David Keenan, Ph.D.
AMARIN CORP PLC\UKAbout David Keenan, Ph.D.
David Keenan, Ph.D., age 58, is Executive Vice President and Chief Operating Officer (COO) of Amarin, appointed effective October 17, 2025; he joined Amarin in May 2022 as Senior Vice President, Technical Operations and was promoted to Executive Vice President with expanded responsibility for European operations in July 2023 . He holds a Ph.D. in Organic Chemistry from Maynooth University, an MBA from Dublin City University, and is a qualified Chartered Director; he has also served as Chair of BioPharmachem Ireland and President of the Irish Affiliate of ISPE . Company operating context relevant to executive incentives: Amarin reported 2024 revenues over $200 million, ended 2024 with $294 million cash and no debt, and highlighted nine consecutive quarters of cash positive or neutral operations, with European launches progressing and regulatory approvals in China and Australia .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Amarin Pharmaceuticals Ireland Limited | Senior Vice President, Technical Operations | May 2022 – Jul 2023 | Global responsibility for manufacturing, supply chain, technical operations, and quality |
| Amarin Corporation plc | Executive Vice President, Technical Operations & President Europe | Jul 2023 – Oct 2025 | Expanded remit to include management of European operations |
| Amarin Corporation plc | Executive Vice President & Chief Operating Officer | Oct 17, 2025 – Present | COO appointment; no change to compensation at appointment |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BioPharmachem Ireland | Chair | N/A | Industry leadership role cited in 8-K |
| ISPE (Irish Affiliate) | President | N/A | Professional society leadership |
Fixed Compensation
| Metric | As of Jul 17, 2023 | As of Oct 17, 2025 |
|---|---|---|
| Base Salary (€) | €450,000 | No change at COO appointment |
| Target bonus % | Not disclosed | Not disclosed |
| Actual annual bonus | Not disclosed | Not disclosed |
Notes:
- Jul 17, 2023 amendment set title to EVP, Technical Operations & President of Europe and salary to €450,000; it also enrolled Keenan in Amarin’s Executive Severance and Change of Control Plan .
- The Oct 17, 2025 COO appointment explicitly stated no change to compensation as a result of the appointment .
Performance Compensation
Company-level incentive design and outcomes that apply to executive officers under the Management Incentive Compensation Plan:
| Metric | Weighting | Target (qualitative) | Actual achievement | Weighted score |
|---|---|---|---|---|
| Financial (revenue, opex, cash, inventory per 2024 plan) | 60% | Achieve plan targets (specifics not disclosed) | 98% achieved | 59% |
| Commercial – EU market access | 10% (50% of commercial) | Plan-consistent access | 75% achieved | 7.5% |
| Commercial – defend exclusive payor segments | 4% (20% of commercial) | Defend share | 100% achieved | 4% |
| Commercial – regulatory approvals (new markets) | 2% (10% of commercial) | Obtain approvals | 100% achieved | 2% |
| Commercial – advance regulatory filings | 2% (10% of commercial) | Advance filings | 100% achieved | 2% |
| Commercial – secure product availability | 2% (10% of commercial) | Support launches | 100% achieved | 2% |
| Pipeline & Medical – scientific knowledge/conviction in Europe | 7% (70% of P&M) | Advance evidence | 133% achieved | 9% |
| Pipeline & Medical – next-step strategic options | 3% (30% of P&M) | Complete evaluations | 100% achieved | 3% |
| People & Culture – risk mgmt & cybersecurity | 4% (40% of P&C) | Strengthen programs | 100% achieved | 4% |
| People & Culture – employee engagement | 3% (30% of P&C) | Improve survey | 133% achieved | 4% |
| People & Culture – talent retention | 3% (30% of P&C) | Voluntary turnover below industry avg | 100% achieved | 3% |
| Total corporate goal achievement | 100% | — | 99.5% achieved | 99.5% |
Design notes:
- 2024 long-term equity mix increased weighting to 75% stock options and 25% time-based RSUs to align pay with stock performance; CEO retained a separate performance-based option grant; peer group benchmarking and “pay for performance” emphasis affirmed .
Equity Ownership & Alignment
Ownership and awards reported on Form 3 (initial statement of beneficial ownership) upon COO appointment; ADS-to-ordinary share ratio change noted April 11, 2025.
| Category | Detail | Vesting schedule | Expiration |
|---|---|---|---|
| Direct holdings | 7,950 ADS held directly | N/A | N/A |
| RSU grant (Feb 21, 2023) | 6,740 ADS-equivalent RSUs | 1/31/2024, 1/31/2025, 1/31/2026 (equal installments) | N/A |
| RSU grant (Feb 1, 2024) | 5,800 ADS-equivalent RSUs | 1/31/2025, 1/31/2026, 1/31/2027 (equal installments) | N/A |
| RSU grant (Jan 10, 2025) | 7,376 ADS-equivalent RSUs | 50% vests on 1st anniversary; remaining vests at 18 months (i.e., 1/10/2026 and 7/10/2026) | N/A |
| Option grant (Jan 10, 2025) | 33,193 ADS-equivalent options @ $12.40 | 33% at 1-year; balance ratably over next 8 quarters (quarterly on last day of Apr/Jul/Oct/Jan) | 01/10/2035 |
| Option grant (Feb 1, 2024) | 20,900 ADS-equivalent options @ $24.20 | Same 3-year schedule as above | 02/01/2034 |
| Option grant (Feb 21, 2023) | 13,480 ADS-equivalent options @ $36.00 | 3-year schedule (33% at 1-year; balance over 8 quarters) | 02/21/2033 |
| Option grant (Jun 1, 2022) | 5,000 ADS-equivalent options @ $29.00 | 4-year schedule (25% at 1-year; balance over 12 quarters) | 06/01/2032 |
Ownership alignment and restrictions:
- Stock ownership guidelines: CEO 3x salary; other executive officers 1x salary; five-year compliance window from appointment .
- Anti-hedging/anti-pledging policy: Hedging and pledging prohibited without Audit Committee approval; exceptions considered case-by-case .
- Insider trading policy and clawback: Incentive compensation subject to clawback for restatements/material errors under SEC/Nasdaq-compliant policy adopted Oct 2023; hedging/pledging restrictions reaffirmed .
Reference data:
- ADS ratio change noted April 11, 2025: 1 ADS represents 20 Ordinary Shares; awards adjusted accordingly .
- Outstanding shares: 414,186,296 Ordinary Shares as of Feb 28, 2025 (company-wide) .
Employment Terms
| Term | Detail |
|---|---|
| Employment agreement | Original contract of service effective May 1, 2022 for Senior Vice President, Technical Operations |
| First amendment | Jul 17, 2023: Title updated to EVP, Technical Operations & President Europe; salary €450,000; reporting to CEO; enrolled in Executive Severance & Change of Control Plan (Jan 28, 2021), with enhanced severance outside CoC and further enhanced within CoC; severance inclusive of Irish law entitlements and notice period amounts |
| Second amendment | Oct 6, 2025: Title updated to EVP & COO; notice period increased from 3 months to 6 months; Section 16 officer status confirmed |
| Non-compete / restricted period | Employment contract defines a “Restricted Period” of six months post-termination and includes potential garden leave (Clause 18) |
| Broader executive agreement constraints | Executive employment agreements prohibit competition, employee solicitation, customer diversion, and disclosure of confidential information |
| Change-of-control mechanics | Company-wide: double-trigger requirement for severance/accelerated vesting (CoC plus qualifying termination); no single-trigger |
| Clawback | Compensation recovery policy in place per Dodd-Frank, SEC rules, and Nasdaq standards |
| Tax gross-ups | No tax gross-ups on perquisites, severance, or change-in-control payments |
| Perquisites | Company states it does not provide significant perquisites to executive officers |
Compensation Governance Context
- Say-on-pay approval: Approximately 79.5–80% support at 2024 AGM .
- Peer group methodology: 2024 peer group (18 companies) and 2025 updated peer group (16 companies) used to align compensation around market 50th percentile .
- Committee independence and consultants: Remuneration Committee composed of independent directors; engaged Aon then Pearl Meyer in 2024–2025 .
Investment Implications
- Alignment and upside: Keenan’s equity mix (multi-year RSUs plus sizeable option grants vesting over 3–4 years) ties compensation to stock performance and facilitates retention through staggered vesting; anti-hedging/anti-pledging limits short-term monetization and align long-term interests .
- Near-term selling pressure: RSU vesting dates in late Jan 2026 and mid-2026 (from 2023–2025 grants) could create scheduled liquidity windows; monitoring Form 4 filings around 1/31/2026 and 7/10/2026 is prudent .
- Retention risk moderated: The 6-month notice period, 6-month post-termination restricted period, and double-trigger change-of-control economics reduce immediate exit incentives and protect enterprise continuity; enrollment in the Executive Severance Plan provides structured outcomes under various scenarios .
- Execution capability: Keenan’s operating and quality background, combined with prior leadership across European operations, supports Amarin’s 2024–2025 priorities in EU market access and RoW expansion—areas explicitly embedded in incentive design and corporate goals .