Document:

ex4_62.htm

    Exhibit 4.62

     

     

    Dated
18 January 2007

    ______________________________________

    

    

    

    

    

    (1)
NEUROSTAT PHARMACEUTICALS INC.

    

    and

    

    (2)
AMARIN PHARMACEUTICALS IRELAND LIMITED

    

    and

    

    (3)
AMARIN CORPORATION PLC

    

    and

    

    (4)
TIM LYNCH

    

    

    

    

    ________________________________________

    

    AGREEMENT

    for
termination and release of

    certain
confidentiality obligations

    ________________________________________

    

    

    

    

    

    Reed
Smith Rambaud Charot LLP

    Minerva
House

    5
Montague Close

    London
SE1 9BB

    United
Kingdom

    

    Tel:  +44
20 7403 2900

    Fax:  +44
20 7403 4221

    www.reedsmith.com

    Ref:   JNW/GP

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    THIS
AGREEMENT IS MADE ON 18 JANUARY 2007

    

    PARTIES

    

    
      	
              (1)

            	
              NEUROSTAT PHARMACEUTICALS
      INC. a company organised under the laws of the state of Delaware,
      with a principal place of business at 1422 NW First Street, Bend, OR
      97701, United States of America (NeuroStat);
      and

            

    

    

    
      	
              (2)

            	
              AMARIN PHARMACEUTICALS IRELAND
      LIMITED a company incorporated in Ireland under registration number
      408912, with a registered office is at 50 Pembroke Road, Ballsbridge,
      Dublin 4, Republic of Ireland (Amarin Pharma);
      and

            

    

    

    
      	
              (3)

            	
              AMARIN CORPORATION PLC a
      company registered in England with registered number 02353920 and a
      registered office at 110 Cannon Street, London EC4N 6AR, United Kingdom
      (Amarin Corp);
      and

            

    

    

    
      	
              (4)

            	
              TIM LYNCH of 1422 NW
      First Street, Bend, OR 97701, United States of America (Mr
    Lynch).

            

    

    

    BACKGROUND

    

    
      	
              (A)

            	
              Amarin
      Pharma is a neuroscience company focused on the research, development and
      commercialisation of novel drugs for the treatment of central nervous
      system disorders.  Amarin Pharma is a wholly-owned subsidiary of
      Amarin Corp.

            

    

    

    
      	
              (B)

            	
              NeuroStat
      and Amarin Corp entered into an Mutual Confidentiality Agreement dated 2
      November 2006 (the Confidentiality
      Agreement).  NeuroStat has valuable, confidential
      information relating to various forms of Lorazepam (as defined below)
      including a compound known as nano-Lorazepam under development by Elan
      Corporation plc of Treasury Building, Lower Grand Canal Street, Dublin 2,
      Republic of Ireland and its Affiliates (as defined below) (together
      referred to as Elan; and specifically
      including Elan Pharma International Limited, a limited liability company
      incorporated under the laws of
Ireland).

            

    

    

    
      	
              (C)

            	
              Under
      the Confidentiality Agreement, due to the sensitivity of the Confidential
      Information held by NeuroStat, Amarin Corp agreed, among other things, not
      to pursue the license or development of a Lorazepam product with Elan or
      any of its affiliates.  NeuroStat and Amarin Corp have agreed to
      terminate the Confidentiality Agreement on the following terms and
      conditions.

            

    

    

    NOW, THEREFORE, in
consideration of the mutual promises and covenants contained in this Agreement
and for other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the Parties hereto agree as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    AGREEMENT

    

    1.           Definitions and
Interpretation

    

    
      	
              1.1

            	
              In
      this Agreement and in the Schedules to this Agreement the following words
      and phrases shall have the following meanings unless the context requires
      otherwise:

            

    

    

    Affiliate means, with respect
to a particular Party, a person, corporation, partnership or other entity, that
from to time Controls, is Controlled by, or is under common Control with such a
Party;

    

    Agreement means this agreement
and any and all schedules, appendices and other addenda to it as may be varied
from time to time in accordance with the provisions of this
agreement;

    

    Business Day means a day other
than a Saturday, Sunday, bank or other public holiday in England, the Republic
of Ireland or the state of Oregon;

    

    Commencement Date means the
date set out at the beginning of Agreement;

    

    Confidential Information means
any proprietary information which is not in the public domain, whether or not
such information is identified as confidential, including, without limitation,
information relating to products, processes, services, businesses, personnel,
research, commercial activities, formulas, materials, compounds, substances,
programmes, devices, concepts, inventions, patents, designs, methods,
techniques, intellectual property, marketing and commercial strategies, data,
trade secrets, know-how, plans, operations, tests, studies, manuals, market
reports, customers, contracts, financial status, cash flow projections and the
like or any other matter connected with the business of a Party or any of its,
suppliers, partners or customers related to a Party or its
business;

    

    Control means:

    

    
      	
               
      

            	
              (a)

            	
              with
      respect to any legal entity, the direct or indirect ownership or
      possession of (i) the power to direct or cause the direction of the
      management and policies of a company or entity whether by contract or
      otherwise; (ii) at least 50% (in the aggregate) of the voting power of all
      outstanding shares entitled to vote at a general election of directors of
      a company or entity; or (iii) at least 50% of the assets of a company or
      entity;

            

    

    

    
      	
               
      

            	
              (b)

            	
              with
      respect to any material, item of information, or intellectual property
      right, the possession, whether by ownership or licence, of the right to
      grant a licence or sub-licence with respect thereto, without breaching any
      prior written obligation to any Third
Party,

            

    

    

    and Controlled shall be construed
accordingly;

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Elan Lorazepam Agreement has
the meaning given such term in Clause 4.1(b)(i).

    Licensed Know How means all
the Confidential Information Controlled by NeuroStat at or at any time after the
Commencement Date relating to Products and/or their development and/or
commercialisation, which, for the avoidance of doubt shall not include any
Confidential Information of Elan;

    

    Lorazepam means the active
drug substance Lorazepam the chemical structure and formula for which are set
forth in Exhibit A, together with and including all salts, esters, complexes,
chelates, isomers (including stereoisomers), crystalline forms, amorphous forms,
prodrugs (including all compounds that are metabolized or dissolve into the same
active moiety in the body), solvates (including hydrates), metabolites/metabolic
precursors, and pegylated forms thereof.

    

    Parties means Mr Lynch,
NeuroStat, Amarin Corp and Amarin Pharma, and Party shall mean either of
them;

    

    Product means any product in
any formulation containing any form of Lorazepam, including any nasally
administered nanocrystal formulation of Lorazepam; any injectible (including via
intravenous, intramuscular and or-subcutaneous injection), buccal, sublingual,
rectal or inhalation nanocrystal formulation of Lorazepam; and/or any other
nanocrystal formulation of Lorazepam;

    

    Third Party means any entity
or person other than the Parties and their Affiliates.

    

    
      	
              1.2

            	
              In
      this Agreement:

            

    

    

    
      	
               
      

            	
              (a)

            	
              unless
      the context otherwise requires, all references to a particular clause or
      schedule shall be a reference to that clause or schedule in or to this
      Agreement as it may be amended from time to time pursuant to this
      Agreement;

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      headings are inserted for convenience only and shall be ignored in
      construing this Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              unless
      the contrary intention appears, words importing the masculine gender shall
      include the feminine and vice versa and words in the singular include the
      plural and vice versa;

            

    

    

    
      	
               
      

            	
              (d)

            	
              any
      reference to persons includes natural persons, firms, partnerships,
      limited liability partnerships, companies, corporations, unincorporated
      associations, local authorities, governments, states, foundations and
      trusts (in each case whether or not having separate legal personality) and
      any agency of any of the above;

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              (e)

            	
              any
      phrase introduced by the terms “including”, “include”, “in particular” or
      any similar expression shall be construed as illustrative and shall not
      limit the sense of the words preceding those
  terms;

            

    

    

    
      	
               
      

            	
              (f)

            	
              any
      reference to a statute, statutory provision or subordinate legislation
      (legislation) (except where the context otherwise requires) (i) shall be
      deemed to include any bye-laws, licences, statutory instruments, rules,
      regulations, orders, notices, directions, consents or permissions made
      under that legislation and (ii) shall be construed as referring to any
      legislation which replaces, re-enacts, amends or consolidates such
      legislation (with or without modification) at any time;
  and

            

    

    

    
      	
               
      

            	
              (g)

            	
              any
      reference to a Party includes a reference to their respective
      successors-in-title and permitted
assignees.

            

    

    

    2.           Release and
Termination

    

    
      	
              2.1

            	
              Subject
      to the terms and conditions of this Agreement, NeuroStat and Amarin Corp
      hereby agree to terminate the Confidentiality Agreement and release each
      other from further compliance with the Confidentiality Agreement with
      effect from the Commencement Date.

            

    

    

    
      	
              2.2

            	
              Subject
      to Amarin Corp’s satisfaction of its obligations under this Agreement,
      NeuroStat hereby releases, waives and discharges Amarin Corp and its
      Affiliates, successors, directors, agents, servants, officers,
      shareholders, employees and representatives of and from all claims, debts,
      demands, rights and causes of action, arising out of the transactions,
      events and occurrences, or any other claims NeuroStat presently may have
      against Amarin Corp, relating to the Confidentiality
      Agreement.

            

    

    

    
      	
              2.3

            	
              Amarin
      Corp hereby releases, waives and forever discharges NeuroStat and its
      Affiliates, successors, directors, agents, servants, officers,
      shareholders, employees and representatives of and from all claims, debts,
      demands, rights and causes of action, arising out of the transactions,
      events and occurrences, or any other claims Amarin Corp presently may have
      against NeuroStat, relating to the Confidentiality
    Agreement.

            

    

    

    3.           Technical
Assistance

    

    
      	
              3.1

            	
              NeuroStat
      shall, forthwith following the Commencement Date and free of charge to
      Amarin Pharma, disclose and supply to Amarin Pharma any and all Licensed
      Know How to the extent not already disclosed to Amarin Corp or Amarin
      Pharma.  To avoid any doubt, NeuroStat has no obligation to
      disclose any information with respect to which it or Tim Lynch has any
      obligation of confidentiality or non-use to
  Elan.

            

    

    

    
      	
              3.2

            	
              Mr
      Lynch shall enter into a consultancy agreement on mutually acceptable
      terms pursuant to which, during a period of six months following the
      Commencement Date, Mr Lynch
      shall render such assistance as Amarin Pharma may request in negotiations
      with Elan relating to the in-licensing of rights to Products and in
      initiating development of Products.  Mr Lynch shall be
      remunerated on a daily rate basis and the rate payable shall be
      US$2,000.  NeuroStat hereby irrevocably consents to such an
      arrangement.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    4.           Consideration

    

    
      	
              4.1

            	
              In
      consideration of the terms and conditions of this Agreement, including the
      license of the Licensed Know How pursuant to Clause 6 and the release and
      termination pursuant to Clause 2, and conditional upon Amarin Pharma or an
      Affiliate of Amarin Pharma entering into an Elan Lorazepam Agreement (as
      defined below):

            

    

    

    
      	
               
      

            	
              (a)

            	
              In
      exchange for the property rights set forth above, Amarin Corp shall issue
      to NeuroStat, within 10 days of Amarin Pharma or an Affiliate of Amarin
      Pharma entering into an Elan Lorazepam Agreement, immediately exercisable
      warrants to purchase 175,000 ordinary shares of Amarin Corp of five pence
      par value at the exercise price per share set forth below in the form of
      ADSs, exercisable no later than the seventh anniversary of the
      Commencement Date on 10 days’ written notice to Amarin Corp (the Warrants).  The
      Warrants and the underlying ADSs shall be issued to NeuroStat pursuant to
      a prospectus supplement to Amarin Corp’s shelf registration statement
      filed with the Securities Exchange Commission which became effective on 2
      August 2006.

            

    

    

    
      	
               
      

            	
              NeuroStat
      may exercise the Warrants in respect of amounts of not less than 25,000
      ordinary shares on each occasion of
exercise.

            

    

    

    
      	
               
      

            	
              The
      exercise price of the Warrants shall be the NASDAQ closing price on the
      Business Day before the date upon which Amarin Pharma or an Affiliate of
      Amarin Pharma enters into Elan Lorazepam
  Agreement.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Amarin
      Pharma shall make the following payments to
  NeuroStat:

            

    

    

    
      	
               
      

            	
              (i)

            	
              a
      non-refundable, non-creditable sum of US$165,000 within 10 days after the
      date upon which Amarin Pharma or any Affiliate of Amarin Pharma executes a
      legally-binding agreement with Elan (or any one of the companies that is
      defined as being part of Elan) pursuant to which Amarin Pharma or any
      Affiliate of Amarin Pharma obtains any right with respect to or in
      connection with any Product, including any license, any option, any
      covenant not to sue, any supply commitment, any right to distribute,
      and/or any other right with respect to or in connection with any Product
      (each, an Elan Lorazepam
      Agreement;  Elan Lorazepam Agreements exclude, however,
      any confidential disclosure or similar agreement in both cases pursuant to
      which Amarin Pharma or any Affiliate of Amarin Pharma obtains solely the
      right to use confidential information relating to Lorazepam or Products in
      order to evaluate whether to enter into an Elan Lorazepam Agreement but
      does not receive any other rights with
respect

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    to or in
connection with any Product (including the kinds enumerated
above);  to avoid any doubt the mere presence of confidentiality
provisions within a license agreement or other agreement granting Product rights
(confidentiality provisions would, by way of background, ordinarily be expected
to be included in any such agreement) shall not qualify the agreement as the
kind of confidentiality agreement that is excluded from the Elan Lorazepam
Agreements); and

    

    
      	
               
      

            	
              (ii)

            	
              non-refundable,
      non-creditable milestone payments within 10 days after the relevant
      milestone event as follows:

            

    

    

    
      	
               
      

            	
              (A)

            	
              US$200,000
      on the first administration to a human subject of a Product covered by an
      Elan Lorazepam Agreement (defined in Clause 4.1(b)(i));
  and

            

    

    

    
      	
               
      

            	
              (B)

            	
              US$200,000
      on the first administration to a human subject of a Product covered by an
      Elan Lorazepam Agreement (defined in Clause 4.1(b)(i)) in the first
      clinical study that is designed to assess the efficacy of such a Product,
      however such clinical trial is denominated (with respect to phase of
      trial) and whether or not such first clinical study is in a limited
      patient group.  Clinical studies in any patient population (or
      patient populations) are considered “designed to assess the efficacy of
      such a Product” for this purpose.

            

    

    

    (the
payments of (A) and (B) in this Clause 4.1(b)(ii) are together referred to as
the Milestone Payments)
provided that Amarin Corp may elect to discharge fully Amarin Pharma’s
obligation to make the Milestones Payments by issuing to NeuroStat ordinary
shares of five pence par value in the capital of Amarin Corp to the value of the
Milestone Payment at the NASDAQ closing price on the day before the relevant
milestone event occurs.  Such shares will be represented by ADSs
issued to NeuroStat pursuant to a prospectus supplement to Amarin Corp’s shelf
registration statement filed with the Securities Exchange Commission which
became effective on 2 August 2006.

    

    It is
acknowledged for the avoidance of doubt that (A) and (B) each apply when the
events described therein occur, and whether they are achieved by or on behalf of
any of Amarin Pharma, an Amarin Affiliate, a sublicensee of Amarin Pharma or an
Amarin Affiliate, or another entity contracted with or engaged by any of
them.

    

    Amarin
Pharma shall notify NeuroStat and Mr. Lynch in writing within three (3) days
after the occurrence of each of the events referred to in this Clause 4.1
(including the signing of an Elan Lorazepam Agreement and each of Milestone
events (A) and (B)).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    
      	
              4.2

            	
              Within
      five days from the Commencement Date or, if later, receipt by Amarin
      Pharma of the relevant copy invoices, Amarin Pharma shall reimburse
      NeuroStat’s and Mr Lynch’s reasonable and documented attorneys’ fees and
      expenses in connection with the negotiation and documentation of this
      Agreement and to the extent such fees and expenses do not exceed in total
      US$15,000.

            

    

    

    5.           Non-Compete

    

    
      	
              5.1

            	
              NeuroStat
      and Mr Lynch hereby jointly undertake that neither shall, and each of
      NeuroStat and Mr Lynch shall procure that none of NeuroStat’s Affiliates
      shall, whether alone or in conjunction with an Affiliate or Third
      Party:

            

    

    

    
      	
               
      

            	
              (a)

            	
              Prior
      to the expiration or termination of this Agreement, enter into or continue
      any discussions or negotiations relating to the grant by Elan of any
      rights in any Product to NeuroStat, any Affiliate of NeuroStat or Mr Lynch
      or any entity Controlled by Mr Lynch;
or

            

    

    

    
      	
               
      

            	
              (b)

            	
              Prior
      to the expiration or termination of this Agreement, research, develop,
      use, keep, make, have made, import, offer for sale, sell or otherwise
      dispose of Products anywhere in the world or grant or receive any licence
      to do any of the foregoing.

            

    

    

    The
Parties acknowledge that the foregoing restriction is reasonable, valid and
necessary for the protection of Amarin’s business with respect to Products to
which it may obtain rights pursuant to an Elan Lorazepam Agreement and that
Amarin Pharma would not have entered into this Agreement without the foregoing
protection.

    

    Furthermore
each of the undertakings contained in each of Clauses 5.1(a) and (b) shall be,
and is, a separate undertaking by each of NeuroStat and Mr Lynch and shall be
enforceable by Amarin Pharma separately and independently of the right of the
Amarin Pharma to enforce any one or more of the other covenants contained in
Clause 5 and in the event that any of such undertakings shall be found to be
void but would be valid if some part thereof were deleted then such undertaking
shall apply with such deletion as may be necessary to make it valid and
effective.

    

    6.           Grant of Licence

    

    
      	
              6.1

            	
              Subject
      to the terms and conditions of this Agreement, NeuroStat hereby grants to
      Amarin Pharma and its Affiliates an exclusive, worldwide right and license
      to use the Licensed Know-How to (a) seek to enter into an Elan Lorazepam
      Agreement, and (b) to research, develop, use, make, have made, import,
      offer for sale, sell and otherwise dispose of Products with respect to
      which Amarin Pharma or an Amarin Pharma Affiliate has obtained rights
      pursuant to an Elan Lorazepam Agreement.  Such license to Amarin
      Pharma and its Affiliates shall include the right to grant sub-licenses
      within the scope of

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    activities
described in clause (b) of the foregoing sentence (including the right to grant
sub-licensees the right to grant further sub-licensable sub-licences); provided
that the activities of the sub-licensees (including all further sub-licensees,
direct and indirect) shall be deemed to be activities of Amarin Pharma for
purposes of the payment obligations under this Agreement.  Such
license to Amarin Pharma and its Affiliates shall be royalty-bearing in the
sense that payments to NeuroStat are required under this Agreement, partially in
consideration of such license; but other than the payments explicitly called for
under this Agreement, such license to Amarin Pharma and its Affiliates shall be
royalty-free.

    

    7.           Payment Terms

    

    
      	
              7.1

            	
              All
      payments due to NeuroStat under this Agreement shall be made in US dollars
      and by electronic bank transfer to an account specified by
      NeuroStat.

            

    

    

    
      	
              7.2

            	
              Without
      prejudice to NeuroStat’s right to receive payment on the due date, where
      NeuroStat does not receive payment of any sums due to it pursuant to this
      Clause 4 within the time specified, interest shall accrue on the sum due
      and owing to NeuroStat at the rate equivalent to an annual rate the
      greater of (i) 1% over the then current base rate of National Westminster
      Bank plc, for the United Kingdom, calculated on a daily basis, and (ii)
      10% and such interest shall run from the date on which payment is due to
      the date on which payment is made by Amarin Pharma, which the Parties
      acknowledge to be a substantial remedy for failure to pay the sums due
      within the time specified.  If Amarin is late in tendering any
      payment that it is otherwise permitted to tender in warrants or equity
      (e.g., if it does not tender payment in warrants or equity within the
      10-day period for payment after achievement of the event triggering
      payment under Clause 4.1), then NeuroStat shall be entitled by written
      notice to Amarin to require the payment to be made by wire transfer of
      immediately available funds instead;  provided that if Amarin
      timely notified NeuroStat in writing of the payment-triggering event for
      the particular payment as required under Clause 4.1 by a notice that is in
      accordance with Clause 14, then Amarin will have 3 business days from
      receiving NeuroStat's written notice that payment is due to make the
      payment of warrants, equity or
cash.

            

    

    

    
      	
              7.3

            	
              All
      payments to NeuroStat under this Agreement are expressed to be exclusive
      of goods, sales, valued added or any similar such tax (Value Added Tax)
      howsoever arising, and Amarin Corp or Amarin Pharma (as the case may be)
      shall pay to NeuroStat in addition to those payments or if earlier on
      receipt of a tax invoice or invoices from NeuroStat, all Value Added Tax
      for which NeuroStat is liable to account to any competent authority in
      relation to any supply made or deemed to be made for Value Added Tax
      purposes pursuant to this
Agreement.

            

    

    

    
      	
              7.4

            	
              NeuroStat
      shall be entitled to request to audit and shall be given access to
      appropriate records to confirm the timing payments are due hereunder (and
      in the case of payments made in warrants or equity the appropriate
      calculation of the number of warrants or shares in accordance with this
      Agreement).

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    8.           Warranties and
Liability

    

    
      	
              8.1

            	
              Each
      Party represents and warrants to the other Parties
  that:

            

    

    

    
      	
               
      

            	
              (a)

            	
              it
      has legal power, authority and right to enter into this Agreement and to
      perform its respective obligations
hereunder;

            

    

    

    
      	
               
      

            	
              (b)

            	
              it
      is not at the Commencement Date a party to any agreement, arrangement or
      understanding with any Third Party which conflicts with this
      Agreement;

            

    

    

    
      	
               
      

            	
              (c)

            	
              this
      Agreement has been duly authorised, executed, and delivered by that Party
      and is a valid, binding, and legally enforceable obligation of that Party;
      and

            

    

    

    
      	
               
      

            	
              (d)

            	
              no
      consent, approval, authorisation, or order of any court or governmental
      agency or body is required for the consummation of the transactions
      contemplated by this Agreement.

            

    

    

    
      	
              8.2

            	
              NeuroStat
      gives no warranty of any nature as to the completeness, accuracy or
      otherwise of the Licensed Know How and accepts no liability howsoever
      arising from Amarin Pharma’s use of the Licensed Know
  How.

            

    

    

    
      	
              8.3

            	
              Subject
      to Clause 8.4, neither Party shall be liable to the other or any of the
      other Party’s Affiliates or any sub-licensees for any of the following
      types of loss, damage, cost or expense arising (whether in contract, tort,
      negligence, breach of statutory duty or otherwise) under or in relation to
      this Agreement or the subject-matter of this
  Agreement:

            

    

    

    
      	
               
      

            	
              (a)

            	
              any
      loss of profits, business, contracts, anticipated savings, goodwill, or
      revenue; or

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      indirect or consequential loss or damage whatsoever, even if that party
      was advised in advance of the possibility of such loss or damage;
      or

            

    

    

    
      	
               
      

            	
              (c)

            	
              any
      punitive, exemplary or similar
damages.

            

    

    

    
      	
              8.4

            	
              Nothing
      in Clause 8.2 shall prohibit or hinder the exercise of another Party’s
      rights in respect of any liability for fraud or fraudulent
      misrepresentation, notwithstanding that any loss or damage that Party may
      be seeking to recover is of the type referred to in Clause
      8.2.

            

    

    

    
      	
              8.5

            	
              The
      rights, powers and remedies provided in this Agreement are (except as
      expressly provided) cumulative and not exclusive of any rights, powers and
      remedies provided by law, or
otherwise.

            

    

    

    9.           Confidentiality

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              9.1

            	
              A
      confidential relationship with respect to such Confidential Information
      shall be established as of the Commencement Date between the
      Parties.

            

    

    

    
      	
              9.2

            	
              Each
      Party to whom Confidential Information is disclosed (a Recipient) by another
      Party (a Disclosing
      Party) shall use all necessary care to prevent disclosure or
      release of Confidential Information of a Disclosing Party to any third
      party, except with the Disclosing Party’s prior written
      consent.  Each Recipient shall limit dissemination of
      Confidential Information of a Disclosing Party to those officers and
      employees of Recipient who reasonably require access to Confidential
      Information of a Disclosing Party  for the purposes of this
      Agreement and who have been made aware that Confidential Information is
      confidential, are bound by written obligations of confidentiality to the
      Recipient to treat information such as the Confidential Information of a
      Disclosing Party  in the strictest
  confidence.

            

    

    

    
      	
              9.3

            	
              Each
      Recipient shall only use the Confidential Information of a Disclosing
      Party  for the purposes of this Agreement including in the case
      of Amarin Pharma as permitted by Clause
6.

            

    

    

    
      	
              9.4

            	
              Recipient
      undertakes to maintain in confidence the fact that discussions are or will
      be taking place, the nature of the discussions envisaged by this Agreement
      and the fact that the parties have entered into this
      Agreement.

            

    

    

    
      	
              9.5

            	
              All
      Confidential Information given or transmitted under the terms of this
      Agreement will be subject to the terms of this Agreement, except for
      Confidential Information that a Recipient can
  establish:

            

    

    

    
      	
               
      

            	
              (a)

            	
              came
      lawfully into Recipient’s possession prior to the date of
      disclosure;

            

    

    

    
      	
               
      

            	
              (b)

            	
              is
      or becomes public knowledge through no fault or omission of
      Recipient;

            

    

    

    
      	
               
      

            	
              (c)

            	
              is
      required to be disclosed by law, in which case Recipient shall give the
      Disclosing Party as much advance notice of the proposed disclosure as is
      practical (including a copy of any written request or order), and shall
      cooperate with the Disclosing Party in any effort to limit or restrict
      such disclosure, via a protective order or
  otherwise;

            

    

    

    
      	
               
      

            	
              (d)

            	
              is
      furnished or made known to the Recipient by a third party otherwise than
      in breach of any obligation of confidentiality to the Disclosing Party;
      or

            

    

    

    
      	
               
      

            	
              (e)

            	
              is
      independently developed by the Recipient or one of its Affiliates, without
      access to the Confidential Information disclosed by the Disclosing
      Party.

            

    

    

    
      	
              9.6

            	
              The
      terms of this Agreement and negotiations leading to the execution of this
      Agreement shall be considered to be Confidential Information of both
      parties.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              9.7

            	
              The
      obligations of confidence referred to in this Clause 9 shall furthermore
      not extend to any Confidential Information
  which:

            

    

    

    
      	
               
      

            	
              (a)

            	
              being
      Licensed Know How, Amarin Pharma considers reasonably considers should be
      disclosed to sub-licensees, agents, consultants, Affiliates and/or other
      Third Parties for the research and development, manufacturing and/or
      marketing of Products (or for such Third Parties to determine their
      interest in performing such activities) on the condition that such Third
      Parties agree to be bound by confidentiality obligations no less onerous
      than those contained in this Agreement;
and

            

    

    

    
      	
               
      

            	
              (b)

            	
              Amarin
      Pharma reasonably wishes to disclose to consultants, agents or other Third
      Parties solely to the extent required in connection with the purposes of
      this Agreement or in connection with due diligence or similar
      investigations by such Third Parties, and disclosure to potential Third
      Party investors in confidential financing documents or for the purposes of
      such financing (and, for the avoidance of doubt to potential sub-licensees
      or other strategic partners) on the condition that such Third Parties
      agree to be bound by confidentiality obligations no less onerous than
      those contained in this Agreement.

            

    

    

    
      	
              9.8

            	
              It
      is acknowledged for the avoidance of doubt that Confidential Information
      disclosed pursuant to the Confidentiality Agreement shall be considered to
      have been disclosed pursuant to, and subject to the provision of, this
      Agreement.

            

    

    

    
      	
              9.9

            	
              The
      Parties recognise and agree that remedies at law for breach of the
      provisions of this Clause 9 are likely to be inadequate and that the
      disclosing Party shall, in addition to any other rights it may have, be
      entitled to seek injunctive relief.

            

    

    

    
      	
              9.10

            	
              The
      obligations of each Party under this Clause 9 shall survive until five
      years after the expiry or termination for whatever reason of this
      Agreement.

            

    

    

    10.           Term and
Termination

    

    
      	
              10.1

            	
              This
      Agreement shall come into effect on the Commencement Date and, subject to
      earlier termination in accordance with this Clause 10, will expire on the
      first anniversary of the Commencement Date provided that in the event that
      Amarin Pharma or an Affiliate of Amarin Pharma enters into an agreement
      with Elan for the development of Products prior to the first anniversary
      of the Commencement Date and prior to earlier termination under this
      Clause 10, Amarin Pharma shall on written notice be entitled to extend the
      term of this Agreement until the second anniversary of the date on which
      such agreement with Elan enters
effect.

            

    

    

    
      	
              10.2

            	
              Each
      of NeuroStat and Amarin Pharma shall have the right to terminate this
      Agreement effective at any time on or after 1 June 2007 on 30 days’
      written notice to Amarin Pharma and NeuroStat
      respectively.  This right to terminate can only take effect
      if

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Amarin
Pharma or an Affiliate has not entered into an Elan Lorazepam Agreement at the
date of termination.

    

    
      	
              10.3

            	
              Amarin
      Pharma on the one hand or NeuroStat on the other hand (the Terminating Party) shall
      have the right to terminate this Agreement in its entirety forthwith upon
      giving written notice of termination to NeuroStat and Mr Lynch on the one
      hand or Amarin Corp and Amarin Pharma on the other hand (the Defaulting Party), upon
      the occurrence of any of the following events at any time during this
      Agreement:

            

    

    

    
      	
               
      

            	
              (a)

            	
              the
      Defaulting Party commits a material breach of an obligation set out in
      this Agreement which is not capable of remedy;
  or

            

    

    

    
      	
               
      

            	
              (b)

            	
              the
      Defaulting Party commits a material breach of an obligation set out in
      this Agreement which is capable of remedy but has not been remedied within
      30 days of the receipt by it of a notice identifying the breach and
      requiring its remedy.

            

    

    

    11.           Consequences of
Termination

    

    
      	
              11.1

            	
              In
      the event of expiry of this Agreement or termination of this Agreement
      pursuant to Clause 10.2 and 10.3: (a) subject to Clause 11.2, all rights
      and licences granted to Amarin under this Agreement shall terminate; and
      (b) each Party shall return all data, files, records and other materials
      in its possession or control containing or comprising the other Party’s
      Confidential Information to which such first Party does not retain rights
      hereunder (except one copy of which may be retained by the returning
      Party’s legal department solely for archival
  purposes).

            

    

    

    
      	
              11.2

            	
              Following
      the expiry of this Agreement after the extended term set out in the
      proviso to Clause 10.1 (but not otherwise), the exclusive license granted
      pursuant to Clause 6.1 shall -- subject to Amarin and its Affiliates'
      continued compliance with this Agreement, including payment obligations,
      and in particular (but without limitation) the next sentence -- become
      irrevocable, perpetual, fully paid-up and royalty-free (subject to the
      next sentence), but shall otherwise continue in full force and
      effect.   Notwithstanding the foregoing, if all
      consideration provided to be payable or potentially payable under Clause 4
      have not as of the time of such expiration been paid, then the obligations
      to provide the remaining-unpaid consideration shall survive and in this
      sense the license shall remain royalty-bearing until all such
      consideration has been paid.

            

    

    

    
      	
              11.3

            	
              Following
      the expiry or termination of this Agreement, Amarin Corp, Amarin Pharma
      and the Affiliates of each of them shall not pursue the license or
      development of a Lorazepam Product with Elan (or any of the companies
      defined as being part of Elan), and shall not enter into any Elan
      Lorazepam Agreement, unless Amarin Pharma or an Affiliate has previously
      entered into an Elan Lorazepam Agreement prior to the expiry or
      termination of this Agreement.  Without limiting or implying any
      exception to the foregoing, if Amarin Pharma, Amarin Corp, or the
      Affiliate of either of them enters into any Elan Lorazepam Agreement or
      develops a Lorazepam Product with or under license with (or other right
      from) Elan (or any of the companies defined as being part of
      Elan)

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    following
the expiration or termination of this Agreement, then the Parties agree that the
damages to NeuroStat and Mr. Lynch shall be no less than the total consideration
provided for in Clause 4, calculated as if all contingencies have been achieved
(whether or not actually achieved), payable by wire transfer of immediately
available funds (and specifically not payable in equity).  Amarin Corp
shall pay such amount to NeuroStat within three (3) Business Days after
receiving written notice from NeuroStat that NeuroStat requires such payment to
be made.  The Parties hereby explicitly instruct any judge, jury,
arbitrator or other arbiter of any dispute relating to a breach of this Clause
11.3 to award NeuroStat at least such amount, plus any additional damages that
may be available at law or in equity in relation to such a breach, but excluding
punitive, exemplary and similar damages.  This Clause 11.3 shall
survive any expiration or termination of this Agreement.

    

    
      	
              11.4

            	
              Termination
      or expiry of this Agreement for whatever reason shall not affect the
      accrued rights of the Parties arising in any way out of this Agreement as
      at the date of termination or expiry and in particular but without
      limitation the right to recover damages and interest, and the provisions
      of Clauses 9, 10 and 11 shall remain in full force and
      effect.  NeuroStat’s and Mr. Lynch’s rights under Clause 4 shall
      be considered accrued rights as of the Effective Date for this purpose,
      however, the payments under Clause 4 shall not actually be due until the
      times provided for in Clause 4 (i.e., each payment remains contingent on
      achievement of the corresponding Milestone or other event specified in
      Clause 4, but such contingency need not be achieved prior to the
      expiration or termination of this
Agreement).

            

    

    

    
      	
              12.

            	
              Waiver

            

    

    

    
      	
              12.1

            	
              No
      Party shall be deemed to have waived any of its rights or remedies
      conferred by this Agreement unless the waiver is made in writing and
      signed by a duly authorised representative of that Party.  In
      particular, no delay or failure of any Party in exercising or enforcing
      any of its rights or remedies conferred by this Agreement shall operate as
      a waiver of those rights or remedies or so as to preclude or impair the
      exercise or enforcement of those rights or remedies nor shall any partial
      exercise or enforcement of any right or remedy by any Party preclude or
      impair any other exercise or enforcement of that right or remedy by that
      Party.

            

    

    

    13.           Entire
Agreement/Variations

    

    
      	
              13.1

            	
              This
      Agreement constitutes the entire agreement and understanding between the
      Parties and supersedes all prior oral or written understandings,
      arrangements, representations or agreements between them relating to the
      subject matter of this Agreement (including the Confidentiality
      Agreement).

            

    

    

    
      	
              13.2

            	
              No
      variation, amendments, modification or supplement to this Agreement shall
      be valid unless made in writing in the English language and signed by a
      duly authorised representative of each
Party.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    14.           Notices

    

    
      	
              14.1

            	
              Any
      notice to be given pursuant to this Agreement shall be in writing in the
      English language and shall be delivered by hand, sent by registered or
      recorded delivery airmail post or sent by facsimile confirmed by
      registered or recorded delivery post to the address or facsimile number of
      the recipient set out at the start of this Agreement or such other address
      or facsimile number as a Party may from time to time designate by written
      notice to the other Party.

            

    

    

    
      	
              14.2

            	
              Any
      notice given pursuant to this Clause 14 shall be deemed to have been
      received:

            

    

    

    
      	
               
      

            	
              (a)

            	
              in
      the case of delivery by hand, when delivered;
or

            

    

    

    
      	
               
      

            	
              (b)

            	
              in
      the case of sending by post:

            

    

    

    
      	
               
      

            	
              (i)

            	
              where
      posted in the country of the addressee, on the third Business Day
      following the day of posting; and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              where
      posted in any other country, on the seventh Business Day following the day
      of posting; or

            

    

    

    
      	
               
      

            	
              (c)

            	
              in
      the case of facsimile, on acknowledgement by the recipient facsimile
      receiving equipment on a Business Day if the acknowledgement occurs before
      1700 hours local time of the recipient and in any other case on the
      following Business Day.

            

    

    

    
      	
              14.3

            	
              All
      notices to NeuroStat and all notices to Mr. Lynch must also be faxed to +1
      415 268 7522, attention Laura Spiegelman, and +1 650 494 0792, attention
      Chip Lion to be considered effectively given under this
      agreement.  For the avoidance of doubt, the absence of Ms.
      Spiegelman or Mr. Lion from these fax numbers, law firm or locations will
      not adversely affect whether or not the required copy notice has been
      given.

            

    

    

    15.           Assignment

    

    
      	
              15.1

            	
              Neither
      Party may assign its rights or delegate its obligations under this
      Agreement, whether by operation of law or otherwise, in whole or in part
      without the prior written consent of the other Party, which consent shall
      not be unreasonably withheld or delayed, except that Amarin Corp and
      Amarin Pharma shall always have the right, without such consent: (a) to
      perform any or all of their obligations and exercise any or all of their
      rights under this Agreement through any of their Affiliates or
      sub-licensees; and (b) assign any or all of their rights and delegate any
      or all of its obligations hereunder to any of their Affiliates or to any
      successor in interest (whether by merger, acquisition, asset purchase or
      otherwise) to all or substantially all of the business to which this
      Agreement relates (which shall include any sub-licensee under any rights
      granted to Amarin Pharma or an Affiliate pursuant to an agreement with
      Elan for the development of
Products),

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    provided
that Amarin Corp or Amarin Pharma (as the case may be) shall provide written
notice to NeuroStat within 30 days after such assignment or
delegation.

    

    
      	
              15.2

            	
              Any
      permitted successor of a Party or any permitted assignee of all of a
      Party’s rights under this Agreement that has also assumed all of such
      Party’s obligations hereunder in writing shall, upon any such succession
      or assignment and assumption, be deemed to be a party to this Agreement as
      though named herein in substitution for the assigning Party, whereupon the
      assigning Party shall cease to be a party to this Agreement and shall
      cease to have any rights or obligations under this
    Agreement.

            

    

    

    
      	
              15.3

            	
              All
      validly assigned rights of a Party shall inure to the benefit of and be
      enforceable by, and all validly delegated obligations of such Party shall
      be binding on and be enforceable against, the permitted successors and
      assigns of such Party.  Any attempted assignment or delegation
      in violation of this Clause 15 shall be
void.

            

    

    

    16.           Force Majeure

    

    
      	
              16.1

            	
              No
      Party shall be liable to another Party for failure or delay of any of its
      obligations under this Agreement, for the time and to the extent such
      failure or delay is caused by riots, civil commotions, wars, hostilities
      between nations, embargoes, acts of God, storms, fires, accidents, labour
      disputes or strikes, sabotage, explosions or other similar or different
      contingencies which affect its performance or are beyond its reasonable
      control. If the performance of any obligation under this Agreement is
      delayed owing to force majeure for any continuous period of more than six
      months, the Parties shall consult with respect to an equitable solution,
      including the possible termination of this
  Agreement.

            

    

    

    17.           Severance of
Terms

    

    
      	
              17.1

            	
              If
      the whole or any part of this Agreement is or becomes or is declared
      illegal, invalid or unenforceable in any jurisdiction for any reason
      (including both by reason of the provisions of any legislation and also by
      reason of any court or competent authority which either has jurisdiction
      over this Agreement or has jurisdiction over any of the
      Parties):

            

    

    

    
      	
               
      

            	
              (a)

            	
              in
      the case of the illegality, invalidity or un-enforceability of the whole
      of this Agreement it shall terminate only in relation to the jurisdiction
      in question; or

            

    

    

    
      	
               
      

            	
              (b)

            	
              in
      the case of the illegality, invalidity or un-enforceability of part of
      this Agreement that part shall be severed from this Agreement in the
      jurisdiction in question and that illegality, invalidity or
      un-enforceability shall not in any way whatsoever prejudice or affect the
      remaining parts of this Agreement which shall continue in full force and
      effect.

            

    

    

    
      	
              17.2

            	
              If
      in the reasonable opinion of any Party any severance under this Clause 17
      materially affects the commercial basis of this Agreement, the Parties
      shall discuss, in good faith, ways to eliminate the material
      effect.

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    18.           This Agreement not to Constitute a
Partnership

    

    
      	
              18.1

            	
              None
      of the provisions of this Agreement shall be deemed to constitute a
      partnership between the Parties and neither Party shall have any authority
      to bind the other in any way except as provided in this
      Agreement.

            

    

    

    19.           Public Statements

    

    
      	
              19.1

            	
              Except
      as provided in Clause 19.2, neither Party shall, without the prior written
      consent of the other Party:

            

    

    

    
      	
               
      

            	
              (a)

            	
              release
      any information about this Agreement, or any information or results of
      work undertaken by either Party pursuant to this Agreement;
    or

            

    

    

    
      	
               
      

            	
              (b)

            	
              use
      in advertising, publicly or otherwise, any trade-name, personal name,
      trade mark, trade device, service mark, symbol, or any abbreviation,
      contraction or simulation thereof, owned by the other Party;
      or

            

    

    

    
      	
               
      

            	
              (c)

            	
              represent,
      either directly or indirectly, that any product or service of the other
      Party is a product or service of the representing Party or that it is made
      in accordance with or utilises the information or documents of the other
      Party.

            

    

    

    
      	
              19.2

            	
              The
      restrictions in Clause 19.1 shall not apply to the
    following:

            

    

    

    
      	
               
      

            	
              (a)

            	
              use
      as required by any applicable law or governmental regulation;
      or

            

    

    

    
      	
               
      

            	
              (b)

            	
              any
      disclosures as a Party determines, based on the advice of counsel, are
      required to comply with law or applicable rule or regulation of any
      nationally recognised securities exchange (such exchange to include the
      London Stock Exchange, Euronext and NASDAQ), provided the same is
      accurate.

            

    

    

    20.           Costs and
Execution

    

    
      	
              20.1

            	
              Save
      as provided in Clause 4.2, each Party shall bear its own legal costs,
      legal fees and other expenses incurred in the preparation and execution of
      this Agreement.

            

    

    

    
      	
              20.2

            	
              This
      Agreement may be entered into by the parties in any number of
      counterparts.  Each counterpart shall, when executed and
      delivered, be regarded as an original, and all the counterparts shall
      together constitute one and the same instrument.  This Agreement
      shall not take effect until it has been executed by all the
      parties.  This Agreement may be validly exchanged and delivered
      by fax.

            

    

    

    21.           Third Party
Rights

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              21.1

            	
              It
      is hereby agreed that this Agreement is not intended by the Parties to
      create rights or benefits in favour of any person not party to this
      Agreement or make any rights or benefits enforceable by or on behalf of
      such third parties and for the avoidance of doubt all laws providing to
      the contrary in any country including the provisions of the Contracts
      (Rights of Third Parties) Act 1999 in the United Kingdom are hereby
      excluded to the fullest extent
permitted.

            

    

    

    22.           Governing Law and
Jurisdiction

    

    
      	
              22.1

            	
              This
      Agreement shall be governed by the laws of the State of New York,
      USA.

            

    

    

    
      	
              22.2

            	
              Any
      question, difference or dispute which may arise concerning the
      construction meaning or effect of this Agreement or concerning the rights
      and liabilities of the parties hereunder shall be subject to the exclusive
      jurisdiction of the federal and state courts in New York, New
      York.

            

    

    

    
      	
              23.

            	
              Attorneys’
      Fees

            

    

    

    
      	
              23.1

            	
              In
      the event that any suit or action is instituted to enforce any of the
      terms of this Agreement, the prevailing party in such dispute shall be
      entitled to all fees, costs and expenses of enforcing any right of such
      prevailing party under or with respect to this Agreement (including
      reasonable attorneys’ fees), in addition to any other relief to which such
      party is entitled.

            

    

    

    [REMAINDER
OF PAGE INTENTIONALLY BLANK]

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    This
Agreement shall come into force on the date given at the beginning of this
Agreement.

    

    

    

    Signed
by                      /s/
Timothy P. Lynch

    Full name
(capitals):    TIMOTHY P. LYNCH

    Position:CEO

    FOR
AND ON BEHALF OF NEUROSTAT PHARMACEUTICALS INC.

    

    

    

    Signed
by                      /s/
Timothy P. Lynch

    TIM
LYNCH

    

    

    

    Signed
by                      /s/
Alan Cooke

    Full name
(capitals):    ALAN COOKE

    Position:
CFO, DIRECTOR

    FOR
AND ON BEHALF OF AMARIN CORPORATION PLC

    

    

    

    Signed
by                      /s/
Alan Cooke

    Full name
(capitals):    ALAN COOKE

    Position:                      CFO,
DIRECTOR

    FOR
AND ON BEHALF OF AMARIN PHARMACEUTICALS IRELAND LIMITED

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    EXHIBIT
A

    LORAZEPAM
COMPOUND STRUCTURE AND FORMULA

    (including
certain synonyms)

    

    •           Structure and primary
formula:

    

    

    

    •           Systematic IUPAC
Name:

    

    9-chloro-6-(2-chlorophenyl)-4-hydroxy-2,5-diazabicyclo[5.4.0]undeca-5,8,10,12-tetraen-3-one

    

    •           Other formulae and chemical names for
this compound (excludes brand names):

    

    2H-1,4-Benzodiazepin-2-one,
7-chloro-5-(2-chlorophenyl)-1,3-dihydro-3-hydroxy-

    2H-1,4-Benzodiazepin-2-one,
7-chloro-5-(o-chlorophenyl)-1,3-dihydro-3-hydroxy-

    7-Chloro-5-(2-chlorophenyl)-1,3-dihydro-3-hydroxy-2H-1,4-benzodiazepin-2-one

    7-Chloro-1,3-dihydro-3-hydroxy-5-phenyl-2H-1,4-benzodiazepin-2-one

    7-Chloro-5-(2-chlorophenyl)-3-hydroxy-1H-1,4-benzodiazepin-2(3H)-one

    2H,1,4-Benzodiazepin-2-one,
7-chloro-5-(o-chlorophenyl)-1,3-dihydro-3-hydroxy-

    2H-1,
4-Benzodiazepin-2-one, 7-chloro-5- (o-chlorophenyl)-1,
3-dihydro-3-hydroxy-

    2H-1,4-Benzodiazepin-2-one,
7-chloro-5- (2-chlorophenyl)-1,3-dihydro-3-hydroxy-

    7-Chloro-5-(o-chlorophenyl)-1,3-dihydro-3-hydroxy-2H-1,4-benzodiazepin-2-oneex4_67.htm

    Exhibit 4.67

     

     

    
      Certain
portions of this Exhibit have been omitted pursuant to a request for
“Confidential Treatment” under Rule 24b-2 of the Securities and Exchange
Commission.  Such portions have been redacted and bracketed in the
request and appear as [*] in the text of this Exhibit.  The omitted
confidential information has been filed with the Securities and Exchange
Commission.

    

    
 

     

    Execution Copy

     

     

    

     

     

    

     

    
      	 
      	
              ELAN
      PHARMA INTERNATIONAL LIMITED

               

              AND

               

              AMARIN
      PHARMACEUTICALS IRELAND LIMITED

               

            	 
      
	 
      	
               
      

            	 
      
	 
      	
               

              DEVELOPMENT
      AND LICENSE AGREEMENT

               

            	 
      

    

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

     

    INDEX

     

     

    
      	
              1.

            	
              Definitions
      and Interpretation

            	
              2

            
	
              2.

            	
              The
      License

            	
              13

            
	
              3.

            	
              Intellectual
      Property

            	
              15

            
	
              4.

            	
              Non-Competition

            	
              21

            
	
              5.

            	
              Development
      of the Product Intermediate

            	
              23

            
	
              6.

            	
              Project
      Team and Project Management

            	
              24

            
	
              7.

            	
              Regulatory
      Matters

            	
              25

            
	
              8.

            	
              Clinical
      Develpmt, Registration, Marketing and the Promotion of the
      Product

            	
              27

            
	
              9.

            	
              Commercial
      Manufacture

            	
              30

            
	
              10.

            	
              Financial
      Provisions

            	
              31

            
	
              11.

            	
              Payments,
      Reports and Audits

            	
              35

            
	
              12.

            	
              Duration
      and Termination

            	
              37

            
	
              13.

            	
              Consequences
      of Termination

            	
              39

            
	
              14.

            	
              Warranties,
      Indemnification and Liability

            	
              41

            
	
              15.

            	
              Confidentiality

            	
              44

            
	
              16.

            	
              Miscellaneous
      Provisions

            	
              46

            
	
              Schedule
      1

            	
              Elan
      Patents

            	
              51

            
	
              Schedule
      2

            	
              R&D
      Program

            	
              52

            
	
              Schedule
      3

            	
              Technological
      Competitors of Elan

            	
              54

            
	
              Schedule
      4

            	
              Manufacturing
      Costs

            	
              55

            
	
              Schedule
      5

            	
              Amarin
      Stage I Activities

            	
              56

            

    

    

    
      
         

      

      
        i 

        
          

        

      

      
         

      

    

    

     

    THIS AGREEMENT is dated March
6, 2007

     

     

    PARTIES:

     

     

    
      	
              (1)

            	
              ELAN
      PHARMA INTERNATIONAL LIMITED, a limited
      liability company incorporated under the laws of Ireland, having its
      registered office at Monksland, Athlone, Co. Westmeath, Ireland (“Elan”);
    and

            

    

     

     

    
      	
              (2)

            	
              AMARIN PHARMACEUTICALS IRELAND
      LIMTED, a limited liability company incorporated under the laws of
      Ireland, having its principal place of business at First Floor, Block 3,
      the Oval, Shelbourne Road, Ballsbridge, Dublin 4, Ireland (“Amarin”).

            

    

     

     

    BACKGROUND:

     

     

    
      	
              (A)  

            	
              Elan
      possesses certain proprietary small particle technology as well as
      proprietary know-how and confidential information used or useful in the
      manufacture and use of products containing
  nanoparticles.

            

    

     

     

    
      	
              (B)  

            	
              Amarin
      has certain expertise relating to the Compound (as defined
      below).

            

    

     

     

    
      	
              (C)  

            	
              Amarin
      wishes to enter into this Agreement to obtain the right to utilize the
      Elan Intellectual Property (as defined below) to import, use, offer for
      sale and sell the Product in the Field in the Territory, and to have Elan
      develop the Product Intermediate for Amarin, in accordance with the terms
      and conditions set out below.

            

    

     

     

    TERMS:

     

     

    The
parties agree as follows:

     

     

    
      	
              1.  

            	
              DEFINITIONS AND
      INTERPRETATION

            

    

     

     

    
      	
              1.1.  

            	
              Definitions.  In
      this Agreement:

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

     

     

    “Affiliate” means any
corporation or entity controlling, controlled or under common control with Elan
or Amarin, as the case may be.  For the purposes of this Agreement,
“control” means the direct or indirect ownership of more than 50% of the issued
voting shares or other voting rights of the subject entity to elect directors,
or if not meeting the preceding criteria, any entity owned or controlled by or
owning or controlling at the maximum control or ownership right permitted in the
country where such entity exists.

     

     

    “Agreement” means this
development and license agreement (which expression shall be deemed to include
its Recitals and Schedules).

     

     

    “Amarin Compound Data” means data
relating to the Compound, Product Intermediate or Product generated pursuant to
this Agreement as follows: (i) all data from any Phase I, Phase II, Phase III
and/or Phase IV study conducted by Amarin in relation to the Compound, Product
Intermediate or Product during the Term; (ii) all data from any pre-clinical
study conducted by Amarin in relation to the Compound, Product Intermediate or
Product during the Term; and (iii) all data generated by Amarin arising out of
the incorporation of the Product Intermediate into the Product.  For
the avoidance of doubt, Amarin Compound Data does not include any data generated
from formulation development activities related to the Compound, Product
Intermediate or Product using Elan Intellectual Property.

     

     

    “Amarin Improvements” means (i)
any and all rights in respect of improvements or inventions pertaining to the
Compound, of which, as of the Effective Date, there are none, that may be
conceived, created, developed and/or otherwise invented solely by Amarin outside
the R&D Program pursuant to this Agreement; (ii) any and all rights in
respect of improvements or inventions pertaining to a Device and which, as of
the Effective Date, there are none, that may be conceived, created, developed
and/or otherwise solely invented by Amarin or on behalf of Amarin and (iii)
Amarin’s interest in the [*].

     

     

    “Amarin Intellectual Property”
means the Amarin Know-How, Amarin Improvements and the Amarin Patents, of which,
as of the Effective Date, there are none.

     

     

    “Amarin Know-How” means any and
all rights, of which, as of the Effective Date, there is none, which Amarin may
own, license or control (otherwise than pursuant to this Agreement) to any
scientific, pharmaceutical or technical information, data, discovery, invention
(whether patentable or not), know-how, substances, techniques, processes,
systems, formulations and designs and expertise relating to the Compound or
Device used to administer the Product which is not generally known to the
public.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    

     

     

     “Amarin Patents” means any and
all Patent Rights, of which, as of the Effective Date, there are none, which
Amarin may hereafter file or acquire or license relating to the Compound, the
Device used to administer the Product or the Product (other than the Elan
Patents or Elan Improvements licensed under this Agreement or any patents
arising out of [*]).

     

     

    “Amarin Trademark” means
Amarin’s rights to use such trademark(s) as Amarin may from time to time
reasonably specify.

     

     

    “Buccal Formulation” means
formulations of Product Intermediate for administration by placing in the mouth
for absorption through the cheek, the gum or the upper or lower inside lip
without swallowing, achieved by means of a muco adhesive, including but not
limited to any specific formulation that may be selected for
commercialization.

     

     

    “Business Days” means Monday to
Friday inclusive, excluding any days on which the clearing banks are generally
closed in Dublin and/or New York.

     

     

    “cGMP”, “cGLP” and “cGCP” respectively mean
current Good Manufacturing Practice, current Good Laboratory Practice and
current Good Clinical Practice, as defined in the US Federal Food, Drug and
Cosmetic Act of 1934, and the regulations promulgated thereunder, as may be
amended from time to time, and, where applicable, the equivalent regulations and
requirements imposed by other Governmental Authorities in the
Territory.

     

     

    “Claims” means all and any
claims (whether successful or otherwise), loss, liability, damages and expenses,
including reasonable attorneys’ fees and expenses and legal costs.

     

     

    “CMC Section” means the
chemistry, manufacturing, and controls section of the Regulatory Application in
the United States as defined in 21 Code of Federal Regulations Section 314.50
(1), as may be amended from time to time, and/or its equivalent in other
Regulatory Applications.

     

     

    “Compound” means the active
drug substance lorazepam
(7-chloro-5-(2-chlorophenyl)-3-hydroxy-1,3-dihydro-2H-1,4-benzodiazepin-2-one)
including all salts, esters, complexes, chelates, hydrates, isomers,
stereoisomers, crystalline forms, amorphous forms, prodrugs (including all
compounds that are metabolized or dissolve into the same active moiety in the
body), solvates, metabolites/metabolic precursors, and pegylated form
thereof.

     

     

     “Device” shall mean any
instrument, apparatus, appliance, material or other article (including software)
that will be used to administer or that otherwise utilizes or applies the
Product, Product Intermediate or a derivative thereof.

     

     

    “DMF” means the Drug Master
File, as defined in the United States in 21 Code of Federal Regulations, Section
314.420 and/or its
equivalent in the other countries of the Territory, which Elan may file in
respect of the Elan Technology and (at Elan’s sole option) the application of
the Elan Technology as regards the Product.

     

     

    “EEA” means the Member States
of the European Economic Area, as same may change from time to time in terms of
Member States.

     

     

    “Effective Date” means the date
of this Agreement.

     

     

    “Elan Compound Data” means data
relating to the Compound, Product Intermediate, or Product generated by Elan
pursuant to this Agreement (which includes but is not limited to the R&D
Program) or the Manufacturing Agreement, including but not limited to data
relating to chemistry, manufacturing and controls in support of any Compound
formulation(s) generated during the R&D Program, including the Product
Intermediate, but excluding the Amarin Compound Data.

     

     

    “Elan’s Facility” shall mean
Elan facility for manufacture of commercial supplies of Product Intermediate, as
such will be defined in the Manufacturing Agreement.

     

     

    “Elan Improvements” means (i)
the Product Patents and any and all improvements to the Elan Patents, the Elan
Know-How and/or the Elan Technology and/or the Product and/or the Product
Intermediate that have been conceived, created, developed and/or otherwise
invented by Elan and/or Amarin under the R&D Program, or otherwise pursuant
to this Agreement, (ii) any and all rights in respect of improvements or
inventions pertaining to the Device and which, as of the Effective Date, there
are none, that may be conceived, created, developed and/or otherwise solely
invented by Elan pursuant this Agreement and (iii) any and all rights in respect
of improvements or inventions pertaining to the Compound conceived, created,
developed and/or otherwise invented solely by Elan under the R&D Program
(excluding [*]) or otherwise.

     

     

    “Elan Intellectual Property”
means the Elan Know-How, the Elan Patents, the Elan Improvements and Elan’s
interest in the [*].

     

     

    “Elan Know-How” means any and
all rights owned by Elan as of the Effective Date to any scientific,
pharmaceutical or technical information, data, discovery, invention (whether
patentable or not), know-how, substances, techniques, processes, systems,
formulations, designs and expertise relating to the Elan Technology which is not
generally known to the public.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    

     

     

    “Elan Patents” means any and
all Patent Rights, now existing, currently pending or hereafter filed by Elan
relating to the Elan Technology and the Product Intermediate (other than [*]),
as set forth in Schedule 1, together with any other patents that may be filed by
Elan in relation to the Product Intermediate (other than [*]) and any additional
Elan Patents that may need to be licensed to Amarin in the event that Amarin
exercises the option set out in Clause 2.4.

     

     

    “Elan Technology” means Elan’s
proprietary technology directed to nanoparticulate dispersions of compounds
stabilized against agglomeration of the nanoparticles and methods and equipment
used for making such dispersions and characterizing such dispersions, as more
fully described in the Elan Patents and applied in the Elan
Know-How.

     

     

    “Elan Trademark” means Elan’s
trademark “NanoCrystal®”, or such other trade marks as Elan may from time to
time reasonably specify.

     

     

    “EU” means the Member States of
the European Union, as same may change from time to time in terms of Member
States.

     

     

    “EU Major Markets” means the
United Kingdom, France, Germany, Italy and Spain, and an “EU Major Market” means any of
them.

     

     

    “EXW” (ex works) has the same
meaning as in the ICC Incoterms 2000, International Rules for the Interpretation
of Trade terms, ICC Publication No. 560.

     

     

    “Ex-US Net Revenues”
means:

     

     

    (i) all
royalties received by Amarin or an Affiliate of Amarin pursuant to a Sub-License
Agreement in respect of sales of the Product by a sub-licensee made outside the
United States;

     

     

    (ii) all
upfront payments and milestone payments received by Amarin or an Affiliate of
Amarin in respect of the Product pursuant to a Sub-License Agreement which
upfront payments and milestone payments relate to countries or territories
outside the United States.

     

     

    (iii) any
other consideration received by Amarin and/or any Amarin Affiliate in respect of
the Product arising from a Sub-License Agreement that applies outside the United
States, provided that this shall not include any bona fide consideration which
Amarin or an Amarin Affiliate receives for any pre-clinical, clinical or
regulatory work undertaken by Amarin for the purpose of regulatory approval or
marketing purposes in the country/countries to which the Sub-License Agreement
applies.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    

     

     

    “FDA” means the United States
Food and Drug Administration or any other successor agency whose approval is
necessary to market the Product in the United States.

     

     

    “Field” means the use as a
prescription or over-the-counter pharmaceutical product in humans, specifically
excluding diagnostic use.

     

     

    “Force Majeure” means any cause
or condition beyond the reasonable control of the party obliged to perform,
including acts of God, acts of government (in particular with respect to the
refusal to issue necessary import or export licenses), fire, flood, earthquake,
war, riots or embargoes or strikes affecting a party, or the failure of the
Compound, other materials or Product Intermediate to meet applicable
specifications for reasons that cannot be determined or rectified and that are
not attributable to the negligent acts or omissions of the party obliged to
perform under this Agreement or to a breach of an obligation by the performing
party under this Agreement.

     

     

    “Generic Competition” means the
commercial sale by a third party of a product which is AB-Rateable to the
Product in the applicable country.

     

     

    “Governmental Authority” means
all governmental and regulatory bodies, agencies, departments or entities,
whether or not located in the Territory, which regulate, direct or control
commercial and other related activities in or with the Territory.

     

     

    “IND” means Investigational New
Drug Application in the United States as set forth in the 21 Code of Federal
Regulations Section 312 and/or its equivalent in the other countries of the
Territory.

     

     

    “Infringement Claim Fees” means
the following court ordered costs or court ordered settlements incurred in
defending or otherwise managing an Infringement Claim:  (i) a party’s
reasonable costs and expenses (including attorneys’ fees), (ii) damages or costs
awarded against either party, and (iii) other payments that a party may be
ordered to pay a third party in order to secure the right to continue the
commercialization of the Product.

     

     

    “In Market” means the sale of
the Product in the Territory by Amarin, or where applicable, by an Amarin
Affiliate, a permitted sub-licensee or a distributor, to an unaffiliated third
party, such as a wholesaler, managed care organisation, hospital or pharmacy
which effects the final commercial sale to the end user of the Product and shall
exclude the transfer pricing of the Product by one Amarin Affiliate to another
Amarin Affiliate, a permitted sub-licensee or a distributor.

     

     

    “[*]” means [*]

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    

     

     

    “Manufacturing Agreement” means
the future agreement referred to in Clause 9.

     

     

    “Manufacturing Cost” shall mean
the costs described in Schedule 4.

     

     

    “Manufacturing Royalty” shall
mean a royalty of 8% of Worldwide Net Sales, which shall be payable by Amarin to
Elan under Clause 10.4 during any period when Elan manufactures the Product
Intermediate under the terms of this Agreement.

     

     

    “NDA” means a New Drug
Application filed with the FDA, including any supplements or amendments thereto
which may be filed.

     

     

    “Net Sales” shall, subject to
the provisions of Clause 10.6, mean in the case of Product sold by Amarin, an
Affiliate of Amarin, a permitted sub-licensee or a distributor in the
circumstances set out in Clauses 10.4.1 and 10.4.2 only, the aggregate gross In
Market sales proceeds billed for the Product by Amarin, an Affiliate of Amarin,
a permitted sub-licensee or a distributor in the circumstances set forth in
Clauses 10.4.1 and 10.4.2 only, in accordance with generally accepted accounting
principles as adopted by Amarin, less the following deductions:

     

     

    
      	
              (i)  

            	
              trade,
      cash or quantity discounts, allowances, adjustments and
      rejections;

            

    

     

     

    
      	
              (ii)  

            	
              rebates,
      recalls (other than where the Product is replaced without charge) and
      returns;

            

    

     

     

    
      	
              (iii)  

            	
              price
      reductions or rebates imposed by Governmental
  Authorities;

            

    

     

     

    
      	
              (iv)  

            	
              sales,
      excise, turnover, inventory, value-added and similar taxes assessed on the
      royalty-bearing sale of such Product, but not including any taxes on
      income paid by or assessed against Amarin or a permitted
      sub-licensee;

            

    

     

     

    
      	
              (v)  

            	
              transportation,
      importation, shipping, insurance and other handling expenses directly
      chargeable to the royalty-bearing sale of the Product, but only to the
      extent that such expenses are separately delineated in the applicable
      invoices; and

            

    

     

     

    
      	
              (vi)  

            	
              credits,
      chargebacks, prime vendor rebates, reimbursements and similar payments
      granted to drug wholesalers or their customers in cases where there are
      not direct shipments to such customers by Amarin or its permitted
      sublicense.

            

    

     

     

    Any
discretionary rebates, discounts or adjustments shall be commercially reasonable
and consistent with standard industry practices.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    

     

     

    “Notional NSP” shall mean the
estimated NSP of Product at the applicable time, which shall on a country by
country basis be provided by Amarin to Elan within ninety (90) days prior to
commencement of each calendar year (or, for the launch year in any country,
within ninety (90) days prior to the estimated date of first commercial sale in
such country); provided that:

     

     

    
      	
              (a)  

            	
              for
      (i) the launch year and (ii) if no Statement is due to be produced prior
      to ninety (90) days of the estimated first commercial sale in such
      country, the Notional NSP shall be estimated in good faith;
      and

            

    

     

     

    
      	
              (b)  

            	
              in
      each subsequent year, Notional NSP shall be calculated by reference to the
      average NSP in that country as evidenced by the last four Statements (or
      such lesser number of Statements as have actually been produced in
      relation to that country);

            

    

     

     

    “NSP” shall mean the Worldwide
Net Sales divided the number of units of Product sold for the given
period.

     

     

    “Other Compound” means diazepam
(7-chloro-1-methyl-5-phenyl-1,3-dihydro-2H-1,4-benzodiazepin-2-one).
including all salts, esters, complexes, chelates, hydrates, isomers,
stereoisomers, crystalline forms, amorphous forms, prodrugs (including all
compounds that are metabolized or dissolve into the same active moiety in the
body), solvates, metabolites/metabolic precursors, and pegylated form
thereof.

     

     

    “Patent Rights” means any and
all rights under any and all patent applications and/or issued or granted
patents, now existing, currently pending or hereafter filed, including, but not
limited to, provisional applications, substitutions, divisionals, continuations,
continuations-in-part, renewals and any foreign counterparts thereof or
equivalents thereto, including the right to claim priority from any of the
foregoing under the Paris Convention, and all patents issuing or granted on any
of the foregoing, and any foreign counterparts thereof, together with all
registrations, reissues, re-examinations, supplemental protection certificates,
or extensions thereof, and any foreign counterparts thereof, or any other
government-issued rights substantially equivalent to the foregoing.

     

     

    “Phase I” means a human
clinical trial of a Product, the principal purpose of which is a preliminary
determination of safety in healthy individuals or patients or similar clinical
study prescribed by the Regulatory Authorities, including the trials referred to
in 21 Code of Federal Regulations. §312.21(a), as amended.

     

     

    “Phase II” means a human
clinical trial of a Product, the principal purpose of which is a determination
of safety and efficacy in the target patient population or a similar clinical
study prescribed by the Regulatory Authorities, from time to time, pursuant to
Applicable Law or otherwise, including the trials referred to in 21 Code of
Federal Regulations §312.21(b), as amended.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    

     

     

    “Phase III Studies” means a
human clinical trial of the Product that is designed to establish that such
Product is safe and efficacious for its intended use, and which trial is
intended to support marketing approval of such Product in any country or
countries, and “Phase III
Study” means any one such study.

     

     

    “Phase IV” means a human
clinical trial of a Product that is not included in the original NDA submission
for such Product, but is required to obtain or maintain the approval by the FDA
of the NDA for such Product, including studies conducted to fulfill commitments
made as a condition of NDA approval or any subsequent human clinical trials
requested or required by the FDA as a condition of maintaining such approval or
which are desirable for the purposes of marketing or otherwise.

     

     

    “Primary Territory” means the
United States, Canada, Mexico, Japan, the countries of the European Union,
Australia and New Zealand.

     

     

    “Product” means, subject to
Clause 2.4, the nasal formulation of Product Intermediate incorporated or filled
into a Device.

     

     

    “Product Intermediate” shall
mean non-sterile formulations of the Compound (or Other Compound, if applicable
and subject to Clause 2.4) as the sole active ingredient that incorporates Elan
Technology, including but not limited to the specific formulation that is
selected for use in the Product.

     

     

    “Product Patents” means any and
all Patent Rights relating to any formulation of the Compound (or Other
Compound, if applicable and subject to Clause 2.4) incorporating the Elan
Technology, including the composition of any formulations and methods of
formulating the Compound using the Elan Technology.

     

     

    “Prosecute” means in relation
to a class of intellectual property:

     

     

    
      	
              (a)  

            	
              to
      secure the grant of any patent application within such
    class;

            

    

     

     

    
      	
              (b)  

            	
              to
      file and prosecute patent applications on patentable inventions and
      discoveries relating to that class;

            

    

     

     

    
      	
              (c)  

            	
              to
      defend all such applications against third party oppositions;
      and

            

    

     

     

    
      	
              (d)  

            	
              to
      maintain in force any issued letters patent relating to the
      same

            

    

     

     

    and
“Prosecution” has a
corresponding meaning.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    

     

     

    “R&D Program” means the
research and development program set forth in Schedule 2, as it may be amended
by agreement of the parties from time to time, including but not limited to any
work agreed by the parties under the R&D Program pursuant to a
workplan.

     

     

    “Regulatory Application” means
any regulatory application or any other application for marketing approval for
the Product, which Amarin will file in the Territory hereunder, including any
supplements or amendments thereto which Amarin may file.

     

     

    “Regulatory Approval” means the
final approval to market the Product hereunder in any country of the Territory,
including pricing and reimbursement approval and any other approval which is
required to launch the Product in the normal course of business.

     

     

    “Secondary Territory” means the
Territory other than the Primary Territory.

     

     

    “Sub-License Agreement” means
any sub-license agreement or distribution agreement entered into by Amarin with
a third party sub-licensee or distributor in reference to this Agreement whereby
the third party is granted the right to offer for sale and sell the Product in
the Territory.

     

     

    “Sublingual Formulation” means
formulations of Product Intermediate for administration by placing in the mouth
under the tongue without swallowing, including but not limited to any specific
formulation that may be selected for commercialization.

     

     

    “Technological Competitor”
means a person or entity listed in Schedule 3, and divisions, subsidiaries and
successors thereof, or any additional broad-based technological competitor of
Elan added to such Schedule from time to time by Elan.

     

     

    PROVIDED
THAT Elan may only add to Schedule 3 companies that are “competitors” to Elan
and Elan shall remove from such list companies which cease to be
competitors.  For this definition “competitors” shall mean companies
who have or use, other than through a license from Elan, technology that is
directed to and / or suitable for providing substantially similar or comparable
enhancements to the solubility characteristics of active pharmaceutical
ingredients as those provided by the Elan Technology, via any particle size
reduction technology approaches, as opposed to chemical solubilization or other
approaches.  In so far as a third party company is a licensee of Elan
Technology they shall only cease to be a Technology Competitor to the extent of
the licence.  In particular, holding a licence to Elan Technology
shall not preclude a company from being a Technological Competitor where that
company has or uses other technology that is directed to and / or suitable for
providing substantially similar or comparable enhancements to the solubility
characteristics of active pharmaceutical ingredients as those provided by the
Elan Technology, via any particle size reduction technology approaches, as
opposed to chemical solubilization or other approaches.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    

     

     

    “Term” means the Initial Term
and any continuations under Clause 12.2.

     

     

    “Territory” means all of the
countries of the world.

     

     

    “Third Party Royalties” means
license fees, milestone payments and royalties paid to a Third Party arising
from an Infringement Claim that relates to the use of the Elan Patents, Elan
Know-How or the Elan Improvements in the Product and Product
Intermediate.

     

     

    “Valid Patent Claim” means any
claim of an issued (or granted) and unexpired patent included within the Elan
Intellectual Property, which has not been held permanently revoked,
unenforceable, unpatentable or invalid by a decision of a court or government
agency of competent jurisdiction, which decision is unappealable or unappealed
within the time allowed for appeal, and which has not been abandoned,
disclaimed, denied or expressly admitted by the holder of the patent or
supplementary protection certificate to any person to be invalid or
unenforceable through reissue or disclaimer or otherwise.

     

     

    “Worldwide Net Sales” shall,
subject to the provisions of Clause 10.6, mean in the case of Product sold by
Amarin, an Affiliate of Amarin, any permitted sub-licensee or any distributor,
the aggregate gross In Market sales proceeds billed for the Product by Amarin,
an Affiliate of Amarin, a permitted sub-licensee or a distributor, in accordance
with generally accepted accounting principles as adopted by Amarin, less the
following deductions:

     

     

    
      	
              (vii)  

            	
              trade,
      cash or quantity discounts, allowances, adjustments and
      rejections;

            

    

     

     

    
      	
              (viii)  

            	
              rebates,
      recalls (other than where the Product is replaced without charge) and
      returns;

            

    

     

     

    
      	
              (ix)  

            	
              price
      reductions or rebates imposed by Governmental
  Authorities;

            

    

     

     

    
      	
              (x)  

            	
              sales,
      excise, turnover, inventory, value-added and similar taxes assessed on the
      royalty-bearing sale of such Product, but not including any taxes on
      income paid by or assessed against Amarin or a permitted
      sub-licensee;

            

    

     

     

    
      	
              (xi)  

            	
              transportation,
      importation, shipping, insurance and other handling expenses directly
      chargeable to the royalty-bearing sale of the Product, but only to the
      extent that such expenses are separately delineated in the applicable
      invoices; and

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    
      	
              (xii)  

            	 

    

     

     

    
      	
              (xiii)  

            	
              credits,
      chargebacks, prime vendor rebates, reimbursements and similar payments
      granted to drug wholesalers or their customers in cases where there are
      not direct shipments to such customers by Amarin or its permitted
      sublicense.

            

    

     

     

    Any
discretionary rebates, discounts or adjustments shall be commercially reasonable
and consistent with standard industry practices.

     

     

    “$” and “US$” mean United States
Dollars.

     

     

    
      	
              1.2.  

            	
              Further
      Definitions.  In addition, the following definitions have
      the meanings in the Clauses corresponding thereto, as set forth
      below:

            

    

     

    

    
      	
              Definition

            	
              Clause

            
	
              “Acquiring/Successor
      Entity”

            	
              15.15

            
	
              “Confidential
      Information”

            	
              15.1

            
	
              “Combination
      Formulation”

            	
              2.4

            
	
              “Disclosing
      Party”

            	
              15.12

            
	
              “Due
      Date”

            	
              11.9

            
	
              “Elan
      License”

            	
              2.1

            
	
              “Expanded
      Formulation”

            	
              2.4.1

            
	
              “Infringement
      Claim”

            	
              3.4.1

            
	
              “Initial
      Term”

            	
              12.1

            
	
              “License
      Milestone Payments”

            	
              10.1

            
	
              “Notice”

            	
              16.11.1

            
	
              “Project
      Team”

            	
              6.1

            
	
              “Relevant
      Marks”

            	
              3.7.4

            
	
              “Statement”

            	
              11.1

            
	
              “Third
      Party Site”

            	
              9.6

            
	
              “Trademark
      Owner”

            	
              3.7.4

            
	
              “Trademark
      User”

            	
              3.7.4

            

    

    

     

    
      	
              1.3.  

            	
              Interpretation.  In
      this Agreement:

            

    

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              1.3.1  

            	
              the
      singular includes the plural and vice versa, and unless the context or
      subject otherwise requires, references to words in one gender include
      references to the other genders;

            

    

     

     

    
      	
              1.3.2  

            	
              unless
      the context otherwise requires, reference to a recital, article,
      paragraph, provision, clause or schedule is to a recital, article,
      paragraph, provision, clause or schedule of or to this
      Agreement;

            

    

     

     

    
      	
              1.3.3  

            	
              the
      headings in this Agreement are inserted for convenience only and do not
      affect its construction; and

            

    

     

     

    
      	
              1.3.4  

            	
              the
      expressions “include”, “includes”, “including”, “in particular” and
      similar expressions shall be construed without
  limitation.

            

    

     

     

    
      	
              2.  

            	
              THE
      LICENSE

            

    

     

     

    
      	
              2.1.  

            	
              Elan License to
      Amarin.  Subject to the terms of this Agreement, Elan
      hereby grants to Amarin for the Term an exclusive license (the “Elan License”) to the
      Elan Intellectual Property to import, export, use (other than for
      formulation development activities), offer for sale and sell the Product
      in the Field in the Territory.  For the avoidance of doubt,
      nothing in this license grant permits Amarin to make or have made Product
      Intermediate or to carry out, directly or indirectly (other than through
      Elan which retains these rights), any formulation development activities
      with regard to the Compound using the Elan Intellectual
      Property.

            

    

     

     

    
      	
              2.2.  

            	
              Elan
      acknowledges that Amarin may contract with a third party (who is not a
      Technological Competitor) to further carry out any activities required to
      fill the Product Intermediate into a Device.  Elan agrees to
      provide such third party with a royalty-free, non-exclusive license to any
      Elan Intellectual Property limited to the extent necessary for the third
      party to conduct such activities, subject to the formulation development
      restrictions set out in Clause 2.1.

            

    

     

     

    
      	
              2.3.  

            	
              Sub-licensing.  Amarin
      shall be entitled, subject to [*] to grant sub-licenses in respect of the
      Elan Intellectual Property to import, export, have imported, have
      exported, use (other than formulation development activities), offer for
      sale and sell the Product in the Field in one or more countries of the
      Territory.  Any grant of sub-license shall also be subject to
      the following conditions:

            

    

     

     

    
      	
              2.3.1  

            	
              Amarin
      shall grant one sub-license only per country except as required by
      law;

            

    

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              2.3.2  

            	
              Amarin
      shall not grant a sub-license to a Technological Competitor, nor in
      circumstances which cause a material adverse tax consequence to Elan which
      is not fully compensated for by
Amarin;

            

    

     

     

    
      	
              2.3.3  

            	
              Amarin
      shall remain responsible for all payments due to Elan under this
      Agreement;

            

    

     

     

    
      	
              2.3.4  

            	
              Any
      sub-license granted shall be in the same terms as the terms of this
      Agreement insofar as they are applicable, mutatis mutandis, but excluding
      the right to grant a sub-license; provided that the sub-licence need not
      contain obligations with respect to diligence in marketing and promotion
      efforts, provided further that nothing herein shall prejudice Amarin’s
      obligations in respect thereof (including in that part of the territory
      sub-licensed);

            

    

     

     

    
      	
              2.3.5  

            	
              Amarin
      shall use reasonable efforts to obtain for Elan the same rights of audit
      and inspection vis-à-vis a sub-licensee as Elan has vis-à-vis Amarin
      pursuant to this Agreement; provided, however, if Amarin does not obtain
      such rights for Elan with respect to a sub-licensee, Amarin shall obtain
      such rights for itself with respect to such sub-licensee and shall
      promptly exercise such rights upon written request of
  Elan.

            

    

     

     

    
      	
              2.3.6  

            	
              Amarin
      shall be liable to Elan for all acts and omissions of any sub-licensee as
      though such acts and omissions were by
Amarin.

            

    

     

     

    
      	
              2.3.7  

            	
              Amarin
      shall undertake to protect the confidentiality of Elan’s formulation,
      engineering and manufacturing processes for the Product Intermediate and
      the Product in its dealings with permitted sub-licensees and shall not
      disclose any information from the CMC Section to any third party,
      including a permitted sub-licensee, without the prior written consent of
      Elan.

            

    

     

     

    
      	
              2.4.  

            	
              Option.  In
      the event that, within 3 (three) years of the commencement of the R&D
      Program, it is determined by the parties that the Product is not feasible,
      then Amarin shall have an option, which shall become effective on the date
      that the parties agree that the Product is not feasible and shall expire
      sixty (60) days thereafter if the option is not exercised in writing by
      Amarin before that time, to expand the Elan License to include (i) a
      Buccal Formulation or a Sublingual Formulation of the Compound in
      combination with the Elan Technology or, alternatively,
      (ii)  one of any of a nasal formulation or a Buccal Formulation
      or a Sublingual Formulation of the Other Compound, by written notice to
      Elan.  Upon exercise of such
option:

            

    

     

     

    
      	
              2.4.1  

            	
              Amarin
      shall promptly articulate the precise option it wishes to exercise, namely
      the exact compound and the route of delivery that is to be developed
      (“Expanded
      Formulation”);

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              2.4.2  

            	
              this
      Agreement shall expand and apply as necessary (including but not limited
      to the expansion of the terms “Compound”, “Product Intermediate” and
      “Product” throughout this Agreement) to include the exact compound and the
      exact route of delivery of the Expanded
  Formulation;

            

    

     

     

    
      	
              2.4.3  

            	
              subject
      to the provisions of Clause 10.1, the provisions of this Agreement
      regarding milestones and royalties shall additionally apply to such
      Expanded Formulation;

            

    

     

     

    
      	
              2.4.4  

            	
              a
      new Expanded Formulation R&D Program will be determined by the parties
      through good faith negotiations within 90 days from the date that Amarin
      notifies Elan that it intends to exercise the option granted under this
      Clause 2.4;

            

    

     

     

    
      	
              2.4.5  

            	
              pricing
      for development services and for commercial supply of such Expanded
      Formulation will be determined by the parties through good faith
      negotiations;

            

    

     

     

    
      	
              2.4.6  

            	
              such
      other changes as shall be agreed by the parties in good
      faith.  For the avoidance of doubt, the parties acknowledge and
      agree that Elan shall not be required under any circumstances to fund any
      further aspect of the R&D Program unless it so agrees;
    and

            

    

     

     

    
      	
              2.4.7  

            	
              the
      parties shall be released from of any further obligation to pursue the
      development and marketing of a Product Intermediate or Product for nasal
      use containing the Compound.

            

    

     

     

    Amarin
shall also be entitled to service notice on Elan at any time after the Effective
Date and prior to the end of the three (3) year option period that it wishes to
terminate its option right hereunder.  Said notice, once served, shall
automatically terminate all parties’ rights and obligations in reference to the
option set out in this Clause 2.4.

     

     

    
      	
              2.5.  

            	
              Secondary
      Territory.  Prior to marketing the Product in any country
      of the Secondary Territory, Amarin shall notify Elan of its intention to
      do so, and thereafter Elan may if it considers it necessary to protect its
      Confidential Information, remove such country from the Territory and the
      Secondary Territory.

            

    

     

     

    
      	
              3.  

            	
              INTELLECTUAL
      PROPERTY

            

    

     

     

    
      	
              3.1.  

            	
              Ownership of
      Intellectual Property.

            

    

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.1.1  

            	
              Elan
      shall remain the owner of the Elan Intellectual
  Property.

            

    

     

     

    
      	
              3.1.2  

            	
              Amarin
      shall remain the owner of the Amarin Intellectual
  Property.

            

    

     

     

    
      	
              3.1.3  

            	
              Elan
      and Amarin shall jointly own the [*] and each party shall have an
      undivided interest in such [*] and may exercise its interests in such [*]
      (including, subject to Clause 2.1, the right to grant licences) without
      accounting to the other party except as otherwise specifically provided
      for herein.  To the extent either party or its Affiliates would
      be deemed to be the sole owner of such [*] under the intellectual property
      laws of any jurisdiction, such party hereby irrevocably assigns, and shall
      cause such Affiliate to assign, to the other party an equal undivided
      interest in such [*].

            

    

     

     

    
      	
              3.1.4  

            	
              Elan
      owns Elan Compound Data.

            

    

     

     

    
      	
              3.1.5  

            	
              Amarin
      owns Amarin Compound Data.

            

    

     

     

    
      	
              3.1.6  

            	
              Amarin
      grants Elan the right to use Amarin Compound Data to Prosecute Elan
      Patents or Elan Improvements and/or
[*].

            

    

     

     

    
      	
              3.2.  

            	
              Patent Prosecution and
      Maintenance.

            

    

     

     

    
      	
              3.2.1  

            	
              Elan,
      at its sole discretion and expense, may Prosecute the Elan Intellectual
      Property in the Territory.  Elan and Amarin shall discuss any
      filing strategy in the Territory for any proposed patent applications (s)
      relating to the Product, the Product Intermediate and/or [*]. Elan shall
      inform Amarin of any patent applications relating to the Product, the
      Product Intermediate and/or [*] filed in the Territory.  Elan
      shall have the first right to Prosecute Product Patents and
      [*].  Elan shall keep Amarin reasonably informed regarding the
      prosecution of Product Patents and [*].  Amarin shall treat such
      information as Confidential Information.  Where Elan chooses not
      to Prosecute any Product Patents or [*] Patent Rights, Elan shall provide
      written notice to this effect to Amarin.  Upon receipt of such
      notice, Amarin shall have the right at its sole expense to Prosecute the
      Product Patents or [*] referred to in this
  notice.

            

    

     

     

    
      	
              3.2.2  

            	
              Amarin,
      at its sole discretion and expense, may Prosecute the Amarin Intellectual
      Property in the Territory.

            

    

     

     

    
      	
              3.2.3  

            	
              Elan
      shall promptly notify Amarin of any developments that fall within the
      Amarin Intellectual Property.  Amarin shall promptly notify Elan
      of any developments that fall within the Elan Intellectual
      Property.

            

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.2.4  

            	
              Each
      party shall provide the other with reasonable support in the Prosecution
      of the Elan Intellectual Property and the Amarin Intellectual Property in
      respect of any inventions that were developed under this Agreement and
      shall provide all information and/or data in its possession that is
      necessary to support any relevant patent application in the
      Territory.

            

    

     

     

    
      	
              3.2.5  

            	
              Amarin
      and Elan shall discuss the filing strategy for any proposed patent
      application(s) in the Territory and shall co-ordinate the filing of such
      patent application(s) between the two parties in order to protect the
      intellectual property rights of both parties in the
    Territory.

            

    

     

     

    

     

     

    

     

     

    
      	
              3.3.  

            	
              Enforcement.

            

    

     

     

    With
respect to any unauthorized use of the Elan Intellectual Property or the Amarin
Intellectual Property by a third party, including but not limited to any
permitted sub-licensee, as such relates to the Product and Product Intermediate
the parties agree as follows:

     

     

    
      	
              3.3.1  

            	
              Elan
      and Amarin shall promptly inform each other in writing of any actual or
      alleged unauthorized use of the Elan Intellectual Property or the Amarin
      Intellectual Property by a third party of which it becomes aware and
      provide the other party with any available evidence of such unauthorized
      use.

            

    

     

     

    
      	
              3.3.2  

            	
              Elan
      shall have the right to enforce for Elan’s own benefit (including by
      agreement or by litigation) Elan Intellectual Property at its own
      instigation and expense.  Amarin shall reasonably cooperate with
      Elan to enforce such rights, provided that Amarin is indemnified for any
      out-of-pocket expenses incurred in providing such
      cooperation.  Amarin shall be kept advised at all times of such
      suit or proceedings brought by
Elan.

            

    

     

     

    
      	
              3.3.3  

            	
              In
      the event that Elan does not wish to enforce its rights in respect of
      Product Patents within sixty (60) days of notification under Clause 3.3.1,
      then insofar as the alleged infringement occurred after the Effective
      Date, Amarin may instead at its own instigation and expense enforce for
      its own benefit (including by agreement or by litigation) such Product
      Patents, subject to the following
provisions:

            

    

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.3.3.1  

            	
              Elan
      shall reasonably cooperate with Amarin to enforce such rights, provided
      that Elan is indemnified for out-of-pocket expenses incurred in providing
      such cooperation;

            

    

     

     

    
      	
              3.3.3.2  

            	
              Such
      proceedings shall be conducted at Amarin’s
  expense;

            

    

     

     

    
      	
              3.3.3.3  

            	
              Elan
      shall be kept advised at all times of such suit or proceedings brought by
      Amarin;

            

    

     

     

    
      	
              3.3.3.4  

            	
              Elan
      shall have the right to review and comment on settlement agreement
      proposals and any pleadings or other documents to be filed with the court
      in any such litigation and shall do so promptly.  Amarin shall
      consider such comments and take them into account as is necessary and
      reasonable;

            

    

     

     

    
      	
              3.3.3.5  

            	
              Without prejudice to
      Clause 12.6.1.1, prior to
      knowingly making any statements, that would render any Product Patents
      unenforceable, invalid or unpatentable, Amarin shall notify Elan of such
      statement and discuss reasonable alternatives with Elan (except as
      prohibited by applicable law); however in no circumstances shall Amarin
      make any such statement without the prior written consent of Elan, except
      to the extent required by applicable law;
and

            

    

     

     

    
      	
              3.3.3.6  

            	
              Under
      no circumstances shall Amarin, without Elan’s prior written consent,
      purport to grant, or otherwise suggest or offer the grant of, any license
      to Product Patents as a part of any settlement proposal.

            

    

     

     

    
      	
              3.3.4  

            	
              Amarin
      shall have the right to enforce for Amarin’s own benefit (including by
      agreement or through litigation) Amarin Intellectual Property at its own
      instigation and expense.  Elan shall reasonably cooperate with
      Amarin to enforce such rights, provided that Elan is indemnified for
      out-of-pocket expenses incurred in providing such
      cooperation.  Elan shall be kept advised at all times of such
      suit or proceedings brought by
Amarin.

            

    

     

     

    
      	
              3.4.  

            	
              Defense of and
      Liability for Infringement
Claims.

            

    

     

     

    
      	
              3.4.1  

            	
              Each
      of the parties shall promptly notify the other party in writing of any
      Claim made or brought against either of them alleging infringement or
      other unauthorised use of the proprietary rights of a third party arising
      from the manufacture, importation, use, offer for sale, sale or other
      commercialization of the Product or Product Intermediate in the Territory
      (“Infringement
      Claim”).

            

    

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.4.2  

            	
              Notwithstanding
      any term or provision to the contrary contained in this Agreement, Amarin
      shall indemnify and hold harmless Elan against all Infringement Claims
      arising from the use or sale of Product or Product Intermediate by Amarin,
      its Affiliates, permitted sub-licensees, distributors or other Amarin
      subcontractors except to the extent such claims arise from a breach by
      Elan of its representations and warranties set forth in Clause 14.1 herein
      or except as provided in Clause 3.4.3.  Amarin shall indemnify
      and hold harmless Elan against all Infringement Claims arising from but
      not limited to:

            

    

     

     

    
      	
              3.4.2.1  

            	
              the
      handling or storage of the Product Intermediate or Product by or on behalf
      of Amarin, its Affiliates, permitted sub-licensees, distributors or other
      Amarin subcontractors;

            

    

     

     

    
      	
              3.4.2.2  

            	
              the
      further processing of the Product Intermediate by or on behalf of Amarin,
      its Affiliates, permitted sub-licensees, distributors or other Amarin
      subcontractors;

            

    

     

     

    
      	
              3.4.2.3  

            	
              the
      handling or use of any Device in relation to the Product by or on behalf
      of Amarin, its Affiliates, permitted sub-licensees, distributors or other
      Amarin subcontractors, including any use of a Device to administer the
      Product; or

            

    

     

     

    
      	
              3.4.2.4  

            	
              the
      method by which the Product is administered to any patient as directed by
      or on behalf of Amarin, its Affiliates, permitted sub-licensees,
      distributors or other Amarin
subcontractors.

            

    

     

     

    
      	
              3.4.3  

            	
              Elan
      will provide reasonable assistance to Amarin in its defence of
      Infringement Claims.  In respect of those Infringement Claims
      related to the Elan Patents, Elan Know-How or the Elan Improvements, the
      Infringement Claim Fees and/or Third Party Royalties arising from the use
      or sale of Product or Product Intermediate by Amarin, its Affiliates,
      permitted sub-licensees, distributors or other Amarin subcontractors shall
      be apportioned as follows subject to the terms and conditions as set forth
      in Clause 3.5 herein:

            

    

     

     

    
      	
              3.4.3.1  

            	
              Elan
      shall be responsible for [*] of Infringement Claim Fees arising from any
      Infringement Claims related to Elan Patents, Elan Know-How or Elan
      Improvements and/or Third Party Royalties payable  up to [*] of
      the royalties otherwise payable to Elan under this
    Agreement;

            

    

     

     

    
      	
              3.4.3.2  

            	
              Amarin
      shall be responsible for any excess Infringement Claim Fees and/or Third
      Party Royalties over and above the amount as set forth in Clause
      3.4.3.1;

            

    

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.4.3.3  

            	
              Amarin
      will be entitled to recover Infringement Claim Fees and/or Third Party
      Royalties due by Elan as set forth in Clause 3.4.3.1 as a credit against
      up to [*] of the royalties otherwise payable to Elan under this Agreement
      in a calendar quarter, subject to Clause 3.5
  below;

            

    

     

     

    
      	
              3.4.3.4  

            	
              Any
      deficit remaining in Amarin’s recovery of amounts due by Elan to Amarin
      under Clause 3.4.3.1 may be carried over to subsequent calendar quarters
      until exhausted.  Such carry-over shall remain subject to the
      limit of up to [*] of the royalties otherwise payable to Elan under this
      Agreement in such calendar quarter (subject to Clause
  3.5).

            

    

     

     

    
      	
              3.4.4  

            	
              In
      its defence of Infringement Claims, Amarin
  shall:

            

    

     

     

    
      	
              3.4.4.1  

            	
              keep
      Elan informed with respect to any developments in such proceedings that
      are reasonably likely to have a material adverse effect on sales of the
      Product;

            

    

     

     

    
      	
              3.4.4.2  

            	
              provide
      Elan with the right to review and comment, as practical, on any pleadings
      or other documents to be filed with the court in any such litigation
      (including at the option of Elan through separately appointed counsel);
      and

            

    

     

     

    
      	
              3.4.4.3  

            	
              except
      to the extent required by applicable law, not make any reference to Elan
      Intellectual Property in any proceedings, without the prior written
      consent of Elan, such consent not to be unreasonably withheld, conditioned
      or delayed.

            

    

     

     

    
      	
              3.4.5  

            	
              Save
      as specifically provided otherwise in this Clause 3.4, the provisions of
      Clause 14.6 shall apply as regards the conduct of any Infringement
      Claim.

            

    

     

     

    
      	
              3.5.  

            	
              For
      the avoidance of doubt, Elan's maximum aggregate liability for all Third
      Party Royalties and all Infringement Claim Fees under Clause 3.4.3.1 in
      any calendar quarter shall be limited to up to [*] of the royalties
      otherwise payable to Elan under Clause 10.4 in that calendar quarter,
      provided that any
      sums paid by Amarin to Elan pursuant to  Clauses 9 and 10 or
      under the Manufacturing Agreement for the supply of Product Intermediate
      shall not be treated as royalty payments for the purposes of this Clause
      3.5.

            

    

     

     

    
      	
              3.6.  

            	
              With
      reference to the provisions of this Clause 3, Elan and Amarin shall
      consult as regards any actions Elan or Amarin proposes to take in order to
      mitigate any loss or liability in respect of any Infringement Claim, such
      as for example Amarin ceasing to sell the Product, the parties agreeing to
      modify the Product, or either or both of the parties entering into a
      licensing or settlement negotiation with the third party.  In
      the event that the parties

            

    

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    are
unable to agree on such action, Elan shall be entitled to take and direct such
action as it may reasonably consider expedient, including requiring the
withdrawal of the Product within a reasonable time frame.  In the
event that Amarin fails to promptly take such action, Amarin shall indemnify and
hold Elan harmless against all Infringement Claims to the extent that they
relate to the period after the date by which Amarin was required to
take  such action.

     

     

    

     

     

    
      	
              3.7.  

            	
              Trademarks.

            

    

     

     

    
      	
              3.7.1  

            	
              Amarin
      shall market the Product in the Territory under the Amarin
      Trademark.

            

    

     

     

    
      	
              3.7.2  

            	
              Amarin
      shall prominently display the Elan Trademark on the packaging of the
      Product and on all promotional materials in relation to the Product to
      acknowledge that the Elan Technology has been applied in developing and
      manufacturing the Product.

            

    

     

     

    
      	
              3.7.3  

            	
              For
      this purpose:

            

    

     

     

    
      	
              3.7.3.1  

            	
              Amarin
      grants to Elan and its Affiliates for the Term a royalty free, worldwide,
      non-exclusive license to the Amarin Trademark and, if different,
      trademarks showing Amarin’s corporate logo, solely for the purpose of
      Elan’s promotion of its activities in relation to this Agreement and of
      the Elan Technology in relation to this Agreement;
  and

            

    

     

     

    
      	
              3.7.3.2  

            	
              Elan
      grants to Amarin for the Term a paid-up, worldwide, non-exclusive license
      to the Elan Trademark, solely for the purpose of fulfilling Amarin’s
      obligations in relation to this Agreement, and for the purpose of Amarin’s
      promotion of its activities in relation to this
  Agreement.

            

    

     

     

    
      	
              3.7.4  

            	
              The
      following provisions shall apply to the use by one party (“Trademark User”) of the
      trademark(s) (“Relevant
      Marks”) of the other (“Trademark
      Owner”):

            

    

     

     

    
      	
              3.7.4.1  

            	
              Trademark
      User shall ensure that each reference to and use of the Relevant Marks by
      Trademark User is in a manner from time to time approved by Trademark
      Owner and accompanied by an acknowledgement, in a form approved by
      Trademark Owner, that the same is a trademark (or registered trademark) of
      Trademark Owner.

            

    

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              3.7.4.2  

            	
              Trademark
      User shall not use the Relevant Mark in any way which might materially
      prejudice its distinctiveness or validity or the goodwill of Trademark
      Owner therein.

            

    

     

     

    
      	
              3.7.4.3  

            	
              Trademark
      User shall not use in the Territory any trademarks or trade names so
      resembling the Relevant Marks or any of them as to be likely to cause
      confusion or deception.

            

    

     

     

    
      	
              3.7.4.4  

            	
              Trademark
      Owner shall, at its sole discretion and expense, file and prosecute
      applications to register and maintain registrations of Relevant Marks in
      the Territory.

            

    

     

     

    
      	
              3.7.4.5  

            	
              Trademark
      Owner will be entitled to conduct all enforcement proceedings relating to
      the Relevant Marks and shall at its sole discretion decide what action, if
      any, to take in respect of any infringement or alleged infringement of the
      Relevant Marks or passing-off or any other claim or counter-claim brought
      or threatened in respect of the use or registration of the Relevant
      Marks.  Any such proceedings shall be conducted at Trademark
      Owner’s expense and for its own
benefit.

            

    

     

     

    
      	
              4.  

            	
              NON-COMPETITION

            

    

     

     

    
      	
              4.1.  

            	
              Product and Product
      Intermediate.  During the Term, Amarin shall not, and
      shall procure that its Affiliates do not, either directly or
      indirectly:

            

    

     

     

    
      	
              4.1.1  

            	
              market,
      sell or distribute the Product or Product Intermediate in a country
      outside the EEA (other than in those countries outside the EEA which are
      part of the Territory), or sell the Product to any person who it believes
      or ought reasonably to know intends to sell the Product in such a country;
      or

            

    

     

     

    
      	
              4.1.2  

            	
              actively
      sell the Product or Product Intermediate into a territory in the EEA
      reserved on an exclusive basis to Elan or a territory allocated by Elan on
      an exclusive basis to its other licensees and/or
      distributors.  For this purpose, the parties acknowledge that
      each territory which is not exclusively allocated by Elan to other
      licensees and/or distributors and in respect of which this Agreement has
      been terminated is reserved to
Elan.

            

    

     

     

    
      	
              4.2.  

            	
              Competing Products
      (Amarin).  Amarin shall not, and shall procure that its
      Affiliates do not market or sell:

            

    

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              4.2.1  

            	
              any
      nasal formulation containing the Compound (but not including the Other
      Compound in any circumstances as formulations of Other Compound are
      regulated by Clause 4.2.2)  as its sole active ingredient, other
      than the Product: (i) in the EEA for a period of five years beginning on
      the date of the first In Market sale of the Product in the EEA, or (ii)
      elsewhere in the Territory during the Initial
  Term;

            

    

     

     

    
      	
              4.2.2  

            	
              any
      formulation containing the Compound as its sole active ingredient for use
      in buccal or sublingual administration or any formulation containing the
      Other Compound as its sole active ingredient for use in nasal, buccal or
      sublingual administration, as from the Effective Date until the soonest
      of:

            

    

     

     

    
      	
              (a)  

            	
              the
      end of the Initial Term; or

            

    

     

     

    
      	
              (b)  

            	
              where
      Amarin exercises its option under Clause 2.4, the restriction imposed by
      this Clause 4.2 shall immediately terminate in relation to any option
      formulation that Amarin does not chose to be the Expanded Formulation;
      or

            

    

     

     

    
      	
              (c)  

            	
              service
      of notice by Amarin on Elan that it wishes to terminate its option rights
      under Clause 2.4 prior to the expiry of the time period referred to in
      Clause 2.4; or

            

    

     

     

    
      	
              (d)  

            	
              expiry
      of the period referred to in Clause 2.4 without the exercise of an option
      in respect of an Expanded
Formulation.

            

    

     

     

    For the
avoidance of doubt, in the event that the Elan License is extended to include an
Expanded Formulation, then Amarin shall not market or sell any formulation
containing the same compound (Compound or Other Compound, as applicable) as its
sole active ingredient in the Expanded Formulation and using the same route of
administration as the Expanded Formulation, other than the Product: (i) in the
EEA for a period of five years beginning on the date of the first In Market sale
of the Expanded Formulation in the EEA or (ii) elsewhere in the Territory during
the Initial Term.

     

     

    
      	
              4.3.  

            	
              Competing Products
      (Elan).  Elan shall not, and shall procure that its
      Affiliates do not, use or license the Elan Technology to market or
      sell:

            

    

     

     

    
      	
              4.3.1  

            	
              any
      nasal formulation containing the Compound (not including the Other
      Compound in any circumstances as formulations of Other Compound are
      regulated by Clause 4.3.2) as its sole active ingredient, other than the
      Product in circumstances and in countries where Elan is entitled under
      this Agreement to market Product: (i) in the EEA for a period of five
      years beginning on the date of the first In Market sale of the Product in
      the EEA or (ii) elsewhere in the Territory during the Initial
      Term;

            

    

     

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              4.3.2  

            	
              any
      formulation containing the Compound as its sole active ingredient for use
      in buccal or sublingual administration or any formulation containing the
      Other Compound as its sole active ingredient for use in nasal, buccal, or
      sublingual administration  as from the Effective Date until the
      soonest of:

            

    

     

     

    
      	
              (a)  

            	
              the
      end of the Initial Term; or

            

    

     

     

    
      	
              (b)  

            	
              where
      Amarin exercises its option under Clause 2.4, the restriction imposed by
      this Clause 4.3 shall immediately terminate in relation to any option
      formulation that Amarin does not chose to be the Expanded Formulation;
      or

            

    

     

     

    
      	
              (c)  

            	
              service
      of notice by Amarin on Elan that it wishes to terminate its option to
      expand the license under Clause 2.4 prior to the expiry of the time period
      referred to in Clause 2.4; or

            

    

     

     

    
      	
              (d)  

            	
              expiry
      of the period referred to in Clause 2.4 without the exercise of
      an  option having been made under Clause 2.4 in respect of an
      Extended Formulation.

            

    

     

     

    
      	
              4.4

            	
              Competing Combination
      Products.  Clauses 4.2 and 4.3 shall apply mutatis mutandis to
      such formulations in which the Compound is an active ingredient but not
      the sole active ingredient (“Combination
      Formulation”), provided that such Combination Formulation does not
      require human clinical trials comparing the efficacy of such Combination
      Formulation to both the Compound and the other active ingredient
      individually.

            

    

     

     

    
      	
              5.  

            	
              DEVELOPMENT OF THE
      PRODUCT INTERMEDIATE

            

    

     

     

    
      	
              5.1.  

            	
              Development.  Elan
      shall use commercially reasonable efforts to develop the Product
      Intermediate in accordance with the R&D
  Program:

            

    

     

     

    
      	
              5.1.1  

            	
              in
      particular, Elan agrees that it
shall:

            

    

     

     

    
      	
              5.1.1.1  

            	
              be
      responsible for obtaining and maintaining the necessary licenses and
      permits for the development, manufacturing, testing and storage of the
      Product Intermediate by Elan as may be required under the R&D
      Program.

            

    

     

     

    
      	
              5.1.1.2  

            	
              provide
      Product Intermediate as agreed in the R&D Program and shall
      manufacture such Product Intermediate in accordance with prevailing cGLP,
      cGCP and cGMP and, in all material respects, in accordance with all
      applicable Governmental Authority

            

    

     

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

     

    standards
and guidelines, as appropriate for the phase or stage under which such Product
Intermediate is produced during the R&D Program.

     

     

    
      	
              5.2.  

            	
              Compound
      Supply.  Elan shall supply Compound for its activities
      under the R&D Program up until the completion of the initial animal
      pharmacokinetic.  Thereafter, Amarin shall re-imburse Elan for
      any Compound purchased by Elan for use in the R&D
    Program.

            

    

     

     

    
      	
              5.3.  

            	
              Other Materials, Third
      Party Costs and Services.  Following the completion of
      the initial animal pharmacokinetic study, Amarin shall reimburse Elan for
      all materials (including but not limited to the Compound as set out in
      Clause 5.2), other out-of-pocket expenses, third party costs and
      development services provided by Elan under the R&D Program in
      accordance with Clause 10.3.  

            

    

     

     

    
      	
              5.4.  

            	
              Changes and Additional
      Work.  Any changes to the R&D Program shall be agreed
      in advance with Elan, and Amarin shall bear the cost of any resulting
      additional work.  The Parties also agreed that additional work
      will be conducted under additional workplans, which if agreed and
      undertaken, will be appended and controlled by the terms of this
      Agreement.

            

    

     

     

    
      	
              6.  

            	
              PROJECT TEAM AND
      PROJECT MANAGEMENT

            

    

     

     

    
      	
              6.1.  

            	
              Establishment.  Within
      sixty (60) days of the Effective Date, the parties will establish a
      project team (“Project
      Team”), which shall consist of development personnel from each
      party who are appropriately skilled and knowledgeable in relation to the
      R&D Program and who are deemed necessary to accomplish the work of the
      R&D Program.

            

    

     

     

    The
Project Team shall have an equal number of members from each of the parties and
the total size of the Project Team shall not exceed six (6) people.

     

     

    
      	
              6.2.  

            	
              Conduct.  Unless
      otherwise agreed by the parties:

            

    

     

     

    
      	
              6.2.1  

            	
              the
      Project Team shall meet at least once each calendar quarter, such meetings
      to continue until the time of launch or such later time as may be agreed,
      alternatively at the offices of Elan and
Amarin;

            

    

     

     

    
      	
              6.2.2  

            	
              meetings
      shall be chaired by an Elan
representative;

            

    

     

     

    
      	
              6.2.3  

            	
              each
      party shall be responsible for its own costs in respect of travel and
      accommodation expenses in attending meetings of the Project
      Team;

            

    

     

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              6.2.4  

            	
              at
      and between meetings of the Project Team, each party shall keep the other
      fully and regularly informed as to its progress with its respective tasks
      and obligations under the R&D
Program;

            

    

     

     

    
      	
              6.2.5  

            	
              the
      Project Team shall also monitor the progress of the R&D Program
      against the timeframe set for it and shall report on delays in the conduct
      of the R&D Program which would materially affect Elan’s ability to
      successfully complete the R&D Program within the timeframe set out for
      it and recommend whether corrective action is required under the
      provisions of Clause 6.3.

            

    

     

     

    
      	
              6.3.  

            	
              Co-operation.  Elan
      and Amarin shall undertake their respective obligations under the R&D
      Program on a collaborative basis.  Accordingly, the parties
      shall co-operate in good faith particularly with respect to unknown
      problems or contingencies and shall perform their respective obligations
      in a commercially reasonable, diligent and workmanlike
    manner.

            

    

     

     

    
      	
              6.4.  

            	
              The
      parties hereby confirm that the parties first and primary objective (under
      the R&D Program and under this Agreement generally) is to generate an
      NDA and to secure an NDA Approval for the Product in the United
      States.  While it is the parties desire and expectation that
      where possible the body of data generated by them for NDA filing and NDA
      Approval may also be used to support other regulatory filings and
      approvals, the parties’ initial focus and efforts during the development
      program will be intended to generate an NDA and secure NDA
      Approval.

            

    

     

     

    
      	
              7.  

            	
              REGULATORY
      MATTERS

            

    

     

     

    
      	
              7.1.  

            	
              Elan.  Elan
      shall own, and shall be responsible for, filing for and
      maintaining:

            

    

     

     

    
      	
              7.1.1  

            	
              regulatory
      approvals in respect of the Elan
Technology;

            

    

     

     

    
      	
              7.1.2  

            	
              the
      DMF and any equivalent; and

            

    

     

     

    
      	
              7.1.3  

            	
              all
      necessary manufacturing approvals for the manufacture of the Product
      Intermediate.

            

    

     

     

    Amarin
shall reimburse Elan forthwith for any filing fees incurred by Elan in
connection therewith.  Amarin shall additionally reimburse Elan at
Elan’s then-current full time equivalent rate, currently [*] per person-hour,
for all services provided by Elan and for any out-of-pocket expenses and any
Third Party costs associated with preparing, filing, obtaining and maintaining
Regulatory Approvals for the Product.

     

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              7.2.  

            	
              Amarin.  Except
      as provided in Clause 7.1, Amarin
      shall own and shall be responsible for filing for and maintaining the
      Amarin Compound Data and all necessary Regulatory Approvals, including any
      necessary export or import licenses in relation to the Compound (where
      applicable), Product Intermediate and/or the Product.  For the
      avoidance of doubt, all of the data, filings and other information
      provided by Elan to Amarin or any such Affiliate to support Amarin
      regulatory filings shall be treated as Confidential Information belonging
      to Elan and its Affiliates in accordance with the provisions of Clause
      15.

            

    

     

     

    
      	
              7.3.  

            	
              Disclosure.  Without
      prejudice to any other right of Elan under this Agreement, Amarin shall
      pursue a strategy of minimum disclosure of information relating to the
      manufacturing process of the Product.  The parties shall discuss
      the implementation of this strategy in good faith on a case by case
      basis.

            

    

     

     

    
      	
              7.4.  

            	
              Review.  Elan
      shall be given a reasonable opportunity to review and comment upon all
      regulatory submissions prior to their
  submission.

            

    

     

     

    
      	
              7.5.  

            	
              Co-operation.  Elan
      and Amarin will provide all reasonable co-operation with respect to the
      other’s regulatory filings.

            

    

     

     

    
      	
              7.6.  

            	
              Keep
      Advised.  Amarin shall keep Elan promptly and fully
      advised of all Amarin’s regulatory activities in respect of the Product
      and the Compound.  Without prejudice to the generality of the
      foregoing, Amarin shall:

            

    

     

     

    
      	
              7.6.1  

            	
              notify
      Elan upon the date of submission of any Regulatory Application in the
      Territory;

            

    

     

     

    
      	
              7.6.2  

            	
              notify
      Elan upon the date of issue of a Regulatory Approval or related regulatory
      action letters; and

            

    

     

     

    
      	
              7.6.3  

            	
              submit
      to Elan a quarterly report, for every calendar quarter prior to the
      marketing of the Product within 14 days of the end of the relevant quarter
      fully outlining the regulatory status of the Product throughout the
      Territory.

            

    

     

     

    
      	
              7.7.  

            	
              Right of Reference to
      DMF.  Elan will authorise Amarin to reference Elan’s DMF
      with the Governmental Authorities to the extent necessary to enable Amarin
      to file Regulatory Applications and to maintain Regulatory Approvals in
      connection with the Product.  In the event that a Governmental
      Authority raises any queries in relation to Elan’s DMF which can only be
      resolved by Elan (and not by Amarin), Elan shall use commercially
      reasonable efforts to resolve any such queries with said Governmental
      Authority in an expeditious manner.

            

    

     

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              7.8.  

            	
              Retention of
      Samples.  Unless the parties agree otherwise, Elan will
      maintain raw material, clinical supply and analytical samples in storage
      for a time period based upon Elan’s sample retention policy, or such
      longer period of time as Amarin may reasonably request. Elan agrees to
      maintain Product Intermediate batch production and control records and
      associated test results until the marketing application is approved by the
      FDA or until Amarin notifies FDA of discontinuation of the
      IND.

            

    

     

     

    
      	
              7.9.  

            	
              Access.  Upon
      Elan’s prior written notice, Amarin shall permit Elan to have access to
      the Regulatory Applications and Regulatory Approvals and to take
      photocopies of same, as required by Elan to fulfil reporting requirements
      or as otherwise may reasonably be required by Elan in connection with this
      Agreement.

            

    

     

     

    
      	
              7.10.  

            	
              Governmental
      Inspection.  Each party shall notify the other as soon as
      possible of any notification received by that party from a Governmental
      Authority to conduct an inspection of its manufacturing or other
      facilities specific to the development, manufacturing, packaging, storage
      or handling of the Compound, Product Intermediate and/or the
      Product.  Copies of all correspondence with the Governmental
      Authority solely related to the Compound, Product Intermediate or the
      Product and material to that party’s activities under this Agreement will
      be provided to that other party.

            

    

     

     

    
      	
              7.11.  

            	
              Right to
      Inspect.  Each party shall make that portion of its
      facility where the Compound, Product Intermediate or the Product is
      manufactured, tested or stored, including all record and reference
      samples, available for inspection upon reasonable notice and not more than
      once per annum:

            

    

     

     

    
      	
              7.11.1  

            	
              by
      the other party’s duly qualified employee or, with the consent of the
      party being inspected, by the other party’s duly qualified agent or
      contractor; or

            

    

     

     

    
      	
              7.11.2  

            	
              by
      the relevant Governmental
Authority.

            

    

     

     

    An
inspection under this Clause 7.11 shall be
limited to determining whether there is compliance with cGMP and other
requirements of applicable law.

     

     

    Any
consent required under this Clause 7.11
shall not be unreasonably withheld or delayed.

     

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              8.  

            	
              CLINICAL DEVELOPMENT,
      REGISTRATION, MARKETING AND THE PROMOTION OF THE
      PRODUCT

            

    

     

     

    
      	
              8.1.  

            	
              Diligent
      Efforts.  Amarin shall be responsible for (at its own
      cost) and shall use commercially reasonable efforts to (i) conduct all
      stage I activities set out in Schedule 5; (ii) conduct any further
      development activities and any further clinical trials with respect to the
      Product Intermediate, the Product or any relevant Device to commercialize
      Product in the Primary Territory and (iii) register, market and promote
      the Product in the Primary
  Territory:  

            

    

     

     

    
      	
              8.1.1  

            	
              in
      particular in respect of the Primary Territory, Amarin agrees that it, its
      Affiliates and permitted sub-licensees
shall:

            

    

     

     

    
      	
              8.1.1.1  

            	
              conduct
      in an expeditious manner all necessary pre-clinical and clinical studies
      in respect of the Product Intermediate, the Product and any Device that
      may be used to administer the Product or Product Intermediate and to
      conduct such activities in accordance with prevailing cGLP, cGCP and cGMP
      and, in all material respects, in accordance with all applicable
      Governmental Authority standards and
guidelines;

            

    

     

     

    
      	
              8.1.1.2  

            	
              obtain
      Regulatory Approvals for the Product and all necessary governmental
      approvals that may need to be obtained for the Device in order to market
      the Product in the Primary
Territory;

            

    

     

     

    
      	
              8.1.1.3  

            	
              promote
      the Product as the flagship brand under Amarin’s prevailing trademark(s)
      for use in an outpatient setting in repetitive epileptic seizures and for
      any other indications in a country for which the Product is approved for
      use in that country and to otherwise use the same level of effort as used
      by Amarin with other similar products of similar sales
      potential;

            

    

     

     

    
      	
              8.1.1.4  

            	
              market
      and promote the Product with a view to achieving maximum market impact and
      concentration throughout the Primary Territory and at least the same level
      of effort as with other similar products of similar sales potential which
      it markets; and in the event that Amarin elects to market the Product in
      any part of the Secondary Territory, the same obligation shall apply to
      such territory; and

            

    

     

     

    
      	
              8.1.1.5  

            	
              comply
      with all applicable rules and regulations, in all material
      respects,  in regard to the storage, handling, development and
      commercialization of Product and Product Intermediate and otherwise
      conduct all storage, handling, development and commercialization
      activities relating to the Product and Product Intermediate with due care
      in accordance with normal standards in the pharmaceutical
      industry.

            

    

     

    
      
         

      

      
        28

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              8.2.  

            	
              Promotional
      Campaign.  Amarin
shall:

            

    

     

     

    
      	
              8.2.1  

            	
              control
      and be responsible for the content and format of each promotional campaign
      to be submitted to the relevant Governmental Authority, but shall inform
      Elan thereof and, upon reasonable request by Elan, provide to Elan a copy
      of such submissions;

            

    

     

     

    
      	
              8.2.2  

            	
              within
      ninety (90) days after the filing of the first Regulatory Application in
      the Territory, if requested in writing by Elan, outline to Elan the
      structure of the promotional activities to be carried out by Amarin for
      the period up to the first launch of the Product and for a period of 1
      year thereafter; and

            

    

     

     

    
      	
              8.2.3  

            	
              both
      prior to and subsequent to the launch of the Product, communicate with
      Elan regarding its objectives for and performance of the Product in the
      Territory.

            

    

     

     

    
      	
              8.3.  

            	
              Packaging and
      Labels.  Amarin shall submit to Elan for Elan’s
      information copies of all trade packaging and labels and other printed
      materials which Amarin proposes at any time to use in relation to the sale
      of the Product.  For the avoidance of doubt, nothing in this
      Clause 8.3 affects any other
      obligation of Amarin, and Amarin shall indemnify and hold harmless Elan
      against all Claims which may arise relating to the activities described in
      this Clause 8.

            

    

     

     

    
      	
              8.4.  

            	
              Changes.  Amarin
      shall be entitled to change such trade packaging and labels and other
      printed materials only as often as is commercially reasonable and in
      compliance with applicable laws and regulations.  Such changes
      shall be at Amarin’s sole expense and for the avoidance of doubt shall not
      constitute allowable deductions from Net
Sales.

            

    

     

     

    
      	
              8.5.  

            	
              Required
      Markings.  All trade packaging and marketing materials
      shall:

            

    

     

     

    
      	
              8.5.1  

            	
              to
      the extent permitted by law, include due acknowledgement that the Product
      Intermediate is developed and manufactured by Elan;
  and

            

    

     

     

    
      	
              8.5.2  

            	
              have
      marked representative patent number(s) including that of the formulation
      patent in respect of the Elan Patents on all Product, or otherwise
      reasonably communicate to the trade the existence of any Elan Patents for
      the countries within the Territory in such a manner as to ensure
      compliance with, and enforceability under, applicable
  laws.

            

    

     

     

    
      	
              8.6.  

            	
              Launch.  Amarin
      shall effect the first full scale national commercial launch of the
      Product:

            

    

     

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              8.6.1  

            	
              in
      the United States within 180 days of the Regulatory Approval in the United
      States, provided that Amarin shall have received the agreed quantities of
      Launch Stocks ordered pursuant to firm purchase orders under this
      Agreement at least 60 days in advance of the launch date;
    and

            

    

     

     

    
      	
              8.6.2  

            	
              in
      each of the other countries of the Territory, within 270 days after the
      relevant Regulatory Approval.

            

    

     

     

    
      	
              8.7.  

            	
              Reporting.  Following
      first Regulatory Approval of the Product, the parties shall meet as often
      as reasonably requested by the other (not more than once per calendar
      quarter).  At such meetings, Amarin shall report on the ongoing
      sales performance of the Product in each country of the Territory,
      including marketing approaches, promotional and educational campaigns,
      performance against competitors, its ongoing objectives for the Product
      and its plans for promotion of the Product for the next quarterly
      period.  Such meetings may be held by telephone.  If
      held in person, each party shall be responsible for its own costs in
      respect of travel and accommodation expenses in attending such
      meetings.

            

    

     

     

    
      	
              9.  

            	
              COMMERCIAL
      MANUFACTURE

            

    

     

     

    The
parties shall negotiate in good faith a manufacturing agreement relating to the
commercial supply of Product Intermediate (“Manufacturing Agreement”)
containing the following terms, and such other terms as may be
agreed:

     

     

    
      	
              9.1.  

            	
              Elan
      shall maintain the exclusive right and obligation to manufacture or have
      manufactured and to supply or have supplied Amarin’s entire requirement of
      commercial supplies of Product Intermediate in the Field in the Territory,
      subject to Clause 9.6 and 9.7.  Elan shall be entitled to
      subcontract or delegate these obligations (subject to Amarin’s prior
      written consent which shall not be unreasonably withheld, conditioned or
      delayed), but shall remain liable to Amarin for all acts or omissions of
      any Affiliate or subcontractor under the Manufacturing Agreement as though
      such acts or omissions were by
Elan.

            

    

     

     

    
      	
              9.2.  

            	
              Elan
      shall be responsible for the cost and sourcing of the Compound for the
      commercial supply of Product Intermediate referred to in Clause
      9.1.

            

    

     

     

    
      	
              9.3.  

            	
              The
      Product Intermediate supplied shall be manufactured in accordance with
      cGMP and all applicable laws and regulations.  The manner in
      which Amarin shall notify Elan of any failure by Elan to supply Product
      Intermediate to Amarin that conforms to such requirements and the methods
      by which Elan may rectify such problems and other consequences for failing
      to provide Product Intermediate in accordance with these requirements
      shall be negotiated in good faith and set out in the Manufacturing
      Agreement.

            

    

     

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              9.4.  

            	
              The
      price of Product Intermediate manufactured by Elan under the Manufacturing
      Agreement shall be equivalent to [*] of Notional NSP (the “Supply Price”) and upon
      delivery Elan will render to Amarin an invoice for Product Intermediate
      supplied EXW Elan’s Facility packaged and labelled in a form to be agreed
      between the parties.

            

    

     

     

    
      	
              9.5.  

            	
              For
      the avoidance of doubt the parties agree that if for whatever reason the
      Product Intermediate supplied by Elan to Amarin, which meets agreed
      Product Intermediate specifications and applicable law and regulatory
      requirements, is not sold by Amarin, payment for such Product Intermediate
      shall nonetheless be effected and the price of the  Product
      Intermediate shall be the Supply
Price.

            

    

     

     

    
      	
              9.6.  

            	
              In
      the event that either party is of the opinion that [*] of Manufacturing
      Cost for one unit of Product Intermediate would exceed the Supply Price,
      then it shall promptly notify the other in writing. In such event the
      parties shall meet within thirty (30) days of such notification to
      discuss, inter
      alia, the manner in which Manufacturing Cost is calculated by Elan
      and also Amarin’s commercialisation plans. Thereafter, the parties
      shall  re-negotiate in good faith (i) the Supply Price or,
      alternatively, (ii) whether Elan shall use commercially reasonable efforts
      to locate a third party site (“Third Party Site”) of
      Elan’s choosing (but subject to Amarin’s prior written consent which shall
      not be unreasonably withheld, conditioned or delayed)  to supply
      the Product Intermediate and to arrange for a technology transfer between
      Elan and that third party at Elan’s cost.  The parties further
      agree that during the course of such good faith discussions and during any
      period prior to the time at which the Third Party Site is ready to
      commence manufacture of the Product  Intermediate, Elan shall
      continue to supply Product Intermediate to Amarin at a price of not less
      than [*] of Manufacturing Cost.

            

    

     

     

    
      	
              9.7.  

            	
              In
      the event that the parties cannot agree on a Supply Price or on the
      technology transfer as provided in Clause 9.6, then Elan shall continue to
      supply the Product Intermediate to Amarin but at a price not less than [*]
      of Manufacturing Cost.

            

    

     

     

    
      	
              9.8.  

            	
              Forecasting
      and ordering provisions will be agreed in good faith, taking into account
      the practical requirements involved in manufacturing the Product
      Intermediate including, inter alia, the fact
      that the Compound is a controlled
substance;

            

    

     

     

    
      	
              9.9.  

            	
              Amarin
      will be responsible for the purchase of (and shall own) any capital
      equipment specifically required for the manufacture of the Product
      Intermediate which is unique and/or dedicated to the manufacture of
      Product Intermediate.  Elan will be responsible for all other
      capital equipment used in
manufacture;

            

    

     

    
      
         

      

      
        31

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              9.10.  

            	
              In
      circumstances where the gross sales of the Product exceed US$50,000,000,
      Elan shall establish a second site of manufacture.  In such
      circumstance, Amarin shall bear its own and all third-party costs related
      to any regulatory filing fees and any regulatory maintenance fees or any
      license fees related to the registration of such second site, to the
      extent related to the manufacture of Product
  Intermediate.

            

    

     

     

    
      	
              10.  

            	
              FINANCIAL
      PROVISIONS

            

    

     

     

    
      	
              10.1.  

            	
              Milestone
      Payments.  In consideration of the grant of the Elan
      License, Amarin shall pay to Elan the following non-refundable
      amounts:

            

    

     

     

    
      	
              10.1.1  

            	
              A
      milestone of [*] upon the  earlier of: (i) the commencement of
      Stage 1 of the R&D Program or (ii) the commencement of the second
      animal pharmacokinetic study that may be conducted on Product
      Intermediate;

            

    

     

     

    
      	
              10.1.2  

            	
              a
      milestone payment of [*] upon the commencement of the first Phase III
      Study of the Product;

            

    

     

     

    
      	
              10.1.3  

            	
              a
      milestone payment of [*] upon the filing of the first Regulatory
      Application in the United States or in any other country in the Primary
      Territory;

            

    

     

     

    
      	
              10.1.4  

            	
              a
      milestone payment of [*] upon Regulatory Approval in the United
      States;

            

    

     

     

    
      	
              10.1.5  

            	
              a
      milestone payment of [*] upon first Regulatory Approval in any country
      other than the United States in the Primary
  Territory.

            

    

     

     

    the
payments described in Clauses 10.1.1 to
10.1.5 being “License Milestone Payments”,
and for the avoidance of doubt each being payable once only, save where Amarin
exercises its option under Clause 2.4 to develop an Expanded Formulation that
includes Other Compound, in which case the milestones described in Clause 10.1.2
to 10.1.5 (but excluding the milestone described in Clause 10.1.1) shall be
payable more than once.

     

     

    If an
event in respect of which a License Milestone Payment would be payable does not
occur, but another such event occurs which would ordinarily occur only after the
first such event, then the amount of the first relevant License Milestone
Payment shall be added to the second.

     

     

    
      	
              10.2.  

            	
              Not Subject to Future
      Performance Obligations.  The License Milestone Payments
      shall not be subject to future performance obligations of Elan to Amarin
      and shall not be applicable against future services provided by Elan to
      Amarin.

            

    

     

    
      
         

      

      
        32

        
          

        

      

      
         

      

    

     

    

     

     

    The terms
of Clause 10.1 relating to the License
Milestone Payments are independent and distinct from the other terms of this
Agreement.

     

     

    
      	
              10.3.  

            	
              Development
      Fees.  Following the completion of the initial animal
      pharmacokinetic study that is conducted on the Product or Product
      Intermediate in accordance with the R&D Program, Amarin shall
      reimburse Elan for all materials (including the Compound), other
      reasonable out-of-pocket expenses and third party costs incurred by Elan
      during the R&D Program. Amarin shall also reimburse Elan for all
      services provided by Elan after the completion of the initial animal
      pharmacokinetic study that is conducted on the Product or Product
      Intermediate during the R&D Program at Elan’s prevailing full time
      equivalent rate (“FTE”), currently
US$250/hour.

            

    

     

     

    
      	
              10.4.  

            	
              Royalties.  In
      consideration of the grant of the Elan License, Amarin shall pay to Elan
      non-refundable royalties as
follows:

            

    

     

     

    
      	
              10.4.1  

            	
              If
      Amarin or an Amarin Affiliate sells the Product In Market in any country
      in the Territory, then subject to Clause 10.5, a non-refundable royalty,
      calculated by reference to the table set out below, being the sum of the
      royalties payable to Elan within the bands of Net Sales generated by
      Amarin or an Amarin Affiliate in the Territory at the corresponding
      royalty percentage below:

            

    

     

     

    

     

    
      	
              Annual
      Worldwide Net Sales Bands

               

            	
              Applicable
      Royalty Rate

            
	
              First[*]
      of Worldwide Net Sales

            	
              [*]
      of Net Sales generated by Amarin or an Amarin Affiliate in the
      Territory

            
	
              Increments
      above [*] of Worldwide Net Sales

            	
              [*]
      of Net Sales generated by Amarin or an Amarin Affiliate in the
      Territory.

            

    

     

    

     

    
      
         

      

      
        33

        
          

        

      

      
         

      

    

     

    

     

     

    The above
royalty includes the Manufacturing Royalty which shall be payable by Amarin to
Elan for the commercial manufacture and supply by Elan of the Product
Intermediate to Amarin.

     

     

    
      	
              10.4.2  

            	
              If
      Amarin enters into a Sub-License Agreement or other agreement whereby a
      third party is granted rights to sell the Product in the United States,
      then subject to Clause 10.5, a non-refundable royalty calculated by
      reference to the table set out below, being the sum of royalties payable
      to Elan with the bands of Net Sales generated by the third party
      sub-licensee at the corresponding royalty percentage
  below:

            

    

     

     

    

     

    
      	
              Annual
      Worldwide Net Sales Bands

               

            	
              Applicable
      Royalty Rate

            
	
              First
      [*] of Worldwide Net Sales

            	
              [*]
      of Net Sales generated in the US.

            
	
              Increments
      above [*] of Worldwide Net Sales

            	
              [*]
      of Net Sales generated in the US.

            

    

     

    

     

     

    The above
royalty includes the Manufacturing Royalty which shall be payable by Amarin to
Elan for the commercial manufacture and supply of the Product Intermediate by
Elan to Amarin for Product that is sold by third parties in the United
States.

     

     

    
      	
              10.4.3  

            	
              If
      Amarin enters into a Sub-License Agreement or other agreement whereby a
      third party is granted rights to sell the Product outside the United
      States, then subject to Clause
10.5:

            

    

     

     

    
      	
              10.4.3.1  

            	
              a
      non-refundable royalty of [*] of the Ex-US Net Revenues;
    and

            

    

     

    
      
         

      

      
        34

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              10.4.3.2  

            	
              the
      Manufacturing Royalty, which shall be payable by Amarin to Elan for the
      commercial manufacture and supply of the Product Intermediate by Elan to
      Amarin for Product that is sold by a third party outside the United
      States.

            

    

     

     

    The
parties also agree that upon provision of any Statement, Amarin will pay Elan
the difference between the sums previously paid to Elan for the supply of
Product Intermediate for the quarter in question pursuant to Clause 9 and the
royalty sums due hereunder by reference to the Statement for that
quarter.

     

     

    
      	
              10.5.  

            	
              Generic
      Competition.  In the event of Generic Competition in a
      given country, the parties agree that Elan shall at all times continue to
      receive the Manufacturing Royalty for all Product Intermediate supplied by
      or on behalf of Elan pursuant to this Agreement and the Manufacturing
      Agreement but that the remaining royalties due to Elan pursuant to Clause
      10.4 shall be [*] as from the date of commencement of such Generic
      Competition in that country.

            

    

     

     

    
      	
              10.6.  

            	
              Bundling.  In
      the event that Amarin, an Amarin Affiliate, permitted sub-licensee and a
      third party distributor  or any permitted sub-licensee shall
      sell the Product together with other products of Amarin, an Amarin
      Affiliate, a permitted sub-licensee and third party distributor to third
      parties (by the method commonly known in the pharmaceutical industry as
      “bundling”) and the price attributable to the Product is less than the
      average price of “arms length” sales to similar customers for the
      reporting period in which sales occur (such sales to be excluded from the
      calculation of the average price of “arms length” sales), Net Sales for
      any such sales shall be the average price of “arms length” sales by Amarin
      or sub permitted sub-licensee to similar customers in the country where
      such bundling occurs during the reporting period in which such sales
      occur.

            

    

     

     

    
      	
              10.7.  

            	
              Method of calculation
      of fees.  The parties acknowledge and agree that the
      methods for calculating the royalties and fees under this Agreement are
      for the purposes of the convenience of the parties, are freely chosen and
      not coerced.

            

    

     

     

    
      	
              11.  

            	
              PAYMENTS, REPORTS AND
      AUDITS

            

    

     

     

    
      	
              11.1.  

            	
              Records.  Amarin
      shall keep true and accurate records of gross sales of the Product, the
      items deducted from the gross amount in calculating the Net Sales, the Net
      Sales and the royalties payable to Elan under Clause 10.4.  Amarin shall deliver
      to Elan a written statement (the “Statement”) thereof
      within 45 days following the end of each calendar quarter, (or any part
      thereof in the first or last calendar quarter of this Agreement) for such
      calendar quarter.  The Statement shall outline on a
      country-by-country basis, the calculation of the Net Sales from gross
      revenues during that calendar quarter, the applicable percentage rate, and
      a computation of the sums due to Elan.  The parties’ financial
      officers shall agree upon the precise format of the
    Statement.

            

    

     

    
      
         

      

      
        35

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              11.2.  

            	
              Foreign
      Currency.  Payments due on Net Sales of the Product based
      on sales amounts in a currency other than US$ shall first be calculated in
      the foreign currency and then converted to US$ on the basis of the
      exchange rate in effect for the purchase of US$ with such foreign currency
      quoted in the Wall Street Journal (or comparable publication if not quoted
      in the Wall Street Journal) on the last day of the relevant calendar
      quarter.

            

    

     

     

    
      	
              11.3.  

            	
              VAT.  All
      payments to Elan are exclusive of any applicable value added or any other
      sales tax, for which Amarin will be additionally liable if
      applicable.

            

    

     

     

    
      	
              11.4.  

            	
              Taxes.  If
      Amarin is required by law to pay or withhold any income or other taxes on
      behalf of Elan with respect to any monies payable to Elan under this
      Agreement:

            

    

     

     

    
      	
              11.4.1  

            	
              Amarin
      shall deduct them from the amount of such monies
  due;

            

    

     

     

    
      	
              11.4.2  

            	
              any
      such tax required to be paid or withheld shall be an expense of and borne
      solely by Elan;

            

    

     

     

    
      	
              11.4.3  

            	
              Amarin
      shall promptly provide Elan with a certificate or other documentary
      evidence to enable Elan to support a claim for a refund or a foreign tax
      credit.

            

    

     

     

    
      	
              11.5.  

            	
              Withholding
      Notice. In the event that Amarin is required by law to withhold any
      income or other taxes on behalf of Elan from any payment to Elan under the
      terms of this Agreement, Amarin shall use commercially reasonable efforts
      to notify Elan at least thirty (30) days in advance of making any such
      payment.

            

    

     

     

    
      	
              11.6.  

            	
              Double Tax
      Co-operation.  Elan and Amarin agree to co-operate in all
      respects necessary to take advantage of any double taxation agreements or
      similar agreements as may, from time to time, be available in order to
      enable Amarin to make such payments to Elan without any deduction or
      withholding.

            

    

     

     

    
      	
              11.7.  

            	
              Timing.  Payments
      to Elan shall be made as follows:

            

    

     

     

    
      	
              11.7.1  

            	
              each
      of the License Milestone Payments shall be paid within 45 days of the
      achievement of the relevant event to which they
  relate;

            

    

     

     

    
      	
              11.7.2  

            	
              payment
      for all Product supplied shall be made within 30 days of receipt of the
      relevant invoice; and

            

    

     

    
      
         

      

      
        36

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              11.7.3  

            	
              payment
      of royalties shall be made upon provision of the
  Statement.

            

    

     

     

    
      	
              11.8.  

            	
              Manner of
      Payment.  All payments due hereunder shall be made in US$
      to the designated bank account of Elan in accordance with such timely
      written instructions as Elan shall from time to time
    provide.

            

    

     

     

    
      	
              11.9.  

            	
              Interest.  Without
      prejudice to Elan’s other remedies hereunder, Amarin shall pay interest to
      Elan on sums not paid to Elan on the date on which payment should have
      been made pursuant to the applicable provisions of this Agreement (“Due Date”) over the
      period from the Due Date until the date of actual payment (both before and
      after judgement) at the Prime Rate publicly announced by Morgan Guaranty
      Trust Company of New York at its principal office on the Due Date (or next
      to occur business day, if such date is not a business day) plus [*], such
      interest to payable on demand from time to time and compounded
      monthly.  Interest shall be payable both before and after
      judgment.

            

    

     

     

    
      	
              11.10.  

            	
              Audit.  For
      the 180 day period following the close of each calendar year of the
      Agreement, Elan and Amarin will, in the event that the other party
      reasonably requests such access, provide each other’s independent
      certified accountants (reasonably acceptable to the other party) with
      access, during regular business hours and subject to the confidentiality
      provisions as contained in this Agreement, to such party’s books and
      records relating to the Product, solely for the purpose of verifying the
      accuracy and reasonable composition of the calculations under this
      Agreement for the calendar year then
ended.

            

    

     

     

    
      	
              11.11.  

            	
              Correction of
      Discrepancies.  In the event of a discovery of a
      discrepancy, a correcting payment shall be made forthwith by Amarin to
      Elan or Elan to Amarin, as the case may be, together with interest at the
      rate specified in Clause 11.9.  If the discrepancy
      exceeds 5% of the amount due or charged by a party for any period and
      provided that the amount of the discrepancy exceeds US$5,000, then
      additionally the cost of such accountants shall be borne by the audited
      party.

            

    

     

     

    
      	
              12.  

            	
              DURATION AND
      TERMINATION

            

    

     

     

    
      	
              12.1.  

            	
              Initial
      Term.  This Agreement shall be deemed to have come into
      force on the Effective Date and, subject to the rights of termination
      outlined in this Clause 12 and the
      provisions of applicable laws, will expire on a country by country
      basis:-

            

    

     

     

    
      	
              12.1.1  

            	
              on
      the 15th anniversary of the date of the first In Market sale of the
      Product in the country concerned;
or

            

    

     

     

    
      	
              12.1.2  

            	
              in
      any country upon expiry of the last Valid Patent
      Claim  –

            

    

     

    
      
         

      

      
        37

        
          

        

      

      
         

      

    

     

    

     

     

    whichever
date is later to occur (the “Initial Term”).

     

     

    
      	
              12.2.  

            	
              Continuation.  At
      the end of the Initial Term, the Agreement shall continue automatically
      for rolling 3 year periods thereafter, unless the Agreement has been
      terminated by either of the parties by serving 2 years’ written notice on
      the other party immediately prior to the end of the Initial Term or any
      such additional 3 year period.

            

    

     

     

    
      	
              12.3.  

            	
              Breach /
      Insolvency.  In addition to the rights of termination
      provided for elsewhere in this Agreement, either party will be entitled
      forthwith to terminate this Agreement by written notice to the other party
      if:

            

    

     

     

    
      	
              12.3.1  

            	
              that
      other party commits a material breach of any of the provisions of this
      Agreement or the Manufacturing Agreement, and fails to cure the same
      within 60 days after receipt of a written notice from another party hereto
      giving full particulars of the breach and requiring it to be remedied;
      provided, that if the breaching party has proposed a course of action to
      cure the breach and is acting in good faith to cure same but has not cured
      the breach by the 60th day, such period shall be extended by such period
      as is reasonably necessary to permit the breach to be cured, provided that
      such period shall not be extended by more than 90 days, unless otherwise
      agreed in writing by the parties;

            

    

     

     

    
      	
              12.3.2  

            	
              that
      other party goes into liquidation under the laws of any applicable
      jurisdiction (except for the purposes of amalgamation or reconstruction
      and in such manner that the company resulting therefrom effectively agrees
      to be bound by or assume the obligations imposed on that other party under
      this Agreement);

            

    

     

     

    
      	
              12.3.3  

            	
              a
      receiver, administrator, examiner, trustee or similar officer is appointed
      over all or substantially all of assets of that other party under the laws
      of any applicable jurisdiction; or

            

    

     

     

    
      	
              12.3.4  

            	
              any
      proceedings are filed or commenced by that other party under bankruptcy,
      insolvency or debtor relief laws, or anything analogous to any of the
      foregoing under the laws of any applicable jurisdiction occurs in relation
      to that other party.

            

    

     

     

    
      	
              12.4.  

            	
              Free Termination by
      Amarin.  Amarin may terminate this Agreement upon thirty
      (30) days’ written notice to Elan:

            

    

     

     

    
      	
              12.4.1  

            	
              at
      any time up to the initiation of a Phase III Study of the Product;
      or

            

    

     

     

    
      	
              12.4.2  

            	
              at
      any time following the failure of a Phase III Study;
  or

            

    

     

    
      
         

      

      
        38

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              12.4.3  

            	
              at
      any time after the fifth anniversary of the first In Market sale of the
      Product; or

            

    

     

     

    
      	
              12.4.4  

            	
              if
      Elan is in breach of Clause 4.3, provided that if such breach results
      solely from the acquisition of Elan by a third party, Amarin shall not
      terminate this Agreement if the acquirer completes the divestiture of the
      competing products or the Product Intermediate  within six (6)
      months.  Save with respect to the provision in the previous
      sentence, this Clause shall not prejudice any other remedy Amarin may have
      in respect of such breach.

            

    

     

     

    
      	
              12.5.  

            	
              Other Termination by
      Amarin.  Amarin may terminate this Agreement on a
      country-by-country basis at any time upon thirty (30) days’ written notice
      to Elan where:

            

    

     

     

    
      	
              12.5.1  

            	
              the
      sale of the Product becomes prohibited by a Governmental Authority in that
      country; or

            

    

     

     

    
      	
              12.5.2  

            	
              despite
      having used commercially reasonable efforts, Amarin is unable to obtain
      Regulatory Approval for the Product in such country so as to permit a
      reasonable commercial return for
Amarin.

            

    

     

     

    
      	
              12.6.  

            	
              Additional Elan
      Termination Rights.  In further addition to the rights
      and termination provided for elsewhere in this Agreement, Elan shall be
      entitled to terminate this Agreement upon thirty (30) days written notice
      to Amarin:

            

    

     

     

    
      	
              12.6.1  

            	
              in
      its entirety in the event that:

            

    

     

     

    
      	
              12.6.1.1  

            	
              Amarin,
      its Affiliates or a permitted sub-licensee knowingly challenges the
      validity and/or ownership of any of the Elan Patents and/or the scope of
      any claims therein in a formal proceeding, mediation or binding
      arbitration; or

            

    

     

     

    
      	
              12.6.1.2  

            	
              Amarin
      is in breach of Clause 4.2,
      provided that if such breach results solely from the acquisition of Amarin
      by a third party, Elan shall not terminate this Agreement if the acquiror
      completes the divestiture of the competing product(s) or the Product
      (without prejudice to any right of Elan to withhold consent to such
      divestiture) within six (6) months.  Save with respect to the
      proviso in the previous sentence, this Clause shall not prejudice any
      other remedy Elan may have in respect of such
  breach.

            

    

     

     

    
      	
              12.6.2  

            	
              for
      any country or countries of the Territory in the event that Amarin fails
      to file a Regulatory Application:

            

    

     

    
      
         

      

      
        39

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              12.6.2.1  

            	
              in
      the United States within [*] after the completion of first human
      pharmacokenetics study that enables entry into efficacy studies (“PK
    Date”);

            

    

     

     

    
      	
              12.6.2.2  

            	
              in
      an EU Major Market (through either a local or EU procedure which would
      result in the immediate approval of the Product in a EU Major Market) [*]
      from the PK Date; or

            

    

     

     

    
      	
              12.6.2.3  

            	
              in
      Japan [*] from the PK Date.

            

    

     

     

    Recognizing
that Amarin’s ability to move forward relies on Elan’s (and its Affiliates’)
performance, the dates listed above shall be extended to take account of any
unreasonable delay or failure on Elan’s part to perform, and any evaluation of
Amarin’s diligence must take account of these delays and
failures.  Similarly, Elan’s unreasonable delays (including
unreasonable delay in supplying required clinical supplies) will extend the 7, 8
and 9 year deadlines.

     

     

    
      	
              13.  

            	
              CONSEQUENCES OF
      TERMINATION

            

    

     

     

    
      	
              13.1.  

            	
              General
      Consequence.  Upon exercise of those rights of
      termination specified in Clause 12
      or elsewhere in this Agreement, this Agreement shall, subject to Clauses
      13.2 and 13.3, automatically terminate
      forthwith and be of no further legal force or
  effect.

            

    

     

     

    
      	
              13.2.  

            	
              Specific
      Consequences.  Upon termination of the Agreement, or upon
      termination of a license for a particular country under Clause 12.6, the following shall be the
      consequences relating to the Territory or the particular country, as
      applicable:

            

    

     

     

    
      	
              13.2.1  

            	
              any
      sums that were due from Amarin to Elan under the provisions of this
      Agreement prior to its termination or expiry shall be paid in full within
      30 days of termination of this Agreement and Elan shall not be liable to
      repay to Amarin any amount of money paid or payable by Amarin to Elan up
      to the date of the termination of this
  Agreement;

            

    

     

     

    
      	
              13.2.2  

            	
              the
      provisions of this Agreement regarding with respect to confidentiality and
      non-use of Confidential Information shall remain in effect for a further
      period of 7 (seven) years.

            

    

     

     

    
      	
              13.2.3  

            	
              Clauses
      1, 3.1, 3.4, 3.5, 3.6, 11, 13 (in accordance with its terms), 14.1 through
      14.10, 14.11 (in accordance with its terms), and 16 shall survive
      termination;

            

    

     

    
      
         

      

      
        40

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              13.2.4  

            	
              any
      sub-license granted under Clause 2.3 shall automatically terminate,
      although Elan agrees that it will negotiate in good faith with
      sub-licensees to renew such sub-license agreements after the date of such
      termination provided that Elan is satisfied that renewing said agreements
      will produce a reasonable economic return for Elan and the sub-licensee is
      not a Technological Competitor.  In the event that such
      negotiations do not result in the renewal of the relevant license rights,
      the sub-licensee shall be provided with a certain period of time in which
      to deplete stock and to return or destroy all Elan Confidential
      Information in its possession;

            

    

     

     

    
      	
              13.2.5  

            	
              where
      Elan terminates under Clause 12.3, 12.6 or where Amarin terminates this
      License on a country-by-country basis or for reasons other than a breach
      of this Agreement by Elan, [Elan shall be entitled to research, develop
      and commercialise the Product for its own benefit in the Territory or in
      the relevant country or countries of the Territory] in accordance with the
      provisions of Clause 13.3;

            

    

     

     

    
      	
              13.2.6  

            	
              where
      Elan terminates under Clause 12.3, 12.6 or where Amarin terminates this
      License on a country-by-country basis or for reasons other than a breach
      of this Agreement by Elan, [*];

            

    

     

     

    
      	
              13.2.7  

            	
              for
      the avoidance of doubt, the parties further agree that the termination of
      this Agreement for any reason shall not relieve the parties of any
      obligation accruing prior thereto and shall be without prejudice to the
      rights and remedies of either party with respect to any antecedent breach
      of the provisions of this
Agreement.

            

    

     

     

    
      	
              13.2.8  

            	
              If
      following the date of termination of this Agreement Amarin is required to
      indemnify Elan under the provisions of
[*].

            

    

     

     

    
      	
              13.3.  

            	
              Ancillary
      Rights.  [*]

            

    

     

     

    
      	
              14.  

            	
              WARRANTIES,
      INDEMNIFICATION AND
LIABILITY

            

    

     

     

    
      	
              14.1.  

            	
              Elan
      Warranties.  Elan represents and warrants to Amarin as of
      the Effective Date, as follows:

            

    

     

     

    
      	
              14.1.1  

            	
              Elan
      owns, beneficially or otherwise, the Elan Patents has the right to enter
      into this Agreement and grant the Elan
License.

            

    

     

     

    
      	
              14.1.2  

            	
              There
      are no agreements between Elan and any third party that conflict with this
      Agreement.

            

    

     

    
      
         

      

      
        41

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              14.1.3  

            	
              Except
      for the oppositions in the European Patent Office of EP-B-499299 and
      EP-1185371, Elan has not been notified of and, to the best of Elan’s
      knowledge, information and belief with no special search (i) there are no
      infringement proceedings, actions, suits or complaints pending against nor
      any outstanding injunctions, judgments, orders, decrees, rulings or other
      charges against Elan or any Affiliate of Elan in connection with the Elan
      Patents or the Elan Know How in the Territory that may affect the making,
      using, or selling of the Product, (ii) there are no claims or litigation
      brought or threatened by any third party alleging that the Elan Patents
      are invalid or unenforceable, in whole or in part and (iii) Elan or any
      Affiliate has not received notice from a third party indicating that the
      use of the Elan Patents or Elan Know-How infringes any third party patent
      rights which would adversely affect the commercialization of the Product
      in the Territory.

            

    

     

     

    
      	
              14.1.4  

            	
              Elan
      has not been notified and to the best of its knowledge without any special
      search no allegation has been made that the application of the Elan
      Technology ot the Product Intermediate infringes the patent rights of any
      third party.

            

    

     

     

    
      	
              14.2.  

            	
              Amarin
      Warranties.  Amarin represents and warrants to Elan as of
      the Effective Date, as follows:

            

    

     

     

    
      	
              14.2.1  

            	
              Amarin
      has the right to enter into this
Agreement.

            

    

     

     

    
      	
              14.2.2  

            	
              There
      are no agreements between Amarin and any third party that conflict with
      this Agreement.

            

    

     

     

    
      	
              14.2.3  

            	
              As
      of the Effective Date of this Agreement, there is no Amarin Intellectual
      Property in existence. 

            

    

     

     

    
      	
              14.2.4  

            	
              Amarin
      has not been notified and has no actual knowledge that application of the
      Elan Technology to the Product Intermediate infringes the patent rights of
      any third party.

            

    

     

     

    
      	
              14.3.  

            	
              Mutual
      Indemnification.  Each of the parties (“Indemnifying
      Party”) shall indemnify and hold harmless the other party (“Indemnified
      Party”) against all Claims insofar as they arise out of any breach by the
      Indemnifying Party of any of its obligations or warranties under this
      Agreement or from the Indemnifying Party’s fraud or wilful misconduct.
      

            

    

     

     

    
      	
              14.4.  

            	
              Infringement
      Claims.  The parties acknowledge that Clause 3.4 contains the parties’ full
      agreement as regards liability for Infringement Claims, save to the extent
      that Clause 3.4 incorporates other
      provisions of this Agreement by specific
  cross-reference.

            

    

     

    
      
         

      

      
        42

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              14.5.  

            	
              Indemnification
      (Medical Claims).  Except to the relative extent that
      Elan is obliged to indemnify Amarin under this Agreement, Amarin shall
      indemnify Elan against all any Claims made or brought against Elan seeking
      damages for personal injury (including death) and/or for the cost of
      medical treatment, caused by or attributed to the Product Intermediate or
      Product.

            

    

     

     

    For the
avoidance of doubt, this Clause shall require Amarin to indemnify Elan for any
Claim arising out of or in connection with Amarin’s, it’s Affiliates’, permitted
sub-licensees or third party subcontractors’ obligations and activities under
this Agreement or otherwise, including but not limited to:

     

     

    
      	
              14.5.1  

            	
              the
      use, sale, promotion, distribution, storage of Product or Product
      Intermediate in the Territory;

            

    

     

     

    
      	
              14.5.2  

            	
              the
      application and use of any Device with the Product or Product
      Intermediate

            

    

     

     

    
      	
              14.5.3  

            	
              the
      storage of and any further processing, packaging or other activities
      performed by, or on behalf of Amarin, its Affiliates, its permitted
      sub-licensees or its permitted subcontractors of the Product
      Intermediate;

            

    

     

     

    
      	
              14.5.4  

            	
              any
      clinical trial programs conducted by, on behalf of, or at the request of
      Amarin, its Affiliates, its permitted sub-licensees or permitted third
      party subcontractors with respect to the development of the Product and
      Product Intermediate and in respect of all regulatory activities conducted
      in connection with the Product or Product
  Intermediate.

            

    

     

     

    
      	
              14.6.  

            	
              Conduct of
      Claims.  The party seeking an indemnity
      shall:

            

    

     

     

    
      	
              14.6.1  

            	
              fully
      and promptly notify the other party of any claim or proceedings, or
      threatened claim or proceedings;

            

    

     

     

    
      	
              14.6.2  

            	
              permit
      the indemnifying party to take full control of such claim or proceedings,
      with counsel of the indemnifying party’s choice, provided that the
      indemnifying party shall reasonably and regularly consult with the
      indemnified party in relation to the progress and status of such claim or
      proceedings;

            

    

     

     

    
      	
              14.6.3  

            	
              co-operate
      in the investigation and defense of such claim or proceedings;
      and

            

    

     

     

    
      	
              14.6.4  

            	
              take
      all reasonable steps to mitigate any loss or liability in respect of any
      such claim or proceedings.

            

    

     

    
      
         

      

      
        43

        
          

        

      

      
         

      

    

     

    

     

     

    The
indemnifying party may settle a Claim on terms which provide only for monetary
relief and do not include any admission of liability.  Save as
aforesaid, neither the indemnifying party nor Indemnified Party shall
acknowledge the validity of, compromise or otherwise settle any Claim without
the prior written consent of the other, which shall not be unreasonably
withheld.

     

     

    
      	
              14.7.  

            	
              Exclusion of Implied
      Warranties.  EXCEPT AS EXPRESSLY SET FORTH IN THIS
      AGREEMENT, AMARIN ACKNOWLEDGES THAT THE ELAN LICENSE IS GRANTED AND THE
      PRODUCT INTERMEDIATE SUPPLIED ON AN “AS IS” BASIS, WITHOUT REPRESENTATION
      OR WARRANTY WHETHER EXPRESS OR IMPLIED INCLUDING WARRANTIES OF
      MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR INFRINGEMENT OF
      THIRD PARTY RIGHTS, AND ALL SUCH WARRANTIES ARE EXPRESSLY DISCLAIMED TO
      THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAWS.

            

    

     

     

    
      	
              14.8.  

            	
              Exclusion of
      Consequential Loss.  WITHOUT PREJUDICE TO THE OBLIGATION
      OF EITHER PARTY TO INDEMNIFY THE OTHER IN RESPECT OF CLAIMS BY A THIRD
      PARTY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, ELAN
      AND AMARIN SHALL NOT BE LIABLE TO THE OTHER BY REASON OF ANY
      REPRESENTATION OR WARRANTY, CONDITION OR OTHER TERM OR ANY DUTY OF COMMON
      LAW, OR UNDER THE EXPRESS TERMS OF THIS AGREEMENT, FOR ANY INDIRECT,
      CONSEQUENTIAL, SPECIAL, INCIDENTAL OR PUNITIVE LOSS OR DAMAGE (WHETHER FOR
      LOSS OF CURRENT OR FUTURE PROFITS, LOSS OF ENTERPRISE VALUE OR OTHERWISE)
      AND WHETHER OCCASIONED BY THE NEGLIGENCE OF THE RESPECTIVE PARTIES, THEIR
      EMPLOYEES OR AGENTS OR OTHERWISE.

            

    

     

     

    
      	
              14.9.  

            	
              Extension of
      Indemnification.  Where this Agreement provides for the
      indemnification of a party to this Agreement or for the limitation of a
      party’s liability, such indemnification and/or limitation (as the case may
      be) shall also apply for the benefit of such party’s Affiliates and the
      employees, officers, directors and agents of any of them, acting in such
      capacity.

            

    

     

     

    
      	
              14.10.  

            	
              Inherent
      Risk.  It is hereby acknowledged that there are inherent
      uncertainties involved in the development and registration of
      pharmaceutical products and such uncertainties form part of the business
      risk involved in undertaking the form of commercial collaboration outlined
      in this Agreement.  Accordingly, Amarin shall have no liability
      to Elan as a result of the failure of the Product to obtain Regulatory
      Approval in one or more countries in the Territory provided that Amarin
      has satisfied its diligence efforts under Clause 8.1 to conduct
      pre-clinical and clinical studies in respect of the Product Intermediate
      and Product  and Elan will have no liability to Amarin as a
      result of any failure or delay of the Product Intermediate to achieve the
      Product Intermediate Specifications or one or more of the milestones set
      out in the R&D Program and/or to obtain the Regulatory Approval in one
      or more of the countries of the Territory provided that Elan uses
      commercially reasonable efforts under Clause 5.1 to develop the Product
      Intermediate in accordance with the R&D
  Program.

            

    

     

    
      
         

      

      
        44

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              14.11.  

            	
              Insurance.  Amarin
      shall maintain clinical trial insurance and comprehensive general
      liability insurance including product liability insurance on the Product,
      the Product Intermediate and Compound in such prudent amount as the
      parties may agree for the duration of this Agreement and for such period
      thereafter as necessary to cover the insured
  risks.

            

    

     

     

    Amarin
shall provide Elan with a certificate from the insurance company verifying the
above and shall notify Elan in writing at least 30 days prior to the expiration
or termination of such coverage.

     

     

    
      	
              15.  

            	
              CONFIDENTIALITY

            

    

     

     

    
      	
              15.1.  

            	
              Confidential
      Information:  The parties agree that it will be
      necessary, from time to time, to disclose to each other confidential and
      proprietary materials and information, including without limitation,
      inventions, trade secrets, specifications, designs, data, know-how and
      other proprietary information relating to the Product, processes, services
      and business of the disclosing
party.

            

    

     

     

    The
foregoing shall be referred to collectively as “Confidential
Information”.

     

     

    
      	
              15.2.  

            	
              Exclusion.  Confidential
      Information shall be deemed not to
include:

            

    

     

     

    
      	
              15.2.1  

            	
              information
      which is in the public domain;

            

    

     

     

    
      	
              15.2.2  

            	
              information
      which is made public through no breach of this
  Agreement;

            

    

     

     

    
      	
              15.2.3  

            	
              information
      which is independently developed by a party, as evidenced by such party’s
      records; or

            

    

     

     

    
      	
              15.2.4  

            	
              information
      that becomes available to a receiving party on a non-confidential basis,
      whether directly or indirectly, from a source other than the other party
      hereto, which source did not acquire this information on a confidential
      basis.

            

    

     

     

    
      	
              15.3.  

            	
              Use of Confidential
      Information.  Any Confidential Information disclosed by
      the disclosing party shall be used by the receiving party exclusively for
      the purposes of fulfilling the receiving party’s obligations under this
      Agreement and for no other purpose.

            

    

     

    
      
         

      

      
        45

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              15.4.  

            	
              Non-Disclosure.  Except
      as otherwise specifically provided in this Agreement, each party shall
      disclose Confidential Information of the other party only to those
      employees, representatives and agents requiring knowledge thereof in
      connection with fulfilling the party’s obligations under this Agreement,
      and not to any other third party.

            

    

     

     

    
      	
              15.5.  

            	
              Obligation to
      Inform.  Each party further agrees to inform all such
      employees, representatives and agents of the terms and provisions of this
      Agreement relating to Confidential Information and to obtain their
      agreement hereto as a condition of receiving Confidential
      Information.

            

    

     

     

    
      	
              15.6.  

            	
              Care.  Each
      party shall exercise the same standard of care as it would itself exercise
      in relation to its own confidential information (but in no event less than
      a reasonable standard of care) to protect and preserve the proprietary and
      confidential nature of the Confidential Information disclosed to it by the
      other party.

            

    

     

     

    
      	
              15.7.  

            	
              Return of
      Information.  Upon termination or expiration of this
      Agreement, each party shall promptly, upon request of the other party,
      return all documents and any copies thereof containing Confidential
      Information belonging to, or disclosed by, such other party, save that it
      may retain one copy of the same solely for the purposes of ensuring
      compliance with this Clause 15.

            

    

     

     

    
      	
              15.8.  

            	
              Attribution.  Any
      breach of this Clause 15 by any
      person informed by one of the parties is considered a breach by the party
      itself.

            

    

     

     

    
      	
              15.9.  

            	
              Acknowledgment.  The
      parties agree that the obligations of this Clause 15 are necessary and reasonable in
      order to protect the parties’ respective businesses.  The
      parties further agree that monetary damages may be inadequate to
      compensate a party for any breach by the other party of its covenants and
      agreements with respect to confidentiality, and that each party shall be
      entitled to seek injunctive or other equitable relief against the
      threatened or continued breach of those provisions, in addition to with
      any other remedy which may be
available.

            

    

     

     

    
      	
              15.10.  

            	
              Compound
      Data.  For the purpose of demonstrating to third parties
      the benefits of the Elan Technology, Elan shall be entitled, with the
      prior written consent of Amarin, to disclose to third parties the
      numerical values underlying the Amarin Compound Data provided that Elan
      does not disclose Amarin’s name or the name of the
    Compound.

            

    

     

     

    
      	
              15.11.  

            	
              Announcements.  No
      announcement or public statement concerning the existence, subject matter
      or any term of this Agreement, or its performance, shall be made by or on
      behalf of any party without the prior written approval of the other, such
      approval not to be unreasonably withheld or delayed.  Any such
      statement by Amarin shall contain suitable reference to the fact that the
      Product is developed using the Elan Technology, and that Elan is the owner
      of such technology.

            

    

     

    
      
         

      

      
        46

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              15.12.  

            	
              Required
      Disclosures.  A
      party (the “Disclosing
      Party”) will be entitled to make an announcement or public
      statement concerning the existence, subject matter or any term of this
      Agreement, or to disclose Confidential Information that the Disclosing
      Party is required to make or disclose pursuant
  to:

            

    

     

     

    
      	
              15.12.1  

            	
              a
      valid order of a court or Governmental Authority;
  or

            

    

     

     

    
      	
              15.12.2  

            	
              any
      other requirement of law or any securities or stock
    exchange;

            

    

     

     

    provided
that if the Disclosing Party becomes legally required to make such announcement,
public statement or disclosure hereunder, the Disclosing Party shall give the
other party prompt notice of such fact to enable the other party to seek a
protective order or other appropriate remedy concerning any such announcement,
public statement or disclosure, including confidential treatment and/or
appropriate redactions.

     

     

    The
Disclosing Party shall fully co-operate with the other party in connection with
that other party’s efforts to obtain any such order or other
remedy.  If any such order or other remedy does not fully preclude
announcement, public statement or disclosure, the Disclosing Party shall make
such announcement, public statement or disclosure only to the extent that the
same is legally required.

     

     

    
      	
              15.13.  

            	
              Disclosures to
      Regulatory Authorities.  Notwithstanding Clause 15.12, Amarin (and its distributors
      and permitted sub-licensees) shall not be permitted to include Elan’s
      Confidential Information in any Regulatory Application or other regulatory
      filings, without Elan’s prior written consent.  For the
      avoidance of doubt, such consent shall not be taken to permit Amarin, its
      distributors and/or permitted sub-licensees to claim ownership rights to
      the information provided and/or to use the information for any purpose
      other than the specific use and in such manner as that for which consent
      was obtained.

            

    

     

     

    
      	
              15.14.  

            	
              Other
      Disclosures.  Each of the parties shall be entitled to
      provide a redacted copy of this Agreement, to be agreed by the parties, to
      any potential  distributor or sub-licensees without the prior
      written consent of the other party on the condition that such potential
      sub-licensees agree to be bound by confidentiality obligations no less
      onerous than those contained in this
Agreement.

            

    

     

     

    
      	
              15.15.  

            	
              Technological
      Competitors. [*]

            

    

     

    
      
         

      

      
        47

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              16.  

            	
              MISCELLANEOUS
      PROVISIONS

            

    

     

     

    
      	
              16.1.  

            	
              Force
      Majeure.  Neither party shall be liable for failure or
      delay in the performance of any of its obligations under this Agreement if
      such failure or delay results from Force Majeure, but any such failure or
      delay shall be remedied by such party as soon as
    practicable.

            

    

     

     

    
      	
              16.2.  

            	
              Assignment.

            

    

     

     

    
      	
              16.2.1  

            	
              Each
      party be entitled without the consent of the
  other:

            

    

     

     

    
      	
              16.2.1.1  

            	
              to
      subcontract or delegate the whole or any part of its duties hereunder to
      its Affiliate(s); and/or

            

    

     

     

    
      	
              16.2.1.2  

            	
              to
      assign this Agreement to its Affiliate, provided that such assignment has
      no material adverse tax implications for the other
  party.

            

    

     

     

    
      	
              16.2.2  

            	
              Amarin
      may assign this Agreement to any person to whom it would be permitted to
      grant a sub-license under the Elan License, subject to any conditions
      which would attach thereto.  For the avoidance of doubt, Amarin
      shall under no circumstances assign this Agreement to a Technological
      Competitor.

            

    

     

     

    
      	
              16.2.3  

            	
              Each
      party shall be entitled to assign this Agreement to any acquiror of all or
      substantially all of its assets related to this Agreement, regardless of
      the form of such transaction provided that Amarin shall under no
      circumstances assign this Agreement to a Technological Competitor and
      shall make Elan whole for any tax consequence.

            

    

     

     

    
      	
              16.2.4  

            	
              Except
      as provided for in Clauses 16.2.1
      to 16.2.3 inclusive, this
      Agreement may not be assigned by a party nor any duties hereunder
      subcontracted or delegated by a party without the prior written consent of
      the other, which shall not be unreasonably withheld or
      delayed.

            

    

     

     

    
      	
              16.2.5  

            	
              In
      the event that an Affiliate of Amarin to whom this Agreement has been
      assigned ceases to be an Affiliate of Amarin, this Agreement shall be
      deemed automatically reassigned to Amarin (or such Affiliate as it may
      specify, subject to the condition set out in Clause 16.2.1.2).

            

    

     

     

    
      	
              16.2.6  

            	
              Any
      assignee shall assume the obligations of the assignor under this
      Agreement.

            

    

     

    
      
         

      

      
        48

        
          

        

      

      
         

      

    

     

    
      	
              16.2.7  

            	 

    

     

     

    
      	
              16.2.8  

            	
              Each
      party is entering into this Agreement on its own behalf and not on behalf
      of any other person or entity.

            

    

     

     

    
      	
              16.3.  

            	
              Parties
      Bound.  This Agreement shall be binding upon and run for
      the benefit of the parties, their successors and permitted
      assigns.

            

    

     

     

    
      	
              16.4.  

            	
              Relationship of the
      Parties.  In this Agreement, nothing shall be deemed to
      constitute a partnership between the parties or make either party an agent
      for the other, for any purpose
whatsoever.

            

    

     

     

    
      	
              16.5.  

            	
              Entire
      Agreement.  This Agreement constitutes the entire
      agreement and understanding between the parties with respect to its
      subject matter, and except as expressly provided, supersedes all prior
      representations, writings, negotiations or understandings with respect to
      that subject matter.

            

    

     

     

    Nothing
in this Clause 16.5 shall exclude any
liability which any party would otherwise have to the other party or any right
which either of them may have to rescind this Agreement in respect of any
statements made fraudulently by the other prior to the execution of this
Agreement or any rights which either of them may have in respect of fraudulent
concealment by the other.

     

     

    
      	
              16.6.  

            	
              Severability.  If
      any provision in this Agreement is deemed to be, or becomes invalid,
      illegal, void or unenforceable under applicable laws, such provision will
      be deemed amended to conform to applicable laws so as to be valid and
      enforceable, or if it cannot be so amended without materially altering the
      intention of the parties, it will be deleted, but the validity, legality
      and enforceability of the remaining provisions of this Agreement shall not
      be impaired or affected in any way.

            

    

     

     

    
      	
              16.7.  

            	
              Further
      Assurance.  Each party shall do and execute, or arrange
      for the doing and executing of, each necessary act, document and thing
      reasonably within its power to implement this
  Agreement.

            

    

     

     

    
      	
              16.8.  

            	
              Counterparts.  This
      Agreement may be executed in any number of counterparts, each of which
      when so executed shall be deemed to be an original and all of which when
      taken together shall constitute this
Agreement.

            

    

     

     

    
      	
              16.9.  

            	
              Waivers.  A
      failure to exercise or delay in exercising a right or remedy provided by
      this Agreement or by law does not constitute a waiver of the right or
      remedy or a waiver of other rights or remedies.  No single or
      partial exercise of a right or remedy provided by this Agreement or by law
      prevents further exercise of the right or remedy or the exercise of
      another right or remedy.

            

    

     

     

    
      	
              16.10.  

            	
              Variations.  No
      variation of this Agreement shall be effective unless it is made in
      writing and signed by each of the
parties.

            

    

     

    
      
         

      

      
        49

        
          

        

      

      
         

      

    

     

    

     

     

    
      	
              16.11.  

            	
              Notices.

            

    

     

     

    
      	
              16.11.1  

            	
              A
      notice under or in connection with this Agreement (a “Notice”):

            

    

     

     

    
      	
              16.11.1.1  

            	
              shall
      be in writing; and

            

    

     

     

    
      	
              16.11.1.2  

            	
              may
      be delivered personally or sent by first class post (and air mail if
      overseas) or by fax to the party due to receive the Notice at its address
      set out below:

            

    

     

     

    
      	
              16.11.2  

            	
              The
      address referred to in Clause 16.11.1.2
  is:

            

    

     

     

    (a)        in
the case of Elan:

     

    

    
      	
              Address:

            	
              Elan
      Pharma International Limited

            
	
            	Monksland
	
               

            	      
              Athlone

            
	
            	      
              Co.
      Westmeath

            
	
            	      
              Ireland

            
	 
      	 
      
	
              Attention:

            	
              Vice
      President & Legal Counsel

            
	
              Fax:

            	
              +
      353 9064 95402

            

    

    

    
      
         

      

      
        50

        
          

        

      

      
         

      

    

    

     

    (b)        in
the case of Amarin:

     

    
      	
              Address:

            	
              Amarin
      Pharmaceuticals Ireland Limited

            
	
            	      
              First
      Floor

            
	
            	      
              Block
      3

            
	
            	      
              The
      Oval

            
	
            	      
              Shelbourne
      Road

            
	
            	      
              Ballsbridge

            
	
            	      
              Dublin
      4

            
	
            	      
              Ireland

            
	
              Fax:

            	
              +353
      1 669 9028

            
	
              Marked
      for the attention of :  General Counsel

            	 
      

    

     

    
      	
              16.11.3  

            	
              Notice
      is deemed given:

            

    

     

     

    
      	
              16.11.3.1  

            	
              if
      delivered personally, when the person delivering the notice obtains the
      signature of a person at the address referred to in Clause 16.11.1.2;

            

    

     

     

    
      	
              16.11.3.2  

            	
              if
      sent by post, except air mail, two Business Days after posting
      it;

            

    

     

     

    
      	
              16.11.3.3  

            	
              if
      sent by air mail, six Business Days after posting
  it;

            

    

     

     

    
      	
              16.11.3.4  

            	
              if
      sent by fax, when confirmation of its transmission has been recorded by
      the sender's fax machine.

            

    

     

     

    
      	
              16.12.  

            	
              Set-off.  Each
      of the parties will be entitled but not obliged to set-off against any
      amount of money payable to it by the other party under this Agreement, any
      amount of money payable by it to the other party under this
      Agreement.

            

    

     

     

    
      	
              16.13.  

            	
              Disputes.  Any
      disputes between the parties which cannot be amicably resolved shall first
      be referred to the Chief Operations Officer of Elan Drug Technologies and
      the Chief Executive Office of Amarin, who shall attempt to resolve the
      matter in good faith.

            

    

     

     

    
      	
              16.14.  

            	
              Governing Law and
      Jurisdiction:  This Agreement shall be governed by and
      construed in accordance with the laws of Ireland, without regard to its
      conflict of laws rules, and shall be subject to the exclusive jurisdiction
      of Irish Courts.

            

    

     

    ***

    
      
         

      

      
        51

        
          

        

      

      
         

      

    

    

    

     

    SCHEDULE
1 ELAN PATENTS

     

    

    

     

    

     

    

    [*]

    

     

    

     

    
      
         

      

      
        52

        
          

        

      

      
         

      

    

     

    SCHEDULE
2 R&D PROGRAM

     

    

    [*]

    
      
         

      

      
        53

        
          

        

      

      
         

      

    

    

     

    SCHEDULE
3 TECHNOLOGICAL COMPETITORS OF ELAN

     

     

    

     

    

    [*]

    

    
      
         

      

      
        54

        
          

        

      

      
         

      

    

     

    SCHEDULE
4 MANUFACTURING COSTS

     

     

    

     

     

    “Manufacturing
Cost” means the fully absorbed cost of manufacture which shall be determined on
the basis of the following elements:

     

     

    (a)           Direct
material, labour and overhead cost; and

     

     

    
      	
              (b)

            	
              Such
      indirect labour, factory, laboratory and other overhead costs properly
      allocable.  Overhead allocations shall include expenses of plant
      maintenance and engineering, plant management, receiving and warehousing,
      disposal and treatment of waste, building occupancy, quality control,
      costs of services provided to manufacturing, insurance provided to
      manufacturing, and depreciation/amortisation of applicable
      capital.

            

    

     

     

    Such
allocations shall be in a manner consistent with US generally accepted
accounting principles from time to time and in a manner consistent with expenses
and overhead allocated to other products manufactured by Elan or its
Affiliates.

     

     

    Where
some parts of the manufacture are conducted by unaffiliated third party(ies),
Product Manufacturing Cost shall be the amount paid to such third party(ies)
plus any of the aforementioned costs incurred by Elan or its Affiliates in
completing the manufacture, or delivery of the Product
Intermediate.

     

     

    

     

    
      
         

      

      
        55

        
          

        

      

      
         

      

    

     

    SCHEDULE
5 AMARIN STAGE I ACTIVITIES

     

    

    
      	
              ·  

            	
              [*]

            

    

     

    

     

     

    

     

    
      
         

      

      
        56

        
          

        

      

      
         

      

    

    

    

    
      	
              SIGNED

            
	 
      
	 
      
	 
      
	
              _________________________________

            
	
              Duly
      authorised for and on behalf of:

            
	
              ELAN
      PHARMA INTERNATIONAL LIMITED

            
	 
      
	 
      
	 
      
	 
      
	
              SIGNED

            
	 
      
	 
      
	 
      
	
              _________________________________

            
	
              Duly
      authorised for and on behalf of:

            
	
              AMARIN
      PHARMACEUTICALS IRELAND LIMITED

            

    

    

     

     

     

     

     

     

     

     

     
57

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