Document:

Secured Promissory Note

 Exhibit 10.1 
 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

[Signature Page to Secured Promissory Note] 

[Tranche 2 Advance]Second Amendment to Loan and Security Agreement

 Exhibit 10.2 
 SECOND AMENDMENT 
 TO 

LOAN AND SECURITY AGREEMENT 
 THIS SECOND AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of March 25, 2011, by and between OXFORD FINANCE CORPORATION
(“Lender”) and OMEROS CORPORATION, a Washington corporation (“Borrower”) whose address is 1420 5th Avenue, Suite 2600, Seattle, WA 98101. 

RECITALS 
 A. Lender and Borrower have entered into that certain Loan and Security Agreement dated as of October 21, 2010 (as amended from time to time, including by that certain Consent and First
Amendment to Loan and Security Agreement dated as of February 3, 2011, and as the same may from time to time be further amended, modified, supplemented or restated, the “Loan Agreement”). 

B. Lender has extended credit to Borrower for the purposes permitted in the Loan Agreement. 

C. Borrower has requested that Lender make certain revisions to the Loan Agreement as more fully set forth herein. 

D. Lender has agreed to so amend certain provisions of the Loan Agreement, but only to the extent, in accordance with the terms,
subject to the conditions and in reliance upon the representations and warranties set forth below. 
 AGREEMENT

 NOW, THEREFORE, in consideration of the foregoing recitals and other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows: 
 1. Definitions. Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Loan Agreement. 

2. Amendments to Loan Agreement. 
 2.1 Section 2.1.1 (Final Payment). Clause (c) of Section 2.1.1 of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 

“(c) Final Payment. On the Maturity Date or such earlier date in accordance with Sections 2.1.1.(d) and/or 2.1.1(e) hereof,
Borrower shall pay, in addition to the unpaid principal and accrued interest and all other amounts due on such date with respect to the Growth Capital Advances (or, in the case of partial prepayments, the Growth Capital Advance being prepaid), an
amount equal to the Final Payment with respect to the Growth Capital Advances (or, in the case of partial prepayments, the Growth Capital Advance being prepaid).” 

  
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 2.2 Section 2.1.1 (Permitted Prepayment). Clause (d) of Section 2.1.1
of the Loan Agreement hereby is amended and restated in its entirety to read as follows: 
 “(d) Permitted
Prepayment. Borrower shall have the option to prepay all, but not less than all of either the Closing Date Advance or the Tranche 2 Advance made by Lender under this Agreement, provided Borrower, (i) provides written notice to Lender
of its election to prepay such Growth Capital Advance at least five (5) Business Days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal amount of the Growth Capital Advance being
prepaid, plus accrued interest thereon through the prepayment date, (B) the Final Payment on account of such Growth Capital Advance, (C) the Prepayment Fee on account of such Growth Capital Advance, plus (D) all other sums that have
become due and payable, including Lender Expenses, if any, and interest at the Default Rate with respect to any past due amounts. Notwithstanding anything in this Agreement to the contrary, if Borrower refinances the Obligations under this Agreement
with another credit facility provided by Lender to Borrower primarily for such purpose, then the Prepayment Fee otherwise due hereunder shall not be due and payable. 
 3. Limitation of Amendments. 
 3.1 The amendments set forth in
Section 2, above, are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any
Loan Document, or (b) otherwise prejudice any right or remedy which Lender or any Lender may now have or may have in the future under or in connection with any Loan Document. 

3.2 This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect. 

4. Representations and Warranties. To induce Lender to enter into this Amendment, Borrower hereby represents and warrants to
Lender as follows: 
 4.1 Immediately after giving effect to this Amendment (a) the representations and warranties
contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct as of such
date), and (b), no Event of Default has occurred and is continuing; 

  
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 4.2 Borrower has the power and authority to execute and deliver this Amendment and to
perform its obligations under the Loan Agreement, as amended by this Amendment; 
 4.3 The organizational documents of
Borrower delivered to Lender on the Effective Date remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect; 

4.4 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, have been duly authorized; 
 4.5 The execution and delivery by Borrower of this
Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, do not and will not contravene (a) any law or regulation binding on or affecting Borrower, (b) any contractual restriction
with a Person binding on Borrower, (c) any order, judgment or decree of any court or other governmental or public body or authority, or subdivision thereof, binding on Borrower, or (d) the organizational documents of Borrower; 

4.6 The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan
Agreement, as amended by this Amendment, do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by any governmental or public body or authority, or subdivision
thereof, binding on either Borrower, except as already has been obtained or made or as may be required in connection with the Polish Share Pledge; and 
 4.7 This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and equitable principles relating to or affecting creditors’ rights. 

5. Counterparts. This Amendment may be executed in any number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument. 
 6. Effectiveness. This Amendment shall be deemed effective upon the
due execution and delivery to Lender of this Amendment by each party hereto, and Borrower’s payment of all Lender Expenses incurred through the date of this Amendment. 
 [Balance of Page Intentionally Left Blank] 

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

							
	LENDER:	  	BORROWER:
		
	OXFORD FINANCE CORPORATION	  	OMEROS CORPORATION 
				
	By:	  	 /s/ John G. Henderson
	  	By:	  	 /s/ Gregory A. Demopulos

	Name:	  	 John G. Henderson
	  	Name:	  	 Gregory A. Demopulos, M.D.

	Title:	  	 Vice President & General Counsel
	  	Title:	  	 Chairman & CEO

[Signature Page to Second Amendment to Loan and Security Agreement]

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