Document:

Exhibit 4.40

 

 

	
  Attn: Mr. R.
  Stewart

  Chief Executive Officer

  Amarin Corporation plc

  7 Curzon Street

  London W1J 5HG

  England

  	
  23 December
  2003

  

 

Dear Rick

 

ZelaparTM

 

Amended and
Restated Option Agreement between Elan Pharma International Limited (“Elan”)
and Amarin Corporation plc. (“Amarin”), 4 August 2003 (the “Zelapar Agreement”)

 

This letter
sets out the terms on which Elan and Amarin have agreed to amend the Zelapar
Agreement and to conduct their respective business in relation to Zelapar (the
“Product”).

 

1.                                           Interpretation

 

In this
letter:

 

1.1.                                   “Amarin Development Period” shall have the meaning in Clause 5
of this letter.

 

1.2.                                   “Amendment Date” shall mean 23 December 2003.

 

1.3.                                   Other expressions used shall have the same meaning as in the Zelapar
Agreement, and this letter is to be interpreted in the same manner as the
Zelapar Agreement.

 

1.4.                                   Except as expressly stated, references to section numbers are to
those of the Zelapar Agreement.

 

2.                                           Amendments To The Zelapar Agreement

 

The Zelapar
Agreement is hereby amended with effect from the Amendment Date, as follows:

 

2.1.                                   Each reference to the “Master Agreement” is deemed to mean the
Master Agreement as amended by the Amendment Agreement between Elan
Corporation, plc., Elan, Elan International Services, Ltd., Elan
Pharmaceuticals, Inc., Monksland Holdings BV and Amarin made on the Amendment
Date.

 

2.2.                                   The following new Section 1.1.4A is inserted:

 

 

“1.1.4A                                                   “Letter Agreement” shall mean the letter agreement between Elan
and Amarin relating to the Product, dated 23 December 2003.”

 

2.3.                                   Section 3.2 (Option Period) is deleted and the following substituted
therefor:

 

“3.2                      Option Period.  The “Option Period” shall mean the period
commencing on the date of this Agreement and ending on the sooner of:

 

(a)                             the date on which Elan or any of its Affiliates which are a party to
the Master Agreement have received a total between them of:

 

(i)             US$30,000,000 (thirty million dollars) if before 31 December 2003;
or

 

(ii)          US$31,500,000 (thirty one million five hundred thousand dollars) if
thereafter —

 

pursuant to
Clauses 7 and 8 of the Master Agreement or otherwise expressed to be in
discharge of the Outstanding Amounts (as defined in the Master Agreement);and

 

(b)                            31 March 2004.”

 

2.4.                                   Each of Sections 3.5 (Pursuit of New Drug Application), 4.3 (Project
Team) and 4.4 (Expenses) is amended by the insertion immediately after their
respective caption of the words:

 

“Subject to
the Letter Agreement, “

 

2.5.                                   Section 4.2 is amended by the insertion at the end of the following
sentence:

 

“Each
provision of this Section 4.2 is subject to any contrary provision of the
Letter Agreement.”

 

2.6.                                   Section 4.5(a) is amended by the deletion of the words “Out Of
Pocket Expenses of Elan” and the substitution therefor of the words “Out Of
Pocket Costs of Elan”, it being acknowledged that the existing language was a
typographical error.

 

2.7.                                   In Section 8.2 (Termination), the date “31 December 2003” is amended
to read “31 March 2004”.

 

2.8.                                   Section 10.3 (Assignment) is deleted in its entirety and the
following substituted therefor:

 

 

“10.3                Assignment. Subject to Elan’s rights of
termination in Section 8.4 and Section 9, neither party shall assign its
rights or obligations under the Agreement without the prior written consent of
the other party hereto; provided, however, that:

 

10.3.1                         Elan may, without such consent, assign the Agreement and its rights
and obligations hereunder to an affiliate or in connection with the sale of
substantially all of its assets or business relating to the Product (without
prejudice to any other right to assign specific rights hereunder;

 

10.3.2                         either party may, without such consent, assign the Agreement and its
rights and obligations hereunder in connection with its merger or consolidation
or change in control or similar transaction (again subject to Elan’s right in
the event of an Amarin Change of Control); and

 

10.3.3                         Amarin may not assign the Agreement on a sale of substantially all
of its assets or business, but in such circumstances, at Amarin’s option, Elan
may enter into good faith negotiations with the intended purchaser with a view
to the Assignment Agreement being executed in favour of such purchaser.  In such circumstances, the milestone payment
referred to in Section 7.1 shall be payable in cash instead of ordinary shares,
and the other terms of the Assignment Agreement shall be determined in
accordance with Section 3.1.

 

Provided
further in each case that any permitted
assignee assumes in writing all obligations of its assignor under this
Agreement, and that any assignment is subject to the Scherer Agreement and any
consent that may be required thereunder.”

 

3.                                           Amarin To Conduct Development

 

During the
Amarin Development Period:

 

3.1.                                   As between Elan and Amarin, Amarin shall be solely responsible for
the further development of the Product.

 

3.2.                                   Amarin shall use Commercially Reasonable Efforts to diligently
pursue the preparation, submission, acceptance for filing and substantive
review, and approval of an NDA for the Product with the FDA, including interaction
with the FDA.

 

 

3.3.                                   To the extent that Elan’s obligations in respect of the development
of the Product pursuant to the Scherer Agreement exceed those of Amarin under
the Zelapar Agreement and this letter, Amarin shall on Elan’s behalf do such
acts and exercise such diligence as is required by the Scherer Agreement.

 

3.4.                                   No meetings of the Steering Committee shall take place.

 

3.5.                                   The Plan may be amended by Amarin with Elan’s consent, which shall
not be unreasonably withheld.  For the
avoidance of doubt, Amarin will perform and manage the day to day execution and
operations of the Plan.

 

3.6.                                   Amarin will keep Elan reasonably appraised of its activities in
relation to the Product.  Amarin will
provide to Elan all materials provided to Amarin’s Project Team for Zelapar.

 

3.7.                                   All development work in relation to the Product shall be at Amarin’s
sole cost and expense.

 

4.                                               Exclusions

 

Notwithstanding
Clause 3 of this letter, Amarin shall not:

 

4.1.                                   commence any clinical study; or

 

4.2.                                   enter into any binding commitment pursuant to which Elan may, by
reason of law and/or good ethical practice, become compelled to honor any part
of such commitment after the Amarin Development Period —

 

without the
prior written consent of Elan.

 

5.                                           Amarin Development Period

 

5.1.                                   The Amarin Development Period shall begin on 1 January 2004 and end
on 31 January 2004.

 

5.2.                                   The Amarin Development Period shall be automatically extended to 29
February 2004 and 31 March 2004 unless either Amarin or Elan give written
notice not less than three (3) business days before each such date to the
contrary.  The Amarin Development Period
shall not be extended beyond 31 March 2004.

 

5.3.                                   Notwithstanding Clauses 5.1 and 5.2 of this letter, the Amarin
Development Period shall automatically terminate on the termination of the
Option, and no extensions shall apply.

 

 

5.4.                                   Following the end of the Amarin Development Period, the parties
shall revert to their status as it would have been under the Zelapar Agreement
as amended by Clause 2 of this letter.

 

6.                                           Warranties, Indemnities and Liability

 

6.1.                                   Amarin represents and warrants to Elan that:

 

6.1.1                             it has the right, power, capacity and authority and has taken all
action necessary to authorise it to execute and deliver and to exercise its
rights and perform its obligations under this letter and any ancillary
documents pertaining thereto (together “Transaction Documents”), and its
obligations under the Transaction Documents are valid, legally binding and
enforceable according to their terms, including obtaining all necessary
approvals and consents from its shareholders and any third parties;

 

6.1.2                             there are no agreements between Amarin and any third party that
conflict with the Transaction Documents;

 

6.1.3                             it does not require any further consents or approvals to consummate
the transaction contemplated by the Transaction Documents including:

 

6.1.3.1                           approval of its shareholders; or

 

6.1.3.2                           approval of NASDAQ.

 

6.2.                                   Default by Amarin under any of the provisions of this letter shall
be deemed a default under the Zelapar Agreement and shall have the consequences
set out in the Zelapar Agreement.

 

6.3.                                   Amarin and Elan shall indemnify and hold harmless the other from and
against all costs, claims, loss, damage and expense incurred or arising out of
any breach by the indemnifying party of its obligations under this letter or
negligence after the Amendment Date. 
Without prejudice to the generality of the foregoing, Amarin shall
indemnify and hold harmless Elan against all such costs, claims, loss, damage
and expense by reason of any default of Elan under the Scherer Agreement to the
extent attributable to Amarin’s default or negligence after the Amendment Date.

 

6.4.                                   Amarin acknowledges that as of the Amendment Date, it is not aware
of any breach by Elan of the Zelapar Agreement.  Each extension of the Amarin Development Period shall be deemed
an acknowledgement by Amarin as of the last day on which Amarin could give
notice not to extend the Amarin Development Period, that it is not

 

 

aware of any
breach by Elan of the Zelapar Agreement including any breach of the provisions
of this letter.

 

7.                                           Miscellaneous Provisions

 

7.1.                                   Assignment:

 

7.1.1                             Elan may assign its rights and obligations under this letter to a
valid assignee of the Zelapar Agreement.

 

7.1.2                             Amarin may not assign its rights or obligations under this letter,
but without prejudice to the amendments to the Zelapar Agreement effected by
Clause 2 of this letter.

 

7.2.                                   Scherer Consent:

 

To the extent
that the consent of RP Scherer Corporation may be needed to this letter, and/or
to effect the transaction hereby contemplated, the parties shall reasonably
cooperate with each other with a view to securing such consent and further (at
Elan’s option) Amarin shall use its best efforts to secure such consent.

 

7.3.                                   Application of Provisions:

 

Sections 5
(Confidentiality) and 10 (Miscellaneous) of the Zelapar Agreement shall apply
to this letter mutatis mutandis.

 

***

 

 

Please have a
duplicate of this letter executed by a duly authorised representative of Amarin
to indicate that you are in agreement with the proposed terms.

 

 

Yours
sincerely

 

 

Duly
authorised for and on behalf of

Elan Pharma
International Limited

 

 

	
   

  	
  Accepted and
  agreed to by:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Duly
  authorised for and on behalf of

  
	
   

  	
  Amarin Corporation plc.

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
					

 

 

[Signature
Page to Zelapar Letter]Exhibit
4.41

 

CERTAIN
PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED PURSUANT TO A REQUEST FOR
CONFIDENTIAL TREATMENT UNDER RULE 24b-2 OF THE SECURITIES AND EXCHANGE
COMMISSION.  SUCH PORTIONS HAVE BEEN
REDACTED AND BRACKETED IN THE REQUEST AND APPEAR AS [*] IN THE TEXT OF THIS
EXHIBIT.  THE OMITTED CONFIDENTIAL
INFORMATION HAS BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE
COMMISSION.

 

INVENTORY
BUY BACK AGREEMENT

 

DATE:

 

PARTIES:

 

1.              AMARIN CORPORATION PLC, a company registered in England No. whose registered
office is at 7 Curzon Street, Mayfair, London, W1J 5HG (“Amarin”);

 

2.              SWIFTWATER GROUP LLC, a Limited Liability Company organized under
the laws of the state of New York whose principal place of business is situated
at 118 Middle Patent Road, Bedford NY 10506(“PROJECT
MANAGER”)

 

RECITALS:

 

A.            Amarin is engaged in the business of (inter alia) the
development of pharmaceutical products, and PROJECT
MANAGER is engaged in the business (inter alia) of advising on
commercial and scientific issues arising in respect of the pharmaceutical
industry.

 

B.            PROJECT MANAGER is willing and Amarin desires PROJECT
MANAGER to provide certain services relating to the purchase of
certain inventory from wholesalers in the US in furtherance of Amarin’s contractual obligations set out in
Clause 11.3 (as amended) of the Asset Purchase Agreement dated 11th
February 2004 made between Valeant Pharmaceuticals International (“VPI”),
Amarin and Amarin Pharmaceuticals Company Limited (the “Main Agreement”).

 

Operative Provisions:

 

1                                          THE SERVICES

 

1.1                                 PROJECT MANAGER shall perform the services described in
Schedule 1 to this Agreement with reasonable care and skill in such manner as
is directed by Amarin from time to time (the “Services”).

 

1.2                                 PROJECT MANAGER acknowledges that time shall be of the essence
in relation to the provision of the Services.

 

1.3                                 In the
event that Amarin requires for any
reason to add to or vary the scope of the Services it shall notify PROJECT MANAGER in writing to that effect
and PROJECT MANAGER shall within
seven days of receipt of such notice submit its proposals, including revised
costings and timelines, as appropriate, for the performance of such
Services.  If acceptable to Amarin, the parties shall amend Schedule 1
to this Agreement accordingly.

 

1.4                                 In
performing the Services, PROJECT MANAGER
shall comply with and procure compliance with all written and oral instructions
of Amarin,

 

1

 

provided further that instructions given orally
are subsequently confirmed in writing.

 

1.5                                 PROJECT MANAGER shall perform the Services with reasonable
care and skill and shall use its best efforts to ensure that personnel engaged
by it in the provision of the Services are competent and have appropriate
professional qualifications, training and experience.

 

1.6                                 Each party
shall from time to time by notice to the other nominate (a) representative(s)
for primary liaison relating to the Services, which from the date of this
Agreement shall be as follows:

 

	
  For Amarin:

  	
   

  	
  Rick Stewart

  
	
   

  	
   

  	
  CEO

  
	
  For PROJECT
  MANAGER:

  	
   

  	
  Scott Evangelista

  
	
   

  	
   

  	
  Managing Partner

  

 

1.7                                 PROJECT MANAGER agrees that all personnel performing the
Services shall be employees or sub-contractors of PROJECT MANAGER, and that nothing in this Agreement shall be
deemed to create a contract of employment between Amarin and any employee or sub-contractor of PROJECT MANAGER.

 

1.8                                 Amarin agrees to provide in good time to PROJECT MANAGER all advice and information
reasonably necessary for the performance of the Services in accordance with
this Agreement.

 

1.9                                 PROJECT MANAGER agrees (provided Amarin has given it adequate notice in advance) to allow Amarin to attend the site(s) where the
Services are being conducted for the purpose of monitoring and reviewing the
performance of the Services and to give Amarin its full co-operation in this
regard.

 

2                                          FEE AND PAYMENT

 

2.1                                 In
consideration of the provision of the Services, Amarin shall pay to PROJECT
MANAGER such sums as are set out in Schedule 1 (the “Fee”).

 

2.2                                 Amarin shall in addition reimburse PROJECT MANAGER for reasonable travel and
other out-of-pocket expenses properly and necessarily incurred in the
performance of the Services as set out in Schedule 1 (the “Expenses”), provided
that PROJECT MANAGER produces copy
invoices or other substantiating documentation and, in the case of any
individual item of expenditure exceeding the sum of $1,500.00, Amarin’s prior written approval has been
given.

 

2.3                                 PROJECT MANAGER shall render invoices in respect of
instalments of the Fee, when payable, and monthly invoices in arrears in
respect of the

 

2

 

Expenses. Payment shall be due before the end
of the calendar month following that in which the invoice is raised.

 

2.4                                 Payments
made in respect of the Fee and Expenses shall be without deduction in respect
of taxes imposed in relation to the provision of the Services, for which PROJECT MANAGER shall be entirely
responsible.

 

3                                         CONFIDENTIALITY

 

3.1                                 During the
term of this Agreement and for a period of 5 years thereafter PROJECT MANAGER undertakes to maintain
confidentiality and to use its best reasonable efforts to procure that
confidentiality is maintained in relation to all information and materials
disclosed directly or indirectly by Amarin
to PROJECT MANAGER or generated by
or on behalf of PROJECT MANAGER in
relation to the performance of the Services, this Agreement and Amarin’s business (the “Confidential
Information”).  The Confidential
Information shall not, without Amarin’s
prior written consent, be disclosed to or used by any person, other than
representatives of Amarin and /or VPI, or such of PROJECT MANAGER’s employees and sub-contractors who reasonably
require access to it and use of it for the purpose of carrying out PROJECT MANAGER’s rights and obligations
under this Agreement, and who have a legal obligation to PROJECT MANAGER to protect the
confidentiality of the Confidential Information on terms no less onerous than
asset out in out in this Agreement.

 

3.2                                 The
obligations of confidentiality set out in this Clause shall not apply to any
Confidential Information which:

 

3.2.1                         is in the
public domain or subsequently comes into the public domain through no fault of PROJECT MANAGER, its employees or
sub-contractors;

 

3.2.2                        PROJECT MANAGER can prove by documentary evidence is
legitimately in its possession at the date of its disclosure or which
subsequently comes into its possession (without being subject to any obligation
of confidentiality to Amarin); or

 

3.2.3                        is
directed to be disclosed by law or at the request of a governmental authority,
but only to the extent that such disclosure has been so directed or requested
and provided that Amarin has been
given sufficient advance notice of any such proposed disclosure in order to
enable it to take appropriate measures to protect the confidentiality of the
Confidential Information.

 

3.3                                 PROJECT MANAGER shall procure that sub-contractors engaged in
performing the Services enter into a confidentiality agreement with PROJECT MANAGER in substantially the form
set out in draft at Schedule 2.

 

3

 

4                                          TERM AND TERMINATION

 

4.1                                 This
Agreement shall be effective from the date given above and shall remain in
force (subject to earlier termination pursuant to this Clause) until the
completion of the Services.

 

4.2                                 Amarin may terminate this Agreement on no less than fourteen
(14) day’s notice to PROJECT MANAGER.

 

4.3                                 Either
party shall be entitled forthwith to terminate this Agreement by notice to the
other if:

 

4.3.1                        that other
party commits any material breach of any of the provisions of this Agreement
and, in the case where the breach is capable of remedy, fails to remedy the
same within thirty (30) days of receipt of notice from the party seeking to
terminate, specifying the breach and requiring it to be remedied; or

 

4.3.2                        the other
party compounds or makes arrangements with its creditors or is adjudged
insolvent or goes into liquidation(other than for the purposes of a bona fide
reconstruction) or has a receiver appointed over most of its property or assets
or any event occurs in any jurisdiction in relation to that party which is
analogous to theforegoing events.

 

4.4                                 The
exercise of the rights to terminate this Agreement given by this Clause shall
not prejudice legal rights or remedies either party may have against the other
in respect of any breach of the terms of this Agreement.

 

4.5                                 The
provisions of Clauses 3, 5, 6 and 8 shall continue in force in accordance with
their respective terms notwithstanding expiry or termination for any reason of
this Agreement.

 

5                                          POST TERMINATION CONSEQUENCES

 

5.1                                 In the
event of termination for any reason of this Agreement pursuant to Clause 5
above the parties shall promptly meet in good faith to discuss and endeavour to
agree on the steps required to effect an orderly closure of all outstanding
Services.

 

5.2                                 In the
event of termination of this Agreement, Amarin
shall pay to PROJECT MANAGER all
amounts all amounts due to the PROJECT
MANAGER through to the date of termination based on actual days
worked to date, together with any third party costs reasonably and necessarily
incurred or committed up to the date of termination.

 

5.3                                 In the
event of expiry or termination for any reason of this Agreement PROJECT MANAGER shall promptly return to Amarin at PROJECT

 

4

 

Manager’s expense
all Confidential Information and other materials provided to PROJECT MANAGER or generated by the
provision of the Services.

 

6                                         INDEMNITIES AND LIABILITY

 

6.1                                 PROJECT MANAGER agrees to indemnify and hold harmless Amarin from and against any third party
costs, claims (including reasonable legal costs) suffered or incurred by Amarin and arising as a result of PROJECT MANAGER’S material breach of the
terms hereof or gross negligence in the performance of its rights and
obligations under this Agreement by the PROJECT
MANAGER or any third party engaged on its behalf to provide any
services hereunder.

 

6.2                                 Amarin agrees to indemnify and hold harmless PROJECT MANAGER from and against any third
party costs, claims (including reasonable legal costs) suffered or incurred by PROJECT MANAGER and arising as a result of
Amarin’s material breach of the
terms hereof or gross negligence in the performance of its rights and obligations
under this Agreement by the Amarin.

 

6.3                                 Neither
party shall be liable for delay in performing or failure to perform obligations
under this Agreement if such delay or failure results from circumstances
outside its reasonable control (including, without limitation, any act of God,
governmental action, accident, strike, lock-out or other form of industrial
action) promptly notified to the other party (“Force Majeure”). An incident of
Force Majeure shall not constitute a breach of this Agreement and the time for
performance shall be extended accordingly; however, if it persists for more
than thirty (30) days:

 

6.3.1                        the
parties may enter into discussions with a view to alleviating its affects and,
if possible, agreeing on such alternative arrangements as may be reasonable in
all of the circumstances; or

 

6.3.2                        the party
not in default may forthwith on notice to the other party terminate this
Agreement and the provisions of Clause 5.1 shall apply.

 

7              PUBLICITY

 

Except as may be required by law, PROJECT MANAGER may not without Amarin’s express prior written consent
publicise or otherwise disclose the existence or nature of this Agreement or
the Services to any third party.

 

8                                          NOTICES AND SERVICE OF LEGAL PROCESS

 

Any notice given under this Agreement shall be
in writing and delivered or sent by registered or recorded delivery post or
facsimile (facsimile notice to be confirmed by letter posted within 12 hours of
transmission) to the address of the other party as set out above (or such other
address as may have been notified in writing to the other party), and any such
notice shall be deemed to have been served at the time of delivery (if
delivered) or upon the

 

5

 

expiration of 48 hours after posting (if sent by
post) or upon the expiration of 12 hours after transmission.

 

9                                          ASSIGNMENT

 

PROJECT MANAGER may not
without the prior written consent of Amarin
assign, transfer or sub-contract all or any of its rights and obligations under
this Agreement, such consent not to be unreasonably withheld.

 

10                                  OTHER PROVISIONS

 

10.1                           No
variation to the terms of this Agreement shall be effective unless in writing
and signed on behalf of each party by a director or other authorised person.

 

10.2                           If any
term or provision of this Agreement is held by any court or other competent
authority to be void or unenforceable in whole or in part, the other provisions
of this Agreement and the remainder of the affected provision shall continue to
be valid.

 

10.3                           Failure by
either party on one or more occasions to avail itself of a right conferred by
this Agreement shall not be construed as a waiver of such party’s right to
enforce such right or any other right.

 

10.4                           The
Schedules to this Agreement form part of and shall be deemed to be incorporated
in this Agreement.

 

10.5                           This
Agreement contains the whole agreement between the parties and supersedes all
previous agreements and understandings between the parties with respect to the
subject matter of this Agreement.

 

10.6                           Each party
acknowledges that, in entering into this Agreement, it does not do so on the
basis of and does not rely on any representation or warranty (whether made
orally or in writing) except as expressly provided in this Agreement.

 

10.7                           PROJECT MANAGER shall perform the Services as an independent
contractor. This Agreement does not confer or imply any authority on PROJECT MANAGER to bind Amarin nor does it indicate the existence
of any partnership or joint venture between the parties.

 

11                                    LAW

 

This Agreement and the obligations of the
parties shall be governed by and construed in accordance with the laws of and
subject to the jurisdiction of the courts of the State of California.

 

6

 

IN WITNESS WHEREOF this
agreement has been signed on behalf of the parties hereto the day and year
first above written.

 

Signed by

for and on behalf of

SWIFTWATER GROUP LLC,

 

 

Signed by

for and on behalf of

AMARIN CORPORATION PLC

 

7

 

SCHEDULE 1

 

THE SERVICES

 

1. General

 

The Project
Manager shall provide the following services (through Mr Scott
Evangelista or such other person who is suitably qualified and is agreed to by
Amarin (such agreement not to be unreasonably withheld or delayed)) for and on
behalf of Amarin and as instructed
by Amarin from time to time:

 

1.1                                 day to day
management of the inventory buy-back so as to maximise efficiencies and so as
to ensure compliance with the Clause 11.3 of the Main Agreement by Amarin in a timely fashion;

 

1.2                                 management
of and contracting with sub-contractors;

 

1.3                                 co-ordination
with all relevant stakeholders, to include Amarin,
VPI and sub-Contractors;

 

1.4                                 bi- weekly
written updates to Amarin as to
the progress of the inventory buy-back;

 

1.5                                 all
services as are reasonably ancilliary to any service provided pursuant to this
Schedule 1.

 

2. Specific

 

Without prejudice to the generality of the
foregoing the PROJECT MANAGER
shall provide the following services (though Mr Scott Evangelista or such other
person who is suitably qualified and is agreed to by Amarin (such agreement not
to be unreasonably withheld or delayed)) for and on behalf of Amarin and as instructed by Amarin from time to time:

 

2.1                                 As
promptly as reasonably practicable after the execution and delivery of this
Agreement, PROJECT MANAGER shall
use best efforts to enter into inventory repurchase agreements (the “Repurchase
Agreements”) with each of Quality King Health Care, Cardinal Distribution,
Amerisource Bergen and McKesson Drug Company (collectively, the “Key
Wholesalers”) providing for the repurchase by PROJECT
MANAGER at its own cost of certain inventory held by such
distributors up to a level of Nine Million Three Hundred Thousand Dollars
($9,300,000) less all anticipated costs and expenses arising out of the
repurchase and destruction of such inventory ( to include, without limitation,
all costs and expenses arising hereunder). 
The Repurchase Agreements shall be reasonably acceptable to Amarin. 
Under the Repurchase Agreements, PROJECT
MANAGER shall seek to repurchase the quantities of inventory set
forth in Schedule 3 hereto (the “Designated Inventory”) at the prices indicated
therein; provided, however, PROJECT

 

8

 

MANAGER may with Amarin’s consent repurchase any portion of
the Designated Inventory at prices exceeding those set forth in Schedule 3, up
to a maximum of 10% above the scheduled prices.  To the extent PROJECT MANAGER
effects any repurchases at a price higher than that set forth in Schedule .3,
the quantity of Designated Inventory that
PROJECT MANAGER shall seek to repurchase from the relevant Key
Wholesaler(s) (as set forth on Schedule 3) will be proportionately reduced.
Each of the Repurchase Agreements.

 

2.2                                 Amarin shall upon (i) production of written evidence that
buy-back terms have been discussed and agreed in-principle with the Key
Wholesalers; and (ii) upon Amarin
having received written confirmation from VPI that any such payment shall be
credited against its obligations to buy-back inventory in the Main Agreement,
fund a wire transfer to PROJECT MANAGER to
the sum of Nine Million Three Hundred Thousand Dollars ($9,300,000) and PROJECT MANAGER shall upon receipt of such
sum (i) Pay for repurchased inventory directly and (ii) the PROJECT MANAGER shall use its best efforts
to cause any or all repurchased inventory to be destroyed.

 

2.3                                 PROJECT MANAGER will deliver as soon as practical a final
reconciliation of all funds.

 

2.4                                 In the
event of (i)Successful Completion of the Zelapar R&D Studies (as defined in
the Main Agreement); (i) production of written evidence that buy-back terms
have been discussed and agreed in-principle with the Key Wholesalers; and (ii)
upon Amarin having received
written confirmation from VPI that any such payment shall be credited against
its obligations to buy-back inventory in the Main Agreement,  and only then, Amarin shall fund a wire
transfer to the PROJECT MANAGER for
an additional Four Hundred Fourteen Thousand Dollars ($414,000) to be used for
the purchase of inventory in accordance with Section 11.3(a) and PROJECT MANAGER shall upon receipt of such
sum (i) pay for repurchased inventory directly and (ii) the PROJECT MANAGER shall use its best efforts
to cause any or all repurchased inventory to be destroyed.

 

2.5                                 Notwithstanding
anything herein to the contrary, in no event shall Amarin be required to pay more than Nine Million Seven Hundred
Fourteen Thousand Dollars ($9,714,000) in performing its obligations hereunder
which limitation shall apply to all costs and expenses incurred by Amarin hereunder or in reimbursing the PROJECT MANAGER for  effecting the repurchase of Designated
Inventory including the costs of repurchase and costs hereunder, any
administrative fees, third party costs including fees and expenses of any
repurchasing agent, and costs of destroying repurchased inventory.

 

9

 

3.             The
Fee

 

It is understood that the PROJECT MANAGER’S Fee shall be met by VPI
and  accordingly that no Fee is
payable hereunder provided that the inventory buy back is completed by the end
of March 2004.

 

10

 

SCHEDULE 2

 

 

Confidentiality Agreement for
Sub-Contractors

 

 

[                            ],

 

 

Dear Sirs,

 

1.                                       We recognise that in the course of our dealings with [PROJECT MANAGER]
(“the Company”), we may have access to or be provided with certain confidential
information relating to the business of the Company and Amarin  Corporation
plc(“Amarin”).   This confidential information includes all
information (whether written, oral, or in any other medium), data,
documentation, drawings, designs, copyright materials and other materials
relating to the Company’s business and Amarin’s
business (“the Information”).

 

2.                                       We agree that the Information belongs to Amarin.  We will return
the Information to the Company immediately on completion of our dealings with
the Company or at any time on its request.

 

3.                                       We agree that we will treat the Information as strictly confidential and
will not disclose it to any person without first obtaining the Company’s
written consent.   We understand that
the Information may, however, be disclosed to other employees in this
organisation, if they need to know or have access to it to carry out their work
properly for the Company.   We will take
all reasonable steps to ensure that such employees treat the Information as
strictly confidential in accordance with this agreement.

 

4.                                       We agree that we will not make use of the Information or allow it to be
made use of for any purpose other than as may be necessary for us to carry out
work properly for the Company.

 

5.                                       We agree that we will not examine, handle, deal with, photograph, copy
or take away from Company premises any part of the Information, except to the
extent that it is strictly necessary for us to do so to enable us to carry out
work for the Company.

 

6.                                       This Agreement does not apply to Information which is in or which comes
into the public domain otherwise than as a result of (a) a breach of this agreement
by us or any person to whom disclosure of Information under paragraph 3. is
permitted or (b) a breach of any other duty of confidentiality relating to the
Information.

 

	
  Signed
  for and on behalf of:

  	
   

  	
   

  
	
   

  
	
  [                            ]

  	
   

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Position:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  
					

 

11

 

SCHEDULE 3

 

Designated Inventory

 

	
  Wholesaler

  	
   

  	
   

  	
   

  	
  Units

  	
   

  	
  WAC /

  Purchase

  Price

  	
   

  	
  Acquisition cost

  	
   

  	
  Service fee

  	
   

  	
  Total Cost

  	
   

  
	
  QK

  	
   

  	
  Phrenilin 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Phrenilin 500’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Phrenilin Forte 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Phrenilin Forte 500’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Permax 0.05mg 30’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Permax 0.25mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Permax 0.25mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Permax 1mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Bontril PDM 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Bontril PDM 1000’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Bontril SR 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  QK

  	
   

  	
  Nolahist 24’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  McKesson
  1-4-04

  	
   

  	
  Permax 0.05mg 30’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  McKesson
  1-4-04

  	
   

  	
  Permax 0.25mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  McKesson
  1-4-04

  	
   

  	
  Permax 1.0mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Bergen
  12/23/03

  	
   

  	
  Permax 0.05mg 30’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Bergen
  12/23/03

  	
   

  	
  Permax 0.25mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Bergen
  12/23/03

  	
   

  	
  Permax 1.0mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Cardinal

  	
   

  	
  Permax 0.05mg 30’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Cardinal

  	
   

  	
  Permax 0.25mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
  Cardinal

  	
   

  	
  Permax 1.0mg 100’s

  	
   

  	
  [*]

  	
   

  	
  [*]

  	
   

  	
  $

  	
  [*]

  	
   

  	
  [*]

  	
  %

  	
  $

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Acquisition Cost

  	
   

  	
  $

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Freight

  	
   

  	
  $

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Disposal Cost

  	
   

  	
  $

  	
  [*]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Total Cost

  	
   

  	
  $

  	
  [*]

  	
   

  

 

Note: 
The total quantity purchased will vary as a function of the available product
and negotiated price within individual accounts

 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]