Document:

Secured Promissory Note dated December 28, 2012

 Exhibit 10.3 
 SECURED PROMISSORY NOTE 
 (Tranche 3 Advance) 

 

					
	$3,176,603.04	  	 	Dated: December 28, 2012	  

 FOR VALUE RECEIVED, the undersigned, OMEROS CORPORATION, a Washington corporation
(“Borrower”), HEREBY PROMISES TO PAY to the order of OXFORD FINANCE LLC (“Lender”) the principal amount of Three Million One Hundred Seventy Six Thousand Six Hundred Three Dollars and 04/100 ($3,176,603.04) or such
lesser amount as shall equal the outstanding principal balance hereunder, plus interest on the aggregate unpaid principal amount hereunder, at the rates and in accordance with the terms of the Loan and Security Agreement dated as of October 21,
2010 by and among Borrower, Lender, and the other Lenders from time to time party thereto (as amended, restated, supplemented or otherwise modified from time to time, including by that certain Sixth Amendment to Loan and Security Agreement dated as
of December 28, 2012, the “Loan Agreement”). If not sooner paid, the entire principal amount and all accrued and unpaid interest hereunder shall be due and payable on the Maturity Date as set forth in the Loan Agreement. Any
capitalized term not otherwise defined herein shall have the meaning attributed to such term in the Loan Agreement. 

Principal, interest and all other amounts due with respect to the Tranche 3 Advance, are payable in lawful money of the United States of
America to Lender as set forth in the Loan Agreement and this Secured Promissory Note (this “Note”). The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be
recorded by Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Note. 
 The
Loan Agreement, among other things, (a) provides for the making of a secured Tranche 3 Advance by Lender to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events.

 This Note may not be prepaid except as set forth in the Loan Agreement. 

This Note and the obligation of Borrower to repay the unpaid principal amount of the Tranche 3 Advance, interest on the Tranche 3 Advance
and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 
 Presentment for payment,
demand, notice of protest and all other demands and notices of any kind in connection with the execution, delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses, including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of
Borrower’s obligations hereunder not performed when due. 
 This Note shall be governed by, and construed and interpreted
in accordance with, the internal laws of the State of California. 
 The ownership of an interest in this Note shall be
registered on a record of ownership maintained by Lender or its agent. Notwithstanding anything else in this Note to the contrary, the right to the principal of, and stated interest on, this Note may be transferred only if the transfer is registered
on such record of ownership and the transferee is identified as the owner of an interest in the obligation. Borrower shall be entitled to treat the registered holder of this Note (as recorded on such record of ownership) as the owner in fact thereof
for all purposes and shall not be bound to recognize any equitable or other claim to or interest in this Note on the part of any other person or entity. 
 [Balance of Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, Borrower has caused this Note to be duly executed by one of its officers
thereunto duly authorized on the date hereof. 
  

			
	OMEROS CORPORATION
		
	By:	 	 /s/ Gregory A. Demopulos

	Name:	 	Gregory A. Demopulos, M.D.
	Title	 	Chairman & CEOAllonge to Secured Promissory Note issued October 21, 2010

 Exhibit 10.4 
 ALLONGE TO SECURED PROMISSORY NOTE 
 (CLOSING DATE ADVANCE)

 This Allonge amends, and is affixed to, the Secured Promissory Note (Closing Date Advance), dated October 21, 2010,
in the original principal amount of Ten Million Dollars ($10,000,000.00) made by Omeros Corporation to the order of Oxford Finance LLC (successor in interest to Oxford Finance Corporation) and attached hereto as Exhibit 1 (the
“Note”). The Note was subsequently assigned to and is presently held by Oxford Finance Funding Trust 2012-01 (“Holder”). 
 The Note hereby is amended as follows: 
 The second paragraph of the Note hereby is
amended and restated in its entirety to read as follows: 
 “On the Maturity Date (or upon earlier repayment, whether as a
result of acceleration or otherwise) the Final Payment and the Prepayment Fee, as applicable (each as defined in and subject to the terms and conditions of the Loan Agreement) shall be due and payable by Borrower to Lender.” 

The foregoing amendment shall have the same force and effect as though it were written directly into the Note. The Holder is hereby is
instructed to attach this Allonge to the Note. 
 Dated: December 28, 2012 

 

							
		 	Oxford Finance Funding Trust 2012-01
		 	By: Oxford Finance LLC, as servicer
				
		 		 	By:	 	 /s/ Mark Davis

		 		 	Print Name: Mark Davis
		 		 	Title: Vice President - Finance, Secretary & Treasurer
		
		 	Omeros Corporation
			
		 	By:	 	 /s/ Gregory A. Demopulos

		 	Print Name: Gregory A. Demopulos, M.D.
		 	Title: Chairman & CEO

 [Allonge to Secured Promissory Note (Closing Date
Advance)] 

 Exhibit 1 
 SECURED PROMISSORY NOTE 
 (CLOSING DATE ADVANCE) 

 

			
	$10,000,000	  	Dated: October 21, 2010

 FOR VALUE RECEIVED, the undersigned, OMEROS CORPORATION, a Washington corporation (“Borrower”),
HEREBY PROMISES TO PAY to the order of OXFORD FINANCE CORPORATION (“Lender”) the principal amount of Ten Million Dollars ($10,000,000) or such lesser amount as shall equal the outstanding principal balance of the Growth Capital Advance
made to Borrower by Lender pursuant to the Loan Agreement (defined below), and to pay all other amounts due with respect to the Growth Capital Advance on the dates and in the amounts set forth in the Loan Agreement. Capitalized terms, unless defined
in this Secured Promissory Note (this “Note”), shall have the meaning given such capitalized term in the Loan Agreement. 
 Interest on the principal amount of this Note from the date of this Note shall accrue at 8.55% per annum based on a 360-day year of twelve 30-day months or, if applicable, the Default Rate.
Commencing on November 1, 2011, and continuing on the first day of each successive calendar month thereafter, Borrower shall make to Lender thirty-six (36) equal payments of principal and accrued interest on the then outstanding principal
amount. Any and all remaining principal and interest shall be due and payable on the Maturity Date. In addition to the foregoing payments, on the Maturity Date (or upon earlier repayment, whether as a result of acceleration or otherwise) the Final
Payment and the Prepayment Fee, as applicable (each as defined in and subject to the terms and conditions of the Loan Agreement) shall be due and payable by Borrower to Lender. 

Principal, interest and all other amounts due with respect to the Growth Capital Advance, are payable in lawful money of the United
States of America to Lender as set forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof,
endorsed on the grid attached hereto which is part of this Note. 
 This Note is the Note referred to in, and is entitled to the
benefits of, the Loan and Security Agreement, dated as of October 21, 2010, to which Borrower and Lender are parties (as amended from time to time, the “Loan Agreement”). The Loan Agreement, among other things, (a) provides for
the making of this secured Growth Capital Advance to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 

This Note may not be prepaid except as provided in the Loan Agreement. This Note and the obligation of Borrower to repay the unpaid
principal amount of the Growth Capital Advance, interest on the Growth Capital Advance and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 

Presentment for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution,
delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses,
including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This Note shall be governed by, and construed
and interpreted in accordance with, the laws of the State of California. 
 [Balance of Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Note to be executed as of the
Closing Date. 
  

			
	OMEROS CORPORATION
		
	By:	 	 /s/ Gregory A. Demopulos

	Name:	 	Gregory A. Demopulos, M.D.
	Title:	 	Chairman & CEOAllonge to Secured Promissory Note issued March 25, 2011

 Exhibit 10.5 
 ALLONGE TO SECURED PROMISSORY NOTE 
 (TRANCHE 2 ADVANCE)

 This Allonge amends, and is affixed to, the Secured Promissory Note (Tranche 2 Advance), dated March 25, 2011, in
the original principal amount of Ten Million Dollars ($10,000,000.00) made by Omeros Corporation to the order of Oxford Finance LLC (successor in interest to Oxford Finance Corporation) and attached hereto as Exhibit 1 (the “Note”).
The Note was subsequently assigned to and is presently held by Oxford Finance Funding Trust 2012-01 (“Holder”). 
 The
Note hereby is amended as follows: 
 The second paragraph of the Note hereby is amended and restated in its entirety to read as
follows: 
 “On the Maturity Date (or upon earlier repayment, whether as a result of acceleration or otherwise) the Final
Payment and the Prepayment Fee, as applicable (each as defined in and subject to the terms and conditions of the Loan Agreement) shall be due and payable by Borrower to Lender.” 

The foregoing amendment shall have the same force and effect as though it were written directly into the Note. The Holder is hereby is
instructed to attach this Allonge to the Note. 
 Dated: December 28, 2012 

 

							
		 	Oxford Finance Funding Trust 2012-01
		 	By: Oxford Finance LLC, as servicer
				
		 		 	By:	 	 /s/ Mark Davis

		 		 	Print Name: Mark Davis
		 		 	Title: Vice President - Finance, Secretary & Treasurer
		
		 	Omeros Corporation
			
		 	By:	 	 /s/ Gregory A. Demopulos

		 	Print Name: Gregory A. Demopulos, M.D.
		 	Title: Chairman & CEO

  

 Exhibit 1 
 SECURED PROMISSORY NOTE 
 (TRANCHE 2 ADVANCE) 

 

			
	$10,000,000	  	Dated: March 25, 2011

 FOR VALUE RECEIVED, the undersigned, OMEROS CORPORATION, a Washington corporation (“Borrower”),
HEREBY PROMISES TO PAY to the order of OXFORD FINANCE CORPORATION (“Lender”) the principal amount of Ten Million Dollars ($10,000,000) or such lesser amount as shall equal the outstanding principal balance of the Growth Capital Advance
made to Borrower by Lender pursuant to the Loan Agreement (defined below), and to pay all other amounts due with respect to the Growth Capital Advance on the dates and in the amounts set forth in the Loan Agreement. Capitalized terms, unless defined
in this Secured Promissory Note (this “Note”), shall have the meaning given such capitalized term in the Loan Agreement. 
 Interest on the principal amount of this Note from the date of this Note shall accrue at 8.558% per annum based on a 360-day year of twelve 30-day months or, if applicable, the Default Rate.
Commencing on November 1, 2011, and continuing on the first day of each successive calendar month thereafter, Borrower shall make to Lender thirty-six (36) equal payments of principal and accrued interest on the then outstanding principal
amount. Any and all remaining principal and interest shall be due and payable on the Maturity Date. In addition to the foregoing payments, on the Maturity Date (or upon earlier repayment, whether as a result of acceleration or otherwise) the Final
Payment and the Prepayment Fee, as applicable (each as defined in and subject to the terms and conditions of the Loan Agreement) shall be due and payable by Borrower to Lender. 

Principal, interest and all other amounts due with respect to the Growth Capital Advance, are payable in lawful money of the United
States of America to Lender as set forth in the Loan Agreement. The principal amount of this Note and the interest rate applicable thereto, and all payments made with respect thereto, shall be recorded by Lender and, prior to any transfer hereof,
endorsed on the grid attached hereto which is part of this Note. 
 This Note is the Note referred to in, and is entitled to the
benefits of, the Loan and Security Agreement, dated as of October 21, 2010, to which Borrower and Lender are parties (as amended from time to time, the “Loan Agreement”). The Loan Agreement, among other things, (a) provides for
the making of this secured Growth Capital Advance to Borrower, and (b) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events. 

This Note may not be prepaid except as provided in the Loan Agreement. This Note and the obligation of Borrower to repay the unpaid
principal amount of the Growth Capital Advance, interest on the Growth Capital Advance and all other amounts due Lender under the Loan Agreement is secured under the Loan Agreement. 

Presentment for payment, demand, notice of protest and all other demands and notices of any kind in connection with the execution,
delivery, performance and enforcement of this Note are hereby waived. 
 Borrower shall pay all reasonable fees and expenses,
including, without limitation, reasonable attorneys’ fees and costs, incurred by Lender in the enforcement or attempt to enforce any of Borrower’s obligations hereunder not performed when due. This Note shall be governed by, and construed
and interpreted in accordance with, the laws of the State of California. 
 [Balance of Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Note to be executed as of the first
date above written. 
  

			
	OMEROS CORPORATION
		
	By:	 	 /s/ Gregory A. Demopulos

	Name:	 	Gregory A. Demopulos, M.D.
	Title:	 	Chairman & CEO

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