- Agreement Underscores Board's Commitment to Aligning Executive Compensation
with Shareholder Returns -
DUBLIN, Ireland and BRIDGEWATER, N.J., July 20, 2023 (GLOBE NEWSWIRE) -- Today
the Board of Directors of Amarin Corporation plc (NASDAQ: AMRN) announced
details regarding the compensation program for the Company's new President and
Chief Executive Officer (CEO), Patrick Holt, who was appointed to the role on
July 18, 2023.
Under the terms of the agreement, the vast majority of Mr. Holt's total target
compensation is tied to the creation of shareholder value, in the form of
options to be granted shortly after his joining the Company. The realizable
value is at-risk equity and directly dependent upon the sustained performance of
the Company's share price and, thus, aligned with the interest of shareholders.
A summary of the material terms of Mr. Holt's equity incentive award is as
follows:

  * Mr. Holt will be issued a one-time grant of stock options giving him the
    right to purchase up to 5,000,000 shares subject to performance-based
    vesting with share price hurdles ranging from $2.50 to $15.00. Upon
    achievement of each share price hurdle, a set number of shares are earned.
  * For each share price hurdle to be achieved, the volume weighted average
    price of the shares over a 60-day calendar period must equal or exceed the
    applicable share price hurdle.
  * Once a share price hurdle has been achieved, the earned option shares are
    subject to an additional five months of time-based vesting to further
    support sustained stock price appreciation.
  * Mr. Holt has also agreed to purchase $300,000 worth of Amarin shares in the
    open market using personal funds.
  * Additional details regarding Mr. Holt's executive compensation are included
    in his employment agreement with the Company, which will be subsequently
    filed with the U.S. Securities and Exchange Commission.

"Mr. Holt's compensation addresses the long-standing frustration of shareholders
who want executive compensation directly tied to the creation of shareholder
value," said Odysseas Kostas, M.D., the Chairman of the Board. "As structured,
none of Mr. Holt's options will vest if the stock price does not reach
$2.50/share. On the other hand, if the stock reaches $15/share, Mr. Holt will
have created meaningful value for all shareholders, and he will be considerably
and rightly rewarded."
Dr. Kostas continued, "In addition, Mr. Holt's commitment to purchase a
significant amount of Amarin stock on the open market using his own funds
underscores his belief in Amarin. We strongly believe that his compensation
helps to set the right mindset at the Company to deliver on its mission to help
patients and create value for shareholders."
About Patrick Holt
Patrick Holt most recently served as president of Cordis, Cardinal Health's
global interventional cardiovascular business and as member of Cardinal Health
Inc's global operating committee. In this role, Mr. Holt led a successful
turnaround that included a return to revenue growth, a refocused R&D strategy,
as well as sustained enhancements in operational effectiveness delivering margin
expansion. Subsequently, he led the transaction process which culminated in the
sale of Cordis to Hellman & Friedman in 2021 for an enterprise value in excess
of $1 billion. He also previously served as president of Cardinal Health in
Asia-Pacific. Prior to his time at Cardinal Health, he served in a variety of
senior executive positions across biopharmaceuticals and vaccines at Allergan
and Merck. Mr. Holt is an independent non-executive director and audit committee
member of Hugel, Inc., a publicly listed biopharmaceutical company and global
leader in medical aesthetics. He earned a bachelor's degree in biochemistry and
chemistry from Monash University, Australia and is a graduate of Harvard
Business School.
About Amarin
Amarin is an innovative pharmaceutical company leading a new paradigm in
cardiovascular disease management. We are committed to increasing the scientific
understanding of the cardiovascular risk that persists beyond traditional
therapies and advancing the treatment of that risk for patients worldwide.
Amarin has offices in Bridgewater, New Jersey in the United States, Dublin in
Ireland, Zug in Switzerland, and other countries in Europe as well as commercial
partners and suppliers around the world.
Forward-Looking Statements
This press release contains forward-looking statements, within the meaning of
U.S. securities laws, including, but not limited to, expectations regarding
Amarin's financial performance, metrics, and initiatives, including its 2023
revenues, operating expenses, supply purchases, negotiations and settlements,
product prescriptions and managed care coverage, continued savings from cost-
cutting initiatives that is currently exceeding initial targets, and Amarin's
overall ability to continue to deliver stable revenues and cash position from
its U.S. business; beliefs about the timing and outcome of international
commercial partnerships, regulatory filings, reviews, recommendations,
approvals, and related reimbursement decisions and commercial launches of
VASCEPA/VAZKEPA outside of the U.S.; beliefs that Amarin's current resources are
sufficient to fund projected operations; and beliefs about the overall world-
wide market potential and success of VASCEPA/VAZKEPA generally. These forward-
looking statements are not promises or guarantees and involve substantial risks
and uncertainties. A list and description of these risks, uncertainties and
other risks associated with an investment in Amarin can be found in Amarin's
filings with the U.S. Securities and Exchange Commission, including Amarin's
annual report on Form 10-K for the year ended December 31, 2022. Existing and
prospective investors are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date they are made.
Amarin undertakes no obligation to update or revise the information contained in
its forward-looking statements, whether as a result of new information, future
events or circumstances or otherwise. Amarin's forward-looking statements do not
reflect the potential impact of significant transactions the company may enter
into, such as mergers, acquisitions, dispositions, joint ventures or any
material agreements that Amarin may enter into, amend or terminate.
Availability of Other Information About Amarin
Investors and others should note that Amarin communicates with its investors and
the public using the company website (www.amarincorp.com), the investor
relations website (amarincorp.gcs-web.com), including but not limited to
investor presentations and investor FAQs, U.S. Securities and Exchange
Commission filings, press releases, public conference calls and webcasts. The
information that Amarin posts on these channels and websites could be deemed to
be material information. As a result, Amarin encourages investors, the media,
and others interested in Amarin to review the information that is posted on
these channels, including the investor relations website, on a regular basis.
This list of channels may be updated from time to time on Amarin's investor
relations website and may include social media channels. The contents of
Amarin's website or these channels, or any other website that may be accessed
from its website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933.
Amarin Contact Information
Investor Inquiries:
Jordan Zwick
Amarin Corporation plc
IR@amarincorp.com
Media Inquiries:
Mark Marmur
Amarin Corporation plc
PR@amarincorp.com
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