Entry into a Material Definitive Agreement.
Given the anticipated expiration in 2019 of the property lease for the U.S. headquarters of Amarin Pharma, Inc. (Amarin), the
wholly-owned U.S. operating subsidiary of Amarin Corporation plc (the Company), on February 5, 2019, Amarin entered into a lease agreement (the Lease) with 440 Route 22 LLC for approximately 67,747 square feet of office space
at 440 US Highway 22, Bridgewater, New Jersey. Amarins obligations under the Lease are guaranteed by the Company. The Lease is subject to an early termination provision exercisable by Amarin. Amarin has been operating at its current location
in New Jersey since before FDA approval of Vascepa
and before the start of the
The Lease will commence upon delivery of the premises to Amarin after certain improvements are made in accordance with the Lease, which is
anticipated to be on or about July 1, 2019 (the Commencement Date). The Lease shall terminate on the last day of the one hundred thirty-second (132
) month after the Commencement
Date, but may be extended by Amarin for two additional periods of five (5) years each upon advanced written notice. Subject to the terms of the Lease, Amarin will have a
option to terminate the
Lease effective on the first day of the ninety-seventh (97
) month after the Commencement Date upon advanced written notice and a termination payment specified in the Lease.
Under the Lease, Amarin will pay monthly rent of approximately $141,000 for the first year following the Commencement Date, and such rent will
increase by a nominal percentage every year following the first anniversary of the Commencement Date. In addition, Amarin will receive certain abatement subject to the limitations set forth in the Lease.
The Lease includes customary representations, warranties, and covenants on behalf of the parties and provides for certain customary mutual
indemnities. The foregoing description of the material terms of the Lease is qualified in its entirety by reference to the complete text of the Lease, which the Company intends to file with the Securities and Exchange Commission.