Amarin Board of Directors Announces Executive Compensation Program for New President and CEO Patrick Holt
20 Julho 2023 - 9:00AM
Today the Board of Directors of Amarin Corporation plc (NASDAQ:
AMRN) announced details regarding the compensation program for the
Company’s new President and Chief Executive Officer (CEO), Patrick
Holt, who was appointed to the role on July 18, 2023.
Under the terms of the agreement, the vast majority of Mr.
Holt’s total target compensation is tied to the creation of
shareholder value, in the form of options to be granted shortly
after his joining the Company. The realizable value is at-risk
equity and directly dependent upon the sustained performance of the
Company’s share price and, thus, aligned with the interest of
shareholders.
A summary of the material terms of Mr. Holt’s equity incentive
award is as follows:
- Mr. Holt will be issued a one-time grant of stock options
giving him the right to purchase up to 5,000,000 shares subject to
performance-based vesting with share price hurdles ranging from
$2.50 to $15.00. Upon achievement of each share price hurdle, a set
number of shares are earned.
- For each share price hurdle to be achieved, the volume weighted
average price of the shares over a 60-day calendar period must
equal or exceed the applicable share price hurdle.
- Once a share price hurdle has been achieved, the earned option
shares are subject to an additional five months of time-based
vesting to further support sustained stock price appreciation.
- Mr. Holt has also agreed to purchase $300,000 worth of Amarin
shares in the open market using personal funds.
- Additional details regarding Mr. Holt’s executive compensation
are included in his employment agreement with the Company, which
will be subsequently filed with the U.S. Securities and Exchange
Commission.
“Mr. Holt’s compensation addresses the long-standing frustration
of shareholders who want executive compensation directly tied to
the creation of shareholder value,” said Odysseas Kostas, M.D., the
Chairman of the Board. “As structured, none of Mr. Holt’s options
will vest if the stock price does not reach $2.50/share. On the
other hand, if the stock reaches $15/share, Mr. Holt will have
created meaningful value for all shareholders, and he will be
considerably and rightly rewarded.”
Dr. Kostas continued, “In addition, Mr. Holt’s commitment to
purchase a significant amount of Amarin stock on the open market
using his own funds underscores his belief in Amarin. We strongly
believe that his compensation helps to set the right mindset at the
Company to deliver on its mission to help patients and create value
for shareholders.”
About Patrick Holt
Patrick Holt most recently served as president of Cordis,
Cardinal Health’s global interventional cardiovascular business and
as member of Cardinal Health Inc’s global operating committee. In
this role, Mr. Holt led a successful turnaround that included a
return to revenue growth, a refocused R&D strategy, as well as
sustained enhancements in operational effectiveness delivering
margin expansion. Subsequently, he led the transaction process
which culminated in the sale of Cordis to Hellman & Friedman in
2021 for an enterprise value in excess of $1 billion. He also
previously served as president of Cardinal Health in Asia-Pacific.
Prior to his time at Cardinal Health, he served in a variety of
senior executive positions across biopharmaceuticals and vaccines
at Allergan and Merck. Mr. Holt is an independent non-executive
director and audit committee member of Hugel, Inc., a publicly
listed biopharmaceutical company and global leader in medical
aesthetics. He earned a bachelor’s degree in biochemistry and
chemistry from Monash University, Australia and is a graduate of
Harvard Business School.
About Amarin
Amarin is an innovative pharmaceutical company leading a new
paradigm in cardiovascular disease management. We are committed to
increasing the scientific understanding of the cardiovascular risk
that persists beyond traditional therapies and advancing the
treatment of that risk for patients worldwide. Amarin has offices
in Bridgewater, New Jersey in the United States, Dublin in Ireland,
Zug in Switzerland, and other countries in Europe as well as
commercial partners and suppliers around the world.
Forward-Looking StatementsThis press release
contains forward-looking statements, within the meaning of U.S.
securities laws, including, but not limited to, expectations
regarding Amarin’s financial performance, metrics, and initiatives,
including its 2023 revenues, operating expenses, supply purchases,
negotiations and settlements, product prescriptions and managed
care coverage, continued savings from cost-cutting initiatives that
is currently exceeding initial targets, and Amarin’s overall
ability to continue to deliver stable revenues and cash position
from its U.S. business; beliefs about the timing and outcome of
international commercial partnerships, regulatory filings, reviews,
recommendations, approvals, and related reimbursement decisions and
commercial launches of VASCEPA/VAZKEPA outside of the U.S.; beliefs
that Amarin’s current resources are sufficient to fund projected
operations; and beliefs about the overall world-wide market
potential and success of VASCEPA/VAZKEPA generally. These
forward-looking statements are not promises or guarantees and
involve substantial risks and uncertainties. A list and description
of these risks, uncertainties and other risks associated with an
investment in Amarin can be found in Amarin’s filings with the U.S.
Securities and Exchange Commission, including Amarin’s annual
report on Form 10-K for the year ended December 31, 2022. Existing
and prospective investors are cautioned not to place undue reliance
on these forward-looking statements, which speak only as of the
date they are made. Amarin undertakes no obligation to update or
revise the information contained in its forward-looking statements,
whether as a result of new information, future events or
circumstances or otherwise. Amarin’s forward-looking statements do
not reflect the potential impact of significant transactions the
company may enter into, such as mergers, acquisitions,
dispositions, joint ventures or any material agreements that Amarin
may enter into, amend or terminate.
Availability of Other Information About
AmarinInvestors and others should note that Amarin
communicates with its investors and the public using the company
website (www.amarincorp.com), the investor
relations website (amarincorp.gcs-web.com), including but not
limited to investor presentations and investor FAQs, U.S.
Securities and Exchange Commission filings, press releases, public
conference calls and webcasts. The information that Amarin posts on
these channels and websites could be deemed to be material
information. As a result, Amarin encourages investors, the media,
and others interested in Amarin to review the information that is
posted on these channels, including the investor relations website,
on a regular basis. This list of channels may be updated from time
to time on Amarin’s investor relations website and may include
social media channels. The contents of Amarin’s website or these
channels, or any other website that may be accessed from its
website or these channels, shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933.
Amarin Contact Information
Investor Inquiries:Jordan Zwick Amarin Corporation
plcIR@amarincorp.com
Media Inquiries:Mark MarmurAmarin Corporation
plcPR@amarincorp.com
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