Document:

Exhibit

EXHIBIT 10.1
ALBEMARLE CORPORATION
COMPENSATION RECOUPMENT AND FORFEITURE POLICY 
Section 1. Purpose. The Policy is designed to help deter actions that could potentially harm the financial position or business reputation of Albemarle Corporation (the “Corporation”) and its shareholders and to support the Corporation’s pay-for-performance philosophy for executive compensation. 
Section 2. Definitions. For purposes of this Policy, the following terms shall have the following meaning: 
“Incentive Plan” means the Albemarle Corporation 2017 Incentive Plan, as may be amended from time to time, any successor plan thereto, and any other such plan that the Corporation may adopt from time to time providing for periodic, annual or long-term cash or equity-based bonuses, incentive compensation and/or equity-based awards.
“Cause” means as defined under the Incentive Plan (or if more than one Incentive Plan is in effect and permits the current grant of awards thereunder, the latest such Incentive Plan) unless there is an employment agreement in place between the Corporation and the Covered Person which contains a definition of Cause or similar term, in which case the definition in such employment agreement will apply with respect to such Covered Person.
“Commission” means the U.S. Securities and Exchange Commission.
“Committee” means the Executive Compensation Committee of the Board of Directors of the Corporation. 
“Corporation” means Albemarle Corporation, a Virginia corporation. 
“Covered Persons” means the Corporation’s Chief Executive Officer, Chief Financial Officer, and those individuals who are participants in any Incentive Plan. 
“Effective Date” means July 10, 2017, which is the date that this Policy is effective. 
“Financial Restatement” means an accounting restatement due to the material noncompliance of the Corporation, with any financial reporting requirement under the securities laws (other than a restatement caused by a change in applicable accounting rules or interpretations). 
“Independent Directors” mean those members of the Corporation’s Board of Directors who have been determined by the Board of Directors to be independent under New York Stock Exchange rules and the Corporation’s Corporate Governance Guidelines. 
“Misconduct” means (i) intentional misconduct, including embezzlement, fraud, theft or other clearly unethical behavior (including violations of the Corporation’s policies such as the Corporations’ Code of Conduct, or applicable law), (ii) knowing misconduct or grossly negligent conduct, (iii) knowingly or grossly negligently failing to prevent any of the forgoing misconduct, and/or (iv) solely for purposes of Section 3(a) of this Policy any other conduct, behavior or any other acts or omissions that are determined to be misconduct under Section 304.  
“Section 304” means Section 304 of the Sarbanes-Oxley Act of 2002.
“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended.
Section 3. Recoupment and Forfeiture of Compensation. 
(a) In the event the Misconduct of any employee of the Corporation (including, but not requiring, the Misconduct of the Corporation’s Chief Executive Officer and/or Chief Financial Officer) results in a Financial Restatement, the Corporation’s Chief Executive Officer and Chief Financial Officer shall reimburse the Corporation for (i) the gross amount of any bonus or other incentive-based or equity-based compensation received by such officer from the Corporation during the 12-month period following the date the document requiring the Financial Restatement was first publicly issued or filed (whichever occurs first) with the Commission, and (ii) any profits realized from the sale of securities of the Corporation during such 12-month period.  For purposes of this Section 3(a), the Committee shall determine, and recommend to the Independent Directors, whether a Financial Restatement was as a result of Misconduct and the applicability of this Section 3(a) to the Corporation’s Chief Executive Officer and Chief Financial Officer.
(b) In the event the Misconduct of any Covered Person other than the Corporation’s Chief Executive Officer and/or Chief Financial Officer results in a Financial Restatement, the Covered Person who engaged in the 

Misconduct shall reimburse the Corporation for (i) the gross amount of any bonus or other incentive-based or equity-based compensation received by such Covered Person from the Corporation during the 12-month period following the first public issuance or filing with the Commission (whichever occurs first) of the financial document containing the Financial Restatement, and (ii) any profits realized from the sale of securities of the Corporation during such 12-month period.  For purposes of this Section 3(b), the Committee shall determine, and recommend to the Independent Directors, whether a Financial Restatement was as a result of Misconduct and the applicability of this Section 3(b) to each Covered Person.
(c)  In the event that a Covered Person has his or her employment terminated for Cause, then such Covered Person shall forfeit all unpaid cash-based incentive compensation under the Incentive Plan (whether or not accrued and/or payable at such time) and all unvested equity-based awards or incentive compensation granted under the Incentive Plan (whether or not earned at such time), in each case as of the date such Covered Person is notified of termination of his or her employment for Cause.  The Chief Executive Officer (or the Committee in the event that such Covered Person is the Chief Executive Officer) shall determine the applicability of this Section 3(c) to each Covered Person.  
Section 4. Administration. 
(a) The Committee and, for purposes of Section 3(c), the CEO, as applicable, will administer this Policy and have the full authority and discretion necessary to accomplish its purpose, including, without limitation, the determination of the manner in which compensation is recovered, in accordance with applicable law, including, without limitation, except as described below in Section 7 hereof, by seeking repayment or by offsetting any salary or other compensation due under any compensation plan, program or arrangement maintained by the Corporation or any of its affiliates or subsidiaries. Every interpretation, choice, determination or other exercise of any power or discretion given either expressly or by implication to the Committee (or the Chief Executive Officer for purposes of Section 3) shall be conclusive and binding upon all parties covered by this Policy. 
(b) In determining whether Misconduct has occurred that would cause the recoupment or forfeiture of compensation under this Policy, and whether the Financial Restatement resulted from any such Misconduct, the Committee (or the Chief Executive Officer for purposes of Section 3(c)) may consider any facts and circumstances that the Committee (or Chief Executive Officer) may deem appropriate. 
(c) If the Committee, or the Chief Executive Officer, as applicable, seek to cause forfeiture of compensation under Section 3(c) of this Policy from a Covered Person, it must provide a written notice to such Covered Person of such intended forfeiture of compensation within one year after the discovery of the event or circumstances permitting such forfeiture of compensation along with the amount of, and reason for, the forfeiture.  
Section 5. Amendment and Termination. This Policy may be amended or terminated by the Committee at any time. The Committee shall amend this policy to the extent deemed necessary or appropriate to reflect any regulations to be adopted by the Commission under Section 10D(b)(2) of the Securities Exchange Act of 1934, as amended, any rules or standards adopted by a national securities exchange, any related guidance from a governmental agency which has jurisdiction over the administration of such provision, any judicial interpretation of such provision and any changes in applicable law.
Section 6. Miscellaneous. 
(a) This Policy shall be communicated to all Covered Persons; provided, however, that failure to so notify the Covered Person shall not render the Policy unenforceable as to such Covered Person except as set forth in Section 4(c) above.  Any applicable award agreement or other document setting forth the terms and conditions of any compensation covered by the Policy shall be deemed to include the restrictions imposed herein and to incorporate the Policy by reference and, in the event of any conflict between the Policy and any applicable award agreement or other document, the terms of the Policy will govern. 
(b) Section 3(a) of this Policy is intended to comply with the requirements of Section 304 and shall be deemed to incorporate, and shall be construed consistent with, any requirements and obligations applicable under Section 304.  
(c) If any provision of this Policy is determined to be unenforceable or invalid under any applicable law, such provision will be applied to the maximum extent permitted by applicable law, and shall automatically be deemed amended in a manner consistent with its objectives to the extent necessary to conform to any limitations required under applicable law. 

(d) Any recoupment or forfeiture under this Policy may be in addition to any other remedies that may be available to the Corporation or to the Committee under the Corporation’s policies as well as applicable law, including disciplinary actions, and including but not limited to, termination of employment. 
Section 7. Section 409A
(a)     The Committee and, for purposes of Section 3(c), the CEO, as applicable, have certain discretion to determine the manner in which compensation is recovered under the Policy.  Section 409A, however, generally prohibits the settlement of amounts owed by an employee by reducing an amount of deferred compensation the employee is scheduled to be paid in the future, as that would be an impermissible acceleration of payment of the deferred amount under Section 409A.  Accordingly, the Committee and, for purposes of Section 3(c), the CEO, as applicable,  will consider the implications of Section 409A when recovering compensation from any Covered Person.  Additionally, notwithstanding any other provision of this Policy, no forfeiture, reimbursement, recovery, offset or recoupment shall be effective if such forfeiture, reimbursement, recovery, offset or recoupment would result in a violation of Section 409A unless the Committee and, for purposes of Section 3(c), the CEO, as applicable, specifically requires such forfeiture, reimbursement, recovery, offset or recoupment notwithstanding its adverse implications under Section 409A .  If the Committee’s or the CEO’s retention of the authority to require such forfeiture, reimbursement, recovery, offset or recoupment notwithstanding its adverse implications under Section 409A itself results in a violation of Section 409A, then no forfeiture, reimbursement, recovery, offset or recoupment shall be effective if such forfeiture, reimbursement, recovery, offset or recoupment would result in a violation of Section 409A.  
(b) Notwithstanding any other provision of this Policy, there is no guaranty or assurances that the Policy will not result in adverse consequences to the Covered Person under Section 409A, and none of the Committee, the CEO, the Corporation or its subsidiaries or affiliates or their officers, directors, employees or agents shall be liable to any Covered Person if any forfeiture, reimbursement, recovery, offset or recoupment under this Policy results in adverse consequences as the result of Section 409A.Exhibit

EXHIBIT 10.3

OMEROS CORPORATION
NON-EMPLOYEE DIRECTOR COMPENSATION POLICY
(Effective as of January 1, 2017)
Omeros Corporation (the “Company”) believes that the granting of equity and cash compensation to its Directors represents a powerful tool to attract, retain and reward Directors who are not Employees of the Company (“Outside Directors”) and to align the interests of our Outside Directors with those of our shareholders. This Non-Employee Director Compensation Policy (the “Compensation Policy”) is intended to formalize the Company’s policy regarding grants of equity and cash compensation to its Outside Directors. Unless otherwise defined herein, capitalized terms used in this Compensation Policy will have the meaning given such term in the Company’s 2008 Equity Incentive Plan, or, upon its approval by the Company’s shareholders, the Company’s 2017 Omnibus Incentive Compensation Plan (the “Plan”). Outside Directors shall be solely responsible for any tax obligations they incur as a result of the equity and cash payments received under this Compensation Policy.
Equity Compensation
Outside Directors will be entitled to receive all types of Awards (except Incentive Stock Options) under the Plan, including discretionary Awards not covered under this Compensation Policy. All grants of Awards to Outside Directors pursuant to Sections (c) and (d) of this Compensation Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will be made in accordance with the following provisions:
(a)    Type of Option. Options granted pursuant to this Compensation Policy will be Nonstatutory Stock Options and, except as otherwise provided herein, will be subject to the other terms and conditions of the Plan.
(b)    No Discretion. No person will have any discretion to select which Outside Directors will be granted Awards under this Compensation Policy or to determine the number of Plan Shares to be covered by such Awards (except as provided in Section (e) below).
(c)    Initial Award. Each person who first becomes an Outside Director on or after the closing of the Company’s initial public offering of its Common Stock (the “Closing Date”) will be automatically granted an Option to purchase 15,000 Shares (the “Initial Award”) on the date on which such person first becomes an Outside Director following the Closing Date, whether through election by the shareholders of the Company or appointment by the Board to fill a vacancy; provided, however, that a Director who is an Employee (an “Inside Director”) who ceases to be an Inside Director, but who remains a Director, will not receive an Initial Award.
(d)    Annual Award. Each Outside Director will be automatically granted an Option to purchase a number of shares equal to (i) 10,000 Shares for calendar year 2017 or (ii) 7,500 Shares for a calendar year 2018 and subsequent years (an “Annual Award”) on the date of each annual meeting of the shareholders of the Company beginning on the date of the first annual meeting of 

the shareholders of the Company that is held at least six months after such Outside Director received his/her Initial Award, provided that the Annual Award shall not be granted to any Outside Director who is not continuing as a Director following the applicable annual meeting.
(e)    Terms. The terms of each Award granted pursuant to this Compensation Policy will be as follows:
(i)    The term of the Award will be ten (10) years.
(ii)    The exercise price for Shares subject to Awards will be one hundred percent (100%) of the Fair Market Value per Share on the grant date.
(iii)    Subject to Section 13 of the Plan, the Initial Award will vest and become exercisable as to 1/3 of the Shares subject to the Initial Award on the one-year anniversary of the date of grant, and 1/3 of the Shares subject to the Initial Award shall vest each annual anniversary of the date of grant thereafter, provided that the Outside Director continues to serve as a Director through each such date. 
(iv)    Subject to Section 13 of the Plan, each Annual Award will fully vest and become exercisable on the date that is immediately prior to the day of the next annual meeting of the shareholders of the Company held after the date of grant, provided that the Outside Director continues to serve as a Director through such date. 
(f)    Revisions. The Board or a committee of the Board in its discretion may change and otherwise revise the terms of Awards granted under this Compensation Policy, including, without limitation, the number of Shares subject thereto, for Awards of the same or different type granted on or after the date the Board or a committee of the Board determines to make any such change or revision. 
(g)    Adjustments. In the event that any dividend or other distribution (whether in the form of cash, Plan Shares, other securities, or other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs following the Closing Date, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Policy, will adjust the number of Shares issuable pursuant to Initial Awards and Annual Awards to be granted under Sections (c) and (d) of the Policy.
(h)    Change in Control. In the event of a merger or Change in Control, Awards granted to Outside Directors pursuant to this Compensation Policy will be treated as set forth in Section 13 of the Plan.
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Cash Compensation
(1)    Annual Fee. The Company will pay each Outside Director an annual fee for serving on the Board equal to (a) $52,500 for calendar year 2017 or (b) $40,000 for calendar year 2018 and subsequent years (the “Annual Fee”). The Annual Fee will be paid to each Outside Director in four equal installments on a quarterly basis at the end of the applicable quarter, provided the individual served as an Outside Director during the full quarter, with the amount pro rated for any Outside Director who did not serve the full quarter.
(2)    Committee Chairperson Fees. The Company will pay each Outside Director who serves as chairperson of the Audit Committee, Compensation Committee or Nominating and Governance Committee the applicable annual fee for serving as the chairperson set forth in the table below (the “Annual Chairperson Fee”). The Annual Chairperson Fee shall be paid in four equal installments on a quarterly basis at the end of the applicable quarter provided the individual served as an Outside Director during the full quarter, with the amount pro rated for any chairperson who did not serve as the chairperson for the full quarter. The Annual Chairperson Fee for each committee shall be:
	
		
	Committee
	Annual Chairperson Fee

	Audit Committee
	$15,000

	Compensation Committee
	$10,000

	Nominating and Governance Committee
	$5,000

(3)    Non-Chair Committee Member Fees. The Company will pay each Outside Director who serves on the Audit Committee, Compensation Committee or Nominating and Governance Committee in a non-chairperson capacity the applicable annual fee for serving on the applicable committee set forth below (the “Annual Non-Chair Committee Member Fee”). For clarification, the chairperson of a committee will receive the Annual Chairperson fee, but not the Annual Non-Chair Committee Member Fee, for such committee. The Annual Non-Chair Committee Member Fee shall be paid in four equal installments on a quarterly basis at the end of the applicable quarter, provided the individual served as an Outside Director during the full quarter, with the amount pro rated for any Outside Director who did not serve on the applicable committee for the full quarter. 
The Annual Non-Chair Committee Member Fee for each committee for 2017 shall be as follows: non-chairperson members of the Audit Committee will receive an Annual Non-Chair Committee Member Fee of $13,250; non-chairperson members of the Compensation Committee will receive an Annual Non-Chair Committee Member Fee of $7,500; and non-chairperson members of the Nominating and Governance Committee will receive an Annual Non-Chair Committee Member Fee of $4,750.
The Annual Non-Chair Committee Member Fee for each committee in 2018 and subsequent years shall be as follows: non-chairperson members of the Audit Committee will receive an Annual Non-Chair Committee Member Fee of $7,500; non-chairperson members of the Compensation 

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Committee will receive an Annual Non-Chair Committee Member Fee of $5,000; and non-chairperson members of the Nominating and Governance Committee will receive an Annual Non-Chair Committee Member Fee of $2,500.
(4)    Annual Lead Independent Director Fee. The Company will pay the Outside Director serving as Lead Independent Director, if any, an annual fee for service as Lead Independent Director equal to (a) $25,000 for calendar year 2017 or (b) $10,000 for calendar year 2018 and subsequent years (the “Annual Lead Independent Director Fee”) in addition to any other fees payable to such Outside Director under this Compensation Policy. The Annual Lead Independent Director Fee will be paid to the Lead Independent Director in four equal installments on a quarterly basis at the end of the applicable quarter provided the Outside Director served as Lead Independent Director during the full quarter, with the amount pro rated for the Outside Director who did not serve the full quarter as Lead Independent Director.
(5)    Revisions. The Board or a committee of the Board in its discretion may change and otherwise revise the terms of the cash compensation granted under this Compensation Policy, including, without limitation, the amount of cash compensation to be paid, on or after the date the Board or a committee of the Board determines to make any such change or revision.
(6)    Section 409A. In no event shall cash compensation payable pursuant to this Compensation Policy be paid later than March 15 following the calendar year in which the applicable quarter ends (or if the individual did not serve as an Outside Director for the full quarter, then March 15 following the calendar year in which the Outside Director’s service terminated with the Company), in compliance with the “short-term deferral” exception to Section 409A (“Section 409A”) of the Internal Revenue Code of 1986, as amended. The Compensation Policy is intended to comply with the requirements of Section 409A so that none of the compensation to be provided hereunder shall be subject to the additional tax imposed under Section 409A, and any ambiguities herein shall be interpreted to so comply. 
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