

 8.

Completion and return of a form of proxy will not preclude a member from attending, speaking and voting at the meeting and votingor any adjournment thereof in person. If a proxy is appointed and the member attends the meeting in person, the proxy appointment will automatically be terminated.

Address for lodgment of Proxies:

Equiniti

Aspect House

Spencer Road

Lancing

West Sussex

United Kingdom

BN99 6DA