Document:

First Amendment to Lease

 Exhibit 10.2 
 FIRST AMENDMENT TO LEASE 
 THIS FIRST AMENDMENT TO LEASE (this
“First Amendment”) is entered into as of this 5th day of November, 2012 (the “First Amendment Execution Date”), by and between BMR-201 ELLIOTT AVENUE LLC, a Delaware limited liability company
(“Landlord”), and OMEROS CORPORATION, a Washington corporation (“Tenant”). 
 RECITALS

 A. WHEREAS, Landlord and Tenant entered into that certain Lease dated as of January 27, 2012 (as the same may
have been further amended, amended and restated, supplemented or otherwise modified from time to time, the “Lease”), whereby Tenant leases certain premises (the “Original Premises”) from Landlord at 201 Elliott
Avenue West in Seattle, Washington (the “Building”); 
 B. WHEREAS, Tenant desires to exercise a Third Floor
Expansion Option, as further described in Article 45 of the Lease; and 
 C. WHEREAS, Landlord and Tenant desire to
modify and amend the Lease only in the respects and on the conditions hereinafter stated. 
 AGREEMENT 

NOW, THEREFORE, Landlord and Tenant, in consideration of the mutual promises contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows: 
 1.
Definitions. For purposes of this First Amendment, capitalized terms shall have the meanings ascribed to them in the Lease unless otherwise defined herein. The Lease, as amended by this First Amendment, is referred to herein as the
“Amended Lease.” 
 2. First Expansion Premises. Effective as of the First Expansion Commencement
Date (as defined below), Landlord hereby leases to Tenant, and Tenant hereby leases from Landlord, approximately thirteen thousand three hundred sixty-three (13,363) additional square feet of Rentable Area located on the third (3rd) floor of the Building, as shown on Exhibit A attached
hereto (the “First Expansion Premises”). From and after the First Expansion Commencement Date, the term “Premises,” as used in the Amended Lease, shall mean the Original Premises plus the First Expansion Premises, for a
total of seventy-seven thousand eight hundred forty-six (77,846) square feet of Rentable Area. 
 3. First Expansion Term. The term
of the Amended Lease with respect to the First Expansion Premises (as the same may be earlier terminated in accordance with the Amended Lease, the “First Expansion Term”) shall commence on the actual First Expansion Commencement
Date (as defined in Section 4 of this First Amendment) and expire on the Term Expiration Date (as defined in the Lease), subject to earlier termination of the Amended Lease as provided in the Amended Lease. 

 4. Possession and First Expansion Commencement Date. 

4.1. Landlord shall use commercially reasonable efforts to tender possession of the First Expansion Premises to Tenant by May 15,
2013 (the “Estimated First Expansion Commencement Date), with the work (the “First Expansion Improvements”) described on Exhibit B attached hereto Substantially Complete. Tenant agrees that, in the event such work
is not Substantially Complete on or before the Estimated First Expansion Commencement Date for any reason, then (a) this First Amendment shall not be void or voidable, (b) Landlord shall not be liable to Tenant for any loss or damage
resulting therefrom and (c) Tenant shall not be responsible for the payment of any Base Rent or Tenant’s Share of Operating Expenses, in each case with respect to the First Expansion Premises, until the actual First Expansion Commencement
Date occurs. Notwithstanding anything in the Amended Lease to the contrary, Landlord’s obligation to timely achieve Substantial Completion shall be subject to extension on a day-for-day basis as a result of any Excusable Delays. 

4.2. The “First Expansion Commencement Date” shall be the day Landlord tenders possession of the First Expansion
Premises to Tenant with the First Expansion Improvements Substantially Complete. If delivery of possession is delayed by any action or inaction of Tenant or its agents, employees or contractors, then the First Expansion Commencement Date shall be
the date that the First Expansion Commencement Date would have occurred but for such delay. Tenant shall execute and deliver to Landlord written acknowledgment of the actual First Expansion Commencement Date within ten (10) days after Tenant
takes occupancy of the First Expansion Premises, in the form attached as Exhibit C hereto. Failure to execute and deliver such acknowledgment, however, shall not affect the First Expansion Commencement Date or Landlord’s or Tenant’s
liability hereunder. Failure by Tenant to obtain validation by any medical review board or other similar governmental licensing of the First Expansion Premises required for the Permitted Use by Tenant shall not serve to extend the First Expansion
Commencement Date. 
 4.3. In the event that Landlord permits (in Landlord’s sole and absolute discretion) Tenant to enter
upon the First Expansion Premises prior to the First Expansion Commencement Date for the purpose of installing improvements or the placement of personal property, Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance
coverages required of Tenant under the provisions of Article 23 of the Lease are in effect, and such entry shall be subject to all the terms and conditions of the Amended Lease other than the payment of Base Rent or Tenant’s Share of
Operating Expenses, in each case with respect to the First Expansion Premises; and provided that, if the First Expansion Commencement Date is delayed due to such early access, then the First Expansion Commencement Date shall be the date that
the First Expansion Commencement Date would have occurred but for such delay. 
 4.4. Landlord shall cause the First Expansion
Improvements to be constructed in the First Expansion Premises at a cost to Landlord not to exceed One Million Eight Hundred Six Thousand Two Hundred Nine Dollars ($1,806,209) (the “First Expansion Allowance”). The First Expansion
Allowance may be applied to the costs of (a) construction, (b) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (c) building permits and other taxes, fees, charges
and levies by Governmental 

  
 2 

 
Authorities for permits or for inspections of the First Expansion Improvements, and (d) costs and expenses for labor, material, equipment and fixtures. In no event shall the First Expansion
Allowance be used for, and in no event shall the First Expansion Improvements be deemed to include, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system
equipment, (y) costs resulting from any default by Tenant of its obligations under the Amended Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 

4.5. To the extent that the actual cost of the First Expansion Improvements exceeds the First Expansion Allowance (such excess, the
“Excess Costs”), Landlord shall pay such Excess Costs; provided, however, that Base Rent (for the entire Premises (i.e., the Original Premises plus the First Expansion Premises)) shall be increased to include the Excess Costs
amortized over the First Expansion Term (not taking into account any permitted extensions) at a rate of eight percent (8%) annually. The amount by which Base Rent (for the entire Premises (i.e., the Original Premises plus the First Expansion
Premises)) shall be increased shall be determined (and Base Rent (for the entire Premises (i.e., the Original Premises plus the First Expansion Premises)) shall be increased accordingly) as of the First Expansion Commencement Date and, if such
determination does not reflect the final amount of Excess Costs, shall be determined again as of the date that Landlord pays the final invoice with respect to the First Expansion Improvements, with Tenant paying (on the next succeeding day that Base
Rent is due under the Amended Lease (the “Excess Cost True-Up Date”)) any underpayment of the further adjusted Base Rent (for the entire Premises (i.e., the Original Premises plus the First Expansion Premises)) for the period
beginning on the First Expansion Commencement Date and ending on the Excess Cost True-Up Date. 
 4.6. In the event the actual
cost of the First Expansion Improvements is less than the First Expansion Allowance (such difference, the “Allowance Shortfall”), Tenant shall be entitled to request additional work (the “Shortfall Work”) to be
performed to the Premises, provided that the cost of the Shortfall Work does not exceed the Allowance Shortfall. Provided that the Shortfall Work falls within the categories set forth in Sections 4.4(a), 4.4(b), 4.4(c) or
4.4(d), and the cost of the Shortfall Work does not exceed the Allowance Shortfall, Landlord shall cause the Shortfall Work to be performed in the Premises. In the event the actual cost of the Shortfall Work exceeds the Allowance Shortfall,
Base Rent (for the entire Premises (i.e., the Original Premises plus the First Expansion Premises)) shall be increased to include such excess costs in the same manner as set forth in Section 4.5. Tenant shall have until December 31,
2013 (the “Allowance Deadline”), to expend the unused portion of the First Expansion Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused First Expansion Allowance
entitle Tenant to a credit against Rent payable under the Amended Lease. 
 4.7. Tenant acknowledges that the First Expansion
Improvements Narrative (as set forth in Exhibit B), provides Tenant with certain decision making options related to the design and construction of the First Expansion Improvements (“Tenant Decisions”). In the event any Tenant
Decisions (including any delay in making any Tenant Decisions) cause Substantial Completion of the First Expansion Improvements to be delayed, such delay shall be deemed an Excusable Delay. In addition, Landlord shall not be required to proceed with
any portion of the 

  
 3 

 
First Expansion Improvements that are dependent upon Tenant Decisions until Tenant has made the applicable Tenant Decisions, and any delay in Substantial Completion as a result thereof shall be
deemed an Excusable Delay. 
 4.8. Notwithstanding anything to the contrary in the Amended Lease, the term “Tenant
Improvements” in Sections 17.7, 17.9, 17.11, 22.4 and 31.5 of the Lease shall include the First Expansion Improvements, the Additional Scope (as defined below) and any Shortfall Work. 

5. Additional Scope. In addition to the First Expansion Improvements, Landlord shall perform the work (the “Additional Scope”)
described on Exhibit D attached hereto at a cost (the “Additional Scope Cap”) to Landlord not to exceed Eight Hundred Fourteen Thousand Four Hundred Fifty-One Dollars ($814,451), as further detailed on Exhibit D. For
purposes of clarity, portions of the Additional Scope are items that are included in (and not in addition to) the Tenant Improvements described in Section 4.1 of the Lease. Notwithstanding anything to the contrary in the Amended
Lease, any portions of the Additional Scope that (a) falls within the Tenant Improvements shall not be considered for purposes of determining (i) Substantial Completion of the Tenant Improvements or (ii) the Term Commencement Date (or
both (i) and (ii)) or (b) falls within the Vibration Work shall not be considered for purposes of determining whether any rental abatement (as described in Section 4.5 of the Lease) applies as a result of Vibration Work not
being complete by the Term Commencement Date, but in each case the costs for such portions shall apply against the Additional Scope Cap. 
 6.
Isolation Table Allowance. Landlord shall make available to Tenant an allowance not to exceed One Hundred Sixty-Nine Thousand Dollars ($169,000) (the “Isolation Table Allowance”). The Isolation Table Allowance may be applied
by Tenant towards the costs of purchasing and installing local isolation tables for the Sensitive Areas. Any request by Tenant for payment of the Isolation Table Allowance shall be accompanied by a Fund Request and shall be subject to the
disbursement requirements and conditions set forth in Section 4.6 of the Lease. In no event shall any unused Isolation Table Allowance entitle Tenant to a credit against Rent payable under the Amended Lease. Notwithstanding anything in
the Amended Lease to the contrary, Landlord shall not be obligated to pay for or perform any Vibration Work (other than the Isolation Table Allowance) with respect to the Sensitive Areas that did not require a floating concrete floor on springs
(i.e., tissue culture, robotics and mass spectrometry, as identified in Section 4.5 of the Lease and further depicted as Areas 6, 7 and 8 identified in Exhibit D of the Lease) and the Vibration Work with respect to the
aforementioned Sensitive Areas shall be deemed complete on the Term Commencement Date. Notwithstanding anything to the contrary in the Amended Lease, the local isolation tables purchased or installed with the Isolation Table Allowance shall be and
remain the property of Landlord and shall not be removed by Tenant. The immediately preceding sentence shall survive the expiration or earlier termination of the Amended Lease. 

  
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 7. Base Rent. Tenant shall pay to Landlord as Base Rent for the First Expansion Premises, commencing
on the First Expansion Commencement Date, the following sums (subject to adjustment under the Amended Lease): 
  

																	
	 Months of Term*
	  	Square Feet of
Rentable Area	 	 	Annual Base Rent
per Square Foot of
Rentable Area	 	  	Monthly Base
Rent	 	  	Annual Base
Rent	 
	 First Expansion Commencement Date-Month 12
	  	 	13,363	  	 	$	0.00	  	  	$	0.00	  	  	$	0.00	  
	 Months 13-24
	  	 	13,363	** 	 	$	50.48	  	  	$	43,589	  	  	$	523,074	  
	 Months 25-36
	  	 	13,363	  	 	$	50.37	  	  	$	56,095	  	  	$	673,135	  
	 Months 37-48
	  	 	13,363	  	 	$	51.53	  	  	$	57,379	  	  	$	688,545	  
	 Months 49-60
	  	 	13,363	  	 	$	52.71	  	  	$	58,695	  	  	$	704,339	  
	 Months 61-72
	  	 	13,363	  	 	$	53.92	  	  	$	60,044	  	  	$	720,529	  
	 Months 73-84
	  	 	13,363	  	 	$	55.16	  	  	$	61,427	  	  	$	737,123	  
	 Months 85-96
	  	 	13,363	  	 	$	56.43	  	  	$	62,844	  	  	$	754,131	  
	 Months 97-108
	  	 	13,363	  	 	$	57.74	  	  	$	64,297	  	  	$	771,565	  
	 Months 109-120
	  	 	13,363	  	 	$	59.08	  	  	$	65,786	  	  	$	789,435	  
	 Months 121-132
	  	 	13,363	  	 	$	60.45	  	  	$	67,313	  	  	$	807,752	  
	 Months 133-144
	  	 	13,363	  	 	$	61.85	  	  	$	68,877	  	  	$	826,527	  
	 Months 145-156
	  	 	13,363	  	 	$	63.29	  	  	$	70,481	  	  	$	845,771	  
	 Months 157-168
	  	 	13,363	  	 	$	64.77	  	  	$	72,125	  	  	$	865,496	  
	 Months 169-180
	  	 	13,363	  	 	$	66.28	  	  	$	73,810	  	  	$	885,714	  

  

	*	All months referred to in the above table are in reference to the Term, as defined in the Lease (as opposed to the First Expansion Term).

	**	Base Rent for months 13-24 of the Term (with respect to the First Expansion Premises) shall be calculated based on ten thousand three hundred sixty-two
(10,362) square feet of Rentable Area; provided, however, that Tenant shall have full access to the entire First Expansion Premises for the Permitted Use. 

  
 5 

 8. Pro Rata Share. Tenant’s Pro Rata Share of the Project with respect to the First Expansion
Premises shall be 8.84%. As of the First Expansion Commencement Date, Tenant’s Pro Rata Share of the Project for the entire Premises shall be 51.49%; provided that, as a result of Tenant’s partial Operating Expense abatement set
forth in Section 2.2 of the Lease, Tenant’s Pro Rata Share of the Project from the First Expansion Commencement Date through month twenty-four (24) of the Term (as defined in the Lease) shall be 39.92%. 

9. Condition of First Expansion Premises. Except as expressly set forth in the Amended Lease, Tenant acknowledges that neither Landlord nor any
agent of Landlord has made any representation or warranty with respect to the condition of the First Expansion Premises, the Building or the Project, or with respect to the suitability of the First Expansion Premises, the Building or the Project for
the conduct of Tenant’s business. Tenant acknowledges that, subject to Landlord’s representations and warranties contained in the Lease, along with Landlord’s ongoing maintenance and repair obligations set forth in the Lease,
(a) it is fully familiar with the condition of the First Expansion Premises and agrees to take the same in its condition “as is” as of the First Expansion Commencement Date and (b) Landlord shall have no obligation to alter,
repair or otherwise prepare the First Expansion Premises for Tenant’s occupancy or to pay for or construct any improvements to the First Expansion Premises, except with respect to the First Expansion Improvements, that certain portion of the
Additional Scope applicable to the First Expansion Premises and any Shortfall Work. Upon Substantial Completion of the First Expansion Improvements, the parties shall perform a walkthrough of the First Expansion Premises and mutually agree upon any
items that should be added to the punch list such that (m) the First Expansion Improvements are in compliance with Exhibit B attached hereto and (n) Landlord’s delivery obligations in the following sentence shall be satisfied.
Notwithstanding anything in the Amended Lease to the contrary, Landlord agrees that, as of the First Expansion Commencement Date, (y) the First Expansion Premises shall comply with all Applicable Laws and (z) all Building systems serving
the First Expansion Premises shall be operational and in good condition. To the extent the First Expansion Premises do not comply with Applicable Laws or any Building system serving the First Expansion Premises is not operational and in good
condition, in each case as of the First Expansion Commencement Date, Landlord shall promptly correct the same at its sole cost. 
 10.
Security Deposit. The Security Deposit shall be increased in the amount of One Hundred Sixteen Thousand Five Hundred Sixty-Nine Dollars ($116,569), for a total Security Deposit of Six Hundred Seventy-Nine Thousand Sixty-Nine Dollars
($679,069), and the increase shall be payable to Landlord on or before the date that is one (1) week after the First Amendment Execution Date. 
 11. Second Floor Expansion Option. In accordance with Section 45.2 of the Lease, as a result of Tenant exercising a Third Floor Expansion Option prior to the Term Commencement Date,
Tenant shall receive a Second Floor Expansion Option on approximately nineteen thousand four hundred four (19,404) square feet of Rentable Area depicted on Exhibit E attached hereto (such space, Second Floor Expansion Space, as defined
in Section 45.2 of the Lease). Any exercise of the aforementioned Second Floor Expansion Option shall be for the entirety of the aforementioned Second Floor Expansion Space, shall be exercisable as set forth in Section 45.3
of the Lease and shall otherwise be in accordance with Article 45 of the Lease. 

  
 6 

 12. Sales Tax Deferral. Sales and Use Tax otherwise applicable to the First Expansion Improvements,
the Additional Scope and any Shortfall Work may be eligible for the Tax Deferral. Any such eligible construction shall be included in the term “Qualifying Investment.” Any Tax Deferral received as a result of work in connection with
this First Amendment shall be included in the Actual Deferral and shall be subject to Section 4.7 of the Lease; provided, however, that Landlord has previously satisfied its obligation in such Section to file an application with
the DOR seeking the Tax Deferral. 
 13. Broker. 
 13.1. Tenant represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this First Amendment, other than Kinzer Real Estate Services and Pallis
Realty Advisors Inc. (individually and collectively, “Tenant Broker”), and agrees to indemnify, defend and hold Landlord harmless from any and all cost or liability for compensation claimed by any such broker or agent, including
Tenant Broker, employed or engaged by it or claiming to have been employed or engaged by it. Notwithstanding the foregoing, Tenant shall not be required to indemnify Landlord for the commission owed by Landlord pursuant to that certain agreement
dated as of December 1, 2011 by and between Landlord and Tenant Broker (the “Tenant Broker Commission”). 

13.2. Landlord represents and warrants that it has not dealt with any broker or agent in the negotiation for or the obtaining of this
First Amendment, other than CBRE, Inc. (“Landlord Broker”), and agrees to indemnify, defend and hold Tenant harmless from any all cost or liability for compensation claimed by any such broker or agent, including Landlord Broker,
employed or engaged by it or claiming to have been employed or engaged by it. Notwithstanding the foregoing, Landlord further agrees to indemnify, defend and hold Tenant harmless from the Tenant Broker Commission. 

14. No Default. Landlord and Tenant each represent, warrant and covenant that, as of the First Amendment Execution Date, to the best of their
knowledge, the other party is not in default of any of their respective obligations under the Lease and no event has occurred that, with the passage of time or the giving of notice (or both) would constitute a default by either Landlord or Tenant
thereunder. 
 15. Notices. Tenant confirms that, notwithstanding anything in the Lease to the contrary, from and after the Term
Commencement Date, notices delivered to Tenant pursuant to the Amended Lease should be sent to: 
 Omeros
Corporation 
 201 Elliott Avenue West 

Seattle, Washington 98119 
 Attn: Chief Executive Officer 
 E-mail: gdemopulos@omeros.com;

  
 7 

 with a copy to: 

Omeros Corporation 
 201 Elliott Avenue West 
 Seattle, Washington 98119 

Attn: General Counsel 
 E-mail: mkelbon@omeros.com. 
 Tenant confirms that, prior to the Term Commencement Date, notices
delivered to Tenant pursuant to the Amended Lease should be sent to the address set forth in Section 2.10 of the Lease. 
 16.
Effect of First Amendment. Except as modified by this First Amendment, the Lease and all the covenants, agreements, terms, provisions and conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. The
covenants, agreements, terms, provisions and conditions contained in this First Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and, except as otherwise provided in the Lease, their respective
assigns. In the event of any conflict between the terms contained in this First Amendment and the Lease, the terms herein contained shall supersede and control the obligations and liabilities of the parties. From and after the date hereof, the term
“Lease” as used in the Lease shall mean the Lease, as modified by this First Amendment. 
 17. Miscellaneous. This First
Amendment becomes effective only upon execution and delivery hereof by Landlord and Tenant. The captions of the paragraphs and subparagraphs in this First Amendment are inserted and included solely for convenience and shall not be considered or
given any effect in construing the provisions hereof. All exhibits hereto are incorporated herein by reference. Submission of this instrument for examination or signature by Tenant does not constitute a reservation of or option for a lease, and
shall not be effective as a lease, lease amendment or otherwise until execution by and delivery to both Landlord and Tenant. 
 18.
Counterparts. This First Amendment may be executed in one or more counterparts, each of which, when taken together, shall constitute one and the same document. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, Landlord and Tenant have hereunto set their hands as of the date and
year first above written, and acknowledge that they possess the requisite authority to enter into this transaction and to execute this First Amendment. 
 LANDLORD: 
 BMR-201 ELLIOTT AVENUE LLC, 

a Delaware limited liability company 
  

			
	By:	 	/s/ Kevin M. Simonsen
	Name:	 	Kevin M. Simonsen
	Title:	 	VP, Real Estate Counsel

 TENANT: 
 OMEROS CORPORATION, 
 a Washington corporation 

 

			
	By:	 	/s/ Gregory A. Demopulos
	Name:	 	Gregory A. Demopulos, M.D.
	Title:	 	Chairman and CEOAircraft Time Sharing Agreement

 Exhibit 10.1 
 AIRCRAFT TIME SHARING AGREEMENT 
 THIS AIRCRAFT TIME SHARING AGREEMENT (the
“Agreement’) is made and entered into effective November 7, 2012, by and between Visa Inc., a Delaware corporation (the “Company”), and Charles W. Scharf (the “Executive”).  

RECITALS 

WHEREAS, Company owns and/or operates the aircraft (individually and/or collectively, as the case may be, the
“Aircraft”) listed on Schedule A hereto for business use by employees and non-employee directors of the Company; and 
 WHEREAS, Company has agreed to make the Aircraft, with flight crew, available to Executive for personal travel on a non-exclusive time sharing basis in accordance with Section 91.501(c)(1) of the Federal
Aviation Regulations (“FAR”); and 
 WHEREAS, Executive agrees to reimburse Company for the personal use of the
Aircraft as permitted under the FAR and pursuant to the terms of this Agreement, which sets forth the understanding of the parties; 
 NOW, THEREFORE, in consideration of the foregoing and the provisions of this Agreement, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 1. Term. The term of this Agreement (the “Term”) shall commence on the date
hereof and shall continue until terminated by either party on written notice to the other party, such termination to become effective ten (10) days from the date of the notice; provided, however, that this Agreement may be terminated by Company
on such shorter notice as may be required for Company to comply with applicable law, regulations, the requirements of any financial institution with a security or other interest in the Aircraft, insurance requirements, or in the event the insurance
required hereunder is not in full force and effect. This Agreement also shall terminate automatically on the date Executive ceases to serve as Company’s Chief Executive Officer. Notwithstanding the foregoing, any provisions directly or
indirectly related to Executive’s payment obligations for flights completed prior to the date of termination and the limitation of liability provisions in Section 11 shall survive the termination of this Agreement. 

2. Provision of Aircraft and Crew. Subject to Aircraft availability and Section 4 of this Agreement, Company
agrees to provide to Executive the Aircraft and flight crew on a time sharing basis, as defined in Sections 91.501(c)(1) and 91.501(d) of the FAR. Company shall provide, at its sole expense, qualified flight crew for all flight operations under this
Agreement. If Company becomes the owner and/or operator of any aircraft not listed on Schedule A hereto, Schedule A shall be modified to include such aircraft as an Aircraft covered by this Agreement, and thereafter this Agreement
shall remain in full force and effect with respect to such Aircraft and each of the other Aircraft identified thereon, if any. If Company is no longer the owner and/or operator of any of the Aircraft, Schedule A shall be deemed amended to
delete any 

  
 - 1 - 

 
reference to such Aircraft and this Agreement shall be terminated as to such Aircraft but shall remain in full force and effect with respect to each of the other Aircraft identified thereon, if
any. No such termination shall affect any of the rights and obligations of the parties accrued or incurred prior to such termination. 
 3. Expenses. 
 (a) Reimbursement. For each flight
conducted under this Agreement (including return and deadhead flights, as described in Section 6(c)), Executive shall pay Company an amount (as determined by Company in its sole discretion) equal to the lesser of (i) the amount that would,
absent reimbursement, be reportable with respect to Executive in the Summary Compensation Table of Company’s Proxy Statement (as determined by Company in its sole and absolute discretion in accordance with Item 402 of Regulation S-K (17
CFR 229.402), including any amendments or successor rules thereto) (the “SEC Cost”), or (ii) the expenses of operating such flight that may be charged pursuant to FAR Section 91.501(d) as in effect from time to time (the
“FAR Expenses”). Under no circumstances shall Executive pay Company more than the maximum amount of expense reimbursement allowed under FAR Section 91.501(d) for any flight. 

(b) SEC Cost. For purposes of this Agreement, the SEC Cost shall include, but not be limited to, the following
variable operating costs: aircraft fuel and oil, hourly engine program charges, communication, catering, allowance for maintenance and maintenance programs, contract pilots and cabin coordinators, flight crew expenses, flight crew meals, aircraft
expenses, cleaning, landing and ground services, navigation, landing fees, parking charges and flight costs associated with repositioning the Aircraft in connection with deadhead flights (as described in Section 6(c) of this Agreement).

 (c) FAR Expenses. As of the date of this Agreement, FAR Expenses are limited to the following costs:

  

	 	 i.
	 Fuel, oil, lubricants, and other additives; 

  

	 	 ii.
	 Travel expenses of the crew, including food, lodging, and ground transportation; 

 

	 	 iii.
	 Hangar and tie-down costs away from the Aircraft’s base of operation; 

 

	 	 iv.
	 Insurance obtained for the specific flight as per Section 9(b); 

 

	 	 v.
	 Landing fees, airport taxes, and similar assessments; 

 

	 	 vi.
	 Customs, foreign permit, and similar fees directly related to the flight; 

 

	 	 vii.
	 In-flight food and beverages; 

  

	 	 viii.
	 Executive ground transportation; 

  

	 	 ix.
	 Flight planning and weather contract services; and 

 

	 	 x.
	 An additional charge equal to one hundred percent (100%) of the expenses listed in subsection (i) above. 

  
 - 2 - 

 4. Annual Cap. Company’s obligation to provide Executive the
Aircraft and flight crew for personal use in any fiscal year shall cease at such time as the total cost of Executive’s personal travel (which includes both personal travel by Executive and his guests) equals $500,000, as determined by Company
using the lesser of (i) the SEC Cost and (ii) the FAR Expenses. 
 5. Invoicing and Payment. All
payments to be made to Company by Executive hereunder shall be paid in the manner set forth in this Section. Company will pay, or cause to be paid, the expenses related to the operation of the Aircraft hereunder in the ordinary course. Company shall
provide or cause to be provided to Executive a monthly invoice, within fifteen (15) days after the end of each month, that shows the personal use of the Aircraft by Executive pursuant to this Agreement during that month and provides a complete
accounting detailing all amounts that are payable by Executive pursuant to Section 3 for that month (plus applicable domestic or international air transportation excise taxes, and any other fees, taxes or charges assessed on Executive by and
remitted to a government agency or airport authority). Executive shall pay all amounts due under the invoice not later than fifteen (15) days after receipt thereof. In the event Company has not received all supplier invoices for reimbursable
charges relating to personal use of the Aircraft prior to the date of the invoice, Company shall issue supplemental invoices for such charges to Executive, and Executive shall pay each supplemental invoice within fifteen (15) days after receipt
thereof. 
 6. Scheduling Flights. 

(a) Flight Requests. Executive shall provide Company with flight requests for Executive’s personal travel to be
undertaken pursuant to this Agreement and proposed flight schedules as far in advance of Executive’s desired departure date as possible. Flight requests shall be made by Executive in a form that is acceptable to Company. Company shall have sole
and exclusive authority over the scheduling of the Aircraft. Company shall not be liable to Executive or any other person for loss, injury, or damage occasioned by the delay or failure to furnish the Aircraft and crew pursuant to this Agreement for
any reason. In addition to requested schedules and departure times, Executive shall provide at least the following information for each proposed flight reasonably in advance of the desired departure time as reasonably required by Company or its
flight crew: 
  

	 	 i.
	 Departure point; 

  

	 	 ii.
	 Destination; 

  

	 	 iii.
	 Date and time of flight; 

  

	 	 iv.
	 Number and identity of anticipated passengers; 

 

	 	 v.
	 Nature and extent of luggage and/or cargo expected to be carried; 

 

	 	 vi.
	 Date and time of return flight, if any; and 

  

	 	 vii.
	 Any other information concerning the proposed flight that may be pertinent to or required by Company, its flight crew, or governmental entities.

  
 - 3 - 

 (b) Approval of Flight Requests. Subject to Aircraft and crew
availability, Company shall use its good faith efforts, consistent with its approved policies, to accommodate Executive’s needs and avoid conflicts in scheduling. Although every good faith effort shall be made to avoid its occurrence, any
flights scheduled under this Agreement are subject to cancellation by either party without incurring liability to the other party. In the event of a cancellation, the canceling party shall provide the maximum notice reasonably practicable.

 (c) Repositioning of Aircraft. In the absence of another flight scheduled on the Aircraft by Executive or
another scheduled business trip, the Aircraft may remain at the destination until its next required use. In the event the Aircraft must be repositioned, this Agreement shall be implemented such that all costs of deadhead flights (up to the amount
described in Section 3) shall be borne by Executive if such flights are attributable to the personal use of the Aircraft and would be reportable in the Summary Compensation Table for Executive absent reimbursement. 

7. Flight Operations. 

(a) Operational Control and Authority. Company shall be responsible for the physical and technical operation of the
Aircraft and the safe performance of all flights under this Agreement, and shall retain full authority and control, including exclusive operational control and exclusive possession, command and control of the Aircraft for all flights under this
Agreement. 
 (b) Flight Crew. Company shall furnish at its expense a fully qualified flight crew with
appropriate credentials to conduct each flight undertaken under this Agreement and included on the insurance policies that Company is required to maintain hereunder. In accordance with applicable FAR, the qualified flight crew provided by Company
will exercise all required and/or appropriate duties and responsibilities in regard to the safety of each flight conducted hereunder. 
 (c) Authority of Pilot-in-Command. The pilot-in-command shall have absolute discretion in all matters concerning the preparation of the Aircraft for flight and the flight itself, the load carried and
its distribution, the decision whether or not a flight shall be undertaken, the route to be flown, the place where landings shall be made, and all other matters relating to operation of the Aircraft. Executive specifically agrees that the flight
crew shall have final and complete authority to delay or cancel any flight for any reason or condition that in the sole judgment of the pilot-in-command could compromise the safety of the flight, and to take any other action that in the sole
judgment of the pilot-in-command is necessitated by considerations of safety. No such action of the pilot-in-command shall create or support any liability to Executive or any other person for loss, injury, damage or delay. Company’s operation
of the Aircraft hereunder shall be strictly within the guidelines and policies established by Company and FAR Part 91. 

8. Aircraft Maintenance. Company shall, at its own expense, cause the Aircraft to be inspected, maintained, serviced,
repaired, overhauled, and tested in accordance with FAR Part 91 so that the Aircraft will remain in good operating condition and in a condition consistent with its airworthiness certification and shall take such requirements into account in
scheduling the 

  
 - 4 - 

 
Aircraft hereunder, including but not limited compliance with applicable airworthiness directives and service bulletins. Performance of maintenance, preventive maintenance or inspection shall not
be delayed or postponed for the purpose of scheduling the Aircraft unless such maintenance or inspection can safely be conducted at a later time in compliance with applicable laws, regulations and requirements, and such delay or postponement is
consistent with the sound discretion of the pilot-in-command. In the event that any non-standard maintenance is required during the term and will interfere with Executive’s requested or scheduled flights, Company, or Company’s
pilot-in-command, shall notify Executive of the maintenance required, the effect on the ability to comply with Executive’s requested or scheduled flights and the manner in which the parties will proceed with the performance of such maintenance
and conduct of such flight(s). In no event shall Company be liable to Executive or any other person for loss, injury or damage occasioned by the delay or failure to furnish the Aircraft under this Agreement, whether or not maintenance-related.

 9. Insurance. 
 (a) Aviation Liability and Hull Insurance Policy. Company, at its expense, will maintain or cause to be maintained in full force and effect throughout the Term of this Agreement an aviation liability
and hull insurance policy including: aviation liability insurance against bodily injury and property damage claims arising out of the use of the Aircraft in an amount not less than $250 Million for each occurrence; and breach of warranty and hull
insurance for the Aircraft in amounts determined by Company at its sole discretion. The aviation liability coverage shall include Executive as an insured, and include a severability of interest provision providing that the insurance shall apply
separately to each insured against whom a claim is made, except as respects the limits of liability. The aviation liability and hull insurance coverage shall include provisions whereby the insurer(s) waive all rights of subrogation they may have or
acquire against Executive and shall permit the use of the Aircraft by Company for compensation or hire as provided in Section 91.501 of the FAR. 
 (b) Additional Insurance. Company shall use reasonable commercial efforts to provide such additional insurance for specific flights under this Agreement as Executive may reasonably request. Executive
acknowledges that any trips scheduled to areas not currently covered by existing policies may require Company to purchase additional insurance to comply with applicable regulations, and Company shall be required to maintain or cause to be maintained
such additional insurance. The cost of all flight-specific insurance shall be borne by Executive as provided in Section 3 above. 
 10. Use of Aircraft. Executive represents and warrants that: 
 (a)
Executive will use the Aircraft under this Agreement for and only for his own account, including the carriage of his guests, and will not use the Aircraft for the purpose of providing transportation of executives or cargo for compensation or
hire or for common carriage; 
 (b) Executive will not permit any lien, security interest or other charge or
encumbrance to attach against the Aircraft as a result of his actions or inactions, and shall not attempt to convey, mortgage, assign, lease or in any way alienate the Aircraft or Company’s

  
 - 5 - 

 
rights hereunder or create any kind of lien or security interest involving the Aircraft or do anything or take any action that might mature into such a lien; and 

(c) During the Term of this Agreement, Executive will abide by and conform to all such laws, governmental and airport
orders, rules, and regulations as shall from time to time be in effect relating in any way to the operation or use of the Aircraft by a lessee under a time sharing arrangement and all applicable policies of Company. 

11. Limitation of Liability. NEITHER COMPANY (NOR ITS AFFILIATES) MAKES, HAS MADE OR SHALL BE DEEMED TO
MAKE OR HAVE MADE ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO ANY AIRCRAFT TO BE USED HEREUNDER OR ANY ENGINE OR COMPONENT THEREOF INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE
WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, AIRWORTHINESS, SAFETY, PATENT, TRADEMARK OR COPYRIGHT INFRINGEMENT OR TITLE. IN NO EVENT SHALL COMPANY OR ANY OF ITS AFFILIATES,
SHAREHOLDERS, DIRECTORS, OFFICERS, EMPLOYEES, OR AGENTS BE LIABLE FOR OR HAVE ANY DUTY FOR INDEMNIFICATION OR CONTRIBUTION TO EXECUTIVE OR EXECUTIVE’S GUESTS FOR ANY CLAIMED LIABILITIES, LOSSES, OR INDIRECT, SPECIAL, CONSEQUENTIAL, OR PUNITIVE
DAMAGES RESULTING FROM OR ARISING OUT OF THE USE OR OPERATION OF THE AIRCRAFT PURSUANT TO THIS AGREEMENT (ALTOGETHER, THE “LOSSES”), REGARDLESS OF WHETHER SUCH LOSSES ARISE OUT OF OR ARE CAUSED BY, IN WHOLE OR IN PART, THE COMPANY’S
NEGLIGENCE, GROSS NEGLIGENCE, OR STRICT LIABILITY OR WHETHER THE COMPANY KNEW OR SHOULD HAVE KNOWN OF THE POSSIBILITY OF SUCH LOSSES. 
 The provisions of this Section 11 shall survive the termination or expiration of this Agreement. 
 12. Risk of Loss. Company assumes and shall bear the entire risk of loss, theft, confiscation, damage to, or destruction of the Aircraft from any cause whatsoever. 

13. Base of Operations. For purposes of this Agreement, the base of operations of the Aircraft is Oakland,
California, provided that such base may be changed at Company’s sole discretion upon notice from Company to Executive. 
 14. Copy of Agreement in Aircraft. A copy of this Agreement shall be carried in the Aircraft and available for review at the request of the Federal Aviation Administration on all flights conducted
pursuant to this Agreement. 
 15. Notices and Communications. All notices and other communications under
this Agreement shall be in writing (except as permitted in Section 6) and shall be given (and shall be deemed to have been duly given upon receipt or refusal to accept receipt) by personal delivery, by facsimile or electronic mail (with a
simultaneous confirmation copy sent by first class mail 

  
 - 6 - 

 
properly addressed and postage prepaid), or by a reputable overnight courier service, addressed as follows: 
  

			
	 If to Company:
	 	 Visa Inc.

		 	 c/o General Counsel

		 	 900 Metro Center Blvd.

		 	 Foster City, California 94404

		
	 If to Executive:
	 	 Charles W. Scharf

		 	 c/o Vedder Price P.C.

		 	 222 North LaSalle Street, Suite 2600

		 	 Chicago, Illinois 60601

		 	 Attention: Robert J. Stucker, Esq.

 The address of a party may be changed from time to time by such party by written notice to the other party.

 16. Entire Agreement. This Agreement constitutes the entire understanding between the parties with
respect to its subject matter, and there are no representations, warranties, rights, obligations, liabilities, conditions, covenants, or agreements relating to such subject matter that are not expressly set forth herein. 

17. Further Acts. Company and Executive shall from time to time perform such other and further acts and execute such
other and further instruments as may be required by law or may be reasonably necessary (i) to carry out the intent and purpose of this Agreement, and (ii) to establish, maintain and protect the respective rights and remedies of the other
party. 
 18. Non-Assignment. Neither this Agreement nor any party’s interest hereunder shall be
assignable to any person whatsoever. This Agreement shall inure to the benefit of, and be binding on the parties hereto and their respective heirs, executors, administrators, successors and assigns. 

19. Taxes. Executive shall be responsible for paying, and Company shall be responsible for collecting from Executive
and paying over to the appropriate authorities, all applicable Federal excise taxes imposed under Section 4261 of the Internal Revenue Code of 1986, as amended, and all sales, use and other excise taxes imposed by any authority in connection
with the use of the Aircraft by Executive hereunder. 
 20. Governing Law and Consent to Jurisdiction. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of California, without regard to principles of conflicts of laws. 
 21. Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable, the legality, validity and enforceability of the remaining provisions shall not be affected or
impaired.  

  
 - 7 - 

 22. Amendment or Modification. This Agreement may be amended, modified
or terminated only in writing duly executed by the parties hereto. 
 23. Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same Agreement, binding on all the parties notwithstanding that all the parties are not signatories to the same
counterpart. 
 24. Truth-in-Leasing Compliance. Company, on behalf of Executive, shall
(i) deliver a copy of this Agreement to the Federal Aviation Administration, Aircraft Registration Branch, Attn: Technical Section, P.O. Box 25724, Oklahoma City, Oklahoma 73125 within 24 hours of its execution, (ii) notify the appropriate
Flight Standards District Office at least 48 hours prior to the first flight under this Agreement of the registration number of the Aircraft, and the location of the airport of departure and departure time for such flight, and (iii) carry a
copy of this Agreement onboard the Aircraft at all times when the Aircraft is being operated under this Agreement. 

25. TRUTH-IN-LEASING STATEMENT PURSUANT TO SECTION 91.23 OF THE FAR. 

COMPANY CERTIFIES THAT EACH OF THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED DURING THE 12-MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT
(OR SUCH SHORTER PERIOD AS OPERATOR SHALL HAVE POSSESSED THE AIRCRAFT) IN ACCORDANCE WITH THE PROVISIONS OF PART 91 OF THE FEDERAL AVIATION REGULATIONS. EACH OF THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN COMPLIANCE WITH THE MAINTENANCE AND
INSPECTION REQUIREMENTS FOR ALL OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 
 COMPANY AGREES, CERTIFIES AND ACKNOWLEDGES, AS
EVIDENCED BY ITS SIGNATURE BELOW, THAT WHENEVER ANY OF THE AIRCRAFT IS OPERATED UNDER THIS AGREEMENT, COMPANY SHALL BE KNOWN AS, CONSIDERED, AND SHALL IN FACT BE THE OPERATOR OF THE AIRCRAFT, AND THAT COMPANY UNDERSTANDS ITS RESPONSIBILITIES FOR
COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 
 THE PARTIES UNDERSTAND THAT AN EXPLANATION OF FACTORS AND PERTINENT
FEDERAL AVIATION REGULATIONS BEARING ON OPERATIONAL CONTROL CAN BE OBTAINED FROM THE NEAREST FAA FLIGHT STANDARDS DISTRICT OFFICE. 

  
 - 8 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed
on the day and year first above written. 
  

							
	 Visa Inc.
	 		 	 Charles W. Scharf

				
	 By:
	 	 /s/ Byron H. Pollitt
	 		 	 /s/ Charles W. Scharf

				
	 Name:
	 	 Byron H. Pollitt
	 		 	
				
	 Title:
	 	 Chief Financial Officer
	 		 	

  
 - 9 - 

 SCHEDULE A 

 

					
	 Type of Aircraft
	  	 U.S. Registration Number
	  	 Manufacturer Serial Number

	  
  

GULFSTREAM GV-SP (550)
  
	  	  

 
 N107VS

 
	  	  

 
 5043

 

	 [        ]
	  	 [      ]
	  	
[    ]

 

	 [        ]
	  	 [      ]
	  	
[    ]

 

	 [        ]
	  	 [      ]
	  	
[    ]

 

  
 - 10 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00209-of-00352.parquet"}]]