Document:

exv10w70

 

[ * ] = Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

EXHIBIT 10.70

June 28, 2006

VIA FAX AND FEDERAL EXPRESS 

David L. Snitman, Ph.D.

Chief Operating Officer

Array BioPharma, Inc.

3200 Walnut Street

Boulder, CO 80301

     RE:     Amendment No. 7 to Drug Discovery Collaboration Agreement dated September 13,
2002

Dear Dr. Snitman:

     As you know, InterMune, Inc. (“InterMune”) and Array BioPharma Inc. (“Array”)
are parties to that certain Drug Discovery Collaboration Agreement dated September 13, 2002, as
amended by Amendment No. 1 dated May 8, 2003, Amendment No. 2 dated January 7, 2004, Amendment No.
3 dated September 10, 2004, Amendment No. 4 dated December 7, 2004, Amendment No. 5 dated June 30,
2005 and Amendment No. 6 dated February 3, 2006 and effective January 1, 2006, (collectively, the
“Agreement”). Any capitalized term contained herein and not otherwise defined herein shall
have the meaning ascribed to such term in the Agreement. As you also know, InterMune has recently
exercised it right to extend the Research Term for an additional twelve (12)-month period following
June 30, 2006 such that the Research Term no expires June 30, 2007 under the Agreement.

     Pursuant to our discussions,, we would like to amend the Agreement, effective as of the date
hereof, as follows:

     1. Section 2.3 of the Agreement is hereby amended in its entirety to read as follows:

“2.3 Term and Termination of Research Collaboration. The Research Collaboration
shall commence on the Effective Date and shall end upon the first to occur of (i) June 30,
2007, (ii) the termination of this Agreement, or (iii) [ * ] after written notice from
InterMune that InterMune elects (in its sole discretion) to early terminate the Research
Collaboration (such period beginning on the Effective Date and ending upon the earliest of
(i), (ii) and (iii), the “Research Term”). The Research Term shall automatically be
extended for an additional twelve (12)-month period after June 30, 2007 (“Extension Term”)
on the same terms and conditions as previously conducted (except as otherwise set forth in
this Agreement) unless either party gives the other party written notice on or before March
31, 2007 of its intention not to extend the Research Term.”

     2. Section 5.1.1 of the Agreement is hereby amended in its entirety to read as follows:

 

 

“5.1.1 Research Phase Payment Schedule. InterMune agrees to pay Array funding for
the conduct of the Research Collaboration quarterly, in advance, in an amount equal to one
quarter (1/4) of the Allocated Array FTEs (or, if less, the number of Array FTEs described
in this Section 5.1.1 or otherwise scheduled in the Research Plan to be provided by Array in
the upcoming quarter), multiplied by the applicable Array FTE Rate (as defined below in
Section 5.1.2). The Allocated Array FTEs shall be as follows: (a) [ * ] Array FTEs devoted
to [ * ] for the period of time set forth below in this Section 5.1.1 (or such other number
scheduled in the Research Plan) (the “Discovery FTEs”); (b) [ * ] Array FTEs devoted to [ *
] for the period of time set forth below in this Section 5.1.1 (or such other number
scheduled in the Research Plan) (the “Manufacture FTEs”); and (c) [ * ] Array FTEs, [ * ] of
which will be [ * ] will be devoted to [ * ] while [ * ] will be devoted to [ * ] for the
period of time set forth below in this Section 5.1.1 (or such other number of FTEs and/or
allocation of such number of FTEs between the manufacturing transfer and process research
activities as scheduled in the Research Plan) (the “Research FTEs”). Payments shall be made
on or before the first day of each calendar quarter. Such payments are non-creditable and
non-refundable, subject to the remainder of this Section 5.1.1. Within thirty (30) days
after the end of each calendar quarter during which InterMune is funding Array FTEs devoted
to the Research Collaboration, Array shall notify InterMune in writing of the number of FTEs
Array actually devoted to the Research Collaboration during such calendar quarter. If such
actual FTEs are less than the number of FTEs for which InterMune paid, then InterMune may
credit the overpayment against the next payment due Array under this Agreement. If no
payment will be due Array within the next three (3) months after Array was required to
notify InterMune of such actual FTEs, Array shall promptly refund the overpayment to
InterMune. In addition, InterMune may audit Array’s FTE records relating to the Research
Collaboration, in the same manner and subject to the same restrictions as those set forth in
Array’s-audits pursuant to Section 6.4, and any discrepancies shall be trued-up as provided
in the foregoing two (2) sentences. In no event shall InterMune be required to fund a
greater number of Array FTEs in any calendar quarter than one quarter (1/4) of the Allocated
Array FTEs for such calendar quarter, or, if lesser, those provided in the Research Plan for
Array to provide in such calendar quarter.

The Discovery FTEs shall be funded by InterMune beginning July 1, 2005 through June 30,
2007. When requesting to extend the Research Term in accordance with Section 2.3, InterMune
shall specify in a written notice to be delivered by InterMune to Array no later

3280 Bayshore Boulevard, Brisbane, CA 94005 Tel: 415.466.2200 Fax: 415.466.2300

than February 28, 2007, the number of Discovery FTEs to be funded for the Extension Term.

Beginning February 1, 2006, InterMune shall fund [ * ] Manufacture FTEs until [ * ] (or such
other [ * ] as may be determined by mutual agreement). The Research FTEs shall be funded by
InterMune beginning January 1, 2006 through August 31, 2006, with an option exercisable by
InterMune to extend such funding for an additional six (6)- month period. Upon the [ * ] by
Array as described above, (i) any remaining raw materials

[ * ] = Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

2

 

purchased for the [ * ] and for which Array receives reimbursement from InterMune that are
not used for the [ * ] shall be owned by, and also delivered to, InterMune (or a third party
designated by InterMune) and (ii) InterMune shall have the right to request, by delivering
written notice to Array within thirty (30) days, to [ * ] the number of Research FTEs under
this Section 5.1.1 to [ * ] Array FTEs, which additional Research FTEs will be devoted to [
* ] (which activities shall be with respect to the [ * ] as set forth in the Research Plan).
In the event Array agrees to InterMune’s request to [ * ] the number of Research FTEs to [
* ] Array FTEs, such Array FTEs will be funded by InterMune until June 30, 2007.”

     Except as set forth in (1) and (2) above, all terms and conditions of the Agreement will
remain in full force and effect.

     Please acknowledge your agreement to the proposed amendments to the Agreement by having an
authorized Array representative countersign both enclosed copies of this letter where indicated
below, and returning one original to the attention of Lucinda Y. Quan, Director, Legal Affairs at
InterMune. We would be happy to proceed based on receipt of a facsimile copy while awaiting the
original.

     If you have any questions on the foregoing, please do not hesitate to contact me.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	/s/ Lawrence Blatt
	 
	 	 
	 

	 	Lawrence Blatt, Ph.D.

Chief Scientific Officer

	 	 	 
	cc:

	 	General Counsel, Array
Mr. Larry Kahn, InterMune

Acknowledged and Agreed:

ARRAY BIOPHARMA INC.

	 	 	 	 	 
	By:

	 	/s/ David Snitman
 

	 	 
	 
	 	 	 	 
	Name:

	 	David Snitman
 

	 	 
	 
	 	 	 	 
	Title:

	 	COO
 

	 	 

[ * ] = Certain information on this page has been redacted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

3exv10w40

 

Exhibit 10.40

SIXTH AMENDMENT TO CREDIT AGREEMENT

     THIS SIXTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is entered into as of the
5th day of December, 2007 by and among the lenders listed on the signature pages hereof (the
“Lenders”), PENSON WORLDWIDE, INC., a Delaware corporation (“Borrower”), GUARANTY
BANK, as Administrative Agent, Swing Line Lender, Arranger and Letter of Credit Issuer for the
Lenders (the “Administrative Agent”), and Wachovia Bank, National Association, as
Documentation Agent (the “Documentation Agent”), each to the extent and in the manner
provided for in the Credit Agreement (defined below and herein so called).

BACKGROUND

     A. The Lenders, the Borrower, the Documentation Agent and the Administrative Agent are parties
to that certain Credit Agreement dated as of May 26, 2006 (as it may be amended, extended, renewed,
or restated from time to time, the “Credit Agreement”). Capitalized terms defined in the
Credit Agreement and not otherwise defined herein shall be used herein as defined in the Credit
Agreement.

     B. The Borrower has requested an amendment to the certain provisions of the Credit Agreement
regarding permitted Investments so that the Borrower shall be entitled to repurchase certain of its
Equity Interests, and the Administrative Agent and the Required Lenders have agreed to such
amendment in order to provide clarification, subject to the terms and conditions contained herein.

     NOW, THEREFORE, in consideration of the covenants, conditions and agreements hereafter set
forth, and for other good and valuable consideration, the receipt and adequacy of which are all
hereby acknowledged, the parties hereto covenant and agree as follows:

     1. AMENDMENTS TO THE CREDIT AGREEMENT. The Credit Agreement is hereby amended as
follows:

     (a) Section 1.01 of the Credit Agreement is hereby amended by adding the
definition of “Equity Repurchase” in alphabetical order to read as follows:

     “Equity Repurchase” means the Borrower’s repurchase of its Equity Interests.

     (b) Section 7.02(i) and (j) of the Credit Agreement are hereby deleted in their
entirety and are replaced with the following:

(i) making the JDI Loan;

(j) Equity Repurchases on or after December 5, 2007 in an amount required to
purchase shares of its capital stock valued (at the time of such purchase)
of up to an aggregate amount of $12,500,000, as well as Equity Repurchases
previously made as permitted under this Agreement; and

(k) Investments otherwise permitted in this
Agreement.

SIXTH AMENDMENT TO CREDIT AGREEMENT – Page 1

 

 

     2. CONDITIONS OF EFFECTIVENESS. This Amendment shall not be effective until each of
the following conditions precedent shall have been met to the satisfaction of the Administrative
Agent:

     (a) Since the date of the most recent financial statements provided to the Lenders,
there shall have been no event or circumstance, either individually or in the aggregate,
that has had or would reasonably be expected to have a Material Adverse Effect;

     (b) No Default shall exist after giving effect to this Amendment;

     (c) The Administrative Agent shall have received confirmation that the Borrower has
paid all expenses and fees arising in connection with all matters undertaken or performed at
the request of the Administrative Agent; and

     (d) The Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent, a duly executed copy of this Amendment and the other applicable
Loan Documents, together with such additional documents, instruments and certificates as the
Administrative Agent shall require in connection therewith, all in form and substance
satisfactory to the Administrative Agent.

     3. REPRESENTATIONS AND WARRANTIES. The representations and warranties contained
herein and in all other Loan Documents, as amended hereby, shall be true and correct as of the date
hereof as if made on the date hereof.

     4. REFERENCE TO CREDIT AGREEMENT. Upon the effectiveness of this Amendment, each
reference in the Credit Agreement to “this Agreement,” “hereunder,” or words of like import shall
mean and be a reference to the Credit Agreement, as affected and amended by this Amendment.

     5. COUNTERPARTS; EXECUTION VIA FACSIMILE OR ELECTRONIC TRANSMITTAL. This Amendment
may be executed in one or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. This Amendment may be validly
executed and delivered by facsimile or other electronic transmission.

     6. GOVERNING LAW: BINDING EFFECT. This Amendment shall be governed by and construed
in accordance with the laws of the State of Texas and shall be binding upon the Borrower, the
Administrative Agent, the Documentation Agent, each Lender and their respective successors and
assigns.

     7. HEADINGS. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose.

SIXTH AMENDMENT TO CREDIT AGREEMENT – Page 2

 

 

     8. LOAN DOCUMENT. This Amendment is a Loan Document and is subject to all provisions
of the Credit Agreement applicable to Loan Documents, all of which are incorporated in this
Amendment by reference the same as if set forth in this Amendment verbatim.

     9. SEVERABILITY. Any provisions of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provisions so held to be invalid or
unenforceable.

     10. RATIFICATIONS. Except as expressly modified and superseded by this Amendment, the
terms and provisions of the Credit Agreement and the other Loan Documents are ratified and
confirmed and shall continue in full force and effect. The representations and warranties
contained herein and in all other Loan Documents, as amended hereby, shall be true and correct as
of, and as if made on, the date hereof. The Credit Agreement as amended hereby shall continue to
be legal, valid, binding and enforceable in accordance with its respective terms.

     11. NO ORAL AGREEMENTS. THIS WRITTEN AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

[Remainder of page left intentionally blank. Signature pages follow.]

SIXTH AMENDMENT TO CREDIT AGREEMENT – Page 3

 

 

     IN WITNESS WHEREOF, the Borrowers, the Required Lenders, the Documentation Agent and the
Administrative Agent have executed this Amendment as of the date first above written.

	 	 	 	 	 
	 	BORROWER:

PENSON WORLDWIDE, INC.

 	 
	 	By:  	/s/ Philip A. Pendergraft
 	 
	 	 	Name:  	Philip A. Pendergraft 	 
	 	 	Title:  	Chief Executive Officer 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	GUARANTY BANK,

as Administrative Agent, a Lender, Letter of Credit

Issuer and Swing Line Lender

 	 
	 	By:  	/s/ Amanda Cone
 	 
	 	 	Name:  	Amanda Cone 	 
	 	 	Title:  	Vice President 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL

ASSOCIATION, as Documentation Agent

and a Lender

 	 
	 	By:  	/s/ Eric L. Kraft
 	 
	 	 	Name:  	Eric L. Kraft 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.

 	 
	 	By:  	/s/ Garfield Johnson
 	 
	 	 	Name:  	Garfield Johnson 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/ Wade Morgan
 	 
	 	 	Name:  	Wade Morgan 	 
	 	 	Title:  	Senior Vice President 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

 

 

	 	 	 	 	 
	 	SOVEREIGN BANK

 	 
	 	By:  	/s/ Casey R. Hozer
 	 
	 	 	Name:  	Casey R. Hozer 	 
	 	 	Title:  	Executive Vice President 	 
	 

SIGNATURE PAGE TO SIXTH AMENDMENT TO CREDIT AGREEMENT

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