Document:

Form of Restricted Stock Agreement

 Exhibit 10.24 
 Attached hereto is a form of restricted stock agreement by and among the Registrant and each of the below-named persons. The restricted stock agreement by and among the Registrant and each of the below-named persons is substantially
identical in all material respects with such form, except with respect to the details that are set forth below. 
 The number of shares and the exercise or
purchase price of each of the awards listed in the table below is presented after giving effect to the business combination between Discovery Partners International, Inc. (“Discovery Partners”) and Infinity Pharmaceuticals, Inc.
(“IPI”) in accordance with the terms of the Agreement and Plan of Merger among Discovery Partners, Darwin Corp, a wholly owned subsidiary of Discovery Partners (“Darwin Corp.”), and IPI dated as of April 11, 2006, pursuant
to which IPI merged with and into Darwin Corp. and became a wholly owned subsidiary of Discovery Partners and Discovery Partners changed its name to Infinity Pharmaceuticals, Inc. In addition, the number of shares and the exercise or purchase price
of each of the awards listed in the table below is presented after giving effect to the Registrant’s 1-for-4 reverse stock split, which became effective on September 12, 2006. 
  

									
	 Date of
 Agreement
	 	 Name
	 	 Number of Shares
 Subject to Award
	 	 Exercise/
Purchase Price
	 	 Vesting

	 3/25/04
	 	Adelene Perkins	 	22,102	 	$1.72	 	(1)
					
	 5/10/05
	 	Adelene Perkins	 	27,352	 	$2.04	 	(1)
					
	 5/10/05
	 	Adelene Perkins	 	27,352	 	$2.04	 	(2)
					
	 4/14/03
	 	Arnold Levine	 	11,051	 	$1.72	 	(3)

 (1) Subject to a right of repurchase, which right
lapses, or “vests” in equal monthly installments over four years, beginning as of February 1, 2004. 
 (2) Subject to a right of repurchase, which
right lapses, or “vests” in equal monthly installments over six years, beginning as of February 1, 2005. 
 (3) This award is currently fully
vested. In accordance with the terms of such award, the underlying shares were initially subject to a right of repurchase which right of repurchase lapsed, or “vested” as to the shares underlying the award in time-based installments.

 INFINITY PHARMACEUTICALS, INC. 
 Restricted Stock Agreement  
 Granted Under 2001 Stock Incentive Plan

 AGREEMENT made this          day of
                    , 200  , between Infinity Pharmaceuticals, Inc. a Delaware corporation (the “Company”), and
                                 (the “Participant”). 
 For valuable consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
 1. Purchase of Shares. 
 The Company
shall issue and sell to the Participant, and the Participant shall purchase from the Company, subject to the terms and conditions set forth in this Agreement and in the Company’s 2001 Stock Incentive Plan (the “Plan”),
                 shares (the “Shares”) of common stock, $.0001 par value, of the Company (“Common Stock”), at a purchase price of
$         per share. The aggregate purchase price for the Shares shall be paid by the Participant by check payable to the order of the Company or such other method as may be acceptable to the Company. Upon
receipt by the Company of payment for the Shares, the Company shall issue to the Participant one or more certificates in the name of the Participant for that number of Shares purchased by the Participant. The Participant agrees that the Shares shall
be subject to the purchase options set forth in Sections 2 and 5 of this Agreement and the restrictions on transfer set forth in Section 4 of this Agreement. 
 2. Purchase Option. 
 (a) In the event that the Participant ceases to be employed by
the Company for any reason or no reason, with or without cause, prior to
                                    , the Company shall have the
right and option (the “Purchase Option”) to purchase from the Participant, for a sum of $         per share (the “Option Price”), some or all of the Unvested Shares (as defined below).

 “Unvested Shares” means the total number of Shares multiplied by the Applicable Percentage at the time the Purchase Option
becomes exercisable by the Company. The “Applicable Percentage” shall be 100% less                     % for each month of employment
completed by the Participant with the Company from and after
                                    , and (ii) zero on or after
                                    . 
 (b) In the event that the Participant’s employment with the Company is terminated by reason of death or disability, the Purchase
Option shall lapse to all of the Unvested Shares for which the Purchase Option would otherwise become exercisable. For this purpose, “disability” shall mean the inability of the Participant, due to a medical reason, to carry out his duties
as an employee of the Company for a period of six consecutive months. 
 (c) For purposes of this Agreement, employment with
the Company shall include employment with a parent or subsidiary of the Company. 
  

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 3. Exercise of Purchase Option and Closing. 
 (a) The Company may exercise the Purchase Option by delivering or mailing to the Participant (or his estate), within 90 days after the
termination of the employment of the Participant with the Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent the Purchase Option is not so exercised by
the giving of such a notice within such 90-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such 90-day period. 
 (b) Within 10 days after delivery to the Participant of the Company’s notice of the exercise of the Purchase Option pursuant to
subsection (a) above, the Participant (or his estate) shall, pursuant to the provisions of the Joint Escrow Instructions referred to in Section 7 below, tender to the Company at its principal offices the certificate or certificates
representing the Shares which the Company has elected to purchase in accordance with the terms of this Agreement, duly endorsed in blank or with duly endorsed stock powers attached thereto, all in form suitable for the transfer of such Shares to the
Company. Promptly following its receipt of such certificate or certificates, the Company shall pay to the Participant the aggregate Option Price for such Shares (provided that any delay in making such payment shall not invalidate the Company’s
exercise of the Purchase Option with respect to such Shares). 
 (c) After the time at which any Shares are required to be
delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Shares or permit the Participant to exercise any of the privileges or rights of
a stockholder with respect to such Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Shares. 
 (d) The Option Price may be payable, at the option of the Company, in cancellation of all or a portion of any outstanding indebtedness of the Participant to the Company or in cash (by check) or both. 
 (e) The Company shall not purchase any fraction of a Share upon exercise of the Purchase Option, and any fraction of a Share resulting
from a computation made pursuant to Section 2 of this Agreement shall be rounded to the nearest whole Share (with any one-half Share being rounded upward). 
 (f) The Company may assign its Purchase Option to one or more persons or entities. 
 4. Restrictions on Transfer. 
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively “transfer”) any Shares, or any interest therein, that are subject to the Purchase
Option, except that the Participant may transfer such Shares (i) to or for the benefit of any spouse, domestic partner sharing the same household, children, parents, uncles, aunts, siblings, grandchildren and any other relatives approved by the
Board of Directors (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided that such Shares shall remain subject to this Agreement (including
without limitation the restrictions on transfer 

  

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set forth in this Section 4, the Purchase Option and the right of first refusal set forth in Section 5) and such permitted transferee shall, as a
condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement or (ii) as part of the sale of all or substantially all of the shares of
capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan, the securities or other property received by the Participant in connection with such transaction shall remain subject
to this Agreement. 
 (b) The Participant shall not transfer any Shares, or any interest therein, that are no longer subject
to the Purchase Option, except in accordance with Section 5 below. 
 5. Right of First Refusal. 
 (a) If the Participant proposes to transfer any Shares that are no longer subject to the Purchase Option (either because they are no
longer Unvested Shares or because the Purchase Option expired unexercised), then the Participant shall first give written notice of the proposed transfer (the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed
transferee and state the number of such Shares he proposes to transfer (the “Offered Shares”), the price per share and all other material terms and conditions of the transfer. 
 (b) For 30 days following delivery to the Company of such Transfer Notice, the Company shall have the option to purchase all (but not less
than all) of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all of the Offered Shares, it shall give written notice of such election to the Participant within such
30-day period. Within 10 days after delivery to the Participant of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates representing the Offered Shares, duly endorsed in blank by the
Participant or with duly endorsed stock powers attached thereto, all in form suitable for transfer of the Offered Shares to the Company. Promptly following receipt of such certificate or certificates, the Company shall deliver or mail to the
Participant a check in payment of the purchase price for the Offered Shares; provided that if the terms of payment set forth in the Transfer Notice were other than cash against delivery, the Company may pay for the Offered Shares on
the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall not invalidate the Company’s exercise of its option to purchase the Offered Shares.

 (c) If the Company does not elect to acquire all of the Offered Shares, the Participant may, within the 30-day period
following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares to the proposed transferee, provided that such transfer shall not be on terms and conditions more favorable to
the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 5 shall remain subject to this Agreement (including without limitation the restrictions on
transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be
bound by all of the terms and conditions of this Agreement. 
  

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 (d) After the time at which the Offered Shares are required to be delivered to the
Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or rights of a
stockholder with respect to such Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Offered Shares. 
 (e) The following transactions shall be exempt from the provisions of this Section 5: 
 (1) a transfer of Shares to or for the benefit of any Approved Relatives, or to a trust established solely for the benefit of the Participant and/or Approved Relatives; 
 (2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended (the
“Securities Act”); and 
 (3) the sale of all or substantially all of the shares of capital stock of the Company
(including pursuant to a merger or consolidation); 
 (4) provided, however, that in the case of a transfer
pursuant to clause (1) above, such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and such
transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 
 (f) The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 5 to one or more
persons or entities. 
 (g) The provisions of this Section 5 shall terminate upon the earlier of the following events:

 (1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective
registration statement filed by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the
capital stock, assets or business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Common
Stock immediately prior to such transaction beneficially own, directly or indirectly, more than 75% of the outstanding securities entitled to vote generally in the election of directors of the resulting, surviving or acquiring corporation in such
transaction). 
 (h) The Company shall not be required (i) to transfer on its books any of the Shares which shall have
been sold or transferred in violation of any of the provisions set forth in this Agreement, or (ii) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred.

  

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 6. Agreement in Connection with Public Offering. 
 The Participant agrees, in connection with the initial underwritten public offering of the Company’s securities pursuant to a registration statement
under the Securities Act, (i) not to sell, make short sale of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock held by the Participant (other than those shares included in the offering) without
the prior written consent of the Company or the underwriters managing such initial underwritten public offering of the Company’s securities for a period of 180 days from the effective date of such registration statement, and (ii) to
execute any agreement reflecting clause (i) above as may be requested by the Company or the managing underwriters at the time of such offering. 
 7. Escrow. 
 The Participant shall, upon the execution of this Agreement, execute Joint Escrow
Instructions in the form attached to this Agreement as Exhibit A. The Joint Escrow Instructions shall be delivered to the Secretary of the Company, as escrow agent thereunder. The Participant shall deliver to such escrow agent a stock
assignment duly endorsed in blank, in the form attached to this Agreement as Exhibit B, and hereby instructs the Company to deliver to such escrow agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder.
Such materials shall be held by such escrow agent pursuant to the terms of such Joint Escrow Instructions. 
 8. Restrictive Legends.

 All certificates representing Shares shall have affixed thereto legends in substantially the following form, in addition to any other
legends that may be required under federal or state securities laws: 
 “The shares of stock represented by this certificate are subject
to restrictions on transfer and an option to purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or his predecessor in interest), and such Agreement is available for inspection
without charge at the office of the Secretary of the corporation.” 
 “The shares represented by this certificate have not been
registered under the Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the
effect that such registration is not required.” 
  

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 9. Provisions of the Plan. 
 (a) This Agreement is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this Agreement.

 (b) As provided in the Plan, upon the occurrence of a Reorganization Event (as defined in the Plan), the repurchase and
other rights of the Company hereunder shall inure to the benefit of the Company’s successor and shall apply to the cash, securities or other property which the Shares were converted into or exchanged for pursuant to such Reorganization Event in
the same manner and to the same extent as they applied to the Shares under this Agreement. If, in connection with a Reorganization Event, a portion of the cash, securities and/or other property received upon the conversion or exchange of the Shares
is to be placed into escrow to secure indemnification or similar obligations, the mix between the vested and unvested portion of such cash, securities and/or other property that is placed into escrow shall be the same as the mix between the vested
and unvested portion of such cash, securities and/or other property that is not subject to escrow. 
 10. Investment Representations.

 The Participant represents, warrants and covenants as follows: 
 (a) The Participant is purchasing the Shares for his own account for investment only, and not with a view to, or for sale in connection
with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act. 
 (b) The Participant has had such opportunity as he has deemed adequate to obtain from representatives of the Company such information as is necessary to permit him to evaluate the merits and risks of his investment in the Company.

 (c) The Participant has sufficient experience in business, financial and investment matters to be able to evaluate the
risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (d)
The Participant can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period. 
 (e) The Participant understands that (i) the Shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is
then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a public market then exists for the Common Stock, adequate information
concerning the Company is then available to the public, and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange Commission with respect to any stock
of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 
  

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 11. Withholding Taxes; Section 83(b) Election. 
 (a) The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the
Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Shares by the Participant or the lapse of the Purchase Option. 
 (b) The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and foreign tax consequences of
this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Participant understands that the
Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The Participant understands that it may be
beneficial in many circumstances to elect to be taxed at the time the Shares are purchased rather than when and as the Company’s Purchase Option expires by filing an election under Section 83(b) of the Code with the I.R.S. within 30 days
from the date of purchase. 
 THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S
TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF. 
 12. Miscellaneous. 
 (a) No Rights to Employment. The Participant acknowledges
and agrees that the vesting of the Shares pursuant to Section 2 hereof is earned only by continuing service as an employee at the will of the Company (not through the act of being hired or purchasing shares hereunder). The Participant further
acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an employee or consultant for the vesting period, for any
period, or at all. 
 (b) Severability. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
 (c) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company. 
 (d) Binding Effect. This Agreement shall be binding
upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Sections 4 and 5 of this
Agreement. 
  

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 (e) Notice. All notices required or permitted hereunder shall be in writing and
deemed effectively given upon personal delivery or five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath his or its respective
signature to this Agreement, or at such other address or addresses as either party shall designate to the other in accordance with this Section 12(e). 
 (f) Pronouns. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include
the plural, and vice versa. 
 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement
between the parties, and supersedes all prior agreements and understandings, relating to the subject matter of this Agreement. 
 (h) Amendment. This Agreement may be amended or modified only by a written instrument executed by both the Company and the Participant. 
 (i) Governing Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
 (j) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i) has read this Agreement;
(ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences
of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by
the Agreement, and is not acting as counsel for the Participant. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above
written. 
  

			
	INFINITY PHARMACEUTICALS, INC.
		
	By:	 	  
	 Name:
	 	
	Title:	 	

			
		
	Address:	 	 780 Memorial Drive
 Cambridge, MA
02139

	
	  
	[Signature of Participant]
	
	
	[Name of Participant]
		
	Address:	 	

  

 - 9 -Form of Incentive Stock Agreement

 Exhibit 10.25 
 Attached hereto is a form of incentive stock option agreement by and among the Registrant and each of the below-named persons. The incentive stock option agreement by and among the Registrant and each of the below-named persons is
substantially identical in all material respects to such form, except with respect to the details that are set forth below. 
 The number of shares and the
exercise or purchase price of each of the awards listed in the table below is presented after giving effect to the business combination between Discovery Partners International, Inc. (“Discovery Partners”) and Infinity Pharmaceuticals,
Inc. (“IPI”) in accordance with the terms of the Agreement and Plan of Merger among Discovery Partners, Darwin Corp, a wholly owned subsidiary of Discovery Partners (“Darwin Corp.”), and IPI dated as of April 11, 2006,
pursuant to which IPI merged with and into Darwin Corp. and became a wholly owned subsidiary of Discovery Partners and Discovery Partners changed its name to Infinity Pharmaceuticals, Inc. In addition, the number of shares and the exercise or
purchase price of each of the awards listed in the table below is presented after giving effect to the Registrant’s 1-for-4 reverse stock split, which became effective on September 12, 2006. 
  

									
	 Date of
 Agreement
	 	 Name
	 	 Number of Shares
 Subject to Award
	 	 Exercise/
Purchase Price
	 	 Vesting

	 3/31/06
	 	Steven Holtzman	 	28,704	 	$3.48	 	(1)
					
	 5/10/06
	 	Julian Adams	 	24,558	 	$2.04	 	(2)
					
	 5/10/06
	 	Julian Adams	 	24,558	 	$2.04	 	(3)
					
	 3/31/06
	 	Julian Adams	 	     331	 	$3.48	 	(4)
					
	 3/31/06
	 	Julian Adams	 	27,628	 	$3.48	 	(1)
					
	 3/31/06
	 	Adelene Perkins	 	22,102	 	$3.48	 	(1)
					
	 3/31/06
	 	Adelene Perkins	 	     331	 	$3.48	 	(4)

 (1) Vests in monthly equal installments over four
years, beginning as of February 1, 2006. 
 (2) Vests in monthly equal installments over six years, beginning as of January 31, 2005. 

(3) Vests in monthly equal installments over four years, beginning as of January 31, 2006. 
 (4) Vests in monthly equal installments over one year, beginning as of February 1, 2006. 

 Infinity Pharmaceuticals, Inc. 
 Incentive Stock Option Agreement  
 Granted Under 2001 Stock Incentive Plan

  

	1.	Grant of Option. 

 This agreement evidences the
grant by Infinity Pharmaceuticals, Inc., a Delaware corporation (the “Company”), on ________, 200_ (the “Grant Date”) to __________, an employee of the Company (the “Participant”), of an option to purchase, in whole or
in part, on the terms provided herein and in the Company’s 2001 Stock Incentive Plan (the “Plan”), a total of _______ shares (the “Shares”) of common stock, $.0001 par value per share, of the Company (“Common
Stock”) at $____ per Share. Unless earlier terminated, this option shall expire on __________ (the “Final Exercise Date”). 
 It is intended that the option evidenced by this agreement shall be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the
“Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	Vesting Schedule. 

 (a) Vesting. Subject to
Section 3 below, this option will become exercisable (“vest”) as to _______________ of the original
number of Shares on ___________ and as to an additional ________________) of the original number of Shares on the
first day of each successive month thereafter until fully vested on ____________. The shares subject to the portion of this option that are not yet exercisable are referred to herein as “Unvested Shares,” and the shares subject to the
portion of this option that has become exercisable are referred to herein as “Vested Shares.” The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it
shall continue to be exercisable, in whole or in part, with respect to all shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan. 
 (b) Early Exercise. Notwithstanding the vesting schedule set forth in paragraph (a), the Participant may elect to exercise this option as to the
Unvested Shares (in addition to the Vested Shares) if simultaneously with such exercise the Participant enters into a Stock Restriction Agreement with the Company in the form attached hereto as Exhibit A (the “Stock Restriction
Agreement”). The Stock Restriction Agreement provides that the Unvested Shares shall be subject to a right of repurchase (the “Purchase Option”) in favor of the Company in the event that the Participant ceases to be an employee of the
Company, as that term is defined in the Plan. 
  

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	3.	Exercise of Option. 

 (a) Form of Exercise.
Subject to the procedures set forth in this Agreement, each election to exercise this option shall be in writing in the form attached to this Agreement as Exhibit A, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in accordance with the terms of the Plan. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any
fractional share. 
 (b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this
option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee or officer of, or consultant or advisor to, the Company or any parent or subsidiary of
the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 
 (c) Termination of
Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such
cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation. Notwithstanding the
foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the
Company, the right to exercise this option shall terminate immediately upon such violation. The rights provided in this paragraph are also subject to the limitations provided in paragraph (f) below. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes permanently and totally disabled (within the meaning of
Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (f) below, this option shall
become immediately exercisable in full and shall be exercisable within the period of three years following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), but in no event
after the Final Exercise Date (it being understood that the option must be exercised within the period of one year following the date of death or disability for the option to qualify is an incentive stock option). 
 (e) Exercise Period Upon Retirement. If the Participant retires prior to the Final Exercise Date while he or she is an Eligible Participant and
the Company has not terminated such relationship for “cause” as specified in paragraph (f) below, and such Participant has, at the time of such retirement, served as an employee of the Company for a period of ten years and has, at the
time of cessation, reached the age of 55, then the right to exercise this option shall terminate three years after such cessation, but in no event after the Final Exercise Date (it being understood that the option must be exercised within the period
of three months following the date of cessation in order for the option to qualify as an incentive stock option). In this circumstance, this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on
the date of such cessation. 
  

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 (f) Discharge for Cause. If the Participant, prior to the Final Exercise Date, is discharged by
the Company for “cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. “Cause” shall mean willful misconduct by the Participant or willful failure by
the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement
between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant shall be considered to have been discharged for “Cause” if the Company determines, within 30 days after the
Participant’s resignation, that discharge for cause was warranted. 
  

	4.	Right of First Refusal. 

 (a) If the Participant
proposes to sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise (collectively, “transfer”) any Shares acquired upon exercise of this option, then the Participant shall first give written
notice of the proposed transfer (the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares the Participant proposes to transfer (the “Offered Shares”), the
price per share and all other material terms and conditions of the transfer. 
 (b) For 30 days following its receipt of such Transfer
Notice, the Company shall have the option to purchase all (but not less than all) of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all of the Offered Shares, it shall
give written notice of such election to the Participant within such 30-day period. Within 10 days after his receipt of such notice, the Participant shall tender to the Company at its principal offices the certificate or certificates representing the
Offered Shares, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in a form suitable for transfer of the Offered Shares to the Company. Promptly following receipt of such certificate or certificates,
the Company shall deliver or mail to the Participant a check in payment of the purchase price for the Offered Shares; provided that if the terms of payment set forth in the Transfer Notice were other than cash against delivery, the
Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall not invalidate the Company’s exercise of its option
to purchase the Offered Shares. 
 (c) If the Company does not elect to acquire all of the Offered Shares, the Participant may, within the
30-day period following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares to the proposed transferee, provided that such transfer shall not be on terms and conditions more
favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 4 shall remain subject to the right of first refusal set forth in this
Section 4 and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 4. 
 (d) After the time at which the Offered Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection
(b) above, the Company shall not 

  

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pay any dividend to the Participant on account of such Offered Shares or permit the Participant to exercise any of the privileges or rights of a stockholder
with respect to such Offered Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Offered Shares. 
 (e)
The following transactions shall be exempt from the provisions of this Section 4: 
 (1) any transfer of Shares to or for
the benefit of any spouse, domestic partner sharing the Participant’s household, sibling, child or grandchild of the Participant, or to a trust for their benefit; 
 (2) any transfer pursuant to an effective registration statement filed by the Company under the Securities Act of 1933, as amended (the
“Securities Act”); and 
 (3) the sale of all or substantially all of the shares of capital stock of the Company
(including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to clause (1) above, such
Shares shall remain subject to the right of first refusal set forth in this Section 4 and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all
of the terms and conditions of this Section 4. 
 (f) The Company may assign its rights to purchase Offered Shares in any particular
transaction under this Section 4 to one or more persons or entities. 
 (g) The provisions of this Section 4 shall terminate upon
the earlier of the following events: 
 (1) the closing of the sale of shares of Common Stock in an underwritten public
offering pursuant to an effective registration statement filed by the Company under the Securities Act; or 
 (2) the sale of
all or substantially all of the capital stock, assets or business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were
beneficial owners of the Common Stock immediately prior to such transaction beneficially own, directly or indirectly, more than 75% of the outstanding securities entitled to vote generally in the election of directors of the resulting, surviving or
acquiring corporation in such transaction). 
 (h) The Company shall not be required (a) to transfer on its books any of the Shares
which shall have been sold or transferred in violation of any of the provisions set forth in this Section 4, or (b) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or
transferred. 
  

	5.	Agreement in Connection with Public Offering. 

 The
Participant agrees, in connection with the initial underwritten public offering of the Company’s securities pursuant to a registration statement under the Securities Act, (i) not to sell, make short sale of, loan, grant any options for the
purchase of, or otherwise dispose of any shares 

  

 - 4 - 

 
of Common Stock held by the Participant (other than those shares included in the offering) without the prior written consent of the Company or the
underwriters managing such initial underwritten public offering of the Company’s securities for a period of 180 days from the effective date of such registration statement, and (ii) to execute any agreement reflecting clause (i) above
as may be requested by the Company or the managing underwriters at the time of such offering. 
  

	6.	Legends on Stock Certificates. 

 All stock
certificates representing Shares issued to the Participant upon exercise of this option shall have affixed thereto legends substantially in the following forms, in addition to any other legends required by applicable federal or state law:

 “The shares of stock represented by this certificate have not been registered under the Securities Act of 1933 and may not be
transferred, sold or otherwise disposed of in the absence of an effective registration statement with respect to the shares evidenced by this certificate, filed and made effective under the Securities Act of 1933, or an opinion of counsel
satisfactory to the Company to the effect that registration under such Act is not required.” 
 “The shares of stock represented by
this certificate are subject to certain restrictions on transfer contained in a Stock Option Agreement, a copy of which will be furnished upon request by the issuer.” 
  

	7.	Withholding. 

 No Shares will be issued pursuant to
the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

  

	8.	Nontransferability of Option. 

 This option may not
be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be
exercisable only by the Participant. 
  

	9.	Disqualifying Disposition. 

 If the Participant
disposes of Shares acquired upon exercise of this option within two years from the Grant Date or one year after such Shares were acquired pursuant to exercise of this option, the Participant shall notify the Company in writing of such disposition.

  

	10.	Provisions of the Plan. 

 This option is subject to
the provisions of the Plan, a copy of which is furnished to the Participant with this option. 
  

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 IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by its
duly authorized officer. This option shall take effect as a sealed instrument. 
  

									
		 		 	INFINITY PHARMACEUTICALS, INC.
				
	Dated: 	 		 	By:	 	  
		 		 	Name:	 	
		 		 	Title:	 	

 PARTICIPANT’S ACCEPTANCE 
 The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy
of the Company’s 2001 Stock Incentive Plan. 
  

			
	PARTICIPANT:
	
	  
		
	Address:	 	
		 	

  

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