Document:

SVR-12.31.14-EX10.22

2011 Equity Incentive Plan of
SYNIVERSE CORPORATION
STOCK OPTION AGREEMENT 
GRANT NOTICE
Unless otherwise defined herein, the terms defined in the 2011 Equity Incentive Plan of Syniverse Corporation  (the “Plan”) shall have the same defined meanings in this Stock Option Agreement, which includes the terms in this Grant Notice (the “Grant Notice”) and Appendix A attached hereto (collectively, the “Agreement”).
 
You have been granted an Option to purchase Common Stock of the Company, subject to the terms and conditions of the Plan and this Agreement, as follows:

Name of Optionee:                Stephen C. Gray

Total Number of Shares      
Subject to the Option:                 350,000
    
Grant Date:                    December 12, 2014

Type of Option:                    Nonqualified Stock Option

Final Expiration Date:                December 12, 2024

		
	Vesting Schedule: 
	This Option will vest and become exercisable in accordance with the vesting schedule set forth in Appendix A

		
	Exercise Price per Share: 
	$11.25 per Share 

Total Exercise Price on Grant Date:         $3,937,500

Your signature below indicates your agreement and understanding that this Option is subject to all of the terms and conditions contained in the Agreement (including this Grant Notice and Appendix A to the Agreement) and the Plan.  ACCORDINGLY, PLEASE BE SURE TO READ ALL OF APPENDIX A, WHICH CONTAINS THE SPECIFIC TERMS AND CONDITIONS OF THIS OPTION.
SYNIVERSE CORPORATION            OPTIONEE

	
			
	By:
	 
	/S/    JAMES A. ATTWOOD, JR.

	 
	 
	James A. Attwood, Jr.

	 
	 
	Chairman of the Board of Directors

    	
			
	By:
	 
	/S/    Stephen C. Gray

	 
	 
	Stephen C. Gray

	 
	 
	President and Chief Executive Officer

             

APPENDIX A TO STOCK OPTION AGREEMENT

ARTICLE I.
GRANT OF OPTION

Section 1.1    Grant of Option.  The Company hereby grants to the Optionee the Option to purchase any part or all of an aggregate of the Shares set forth in the Grant Notice pursuant to which this Appendix is attached, upon the terms and conditions set forth in the Plan and this Agreement (including the Grant Notice and this Appendix A).  The Optionee hereby agrees that except as required by law, he or she will not disclose to any Person other than the Optionee’s spouse and/or tax or financial advisor (if any) the grant of the Option or any of the terms or provisions hereof without the prior approval of the Administrator, and the Optionee agrees that, in the discretion of the Administrator, the Option shall terminate and any unexercised portion of such Option (whether or not then exercisable) shall be forfeited if the Optionee violates the non-disclosure provisions of this Section 1.1.  In connection with the grant of the Option, the Optionee shall cause his or her spouse, if any, to execute the consent attached hereto as Exhibit A as soon as practicable following the Grant Date.  

Section 1.2    Option Subject to Plan.  The Option granted hereunder is subject to the terms and provisions of the Plan, including without limitation, Article V and Article VIII thereof.

Section 1.3    Exercise Price.  The Exercise Price of a Share covered by the Option shall be the Exercise Price per Share as set forth in the Grant Notice (without commission or other charge).

ARTICLE II.
Vesting schedule; EXERCISABILITY

Section 2.1    Commencement of Exercisability.

(a)Subject to Section 2.1(b) and Section 2.3, the shares covered by the Option shall become vested and exercisable in two equal and cumulative installments provided that the Optionee remains continuously in active service with the Company or any of its Subsidiaries from the Grant Date through such date as follows:

(i)The first installment shall consist of 50% of the shares covered by the Option and shall become vested and exercisable on the first anniversary of the Grant Date; and

(ii)The second installment shall consist of 50% of the shares covered by the Option and shall become vested and exercisable on the second anniversary of the Grant Date.

(b)The Shares covered by the Option shall become vested and exercisable in the event of termination of service within the twelve (12)-month period immediately following a Change in Control.

(c)The Administrator in its sole discretion may accelerate the vesting and/or exercisability of any portion of the Option that does not otherwise become vested or exercisable pursuant to Section 2.1. Notwithstanding anything to the contrary in this Agreement, any portion of the Option that has not become vested or exercisable pursuant to Section 2.1 on or prior to the date of the Optionee’s termination of service as a Service Provider shall be forfeited and shall not thereafter become vested or exercisable. 

Section 2.2    Duration of Exercisability.  The installments provided for in Section 2.1 are cumulative.  Each such installment which becomes exercisable pursuant to Section 2.1 shall remain exercisable until it becomes unexercisable under Section 2.3.  Once the Option becomes unexercisable, it shall be forfeited immediately.

Section 2.3    Expiration of Option.

a.The Option may not be exercised to any extent by anyone after the first to occur of the following events:

i.The Final Expiration Date; 

ii.Following the Optionee’s termination of service as a Service Provider for any reason other than death or Disability, sixty (60) days following the date of the Optionee’s termination of service as a Service Provider; 

iii.Following the Optionee’s termination of service as a Service Provider by reason of the Optionee’s death or Disability, six (6) months following the Optionee’s termination of service as a Service Provider.

Section 2.4    Partial Exercise.  Subject to Section 5.2 of the Plan, any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable.

Section 2.5    Exercise of Option.  The exercise of the Option shall be governed by the terms of this Agreement and the terms of the Plan, including, without limitation, the provisions of Article V of the Plan.

Section 2.6    Manner of Exercise; Tax Withholding.

a.Unless determined otherwise by the Administrator, as a condition to the exercise of the Option, the Optionee shall (i) notify the Company at least thirty (30) days prior to exercise and no earlier than ninety days prior to exercise that the Optionee intends to exercise, and (ii) concurrently with the exercise of the Option, execute that certain Management Stockholders Agreement by and among Buccaneer Holdings, Inc., Carlyle Partners V, L.P., Carlyle Partners V-A, L.P., CP V Coinvestment A, L.P., CP V Coinvestment B, L.P., and each of the other stockholders who become parties to such agreement from time to time, dated on or about the Grant Date (the “Management Stockholders Agreement”), unless the Optionee has already executed the Management Stockholders Agreement.  This Section 2.6(a) shall not apply if the Shares underlying the Option are registered on Form S-8. 

b.To the extent permitted by law or the applicable listing rules, if any, the Optionee may pay for the Shares with respect to which such Option or portion of such Option is exercised through (i) payment in cash; (ii) with the consent of the Administrator, the delivery of Shares which are owned by the Optionee, duly endorsed for transfer to the Company with a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the exercised portion of the Option; (iii) with the consent of the Administrator, through the surrender of Shares then issuable upon exercise of the Option having a Fair Market Value on the date of the exercise of the Option equal to the aggregate Exercise Price of the exercised portion of the Option; or (iv) with the consent of the Administrator, delivery of a notice that the Optionee has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate Exercise Price; provided that payment of such proceeds is then made to the Company upon settlement of such sale.  

c.The Optionee shall make appropriate arrangements for the payment to the Company (or its Subsidiaries, as applicable) in cash of all amounts, if any, which the Company (or its Subsidiaries, as applicable) is required to withhold under applicable law in connection with the exercise of the Option.  Notwithstanding the prior sentence, with the consent of the Administrator and subject to any applicable legal conditions or restrictions, the Company shall, upon the Optionee’s request, withhold from the Shares otherwise issuable to the Optionee upon the exercise of the Option or any portion thereof a number of whole Shares having a Fair Market Value, determined as of the date of exercise, not in excess of the minimum of tax required to be withheld by law, if any (or such lower amount as may be necessary to avoid variable award accounting).  Any adverse consequences to the Optionee 

arising in connection with the share withholding procedure set forth in the preceding sentence shall be the sole responsibility of the Optionee.

ARTICLE III.
OTHER PROVISIONS

Section 3.1    Optionee Representation; Not a Contract of Service.  The Optionee hereby represents that the Optionee’s execution of this Agreement and participation in the Plan is voluntary and that the Optionee has in no way been induced to enter into this Agreement in exchange for or as a requirement of the expectation of service with the Company or any of its Subsidiaries.  Nothing in this Agreement or in the Plan shall confer upon the Optionee any right to continue as a Service Provider or shall interfere with or restrict in any way the rights of the Company or its Subsidiaries, which are hereby expressly reserved, to discharge the Optionee at any time for any reason whatsoever. 

Section 3.2    Shares Subject to Plan and Management Stockholders Agreement; Restrictions on the Transfer of Options and Common Stock.  The Optionee acknowledges that this Option and any Shares acquired upon exercise of the Option are subject to the terms of the Plan and the Management Stockholders Agreement including, without limitation, the restrictions set forth in Sections 5.6 and 5.7 of the Plan.  In the event of a conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control.

Section 3.3    Construction.  This Agreement shall be administered, interpreted and enforced under the laws of the state of Delaware, without regard to conflicts of law principles of any jurisdiction.

Section 3.4    Conformity to Securities Laws.  The Optionee acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, including without limitation Rule 16b-3.  Notwithstanding anything herein to the contrary, the Plan, the Management Stockholders Agreement and this Agreement shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

Section 3.5    Amendment, Suspension and Termination.  The Option may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board; provided that, except as provided by Section 8.1 of the Plan, neither the amendment, modification, suspension nor termination of this Agreement (including the Grant Notice) shall, without the consent of the Optionee, materially alter or impair any rights or obligations under the Option.

Section 3.6    Data Privacy Consent.  As a condition of the Option grant, the Optionee explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this paragraph by and among, as applicable, the Company and its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing the Optionee’s participation in the Plan.  The Optionee understands that the Company and its Subsidiaries and Affiliates may hold certain personal information about the Optionee, including the Optionee’s name, home address and telephone number, date of birth, social insurance number or other identification number, any shares of stock or directorships held in the Company, details of all restricted stock or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in the Optionee’s favor, for the purpose of implementing, managing and administering the Plan (the “Data”).  The Optionee further understands that the Company and its Subsidiaries and Affiliates may transfer the Data amongst themselves as necessary for the purpose of implementation, administration and management of the Optionee’s participation in the Plan, and that the Company and its Subsidiaries and Affiliates may each further transfer the Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  The Optionee understands that these recipients may be located in the Optionee’s country, or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Optionee’s country.  The Optionee understands that he or she may request a list with the names and addresses of any potential recipients of the Data by 

contacting the Company.  The Optionee authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Optionee’s participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Optionee may elect to deposit any Shares.  The Optionee understands that the Data will be held only as long as is necessary or appropriate to implement, administer, and manage the Optionee’s participation in the Plan.  The Optionee understands that he or she may, at any time, view the Data, request additional information about the storage and processing of the Data, require any necessary amendments to the Data, or refuse or withdraw the consents herein in writing, in any case without cost, by contacting the Company.  The Optionee understands that refusal or withdrawal of consent may affect the Optionee’s ability to participate in the Plan.  For more information on the consequences of refusal to consent or withdrawal of consent, the Optionee understands that he or she may contact the Company.

ARTICLE IV.
Definitions

Whenever the following terms are used in this Agreement (including the Grant Notice), they shall have the meaning specified below unless the context clearly indicates to the contrary.  Capitalized terms used in this Agreement and not defined below shall have the meaning given such terms in the Plan.  The singular pronoun shall include the plural, where the context so indicates.
Section 4.1    “Change in Control” shall mean any transaction or series of transactions pursuant to which any Person or group of related Persons other than the Carlyle Entities and their respective Affiliates in the aggregate acquire(s) (a) beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of equity securities of the Company possessing the voting power (other than voting rights accruing only in the event of a default, breach or event of noncompliance that has not yet occurred) to elect a majority of the Board (whether by merger, consolidation, reorganization, combination, sale or transfer of the Company’s equity, securityholder or voting agreement, proxy, power of attorney or otherwise) or (b) all or substantially all of the Company’s assets determined on a consolidated basis; provided that a Public Offering shall not constitute a Change in Control; provided, further, that any transaction or series of transactions shall only constitute a Change in Control if such transaction or series of transactions constitutes a “change in control event” within the meaning of Section 409A of the Code.

Section 4.2    “Company” shall mean Syniverse Corporation, a Delaware corporation.

Section 4.3    “Exercise Price” shall mean the exercise price per Share set forth in the Grant Notice. 

Section 4.4    “Final Expiration Date” shall mean the final expiration date set forth in the Grant Notice.

Section 4.5    “Grant Date” shall be the grant date set forth in the Grant Notice.

Section 4.6    “Grant Notice” shall mean the Grant Notice referred to in Section 1.1 of this Agreement, which Grant Notice is for all purposes a part of the Agreement.

Section 4.7    “Option” shall mean the option to purchase Common Stock granted under this Agreement.

Section 4.8    “Optionee” shall be the Person designated as such in the Grant Notice.

Section 4.9    “Plan” shall have the meaning set forth in the Recitals hereto.

Section 4.10    “Public Offering” shall mean the sale in an underwritten public offering registered under the Securities Act of equity securities of the Company or a corporate successor to the Company.

* * * * * 

EXHIBIT A

CONSENT
As the undersigned spouse of Optionee, I hereby acknowledges that I have read that certain Stock Option Agreement and that certain Grant Notice, each by and between my spouse and the Company and dated as of December 12, 2014 (collectively, the “Agreement”), and that I understand their contents.  I am aware that the Agreement provides for the repurchase of the Shares subject to my spouse's Option under certain circumstances and imposes other restrictions on the transfer of such Shares.  I agree that my spouse's interest in the Option and the Shares subject to such Option are subject to the Agreement and any interest I may have in such Option and the Shares subject to such Option shall be irrevocably bound by the Agreement and further that my community property interest, if any, shall be similarly bound by the Agreement.
I am aware that the legal, financial and other matters contained in the Agreement are complex and I am free to seek advice with respect thereto from independent counsel.  I have either sought such advice or determined after carefully reviewing the Agreement and the Plan that I will waive such right.
Capitalized terms used in this consent and not defined herein shall have the meanings given to such terms in the Agreement.EX-4.1

 Exhibit 4.1 

RESOLVED that pursuant to the authority granted to and vested in the Board of Directors of the Company in accordance with the provisions of the
articles of association of the Company (the “Articles”) there should be issued a series of preference shares of 5 pence each in the capital of the Company (“Preference Shares”), which series shall be designated as
the Series A Convertible Preference Shares, with the rights and subject to the restrictions and limitations (in addition to any provisions set forth in the Articles which are applicable to Preference Shares of all classes and series) as follows: 

 SERIES A CONVERTIBLE PREFERENCE SHARES 

SECTION 1. DEFINITIONS. For the purposes hereof, the following terms shall have the following meanings:  

“Business Day” means any day except Saturday, Sunday, any day which shall be a federal legal holiday in the United States or any day on which
banking institutions in the State of New York are authorized or required by law or other governmental action to close.  
 “Companies
Act” means Companies Act 2006, as amended. 
 “Conversion Date” shall have the meaning set forth in Section 5(a). 

 “Conversion Ratio” shall have the meaning set forth in Section 5(b).  

“Conversion Shares” means, collectively, the Ordinary Shares created upon conversion of the Series A Preference Shares. 

“Directors” means the directors of the Company from time to time. 

“Distribution” shall have the meaning set forth in Section 6(b).  

“Holder” means any holder of Series A Preference Shares.  

“Junior Securities” shall have the meaning set forth in Section 4(a).  

“Nasdaq” means The Nasdaq Stock Market LLC. 

“Notice of Conversion” shall have the meaning set forth in Section 5(a). 

“Ordinary Shares” means the ordinary shares of £0.50 each in the capital of the Company. 

“Parity Securities” shall have the meaning set forth in Section 4(a).  

  
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 “Person” means any individual or company, partnership, trust, incorporated or unincorporated
association, joint venture, government (or an agency or subdivision thereof) or other entity of any kind.  
 “Register” means the
register of members of the Company. 
 “Senior Securities” shall have the meaning set forth in Section 4(a).  

“Series A Preference Shares” means the Series A Preference Shares of £0.05 each in the capital of the Company. 

“Trading Day” means a day on which the Ordinary Shares (or instruments representing the Ordinary Shares) are traded on Nasdaq or if the
Ordinary Shares (or instruments representing Ordinary Shares) are not traded on Nasdaq, then the principal securities exchange or securities market on which the Ordinary Shares (or instruments representing Ordinary Shares) are then traded.

 SECTION 2. DIVIDENDS. 
 Holders shall be entitled
to receive, and the Company shall pay, dividends (other than dividends in the form of Ordinary Shares) on the Series A Preference Shares equal (on an as-if-converted-to-Ordinary-Shares basis) to and in the same form as dividends (other than
dividends in the form of Ordinary Shares) actually paid on Ordinary Shares when, as and if such dividends (other than dividends in the form of Ordinary Shares) are paid on the Ordinary Shares. In the case of any capitalisation of profits or reserves
resulting in the allotment of fully paid Ordinary Shares to the holders of Ordinary Shares, the amount appropriated to the Holders shall be applied in paying up new Series A Preference Shares which shall be allotted to the Holders in accordance with
their respective entitlements. 
 SECTION 3. VOTING RIGHTS. 

Except as otherwise provided herein or as required by applicable law, the Series A Preference Shares shall have no voting rights. However, as long as any
Series A Preference Shares are outstanding, the Company shall not, without the approval of the Holders of seventy-five percent (75%) of the then outstanding Series A Preference Shares, alter or change adversely the powers, preferences or rights
attaching to the Series A Preference Shares or enter into any agreement with respect to the foregoing. 
 SECTION 4. RANK; LIQUIDATION. 

(a) The Series A Preference Shares shall rank: (i) in priority to all of the Ordinary Shares; (ii) in priority to any class or series of
shares of the Company hereafter created specifically ranking by its terms subordinate to any Series A Preference Shares (“Junior Securities”); (iii) pari passu with any class or series of shares of the Company hereafter created
specifically ranking by its  

  
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terms pari passu with the Series A Preference Shares (“Parity Securities”); and (iv) subordinate to any class or series of shares of the Company hereafter created
specifically ranking by its terms in priority to any Series A Preference Shares (“Senior Securities”), in each case, as to a distribution of assets on a liquidation or a return of capital (other than a conversion, redemption or
purchase of shares).  
 (b) Subject to the preferential rights of the holders of any Senior Securities of the Company, upon on a liquidation
or a return of capital (other than a conversion, redemption or purchase of shares) (each, a “Liquidation Event”), each holder of Series A Preference Shares shall be entitled to receive, in priority to any distributions of any of the
assets or surplus funds of the Company to the holders of the Ordinary Shares and Junior Securities and pari passu with any distribution to the holders of Parity Securities, an amount equal to $.001 per Series A Preference Share, plus an additional
amount equal to any dividends declared but unpaid on such shares, before any payments shall be made or any assets distributed to holders of any class of Ordinary Shares or Junior Securities. If, upon any such Liquidation Event, the assets of the
Company shall be insufficient, after payment to any Senior Securities, to pay the holders of the Series A Preference Shares the amount required under the preceding sentence, then all remaining assets of the Company shall be distributed pro rata to
holders of the Series A Preference Shares and Parity Securities.  
 (c) After payment to the holders of the Series A Preference Shares of the amount
required under Section 4(b) and subject to the preferential rights of the holders of any Senior Securities of the Company, the remaining assets or surplus funds of the Company, if any, available for distribution to shareholders shall be
distributed pro rata among the holders of the Series A Preference Shares, any other class or series of shares that participates with the Ordinary Shares in the distribution of assets upon any Liquidation Event and the Ordinary Shares, with the
holders of the Series A Preference Shares deemed to hold that number of Ordinary Shares into which such Series A Preference Shares are then convertible. 

SECTION 5. CONVERSION. 
 (a) Conversions at Option of
Holder. 
 Each Series A Preference Share shall be convertible, at any time and from time to time from and after the date of the issue thereof, at
the option of the Holder thereof, into a number of Ordinary Shares calculated on the basis of the Conversion Ratio in effect at the time of such conversion. Holders shall effect conversions by notice to the Company (a “Notice of
Conversion”), executed by the Holder in the form attached hereto as Annex A. Other than a conversion following a notice provided for under Section 6(d)(ii) hereof, the Notice of Conversion must specify at least a number of Series A
Preference Shares to be converted equal to the lesser of: (x) 100 Ordinary Shares (such number subject to appropriate adjustment following the occurrence of an event specified in Section 6(a) hereof) and (y) the number of Series A
Preference Shares then held by the Holder. The “Conversion Date” shall be the Trading Day that the executed Notice of Conversion is sent by facsimile to, and received during regular business hours by, the Company; provided that the
Notice of Conversion, is received in original  

  
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form by the Company within two (2) Trading Days thereafter. In all other cases, the Conversion Date shall be defined as the Trading Day on which the Notice of Conversion is received in
original form by the Company. 
 (b) Conversion Ratio. 

The fully paid Series A Preference Shares are convertible into fully paid Ordinary Shares at the rate of one Ordinary Share for every 10 Series A
Preference Shares (the “Conversion Ratio”). A holder of Series A Preference Shares shall not be entitled to receive any fractions of an Ordinary Share. 

(c) Mechanics of Conversion. 
 (i) Delivery Upon
Conversion. 
 Within three Trading Days after receipt by the Company of the Notice of Conversion for the Series A Preference Shares being converted, the
Company shall cause the name of the converting Holder to be entered in the Register as the holder of the number of Conversion Shares being created upon the conversion of Series A Preference Shares. 

(ii) Method of Conversion. 
 The conversion of the
Series A Preference Shares into Ordinary Shares shall be effected by the consolidation and/or sub-division of the Series A Preference Shares and redesignation of them as Ordinary Shares at the Conversion Ratio or in such other manner as may be
determined by the Directors at the time of conversion and as is permitted by the Companies Act. 
 (iii) Obligation Absolute. 

Subject to the Companies Act, the Company’s obligations to deliver the Conversion Shares upon conversion of Series A Preference Shares in accordance with
the terms hereof are absolute and unconditional, irrespective of any action or inaction by a Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action to
enforce the same, or any set-off, counterclaim, limitation or termination, or any breach or alleged breach by such Holder or any other Person of any obligation to the Company or any violation or alleged violation of law by such Holder or any other
Person, and irrespective of any other circumstance which might otherwise limit such obligation of the Company to such Holder in connection with the delivery of such Conversion Shares. 

(iv) Fractional Shares. 
 No fractional Ordinary
Shares shall be issued upon the conversion of the Series A Preference Shares. As to any fraction of a share which a Holder would otherwise be entitled to receive upon such conversion, the Company shall at its election, either pay a cash adjustment
in respect of such 

  
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final fraction as determined by the Directors or round down to the next whole Ordinary Share. 
 (e)
Status as Shareholder. 
 Upon each Conversion Date, the Holder’s rights as a holder of such converted Series A Preference Shares shall cease and
terminate, excepting only the right to receive certificates for such Ordinary Shares and to any remedies provided herein or otherwise available at law or in equity to such Holder. The Ordinary Shares to which a Holder is entitled upon conversion
shall for all purposes be credited as fully paid, rank pari passu in all respects with the Ordinary Shares then in issue and entitle the holder to receive dividends and other distributions declared, made or paid on Ordinary Shares on or after the
Conversion Date. 
 SECTION 6. CERTAIN ADJUSTMENTS. 

(a) Sub-division and Consolidation. 
 If the Company, at
any time while the Series A Preference Shares remain capable of being converted into Ordinary Shares, sub-divides any Ordinary Shares into a larger number of Ordinary Shares or consolidates any Ordinary Shares into a smaller number of shares, then
the Conversion Ratio shall be adjusted to reflect such sub-divisions or consolidation such that following the consolidation or sub-division the paid up nominal value of the Series A Preference Shares being converted is equal to the paid up nominal
value of the Ordinary Shares into which they convert. 
 Any adjustment made pursuant to this Section 6(a) shall become effective immediately after the
effective date of the event. 
 (b) Rights Upon Distribution of Assets. 

If the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of Ordinary Shares (other
than dividends in the form of Ordinary Shares), by way of return of capital or otherwise (including, without limitation, any distribution of cash, shares or other securities, property or options by way of a dividend, spin off, reclassification,
corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), a Holder shall be entitled to receive the dividend or distribution of assets that would have been payable to such Holder pursuant to
the Distribution had such Holder converted his or her Series A Preference Shares (or, if he or she had partially converted such shares prior to the Distribution, any unconverted portion thereof) immediately prior to the record date applicable to
such Distribution. 

  
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 (c) Calculations. 

All calculations under this Section 6 shall be made to the nearest $0.01 or the nearest 1/100th of a share, as the case may be. 

(d) Notice to the Holders. 
 (i) Adjustment to
Conversion Ratio. Whenever the Conversion Ratio is adjusted pursuant to any provision of this Section 6, the Company shall promptly deliver to each Holder at its last address as it shall appear upon the Register a notice setting forth the
Conversion Ratio after such adjustment and setting forth a brief statement of the facts requiring such adjustment.  
 (ii) Other
Notices. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Ordinary Shares, (B) the Company shall declare a special non-recurring cash dividend on or a redemption of the Ordinary Shares,
(C) the Company shall authorize the granting to all holders of the Ordinary Shares of rights or warrants to subscribe for or purchase any shares of any class or of any rights, (D) the approval of any shareholders of the Company shall be
required in connection with any redesignation of the Ordinary Shares, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Ordinary Shares are converted into other securities,
cash or property or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be filed at each office or agency maintained
for the purpose of conversion of the Series A Preference Shares, and shall cause to be delivered to each Holder at its last address as it shall appear upon the Register, at least 20 calendar days prior to the applicable record or effective date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the
Ordinary Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such redesignation, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Ordinary Shares of record shall be entitled to exchange their Ordinary Shares for securities, cash or other property deliverable upon such redesignation, sale, transfer or share
exchange, provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  

  
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 ANNEX A 

AMARIN CORPORATION PLC 

CONVERSION NOTICE 
 TO BE EXECUTED
BY THE REGISTERED HOLDER 
 TO CONVERT SERIES A PREFERENCE SHARES 

Pursuant to Section 5 of the terms of the Series A Preference Shares of Amarin Corporation plc (the “Company”) notice is hereby given of
the conversion of the below-referenced number of Series A Preference Shares (each 10 Series A Preference Shares being convertible into 1 Ordinary Share, subject to adjustment as set forth in the terms of the Series A Preference Shares): 

 

					
	  
				
	 Number of Series A Preference Shares to be converted
				
			
	  
				
	 Number of Ordinary Shares beneficially owned by the Registered Holder1

as of the Conversion Date

  

			
	 Date:
		                                     
       

 Name of Registered Holder 
  

			
	By:		
			Name:
			Title:

  
  

	1 	Together with such Registered Holder’s affiliates, and any other person whose beneficial ownership of Ordinary Shares would be aggregated with the Purchaser’s for purposes of Section 13(d) of the U.S.
Securities Exchange Act of 1934, as amended, and the applicable rules and regulations thereunder, including any “group” of which the Registered Holder is a member. 

  
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