Document:

exv10w37

Exhibit 10.37

THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT

     This Third Amendment to Loan and Security Agreement (this “Amendment”) is entered into as of
June 12, 2008, by and between COMERICA BANK (“Bank”) and ARRAY BIOPHARMA, INC. (“Borrower”).

RECITALS

     Borrower and Bank are parties to that certain Loan and Security Agreement dated as of June 28,
2005, as amended from time to time, including by that certain First Amendment to Loan and Security
Agreement dated as of December 19, 2005 and that certain Second Amendment to Loan and Security
Agreement dated as of July 7, 2006 (the “Agreement”). The parties desire to amend the Agreement in
accordance with the terms of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. The following defined terms in Section 1.1 of the Agreement hereby are added, amended
or restated as follows:

          “Cash at Approved Outside Accounts” means Cash and Marketable Securities held at Capital
Advisors and at State Street Bank, in each case covered by an Account Control Agreement in
form and content reasonably acceptable to Bank.

          “Letter of Credit Sublimit” means a sublimit for Letters of Credit under the Revolving Line
not to exceed Six Million Eight Hundred Eighty Two Thousand Seven Hundred Seventy Nine Dollars and
15/100 ($6,882,779.15).

          “Marketable Securities” means the securities included as “Marketable Securities” on Borrower’s
condensed balance sheet included in reports filed by Borrower with the SEC or otherwise made
available to Borrower’s stockholders; provided that “Marketable Securities” shall include the fair
market value of auction rate securities only to the extent listed on Annex I attached hereto, as
such fair market value is determined from time to time by Lehman Brothers.

          “Revolving Line” means a credit extension of up to Six Million Eight Hundred Eighty Two
Thousand Seven Hundred Seventy Nine Dollars and 15/100 ($6,882,779.15).

     2. All references in Section 6.6 of the Agreement to “Cash at Lehman” shall mean and refer to
“Cash at Approved Outside Accounts”. All references in Section 6.6 of the Agreement to Lehman
Brothers shall mean and refer to Capital Advisors and State Street Bank.

     3. Borrower shall deliver to Bank, within forty-five (45) days of the date of this Amendment,
Account Control Agreements with respect to Borrower’s account(s) held at Capital Advisors and State
Street Bank.

     4. New Annex I hereby is added to the Agreement in the form of Annex I attached hereto.

     5. No course of dealing on the part of Bank or its officers, nor any failure or delay in the
exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial
exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure
at any time to require strict performance by Borrower of any provision shall not affect any right
of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right
must be in writing signed by an officer of Bank.

     6. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and
effect in accordance with its respective terms and hereby is ratified and confirmed in all
respects. Except as expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of
Bank under the Agreement, as in effect prior to the date hereof.

- 1 -

 

     7. Borrower represents and warrants that the Representations and Warranties contained in the
Agreement are true and correct as of the date of this Amendment, and that no Event of Default has
occurred and is continuing.

     8. As a condition to the effectiveness of this Amendment, Bank shall have received, in form
and substance satisfactory to Bank, the following:

               (a) this Amendment, duly executed by Borrower;

               (b) a signed Acknowledgement in the form attached hereto as Annex A;

               (c) a Certificate of the Secretary of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Amendment;

               (d) all reasonable Bank Expenses incurred through the date of this Amendment, which may be
debited from any of Borrower’s accounts; and

               (e) such other documents, and completion of such other matters, as Bank may reasonably
deem necessary or appropriate.

     9. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an
original, but all of which together shall constitute one instrument.

[Balance of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date
above written.

	 	 	 	 	 
	 	ARRAY BIOPHARMA, INC.

 	 
	 	By:  	/s/ R. Michael Carruthers
 	 
	 	Title: CFO 	 
	 	 	 	 
	 
	 	COMERICA BANK

 	 
	 	By:  	/s/ Kevin Barber
 	 
	 	Title: Vice President	 
	 	 	 	 
	 

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

 

 

ANNEX A

COMERICA BANK MERGER ACKNOWLEDGMENT

     The undersigned is a party to certain documents, instruments and/or agreements (collectively,
the “Documents”) with or between the undersigned and Comerica Bank, a Michigan banking corporation
(the “Merged Bank”). The Merged Bank has been, or will be, merged with and into Comerica Bank, a
Texas banking association (the “Surviving Bank”). The undersigned hereby acknowledges and agrees
that any reference in the Documents to Comerica Bank, a Michigan banking corporation, shall mean
Comerica Bank, a Texas banking association, as successor by merger to the Merged Bank.

	 	 	 	 	 

	 
	 	/s/ R. Micheal Carruthers
	 	 
	 

	 	 	 	 
	June 12, 2008

	 	ARRAY BIOPHARMA, INC.	 	 
	 
	 	 	 	 
	 

	 	CFO	 	 
	 

	 	 	 	 
	 

	 	Title (if applicable)	 	 
	 
	 	 	 	 
	 

	 	/s/ R. Micheal Carruthers	 	 
	 

	 	 	 	 
	 

	 	Signature	 	 
	 
	 	 	 	 
	 

	 	/s/ R. Micheal Carruthers	 	 
	 

	 	 	 	 
	 

	 	Name	 	 

 

 

ANNEX I

AUCTION RATE SECURITIES

	 	 	 	 	 
	 	 	Par Value
	Issuer	 	Amount
	ATHILON 05 B
	 	 	2,600,000	 
	BALLANTYNE D
	 	 	6,000,000	 
	DOUBLE
OAK 2007-III
	 	 	3,000,000	 
	INC 2004-3
	 	 	6,200,000	 
	INVICTA A-1
	 	 	5,000,000	 
	POTOMAC 04-VI
	 	 	4,000,000	 
	RMI 2006-1
	 	 	6,100,000	 

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Corporation Resolutions and Incumbency Certification

Authority to Procure Loans

I certify that I am the duly elected and qualified Secretary of ARRAY BIOPHARMA, INC.; that the
following is a true and correct copy of resolutions duly adopted by the Board of Directors of the
Corporation in accordance with its bylaws and applicable statutes.

Copy of Resolutions:

Be it Resolved, That:

     1. Any one (1) of the following                                         (insert titles only) of the
Corporation are/is authorized, for, on behalf of, and in the name of the Corporation to:

          (a) Negotiate and procure loans, letters of credit and other credit or financial
accommodations from Comerica Bank (“Bank”), a Texas banking association, including, without
limitation, that certain Loan and Security Agreement dated as of June 28, 2005, as may subsequently
be amended from time to time,
including but not limited to that certain Third Amendment to Loan and Security Agreement dated as
of June      , 2008.

          (b) Discount with the Bank, commercial or other business paper belonging to the Corporation
made or drawn by or upon third parties, without limit as to amount;

          (c) Purchase, sell, exchange, assign, endorse for transfer and/or deliver certificates and/or
instruments representing stocks, bonds, evidences of Indebtedness or other securities owned by the
Corporation, whether or not registered in the name of the Corporation;

          (d) Give security for any liabilities of the Corporation to the Bank by grant, security
interest, assignment, lien, deed of trust or mortgage upon any real or personal property, tangible
or intangible of the Corporation;

          (e) Issue a warrant or warrants to purchase the Corporation’s capital stock;
and

          (f) Execute and deliver in form and content as may be required by the Bank any and all notes,
evidences of Indebtedness, applications for letters of credit, guaranties, subordination
agreements, loan and security agreements, financing statements, assignments, liens, deeds of trust,
mortgages, trust receipts and other agreements, instruments or documents to carry out the purposes
of these Resolutions, any or all of which may relate to all or to substantially all of the
Corporation’s property and assets.

     2. Said Bank be and it is authorized and directed to pay the proceeds of any such loans or
discounts as directed by the persons so authorized to sign, whether so payable to the order of any
of said persons in their individual capacities or not, and whether such proceeds are deposited to
the individual credit of any of said persons or not;

     3. Any and all agreements, instruments and documents previously executed and acts and things
previously done to carry out the purposes of these Resolutions are ratified, confirmed and approved
as the act or acts of the Corporation.

     4. These Resolutions shall continue in force, and the Bank may consider the holders of said
offices and their signatures to be and continue to be as set forth in a certified copy of these
Resolutions delivered to the Bank, until notice to the contrary in writing is duly served on the
Bank (such notice to have no effect on any action previously taken by the Bank in reliance on these
Resolutions).

- 1 -

 

     5. Any person, corporation or other legal entity dealing with the Bank may rely upon a
certificate signed by an officer of the Bank to effect that these Resolutions and any
agreement, instrument or document executed pursuant to them are still in full force and effect
and binding upon the Corporation.

     6. The Bank may consider the holders of the offices of the Corporation and their
signatures, respectively, to be and continue to be as set forth in the Certificate of the
Secretary of the Corporation until notice to the contrary in writing is duly served on the
Bank.

I further certify that the above Resolutions are in full force and effect as of the date of
this Certificate; that these Resolutions and any borrowings or financial accommodations under
these Resolutions have been properly noted in the corporate books and records, and have not
been rescinded, annulled, revoked or modified; that neither the foregoing Resolutions nor any
actions to be taken pursuant to them are or will be in contravention of any provision of the
articles of incorporation or bylaws of the Corporation or of any agreement, indenture or other
instrument to which the Corporation is a party or by which it is bound; and that neither the
articles of incorporation nor bylaws of the Corporation nor any agreement, indenture or other
instrument to which the Corporation is a party or by which it is bound require the vote or
consent of shareholders of the Corporation to authorize any act, matter or thing described in
the foregoing Resolutions.

I further certify that the following named persons have been duly elected to the offices set
opposite their respective names, that they continue to hold these offices at the present time,
and that the signatures which appear below are the genuine, original signatures of each
respectively:

(PLEASE SUPPLY GENUINE SIGNATURES OF AUTHORIZED SIGNERS BELOW)

	 	 	 	 	 
	NAME (Type or Print)	 	TITLE	 	SIGNATURE
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

In Witness Whereof, I have affixed my name as Secretary and have caused the corporate seal
(where available) of said Corporation to be affixed on June___, 2008.

	 	 	 	 	 

	 

	 	 

Secretary
	 	 
	 
	 	 	 	 
	 

	 	See prior authorization. No
additional resolution is
necessary for this amendment	 	 
	 
	 	 	 	 
	The Above Statements are Correct.

	 	 

SIGNATURE OF OFFICER OR DIRECTOR OR, IF NONE, A SHAREHOLDER OTHER THAN SECRETARY WHEN SECRETARY IS AUTHORIZED
TO SIGN ALONE.
	 	 

Failure to complete the above when the Secretary is authorized to sign alone shall constitute
a certification by the Secretary that the Secretary is the sole Shareholder, Director and
Officer of the Corporation.

 

COMERICA BANK

Member FDIC

ITEMIZATION OF AMOUNT FINANCED

DISBURSEMENT INSTRUCTIONS

(Revolver)

			
	 	 	 
	Name(s): ARRAY BIOPHARMA, INC.
	 	Date: June 12, 2008

			
	$6,882,779.15	 	credited to deposit account No. 1892864594 when Advances are requested or disbursed to
Borrower by cashiers check or by wire transfer

Amounts paid to others on your behalf:

	 	 	 	 	 

	$	 	 	 	to Comerica Bank for Loan Fee

	 	 	 	 	 

	$	 	 	 	to Comerica Bank for Document Fee

	 	 	 	 	 

	$	 	 	 	to Comerica Bank for accounts receivable audit (estimate)

	 	 	 	 	 

	$	 	 	 	to Bank counsel fees and expenses

	 	 	 	 	 

	$	 	 	 	to                     

	 	 	 	 	 

	$	 	 	 	to                     

	 	 	 	 	 

	$	6,882,779.15	 	 	TOTAL (AMOUNT FINANCED)

Upon consummation of this transaction, this document will also serve as the authorization for
Comerica Bank to disburse the loan proceeds as stated above.

	 	 	 

	/s/ R. Michael Carruthers

	 	 
	 
	 	 
	Signature
	 	Signature

 

 

Agreement to Furnish Insurance

 

(Herein called “Bank”)

Borrower(s): ARRAY BIOPHARMA, INC.

I understand that the Security Agreement or Deed of Trust which I executed in connection with
this transaction requires me to provide a physical damage insurance policy including a Lenders Loss
Payable Endorsement in favor of the Bank as shown below, within ten (10) days from the date of this
agreement.

The following minimum insurance must be provided according to the terms of the security documents.

	 	 	 	 	 

	o	 	AUTOMOBILES, TRUCKS, RECREATIONAL VEHICLES
	 

	 	 	 	Comprehensive & Collision
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 
	 	 	 	 
	o	 	BOATS
	 

	 	 	 	All Risk Hull Insurance
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 

	 	 	 	o Breach of Warranty Endorsement
	 
	 	 	 	 
	o	 	MOBILE HOMES
	 

	 	 	 	Fire, Theft & Combined Additional Coverage
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 

	 	 	 	o Earthquake
	 
	 	 	 	 
	o	 	INVENTORY

	 	 	 	 	 

	x	 	MACHINERY & EQUIPMENT: MISCELLANEOUS PERSONAL PROPERTY
	 

	 	 	 	Fire & Extended Coverage
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 

	 	 	 	o Breach of Warranty Endorsement
	 
	 	 	 	 
	o	 	AIRCRAFT
	 

	 	 	 	All Risk Ground & Flight Insurance
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 

	 	 	 	o Breach of Warranty Endorsement
	 
	 	 	 	 
	o	 	REAL PROPERTY
	 

	 	 	 	Fire & Extended Coverage
	 

	 	 	 	Lender’s Loss Payable Endorsement
	 

	 	 	 	o All Risk Coverage
	 

	 	 	 	o Special Form Risk Coverage
	 

	 	 	 	o 
	 

	 	 	 	o Earthquake
	 

	 	 	 	o Other                                         

					

	o

	 	Other
	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 	 	 

I may obtain the required insurance from any company that is acceptable to the Bank, and will
deliver proof of such coverage with an effective date of June      , 2008 or earlier.

I understand and agree that if I fail to deliver proof of insurance to the Bank at the address
below, or upon the lapse or cancellation of such insurance, the Bank may procure Lender’s Single
Interest Insurance or other similar coverage on the property. If the Bank procures insurance to
protect its interest in the property described in the security documents, the cost for the
insurance will be added to my indebtedness as provided in the security documents. Lender’s Single
Interest Insurance shall cover only the Bank’s interest as a secured party, and shall become
effective at the earlier of the funding date of this transaction or the date my insurance was
canceled or expired. I UNDERSTAND THAT LENDER’S SINGLE INTEREST INSURANCE WILL PROVIDE ME WITH ONLY
LIMITED PROTECTION AGAINST PHYSICAL DAMAGE TO THE COLLATERAL, UP TO THE BALANCE OF THE LOAN,
HOWEVER, MY EQUITY IN THE PROPERTY WILL NOT BE INSURED. FURTHER, THE INSURANCE WILL NOT PROVIDE
MINIMUM PUBLIC LIABILITY OR PROPERTY DAMAGE INDEMNIFICATION AND DOES NOT MEET THE REQUIREMENTS OF
THE FINANCIAL RESPONSIBILITY LAW.

CALIFORNIA CIVIL CODE SECTION 2955.5. HAZARD INSURANCE DISCLOSURE: No lender shall require a
borrower, as a condition of receiving or maintaining a loan secured by real property, to provide
hazard insurance coverage against risks to the improvements on that real property in an amount
exceeding the replacement value of the improvements on the property.

Bank Address for Insurance Documents:

	 
	Comerica Bank — Collateral Operations, Mail Code 4770

	75 East Trimble Road

	San Jose, California 95131

 

 

I acknowledge having read the provisions of this agreement, and agree to its terms. I
authorize the Bank to provide to any person (including any insurance agent or company) any
information necessary to obtain the insurance coverage required.

	 	 	 

	OWNER(S) OF COLLATERAL:

	 	DATED: June 6, 2008
	 
	 	 
	/s/ R. Michael Carruthers, CFO

	 	 
	 

	 	 
	 
	 	 
	 

	 	 

INSURANCE VERIFICATION

			
	 	 	 
	Date                     
	 	Phone                     

			
	 	 	 
	Agents Name                                         
	 	Person Talked To                     

	 	 	 

	Agents Address

	 	 
	 

	 	 

	 	 	 

	Insurance Company

	 	 
	 

	 	 

	 	 	 

	Policy Number(s)

	 	 
	 

	 	 

	 	 	 	 	 	 	 

	Effective Dates: From
	 	 	To:	 	 
	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Deductible $
	 	 	 	Comments:	 
	 
	 	 	 	 	 

 

 

	ACORDTM CERTIFICATE OF LIABILITY INSURANCE DATE (MM/DD/YYYY) 1/14/2008 producer
(303)442-1484 FAX: (303)442-8822 Taggart & Associates, Inc. 1600 Canyon Boulevard P. 0. Box
147 Boulder CO 80306 THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO
RIGHTS UPON THE CERTIFICATE HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR ALTER THE COVERAGE
AFFORDED BY THE POLICIES BELOW. INSURERS AFFORDING COVERAGE NAIC # INSURED Array Biopharma Inc.
3200 Walnut St Boulder CO 80301 insurer a: Travelers Insurance Group insurer b:
Pinnacol Assurance 41190 INSURER C INSURER D: INSURER E: COVERAGES THE POLICIES OF INSURANCE
LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED ABOVE FOR THE POLICY PERIOD INDICATED.
NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT
TO WHICH THIS CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES
DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS, EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. AGGREGATE
LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS. MM LTR ADD’L MSRD TYPE OF INSURANCE POLICY
NUMBER POLICY EFFECTIVE DATE (MM/DD/YY) POLICY EXPIRATION DATE(MM/DD/YY) LIMITS A GENERAL LIABILITY
TE08302126 7/15/2007 7/15/2008 EACH OCCURRENCE j 1,000,000 X COMMERCIAL GENERAL LIABILITY J CLAIMS
MADE | X | OCCUR DAMAGE TO RENTED PREMISES (Ea occurrence) $1,000,000 MED EXP (Ary one person)
$10,000 PERSONAL * AOV INJURY I 1,000,000 GENERAL AGGREGATE $2,000,000 GEN’L AGGREGATE LIMIT
APPLIES PER: X | POLICY [ [ JECT 1 1 LOC PRODUCTS — COMP/OP AGG s Excluded A AUTOMOBILE LIABILITY
TE08302126 7/15/2007 7/15/2008 COMBINED SINGLE LIMIT (Ea accidant) $1,000,000 ANY AUTO ALL OWNED
AUTOS X SCHEDULED AUTOS BODILY INJURY (Per person) $ X HIREDAUTOS BODILY INJURY (Per accident) $ X
NON-OWNED AUTOS PROPERTY DAMAGE (Per accident) $ GARAGE LIABILITY AUTO ONLY — EA ACCIDENT $ ANY
AUTO OTHER THAN AUTO ONLY: EAACC $ AGG $ A EXCESS/UMBRELLA LIABILITY OCCUR CLAIMS MADE TE08302126
7/15/2007 7/15/2008 EACH OCCURENCE $ AGGREGATE $6,000,000 $ DEDUCTIBLE $ X RETENTION $10,000 $ B
WORKERS COMPENSATION AND EMPLOYERS’ LIABILITY ANV PROPRIETOR/PARTNER/EXECUTIVE OFFICER/MEMBER
EXCLUDED7 If yes describe under SPECIAL PROVISIONS below 4047367 7/1/2007 7/1/2008 WC statutory
LIMITE OTHER E.L. EACH ACCIDENT $500,000 E.L. DISEASE — EA EMPLOYEE | 500,000 E.L. DISEASE -
POLICY LIMIT $500,000 A other Tenant Improvements BPP Business Income TE08302126 7/15/2007
7/15/2008 14,903,469 rc 10,000 Ded b, 999, 409 rc 10,000 Ded 18,000,000
ALS CERTIFICATE HOLDER FOR EVIDENCE ONLY CANCELLATION SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE
CANCELLED BEFORE THE EXPIRATION DATE THEREOF, THE ISSUING INSURER WILL ENDEAVOR TO MAIL 10 DAYS
WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT, BUT FAILURE TO DO SO SHALL IMPOSE NO
OBLIGATION OR LIABILITY OF ANY KIND UPON THE INSURER. ITS AGENTS OR REPRESENTATIVES. AUTHORIZED
REPRESENTATIVE J Munro, CISR/ASH ACORD 25 (2001/08) © ACORD CORPORATION 1988exv10w38

Exhibit 10.38

FOURTH AMENDMENT TO LOAN AND SECURITY AGREEMENT

     This Fourth Amendment to Loan and Security Agreement (this “Amendment”) is entered into as
of March 11, 2009, by and between COMERICA BANK (“Bank”) and ARRAY BIOPHARMA, INC. (“Borrower”).

RECITALS

     Borrower and Bank are parties to that certain Loan and Security Agreement dated as of June 28,
2005, as amended from time to time, including by that certain First Amendment to Loan and Security
Agreement dated as of December 19, 2005, that certain Second Amendment to Loan and Security
Agreement, Consent and Waiver dated as of July 7, 2006 and that certain Third Amendment to Loan and
Security Agreement dated as of June 12, 2008 (collectively, the “Agreement”). The parties desire to
amend the Agreement in accordance with the terms of this Amendment.

     NOW, THEREFORE, the parties agree as follows:

     1. The following defined terms in Section 1.1 of the Agreement hereby are added, amended
or restated as follows:

     “Revolving Maturity Date” means March 11, 2010.

     2. The last sentence of Section 2.1(b)(iii) of the Agreement hereby is amended and restated in
its entirety to read as follows:

     “Borrower will pay any standard issuance and other fees that Bank notifies Borrower it
will charge for issuing and processing Letters of Credit, which fees shall equal (A) one and
one-half percent (1.50%) annually, if Borrower maintains at least Ten Million Dollars
($10,000,000) in Bank repurchase agreements or in Bank deposit accounts at all times during
the subject calendar year, or (B) three and one-half percent (3.50%) annually, if at any
time during the subject calendar year Borrower fails to maintain at least Ten Million
Dollars ($10,000,000) in Bank repurchase agreements or in Bank deposit accounts.”

     3. Section 2.3(a) of the Agreement hereby is amended and restated in its entirety to read as
follows:

     “(a) Interest Rates.

          (i) Advances. Except as set forth in Section 2.3(b), the Advances
shall bear
interest, on the outstanding daily balance thereof, as set forth in the Daily Adjusting
LIBOR Addendum to Loan and Security Agreement attached as Exhibit E hereto.

          (ii) Equipment Advances and Term Loan. Except as set forth in Section
2.3(b), the Equipment Advances and the Term Loan shall bear interest, on the outstanding
daily balance thereof, as set forth in the LIBOR/Cost of Funds Addendum to Loan & Security
Agreement attached as Exhibit D hereto.”

     4. A new Exhibit E hereby is added to the Agreement in the form attached hereto as Exhibit
E.

     5. No course of dealing on the part of Bank or its officers, nor any failure or delay in the
exercise of any right by Bank, shall operate as a waiver thereof, and any single or partial
exercise of any such right shall not preclude any later exercise of any such right. Bank’s failure
at any time to require strict performance by Borrower of any provision shall not affect any right
of Bank thereafter to demand strict compliance and performance. Any suspension or waiver of a right
must be in writing signed by an officer of Bank.

     6. Unless otherwise defined, all initially capitalized terms in this Amendment shall be as
defined in the Agreement. The Agreement, as amended hereby, shall be and remain in full force and
effect in accordance with its respective terms and hereby is ratified and confirmed in all
respects. Except as expressly set forth herein, the execution, delivery, and performance of this
Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of
Bank under the Agreement, as in effect prior to the date hereof.

-1-

 

     7. Borrower represents and warrants that the Representations and Warranties contained in
the Agreement are true and correct as of the date of this Amendment, and that no Event of Default
has occurred and is continuing.

     8. As a condition to the effectiveness of this Amendment, Bank shall have received, in form
and substance satisfactory to Bank, the following:

          (a) this Amendment, duly executed by Borrower;

          (b) a Certificate of the Secretary of Borrower with respect to incumbency and resolutions
authorizing the execution and delivery of this Amendment;

          (c) a letter of credit fee in the amount of Sixty Eight Thousand Eight Hundred Twenty Seven
Dollars and 79/100 ($68,827.79), which may be debited from any of Borrower’s accounts;

          (d) all reasonable Bank Expenses incurred through the date of this Amendment, which may be
debited from any of Borrower’s accounts; and

          (e) such other documents, and completion of such other matters, as Bank may reasonably deem
necessary or appropriate.

     9. This Amendment may be executed in two or more counterparts, each of which shall be deemed
an original, but all of which together shall constitute one instrument.

[Balance of Page Intentionally Left Blank]

-2-

 

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date
above written.

	 	 	 	 	 

	 	 	ARRAY BIOPHARMA, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. Michael Carruthers
	 

	 	 	 	 
	 

	 	Title:
	 	CFO
	 
	 	 	 	 
	 	 	COMERICA BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Kevin Barber
	 

	 	 	 	 
	 

	 	Title:
	 	Vice President

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

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