Not sure I have ever seen a new CEO actually buy shares with his own funds.
Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Patrick Holt as President and Chief Executive Officer and member of the Board of Directors
As previously disclosed, on July 18, 2023, Amarin Corporation plc (“Amarin” or the “Company”) announced that Patrick Holt was appointed to the role of President and Chief Executive Officer (and principal executive officer) of Amarin, effective July 18, 2023 (the “CEO Start Date”). In addition, Mr. Holt was also appointed as a member of the Amarin board of directors (the “Board”), effective as of the CEO Start Date.
In connection with his appointment as President and Chief Executive Officer, Mr. Holt entered into an employment agreement with Amarin, dated July 18, 2023 (the “CEO Employment Agreement”), which provides that, effective as of the CEO Start Date, Mr. Holt’s annual base salary will be $675,000 and he will have the potential to earn cash incentive compensation as determined in the sole discretion of the Board or the Remuneration Committee of the Board. In connection with his appointment, Mr. Holt will be granted a performance-based stock option to purchase 5,000,000 shares (the “Option Award”) pursuant to the Amarin Corporation plc 2020 Stock Incentive Plan, as amended (the “Plan”) and the form of Option Award agreement attached to the CEO Employment Agreement (the “Option Award Agreement”). The Option Award is earned based upon the achievement of share price hurdles ranging from $2.50 to $15.00 and the earned option shares are subject to five months of further time-based vesting once a share price hurdle has been achieved. For each share price hurdle to be achieved, the volume weighted average price of the shares over a 60 calendar-day period must equal or exceed the applicable share price hurdle. The Option Award will have an exercise price equal to the closing price of Amarin’s American Depository Shares on the NASDAQ Capital Market on the date of grant, which is expected to be August 1, 2023, the first trading day in August. The Option Award is subject to acceleration and a clawback in certain circumstances in accordance with the terms of the Option Award Agreement. Pursuant to the CEO Employment Agreement, Mr. Holt has also agreed to purchase $300,000 worth of Amarin shares using his personal funds.