Document:

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                                                                    EXHIBIT 10.1

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                              Array BioPharma Inc.

                             1998 STOCK OPTION PLAN

                             Effective July 1, 1998

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                              Array BioPharma Inc.

                             1998 STOCK OPTION PLAN

                                TABLE OF CONTENTS

<TABLE>
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<S>                                                                                                            <C>
ARTICLE I - INTRODUCTION........................................................................................-1-
        1.1     Establishment...................................................................................-1-
        1.2     Purposes........................................................................................-1-
        1.3     Effective Date..................................................................................-1-

ARTICLE II - DEFINITIONS........................................................................................-1-

ARTICLE III - PLAN ADMINISTRATION...............................................................................-3-

ARTICLE IV - STOCK SUBJECT TO THE PLAN..........................................................................-3-
        4.1     Number of Shares................................................................................-3-
        4.2     Adjustments for Stock Split, Stock Dividend, Etc................................................-4-
        4.3     Adjustments for Certain Distributions of Property...............................................-4-
        4.4     Distributions of Capital Stock and Indebtedness.................................................-4-
        4.5     No Rights as Shareholder........................................................................-4-
        4.6     Fractional Shares...............................................................................-4-
        4.7     Determination by the Committee, Etc.............................................................-5-

ARTICLE V - PARTICIPATION.......................................................................................-5-

ARTICLE VI - STOCK OPTIONS......................................................................................-5-
        6.1     Grant of Options to Eligible Employees and Eligible Consultants.................................-5-
        6.2     Option Certificates.............................................................................-6-
        6.3     Certain Option Terms............................................................................-6-
                (a)      Number of Shares.......................................................................-6-
                (b)      Price..................................................................................-6-
                (c)      Duration and Exercise of Options.......................................................-6-
                (d)      Termination of Employment or Service, Death, Disability, Etc...........................-6-
                (e)      Exercise, Payments, Etc................................................................-7-
                (f)      Withholding............................................................................-8-
        6.4     Restrictions on Incentive Stock Options.........................................................-9-
                (a)      Initial Exercise.......................................................................-9-
                (b)      Ten Percent Shareholders...............................................................-9-
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<TABLE>

<S>                                                                                                            <C>
ARTICLE VII - CORPORATE REORGANIZATION; CHANGE OF CONTROL.......................................................-9-
        7.1     Reorganization..................................................................................-9-
        7.2     Required Notice.................................................................................-9-
        7.3     Acceleration of Exercisability.................................................................-10-
        7.4     Change of Control..............................................................................-10-

ARTICLE VIII - EMPLOYMENT; TRANSFERABILITY.....................................................................-10-
        8.1     Employment.....................................................................................-10-
        8.2     Other Employee Benefits........................................................................-10-
        8.3     Transferability................................................................................-11-

ARTICLE IX - SECURITIES LAW RESTRICTIONS.......................................................................-11-

ARTICLE X - WITHHOLDING........................................................................................-11-
        10.1    Withholding Requirement........................................................................-11-
        10.2    Withholding With Stock.........................................................................-11-

ARTICLE XI - MISCELLANEOUS.....................................................................................-12-
        11.1    Expiration.....................................................................................-12-
        11.2    Amendments, Etc................................................................................-12-
        11.3    Treatment of Proceeds..........................................................................-12-
        11.4    Section Headings...............................................................................-12-
        11.5    Severability...................................................................................-12-
        11.6    Gender and Number..............................................................................-12-
</TABLE>

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                              Array BioPharma Inc.

                             1998 STOCK OPTION PLAN

                                    ARTICLE I

                                  INTRODUCTION

         1.1 Establishment. Array BioPharma Inc., a Delaware corporation (the
"Company") hereby establishes the Array BioPharma Inc. 1998 Stock Option Plan
(the "Plan") for certain employees and consultants of the Company.

         1.2 Purposes. The purposes of the Plan are to provide those who are
selected for participation in the Plan with added incentive to continue in the
long-term service of the Company and to create in such persons a more direct
interest in the future success of the operations of the Company by relating
incentive compensation to increases in shareholder value, so that the income of
those participating in the Plan is more closely aligned with the income of the
Company's shareholders. The Plan is also designed to provide a financial
incentive that will help the Company attract, retain and motivate the most
qualified employees and consultants.

         1.3 Effective Date. The effective date of the Plan shall be July 1,
1998 (the "Effective Date"), subject to approval by the affirmative votes of the
holders of a majority of the shares of the Company present or represented and
entitled to vote at a meeting duly held in accordance with law within one year
following the Effective Date. If the shareholders of the Company do not approve
the Plan as specified above, Options granted under the Plan shall be deemed to
be rescinded without any further action by the Board or the Company, and the
Plan shall automatically terminate.

                                   ARTICLE II

                                   DEFINITIONS

         The following terms shall have the meanings set forth below:

                  (a) "Board" means the Board of Directors of the Company.

                  (b) "Code" means the Internal Revenue Code of 1986, as amended
from time to time.

                  (c) "Committee" means the committee designated or appointed
pursuant to Article III.

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                  (d) "Disabled" or "Disability" shall have the meaning given to
such terms in Section 22(e)(3) of the Code.

                  (e) "Eligible Consultants" means those consultants and other
individuals who provide services to the Company and whose judgment, initiative
and effort are important to the Company for the management and growth of its
business. For purposes of the Plan, Directors of the Company shall be considered
consultants, unless also employees. For purposes of the Plan, Eligible
Consultants include only those individuals who do not receive wages subject to
the withholding of federal income tax under Section 3401 of the Code.

                  (g) "Eligible Employees" means those employees (including,
without limitation, officers and directors who are also employees) of the
Company, whose judgment, initiative and efforts are important to the Company for
the growth of its business. For purposes of the Plan, an employee is an
individual whose wages are subject to the withholding of federal income tax
under Section 3401 of the Code. A determination by the Committee to grant
Options to an employee shall be controlling.

                  (h) "Fair Market Value" of a share of Stock shall be the last
reported sale price of the Stock on the NASDAQ National Market on the day the
determination is to be made, or if no sale took place on such day, the average
of the closing bid and asked prices of the Stock on the NASDAQ National Market
on such day, or if the market is closed on such day, the last day prior to the
date of determination on which the market was open for the transaction of
business, as reported by NASDAQ. If, however, the Stock should be listed or
admitted for trading on a national securities exchange, the Fair Market Value of
a share of the Stock shall be the last sales price, or if no sales took place,
the average of the closing bid and asked prices on the day the determination is
to be made, or if the market is closed on such day, the last day prior to the
date of determination on which the market was open for the transaction of
business, as reported in the principal consolidated transaction reporting system
for the principal national securities exchange on which the Stock is listed or
admitted for trading. If the Stock is not listed or traded on NASDAQ or on any
national securities exchange, the Fair Market Value of the Stock for purposes of
the grant of Options under the Plan shall be determined by the Committee in good
faith.

                  (i) "Incentive Stock Option" means any Option designated as
such and granted in accordance with the requirements of Section 422 of the Code.

                  (j) "Non-Qualified Option" means any Option other than an
Incentive Stock Option.

                  (k) "Option" means a right granted under the Plan to purchase
Stock at a stated price for a specified period of time.

                  (l) "Option Certificate" shall have the meaning given to such
term in Section 6.2.

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                  (m) "Option Holder" means an Eligible Employee or Eligible
Consultant designated by the Committee from time to time during the term of the
Plan to receive one or more Options under the Plan.

                  (n) "Option Price" means the price at which shares of Stock
subject to an Option may be purchased, determined in accordance with subsection
6.3(b).

                  (o) "Share" means a share of Stock.

                  (p) "Stock" means the common stock of the Company.

                                   ARTICLE III

                               PLAN ADMINISTRATION

         Initially, the Committee shall consist of the entire Board. The Board
may at any time designate some of its members to constitute the Committee. The
Committee shall be responsible for administration of the Plan and is empowered
hereunder to take actions in administration of the Plan. If the Committee does
not consist of the entire Board, members of the Committee shall be appointed
from time to time by the Board, shall serve at the pleasure of the Board and may
resign at any time upon written notice to the Board. The Committee shall
determine the form or forms of the Option Certificates and other agreements with
Option Holders which shall evidence the particular provisions, terms,
conditions, rights and duties of the Company and the Option Holders with respect
to Options granted pursuant to the Plan, which provisions need not be identical
except as may be provided herein. The Committee may from time to time adopt such
rules and regulations for carrying out the purposes of the Plan as it may deem
proper and in the best interests of the Company. The Committee may correct any
defect, supply any omission or reconcile any inconsistency in the Plan or in any
agreement entered into hereunder in the manner and to the extent it shall deem
expedient and it shall be the sole and final judge of such expediency. No member
of the Committee shall be liable for any action or determination made in good
faith. The determinations, interpretations and other actions of the Committee
pursuant to the provisions of the Plan shall be binding and conclusive for all
purposes and on all persons.

                                   ARTICLE IV

                            STOCK SUBJECT TO THE PLAN

         4.1 Number of Shares. The total number of Shares as to which Options
may be granted pursuant to the Plan shall be 1,107,500 in the aggregate. Such
number shall be adjusted in accordance with the provisions of Section 4.2.
Shares issued upon the exercise of Options shall be applied to reduce the
maximum number of Shares remaining available for use under the Plan. Shares
underlying Options that expire or terminate unexercised are available for grant
of Options under the Plan. Shares used to pay the Option Price, and shares
transferred to or withheld by the Company in satisfaction of withholding tax
obligations, are not available for the grant of Options under the Plan.

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The Company shall at all times during the term of the Plan and while any Options
are outstanding retain as authorized and unissued Stock, or as treasury Stock,
at least the number of Shares from time to time required under the provisions of
the Plan, or otherwise assure itself of its ability to perform its obligations
hereunder.

         4.2 Adjustments for Stock Split, Stock Dividend, Etc. If the Company
shall at any time increase or decrease the number of its outstanding Shares by
means of payment of a stock dividend or any other distribution upon such Shares
payable in Stock, or through a stock split, subdivision, consolidation,
combination, reclassification or recapitalization involving the Stock, or change
in any way the rights and privileges of such Shares, then the numbers, rights
and privileges of both (a) the Shares as to which Options may be granted under
the Plan and (b) the Shares then subject to each outstanding Option shall be
increased, decreased or changed in like manner as if the corresponding Shares
had been issued and outstanding, fully paid and nonassessable at the time of
such occurrence. Upon any occurrence described in this Section 4.2, the total
Option Price under each then outstanding Option (i.e., the Option Price per
share multiplied by the number of shares subject to the Option immediately
before such occurrence) shall remain unchanged but shall be apportioned ratably
over the increased or decreased number of Shares subject to the Option.

         4.3 Adjustments for Certain Distributions of Property. If the Company
shall at any time distribute with respect to its Stock assets or securities of
other persons (excluding cash dividends or distributions payable out of capital
surplus and dividends or other distributions referred to in Sections 4.2 or
4.4), then either (a) the Option Price of outstanding Options shall be adjusted
to reflect the fair market value of the assets or securities distributed, (b)
the Company shall provide for the delivery upon exercise of such Options of cash
in an amount equal to the fair market value of the assets or securities
distributed or (c) a combination of such actions shall be taken, all as
determined by the Committee in its discretion, which determination need not be
the same for all holders of options granted by the Company. Fair market value of
the assets or securities distributed for this purpose shall be as determined by
the Committee.

         4.4 Distributions of Capital Stock and Indebtedness. If the Company
shall at any time distribute with respect to its Stock shares of its capital
stock (other than Stock) or evidences of indebtedness, then a proportionate part
of such capital stock and evidences of indebtedness shall be set aside for each
outstanding Option and, upon the exercise of such Option, delivered to the
Option Holder.

         4.5 No Rights as Shareholder. An Option Holder shall have none of the
rights of a shareholder with respect to the Shares subject to an Option until
such Shares are transferred to the Option Holder upon the exercise of such
Option. Except as provided in this Article IV, no adjustment shall be made for
dividends, rights or other property distributed to shareholders (whether
ordinary or extraordinary) for which the record date is prior to the date such
Shares are so transferred.

         4.6 Fractional Shares. No adjustment or substitution provided for in
this Article IV shall require the Company to issue a fractional share. The total
substitution or adjustment with respect to each Option shall be limited by
deleting any fractional share.

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         4.7 Determination by the Committee, Etc. Adjustments under this Article
IV shall be made by the Committee, whose determinations with regard thereto
shall be final and binding.

                                    ARTICLE V

                                  PARTICIPATION

         In accordance with the provisions of the Plan, the Committee shall, in
its sole discretion, select Option Holders from among Eligible Employees and
Eligible Consultants to whom Options will be granted and shall specify the
number of Shares subject to each Option and such other terms and conditions of
each Option as the Committee may deem necessary or desirable and consistent with
the terms of the Plan. Eligible Employees shall be selected from the employees
of the Company who are performing services in the management, operation and
growth of the Company, and contribute, or are expected to contribute, to the
achievement of long-term corporate objectives. Eligible Consultants shall be
selected from the consultants and other individuals who provide services to the
Company with respect to the operation and growth of the Company and who
contribute, or are expected to contribute, to the achievement of long-term
corporate objectives. Generally, it is anticipated that the Company will grant
options only to Eligible Consultants who are Directors of the Company who do not
otherwise own stock in the Company. Eligible Employees and Eligible Consultants
may be granted one or more Options from time-to-time. The grant of each such
Option shall be separately approved by the Committee, and receipt of one such
Option shall not result in automatic receipt of any other Option. Upon
determination by the Committee that an Option is to be granted to an Eligible
Employee or Eligible Consultant, written notice shall be given to such person,
specifying the terms, conditions, rights and duties related thereto.

                                   ARTICLE VI

                                  STOCK OPTIONS

         6.1 Grant of Options to Eligible Employees and Eligible Consultants.
Coincident with or following designation for participation in the Plan, Eligible
Employees and Eligible Consultants may be granted one or more Options. The
Committee in its sole discretion shall designate whether an Option is to be
considered an Incentive Stock Option or a Non-Qualified Option. Incentive Stock
Options may be granted only to Eligible Employees. The Committee may grant both
an Incentive Stock Option and a Non-Qualified Option to an Eligible Employee at
the same time or at different times. Incentive Stock Options and Non-Qualified
Options, whether granted at the same or different times, shall be deemed to have
been awarded in separate grants and shall be clearly identified, and in no event
shall the exercise of one Option affect the right to exercise any other Option
or affect the number of Shares for which any other Option may be exercised. An
Option shall be considered as having been granted on the date specified in the
grant resolution of the Committee.

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         6.2 Option Certificates. Each Option granted under the Plan shall be
evidenced by a written stock option certificate (an "Option Certificate") issued
in the name of the Option Holder and in such form as may be approved by the
Committee. The Option Certificate shall and shall be deemed to incorporate and
conform to the terms and conditions set forth herein, and may also include such
other terms and conditions, not inconsistent herewith, as the Committee may
consider appropriate in each case.

         6.3 Certain Option Terms. Options granted pursuant to the Plan shall
have terms and conditions consistent with the following in addition to the terms
and conditions set forth elsewhere herein:

                  (a) Number of Shares. Each Option shall relate to a specified
number of Shares determined by the Committee.

                  (b) Price. Each Option shall have an Option Price that is
determined by the Committee. Incentive Stock Options shall have an Option Price
that is equal to or greater than the Fair Market Value of the Stock on the date
the Option is granted.

                  (c) Duration and Exercise of Options. Each Option shall relate
to a specified period of time, as determined by the Committee, within which the
Option may be exercised by the Option Holder (the "Option Period"). The Option
Period must end, in all cases, not more than ten years from the date the Option
is granted. In the absence of specific provisions in the Option Certificate,
each Option shall have an Option Period ending ten years from the date the
Option is granted. Each Option shall become exercisable (vest) over such period
of time, if any, as is determined by the Committee. In the absence of specific
provisions in the Option Certificate, each Option shall vest as to one-quarter
of the underlying Shares one year from the grant date, then, as to the remaining
underlying Shares, 1/36th of those Shares monthly for the next three years.

                  (d) Termination of Employment or Service, Death, Disability,
Etc. The Committee may specify the period after which an Option may be exercised
following termination of the employment of an Eligible Employee or termination
of relationship with an Eligible Consultant. The effect of this subsection
6.3(d) shall be limited to determining the consequences of a termination and
nothing in this subsection 6.3(d) shall restrict or otherwise interfere with the
Company's discretion with respect to the termination of any person's employment
or other relationship. If the Committee does not so specify, or in the absence
of specific provisions in the Option Certificate, the following shall apply:

                           (i) If the employment or consulting relationship of
                  an Option Holder by or with the Company terminates by action
                  of the Option Holder for any reason other than death or
                  Disability within six months after the date the Option is
                  granted or if the employment or consulting relationship of the
                  Option Holder by or with the Company is terminated within the
                  Option Period for cause, as determined by the Company, the
                  Option shall be void for all purposes. As used in this
                  subsection 6.3(d), "cause" shall include without limitation a
                  gross violation, as determined by the Company, of the
                  Company's established policies and procedures,

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                  any event permitting termination for cause under any
                  applicable employment agreement, any act of dishonesty, fraud
                  or wilful misconduct toward the Company.

                           (ii) If the employment or consulting relationship of
                  the Option Holder terminates because the Option Holder becomes
                  Disabled within the Option Period, the Option may be exercised
                  by the Option Holder (or, in the case of his death after
                  becoming disabled, by those entitled to do so under his will
                  or by the laws of descent and distribution) within 30 days
                  following such termination (if otherwise within the Option
                  Period), but not thereafter. In any such case, the Option may
                  be exercised only as to the Shares as to which the Option had
                  become exercisable on or before the date of termination
                  because of Disability.

                           (iii) If the Option Holder dies within the Option
                  Period, while employed by the Company, while a consultant to
                  the Company or within the three-month period referred to in
                  (iv) below, the Option may be exercised by those entitled to
                  do so under his will or by the laws of descent and
                  distribution within 30 days following his death (if otherwise
                  within the Option Period), but not thereafter. In any such
                  case the Option may be exercised only as to the Shares as to
                  which the Option had become exercisable on or before the date
                  of the Option Holder's death.

                           (iv) If the employment or relationship of the Option
                  Holder by or with the Company terminates within the Option
                  Period for any reason other than for cause, Disability or
                  death(and, in the case of a termination by action of the
                  Option Holder, such termination occurs more than six months
                  after the Option is granted), the Option may be exercised by
                  the Option Holder within 30 days following the date of such
                  termination (if otherwise within the Option Period), but not
                  thereafter. In any such case, the Option may be exercised only
                  as to the Shares as to which the Option had become exercisable
                  on or before the date of termination.

                        (e) Exercise, Payments, Etc.

                           (i) Manner of Exercise. The method for exercising
                  each Option granted hereunder shall be by delivery to the
                  Company of written notice specifying the number of Shares with
                  respect to which such Option is exercised. The purchase of
                  such Shares shall take place at the principal offices of the
                  Company within thirty days following delivery of such notice,
                  at which time the Option Price of the Shares shall be paid in
                  full by any of the methods set forth below or a combination
                  thereof. If the purchase price is paid by means of a broker's
                  loan transaction described in clause (C) of Section
                  6.3(f)(ii), in whole or in part, the closing of the purchase
                  of the Stock under the Option shall take place on the date on
                  which, and only if, the sale of Stock upon which the broker's
                  loan was based has been closed and settled, unless the Option
                  Holder makes an irrevocable written election, at the time of
                  exercise of the Option, to have the exercise treated as fully
                  effective for all purposes upon receipt of the purchase price
                  by the Company regardless of whether or not the sale of the
                  Stock by the broker is closed and settled. The Company may
                  require, as a condition to the exercise of the

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                  Option and delivery of the Shares, that the Option Holder
                  execute a Shareholders' Agreement in the form then being used
                  for the Company's Shareholders, which may or may not be
                  substantially in the form of the Shareholders Agreement
                  attached as Exhibit A to this Plan. A properly executed
                  certificate or certificates representing the Shares shall be
                  delivered to or at the direction of the Option Holder upon
                  payment therefor. If Options on less than all shares evidenced
                  by an Option Certificate are exercised, the Company shall
                  deliver a new Option Certificate evidencing the Option on the
                  remaining shares upon delivery of the Option Certificate for
                  the Option being exercised.

                           (ii) Manner of Payment. The Option Price shall be
                  paid by any of the following methods or any combination of the
                  following methods at the option of the Option Holder, or by
                  any other method approved by the Committee upon the request of
                  the Option Holder: (A) cash; (B) certified, cashier's or other
                  check acceptable to the Company, payable to the order of the
                  Company; (C) delivery to the Company of irrevocable
                  instructions to a broker to deliver promptly to the Company
                  the amount of sale or loan proceeds required to pay the Option
                  Price; (D) delivery to the Company of certificates
                  representing the number of Shares then owned by the Option
                  Holder, the Fair Market Value of which (determined as of the
                  date the notice of exercise is delivered to the Company)
                  equals the Option Price of the Stock to be purchased pursuant
                  to the Option, properly endorsed for transfer to the Company.
                  No Option may be exercised by delivery to the Company of
                  certificates representing Stock that has been held by the
                  Option Holder for less than six months or such other period as
                  is specified by the Committee.

                        (f) Withholding.

                           (i) Non-Qualified Options. Upon exercise of an
                  Option, the Option Holder shall make appropriate arrangements
                  with the Company to provide for the amount of additional
                  withholding required by Sections 3102 and 3402 of the Code and
                  applicable state income tax laws, including payment of such
                  taxes through delivery of shares of Stock or by withholding
                  Stock to be issued under the Option, as provided in Section
                  10.

                           (ii) Incentive Options. If an Option Holder makes a
                  disposition (as defined in Section 424(c) of the Code) of any
                  Stock acquired pursuant to the exercise of an Incentive Stock
                  Option prior to the expiration of two years from the date on
                  which the Incentive Stock Option was granted or prior to the
                  expiration of one year from the date on which the Option was
                  exercised, the Option Holder shall send written notice to the
                  Company at its principal executive office (Attention:
                  Corporate Secretary) of the date of such disposition, the
                  number of shares disposed of, the amount of proceeds received
                  from such disposition and any other information relating to
                  such disposition as the Company may reasonably request. The
                  Option Holder shall, in the event of such a disposition, make
                  appropriate arrangements with the Company

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<PAGE>   12

                  to provide for the amount of additional withholding, if any,
                  required by Sections 3102 and 3402 of the Code and applicable
                  state income tax laws.

                  6.4 Restrictions on Incentive Stock Options.

                          (a) Initial Exercise. The aggregate Fair Market Value
of the Shares with respect to which Incentive Stock Options are exercisable for
the first time by an Option Holder in any calendar year, under the Plan or
otherwise, shall not exceed $100,000. For this purpose, the Fair Market Value of
the Shares shall be determined as of the date of grant of the Option.

                          (b) Ten Percent Shareholders. Incentive Stock Options
granted to an Option Holder who is the holder of record of 10% or more of the
outstanding Stock of the Company shall have an Option Price equal to 110% of the
Fair Market Value of the Shares on the date of grant of the Option and the
Option Period for any such Option shall not exceed five years.

                                   ARTICLE VII

                   CORPORATE REORGANIZATION; CHANGE OF CONTROL

                  7.1 Reorganization. Upon the occurrence of any of the
following events, if the notice required by Section 7.2 shall have first been
given, the Plan and (to the extent not exercised before the event occurs) all
Options then outstanding hereunder shall automatically terminate and be of no
further force and effect whatsoever, without the necessity for any additional
notice or other action by the Board or the Company: (a) the merger or
consolidation of the Company with or into another corporation (other than a
consolidation or merger in which the Company is the continuing corporation and
which does not result in any reclassification or change of outstanding shares of
Common Stock); or (b) the sale or conveyance of the property of the Company as
an entirety or substantially as an entirety (other than a sale or conveyance in
which the Company continues as holding company of an entity or entities that
conduct the business or businesses formerly conducted by the Company); or (c)
the dissolution or liquidation of the Company.

                  7.2 Required Notice. The Company shall give each Option Holder
at least 30 days' prior written notice of any event described in Section 7.1,
except as otherwise provided in this Section 7.2. No notice shall be required in
the case of the events described in clauses (a) or (b) of Section 7.1 if the
Company, or the successor or purchaser, as the case may be, shall make adequate
provision for the assumption of the outstanding Options or the substitution of
new options for the outstanding Options on terms comparable to the outstanding
Options. Any such assumption or substitution shall give the Option Holder the
right thereafter to purchase the kind and amount of securities or property or
cash receivable upon such merger, consolidation, sale or conveyance by a holder
of the number of Shares that would have been receivable upon exercise of the
Option immediately prior to such merger, consolidation, sale or conveyance
(assuming such holder of Stock failed to exercise any rights of election and
received per share the kind and amount received per share by a majority of the
non-electing shares). The provisions of this Article VII shall similarly apply
to successive mergers, consolidations, sales or conveyances. Notice under this
Section 7.2

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<PAGE>   13

shall be deemed to have been given when delivered personally to an Option Holder
or when mailed to an Option Holder by registered or certified mail, postage
prepaid, at such Option Holder's address last known to the Company.

                  7.3 Acceleration of Exercisability. Option Holders notified in
accordance with Section 7.2 may exercise their Options at any time before the
occurrence of the event requiring the giving of notice (but subject to
occurrence of such event), regardless of whether all conditions of exercise
relating to length of service have been satisfied.

                  7.4 Change of Control. The Committee shall have the authority
to provide that, as to any Option, if a Change in Control (as defined below)
occurs, such Option shall become exercisable in full, regardless of whether all
conditions of exercise relating to length of service have been satisfied. In the
absence of such a specific provision in the Option Certificate, such Option
shall become exercisable in full on a Change of Control. A "Change in Control"
shall mean each of (i) the acquisition from the Company and/or shareholders of
the Company, by one or more persons in one or more related transactions over a
period of up to 24 months, of stock that, upon completion of those transactions
and exercise of any associated option or conversion rights, represents or would
represent more than 50 percent of the outstanding common stock of the Company,
(ii) the closing of the sale of all or substantially all of the assets of the
Company, or (iii) any consolidation or merger involving the Company (other than
a consolidation or merger in which the Company is the surviving entity and no
change in the capital stock or ownership or control of the Company occurs).
Notwithstanding anything to the contrary in this Section 7.4, no Option will
become exercisable by virtue of the occurrence of a Change in Control if the
Option Holder of that Option or any group of which that Option Holder is a
member is the person whose acquisition constituted the Change in Control.

                                  ARTICLE VIII

                           EMPLOYMENT; TRANSFERABILITY

                  8.1 Employment. Nothing contained in the Plan or in any Option
granted under the Plan shall confer upon any Option Holder any right with
respect to the continuation of his or her employment by or service with the
Company, or interfere in any way with the right of the Company, subject to the
terms of any separate employment agreement or other contract to the contrary, at
any time to terminate the employment or service of such Option Holder or to
increase or decrease the compensation of the Option Holder from the rate in
existence at the time of the grant of an Option. The Committee shall determine
whether an authorized leave of absence, or absence in military or government
service, shall constitute a termination of employment.

                  8.2 Other Employee Benefits. The amount of any compensation
deemed to be received by an Option Holder as a result of the exercise of an
Option shall not constitute "earnings" with respect to which any other employee
benefits of such person are determined, including without limitation benefits
under any pension, profit sharing, life insurance or salary continuation plan.

                                      -10-

<PAGE>   14

                  8.3 Transferability. No right or interest of any Option Holder
in an Option granted pursuant to the Plan shall be assignable or transferable
during the lifetime of the Option Holder, either voluntarily or involuntarily,
or be subjected to any lien, directly or indirectly, by operation of law, or
otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. In the event of an Option Holder's death, an Option Holder's rights
and interests in Options shall be transferable by will or pursuant to the laws
of descent and distribution. Each Option granted under the Plan shall be
exercisable during the Holder's lifetime only by the Option Holder or, in the
event of Disability or incapacity, by the Option Holder's guardian or legal
representative.

                                   ARTICLE IX

                           SECURITIES LAW RESTRICTIONS

                  Each Option shall be subject to the requirement that if at any
time counsel to the Company shall determine that the listing, registration or
qualification of the Shares subject to such Option upon any securities exchange
or under any state or federal law, or the consent or approval of any
governmental or regulatory body, is necessary as a condition of, or in
connection with, the issuance or purchase of Shares thereunder, such Option may
not be exercised in whole or in part unless such listing, registration,
qualification, consent or approval shall have been effected or obtained on
conditions acceptable to the Committee. Nothing herein shall be deemed to
require the Company to apply for or obtain such listing, registration or
qualification.

                                    ARTICLE X

                                   WITHHOLDING

                  10.1 Withholding Requirement. The Company's obligations to
deliver Shares upon the exercise of an Option shall be subject to the Option
Holder's satisfaction of all applicable federal, state and local income and
other tax withholding requirements.

                  10.2 Withholding With Stock. The Committee may from time to
time, in its sole discretion, grant Option Holders the right to pay all such
amounts of tax withholding, or any part thereof, by electing to transfer to the
Company, or to have the Company withhold from Shares otherwise issuable to the
Option Holder, Shares having a value equal to the amount required to be withheld
or such lesser amount as may be specified by the Option Holder. The value of
Shares to be withheld shall be based on the Fair Market Value of the Stock on
the date that the amount of tax to be withheld is to be determined (the "Tax
Date"). Any such election by Option Holders to have Shares withheld for this
purpose will be subject to the following restrictions and any additional
restrictions imposed by the Committee: (a) all elections must be made prior to
the Tax Date; and (b) all elections shall be irrevocable.

                                      -11-

<PAGE>   15

                                   ARTICLE XI

                                  MISCELLANEOUS

                  11.1 Expiration. The Plan shall terminate whenever the Board
adopts a resolution to that effect. If not sooner terminated by the Board, the
Plan shall terminate and expire on June 1, 2008. After termination, no
additional Options shall be granted under the Plan, but the Company shall
continue to recognize Options previously granted.

                  11.2 Amendments, Etc. The Board may from time to time amend,
modify, suspend or terminate the Plan. Nevertheless, no such amendment,
modification, suspension or termination shall, without the consent of the Option
Holder, impair any Option previously granted under the Plan or deprive any
Option Holder of any Shares that he may have acquired through or as a result of
the Plan.

                  11.3 Treatment of Proceeds. Proceeds from the sale of Stock
pursuant to Options granted under the Plan shall constitute general funds of the
Company.

                  11.4 Section Headings. The section headings are included
herein only for convenience, and they shall have no effect on the interpretation
of the Plan.

                  11.5 Severability. If any article, section, subsection or
specific provision is found to be illegal or invalid for any reason, such
illegality or invalidity shall not affect the remaining provisions of the Plan,
and the Plan shall be construed and enforced as if such illegal and invalid
provision had never been set forth in the Plan.

                  11.6 Gender and Number. Except when otherwise indicated by the
context, the masculine gender shall include the feminine gender, and the
definition of any term herein in the singular shall also include the plural.

                  Adopted August 8, 1998 to be effective as of July 1, 1998.

                                              Array BioPharma Inc.,
                                              a Delaware corporation

                                              By: /s/ KEVIN KOCH
                                                 ----------------------
                                                  Kevin Koch, President

                                      -12-<PAGE>   1
                                                                    EXHIBIT 10.4

                  PREFERRED AND COMMON STOCK PURCHASE AGREEMENT

                              ARRAY BIOPHARMA INC.

<PAGE>   2

<TABLE>
<CAPTION>
                                              TABLE OF CONTENTS                          PAGE
<S>      <C>                                                                             <C>
RECITALS ..................................................................................1

SECTION 1.    PURCHASE AND SALE............................................................1
        1.1   Authorization of Shares......................................................1
        1.2   Sale and Purchase............................................................2

SECTION 2.    CLOSING......................................................................2
        2.1   First Closing................................................................2
        2.2   Final Closing................................................................2

SECTION 3.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY................................3
        3.1   Organization, Good Standing and Qualification................................3
        3.2   Capitalization...............................................................3
        3.3   Authorization................................................................4
        3.4   Financial Statements.........................................................4
        3.5   Liabilities..................................................................4
        3.8   Obligations to Related Parties...............................................6
        3.9   Assets.......................................................................7
        3.10  Intellectual Property........................................................7
        3.11  Compliance with Other Instruments............................................8
        3.12  Litigation...................................................................8
        3.13  Taxes........................................................................8
        3.14  Employees and Consultants....................................................8
        3.15  Employee Benefits Matters....................................................9
        3.16  Registration Rights..........................................................9
        3.17  Governmental Approvals/Third Party Consents..................................9
        3.18  Compliance with Laws.........................................................9
        3.19  Environmental Matters.......................................................10
        3.20  Offering Valid..............................................................10
        3.21  Accuracy of Information Furnished...........................................10
        3.22  Insurance...................................................................10
        3.23  Investment Company Act......................................................10

SECTION 4.    REPRESENTATIONS AND WARRANTIES OF PURCHASERS................................10
        4.1.  Requisite Power and Authority...............................................10
        4.2.  Investment Representations..................................................11
              (a)      Purchaser Bears Economic Risk......................................11
              (b)      Acquisition for Own Account........................................11
              (c)      Purchaser Can Protect Its Interest.................................11
              (d)      Accredited Investor................................................11
              (e)      Company Information................................................11
</TABLE>

                                      -i-
<PAGE>   3

<TABLE>
<CAPTION>
                                              TABLE OF CONTENTS                         PAGE
<S>      <C>                                                                            <C>
              (f)      Rule 144..........................................................11
              (g)      Residence.........................................................12
        4.3   Restrictive Legends........................................................12

SECTION 5.    REPRESENTATIONS AND WARRANTIES OF FOUNDERS.................................12
        5.1.  Requisite Power and Authority..............................................13
        5.2.  Investment Representations.................................................13
              (a)      Founder Bears Economic Risk.......................................13
              (b)      Acquisition for Own Account.......................................13
              (c)      Rule 144..........................................................13
              (d)      Residence.........................................................13
        5.3   Restrictive Legends........................................................13

SECTION 6.    CONDITIONS TO CLOSING......................................................14
        6.1   Conditions to Purchasers' Obligations at the First Closing.................14
              (a)      Representations and Warranties True; Performance of Obligations...14
              (b)      Legal Investment..................................................14
              (c)      Consents, Permits, and Waivers....................................14
              (d)      Filing of Amended Certificate.....................................15
              (e)      Corporate Documents...............................................15
              (f)      Reservation of Conversion Shares..................................15
              (g)      ..................................................................15
              (h)      Investor Rights Agreement.........................................15
              (i)      Shareholders Agreement............................................15
              (j)      Legal Opinion. ...................................................15
              (k)      Proceedings and Documents.........................................16
              (l)      Other Employees...................................................16
        6.2   Conditions to Obligations of the Company at First Closing..................16
              (a)      Representations and Warranties True...............................16
              (b)      Performance of Obligations........................................16
              (c)      Filing of Amended Certificate.....................................16
              (d)      Investor Rights Agreement. .......................................16
              (e)      Shareholders Agreement............................................16
              (f)      Consents, Permits, and Waivers....................................16
              (g)      Minimum Investment................................................17
        6.3   Conditions to Purchasers' Obligations at the Final Closing.................17
              (a)      Board Approval....................................................17
              (b)      Legal Investment..................................................17
              (c)      Consents, Permits, and Waivers....................................17
              (d)      Corporate Documents...............................................17
              (e)      Certificates......................................................17
              (f)      Legal Opinion.....................................................17
</TABLE>

                                      -ii-

<PAGE>   4

<TABLE>
<S>      <C>                                                                            <C>
              (g)      Proceedings and Documents.........................................18
        6.4   Conditions to Obligations of the Company at Final Closing..................18
              (a)      Representations and Warranties True...............................18
              (b)      Performance of Obligations........................................18
              (c)      Investor Rights Agreement.........................................18
              (d)      Shareholders Agreement............................................18
              (e)      Consents, Permits, and Waivers....................................18
              (f)      Minimum Investment................................................18

SECTION 7.    COVENANTS OF THE COMPANY FOR THE PERIOD FOLLOWING CLOSING..................18
        7.1   Use of Proceeds............................................................19
        7.2   Maintenance of Corporate Status............................................19
        7.3   Compliance with Governing Documents........................................19
        7.4   Compliance with Laws, Licenses and Permits; No Infringement................19
        7.5   Discharge of Obligations...................................................19
        7.6   Maintenance of Properties..................................................19
        7.7   Maintenance of Proprietary Information.....................................19
        7.8   Significant Transactions...................................................20
        7.9   Compensation of Directors..................................................20
        7.10  Books and Records..........................................................20

SECTION 8.    MISCELLANEOUS..............................................................20
        8.1   Governing Law..............................................................20
        8.2   Survival...................................................................20
        8.3   Successors and Assigns.....................................................21
        8.4   Entire Agreement...........................................................21
        8.5   Severability...............................................................21
        8.6   Amendment and Waiver.......................................................21
        8.7   Delays or Omissions........................................................21
        8.8   Notices....................................................................21
        8.9   Expenses...................................................................22
        8.10  Indemnification by the Company.............................................22
        8.11  Indemnification by the Purchasers..........................................22
        8.12  Titles and Subtitles.......................................................22
        8.13  Counterparts...............................................................22
        8.14  Broker's Fees..............................................................22
        8.15  Arbitration................................................................23
        8.16  Exculpation Among Purchasers...............................................23
        8.17  Pronouns...................................................................23
</TABLE>

                                      -iii-
<PAGE>   5

                                TABLE OF EXHIBITS

Exhibit A - Certificate of Amendment to the Certificate of Incorporation
Exhibit B - Schedule of Purchasers
Exhibit C - Promissory Note and Pledge Agreement
Exhibit D - Disclosure Schedule
Exhibit E - Investor Rights Agreement
Exhibit F - Shareholders Agreement
Exhibit G - Capitalization Table
Exhibit H - First Closing Opinion
Exhibit I - Final Closing Opinion
Exhibit J - Confidentiality Agreement
Exhibit K - Noncompete Agreement

<PAGE>   6

                           PREFERRED AND COMMON STOCK
                               PURCHASE AGREEMENT

         This Preferred And Common Stock Purchase Agreement (the "Agreement") is
made and entered into as of the 18th day of May 1998, by and among ARRAY
BIOPHARMA INC., a Delaware corporation (the "Company"), FALCON TECHNOLOGY
PARTNERS, L.P., a Delaware limited partnership ("Falcon"), BOULDER VENTURES II,
L.P. and BOULDER VENTURES II (ANNEX), L.P., both Delaware limited partnerships
(collectively "BV") , THE CARUTHERS FAMILY, L.L.C. ("Caruthers") (Falcon, BV and
Caruthers are hereafter each referred to as a "Purchaser" and together as
"Purchasers"), those Additional Purchasers, as defined below, identified on the
signature pages hereto, and David Snitman, Ph.D., Kevin Koch, Ph.D., Anthony D.
Piscopio, Ph.D. and K. C. Nicolaou, Ph.D. (hereafter each referred to as a
"Founder" and together as "Founders.")

                                    RECITALS

         A. The Company has authorized the issuance and sale of a total of
4,500,000 shares (the "Preferred Shares") of Series A Preferred Stock of the
Company, par value $0.001 per share, and the issuance and sale of a total of
2,912,367 shares (the "Common Shares") of Common Stock of the Company, par value
$0.001 per share, (collectively, the Preferred Shares and the Common Shares are
referred to as the "Shares").

         B. The Company desires to sell the Shares to Purchasers and Founders,
and Purchasers and Founders desire to purchase the Shares, pursuant to the terms
and conditions contained herein.

                                    AGREEMENT

         NOW THEREFORE, in consideration of the mutual covenants, agreements,
conditions, representations, and warranties contained in this Agreement, the
Company, Purchasers and Founders hereby each agree as follows:

SECTION 1. PURCHASE AND SALE.

         1.1 AUTHORIZATION OF SHARES. On or prior to the First Closing (as
defined in Section 2.1 below), the Company shall have authorized (i) the sale
and issuance to Purchasers of the Preferred Shares; (ii) the sale and issuance
to the Purchasers and the Founders of the Common Shares and (iii) such shares of
Common Stock issuable upon conversion of the Preferred Shares (the "Conversion
Shares"). The Preferred Shares, Common Shares and the Conversion Shares shall
have the rights, preferences, privileges and restrictions set forth in the
Certificate of Amendment to the Certificate of Incorporation of the Company, in
the form attached hereto as Exhibit A (the "Amended Certificate").

<PAGE>   7

         1.2 SALE AND PURCHASE. Subject to the terms and conditions hereof, at
the Closings (as described in Section 2 hereof) the Company hereby agrees to
issue and sell to each Purchaser and Founder, severally and not jointly, and
each Purchaser and Founder agrees to purchase from the Company, severally and
not jointly, the number of Preferred Shares and Common Shares set forth opposite
such Purchaser's and Founder's name on Exhibit B hereto, at the purchase price
of $1.00 per share for the Preferred Shares, and $0.235 per share for the Common
Shares.

SECTION 2. CLOSING.

         2.1 FIRST CLOSING. The initial closing of the sale and purchase of the
Shares under this Agreement (the "First Closing") shall take place at 11 a.m. on
the date hereof, at the offices of Holme Roberts & Owen, LLP, 1401 Pearl Street,
Suite 400, Boulder Colorado 80302, or at such other time or place as the
Company, Founders and Purchasers may mutually agree (such date is hereinafter
referred to as the "First Closing Date"). At the First Closing, subject to the
terms and conditions hereof, the Company will deliver to the Purchasers and
Founders certificates representing the number of Shares to be purchased at the
First Closing by each Purchaser and Founder as set forth opposite such
Purchaser's and Founder's name on Exhibit B under the heading First Closing,
against payment of the purchase price therefor by check or wire transfer made
payable to the order of the Company; provided, that the Founders may finance up
to $350,000 of the purchase price of the Shares they purchase at the First
Closing pursuant to a Promissory Note and Pledge Agreement in substantially the
form attached hereto as Exhibit C. The Purchasers shall purchase at least
2,250,000 Preferred Shares and 318,750 Common Shares at the First Closing, and
the Founders shall purchase at least 2,593,617 Common Shares at the First
Closing.

         2.2 FINAL CLOSING. The final closing of the sale and purchase of the
Shares under this Agreement (the "Final Closing") shall take place at 11:00
a.m. on September 15, 1998 at the same location as the First Closing, or at
such other time or place as the Company, Founders and Purchasers may mutually
agree (such date is hereinafter referred to as the "Final Closing Date"). At the
Final Closing, subject to the terms and conditions hereof, the Company will
deliver to the Purchasers, and to such additional persons (the "Additional
Purchasers") as may be acceptable to the Board of Directors of the Company,
certificates representing the number of Shares to be purchased at the Final
Closing by each Purchaser, and each Additional Purchaser as set forth opposite
such persons name on Exhibit B under the heading Final Closing, against payment
of the purchase price therefor by check or wire transfer made payable to the
order of the Company. At the Final Closing, each Additional Purchaser shall
execute (i) a signature page hereto whereupon such Additional Purchaser shall
become a "Purchaser" hereunder; (ii) a signature page to the Investor Rights
Agreement (as defined herein) and (iii) a signature page to the Shareholders
Agreement (as defined herein); and the Company shall cause Exhibit B to be
amended to reflect the purchase made by each Additional Purchaser at the Final
Closing. The Purchasers, by themselves or with the Additional Purchasers, may
purchase at least 2,250,000 Preferred Shares at the Final Closing.

                                       2
<PAGE>   8

SECTION 3 REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

         Except as set forth on the Disclosure Schedule attached hereto as
Exhibit D, the Company hereby represents and warrants to each Purchaser and
Founder that is purchasing the Shares as follows:

         3.1 ORGANIZATION, GOOD STANDING AND QUALIFICATION. The Company is a
corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. The Company has all requisite corporate power and
authority to own and operate its properties and assets, to execute and deliver
this Agreement, the Investor Rights Agreement in the form attached hereto as
Exhibit E (the "Investor Rights Agreement") and the Shareholders Agreement
attached hereto as Exhibit F (the "Shareholders Agreement") (collectively with
this Agreement and the Amended Certificate, the "Financing Documents"), to issue
and sell the Shares and to carry out the provisions of the Financing Documents,
and to carry on its business as presently conducted and as presently proposed to
be conducted. The Company is duly qualified and is authorized to do business and
is in good standing in each jurisdiction in which the nature of its activities
and of its properties (both owned and leased) makes such qualification
necessary, except for those jurisdictions in which failure to do so would not
have a material adverse effect on the Company or its business. The Company does
not own, directly or indirectly, equity securities of any other corporation,
limited partnership, limited liability company or other similar entity. The
Company is not a participant in any joint venture, partnership or similar
arrangement.

         3.2 CAPITALIZATION. The authorized capital stock of the Company,
immediately prior to the First Closing, will consist of (a) 9,100,000 shares of
Common Stock, 1,000 shares of which are issued and outstanding, 1,107,500 shares
of which are reserved for future issuance to key employees and consultants
pursuant to the Company's proposed option plan, and 4,500,000 shares of which
are reserved for issuance upon conversion of the Series A Preferred Stock, and
(b) 4,500,000 shares of Preferred Stock, all of which are designated Series A
Preferred Stock. All issued and outstanding shares of the Company's Common Stock
(i) have been duly authorized and validly issued, (ii) are fully paid and
nonassessable, and (iii) were issued in compliance with all applicable state and
federal laws concerning the issuance of securities. The rights, preferences,
privileges and restrictions of the Shares are as stated in the Amended
Certificate. The Conversion Shares have been duly and validly reserved for
issuance. Except as may be granted pursuant to the Financing Documents, there
are no outstanding options, warrants, rights (including conversion or preemptive
rights and rights of first refusal), proxy or shareholders agreements, or
agreements of any kind for the purchase or acquisition from the Company of any
of its securities. When issued in compliance with the provisions of this
Agreement and the Amended Certificate, the Shares and the Conversion Shares will
be validly issued, fully paid and nonassessable, and will be free of any liens
or encumbrances; provided, however, that the Shares and the Conversion Shares
may be subject to restrictions on transfer under state and/or federal securities
laws. A schedule describing the anticipated capitalization of the Company as of
the First and Final Closings is attached as Exhibit G hereto.

                                        3
<PAGE>   9

         3.3 AUTHORIZATION. All corporate action on the part of the Company, its
officers, directors and stockholders necessary for the authorization of this
Agreement and the Financing Documents, the performance of all obligations of the
Company hereunder and thereunder at the Closings and the authorization, sale,
issuance and delivery of the Shares pursuant hereto and the Conversion Shares
pursuant to the Amended Certificate has been taken or will be taken prior to the
First Closing. The Agreement and the Financing Documents, when executed and
delivered, will be valid and binding obligations of the Company enforceable
against the Company in accordance with their terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights; (ii) general
principles of equity that restrict the availability of equitable remedies; and
(iii) to the extent that the enforceability of the indemnification provisions in
the Investor Rights Agreement may be limited by applicable laws. The sale of the
Shares and the subsequent conversion of the Shares into Conversion Shares are
not and will not be subject to any preemptive rights or rights of first refusal
that have not been properly waived or complied with.

         3.4 FINANCIAL STATEMENTS. The Company's unaudited consolidated balance
sheet (the "Latest Balance Sheet") as of 15 days prior to the First and Final
Closing (each, a "Balance Sheet Date"), and unaudited consolidated statements of
operations of the Company for the period from May 1, 1998 through the Balance
Sheet Date, delivered to the Purchasers in connection with the investment
contemplated hereby (the "Financial Statements"), fairly present in all material
respects the financial position and the results of operations of the Company for
the period covered thereby.

         3.5 LIABILITIES. The Company has no material liabilities and, to the
best of its knowledge, the Company knows of no material contingent liabilities
not disclosed in the Latest Balance Sheet, except current liabilities incurred
in the ordinary course of business subsequent to the Balance Sheet Date which
have not been, either in any individual case or in the aggregate, materially
adverse.

         3.6 CHANGES. Since the Balance Sheet Date, and excluding the
transactions contemplated by the Financing Documents, there has not been:

                           (a) Any change in the assets, liabilities, financial
condition or operations of the Company or any Subsidiary from that reflected in
the Financial Statements, other than changes in the ordinary course of business,
none of which individually or in the aggregate has had or is expected to have a
material adverse effect on such assets, liabilities, financial condition or
operations of the Company.

                           (b) Any resignation or termination of any key
officers of the Company; and the Company, to the best of its knowledge, does not
know of the impending resignation or termination of employment of any such
officer;

                                        4
<PAGE>   10

                           (c) Any material change, except in the ordinary
course of business, in the contingent obligations of the Company by way of
guaranty, endorsement, indemnity, warranty or otherwise;

                           (d) Any damage, destruction or loss, whether or not
covered by insurance, materially and adversely affecting the properties,
business or prospects or financial condition of the Company;

                           (e) Any waiver by the Company of a valuable right or
of a material debt owed to it;

                           (f) Any direct or indirect loans made by the Company
to any stockholder, employee, officer or director of the Company, other than
advances made in the ordinary course of business;

                           (g) Any material change in any compensation
arrangement or agreement with any employee, officer, director or stockholder of
the Company;

                           (h) Any declaration or payment of any dividend or
other distribution of the assets of the Company;

                           (i) Any labor organization activity;

                           (j) Any debt, obligation or liability incurred,
assumed or guaranteed by the Company, except those for immaterial amounts and
for current liabilities incurred in the ordinary course of business;

                           (k) Any sale, assignment or transfer of any patents,
trademarks, copyrights, trade secrets or other intangible assets of the Company;

                           (l) Any change in any material agreement to which the
Company is a party or by which it is bound which materially and adversely
affects the business, assets, liabilities, financial condition, operations or
prospects of the Company, including compensation agreements with the Company's
employees; or

                           (m) Any other event or condition of any character
that, either individually or cumulatively, has materially and adversely affected
the business, assets, liabilities, financial condition, operations or prospects
of the Company.

         3.7 MATERIAL CONTRACTS.

                  (a) Except as set forth on Item 3.7 of the Disclosure
Schedule, the Company has no, and is not bound by, any contract, agreement,
lease, commitment, or proposed transaction,

                                       5
<PAGE>   11

judgment, order, writ or decree, written or oral, absolute or contingent, other
than (i) contracts for the purchase of supplies and services that were entered
into in the ordinary course of business and that do not involve more than
$10,000, and do not extend for more than one year beyond the date hereof; (ii)
sales contracts entered into in the ordinary course of business; and (iii)
contracts terminable at will by the Company on no more than 30 days' notice
without cost or liability to the Company and that do not involve any employment
or consulting arrangement and are not material to the conduct of the Company's
business. For the purpose of this paragraph, employment and consulting contracts
and contracts with labor unions, and license agreements and any other agreements
relating to the Company's acquisition or disposition of patent, copyright, trade
secret or other proprietary rights or technology (other than standard end-user
license agreements) shall not be considered to be contracts entered into in the
ordinary course of business. Every contract disclosed on Item 3.7 of the
Disclosure Schedule (collectively, the "Material Contracts") is a legal, valid
and binding obligation, enforceable in accordance with its terms with respect to
the Company and any other parties bound thereby, and true and complete copies of
all Material Contracts have been provided to Purchasers. The Company has not
been given notice that any other party is currently in breach of any of the
terms of any Material Contract. There is no default or event that, with notice
or lapse of time, or both, would conflict with or constitute a breach of any
Material Contract or would result in the creation or imposition of any lien or
encumbrance on the Company, or any of the Company's property. The Company has
not received notice that any party to any Material Contract intends to cancel,
amend or terminate any such agreement.

               (b) The Company has not engaged in the past three months in any
discussion (i) with any representative of any corporation or corporations
regarding the consolidation or merger of the Company with or into any such
corporation or corporations; (ii) with any corporation, partnership, association
or other business entity or any individual regarding the sale, conveyance or
disposition of all or substantially all of the assets of the Company, or a
transaction or series of related transactions in which more than 50% of the
voting power of the Company is or was to be disposed; or (iii) regarding any
other form of acquisition, liquidation, dissolution or winding up of the
Company.

         3.8 OBLIGATIONS TO RELATED PARTIES. There are no obligations of the
Company to officers, directors, stockholders, or employees of the Company other
than (i) for payment of salary for services rendered since the commencement of
the Company's most recent payroll period; (ii) reimbursement for reasonable
expenses incurred on behalf of the Company; and (iii) for other standard
employee benefits made generally available to all employees (including stock
option agreements outstanding under any stock option plan approved by the Board
of Directors of the Company). Except as disclosed on the Disclosure Schedule
hereto, none of the officers, directors or stockholders of the Company, or any
members of their immediate families, are indebted to the Company or have any
direct or indirect ownership interest in any firm or corporation with which the
Company is affiliated or with which the Company has a business relationship, or
any firm or corporation which competes with the Company, except that officers,
directors and/or stockholders of the Company may own stock in publicly traded
companies which may compete with the Company. No officer, director or
stockholder, or any member of

                                       6
<PAGE>   12

their immediate families, is, directly or indirectly, interested in any material
contract with the Company (other than such contracts as relate to any such
person's ownership of capital stock or other securities of the Company). Except
as may be disclosed in the Financial Statements, the Company is not a guarantor
or indemnitor of any indebtedness of any other person, firm or corporation.

         3.9 ASSETS. The Company has good and, with respect to real property,
marketable, title to all of its real and personal property, including all assets
reflected on the balance sheets included in the Financial Statements or acquired
by the Company since the Balance Sheet Date, all of which are in good operating
condition and free and clear of material restrictions on or conditions to
transfer or assignment, and free and clear of all liens, claims, mortgages,
pledges, charges, equities, easements, rights of way, covenants, conditions,
security interests, encumbrances, or restrictions, except for liens for current
taxes or materialmen not yet due and payable or being contested in good faith.
Set forth on Item 3.9 of the Disclosure Schedule is a correct and complete list
of all real property owned by the Company, and a list (including the amount of
annual rents called for and a summary description of the leased property) of all
leases under which the Company is a lessee. The properties and leases listed on
Item 3.9 of the Disclosure Schedule are sufficient for the conduct of the
Company's business as now being and presently planned to be conducted. The
Company holds a valid leasehold interest in all leases listed on Item 3.9 of the
Disclosure Schedule, free of any liens, claims, or encumbrances granted by the
Company, except for those described in the first sentence of this Section 3.9,
and is not in default under any such lease. The Company enjoys peaceful and
undisturbed possession of all premises owned by them, or leased to them from
others, and does not occupy any real property in material violation of any law,
regulations, or decree.

         3.10 INTELLECTUAL PROPERTY.

                  (a) The Company owns or possesses sufficient legal rights to
all patents, trademarks, service marks, trade names, copyrights, trade secrets,
information and other proprietary rights and processes necessary for its
business as now conducted and as proposed to be conducted, without any known
infringement of the rights of others. There are no outstanding options, licenses
or agreements of any kind relating to the foregoing, nor is the Company bound by
or a party to any options, licenses or agreements of any kind with respect to
the patents, trademarks, service marks, trade names, copyrights, trade secrets,
licenses, information and other proprietary rights and processes of any other
person or entity other than such licenses or agreements arising from the
purchase of "off the shelf" or standard products. The Company has received no
communication alleging that the Company has violated or, by conducting its
business as proposed, would violate any of the patents, trademarks, service
marks, trade names, copyrights or trade secrets or other proprietary rights of
any other person or entity. The Company is not aware that any of its employees
is obligated under any contract (including licenses, covenants or commitments of
any nature) or other agreement, or subject to any judgment, decree or order of
any court or administrative agency, that would interfere with their duties to
the Company or that would conflict with the Company's business as proposed to be
conducted. Neither the execution nor delivery of this Agreement, nor the
carrying on of the Company's business by the employees

                                        7
<PAGE>   13

of the Company, nor the conduct of the Company's business as proposed, will, to
the Company's knowledge, conflict with or result in a breach of the terms,
conditions or provisions of, or constitute a default under, any contract,
covenant or instrument under which any employee is now obligated.

                  (b) The Company will not use, nor does the conduct of the
Company's business as proposed require the use of, any proprietary intellectual
property or information of Amgen, Inc.

         3.11 COMPLIANCE WITH OTHER INSTRUMENTS. The Company is not in violation
or default of any term of its Amended Certificate or Bylaws, or of any provision
of any mortgage, indenture, contract, agreement, instrument or contract to which
it is party or by which it is bound or of any judgment, decree, order, writ or,
to its knowledge, any statute, rule or regulation applicable to the Company
which would materially and adversely affect the business, assets, liabilities,
financial condition, operations or prospects of the Company. The execution,
delivery, and performance of and compliance with this Agreement, and the
Financing Documents, and the issuance and sale of the Shares pursuant hereto and
of the Conversion Shares pursuant to the Amended Certificate, will not, with or
without the passage of time or giving of notice, result in any such material
violation, or be in conflict with or constitute a default under any such term,
or result in the creation of any mortgage, pledge, lien, encumbrance or charge
upon any of the properties or assets of the Company or the suspension,
revocation, impairment, forfeiture or nonrenewal of any permit license,
authorization or approval applicable to the Company, their business or
operations or any of their assets or properties.

         3.12 LITIGATION. There are no actions, suits, or legal, administrative,
or other proceedings or investigations pending or, to the best of the Company's
knowledge, threatened before any court, agency, or other tribunal to which the
Company is a party or against or affecting any of the property, assets,
businesses, or financial condition of the Company. The Company is not in default
with respect to any order, writ, injunction, or decree of any federal, state,
local or foreign court, department, agency, or instrumentality to which it is a
party.

         3.13 TAXES. The Company has timely filed all federal, state, county,
local and foreign tax returns and reports within the times and in the manner
prescribed by law and has paid (or made adequate provision in the Financial
Statements for) all taxes shown due on such returns, as well as all other
assessments and penalties which have become due and payable. The Company's
federal income and other tax returns have not been audited by the Internal
Revenue Service or any other taxing authority and no notice of audit has been
received. The Company has received no notice of any disputes, deficiency
assessments, or proposed adjustments to taxes payable by the Company.

         3.14 EMPLOYEES AND CONSULTANTS. Except as set forth on Item 3.14 of the
Disclosure Schedule, the Company has not entered into any arrangement with any
present or former employee that will result in any obligation of the Company to
make any payment to such employee upon termination. True and complete copies of
all written employment agreements

                                       8
<PAGE>   14

with the key executive officers of the Company listed on Item 3.14 of the
Disclosure Schedule have been delivered to Purchasers prior to the Closing Date.
To the Company's knowledge, no employee of or consultant to the Company is in
material violation of any term of any employment contract or any other contract
or agreement relating to the relationship of any such employee or consultant
with the Company. The Company has not received notice that any executive officer
intends to terminate his employment with the Company, nor does the Company have
any present intention to terminate the employment of any executive officer. To
the Company's knowledge, none of its employees are obligated under any contract
(including licenses, covenants, or commitments of any nature) or other
agreement, or subject to any judgment, decree, or order of any court or
administrative agency, that would interfere with the use of his/her reasonable
diligence to promote the interests of the Company or that would conflict with
the Company's business as proposed to be conducted. Neither the execution nor
delivery of this Agreement, nor the carrying on of the Company's business by the
employees of the Company, nor the conduct of the Company's business as proposed,
will, to the Company's knowledge, conflict with or result in a breach of the
terms, conditions or provisions of, or constitute a default under, any contract,
covenant, or instrument under which any of such employees is obligated, which
conflict, breach, or default would be materially adverse to the Company.

         3.15 EMPLOYEE BENEFITS MATTERS. The Company does not maintain or
contribute to any plan or arrangement that constitutes an "employee pension
benefit plan" as defined in Section 3(2) of ERISA, and is not obligated to
contribute to or accrue or pay benefits under any deferred compensation or
retirement funding arrangement.

         3.16 REGISTRATION RIGHTS. Except as required pursuant to the Investor
Rights Agreement, the Company is presently not under any obligation, and has not
granted any rights, to register any of the Company's presently outstanding
securities or any of its securities that may hereafter be issued.

         3.17 GOVERNMENTAL APPROVALS/THIRD PARTY CONSENTS. All consents,
approvals, or authorizations of, or registrations, qualifications, designations,
declarations, or filings with any federal or state governmental authority, and
all consents, approvals or authorizations of any third party required in
connection with the execution of the Financing Documents and the performance of
the transactions contemplated hereby (including the issuance and sale of the
Shares) have been obtained by the Company. The Company has, or has rights to
acquire, all licenses, permits, and other similar authority necessary for the
conduct of its business as now being conducted by it and as planned to be
conducted, the lack of which could materially and adversely affect the
operations or condition, financial or otherwise, of the Company, and it is not
in default in any material respect under any of such licenses, permits or other
similar authority.

         3.18 COMPLIANCE WITH LAWS. (a) The Company has complied with and is in
compliance in all material respects with all foreign, federal, state and local
statutes, laws, ordinances, regulations, rules, judgments, orders and decrees
applicable to it and its assets, business and operations, and (b) the Company
has received no written notice of any claim of

                                        9
<PAGE>   15

default under or violation of any statute, law, ordinance, regulation, rule,
judgment, order or decree except for any such noncompliance or claim of default
or violation, if any, which in the aggregate do not and will not have a material
adverse effect the property, operations, financial condition or prospects of the
Company.

         3.19 ENVIRONMENTAL MATTERS. The Company is in compliance in all
material respects with all environmental and occupational health and safety laws
and, to its knowledge, no material expenditures are or will be required in order
to comply with any such laws.

         3.20 OFFERING VALID. Assuming the accuracy of the representations and
warranties of the Purchasers contained in Section 4 hereof, the offer, sale and
issuance of the Shares and the Conversion Shares will be exempt from the
registration requirements of the Securities Act of 1933, as amended (the
"Securities Act") and will have been registered or qualified (or are exempt from
registration and qualification) under the registration, permit or qualification
requirements of all applicable state securities laws.

         3.21 ACCURACY OF INFORMATION FURNISHED. The Financing Documents, as
well as any exhibit, certificate, written statement, material or information
furnished by or on behalf of the Company pursuant thereto or in connection with
the transactions contemplated thereby to the Purchasers, do not contain any
untrue statement of a material fact or omit to state any material fact that is
necessary to make the statements contained herein or therein not misleading.

         3.22 INSURANCE. The Company has or will obtain promptly following the
First Closing fire and casualty insurance policies with coverage customary for
companies similarly situated to the Company.

         3.23 INVESTMENT COMPANY ACT. The Company is not an "investment
company," or a company "controlled" by an "investment company," within the
meaning of the Investment Company Act of 1940, as amended.

SECTION 4. REPRESENTATIONS AND WARRANTIES OF PURCHASERS.

         Each Purchaser makes the following representations and warranties to
the Company as to itself that:

         4.1. REQUISITE POWER AND AUTHORITY. Purchaser is a corporation, limited
liability company, or limited partnership duly organized, validly existing and
in good standing under the laws of the jurisdiction of its formation, and has
all requisite partnership or corporate power and authority to own its assets and
operate its business. Purchaser has all necessary corporate or partnership power
and authority under all applicable provisions of law to execute and deliver this
Agreement and the Financing Documents and to carry out their provisions. All
action on Purchaser's part required for the lawful execution and delivery of
this Agreement and the Financing Documents have been or will be effectively
taken prior to each Closing Date. Upon their execution and delivery, this
Agreement and the Financing Documents will be valid and

                                       10
<PAGE>   16

binding obligations of Purchaser, enforceable in accordance with their terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other laws of general application affecting enforcement of
creditors' rights; (ii) general principles of equity that restrict the
availability of equitable remedies; and (iii) to the extent that the
enforceability of the indemnification provisions of the Investor Rights
Agreement may be limited by applicable laws.

         4.2. INVESTMENT REPRESENTATIONS. Purchaser understands that the Shares
have not been registered under the Securities Act. Purchaser also understands
that the Shares are being offered and sold pursuant to an exemption from
registration contained in the Securities Act based in part upon Purchaser's
representations contained in this Agreement. Purchaser hereby represents and
warrants as follows:

                  (a) PURCHASER BEARS ECONOMIC RISK. Purchaser has substantial
experience in evaluating and investing in private placement transactions of
securities in companies similar to the Company so that it is capable of
evaluating the merits and risks of its investment in the Company and has the
capacity to protect its own interests. Purchaser must bear the economic risk of
this investment indefinitely unless the Shares are registered pursuant to the
Securities Act, or an exemption from registration is available. Purchaser
understands that there is no assurance that any exemption from registration
under the Securities Act will be available and that, even if available, such
exemption may not allow Purchaser to transfer all or any portion of the Shares
under the circumstances, in the amounts or at the times Purchaser might propose.

                  (b) ACQUISITION FOR OWN ACCOUNT. Purchaser is acquiring the
Shares for Purchaser's own account for investment only, and not with a view
towards their distribution.

                  (c) PURCHASER CAN PROTECT ITS INTEREST. Purchaser represents
that by reason of its, or of its management's, business or financial experience,
Purchaser has the capacity to protect its own interests in connection with the
transactions contemplated in this Agreement and the Financing Documents.

                  (d) ACCREDITED INVESTOR. Purchaser represents that it is an
accredited investor within the meaning of Regulation D under the Securities Act.

                  (e) COMPANY INFORMATION. Purchaser has received and read the
Financial Statements and has had an opportunity to discuss the Company's
business, management and financial affairs with directors, officers and
management of the Company and has had the opportunity to review the Company's
operations and facilities. Purchaser also has had the opportunity to ask
questions of and receive answers from, the Company and its management regarding
the terms and conditions of this investment.

                  (f) RULE 144. Purchaser acknowledges and agrees that the
Shares must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available.
Purchaser has been advised or is aware of the provisions of Rule 144 promulgated
under the Securities Act, which permits limited resale of shares purchased

                                       11
<PAGE>   17

in a private placement subject to the satisfaction of certain conditions,
including, among other things: the availability of certain current public
information about the Company, the resale occurring not less than one year after
a party has purchased and paid for the security to be sold, the sale being
through an unsolicited "broker's transaction" or in transactions directly with a
market maker (as said term is defined under the Exchange Act) and the number of
shares being sold during any three-month period not exceeding specified
limitations.

                  (g) RESIDENCE. The office or offices of the Purchaser in which
its investment decision was made is located at the address or addresses of the
Purchaser as stated on the signature pages of this Agreement.

         4.3 RESTRICTIVE LEGENDS. Purchaser agrees to the imprinting, so long as
required by law, of a legend on certificates representing all of the Shares or
the Conversion Stock to the following effect:

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
         SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED
         OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
         ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE
         EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT OR SUCH LAWS.

         THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
         SHAREHOLDERS AGREEMENT DATED AS OF MAY 18, 1998 AS MAY BE AMENDED FROM
         TIME TO TIME, AND SAID SHARES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
         HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THE
         TERMS OF SUCH AGREEMENT. SUCH AGREEMENT MAY BE EXAMINED AT THE
         PRINCIPAL PLACE OF BUSINESS OF THE COMPANY AND A COPY THEREOF WILL BE
         FURNISHED WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE UPON RECEIPT
         BY THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE
         OF A WRITTEN REQUEST FROM THE SHAREHOLDER."

SECTION 5. REPRESENTATIONS AND WARRANTIES OF FOUNDERS

         Each Founder makes the following representations and warranties to the
Company as to himself that:

                                       12
<PAGE>   18

         5.1. REQUISITE POWER AND AUTHORITY. Founder is an individual and has
all necessary authority under all applicable provisions of law to execute and
deliver this Agreement and the Financing Documents and to carry out their
provisions. All action on Founder's part required for the lawful execution and
delivery of this Agreement and the Financing Documents have been or will be
effectively taken prior to each Closing Date. Upon their execution and delivery,
this Agreement and the Financing Documents will be valid and binding obligations
of Founder, enforceable in accordance with their terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors' rights; and (ii) general
principles of equity that restrict the availability of equitable remedies.

         5.2. INVESTMENT REPRESENTATIONS. Founder understands that the Shares
have not been registered under the Securities Act. Founder also understands that
the Shares are being offered and sold pursuant to an exemption from registration
contained in the Securities Act based in part upon Founder's representations
contained in this Agreement. Founder hereby represents and warrants as follows:

                  (a) FOUNDER BEARS ECONOMIC RISK. Founder must bear the
economic risk of this investment indefinitely unless the Shares are registered
pursuant to the Securities Act, or an exemption from registration is available.
Founder understands that there is no assurance that any exemption from
registration under the Securities Act will be available and that, even if
available, such exemption may not allow Founder to transfer all or any portion
of the Shares under the circumstances, in the amounts or at the times Founder
might propose.

                  (b) ACQUISITION FOR OWN ACCOUNT. Founder is acquiring the
Shares for Founder's own account for investment only, and not with a view
towards their distribution.

                  (c) RULE 144. Founder acknowledges and agrees that the Shares
must be held indefinitely unless they are subsequently registered under the
Securities Act or an exemption from such registration is available. Founder has
been advised or is aware of the provisions of Rule 144 promulgated under the
Securities Act, which permits limited resale of shares purchased in a private
placement subject to the satisfaction of certain conditions, including, among
other things: the availability of certain current public information about the
Company, the resale occurring not less than one year after a party has purchased
and paid for the security to be sold, the sale being through an unsolicited
"broker's transaction" or in transactions directly with a market maker (as said
term is defined under the Exchange Act) and the number of shares being sold
during any three-month period not exceeding specified limitations.

                  (d) RESIDENCE. Founder's residence is located at the address
or addresses of the Founder as stated on Exhibit B of this Agreement.

         5.3 RESTRICTIVE LEGENDS. Founder agrees to the imprinting, so long as
required by law, of a legend on certificates representing all of the Shares or
the Conversion Stock to the following effect:

                                       13
<PAGE>   19

         "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
         REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
         SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD OR OTHERWISE DISPOSED
         OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH
         ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE
         EXEMPTION TO THE REGISTRATION REQUIREMENTS OF SUCH ACT OR SUCH LAWS.

         THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
         SHAREHOLDERS AGREEMENT DATED AS OF MAY 18, 1998 AS MAY BE AMENDED FROM
         TIME TO TIME, AND SAID SHARES MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
         HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT IN ACCORDANCE WITH THE
         TERMS OF SUCH AGREEMENT. SUCH AGREEMENT MAY BE EXAMINED AT THE
         PRINCIPAL PLACE OF BUSINESS OF THE COMPANY AND A COPY THEREOF WILL BE
         FURNISHED WITHOUT CHARGE TO THE HOLDER OF THIS CERTIFICATE UPON RECEIPT
         BY THE COMPANY AT ITS PRINCIPAL PLACE OF BUSINESS OR REGISTERED OFFICE
         OF A WRITTEN REQUEST FROM THE SHAREHOLDER."

SECTION 6. CONDITIONS TO CLOSING.

         6.1 CONDITIONS TO PURCHASERS' AND FOUNDERS' OBLIGATIONS AT THE FIRST
CLOSING. Purchasers' and Founders' obligations to purchase the Shares at the
First Closing are subject to the satisfaction, at or prior to the First Closing,
of the following conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE; PERFORMANCE OF
OBLIGATIONS. The representations and warranties made by the Company in Section 3
hereof shall be true and correct in all material respects as of the First
Closing Date with the same force and effect as if they had been made as of the
First Closing Date, and the Company shall have performed all obligations and
conditions herein required to be performed or observed by it on or prior to the
First Closing.

                  (b) LEGAL INVESTMENT. On the First Closing Date, the sale and
issuance of the Shares, and the proposed issuance of the Conversion Shares,
shall be legally permitted by all laws and regulations to which Purchasers,
Founders and the Company are subject.

                  (c) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by the Agreement and the Financing
Documents (except for such as may be properly obtained subsequent to the First
Closing).

                                       14
<PAGE>   20

                  (d) FILING OF AMENDED CERTIFICATE. The Amended Certificate
shall have been filed with the Secretary of State of the State of Delaware.

                  (e) CORPORATE DOCUMENTS. The Company shall have delivered to
Purchasers or their counsel, copies of all corporate documents of the Company as
Purchasers shall reasonably request.

                  (f) RESERVATION OF CONVERSION SHARES. The Conversion Shares
issuable upon conversion of the Shares shall have been duly authorized and
reserved for issuance upon such conversion.

                  (g) CERTIFICATES. The Company shall have delivered to
Purchasers:

                           (1) proof of filing of the Amended Certificate, and a
certificate, as of the most recent practical date, of the Secretary of State of
Delaware as to the Company's good standing;

                           (2) a certificate of the Secretary of the Company
dated as of the Closing Date, certifying as to (i) the incumbency of officers of
the Company executing the Financing Agreements and all other documents executed
and delivered in connection therewith; (ii) a copy of the Amended Certificate,
in effect as of the Closing; (iii) a copy of the Bylaws of the Company, in
effect on the Closing Date; and (iv) a copy of the resolutions or consents of
the Board of Directors and stockholders of the Company authorizing and approving
the Company's execution, delivery and performance of the Financing Agreements;
and

                           (3) a certificate, executed by the President of the
Company as of the Closing Date, certifying to the fulfillment of all of the
conditions of the Purchasers' obligations under this Agreement, as set forth in
this Section 6.

                  (h) INVESTOR RIGHTS AGREEMENT. The Investor Rights Agreement
substantially in the form attached hereto as Exhibit E shall have been executed
and delivered by the parties thereto.

                  (i) SHAREHOLDERS AGREEMENT. The Shareholders Agreement
substantially in the form attached hereto as Exhibit F shall have been executed
and delivered by the parties thereto.

                  (j) LEGAL OPINION. The Purchasers shall have received from
legal counsel to the Company an opinion addressed to them, dated as of the First
Closing Date, in substantially the form attached hereto as Exhibit H.

                                       15
<PAGE>   21

                  (k) PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated at the First
Closing hereby and all documents and instruments incident to such transactions
shall be reasonably satisfactory in substance and form to the Purchasers and
their special counsel, and the Purchasers and their special counsel shall have
received all such counterpart originals or certified or other copies of such
documents as they may reasonably request.

                  (l) OTHER EMPLOYEES. The Purchasers shall have approved the
management and professional team proposed by the Founders, and all such persons
shall have executed, at Purchasers' discretion, letters of intent to join the
Company and/or employment agreements, acceptable to Purchasers. In addition, all
employees hired as of the First Closing shall have executed Confidential
Information and Noncompete Agreements with the Company, in substantially the
form attached hereto at Exhibits J and K.

                  (m) NOTE PURCHASE AGREEMENT. The Purchasers shall have
approved the Note Purchase Agreement, in form attached hereto as Exhibit C.

         6.2 CONDITIONS TO OBLIGATIONS OF THE COMPANY AT FIRST CLOSING. The
Company's obligation to issue and sell the Shares at the First Closing is
subject to the satisfaction, on or prior to the First Closing, of the following
conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations
and warranties made by Purchasers in Section 4 and by Founders in Section 5
hereof shall be true and correct in all material respects at the First Closing
Date, with the same force and effect as if they had been made on and as of said
date.

                  (b) PERFORMANCE OF OBLIGATIONS. Purchasers shall have
performed and complied with all agreements and conditions herein required to be
performed or complied with by Purchasers on or before the First Closing.

                  (c) FILING OF AMENDED CERTIFICATE. The Amended Certificate
shall have been filed with the Secretary of State of the State of Delaware.

                  (d) INVESTOR RIGHTS AGREEMENT. The Investor Rights Agreement
substantially in the form attached hereto as Exhibit E shall have been executed
and delivered by the parties thereto.

                  (e) SHAREHOLDERS AGREEMENT. The Shareholders Agreement
substantially in the form attached hereto as Exhibit F shall have been executed
and delivered by the parties thereto.

                  (f) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by the Agreement and the Financing
Documents (except for such as may be properly obtained subsequent to the First
Closing).

                                       16
<PAGE>   22

                  (g) MINIMUM INVESTMENT. The Purchasers shall purchase at least
2,250,000 Preferred Shares at the First Closing.

         6.3 CONDITIONS TO PURCHASERS' OBLIGATIONS AT THE FINAL CLOSING.
Purchasers' and Additional Purchasers' obligations to purchase the Shares at the
Final Closing are subject to the satisfaction, at or prior to the Final Closing,
of the following conditions:

                  (a) BOARD APPROVAL. A majority of the Company's Board of
Directors shall have approved the Final Closing.

                  (b) LEGAL INVESTMENT. On the Final Closing Date, the sale and
issuance of the Shares, and the proposed issuance of the Conversion Shares,
shall be legally permitted by all laws and regulations to which Purchasers,
Additional Purchasers and the Company are subject.

                  (c) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by the Agreement and the Financing
Documents (except for such as may be properly obtained subsequent to the Final
Closing).

                  (d) CORPORATE DOCUMENTS. The Company shall have delivered to
Purchasers and Additional Purchasers or their counsel, copies of all corporate
documents of the Company as Purchasers or Additional Purchasers shall reasonably
request.

                  (e) CERTIFICATES. The Company shall have delivered to
Additional Purchasers:

                           (1) a certified copy of the Amended Certificate, and
a certificate, as of the most recent practical date, of the Secretary of State
of Delaware as to the Company's good standing;

                           (2) a certificate of the Secretary of the Company
dated as of the Final Closing Date, certifying as to (i) the incumbency of
officers of the Company executing the Financing Agreements and all other
documents executed and delivered in connection therewith; (ii) a copy of the
Bylaws of the Company, in effect on the Final Closing Date; and (iii) a copy of
the resolutions or consents of the Board of Directors and stockholders of the
Company authorizing and approving the Company's execution, delivery and
performance of the Financing Agreements; and

                           (3) a certificate, executed by the President of the
Company as of the Final Closing Date, certifying to the fulfillment of all of
the conditions of the Purchasers' obligations under this Agreement, as set forth
in this Section 6.

                  (f) LEGAL OPINION. The Purchasers and Additional Purchasers
shall have received from legal counsel to the Company an opinion addressed to
them, dated as of the Final Closing Date, in substantially the form attached
hereto as Exhibit I.

                                       17
<PAGE>   23

                  (g) PROCEEDINGS AND DOCUMENTS. All corporate and other
proceedings in connection with the transactions contemplated at the Final
Closing hereby and all documents and instruments incident to such transactions
shall be reasonably satisfactory in substance and form to the Purchasers,
Additional Purchasers and their counsel, and the Purchasers, Additional
Purchasers and their counsel shall have received all such counterpart originals
or certified or other copies of such documents as they may reasonably request.

         6.4 CONDITIONS TO OBLIGATIONS OF THE COMPANY AT FINAL CLOSING. The
Company's obligation to issue and sell the Shares at the Final Closing is
subject to the satisfaction, on or prior to the Final Closing, of the following
conditions:

                  (a) REPRESENTATIONS AND WARRANTIES TRUE. The representations
and warranties made by Purchasers and Additional Purchasers in Section 4 hereof
shall be true and correct in all material respects at the Final Closing Date,
with the same force and effect as if they had been made on and as of said date.

                  (b) PERFORMANCE OF OBLIGATIONS. Purchasers and Additional
Purchasers shall have performed and complied with all agreements and conditions
herein required to be performed or complied with by Purchasers or Additional
Purchasers on or before the Final Closing.

                  (c) INVESTOR RIGHTS AGREEMENT. The Investor Rights Agreement
substantially in the form attached hereto as Exhibit E shall have been executed
and delivered by the Additional Purchasers.

                  (d) SHAREHOLDERS AGREEMENT. The Shareholders Agreement
substantially in the form attached hereto as Exhibit F shall have been executed
and delivered by the Additional Purchasers.

                  (e) CONSENTS, PERMITS, AND WAIVERS. The Company shall have
obtained any and all consents, permits and waivers necessary or appropriate for
consummation of the transactions contemplated by the Agreement and the Financing
Documents (except for such as may be properly obtained subsequent to the Final
Closing).

                  (f) Minimum Investment. The Purchasers and Additional
Purchasers shall purchase, in the aggregate, at least 2,250,000 Preferred Shares
at the Final Closing.

SECTION 7. COVENANTS OF THE COMPANY FOR THE PERIOD FOLLOWING CLOSING.

         Until the date upon which all Shares held by Purchasers (including any
capital stock of the Company issued upon conversion of the Series A Preferred
Stock) are no longer outstanding, the Company covenants to each Purchaser (and,
as applicable, to each Founder) and agrees as follows:

                                       18
<PAGE>   24

         7.1 USE OF PROCEEDS. The Company shall use all proceeds from the sale
of the Shares to Purchasers pursuant to this Agreement for financing of
expenditures related start-up of the Company, product development and general
working capital.

         7.2 MAINTENANCE OF CORPORATE STATUS. The Company shall maintain, and
shall cause each affiliate to maintain, its corporate or partnership existence
in good standing or effective under the laws of its jurisdiction of organization
and any other states or jurisdictions in which its failure to qualify as a
foreign corporation or entity would have a material adverse effect on its
operations or financial condition.

         7.3 COMPLIANCE WITH GOVERNING DOCUMENTS. The Company shall comply, and
shall cause each affiliate to comply, in all material respects with its Amended
Certificate, Bylaws or other governing documents.

         7.4 COMPLIANCE WITH LAWS, LICENSES AND PERMITS; NO INFRINGEMENT. The
Company shall comply with all applicable federal, state, local, foreign and
other laws, regulations and ordinances, and with all applicable federal, state,
local and foreign governmental licenses and permits necessary for conducting its
business, except to the extent that any noncompliance would not have a material
adverse effect upon the Company. The Company shall not knowingly engage in any
activities that infringe upon the intellectual property rights of any other
person, corporation, partnership or other entity which could have a material
adverse effect upon the Company.

         7.5 DISCHARGE OF OBLIGATIONS. The Company shall pay and discharge all
taxes, assessments, and governmental charges lawfully levied or imposed upon it
(in each case before they become delinquent and before penalties accrue), all
lawful claims for labor, materials, supplies and rents, and all other debts and
liabilities that if unpaid would by law be a lien or charge upon any of the
asserts or properties of the Company or lead to suspension of the business of
the Company (except to the extent contested in good faith by the Company and for
which adequate reserves are established).

         7.6 MAINTENANCE OF PROPERTIES. The Company shall maintain all real and
personal property used in the business of the Company in good operating
condition, and shall make all repairs, renewals, replacements, additions and
improvements to those properties as are necessary or appropriate in the ordinary
course of business.

         7.7 MAINTENANCE OF PROPRIETARY INFORMATION. The Company shall maintain
all proprietary information, and all applications and registrations therefor
owned or held by the Company, in full force and effect, except as otherwise
determined in the ordinary course of business. The Company shall not encumber or
license others to use its proprietary information owned by it except in the
ordinary course of the Company's business, and shall maintain the
confidentiality and trade secret status of all proprietary information that is
confidential except

                                       19
<PAGE>   25

where disclosure is necessary to obtain copyright registrations or patents, or
is necessary or desirable in the ordinary course of the Company's business. The
Company shall enter into and maintain a Confidentiality Agreement, in the form
attached at Exhibit J with each employee and, as appropriately modified, each
consultant to the Company, and shall enter into and maintain a Noncompete
Agreement, in the form attached at Exhibit K with each key management employee
of the Company.

         7.8 SIGNIFICANT TRANSACTIONS. In addition to any vote or consent of
shareholders or directors required by law or the Company's Amended Certificate,
so long as any originally issued Series A Preferred Stock remains outstanding,
the consent of the holders of two thirds of the shares of the Series A Preferred
Stock and of the shares of Common Stock held by the Founders, each voting as a
class, either in writing without a meeting or by vote at any meeting called for
the purpose, shall be necessary for effecting, validating or permitting (i) any
consolidation or merger involving the Company (other than a consolidation or
merger in which the Company is the surviving entity and no change in the capital
stock or ownership of the Company occurs), (ii) any transaction or series of
transactions in which an excess of 50% of the Company's voting power is
transferred, (iii) any dissolution, liquidation, or winding up of the Company,
or (iv) any sale of more than 50% of the assets of the Company, or any agreement
to become so obligated.

         7.9 COMPENSATION OF DIRECTORS. Each member of the Board of Directors
shall be entitled to (a) customary liability insurance obtained at commercially
reasonable rates, and (b) reimbursement by the Company for all out-of-pocket
expenses, including, without limitation, travel expenses, incurred by such
director in connection with the performance of such directors duties, subject to
approval by the Board of Directors, such approval not to be unreasonably
withheld.

         7.10 BOOKS AND RECORDS. The Company shall, and shall cause each
affiliate to, keep proper books of records and account, in which full and
correct entries shall be made of all financial transactions and the assets and
business of the Company and each affiliate, in accordance with generally
accepted accounting principles in effect from time to time. The Company shall
provide Purchasers with access to all such books and records and allow
Purchasers to make copies and abstracts thereof at reasonable times.

SECTION 8 MISCELLANEOUS.

         8.1 GOVERNING LAW. This Agreement shall be governed by the laws of the
State of Colorado as such laws are applied to agreements between Colorado
residents entered into and performed entirely in Colorado, except that the
Delaware General Corporation Law will govern as to matters of corporate law.

         8.2 SURVIVAL. The representations, warranties, covenants and agreements
made herein shall survive any investigation made by any Purchaser and the
closing of the transactions

                                       20
<PAGE>   26

contemplated hereby. All statements as to factual matters contained in any
certificate or other instrument delivered by or on behalf of the Company
pursuant hereto in connection with the transactions contemplated hereby shall be
deemed to be representations and warranties by the Company hereunder solely as
of the date of such certificate or instrument.

          8.3 SUCCESSORS AND ASSIGNS. Except as otherwise expressly provided
herein, the provisions hereof shall inure to the benefit of, and be binding
upon, the successors, assigns, heirs, executors and administrators of the
parties hereto and shall inure to the benefit of and be enforceable by each
person who shall be a holder of the Shares from time to time.

          8.4 ENTIRE AGREEMENT. This Agreement, the Exhibits and Schedules
hereto, the Financing Documents and the other documents delivered pursuant
hereto constitute the full and entire understanding and agreement between the
parties with regard to the subjects hereof and no party shall be liable or bound
to any other in any manner by any representations, warranties, covenants and
agreements except as specifically set forth herein and therein.

          8.5 SEVERABILITY. In case any provision of the Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

          8.6 AMENDMENT AND WAIVER. This Agreement may be amended or modified
only upon the written consent of the Company, the holders of at least sixty-six
percent (66%) of the Preferred Shares (treated as if converted and including any
Conversion Shares into which the Preferred Shares have been converted that have
not been sold), and the holders of at least sixty-six percent (66%) of the
Common Shares.

          8.7 DELAYS OR OMISSIONS. It is agreed that no delay or omission to
exercise any right, power or remedy accruing to any party, upon any breach,
default or noncompliance by another party under this Agreement, the Financing
Documents or the Amended Certificate, shall impair any such right, power or
remedy, nor shall it be construed to be a waiver of any such breach, default or
noncompliance, or any acquiescence therein, or of or in any similar breach,
default or noncompliance thereafter occurring. It is further agreed that any
waiver, permit, consent or approval of any kind or character on any Purchaser's
part of any breach, default or noncompliance under this Agreement, the Financing
Documents or under the Amended Certificate or any waiver on such party's part of
any provisions or conditions of the Agreement, the Financing Documents, or the
Amended Certificate must be in writing and shall be effective only to the extent
specifically set forth in such writing. All remedies, either under this
Agreement, the Financing Documents, the Amended Certificate, by law, or
otherwise afforded to any party, shall be cumulative and not alternative.

         8.8 NOTICES. All notices required or permitted hereunder shall be in
writing and shall be deemed effectively given: (i) upon personal delivery to the
party to be notified; (ii) when sent by confirmed facsimile if sent during
normal business hours of the recipient, if not, then on the

                                       21
<PAGE>   27

next business day; (iii) three (3) business days after having been sent by
registered or certified mail, return receipt requested, postage prepaid; or (iv)
one (1) day after deposit with a nationally recognized overnight courier,
specifying next day delivery, with written verification of receipt. All
communications shall be sent to the Company and to Purchasers at the addresses
set forth on the signature pages attached hereto or at such other address as the
Company or Purchaser may designate by ten (10) days advance written notice to
the other parties hereto.

          8.9 EXPENSES. The Company hereby agrees to reimburse each Purchaser
for its out-of-pocket expenses incurred in connection with the transactions
contemplated hereby, including all expenses incurred in connection with its due
diligence examination of the Company, the preparation and negotiation of the
Financing Documents, including the reasonable fees (not to exceed $25,000) and
expenses of special counsel to the Purchasers, and in connection with the
enforcement of rights and remedies of the Purchasers hereunder and under the
Shareholders Agreement and all other documents evidencing the transactions
contemplated herein.

          8.10 INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify
and hold each Purchaser harmless against any loss, liability, damage or expense
(including reasonable legal fees and costs) which such Purchasers may suffer,
sustain or become subject to as a result of or in connection with the breach by
the Company of any representation, warranty, covenant or agreement of the
Company contained in this Agreement or the Financing Documents.

          8.11 INDEMNIFICATION BY THE PURCHASERS. Each Purchaser, severally and
not jointly, agrees to indemnify and hold the Company harmless against any loss,
liability, damage or expense (including reasonable legal fees and costs) which
the Company may suffer, sustain or become subject to as a result of or in
connection with the breach by such Purchaser of any representation, warranty,
covenant or agreement of such Purchaser contained in this Agreement or the
Financing Documents.

          8.12 TITLES AND SUBTITLES. The titles of the sections and subsections
of the Agreement are for convenience of reference only and are not to be
considered in construing this Agreement.

          8.13 COUNTERPARTS. This Agreement may be delivered via facsimile and
may be executed in any number of counterparts, each of which shall be an
original, but all of which together shall constitute one instrument.

         8.14 BROKER'S FEES. Each party hereto represents and warrants that no
agent, broker, investment banker, person or firm acting on behalf of or under
the authority of such party hereto is or will be entitled to any broker's or
finder's fee or any other commission directly or indirectly in connection with
the transactions contemplated herein. Each party hereto further agrees to
indemnify each other party for any claims, losses or expenses incurred by such
other party as a result of the representation in this Section 8.14 being untrue.

                                       22
<PAGE>   28

         8.15 ARBITRATION. The parties hereby covenant and agree that any legal
suit, dispute, claim, demand, controversy or cause of action of every kind and
nature whatsoever, known or unknown, fixed or contingent, that any party may now
have or at any time in the future claim to have based in whole or in part, or
arising from or out of or that in any way is related to the negotiations,
execution, interpretation or enforcement of this Agreement (collectively, the
"Disputes") shall be completely and finally settled by submission of any such
Disputes to arbitration under the rules of the American Arbitration Association
("AAA") then in effect. There shall be one arbitrator, and such arbitrator shall
be chosen by mutual agreement of the parties in accordance with AAA rules.
Unless the parties agree otherwise, the arbitration proceedings shall take place
in Denver, Colorado. The arbitrator shall apply Colorado law to all issues in
dispute, in accordance with Section 8.1 above. Notice of demand for arbitration
shall be filed in writing with the other party to this Agreement and with the
AAA. In no event shall the demand for arbitration be made after the date when
institution of legal or equitable proceedings based on such Dispute would be
barred by the applicable statute of limitations. The findings of the arbitrator
shall be final and binding on the parties. Judgment on such award may be entered
in any court of competent jurisdiction, or application may be made to that court
for a judicial acceptance of the award and an order or enforcement, as the party
seeking to enforce that award may elect. The prevailing party in any such action
shall be entitled to receive from the losing party all reasonable costs and
expenses, including the reasonable fees of attorneys, accountants, and other
experts, incurred by the prevailing party in investigating and prosecuting (or
defending) such action, together with any such fees which may be incurred in
enforcing any award of judgment.

         8.16 EXCULPATION AMONG PURCHASERS. Each Purchaser acknowledges that it
is not relying upon any person, firm, or corporation, other than the Company and
its officers and directors, in making its investment or decision to invest in
the Company. Each Purchaser agrees that no Purchaser nor the respective
controlling persons, officers, directors, partners, agents, or employees of any
Purchaser shall be liable for any action heretofore or hereafter taken or
omitted to be taken by any of them in connection with the Shares and Conversion
Shares.

         8.17 PRONOUNS. All pronouns contained herein, and any variations
thereof, shall be deemed to refer to the masculine, feminine or neutral,
singular or plural, as the identity of the parties hereto may require.

                            [SIGNATURE PAGES FOLLOW]

                                       23
<PAGE>   29

         IN WITNESS WHEREOF, the parties hereto have executed the PREFERRED AND
COMMON STOCK PURCHASE AGREEMENT as of the date set forth in the first paragraph
hereof.

COMPANY:

ARRAY BIOPHARMA INC., a Delaware corporation

By: /s/ KEVIN KOCH
   ----------------------------
   Kevin Koch, Ph.D., President

                                       PURCHASERS:

                                       FALCON TECHNOLOGY PARTNERS, L.P., a
                                       Delaware limited partnership

                                       By: /s/ JAMES L. RATHMANN
                                          --------------------------------------
                                           James L. Rathmann, General Partner

                                       BOULDER VENTURES II, L.P., a Delaware
                                       limited partnership

                                       By: /s/ KYLE LEFKOFF
                                          --------------------------------------
                                          Kyle Lefkoff, General Partner

                                       BOULDER VENTURES II (ANNEX), L.P., a
                                       Delaware limited partnership

                                       By: /s/ KYLE LEFKOFF
                                          --------------------------------------
                                          Kyle Lefkoff, General Partner

                                       THE CARUTHERS FAMILY, L.L.C.

                                       By: /s/ MARVIN H. CARUTHERS
                                          --------------------------------------
                                          Marvin H. Caruthers, Ph.D., Manager

                                       24

<PAGE>   30

                                       FOUNDERS:

                                       /s/ DAVID SNITMAN
                                       ------------------------------------
                                       DAVID SNITMAN, PH.D.

                                       /s/ KEVIN KOCH
                                       ------------------------------------
                                       KEVIN KOCH, PH.D.

                                       /s/ ANTHONY D. PISCOPIO
                                       ------------------------------------
                                       ANTHONY D. PISCOPIO, PH.D.

                                       /s/ K.C. NICOLAOU
                                       -----------------------------------
                                       K.C. NICOLAOU, PH.D.

                                       25
<PAGE>   31
                                   Exhibit A

         [Certificate of Amendment to the Certificate of Incorporation]
<PAGE>   32
                                   Exhibit B

                            [Schedule of Purchasers]
<PAGE>   33
                                   Exhibit C

                     [Promissory Note and Pledge Agreement]
<PAGE>   34
                                   Exhibit D

                             [Disclosure Schedule]
<PAGE>   35
                                   Exhibit E

                          [Investor Rights Agreement]
<PAGE>   36
                                   Exhibit F

                            [Shareholders Agreement]
<PAGE>   37
                                   Exhibit G

                             [Capitalization Table]
<PAGE>   38
                                   Exhibit H

                            [First Closing Opinion]
<PAGE>   39
                                   Exhibit I

                            [Final Closing Opinion]
<PAGE>   40
                                   Exhibit J

                          [Confidentiality Agreement]
<PAGE>   41
                                   Exhibit K

                             [Noncompete Agreement]

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