Document:

Irrevocable License Agreement

 Exhibit 10.3 
 IRREVOCABLE LICENSE AGREEMENT 
 THIS IRREVOCABLE
LICENSE AGREEMENT (this “Agreement”), made as of the 11th day of April 2011, 
  

	 By and Between: 
	Bedminster 2 Funding, LLC, having an address c/o Advance Realty, 1430 Route 206, Suite 100, Bedminster, NJ 07921 (hereinafter designated as the “Licensor”); 

 

	 And: 
	Amarin Pharmaceuticals Ireland Ltd., having its U.S. billing address at 12 Roosevelt Avenue, Mystic, CT 06355 (hereinafter designated as the “Licensee”). 

W I T N E S S E T H: 
 WHEREAS, Licensor is the owner of certain property located at 1420 Route 206, Bedminster, NJ (the “Property”); 
 WHEREAS, Licensee desires to license approximately 3,303 square feet of office space solely for the purpose set forth below; and 
 WHEREAS, Licensor agrees to license to Licensee said premises conditioned upon Licensee’s compliance with the terms and conditions contained herein. 

NOW, THEREFORE, the parties agree as follows: 
 1. Grant of License. Licensor hereby grants unto Licensee an irrevocable license, subject to Licensee adhering to all License terms, including but not limited to payment of License Fee and Other
Costs and to occupy and use approximately 3,303 square feet of office space in Suite 120 on the first floor of the Property (the “Licensed Premises”). 
 2. Term. The term of the license shall commence on June 1, 2011 and terminate on May 31, 2013 (the “Term”), unless sooner terminated by Licensor or Licensee as expressly
provided for in this Agreement. 
 3. License Fee. The consideration for the license shall be the sum of Seven Thousand
Four Hundred Thirty One and 75/100 Dollars ($7,431.75) per month (“License Fee”), which shall be payable in advance on the first day of each month, without deduction, set-off or abatement whatsoever, throughout the Term. All License Fees
shall be paid to Licensor at Licensor’s address as set forth above. 
 4. Other Costs. In addition to the License
Fee outlined above, Licensee shall be responsible for monthly utility charges in the amount of $412.88 per month and HVAC for non-business hours in the amount of $45.00 per hour, as well as any costs incurred by Licensor resulting from any default
by Licensee of its insurance or maintenance obligations hereunder. For avoidance of doubt, all common area maintenance costs, HVAC during regular business hours between 8:00 am and 6:00 pm Monday through Friday, standard cleaning service for the
building, standard building maintenance, use of parking and real estate taxes related to Licensee’s Approved Use of the License Premises are included in the License Fee. 
 5. Use. The use of the Licensed Premises shall be for the sole and exclusive purpose of general office space (the “Approved Use”) and for no other use or purpose. The Licensed Premises
are to be accepted by Licensee on a strictly “as is” basis, without representation or warranty on the part of Licensor as to the condition of the Licensed Premises or its suitability for Licensee’s intended use. Licensee agrees not to
install any fixtures or make any improvements or alterations on or in the Licensed Premises without the prior written approval of the Licensor. 

 6. Compliance with Law. Licensee shall, at Licensee’s sole cost and expense,
without notice or demand from Licensor, comply with all laws and the requirements of all county, municipal, state, federal and other applicable governmental authorities, now in force, or which may hereafter be in force, pertaining to Licensee’s
use or occupancy of the Licensed Premises and shall faithfully observe in the use or occupancy of the Licensed Premises all governmental requirements now in force or which may hereafter be in force. Licensee acknowledges that the Licensor is
providing the Licensee the Use of the Premises without any representation or warranty, expressed or implied, in regards to compliance with any applicable law, rule, regulation or statutory provision. 

7. Broker. Licensor and Licensee each warrant to the other that it has not employed or dealt with any broker, agent or finder,
other than the Colliers International NJ LLC (“Broker”), in connection with this License. Licensor acknowledges that it shall pay any commission or fee due to the Broker pursuant to a separate agreement. Licensee shall indemnify, defend
and hold harmless Licensor and Licensor’s Agents from and against any claims, demands, liabilities, causes of action, suits, judgments, damages and expenses (including litigation costs and attorneys’ fees) for brokerage or other
commissions asserted by any broker, agent or finder employed by Licensee or Licensee’s Agents or with whom Licensee or Licensee’s Agents have dealt, other than the Broker (whether directly or indirectly, in whole or in part), such
indemnification obligation to survive the Expiration Date or earlier termination of this License. 
 8. Early Termination
Option. Licensee, at its option, shall have the right to cancel and terminate this License Agreement any time after the first License year with no penalty by giving written notice to Licensor at least six (6) months prior to the proposed
Termination Date provided Licensee is not in default of its obligations of this License beyond any applicable notice and cure periods as of the date of any notice of termination and continues to perform all of the terms and conditions of the License
until the date of its cancellation and termination. Provided that Licensee has complied with the aforesaid requirements, the Term of this License Agreement shall expire on the Termination Date as though such date were the originally scheduled
Termination Date. 
 9. Waiver of Claims; Exculpation; Indemnification. Licensee agrees that Licensor, its agents and
employees, shall in no way be liable for (i) any loss or damage to property of Licensee or of others located on or about the Licensed Premises, whether by theft or otherwise; (ii) any injury or damage to persons or property in or about the
Licensed Premises, including, but not limited to any injury or damage resulting from fire, explosion, collapse, falling plaster or masonry, steam, gas, electricity, water, rain or snow; and (iii) any damage caused by other licensees or persons
within the Property. All property of Licensee kept or stored at the Licensed Premises shall be so kept or stored at the risk of Licensee only and, in consideration of the right granted hereunder, Licensee shall hold Licensor harmless from any claims
arising out of damage to the same. Notwithstanding anything to the contrary set forth in this Agreement, it is specifically understood and agreed by Licensee that there shall be absolutely no personal liability on the part of Licensor or any
individuals associated with Licensor, including, but not limited to, any partners, members or shareholders of Licensor nor joint venturers with Licensor nor any of their successors, assignees, heirs, executors, administrators or personal and legal
representatives with respect to any of the terms, covenants and conditions of this Agreement, and Licensee shall look solely to the equity, if any, of Licensor in the Property for the satisfaction of each and every remedy (including, without
limitation, equitable remedies) of Licensee in the event of any breach by Licensor of any of the terms, covenants and conditions of this Agreement to be performed by Licensor; such exculpation of personal liability to be absolute and without any
exception whatsoever. In consideration of the right granted hereunder, Licensee agrees to and hereby does indemnify and save harmless Licensor from and against any and all claims, demands, suits, liability, losses and expenses that Licensor may
suffer or sustain arising from Licensee’s use or occupancy of the Licensed Premises. In consideration of the right granted hereunder, Licensee agrees to and hereby does indemnify and save harmless Licensor from and against any and all claims,
demand, suits, liability, losses and reasonable expenses that Licensor may suffer or sustain arising from Licensee’s use and/or occupancy of the License Premises (except insofar as it arises out of the gross negligence or willful misconduct of
Licensor). 

 10. Insurance. Licensee agrees to maintain reasonable and customary commercial
general liability and casualty insurance covering the obligations set forth herein in form and amounts as may be reasonably required by Licensor, which shall include (a) commercial general liability insurance (written on an occurrence basis)
including contractual liability coverage insuring the indemnity obligations assumed by Licensee under this License, premises and operations coverage, broad form property damage coverage and independent contractors coverage, and containing an
endorsement for personal injury, in minimum amounts of not less than One Million Dollars ($1,000,000) combined single limit per occurrence, with a Two Million Dollar ($2,000,000) annual aggregate, and (b) worker’s compensation insurance,
in minimum limits as required by the State of New Jersey (as the same may be amended from time to time), for all employees of Licensee engaged in any work on or about the Licensed Premises. All such insurance shall be evidenced by a Certificate of
Insurance executed by Licensee’s insurance carrier(s), naming Licensor and Licensor’s managing agent as directed by Licensor as additional insureds, and filed with the Licensor prior to occupancy. Said insurance will not be cancelled or
changed without thirty (30) days prior written notice to Licensor. Each party hereby waives any and all rights of subrogation it may have against the other party for any property damage due to any casualty or liability covered by insurance
whether such damage or destruction or liability shall be due to the insured party’s negligence or otherwise. 
 11.
Restriction against Assignment. Nothing contained herein shall be deemed to confer upon Licensee, or any person claiming by or through Licensee, any right to use or occupy the Licensed Premises except as expressly provided herein. Licensee
expressly covenants that it shall not by operation of law or otherwise assign its rights under this Agreement or suffer or permit the Licensed Premises or any part thereof to be used by others. Any attempt by Licensee to assign or otherwise grant
any rights in the Licensed Premises to any third party without the express consent of Licensor shall be null and void. The provisions of this Section 11 shall not apply to either (i) transactions with an entity into or which Licensee is
merged or consolidated, or to which all or substantially all of Licensee’s assets are transferred, or (ii) transactions with any entity which controls or is controlled by Licensee or is under common control with Licensee. No transfer or
assignment of any underlying ownership interest in Licensee shall be deemed an assignment or subletting requiring Licensor’s consent. 
 12. Surrender. On or before the date of the expiration of the Term, including any termination by Licensor as a result of Licensee’s default or otherwise, Licensee shall remove all of its
property from the Licensed Premises. All property not removed by Licensee shall be deemed abandoned by Licensee and Licensor reserves the right to charge the cost of such removal to the Licensee, which obligation shall survive the Agreement
termination and surrender hereinabove provided. If the Licensed Premises are not surrendered at the end of the Term, or if the Licensed Premises are damaged, Licensee shall indemnify Licensor against loss or liability resulting from delay by
Licensee in surrendering the Licensed Premises, and/or removal of Licensee’s property. In the event of any unauthorized holdover by Licensee, Licensor’s damages shall include but shall not be limited to a monthly use and occupancy charge
to be computed at the rate of 150% of the monthly License Fee then due and payable for the first month of holdover. Thereafter, the monthly holdover rate shall be 200% of the monthly License Fee. The payment of the use and occupancy charge, in the
event of such Licensee holdover, shall not be deemed a consent by Licensor to the continued occupancy by Licensee. Such sum shall not derogate from or diminish the additional damages resulting from Licensee’s holdover as hereinabove provided.

 13. Rules and Regulations. Licensee shall observe such reasonable rules and regulations as Licensor may adopt from
time to time. 
 14. Default by Licensee. In addition to all rights and remedies to which Licensor may be entitled at law
or in equity, in the event Licensee defaults in any of its obligations under this Agreement and such default is not cured within ten (10) business days after written notice from Licensor, Licensor shall have the right, upon notice to Licensee,
to immediately terminate this Agreement and the license granted hereunder, and Licensor shall have the right, at its sole option, to re-enter the Licensed Premises, and to remove and dispose of all personalty from the Licensed Premises at the sole
cost and expense of Licensee. 
 15. Binding Nature; Governing Law. The covenants and agreements contained in this
License Agreement shall apply to, inure to the benefit of, and be binding upon the parties hereto and their respective successors in interest and assigns. This Agreement shall be governed by and construed in accordance with the laws of and enforced
only in the courts of New Jersey. 

 16. No Waiver. The waiver by Licensor of any breach of any term, covenant or
condition herein contained shall not be deemed to be a waiver of such term, covenant or condition for any subsequent breach of the same or any other term, covenant or condition herein contained. The subsequent acceptance of any payment hereunder by
Licensor shall not be deemed to be a waiver of any preceding breach by Licensee of any term, covenant or condition of this Agreement, other than the failure of Licensee to pay the particular payment so accepted, regardless of Licensor’s
knowledge of such preceding breach at the time of acceptance of such payment. No covenant, term or condition of this Agreement shall be deemed to have been waived by Licensor, unless such waiver is in writing and signed by Licensor. 

17. Access. Licensor and its authorized representatives may enter upon the Licensed Premises at any time upon reasonable advance
notice to Licensee for any purpose Licensor deems reasonably necessary, provided that such access does not materially adversely affect Licensee’s use of the License Premises. 

18. Jury Waiver. To the extent such waiver is permitted by law, the parties hereto waive trial by jury in any action or proceeding
brought in connection with this Agreement, the Licensed Premises or any portion thereof. 
 19. Signs. Licensee shall not
place any signs of any kind whatsoever upon, in or about the Property or any part thereof, except of a design and structure and in or at such places as may be indicated and consented to by Licensor in writing. 

20. Mortgage Priority. This Agreement shall not be a lien against the Property in respect to any mortgages that presently exist or
may hereafter be placed upon the Property. The recording of such mortgage or mortgages shall have preference and precedence and be superior and prior in lien to this Agreement, irrespective of the date of recording of such mortgage(s). 

21. Notices. Any and all notices, requests or other such communications required under the terms of this
Agreement shall be given either (i) by certified or registered mail, return receipt requested, postage prepaid, or (ii) a national overnight delivery service with receipt provided therefor, prepaid, to the address of the parties as shown
at the head of this Agreement or to such other address as may be designated in writing, which notice of change of address shall be given in the same manner. Notice shall be deemed effective if by mail, on the third (3rd) business day after mailing thereof, and if by overnight
delivery, on the next business day after deposit or pick-up by such overnight delivery service. 
 22. Relationship.
Licensee acknowledges and agrees that this Agreement is not a lease and that nothing in this Agreement creates a tenancy relationship between Licensor and Licensee. By virtue of this Agreement the relationship between Licensor and Licensee is that
of a licensor and a licensee, not that of a landlord and a tenant. 
 23. Temporary Space: In the event that the current
tenant (Swander Pace Capital) has not vacated the License Premises upon the expiration of their lease ending at midnight May 31, 2011, the Licensor shall grant Licensee the use of the common conference facility located at 1430 Rt. 206
(including furniture, the adjacent pantry and wireless router for broadband) until such time as the current tenant has vacated the License Premises. In the event that Licensee is required to use said temporary space beyond July 1, 2011 then
Licensee shall have the option to terminate the License Agreement upon five (5) business days prior written notice to Licensor. Licensor, upon such notice, will have five (5) business days to deliver the License Premises for
Licensee’s occupancy. 

 IN WITNESS WHEREOF, the parties hereto have executed as duly authorized parties this Agreement as of the
date first set forth hereinabove. 

							
			
		 		 	AGREED TO:
			
		 		 	LICENSOR:
			
		 		 	 BEDMINSTER 2 FUNDING, LLC,
 A New Jersey limited liability company

				
		 		 	By:	 	/s/    Kurt R. Padavano        
		 		 		 	Name: Kurt R. Padavano
		 		 		 	Title: Authorized Representative

  

							
			
		 		 	LICENSEE:
			
		 		 	AMARIN PHARMACEUTICALS IRELAND LTD
				
		 		 	By:	 	/s/    John F. Thero        
		 		 		 	Name: John F. Thero
		 		 		 	Title: Director

 FIRST AMENDMENT TO IRREVOCABLE LICENSE AGREEMENT 

THIS FIRST AMENDMENT TO IRREVOCABLE LICENSE AGREEMENT (this “Agreement”), made as of the 9th day of May 2011 

 

	 By and Between: 
	Bedminster 2 Funding, LLC, having an address c/o Advance Realty, 1430 Route 206, Suite 100, Bedminster, NJ 07921 (hereinafter designated as the “Licensor”); 

 

	 And: 
	Amarin Pharmaceuticals Ireland Ltd., having its U.S. billing address at 12 Roosevelt Avenue, Mystic, CT 06355 (hereinafter designated as the “Licensee”). 

W I T N E S S E T H: 
 WHEREAS, Licensor and Licensee entered into a License Agreement dated April 11, 2011 for an agreed upon 3,303 square feet of office space located at 1420 Route 206, Bedminster, NJ (the “1420
Premises”); 
 WHEREAS, Licensor and Licensee wish to amend the License and to relocate Licensee to Suite # 200 consisting
of an agreed-upon 9,747 square feet of office space located in 1430 Route 206, Bedminster, NJ (the “1430 Premises”) as shown on the attached Exhibit A; and 
 WHEREAS, Licensor agrees to license to Licensee said premises conditioned upon Licensee’s compliance with the terms and conditions contained herein. 

NOW, THEREFORE, the parties agree as follows: 
 1. Grant of License. Licensor hereby grants unto Licensee an irrevocable license, subject to Licensee adhering to all License terms, including but not limited to payment of License Fee and Other
Costs and to occupy and use the 1430 Premises. 
 2. Term. The term for the 1430 Premises shall be three (3) years.
The anticipated commencement date of the 1430 Premises shall be no earlier than July 5, 2011 (the “1430 Commencement Date”) and terminate on June 30, 2014 (the “Term”), unless sooner terminated by Licensor or Licensee
as expressly provided for in this Agreement. The 1430 Commencement Date is contingent upon Licensor executing an Early Termination and Surrender Agreement with the existing tenant and said tenant timely vacating the 1430 Premises. All dates will be
adjusted to reflect actual dates of existing tenant surrender and Licensor’s ability to give notice and possession to Licensee. Licensor shall give Licensee written notice once Licensor has taken possession of the 1430 Premises and Licensee
shall then have five (5) business days to take possession of the 1430 Premises and ten (10) business days to vacate the 1420 Premises. The 1430 Commencement Date shall be five (5) business days after notice from Licensor to Licensee
regardless of whether Licensee actually takes possession of the 1430 Premises on that date. 
 In the event that the 1430 Commencement Date does
not occur by August 15, 2011 Licensee shall have the right upon ten (10) business days notice to cancel this First Amendment, unless Licensor provides notice to Licensee within the ten (10) day period that Licensor has obtained
possession of the 1430 Premises, in which case the right to terminate shall no longer be valid. 
 Licensor and Licensee agree that the Term
with respect to the 1420 Premises shall terminate effective as of the date that is five (5) days after the 1430 Premises Commencement Date (the “Partial License Termination Date”) provided, however, that this Agreement and the
occurrence of the Partial License Termination Date is expressly conditioned upon the performance by Licensee of all of its obligations with respect to the surrendered 1420 Premises through and including the Partial License Termination Date. On or
before the Partial License Termination Date, Licensee shall surrender the 1420 Premises, broom clean, in good order 

 
and condition, ordinary wear and tear and damage by casualty excepted, and shall at its own expense, remove its trade fixtures, furniture and equipment and signs from the surrendered 1420
Premises. Any such personal property not removed prior to the Partial License Termination Date shall be deemed abandoned and may be removed by Licensor without accountability therefor or cost to Licensee. Licensee shall be deemed a holdover tenant
in the Surrendered 1420 Premises if Licensee has not fully complied with its obligations under this Section 2. 
 3.
Condition   Licensee accepts the 1430 Premises in its “as is” condition as of the 1430 Premises Commencement Date. 
 4. License Fee. The consideration for the license of the 1430 Premises shall be the sum of Twenty One Thousand Nine Hundred Thirty and 75/100 Dollars ($21,930.75) per month (“License
Fee”), which shall be payable in advance on the first day of each month, without deduction, set-off or abatement whatsoever, throughout the Term beginning on the 1430 Commencement Date. All License Fees shall be paid to Licensor at
Licensor’s address as set forth above. 
 5. Other Costs. In addition to the License Fee outlined above, Licensee
shall be responsible for monthly utility charges in the amount of $1,218.37 per month and HVAC for non-business hours in the amount of $45.00 per hour, as well as any costs incurred by Licensor resulting from any default by Licensee of its insurance
or maintenance obligations hereunder. 
 6. Operating Charges and Real Estate Taxes. A base year for
the establishment of Operating Charges and Real Estate Taxes shall be established by the Licensor (the “Base Year”). The Base Year for this 1st Amended License Agreement shall be 2011. Commencing on first day of the first calendar month following the Base Year
and thereafter for the remainder of the Term, Licensee shall pay to Licensor, as “Additional Rent”, Licensee’s proportionate share of the amount by which Operating Charges for each license year following the Base Year exceed the Base
Year Operating Charges (hereinafter referred to as the “Operating Charges Escalation”) falling entirely or partly within the Term. “Operating Charges” shall mean the sum of all direct and indirect costs and expenses of any kind
or nature whatsoever incurred in connection with the management, operation, maintenance, repair, replacement and cleaning of the Building, the Land and the Common Areas. 
 Commencing on the first day of the year following the Base Year and thereafter for the remainder of the Term, Licensee shall pay, as Additional Rent, Licensee’s proportionate share of the amount by
which Real Estate Taxes for each year falling entirely or partially within the Term following the Base Year exceeds the Base Year Real Estate Taxes (hereinafter referred to as the “Real Estate Taxes Escalation”). As of the date hereof,
Licensee’s Proportionate Share is agreed to be 30.25%. 
 7. Provided Licensee is not in default beyond any applicable
grace period, and subject to the then existing rights of any other tenants, Licensor shall endeavor to provide Licensee expansion space during the Term in the Building or other buildings owned by Landlord (or an affiliate). In such case that
Licensee takes possession of any separate expansion space greater in size than the 1430 Premises, Licensor agrees to release Licensor of any remaining obligation for the 1430 Premises (conditioned upon Licensee surrendering the 1430 Premises in a
vacant broom-clean condition on a timely basis). All other terms and conditions for any such expansion space shall be further negotiated and agreed to in writing by the parties at the appropriate time. This clause is not to be construed as an option
or reservation for any other space. 
 8. Except as expressly provided herein, all other terms, conditions, covenants,
conditions and agreements as set forth in the License Agreement remain unchanged and in full force and effect. 
 (Remainder
of page left intentionally blank — Signature page to follow) 

 IN WITNESS WHEREOF, the parties hereto have executed as duly authorized parties this
Agreement as of the date first set forth hereinabove. 
  

							
			
		 		 	AGREED TO:
			
		 		 	LICENSOR:
			
		 		 	 BEDMINSTER 2 FUNDING, LLC,
 A New Jersey limited liability company

		 		 	
				
		 		 	By:	 	/s/    Kurt R. Padavano        
		 		 		 	Name: Kurt R. Padavano
		 		 		 	Title: Authorized Representative

  

							
			
		 		 	LICENSEE:
			
		 		 	AMARIN PHARMACEUTICALS IRELAND LTD
				
		 		 	By:	 	/s/    John F. Thero        
		 		 		 	Name: John F. Thero
		 		 		 	Title: Director

 EXHIBIT A – 1430 PREMISES 

(separately attached)Amarin Corporation plc 2011 Stock Incentive Plan

 Exhibit 10.4 
 AMARIN CORPORATION PLC 
 2011 STOCK INCENTIVE PLAN 

Section 1. Purpose 
 The
Amarin Corporation plc 2011 Stock Incentive Plan, (the “Plan”) is intended to promote the interests of Amarin Corporation plc (the “Company”) and its shareholders by aiding the Company in attracting and retaining Employees,
officers, Consultants and non-Employee Directors capable of assuring the future success of the Company, offering such persons incentives to put forth maximum efforts for the success of the Company’s business and affording such persons an
opportunity to acquire a proprietary interest in the Company. The Plan will provide a means by which Eligible Persons may acquire Shares of the Company pursuant to Awards to purchase a specified number of Shares, subject to the conditions and
restrictions contained herein. This Plan is subject to approval by the shareholders of the Company. 
 Section 2. Definitions

 As used in the Plan, the following terms shall have the meanings set forth below: 

 

	 	(a)	“2002 Plan” shall mean the Company’s 2002 Stock Option Plan as amended from time to time. 

 

	 	(b)	“ADSs” shall mean the American Depositary Shares, representing ordinary shares of the Company, issued under the Company’s American Depositary Receipt
facility. 

  

	 	(c)	“Affiliate” shall mean (i) any entity that, directly or indirectly through one or more intermediaries, is controlled by the Company and (ii) any
entity in which the Company has a significant equity interest, in each case as determined by the Committee. 

  

	 	(d)	“Applicable Laws” means the legal and regulatory requirements relating to stock options, if any, pursuant to English Law, U.S. state corporate laws, U.S.
federal and state securities laws, the Code and the rules of any applicable stock exchange. 

  

	 	(e)	“Award” shall mean any Option, Restricted Stock Unit or Shares not subject to restrictions granted under the Plan. 

 

	 	(f)	“Award Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under the Plan.

  

	 	(g)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(h)	“Cause” shall mean willful misconduct with respect to, or that is harmful to, the Company or any of its Affiliates including, without limitation, dishonesty,
fraud, unauthorized use or disclosure of confidential information or trade secrets or other misconduct (including, without limitation, conviction for a felony), in each case as reasonably determined by the Committee. 

 

	 	(i)	“Code” shall mean the United States of America Internal Revenue Code of 1986 as amended from time to time, and any regulations promulgated thereunder.

  

	 	(j)	“Committee” shall mean the Remuneration Committee of Directors designated by the Board to administer the Plan. 

 

	 	(k)	“Company” shall mean Amarin Corporation plc (an English company, registered number 2353920) and any successor corporation. 

 

	 	(l)	“Consultant” means any natural person, including an advisor or Director, who is engaged by the Company or any Affiliate including any Parent or Subsidiary to
render bona fide services and who is not an Employee, and such services are not in connection with the offer or sale of securities in a capital-raising transaction, and do not directly or indirectly promote or maintain a market for the
Company’s securities. 

  

	 	(m)	 “Continuous Status as an Employee or Consultant” means the absence of any interruption or termination of service as an Employee or
Consultant. Continuous Status as an Employee or Consultant shall not be considered interrupted in the case of: (i) vacation, sick leave, military leave or any other leave of absence

	 	
approved by Company management or the Committee, provided that such leave is for a period of not more than ninety (90) days or such longer period as is separately approved by the Committee,
unless re-employment upon the expiration of such leave is guaranteed by contract or statute, or unless provided otherwise pursuant to Company policy adopted from time to time; (ii) transfers between locations of the Company or between the
Company, its Affiliates or their respective successors; or (iii) a change in status from an Employee to a Consultant or from a Consultant to an Employee. 

 

	 	(n)	“Control” means the ownership of more than fifty (50)% of the issued share capital or other equity interest of the Company or the legal power to direct or
cause the direction of the general management and policies of the Company. 

  

	 	(o)	“Covered Employee” means an employee who is a “Covered Employee” within the meaning of Section 162(m) of the Code. 

 

	 	(p)	“Director” shall mean a member of the Board. 

  

	 	(q)	“Eligible Person” shall mean any Employee, officer, Consultant or Director providing services to the Company or any Affiliate whom the Committee determines to
be an Eligible Person. 

  

	 	(r)	“Employee” means any person, including officers and/or Directors (who meet the requirements of this Section), employed by the Company or any Affiliate of the
Company, with the status of employment determined based upon such minimum number of hours or periods worked as shall be determined by Company management or the Committee in its discretion, subject to any requirements of the Code. The payment of a
Director’s fee by the Company to a Director shall not alone be sufficient to constitute “employment” of such Director by the Company. 

  

	 	(s)	“Fair Market Value” shall mean, as of any date, the fair market value of Shares determined as follows: 

 

	 	(i)	If the Shares are listed on any established stock exchange or a national market system, including without limitation any national trading market operated by the NASDAQ
Stock Market LLC (“NASDAQ”), its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as reported by such system or exchange, or, if there is more than one such system or
exchange, the system or exchange with the greatest volume of trading in Shares, for the market trading day on the date of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable;

  

	 	(ii)	If the Shares are regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair Market Value shall be the mean between the high bid
and low asked prices for the Shares for the market trading day on the date of determination, as reported in The Wall Street Journal or such other source as the Committee deems reliable; or 

 

	 	(iii)	In the absence of an established market for the Shares, the Fair Market Value thereof shall be determined in good faith by the Committee. 

 

	 	(t)	“Grant Date” shall mean the date on which the Award is granted to the Participant by the Committee, as set forth in the Award Agreement.

  

	 	(u)	“Incentive Stock Option” shall mean an option granted under Section 6(a) of the Plan that is intended to meet the requirements of Section 422 of the
Code or any successor provision. 

  

	 	(v)	“ISO limit” shall mean the lesser of the Plan Limit (as defined in Section 4) or 14,314,887 million Shares, subject to adjustment as provided in the
Plan and subject to the provisions of Section 422 or 424 of the Code or any successor provisions. 

  

	 	(w)	“Non-Qualified Stock Option” shall mean an option granted under Section 6(a) of the Plan that is not intended to be an Incentive Stock Option.

  

	 	(x)	“Option” shall mean an Incentive Stock Option or a Non-Qualified Stock Option. 

 

	 	(y)	“Optionee” shall mean a Participant who has been granted an Option. 

 

	 	(z)	“Parent” shall have the meaning set forth in Section 424(e) of the Code or any successor provision. 

 

	 	(aa)	“Participant” shall mean an Eligible Person who has been granted an Award under the Plan. 

  
 2 

	 	(bb)	“Performance-Based Award” means any Restricted Stock Units granted to a Covered Employee that is intended to qualify as “performance-based
compensation” under Section 162(m) of the Code and the regulations promulgated thereunder. 

  

	 	(cc)	“Performance Criteria” means the criteria that the Committee selects for purposes of establishing the Performance Goal or Performance Goals for an individual
for a Performance Cycle. The Performance Criteria (which shall be applicable to the organizational level specified by the Committee, including, but not limited to, the Company or a unit, division, group, or Subsidiary of the Company) that will be
used to establish Performance Goals are limited to the following: earnings before interest, taxes, depreciation and amortization, net income (loss) (either before or after interest, taxes, depreciation and/or amortization), changes in the market
price of the Shares, economic value-added, funds from operations or similar measure, sales or revenue, development, clinical or regulatory milestones, acquisitions or strategic transactions, operating income (loss), cash flow (including, but not
limited to, operating cash flow and free cash flow), return on capital, assets, equity, or investment, stockholder returns, return on sales, gross or net profit levels, productivity, expense, margins, operating efficiency, customer satisfaction,
working capital, earnings (loss) per Share, sales or market shares and number of customers, any of which may be measured either in absolute terms or as compared to any incremental increase or as compared to results of a peer group.

  

	 	(dd)	“Performance Cycle” means one or more periods of time, which may be of varying and overlapping durations, as the Committee may select, over which the
attainment of one or more Performance Criteria will be measured for the purpose of determining a Participant’s right to and the payment of Restricted Stock Units. Each such period shall not be less than 12 months. 

 

	 	(ee)	“Performance Goals” means, for a Performance Cycle, the specific goals established in writing by the Committee for a Performance Cycle based upon the
Performance Criteria. 

  

	 	(ff)	“Person” shall mean any individual, corporation, partnership, association or trust. 

 

	 	(gg)	“Plan” shall mean the Amarin Corporation plc 2011 Stock Incentive Plan, as amended from time to time, the provisions of which are set forth herein.

  

	 	(hh)	“Restricted Stock Unit” means a unit representing the right to receive a payment in cash or Shares in the future granted under Section 6(b) of the Plan.

  

	 	(ii)	“Share” or “Shares” shall mean the Company’s ordinary shares of £0.50 each or any ADSs (or equivalent security) as the case may be. If at
any time ADSs or Shares are registered under the Securities Exchange Act of 1934, at least two members of the Committee shall qualify as non-Employee Directors within the meaning of Securities and Exchange Commission Regulation
Section 240.16b-3. 

  

	 	(jj)	“Subsidiary” of the Company shall have the meaning set forth in Section 424(f) of the Code or any successor provision. 

Section 3. Administration 
  

	 	(a)	Power and Authority of the Committee. The Plan shall be administered by the Committee. Subject to the express provisions of the Plan and to applicable law, the
Committee shall have full power and authority to: 

  

	 	(i)	determine the Fair Market Value of the Shares, in accordance with the provisions of the Plan; 

 

	 	(ii)	select the Eligible Persons to whom Awards may from time to time be granted hereunder; 

 

	 	(iii)	determine whether and to what extent Awards are granted hereunder; 

  

	 	(iv)	grant Awards and to determine the exercise price, the term, the number and type of Shares and the vesting standards applicable to each such Award and any other terms,
conditions and/or restrictions applicable to each such Award; 

  

	 	(v)	approve forms of agreement for use under the Plan; 

  

	 	(vi)	construe and interpret the terms of the Plan and Awards granted under the Plan; 

 

	 	(vii)	determine whether and under what circumstances an Award may be settled in Shares, cash or other consideration; and 

  
 3 

	 	(viii)	make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other decisions under or with
respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon any Participant, any holder or beneficiary of any Award and any employee of the Company or
any Affiliate. 
  

	 	(b)	Delegation. The Committee may delegate its powers and duties under the Plan to one or more Directors or to one or more officers of the Company, subject to such
terms, conditions and limitations as the Committee may establish in its sole discretion. The Committee may also employ attorneys, consultants, accountants or other professional advisors and shall be entitled to rely upon the advice, opinions or
valuations of any such advisors. 

  

	 	(c)	Power and Authority of the Board of Directors. Notwithstanding anything to the contrary contained herein, the Board may, at any time and from time to time,
without any further action of the Committee, exercise the powers and duties of the Committee under the Plan. 

  

	 	(d)	Effect of Committee’s Decision. All decisions, determinations and interpretations of the Committee shall be final and binding on all Participants.

  

	 	(e)	Liability; Indemnification. No member of the Committee, no member of the Board, or any individual to whom duties have been delegated, shall be personally liable
for any action, interpretation or determination made with respect to the Plan or Awards made thereunder, and each member of the Committee and of the Board shall be fully indemnified and protected by the Company with respect to any liability he or
she may incur with respect to such action, interpretation or determination, to the extent permitted by applicable law. 

Section 4. Shares Available for Awards 
  

	 	(a)	Shares Available. Subject to adjustment as provided in Section 4(c) of the Plan, the number of Shares in respect of which Awards may be made under this Plan
on any day shall not exceed the sum of (i) 3.5 million Shares, (ii) the number of Shares that remain available for grants under the 2002 Plan as of the Effective Date and (iii) the number of Shares subject to grants under the
2002 Plan that are outstanding as of the Effective Date but subsequently become Lapsed Awards (as defined below) (“the Plan Limit”). Shares to be issued under the Plan may be either authorized but unissued Shares, or Shares acquired in the
open market or otherwise. If any award over Shares granted under this Plan or the 2002 Plan expires or is forfeited, surrendered, canceled or otherwise terminated in whole or in part without Shares being issued (“Lapsed Award”), then the
Shares subject to such Lapsed Award may, at the discretion of the Committee, be made available for subsequent grants under the Plan. Notwithstanding the foregoing, the number of Shares available for granting Incentive Stock Options under the Plan
shall not exceed the ISO Limit, and Options with respect to no more than 3.5 million Shares may be granted to any one individual Participant during any one calendar year period. 

 

	 	(b)	Accounting for Awards. For purposes of this Section 4, if an Award entitles the holder thereof to receive or purchase Shares, the number of Shares covered
by such Award or to which such Award relates shall be counted on the Grant Date of such Award against the aggregate number of Shares available for granting Awards under the Plan. 

 

	 	(c)	Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company or other similar corporate transaction or event that affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan, then the Committee will, in such manner as it may deem equitable and proportionate, adjust any or all of (i) the number and type of Shares (or other securities or other property) that
thereafter may be made the subject of Awards, (ii) the number and type of Shares (or other securities or other property) subject to outstanding Awards and (iii) the purchase or exercise price with respect to any Award; provided,
however, that the number of Shares covered by any Award or to which such Award relates shall always be a whole number. 

  
 4 

 Section 5. Eligibility 
 Any Eligible Person shall be eligible to be designated a Participant. In determining which Eligible Persons shall receive an Award and the terms of any Award, the Committee may take into account the
nature of the services rendered by the respective Eligible Persons, their present and potential contributions to the success of the Company or such other factors as the Committee, in its discretion, shall deem relevant. 

Section 6. Awards 
  

	 	(a)	Options. The Committee is hereby authorized to grant Options to Participants with the following terms and conditions and with such additional terms and
conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 

  

	 	(i)	Option Grant. Options granted herein may be either Incentive Stock Options within the meaning of Section 422 of the Code, as amended or Non-Qualified Stock
Options. Incentive Stock Options may only be granted to full or part-time Employees (but only to the extent such Employees are considered common law employees), and an Incentive Stock Option shall not be granted to an Employee of an Affiliate unless
such Affiliate is also a Subsidiary or Parent of the Company. Any Option not designated as an Incentive Stock Option shall be deemed a Non-Qualified Stock Option. In addition, if at any time an Option designated as an Incentive Stock Option fails to
meet the requirements of Section 422 of the Code, it shall be redesignated as a Non-Qualified Stock Option on the date of such failure for income tax purposes automatically without further action by the Committee. Subject to the provisions of
the Plan, the Committee shall, from time to time, determine the terms, conditions and restrictions upon which Options shall be granted. 

  

	 	(ii)	Exercise Price. Subject to the adjustment provisions above, the purchase price per Share purchasable under an Option shall be determined by the Committee;
provided, however, that such purchase price shall not be less than 100% of the Fair Market Value of a Share on the Grant Date of such Option. 

 

	 	(iii)	Consideration. The consideration to be paid for the Shares to be issued upon exercise of an Option, including the method of payment, shall be determined by the
Committee (in its sole discretion) and may consist entirely of (a) cash or check, (b) for nonqualified stock options only, cancellation of indebtedness of the Company to Optionee, (c) surrender of other Shares that (i) have been
owned by Optionee for more than six months on the date of surrender or such other period as may be required to avoid a charge to the Company’s earnings, and (ii) have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of Shares to be purchased by Optionee as to which such Option shall be exercised, (d) if there is a public market for the Shares and they are registered under the Securities Act, delivery of a properly executed exercise notice
together with such other documentation as the Committee and the broker, if applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the aggregate exercise price and any
applicable income or employment taxes, (e) any combination of the foregoing methods of payment, or (f) such other consideration and method of payment for the issuance of Shares to the extent permitted under Applicable Laws and as
determined by the Committee. In making its determination as to the type of consideration to accept, the Committee shall consider if acceptance of such consideration may be reasonably expected to benefit the Company or result in the recognition of
compensation expense (or additional compensation expense) for financial reporting purposes. 

  

	 	(iv)	Option Term. Except as otherwise provided herein, each Option shall have a term of ten years from the Grant Date of such Option. 

 

	 	(v)	Time and Method of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part. 

 

	 	(vi)	Vesting Schedule. Except as authorized by the Committee as permitted under the terms of this Plan, no Option will be exercisable until it has vested. The
Committee will specify the vesting schedule for each Option at Grant Date, provided that if no vesting schedule is specified at the time of grant, the Option shall vest in full over the course of four years from Grant Date as follows:

  

	 	(A)	 twenty five percent (25%) of the total number of Shares granted under the Option shall vest on

  
 5 

	 	
the first anniversary of Grant Date; 

  

	 	(B)	twenty five percent (25%) of the Shares granted under the Option shall vest on the second anniversary of Grant Date; 

 

	 	(C)	twenty five percent (25%) of the Shares granted under the Option shall vest on the third anniversary of Grant Date; and 

 

	 	(D)	twenty five percent (25%) of the Shares granted under the Option shall vest on the fourth anniversary of Grant Date. 

 

	 	    	The Committee may specify a vesting schedule for all or any portion of an Option based on the achievement of performance objectives with respect to the Company, an
Affiliate, Parent, Subsidiary and/or Optionee, and as shall be permissible under the terms of the Plan. 

  

	 	(vii)	Procedure for Exercise; Rights as a Shareholder. An Option shall be deemed to be exercised when (A) written notice of such exercise has been given to the
Company in accordance with the terms of the Option by the person entitled to exercise the Option and the Company has received full payment for the Shares with respect to which the Option is exercised; and (B) (where appropriate) the Participant
has received clearance to exercise such Option in accordance with the Company’s share dealing code. An Option may not be exercised for a fraction of a Share. Full payment may, as authorized by the Committee, consist of any consideration and
method of payment as described above. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the stock certificate evidencing such Shares, no right to vote or
receive dividends or any other rights as a shareholder shall exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such stock certificate within 28 days
upon exercise of the Option. 

  

	 	(viii)	Incentive Stock Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of Options which are
intended to qualify as Incentive Stock Options: 

  

	 	(A)	The aggregate Fair Market Value (determined as of the time the Option is granted) of the Shares with respect to which Incentive Stock Options are exercisable for the
first time by any Participant during any calendar year (under this Plan and all other plans of the Company and its Affiliates) shall not exceed $100,000 in value, and to the extent that the Fair Market Value of such Shares exceeds $100,000 (or any
such higher figure as determined under Section 422 of the Code), such Options shall be deemed to be Non-Qualified Options for the purposes of this Plan. 

 

	 	(B)	All Incentive Stock Options must be granted within ten years from the earlier of the date on which this Plan was adopted by the Board of Directors or the date this Plan
was approved by the shareholders of the Company. 

  

	 	(C)	Unless sooner exercised, all Incentive Stock Options shall expire and no longer be exercisable no later than 10 years after the date of grant; provided,
however, that in the case of a grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company or of its Affiliates, such Incentive Stock Option shall expire and no longer be exercisable no later than 5 years from the date of grant. 

 

	 	(D)	The purchase price per Share for an Incentive Stock Option shall be not less than 100% of the Fair Market Value of a Share on the date of grant of the Incentive Stock
Option; provided, however, that, in the case of the grant of an Incentive Stock Option to a Participant who, at the time such Option is granted, owns (within the meaning of Section 422 of the Code) stock possessing more than 10%
of the total combined voting power of all classes of stock of the Company or of its Affiliates, the purchase price per Share purchasable under an Incentive Stock Option shall be not less than 110% of the Fair Market Value of a Share on the date of
grant of the Incentive Stock Option. 

  

	 	(E)	Any Incentive Stock Option authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent
with and contain all provisions required in order to qualify the Option as an Incentive Stock Option. 

  
 6 

	 	(b)	Restricted Stock Units. The Committee is hereby authorized to grant Restricted Stock Units representing the right to receive a payment in cash or Shares in the
future to Participants subject to the following terms and conditions and with such additional terms and conditions not inconsistent with the provisions of the Plan as the Committee shall determine: 

 

	 	(i)	Settlement. Upon vesting of a Restricted Stock Unit, the Participant shall be entitled to a payment equal to the Fair Market Value of the Shares subject to the
Restricted Stock Unit Award as at the date of vesting. Any payment which may become due from the Company as a result of the vesting of a Participant’s Restricted Stock Units shall be paid to the Participant in cash, or if otherwise determined
by the Committee, in Shares or in any combination of cash or Shares. Payments shall be made to Participants with respect to their Restricted Stock Units as soon as practicable after vesting, subject to compliance with any Applicable Laws. In the
event that all or a portion of the payment is made in Shares, the Committee may impose such restrictions concerning their transferability and/or their forfeiture as may be provided in the applicable Award Agreement or as the Committee may otherwise
determine, provided such determination is made on or before the date certificates for such Shares are first delivered to the applicable Participant. 

  

	 	(ii)	Vesting Schedule. The Committee will specify the vesting schedule for each Restricted Stock Unit at Grant Date, provided that if no vesting schedule is specified
at the time of grant, the Restricted Stock Unit shall vest in full over the course of four years from Grant Date as follows: 

  

	 	(A)	twenty five percent (25%) of the total number of Shares subject to the Restricted Stock Unit shall vest on the first anniversary of Grant Date;

  

	 	(B)	twenty five percent (25%) of the Shares subject to the Restricted Stock Unit shall vest on the second anniversary of Grant Date; 

 

	 	(C)	twenty five percent (25%) of the Shares subject to the Restricted Stock Unit shall vest on the third anniversary of Grant Date; and 

 

	 	(D)	twenty five percent (25%) of the Shares subject to the Restricted Stock Unit shall vest on the fourth anniversary of Grant Date. 

 

	 	    	The Committee may specify a vesting schedule for all or any portion of a Restricted Stock Unit based on the achievement of performance objectives with respect to the
Company, an Affiliate, Parent, Subsidiary and/or Participant, and as shall be permissible under the terms of the Plan. 

  

	 	    	Notwithstanding the foregoing, in the event that any such Restricted Stock Units have a performance-based goal, the restriction period shall not be less than one year,
and in the event the Restricted Stock Units shall have a time-based restriction, the total restriction period shall not be less than three years; provided, however, that any Restricted Stock Units with a time-based restriction may
become vested incrementally over such three-year period; and provided further that, notwithstanding the foregoing, Restricted Stock Units in respect of up to 5% of the Shares eligible for issuance under Section 4(a) measured at
the Effective Date may be granted in the aggregate to any one or more eligible Participants without respect to such minimum vesting provision. 

  

	 	(iii)	Rights as a Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the
Company) of the stock certificate evidencing such Shares, no right to vote or receive dividends or any other rights as a shareholder shall exist with respect to the Shares subject to the Restricted Stock Unit, notwithstanding the vesting of the
Restricted Stock Unit. Subject to compliance with all Applicable Laws, the Company shall issue (or cause to be issued) such stock certificate within 28 days following vesting of the Restricted Stock Unit. 

 

	 	(iv)	Dividend Equivalents. The Committee may, in its sole discretion, pay to the Participant following vesting of his Restricted Stock Unit (on the same date as such
cash or Shares are paid upon vesting of such Restricted Stock Unit) an amount in cash or Shares up to the amount of any dividends that would have been paid if the number of Shares subject to the portion of the Restricted Stock Unit that vests had
been issued to the Participant on the Grant Date. The payments will be subject to any necessary income tax or other withholdings as provided for in Section 10 of this Plan. 

  
 7 

	 	(v)	Performance-Based Awards. Any Employee or other key person providing services to the Company and who is selected by the Committee may be granted one or more
Performance-Based Awards in the form of Restricted Stock Units payable upon the attainment of Performance Goals that are established by the Committee and relate to one or more of the Performance Criteria, in each case on a specified date or dates or
over any period or periods determined by the Committee. The Committee shall define in an objective fashion the manner of calculating the Performance Criteria it selects to use for any Performance Cycle. Depending on the Performance Criteria used to
establish such Performance Goals, the Performance Goals may be expressed in terms of overall Company performance or the performance of a division, business unit, or an individual. The Committee, in its discretion, may adjust or modify the
calculation of Performance Goals for such Performance Cycle in order to prevent the dilution or enlargement of the rights of an individual (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction,
event or development, (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company, or the financial statements of the Company, or (iii) in response to, or in anticipation of, changes in
applicable laws, regulations, accounting principles, or business conditions provided however, that the Committee may not exercise such discretion in a manner that would increase the Restricted Stock Units granted to a Covered Employee. Each grant of
Performance-Based Awards shall comply with the provisions set forth below: 

  

	 	(A)	Grant of Performance-Based Awards. With respect to each Performance-Based Award granted to a Covered Employee, the Committee shall select, within the first 90
days of a Performance Cycle (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) the Performance Criteria for such grant, and the Performance Goals with respect to each Performance Criterion (including a
threshold level of performance below which no amount will become payable with respect to such Award). Each Performance-Based Award will specify the amount payable, or the formula for determining the amount payable, upon achievement of the various
applicable performance targets. The Performance Criteria established by the Committee may be (but need not be) different for each Performance Cycle and different Performance Goals may be applicable to Performance-Based Awards to different Covered
Employees. 

  

	 	(B)	Payment of Performance-Based Awards. Following the completion of a Performance Cycle, the Committee shall meet to review and certify in writing whether, and to
what extent, the Performance Goals for the Performance Cycle have been achieved and, if so, to also calculate and certify in writing the amount of the Performance-Based Awards earned for the Performance Cycle. The Committee shall then determine the
actual size of each Covered Employee’s Performance-Based Award, and, in doing so, may reduce or eliminate the amount of the Performance-Based Award for a Covered Employee if, in its sole judgment, such reduction or elimination is appropriate.
The Performance-Based Award shall be settled in accordance with Section 6(b)(i). 

  

	 	(C)	Maximum Award Payable. The maximum Performance-Based Award payable to any one Covered Employee under the Plan for a Performance Cycle is a payment equal to the
Fair Market Value at the date of vesting of 3.5 million Shares (subject to adjustment as provided in Section 4(c) hereof). 

  

	 	(c)	Grant of Unrestricted Shares to Directors. The Committee is hereby authorized to grant Shares to any Director free of any restrictions (in a manner not
inconsistent with the provisions of the Plan as the Committee shall determine), provided that if any such grant is to be satisfied by a new issue of Shares, the Director shall pay an amount for the Shares which is at least equal to their aggregate
nominal values. 

  

	 	(d)	General  

  

	 	(i)	No Cash Consideration for Awards. Awards shall be granted for no cash consideration or for such minimal cash consideration as may be required by applicable law.

  

	 	(ii)	 Limits on Transfer of Awards. No Award and no right under any such Award shall be transferable by a Participant otherwise than by will or by the
laws of descent and distribution relevant to the participant, or to a Participant’s family member (as defined in Section 1(a)(5) of General Instruction A to Form S-8 promulgated under the US Securities Exchange Act of 1934, as amended) as
a gift or 

  
 8 

	 	
under a domestic relations order (as defined in Section 414(p) of the Code) and the Company shall not be required to recognize any attempted assignment of such rights by any
Participant. Each Award or right under any Award shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible by the Participant’s guardian or legal representative as set forth above. No Award or right
under any such Award may be pledged, alienated, attached or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company or any Affiliate. 

 

	 	(iii)	Term of Awards. The term of each Award shall be for such period as may be determined by the Committee; provided, however, that an Option granted
hereunder shall not be exercisable after the expiration of 10 years from the date the Option is granted. 

  

	 	(iv)	Restrictions; Securities Exchange Listing. All Shares or other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject
to such restrictions as the Committee may deem advisable under the Plan, Applicable Laws, and the Committee may cause appropriate entries to be made or legends to be affixed to reflect such restrictions. If any securities of the Company are traded
on a securities exchange, the Company shall not be required to deliver any Shares or other securities covered by an Award unless and until such Shares or other securities have been admitted for trading on such securities exchange.

 Section 7. Change of Control 

 

	 	(a)	Meaning of Change of Control. Each of the following events shall constitute a “Change of Control” for purposes of the Plan: 

 

	 	(i)	any person or company (either alone or together with any person or company acting in concert with him or it) (an “Acquiring Company”)) obtaining Control of
the Company, 

  

	 	(ii)	any person or company that Controls the Company becoming bound or entitled to acquire Shares under sections 974 to 991 of the UK Companies Act 2006,

  

	 	(iii)	any court sanctioning a compromise or arrangement under section 899 of the UK Companies Act 2006, 

 

	 	(iv)	a resolution being tabled for the voluntary winding-up of the Company, and 

 

	 	(v)	any Acquiring Company acquiring all or substantially all of the assets of the Company. 

 

	 	(b)	Exercise of Vested Options. In the event of a Change of Control, Optionees may exercise their Options to the extent vested immediately prior to the Change of
Control within 12 months following the Change of Control, following which the Options will lapse; save that the Committee may, in its absolute discretion permit or require any Optionees to exercise their vested Options during any specified period
before the Change of Control, such exercise to be effective immediately prior to the Change of Control becoming effective, following which the vested Options would lapse on the Change of Control. In no event, however, may the Option be exercised
after the expiration of the Option’s term, as determined under Section 6(d)(iii). 

  

	 	(c)	Acceleration of Vesting. Subject to Section 7(d), in the event of a Change of Control: 

 

	 	(i)	in the case of any Award held by any Director (other than the Chief Executive Officer of the Company), any part of any such Director’s Awards that has not vested
at the date of such Change of Control shall vest immediately prior to such Change of Control and be exercisable in accordance with Section 7(b); and 

  

	 	(ii)	 in the case of any Award held by any other Participant (being the Chief Executive Officer and Participants who are not Directors), the Award (or any
award that replaces the Award under Section 7(d)) shall continue to vest following the Change of Control and if within two years following such Change of Control, any such Participant’s employment or engagement is terminated by the Company
for any reason other than for Cause, any part of any such Participant’s Awards or replacement awards that has not vested at the date of such termination shall vest upon such termination and all such Optionee’s Options or replacement
options will, unless otherwise agreed between the Company and the Acquiring Company, thereafter lapse twelve months following the 

  
 9 

	 	
date of such termination (or, if earlier, the expiration date of the Option). 

  

	 	(iii)	The Committee may additionally also accelerate the vesting of one or more outstanding Awards at such times and in such amounts as it determines in its sole discretion.

  

	 	(d)	Replacement of Awards. The Committee may, in its absolute discretion, procure that immediately prior to a Change of Control, Participants shall be granted new
rights in substitution for all or any part of the Awards they hold, which new rights shall be no less valuable overall than the prior rights at the time of substitution, in which case no accelerated vesting or rights of exercise shall arise under
Section 7(c)(i) and the original Awards shall lapse in accordance with this Plan. 

  

	 	(e)	Cashout of Awards. In the event of a Change in Control, the Committee may provide, in its sole discretion, for the settlement of any outstanding Awards in cash
or cash equivalents, whether or not then vested or exercisable, and the Awards shall lapse on consummation of such Change in Control. 

 Section 8. Effect of Termination 
  

	 	(a)	Termination for Cause. Notwithstanding any other provisions of this Plan, and unless otherwise determined by the Committee, if a Participant’s Continuous
Status as an Employee or Consultant is terminated for Cause, Awards granted under this Plan shall lapse immediately. 

  

	 	(b)	Death or Disability. Unless otherwise determined by the Committee, if a Participant’s Continuous Status as an Employee or Consultant is terminated by reason
of death or permanent and total disability, Restricted Stock Units shall vest pro-rata to the time elapsed between Grant Date and the date of termination and to the extent any Option is then vested and exercisable, it shall be exercisable for twelve
months following the date of the Optionee’s death or permanent and total disability. In the case of the Optionee’s death, Restricted Stock Units shall vest in full and Options may be exercised by the Optionee’s designated beneficiary
or estate giving written notice to the Committee stating the number of Shares with respect to which the Option is being exercised and contemporaneously tendering payment, in cash, for the Shares. In no event, however, may an Option be exercised
after the expiration of the Option’s term, as determined under Section 6(d)(iii). For purposes of the Plan, “permanent and total disability” shall mean that the Committee has determined that the Participant is disabled within the
meaning of Section 22(e)(3) of the Code. 

  

	 	(c)	Other Termination. Unless otherwise determined by the Committee, if a Participant’s Continuous Status as an Employee or Consultant is terminated for any
reason other than for Cause, death or permanent and total disability, Restricted Stock Units shall vest pro-rata to the time elapsed between Grant Date and the date of termination and to the extent any Option is then vested and exercisable, it shall
be exercisable for twelve months following the date of such termination. In order for an Option to retain its status as an Incentive Stock Option, it must be exercised within three months following the date of such termination. In no event, however,
may the Option be exercised after the expiration of the Option’s term, as determined under Section 6(d)(iii). 

Section 9. Amendment and Termination; Adjustments 
  

	 	(a)	Amendments to the Plan. The Board may amend, alter, suspend, discontinue or terminate the Plan at any time; provided, however, that,
notwithstanding any other provision of the Plan or any Award Agreement, without the approval of the shareholders of the Company, no such amendment, alteration, suspension, discontinuation or termination shall be made that, absent such approval:

  

	 	(i)	would violate the rules or regulations of the NASDAQ National Market System or any securities exchange that are applicable to the Company; or 

 

	 	(ii)	would cause the Company to be unable, under the Code, to grant Incentive Stock Options under the Plan. 

 

	 	    	In no event shall the Board or Committee exercise its discretion to reduce the exercise price of outstanding Options or effect repricing through cancellation and
re-grants or cancellation of Options in exchange for cash. 

  

	 	(b)	 Amendments to Awards. The Committee may waive any conditions of or rights of the Company under any

  
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outstanding Award, prospectively or retroactively. Except as otherwise provided herein or in the Award Agreement, the Committee may not amend, alter, suspend, discontinue or terminate any
outstanding Award, prospectively or retroactively, if such action would adversely affect the rights of the holder of such Award, without the written consent of the Participant or holder or beneficiary thereof. 

 

	 	(c)	Correction of Defects, Omissions and Inconsistencies. The Committee may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any
Award in the manner and to the extent it shall deem desirable to carry the Plan into effect. 

 Section 10. Income and
Other Withholdings 
 In order to comply with all applicable federal or state income tax laws and social security contributions or
regulations and (where applicable) the laws and regulations of the United Kingdom and the United States of America and any other relevant country, the Company may take such action as it deems appropriate to ensure that all applicable national,
federal or state payroll, withholding, income or other taxes and social security contributions, which are the sole and absolute responsibility of a Participant, are withheld or collected from such Participant. In order to assist a Participant in
paying all or a portion of any such taxes or social security contributions to be withheld or collected upon exercise or receipt of (or the lapse of restrictions relating to) an Award, the Committee, in its discretion and subject to such additional
terms and conditions as it may adopt, may permit the Participant to satisfy such tax obligation and social security contributions by (i) electing to have the Company withhold a portion of the Shares otherwise to be delivered upon exercise or
receipt, vesting or the lapse of restrictions relating to such Award with a Fair Market Value equal to the minimum amount of such taxes and social security contributions or (ii) delivering to the Company Shares other than Shares issuable upon
exercise, vesting or receipt of or the lapse of restrictions relating to such Award with a Fair Market Value equal to the minimum amount of such taxes and social security contributions required to be withheld. Shares withheld or delivered shall be
valued at their Fair Market Value as determined by the Committee, in its discretion, as of the date when income is required to be recognized for income tax purposes. The Participant shall, if so required by the Company or his employer, enter into an
agreement or election for the transfer to the employee of the employer’s liability to UK National Insurance Contribution arising on the grant, exercise, vesting, assignment or cancellation of any Award as permitted by the applicable law for the
time being. 
 Section 11. General Provisions 

 

	 	(a)	No Rights to Awards. No Eligible Person, Participant or other Person shall have any claim to be granted any Award under the Plan, and there is no obligation for
uniformity of treatment of Eligible Persons, Participants or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to any Participant or with respect to different Participants.

  

	 	(b)	Award Agreement. In connection with each grant of an Award under this Plan, the Participant and the Company shall execute a written agreement containing such
restrictions, terms, and conditions, if any, as the Committee may require. No Participant will have rights under an Award granted to such Participant unless and until and Award Agreement shall have been duly executed on behalf of the Company and, if
requested by the Company, signed by the Participant. 

  

	 	(c)	Plan Provisions. In the event that any provision of an Award Agreement conflicts with or is inconsistent in any respect with the terms of the Plan as set forth
herein or subsequently amended, the terms of the Plan shall control. In the event, the Plan is silent as to a term, provision or restriction contained in an Award Agreement, the term, provision or restriction of the Award Agreement shall govern.
Similarly, in the event the Award Agreement is silent as to a term, provision or restriction contained in the Plan, the term, provision or restriction of the Plan shall govern. 

 

	 	(d)	No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate from adopting or continuing in effect other
or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases. 

  

	 	(e)	 No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained as an Employee, Director,
Consultant or independent contractor of the Company or any Affiliate, nor will it affect in any way the right of the Company or an Affiliate to terminate such employment relationship at any time, at will, with or without Cause. In addition, the
Company or an 

  
 11 

	 	
Affiliate may at any time terminate a Participant’s employment relationship with the Company or an Affiliate free from any liability or any claim under the Plan or any Award, unless
otherwise expressly provided in the Plan or in any Award Agreement. 

  

	 	(f)	Governing Law. The validity, construction and effect of the Plan or any Award, and any rules and regulations relating to the Plan or any Award, shall be
determined in accordance with the laws of the State of New York, United States. 

  

	 	(g)	Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction or would
disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to Applicable Laws, or if it cannot be so construed or deemed amended without, in the determination of
the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or any such Award shall remain in full force and effect.

  

	 	(h)	No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of
any unsecured general creditor of the Company or any Affiliate. 

  

	 	(i)	No Fractional Shares. No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash shall
be paid in lieu of any fractional Shares or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. 

  

	 	(j)	Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in
any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

  

	 	(k)	Stockholder Rights. The Participant or other person or entity exercising an Option shall have no rights as a stockholder of record of the Company with respect to
Shares issuable pursuant to an Award until such certificate representing Shares, registered in the Participant’s name have been issued to the Participant. 

 

	 	(l)	Notices. Notices required or permitted to be made under the Plan shall be sufficiently made if sent by overnight courier, registered or certified mail, return
receipt requested, facsimile or first class mail addressed to the Committee at its offices, which notice shall effective upon its receipt. Each notice shall be addressed to (i) the Participant at the Participant’s last known address as set
forth in the books and records of the Company or an Affiliate, if any, or (ii) the Company or the Committee at the principal office of the Company. 

 Section 12. Effective Date of the Plan 
 The Plan shall be effective as of its
approval by the shareholders of the Company (the “Effective Date”). 
 Section 13. Term of the Plan 

No Award shall be granted under the Plan after the tenth anniversary of the Effective Date or any earlier date of discontinuation or termination
established pursuant to the Plan. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date. 
 Section 14. Section 409A of the US Internal Revenue Code 
 It is intended
that this Plan and the Awards granted under the Plan will comply with Section 409A of the Code and any regulations and guidelines promulgated thereunder (collectively, “Section 409A”), to the extent the Plan and the Awards are subject
thereto, and the Plan and such Awards shall be interpreted on a basis consistent with such intent. Without limiting the generality of the foregoing, it is intended that any adjustment to an Award made pursuant to Section 4(c), Section 7(d)
or otherwise under the Plan will not cause any Award to be treated as deferred compensation subject to Section 409A. 

  
 12

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