Document:

exv10w49

Exhibit
10.49

SECOND AMENDMENT TO EXERCISE NOTICE AND RESTRICTED STOCK PURCHASE AGREEMENTS

     This Second Amendment to Exercise Notice and Restricted Stock Purchase Agreements (this
“Agreement”) is made as of July 28, 2009 by and between Omeros Corporation, a Washington
corporation (the “Company”), and Richard J. Klein (the “Purchaser”).

RECITALS

     A. The Company and the Purchaser are parties to the Exercise Notice and Restricted Stock
Purchase Agreements dated as of June 5, 2007 and June 29, 2007, as amended by the Amendment to
Exercise Notice and Restricted Stock Purchase Agreements dated April 29, 2009 (each, a “Purchase
Agreement” and together, the “Purchase Agreements”), pursuant to which Purchaser early exercised a
stock option for the purchase of a total of 150,000 shares of the Company’s Common Stock.

     B. Pursuant to Sections 3(a)(i) and (ii) of each Purchase Agreement, the Company has the
right, but not the obligation, within 180 days of the end of Purchaser’s employment with the
Company, to repurchase any shares of Common Stock that the Purchaser purchased pursuant to each
Purchase Agreement that he was not vested in as of the date his employment ended (the “Repurchase
Right”).

     C. Purchaser’s employment with the Company ended on January 29, 2009 and, pursuant to the
terms of the Purchase Agreements, the Company will be deemed to have automatically exercised the
Repurchase Right with respect to any unvested shares on the 180th day following his termination
unless the Company gives Purchaser prior notice that it does not intend to repurchase the unvested
shares.

     D. As of the end of Purchaser’s employment with the Company, Purchaser had not vested in
45,834 of the 150,000 shares that he had purchased.

     D. The Company and Purchaser desire to extend the Repurchase Right an additional seven days to
allow the Company and the Purchaser to continue discussions related to Purchaser’s employment at
the Company.

AGREEMENT

     In consideration of the foregoing, the Company and the Purchaser agree to amend each Purchase
Agreement as follows:

     1. Sections 3(a)(i) and (ii) of each Purchase Agreement shall be amended and restated in its
entirety as follows (with changes highlighted in bold and italics)

 

 

     “(a) Repurchase Option.

                 (i) In the event of the voluntary or involuntary termination of Purchaser’s employment or
consulting relationship with the Company for any reason (including death or disability), with or
without cause, the Company shall upon the date of such termination (the “Termination Date”)
have an irrevocable, exclusive option (the “Repurchase Option”) for a period of 187 days
from such date to repurchase all or any portion of the Shares held by Purchaser as of the
Termination Date which have not yet been released from the Company’s Repurchase Option at the
original purchase price per Share specified in Section 1 (adjusted for any stock splits, stock
dividends and the like). The Company has the right, but not the obligation, to exercise the
Repurchase Option.

                 (ii) Unless the Company notifies Purchaser in writing within 187 days from the date of
termination of Purchaser’s employment or consulting relationship that it does not intend to
exercise its Repurchase Option with respect to some or all of the Shares, the Repurchase Option
shall be deemed automatically exercised by the Company as of the 187th day following such
termination, provided that the Company may notify Purchaser that it is exercising its Repurchase
Option as of a date prior to such 187th day. Unless Purchaser is otherwise notified by the Company
pursuant to the preceding sentence that the Company does not intend to exercise its Repurchase
Option as to some or all of the Shares to which it applies at the time of termination, execution of
this Agreement by Purchaser constitutes written notice to Purchaser of the Company’s intention to
exercise its Repurchase Option with respect to all Shares to which such Repurchase Option applies.
The Company, at its choice, may satisfy its payment obligation to Purchaser with respect to
exercise of the Repurchase Option by either (A) delivering a check to Purchaser in the amount of
the purchase price for the Shares being repurchased, or (B) in the event Purchaser is indebted to
the Company, canceling an amount of such indebtedness equal to the purchase price for the Shares
being repurchased, or (C) by a combination of (A) and (B) so that the combined payment and
cancellation of indebtedness equals such purchase price. In the event of any deemed automatic
exercise of the Repurchase Option pursuant to this Section 3(a)(ii) in which Purchaser is indebted
to the Company, such indebtedness equal to the purchase price of the Shares being repurchased shall
be deemed automatically canceled as of the 187th day following termination of Purchaser’s
employment or consulting relationship unless the Company otherwise satisfies its payment
obligations. As a result of any repurchase of Shares pursuant to this Section 3(a), the Company
shall become the legal and beneficial owner of the Shares being repurchased and shall have all
rights and interest therein or related thereto, and the Company shall have the right to transfer to
its own name the number of Shares being repurchased by the Company, without further action by
Purchaser.”

     2. All other terms of the Purchase Agreements remain unchanged and in force.

     3. This Agreement and all acts and transactions pursuant hereto and the rights and obligations
of the parties hereto shall be governed, construed and interpreted in accordance with the laws of
the State of Washington, without giving effect to principles of conflicts of law.

2

 

     4. This Agreement may be executed in counterparts, each of which shall be deemed an original,
and all of which, taken together, shall constitute one and the same agreement. This Agreement
shall be effective upon full execution by facsimile or original, and a facsimile signature shall be
deemed to be and shall be as effective as an original signature.

     The parties have executed this Second Amendment to Exercise Notice and Restricted Stock Purchase
Agreements as of the date first set forth above.

	 	 	 	 	 
	 	OMEROS CORPORATION

 	 
	 	By:  	/s/ Gregory A. Demopulos
 	 
	 	 	Gregory A. Demopulos, M.D. 	 
	 	 	Chairman & CEO 	 
	 
	 	PURCHASER:

 	 
	 	/s/ Richard J. Klein
 	 
	 	Richard J. Klein 	 
	 	 	 
	 

3exv10w50

Exhibit 10.50

OMEROS CORPORATION

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

(As adopted September 8, 2009)

     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 (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 5,000 Shares (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.

     (g) 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.

     (h) 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.

     (i) 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.

* * *

2

 

Cash Compensation

     (1) Annual Fee. The Company will pay each Outside Director an annual fee of $20,000
for serving on the Board (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) Meeting Fees. The Company will pay each Outside Director the applicable
per-meeting fees for attending meetings of the Board and its committees as set forth in the table
below (the “Meeting Fees”). The Meeting Fees shall be paid at the end of the applicable quarter.

	 	 	 	 	 	 	 	 	 
	Meeting Type	 	Attendance Method	 	 	Meeting Fee	 
	Full Board
	 	In-person	 	$	1,750	 
	 
	 	Other (e.g., by telephone)	 	$	500	 
	Committee of Board
	 	In-person	 	$	500	 
	 
	 	Other (e.g., by telephone)	 	$	500	 

     (4) 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.

     (5) 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

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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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