Document:

Master Security Agreement, dated December 6, 2002

 Exhibit 10.6 
 ll/98(R080602)     001147656 
 *LOAN 1000* 
 MASTER SECURITY AGREEMENT 
 dated as of December 6, 2002 (“Agreement”) 
 THIS
AGREEMENT is between General Electric Capital Corporation (together with its successors and assigns, if any, “Secured Party”) and Infinity Pharmaceuticals, Inc. (“Debtor”). Secured Party has
an office at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177. Debtor is a corporation organized and existing under the laws of the state of Delaware. Debtor’s mailing address and chief place of business is 650 Albany Street, Boston, MA 02118.

  

	1.	CREATION OF SECURITY INTEREST. 

 Debtor grants to
Secured Party, its successors and assigns, a security interest in and against all property listed on any collateral schedule now or in the future annexed to or made a part of this Agreement (“Collateral Schedule”), and in and
against all additions, attachments, accessories and accessions to such property, all substitutions, replacements or exchanges therefor, and all insurance and/or other proceeds thereof (all such property is individually and collectively called the
“Collateral”). This security interest is given to secure the payment and performance of all debts, obligations and liabilities of any kind whatsoever of Debtor to Secured Party, now existing or arising in the future,
including but not limited to the payment and performance of certain Promissory Notes from time to time identified on any Collateral Schedule (collectively “Notes” and each a “Note”), and any renewals, extensions and
modifications of such debts, obligations and liabilities (such Notes, debts, obligations and liabilities are called the “Indebtedness”). 
  

	2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. 

 Debtor represents, warrants and covenants as of the date of this Agreement and as of the date of each Collateral Schedule that: 
 (a) Debtor’s exact legal name is as set forth in the preamble of this Agreement and Debtor is, and will remain, duly organized, existing and in good standing under the laws of the State set forth in the preamble of this Agreement, has
its chief executive offices at the location specified in the preamble, and is, and will remain, duly qualified and licensed in every jurisdiction wherever necessary to carry on its business and operations; 
 (b) Debtor has adequate power and capacity to enter into, and to perform its obligations under this Agreement, each Note and any other documents
evidencing, or given in connection with, any of the Indebtedness (all of the foregoing are called the “Debt Documents”); 
 (c) This Agreement and the other Debt Documents have been duly authorized, executed and delivered by Debtor and constitute legal, valid and binding agreements enforceable in accordance with their terms, except to the extent that the
enforcement of remedies may be limited under applicable bankruptcy and insolvency laws; 
 (d) No approval, consent or withholding of
objections is required from any governmental authority or instrumentality with respect to the entry into, or performance by Debtor of any of the Debt Documents, except any already obtained; 
 (e) The entry into, and performance by, Debtor of the Debt Documents will not (i) violate any of the organizational documents of Debtor or any
judgment, order, law or regulation applicable to Debtor, or (ii) result in any breach of or constitute a default under any contract to which Debtor is a party, or result in the creation of any lien, claim or encumbrance on any of Debtor’s
property (except for liens in favor of Secured Party) pursuant to any indenture, mortgage, deed of trust, bank loan, credit agreement, or other agreement or instrument to which Debtor is a party; 
 (f) There are no suits or proceedings pending in court or before any commission, board or other administrative agency against or affecting Debtor which
could, in the aggregate, have a material adverse effect on Debtor, its business or operations, or its ability to perform its obligations under the Debt Documents, nor does Debtor have reason to believe that any such suits or proceedings are
threatened; 
 (g) All financial statements delivered to Secured Party in connection with the Indebtedness have been prepared in accordance
with generally accepted accounting principles, and since the date of the most recent financial statement, there has been no material adverse change in Debtors financial condition; 
 (h) The Collateral is not, and will not be, used by Debtor for personal, family or household purposes; 
 (i) The Collateral is, and will remain, in good condition and repair and Debtor will not be negligent in its care and use; 
 (j) Debtor is, and will remain, the sole and lawful owner, and in possession of, the Collateral, and has the sole right and lawful authority to grant the
security interest described in this Agreement; and 
 (k) The Collateral is, and will remain, free and clear of all liens, claims and
encumbrances of any kind whatsoever, except for (i) liens in favor of Secured Party, (ii) liens for taxes not yet due or for taxes being contested in good faith and which do not involve, in the judgment of Secured Party, any risk of the
sale, forfeiture or loss of any of the Collateral, and (iii) inchoate materialmen’s, mechanic’s, repairmen’s and similar liens arising by operation of law in the normal course of business for amounts which are not delinquent (all
of such liens are called “Permitted Liens”). 
  

	3.	COLLATERAL. 

 (a) Until the declaration of any
default, Debtor shall remain in possession of the Collateral; except that Secured Party shall have the right to possess (i) any chattel paper or instrument that constitutes a part of the Collateral, and (ii) any other Collateral in which
Secured Party’s security interest may be perfected only by possession. Secured Party may inspect any of the Collateral during normal business hours after giving Debtor reasonable prior notice. If Secured Party asks, Debtor will promptly notify
Secured Party in writing of the location of any Collateral. 

 (b) Debtor shall (i) use the Collateral only in its trade or business, (ii) maintain all of the
Collateral in good operating order and repair, normal wear and tear excepted, (iii) use and maintain the Collateral only in compliance with manufacturers recommendations and all applicable laws, and (iv) keep all of the Collateral free and
clear of all liens, claims and encumbrances (except for Permitted Liens). 
 (c) Secured Party does not authorize and Debtor agrees it shall
not (i) part with possession of any of the Collateral (except to Secured Party or for maintenance and repair), (ii) remove any of the Collateral from the continental United States, or (iii) sell, rent, lease, mortgage, license, grant
a security interest in or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral. 
 (d) Debtor shall pay promptly
when due all taxes, license fees, assessments and public and private charges levied or assessed on any of the Collateral, on its use, or on this Agreement or any of the other Debt Documents. At its option, Secured Party may discharge taxes, liens,
security interests or other encumbrances at any time levied or placed on the Collateral and may pay for the maintenance, insurance and preservation of the Collateral and effect compliance with the terms of this Agreement or any of the other Debt
Documents. Debtor agrees to reimburse Secured Party, on demand, all costs and expenses incurred by Secured Party in connection with such payment or performance and agrees that such reimbursement obligation shall constitute Indebtedness. 

(e) Debtor shall, at all times, keep accurate and complete records of the Collateral, and Secured Party shall have the right to inspect and make
copies of all of Debtor’s books and records relating to the Collateral during normal business hours, after giving Debtor reasonable prior notice. 
 (f) Debtor agrees and acknowledges that any third person who may at any time possess all or any portion of the Collateral shall be deemed to hold, and shall hold, the Collateral as the agent of, and as pledge holder
for, Secured Party. Secured Party may at any time give notice to any third person described in the preceding sentence that such third person is holding the Collateral as the agent of, and as pledge holder for, the Secured Party. 
  

	4.	INSURANCE. 

 (a) Debtor shall at all times bear the
entire risk of any loss, theft, damage to, or destruction of, any of the Collateral from any cause whatsoever. 
 (b) Debtor agrees to keep
the Collateral insured against loss or damage by fire and extended coverage perils, theft, burglary, and for any or all Collateral which are vehicles, for risk of loss by collision, and if requested by Secured Party, against such other risks as
Secured Party may reasonably require. The insurance coverage shall be in an amount no less than the full replacement value of the Collateral, and deductible amounts, insurers and policies shall be acceptable to Secured Party. Debtor shall deliver to
Secured Party policies or certificates of insurance evidencing such coverage. Each policy shall name Secured Party as a loss payee, shall provide for coverage to Secured Party regardless of the breach by Debtor of any warranty or representation made
therein, shall not be subject to co-insurance, and shall provide that coverage may not be canceled or altered by the insurer except upon thirty (30) days prior written notice to Secured Party. Debtor appoints Secured Party as its
attorney-in-fact to make proof of loss, claim for insurance and adjustments with insurers, and to receive payment of and execute or endorse all documents, checks or drafts in connection with insurance payments. Secured Party shall not act as
Debtor’s attorney-in-fact unless Debtor is in default. Proceeds of insurance shall be applied, at the option of Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness. 
  

	5.	REPORTS. 

 (a) Debtor shall promptly notify Secured
Party of (i) any change in the name of Debtor, (ii) any change in the state of its incorporation or registration, (iii) any relocation of its chief executive offices, (iv) any relocation of any of the Collateral, (v) any of
the Collateral being lost, stolen, missing, destroyed, materially damaged or worn out, or (vi) any lien, claim or encumbrance other than Permitted Liens attaching to or being made against any of the Collateral. 
 (b) Debtor will deliver to Secured Party Debtor’s complete financial statements, certified by a recognized firm of certified public accountants,
within ninety (90) days of the close of each fiscal year of Debtor. If Secured Party requests, Debtor will deliver to Secured Party copies of Debtor’s quarterly financial reports certified by Debtor’s chief financial officer, within
ninety (90) days after the close of each of Debtor’s fiscal quarter. Debtor will deliver to Secured Party copies of all Forms 10-K and 10-Q, if any, within 30 days after the dates on which they are filed with the Securities and Exchange
Commission. 
  

	6.	FURTHER ASSURANCES. 

 (a) Debtor shall, upon request
of Secured Party, furnish to Secured Party such further information, execute and deliver to Secured Party such documents and instruments (including, without limitation, Uniform Commercial Code financing statements) and shall do such other acts and
things as Secured Party may at any time reasonably request relating to the perfection or protection of the security interest created by this Agreement or for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing,
Debtor shall cooperate and do all acts deemed necessary or advisable by Secured Party to continue in Secured Party a perfected first security interest in the Collateral, and shall obtain and furnish to Secured Party any subordinations, releases,
landlord waivers, lessor waivers, mortgagee waivers, or control agreements, and similar documents as may be from time to time requested by, and in form and substance satisfactory to, Secured Party. 
 (b) Debtor authorizes Secured Party to file a financing statement and amendments thereto describing the Collateral and containing any other information
required by the applicable Uniform Commercial Code. Debtor irrevocably grants to Secured Party the power to sign Debtor’s name and generally to act on behalf of Debtor to execute and file applications for title, transfers of title, financing
statements, notices of lien and other documents pertaining to any or all of the Collateral; this power is coupled with Secured Party’s interest in the Collateral. Debtor shall, if any certificate of title be required or permitted by law for any
of the Collateral, obtain and promptly deliver to Secured Party such certificate showing the lien of this Agreement with respect to the Collateral. Debtor ratifies its prior authorization for Secured Party to file financing statements and amendments
thereto describing the Collateral and containing any other information required by the Uniform Commercial Code if filed prior to the date hereof. 
 (c) Debtor shall indemnify and defend the Secured Party, its successors and assigns, and their respective directors, officers and employees, from and against all claims, actions and suits (including, without limitation, related
attorneys’ fees) of any kind whatsoever arising, directly or indirectly, in connection with any of the Collateral. 

	7.	DEFAULT AND REMEDIES. 

 (a) Debtor shall be in
default under this Agreement and each of the other Debt Documents if: 
 (i) Debtor breaches its obligation to pay when due
any installment or other amount due or coming due under any of the Debt Documents; 
 (ii) Debtor, without the prior written
consent of Secured Party, attempts to or does sell, rent, lease, license, mortgage, grant a security interest in, or otherwise transfer or encumber (except for Permitted Liens) any of the Collateral; 
 (iii) Debtor breaches any of its insurance obligations under Section 4; 
 (iv) Debtor breaches any of its other obligations under any of the Debt Documents and fails to cure that breach within thirty
(30) days after written notice from Secured Party; 
 (v) Any warranty, representation or statement made by Debtor in any
of the Debt Documents or otherwise in connection with any of the Indebtedness shall be false or misleading in any material respect; 
 (vi) Any of the Collateral is subjected to attachment, execution, levy, seizure or confiscation in any legal proceeding or otherwise, or if any legal or administrative proceeding is commenced against Debtor or any of the Collateral, which
in the good faith judgment of Secured Party subjects any of the Collateral to a material risk of attachment, execution, levy, seizure or confiscation and no bond is posted or protective order obtained to negate such risk; 
 (vii) Debtor breaches or is in default under any other agreement between Debtor and Secured Party; 
 (viii) Debtor or any guarantor or other obligor for any of the Indebtedness (collectively “Guarantor”) dissolves,
terminates its existence, becomes insolvent or ceases to do business as a going concern; 
 (ix) If Debtor or any Guarantor is
a natural person, Debtor or any such Guarantor dies or becomes incompetent; 
 (x) A receiver is appointed for all or of any
part of the property of Debtor or any Guarantor, or Debtor or any Guarantor makes any assignment for the benefit of creditors; 
 (xi) Debtor or any Guarantor files a petition under any bankruptcy, insolvency or similar law, or any such petition is filed against Debtor or any Guarantor and is not dismissed within forty-five (45) days; or 
 (xii) Debtor’s improper filing of an amendment or termination statement relating to a filed financing statement describing the
Collateral. 
 (b) If Debtor is in default, the Secured Party, at its option, may declare any or all of the Indebtedness to be immediately
due and payable, without demand or notice to Debtor or any Guarantor. The accelerated obligations and liabilities shall bear interest (both before and after any judgment) until paid in full at the lower of eighteen percent (18%) per annum or
the maximum rate not prohibited by applicable law. 
 (c) After default, Secured Party shall have all of the rights and remedies of a Secured
Party under the Uniform Commercial Code, and under any other applicable law. Without limiting the foregoing, Secured Party shall have the right to (i) notify any account debtor of Debtor or any obligor on any instrument which constitutes part
of the Collateral to make payment to the Secured Party, (ii) with or without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral from the premises or store it on the premises,
(iii) sell the Collateral at public or private sale, in whole or in part, and have the right to bid and purchase at said sale, or (iv) lease or otherwise dispose of all or part of the Collateral, applying proceeds from such disposition to
the obligations then in default If requested by Secured Party, Debtor shall promptly assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Secured
Party may also render any or all of the Collateral unusable at the Debtor’s premises and may dispose of such Collateral on such premises without liability for rent or costs. Any notice that Secured Party is required to give to Debtor under the
Uniform Commercial Code of the time and place of any public sale or the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute reasonable notice if such notice is given to the
last known address of Debtor at least five (5) days prior to such action. 
 (d) Proceeds from any sale or lease or other disposition
shall be applied: first, to all costs of repossession, storage, and disposition including without limitation attorneys’, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default; third, to discharge any
other Indebtedness of Debtor to Secured Party, whether as obligor, endorser, guarantor, surety or indemnitor, fourth, to expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there exists any
surplus. Debtor shall remain fully liable for any deficiency. 
 (e) Debtor agrees to pay all reasonable attorneys’ fees and other costs
incurred by Secured Party in connection with the enforcement, assertion, defense or preservation of Secured Party’s rights and remedies under this Agreement, or if prohibited by law, such lesser sum as may be permitted. Debtor further agrees
that such fees and costs shall constitute Indebtedness. 
 (f) Secured Party’s rights and remedies under this Agreement or otherwise
arising are cumulative and may be exercised singularly or concurrently. Neither the failure nor any delay on the part of the Secured Party to exercise any right, power or privilege under this Agreement shall operate as a waiver, nor shall any single
or partial exercise of any right, power or privilege preclude any other or further exercise of that or any other right, power or privilege. SECURED PARTY SHALL NOT BE DEEMED TO HAVE WAIVED ANY OF ITS RIGHTS UNDER THIS AGREEMENT OR UNDER ANY OTHER
PARTY. A waiver on any one occasion shall not be construed as a bar to or waiver of any right or remedy on any future occasion. 
 (g) DEBTOR
AND SECURED PARTY UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED HEREBY, ANY DEALINGS BETWEEN DEBTOR
AND SECURED PARTY RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY
AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE. THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS

 
AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE
FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
  

	8.	MISCELLANEOUS. 

 (a) This Agreement, any Note and/or
any of the other Debt Documents may be assigned, in whole or in part, by Secured Party without notice to Debtor, and Debtor agrees not to assert against any such assignee, or assignee’s assigns, any defense, set-off, recoupment claim or
counterclaim which Debtor has or may at any time have against Secured Party for any reason whatsoever. Debtor agrees that if Debtor receives written notice of an assignment from Secured Party, Debtor will pay all amounts payable under any assigned
Debt Documents to such assignee or as instructed by Secured Party. Debtor also agrees to confirm in writing receipt of the notice of assignment as may be reasonably requested by Secured Party or assignee. 
 (b) All notices to be given in connection with this Agreement shall be in writing, shall be addressed to the parties at their respective addresses set
forth in this Agreement (unless and until a different address may be specified in a written notice to the other party), and shall be deemed given (i) on the date of receipt if delivered in hand or by facsimile transmission, (ii) on the
next business day after being sent by express mail, and (iii) on the fourth business day after being sent by regular, registered or certified mail. As used herein, the term “business day” shall mean and include any day other than
Saturdays, Sundays, or other days on which commercial banks in New York, New York are required or authorized to be closed. 
 (c) Secured
Party may correct patent errors and fill in all blanks in this Agreement or in any Collateral Schedule consistent with the agreement of the parties. 
 (d) Time is of the essence of this Agreement. This Agreement shall be binding, jointly and severally, upon all parties described as the “Debtor” and their respective heirs, executors, representatives,
successors and assigns, and shall inure to the benefit of Secured Party, its successors and assigns. 
 (e) This Agreement and its Collateral
Schedules constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all prior understandings (whether written, verbal or implied) with respect to such subject matter. THIS AGREEMENT AND
ITS COLLATERAL SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR BY COURSE OF CONDUCT, BUT ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings contained in this Agreement have been included for convenience only, and shall not affect the
construction or interpretation of this Agreement. 
 (f) This Agreement shall continue in full force and effect until all of the Indebtedness
has been indefeasibly paid in full to Secured Party or its assignee. The surrender, upon payment or otherwise, of any Note or any of the other documents evidencing any of the Indebtedness shall not affect the right of Secured Party to retain the
Collateral for such other Indebtedness as may then exist or as it may be reasonably contemplated will exist in the future. This Agreement shall automatically be reinstated if Secured Party is ever required to return or restore the payment of all or
any portion of the Indebtedness (all as though such payment had never been made). 
 (g) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE), INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY
AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE EQUIPMENT. 
 IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally
bound hereby, have duly executed this Agreement in one or more counterparts, each of which shall be deemed to be an original, as of the day and year first aforesaid. 
  

									
	SECURED PARTY:	 		 	DEBTOR:
			
	General Electric Capital Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	/s/ John Edel	 		 	 By:
	 	/s/ Steve Holtzman
	Name:	 	John Edel	 		 	Name:	 	Steve Holtzman
	Title:	 	SVP	 		 	Title:	 	President/CEO

 AMENDMENT 
 THIS AMENDMENT is made as of the 6 day of December, 2002, between General Electric Capital Corporation (“Secured Party”) and Infinity Pharmaceuticals, Inc. (“Debtor”) in connection with that
certain Master Security Agreement, dated as of December 6, 2002 (“Agreement”). The terms of this Amendment are hereby incorporated into the Agreement as though fully set forth therein. Section references below refer to the section
numbers of the Agreement. The Agreement is hereby amended as follows: 
  

	 	1.	CREATION OF SECURITY INTEREST. 

 The Section
is hereby amended and replaced with the following: 
 “Debtor grants to Secured Party, its successors and assigns, a security interest in
and against all property listed on any collateral schedule now or in the future annexed to or made a part of this Agreement by the Debtor’s execution thereof (“Collateral Schedule”), and in and against all
additions, attachments, accessories and accessions to such property, all substitutions, replacements or exchanges therefor, and all insurance and/or other proceeds thereof (all such property is individually and collectively called the
“Collateral”). This security interest is given to secure the payment and performance of all debts, obligations and liabilities of any kind whatsoever of Debtor to Secured Party, now existing or arising in the future,
including but not limited to the payment and performance of certain Promissory Notes from time to time identified on any Collateral Schedule (collectively “Notes” and each a “Note”), and any renewals,
extensions and modifications of such debts, obligations and liabilities (such Notes, debts, obligations and liabilities are called the “Indebtedness”).” 
  

	 	2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. 

 Subsection (a) is hereby amended and replaced with the following: 
 “(a) Debtor’s exact legal name is as set forth in
the preamble of this Agreement and Debtor is, and will remain, duly organized, existing and in good standing under the laws of the State set forth in the preamble of this Agreement or such other State as Debtor may be incorporated or formed, has its
chief executive offices at the location specified in the preamble, and is, and will remain, duly qualified and licensed in every jurisdiction wherever necessary to carry on its business and operations;” 
  

	 	3.	COLLATERAL. 

 Subsection (a) is hereby
amended and replaced with the following: 
 “Until the occurrence of an Event of Default (as defined below), Debtor shall remain in
possession of the Collateral; except that Secured Party shall have the right to possess (i) any chattel paper or instrument that constitutes a part of the Collateral, and (ii) any other Collateral in which Secured Party’s security
interest may be perfected only by possession. Secured Party may inspect any of the Collateral during normal 

 
business hours after giving Debtor reasonable prior notice. If Secured Party asks, Debtor will promptly notify Secured Party in writing of the location of
any Collateral.” 
 Subsection (d) is hereby amended and replaced with the following: 
 “(d) Debtor shall pay promptly when due all taxes, license fees, assessments and public and private charges levied or assessed on any of the
Collateral, on its use, or on this Agreement or any of the other Debt Documents. At its option and with notice to Debtor, Secured Party may discharge taxes, liens, security interests or other encumbrances at any time levied or placed on the
Collateral and may pay for the maintenance, insurance and preservation of the Collateral and effect compliance with the terms of this Agreement or any of the other Debt Documents. Debtor agrees to reimburse Secured Party, on demand, all costs and
expenses incurred by Secured Party in connection with such payment or performance and agrees that such reimbursement obligation shall constitute Indebtedness.” 
 New subsection (g) is hereby added to Section 3 and reads as follows: 
 “(g) Secured Party, at
Debtor’s request from time to time but in no event no more than once a year, shall release its security interest in any obsolete or surplus Collateral, which has, together with any other Collateral previously released pursuant hereto, an
aggregate cost of not more than twenty percent (20%) of the aggregate amount of the Notes, if and only if, Debtor prepays all accrued and unpaid interest and outstanding principal under the Notes allocable such item or items of Collateral.
Secured Party shall, at Debtor’s sole cost and expense, execute such further documents and take such further actions as may be reasonably necessary to effect the release contemplated by this subsection, including duly executing and delivering
termination statements for filing in all relevant jurisdictions. Notwithstanding anything contained herein to the contrary, Debtor may replace existing Collateral with other Collateral if approved by Secured Party’s Asset Management Department
which consent will not be unreasonably withheld, upon providing Secured Party with a first priority perfected security interest in such Collateral with an equal or greater value than the existing Collateral; provided that, Debtor shall provide
Secured Party with evidence reasonably satisfactory to Secured Party of the value of such Collateral and provide all documentation Secured Party reasonably deems necessary to provide Secured Party with a first perfected security interest.”

  

	 	4.	INSURANCE. 

 Subsection (b) is hereby
amended and replaced with the following: 
 “(b) Debtor agrees to keep the Collateral insured against loss or damage by fire and extended
coverage perils, theft, burglary, and for any or all Collateral which are vehicles, for risk of loss by collision, and if requested by Secured Party, against such other risks as Secured Party may reasonably require. The insurance coverage shall be
in an amount no less than the full replacement value of the Collateral, and deductible amounts, insurers and policies shall be acceptable to Secured Party. Debtor shall deliver to Secured Party policies or certificates of insurance evidencing such
coverage. Each policy shall name Secured Party as a loss payee, shall provide for coverage to 

 
Secured Party regardless of the breach by Debtor of any warranty or representation made therein, shall not be subject to co-insurance, and shall provide that
coverage may not be canceled or altered by the insurer except upon thirty (30) days prior written notice to Secured Party. Debtor appoints Secured Party as its attorney-in-fact to make proof of loss, claim for insurance and adjustments with
insurers, and to receive payment of and execute or endorse all documents, checks or drafts in connection with insurance payments. Secured Party shall not act as Debtor’s attorney-in-fact unless Debtor is in default. So long as no Event of
Default exists, proceeds of insurance in the amount of $350,000 or less shall be applied, at the option of Debtor, to repair or replace the Collateral or to reduce any of the Indebtedness. Proceeds of insurance over $350,000 or more shall be
applied, at the option of Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness.” 
  

	 	5.	REPORTS. 

 Subsection (b) is hereby
amended and replaced with the following: 
 “(b) Debtor will deliver to Secured Party Debtor’s complete financial statements,
certified by a recognized firm of certified public accountants, within one hundred twenty (120) days of the close of each fiscal year of Debtor. If Secured Party requests, Debtor will deliver to Secured Party copies of Debtor’s quarterly
financial reports certified by Debtor’s chief financial officer, within ninety (90) days after the close of each of Debtor’s fiscal quarter. Debtor will deliver to Secured Party copies of all Forms 10-K and 10-Q, if any, within 30
days after the dates on which they are filed with the Securities and Exchange Commission.” 
  

	 	6.	FURTHER ASSURANCES. 

 Subsection (a) is
hereby amended and replaced with the following: 
 “(a) Debtor shall, upon request of Secured Party, furnish to Secured Party such
further information, execute and deliver to Secured Party such documents and instruments (including, without limitation, Uniform Commercial Code financing statements) and shall do such other acts and things as Secured Party may at any time
reasonably request relating to the perfection or protection of the security interest created by this Agreement or for the purpose of carrying out the intent of this Agreement. Without limiting the foregoing, Debtor shall cooperate and do all acts
deemed necessary or advisable by Secured Party to continue in Secured Party a perfected first security interest in the Collateral, and shall obtain and furnish to Secured Party any subordinations, releases, landlord waivers, lessor waivers,
mortgagee waivers, or control agreements, and similar documents as may be from time to time reasonably requested by, and in form and substance satisfactory to, Secured Party.” 
 Subsection (c) is hereby amended and replaced with the following: 
 “(c) Debtor shall indemnify and defend the Secured Party, its successors and assigns, and their respective directors, officers and employees, from and against all claims, actions and suits (including, without
limitation, related and reasonable attorneys’ fees) of any kind whatsoever arising, directly or indirectly, in connection 

 
with any of the Collateral other than those resulting from the gross negligence or willful misconduct of Secured Party.” 
  

	 	7.	DEFAULT AND REMEDIES. 

 Subsection
(a) is hereby amended and replaced with the following: 
 “(a) The following shall constitute an event of default (“Event of
Default”) under this Agreement and each of the other Debt Documents if:” 
 Subsection (a)(i) is hereby amended and replaced with
the following: 
 “(i) Debtor breaches its obligation to pay when due any installment or other amount due or coming due under the Note or
under any of the other Debt Documents;” 
 Subsection (a)(v) is hereby amended and replaced with the following: 
 “Any warranty, representation or statement made by Debtor in any of the Debt Documents or otherwise in connection with any of the Indebtedness shall
be false or misleading in any material respect when made;” 
 Subsection (a)(vi) is hereby amended and replaced with the following:

 “(vi) Any of the Collateral with an original equipment cost of $25,000 or more is subjected to attachment, execution, levy, seizure or
confiscation in any legal proceeding or otherwise, and is not released within sixty (60) days of the Debtor’s receipt of written notice thereof, or if any legal or administrative proceeding is commenced against Debtor or any of the
Collateral, which in the good faith judgment of Secured Party subjects any of the Collateral to a material risk of attachment, execution, levy, seizure or confiscation and no bond is posted or protective order within thirty (30) days after
request from Secured Party obtained to negate such risk;” 
 New Subsection (a)(xiii) is hereby added to Section 7 and reads as
follows: 
 “(xiii) There is a material adverse change in the Debtor’s financial condition as determined by Secured Party in its
reasonable judgment.” 
 Subsection (b) is hereby amended and replaced with the following: 
 “(b) Upon an Event of Default, the Secured Party, at its option, may declare any or all of the Indebtedness to be immediately due and payable,
without demand or notice to Debtor or any Guarantor. The accelerated obligations and liabilities shall bear interest (both before and after any judgment) until paid in full at the lower of eighteen percent (18%) per annum or the maximum rate
not prohibited by applicable law.” 
 Subsection (c) is hereby amended and replaced with the following: 
 “After an Event of Default, Secured Party shall have all of the rights and remedies of a Secured Party under the Uniform Commercial Code, and under
any other applicable law. Without limiting the foregoing, Secured Party shall have the right to (i) notify any 

 
account debtor of Debtor or any obligor on any instrument which constitutes part of the Collateral to make payment to the Secured Party, (ii) with or
without legal process, enter any premises where the Collateral may be and take possession of and remove the Collateral from the premises or store it on the premises, (iii) sell the Collateral at public or private sale, in whole or in part, and
have the right to bid and purchase at said sale, or (iv) lease or otherwise dispose of all or part of the Collateral, applying proceeds from such disposition to the obligations then in default. If requested by Secured Party, Debtor shall
promptly assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Secured Party may also render any or all of the Collateral unusable at the
Debtor’s premises and may dispose of such Collateral on such premises without liability for rent or costs. Any notice that Secured Party is required to give to Debtor under the Uniform Commercial Code of the time and place of any public sale or
the time after which any private sale or other intended disposition of the Collateral is to be made shall be deemed to constitute reasonable notice if such notice is given to the last known address of Debtor at least five (5) days prior to such
action.” 
 Subsection (d) is hereby amended and replaced with the following: 
 “(d) Proceeds from any sale or lease or other disposition shall be applied: first, to all costs of repossession, storage, and disposition including
without limitation reasonable attorneys’, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default; third, to discharge any other Indebtedness of Debtor to Secured Party, whether as obligor, endorser,
guarantor, surety or indemnitor; fourth, to expenses incurred in paying or settling liens and claims against the Collateral; and lastly, to Debtor, if there exists any surplus. Debtor shall remain fully liable for any deficiency.” 

 

	 	8.	MISCELLANEOUS 

 Subsection (a) is hereby
amended and replaced with the following: 
 “(a) This Agreement, any Note and/or any of the other Debt Documents may be assigned, in
whole or in part, by Secured Party without notice to Debtor and Debtor agrees not to assert against any such assignee, or assignee’s assigns, any defense, set-off, recoupment claim or counterclaim which Debtor has or may at any time have
against Secured Party for any reason whatsoever. Debtor agrees that if Debtor receives written notice of an assignment from Secured Party, Debtor will pay all amounts payable under any assigned Debt Documents to such assignee or as instructed by
Secured Party provided that such assignee agrees to assume the obligations of Secured Party hereunder. Debtor also agrees to confirm in writing receipt of the notice of assignment as may be reasonably requested by Secured Party or assignee. Debtor
may assign this Agreement only in connection with a merger or change in control event permitted by, or consented to by Secured Party under, the terms of Section 8(h) or 8(i). 
 Subsection (e) is hereby amended and replaced with the following: 
 “(e) This Agreement, the Notes, the Amendment dated of even date herewith, the Commitment Letter dated December             , 2002, and the
Collateral Schedules constitute the entire agreement between the parties with respect to the subject matter 

 
of this Agreement and supersede all prior understandings (whether written, verbal or implied) with respect to such subject matter. THIS AGREEMENT AND ITS
COLLATERAL SCHEDULES SHALL NOT BE CHANGED OR TERMINATED ORALLY OR BY COURSE OF CONDUCT, BUT ONLY BY A WRITING SIGNED BY BOTH PARTIES. Section headings contained in this Agreement have been included for convenience only, and shall not affect the
construction or interpretation of this Agreement.” 
 Subsection (f) is hereby amended and replaced with the following: 

“(f) This Agreement shall continue in full force and effect until all of the Indebtedness has been paid in full to Secured Party or its assignee.
The surrender, upon payment or otherwise, of any Note or any of the other documents evidencing any of the Indebtedness shall not affect the right of Secured Party to retain the Collateral for such other Indebtedness as may then exist or as it may be
reasonably contemplated will exist in the future. This Agreement shall automatically be reinstated if Secured Party is ever required to return or restore the payment of all or any portion of the Indebtedness (all as though such payment had never
been made). Notwithstanding the foregoing to the contrary, if a Note has been paid in full, Secured Party shall promptly release its lien on the Collateral under the Collateral Schedule associated with the Note.” 
 New Subsection (h) is hereby added to Section 8 and reads as follows: 
 “Debtor may, without the consent of Secured Party, merge or consolidate with or into any other entity or acquire all or substantially all of the
capital stock or assets of another entity (collectively, a “Merger Event”) if (A) such Merger Event shall require the expenditure of less than twenty-five percent (25%) of the cash on Debtor’s balance sheet immediately prior
to such Merger Event or (B) the consideration paid by Debtor in such Merger Event shall be comprised solely of its equity securities. 
 For other mergers/acquisitions which do not meet this test, Secured Party has the right to consent, not to be unreasonably withheld. If Secured Party does not consent, Debtor has the right to prepay the Indebtedness as specified in the
corresponding promissory note.” 
 New Subsection (i) is hereby added to Section 8 and reads as follows: 
 “Except with Secured Party’s prior written consent (which shall not be unreasonably withheld), Debtor shall not have a material change in its
ownership of greater than 49% (other than by the sale of Debtor’s equity securities in a public offering or to venture capital investors) (an “Ownership Event”); provided, however, that, if the Ownership Event consists of an
acquisition by a person/entity with a net worth of $100,000,000 or greater, Secured Party’s consent to such Ownership Event shall not be required (collectively, an “Ownership Event”). 
 For an Ownership Event which does not meet this test, Secured Party has the right to consent, not to be unreasonably withheld. If Secured Party does not
consent, Debtor has the right to prepay the Indebtedness as specified in the corresponding promissory note.” 

 TERMS USED, BUT NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN THE AGREEMENT.
EXCEPT AS EXPRESSLY AMENDED HEREBY, THE AGREEMENT SHALL REMAIN IN FULL FORCE AND EFFECT. IF THERE IS ANY CONFLICT BETWEEN THE PROVISIONS OF THE AGREEMENT AND THIS AMENDMENT, THEN THIS AMENDMENT SHALL CONTROL. 
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment simultaneously with the Agreement by signature of their respective authorized
representative set forth below. 
  

									
	General Electric Capital Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	/s/ John Edel	 		 	 By:
	 	/s/ Steven H. Holtzman
	Name:	 	John Edel	 		 	Name:	 	Steven H Holtzman
	Title:	 	SVP	 		 	Title:	 	Pres & CEO

 General Electric Capital Corporation 
 AMENDMENT TO 
 MASTER SECURITY AGREEMENT DATED DECEMBER 6, 2002

 BY AND BETWEEN 
 INFINITY PHARMACEUTICALS, INC., AS DEBTOR 
 AND 
 GENERAL ELECTRIC CAPITAL CORPORATION, AS SECURED PARTY 
 Debtor and Secured Party hereby amend
Master Security Agreement dated December 6, 2002, all Collateral Schedules thereunder and all Promissory Notes and other related documents (herein collectively referred to as the “Agreements”) to reflect Debtor’s address change
from 650 Albany Street, Boston, MA 02118 to 780 Memorial Drive, Cambridge, MA 02139. 
 All other terms and conditions of the Agreements remain
the same. 
 IN WITNESS WHEREOF, Debtor and Secured Party have each caused this Amendment to be duly executed in their respective names. 
  

									
	DEBTOR:	 		 	SECURED PARTY:
	Infinity Pharmaceuticals, Inc.	 		 	General Electric Capital Corporation
					
	By:	 	/s/ Thomas Burke	 		 	 By:
	 	/s/ John Edel
	Title:	 	Controller	 		 	Title:	 	SVP
	Date:	 	1/31/3	 		 	Date:	 	1/31/03

 Equipment Concentration Rider 
 Infinity Pharmaceuticals, Inc. (“Customer”), on or before December 31, 2004, shall cause the composition and mix of Equipment financed after March 1, 2004 under the Master Security Agreement
dated as of December 6, 2002 between Customer and General Electric Capital Corporation to conform to and meet the following concentration requirements (hereinafter “Concentration Requirements”) for each class of Equipment (hereinafter
“Equipment Class”) as identified and set forth below. Customer herein represents and warrants that it shall maintain each such Equipment Class and its respective Concentration Requirement from and after such above referenced date and
continuing thereafter to the end of the term: 
  

			
	 Equipment Class
	  	 Concentration Requirement

	 Laboratory & scientific equipment:
	  	 Minimum of 70%

	 Furniture, Computers, & Office Equipment:
	  	 Maximum of 10%

	 Software & Soft Costs:
	  	 Maximum of 20%

  

			
	 Accepted and Agreed:

	
	 Infinity Pharmaceuticals, Inc.

		
	 By:
	 	 /s/ Steven H. Holtzman

	 Title:
	 	 CEO/President

	 Date:
	 	 3/9/04

 PROMISSORY NOTE 
 12/28/05 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric
Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83 Wooster Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of One
Hundred Thirty Eight Thousand Five Hundred Twenty Five and —36700 ($138,525.36) with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Ten and Thirty Two
Hundredths percent (10.32%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	4,452.37

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 1/1/06 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days alter its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable,” or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the
entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the
lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire
indebtedness plus an additional sum as a premium equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to
the first annual anniversary date of this Note: three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent
(2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 
have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and
(d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it
becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to
the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers,
guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or
modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and
agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith,
as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’
fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OF CAUSE OK ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR
INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS
WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	/s/ James Popek	 		 	 By:
	 	 /s/ Thomas J. Burke

	 (Witness)
	 		 		 	
				
	James Popek	 		 	 Name:
	 	 Thomas J. Burke

	 (Print name)
	 		 		 	
				
	 780 Memorial Dr. Cambridge, MA 02139
	 		 	 Title:
	 	 Controller

	 (Address)
	 		 		 	
		 		 	 Federal Tax ID#: 04-3549480

			
		 		 	 Address: 780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
 1/31/03 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of One Million Dollars ($1,000,000.00), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Seven and Ninety Hundredths
percent (7.90%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 

			
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$31,085.61

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 2/1/03 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to 

 pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and (d) the effective rate of interest shall
be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without limitation of the foregoing, all calculations of the
rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract rate, shall be made, to the extent permitted by
applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted for, charged or received from Maker or otherwise by
Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it becomes lawful for the Payee to receive a greater
interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to the maximum interest per annum rate allowed by
the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other
than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or modifications of, and all substitutions or releases
of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and agree that suit may be brought and maintained against
any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The
Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence
in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE,
ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE
MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO
THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This
Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by an authorized
representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	  
	 		 	 By:
	 	 /s/ Thomas J Burke

	 (Witness)
	 		 		 	
	  
	 		 	 Name:
	 	Thomas J Burke
	 (Print name)
	 		 		 	
	  
	 		 	 Title:
	 	 Controller

	 (Address)
	 		 		 	
		 		 	 Federal Tax ID#: 04-3549480
  

		 		 	 Address: 650 Albany Street, Boston, Suffolk County, MA 02118

 PROMISSORY NOTE 
 MARCH 28, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder
hereof may designate, the principal sum of One Hundred Ninety Thousand Four Hundred Thirty Three — 30/00 ($190,433.30), with interest on the unpaid principal balance, from the date hereof through and including the dates of
payment, at a fixed interest rate of Eight and Two Hundredths percent (8.02%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 

 

			
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$5,929.62

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on APRIL 1, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month
(each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be
made on its due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not
constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly
authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This
Note is secured by a certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual
anniversary date of this Note: one percent (1%)
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement.

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest
is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note
or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other
person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which
may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

									
		 		 		 	Infinity Pharmaceuticals, Inc.
				
	 /s/ Dave Bruce
 (Witness)
 Dave Bruce
 (Print
name)
 780 Memorial Drive
 (Address)
	 		 	 By:
	 	 /s/ Thomas J Burke

	 		 	 Name:
	 	Thomas J Burke
	 		 	 Title:
	 	 Controller

	 		 	 Federal Tax ID#: 04-3549480

	 		 	 Address: 780 Memorial Drive, Cambridge, MA 02139

	 		 	
	 		 		 	
	 		 		 	

 PROMISSORY NOTE 
 May 1, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of One Hundred Nineteen Thousand Seven Hundred Eighty Three—51/00 ($119,783.51), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed
interest rate of Seven and Ninety Six Hundredths percent (7.96%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	Thirty-Five (35)	  	$	3,726.65

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on June 1, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month
(each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be
made on its due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not
constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly
authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This
Note is secured by a certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%)
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

							
		 		 	Infinity Pharmaceuticals, Inc.
				
	 /s/ Dave Bruce
	 		 	By:	 	 /s/ Thomas J Burke

	(Witness)	 		 	Name:	 	Thomas J Burke
				
	 Dave Bruce
	 		 	Title:	 	Controller
	(Print name)	 		 	Federal Tax ID#: 04-3549480
				
	 780 Memorial Drive
	 		 	Address:	 	780 Memorial Drive, Cambridge, MA 02139
	(Address)	 		 		 	

 PROMISSORY NOTE 
 June 3, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder
hereof may designate, the principal sum of Five Hundred Ninety-Nine Thousand Seventy-96/100 ($599,070.96), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed
interest rate of Seven and Fifty-Three Hundredths percent (7.53%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$	18,527.50

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 7/1/03 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%)
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%)
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made,
granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose,
proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other
notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including
Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

							
		  		 	Infinity Pharmaceuticals, Inc.
				
	 /s/ Dave Bruce
 (Witness)
 Dave Bruce
 (Print
name)
 780 Memorial Drive
 (Address)
	  		 	 By:
 Name:
 Title:
  
	 	 /s/ Thomas J Burke
 Thomas J
Burke
 Controller

	  		 	Federal Tax ID #: 04-3549480
	  		 	Address: 780 Memorial Drive, Cambridge, MA 02139
	  		 	
			
		  		 	

 PROMISSORY NOTE 
 10/30/03 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder
hereof may designate, the principal sum of Two Hundred Sixty Four Thousand Thirty Five—01/100 ($264,035.01), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a
fixed interest rate of Seven and Forty-Eight Hundredths percent (7.48%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

			
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$8,159.84

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 7/1/03 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual
anniversary date of this Note: three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note:
two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event
shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any
Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall
exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment
hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

									
	 	 	 	 	 	 	Infinity Pharmaceuticals, Inc.
					
	 /s/ Dave Bruce
 (Witness)
 Dave Bruce
 (Print name)
 780 Memorial Drive
 (Address)
	 		 		 	By:	 	 /s/ Thomas J Burke

	 		 		 	Name:	 	Thomas J Burke
	 		 		 	Title:	 	Controller
	 		 		 	Federal Tax ID #: 04-3549480
	 		 		 	Address: 780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
 8/1/03 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of General
Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of Three Hundred Ninety Four Thousand Eight Hundred Eighteen — 73/100 ($394,818.73), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed
interest rate of Seven and Ninety Eight Hundredths percent (7.98%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

			
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$12,286.83

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 8/1/03 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) Thereafter and prior to the third annual
anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement.

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest
is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note
or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other
person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which
may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	 Jennifer Zinkann
 (Witness)
 Jennifer Zinkann
 (Print
name)
 780 Memorial Drive
 (Address)
	 		 	 By:
	 	 /s/ Thomas J Burke

	 		 	 Name:
	 	 Thomas J Burke

	 		 	 Title:
	 	 Controller

	 		 	 Federal Tax ID #: 04-3549480

	 		 	 Address: 780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
 Sept 3, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of Two Hundred Forty Eight Thousand Six Hundred Fifty Six— 39/00 ($248,656.39) with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed
interest rate of Eight and Thirty Six Hundredths percent (8.48%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$	7,779.15

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on Oct 1, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual
anniversary date of this Note: three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note:
two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event
shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any
Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall
exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment
hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, all be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest
at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable
state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder
shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all
sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals,
waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by
Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust
any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection
herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual
attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF,
DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND
PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

							
	 	 	 	  	Infinity Pharmaceuticals, Inc.
				
	  
 (Witness)
	 		  	By:	  	 /s/ Thomas J Burke

	  
 (Print name)
	 		  	Name:	  	Thomas J Burke
	  
 (Address)
	 		  	Title:	  	Controller
		 		  	Federal Tax ID#: 04-3549480
				
		 		  	Address:	  	780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
 2/27/04 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder
hereof may designate, the principal sum of One Million Four Hundred Forty Two Thousand Nine Hundred Fifteen—21/00 ($1,442,915.21) with interest on the unpaid principal balance, from the date hereof through and
including the dates of payment, at a fixed interest rate of Seven and Ninety Nine Hundredths percent 7.99%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and
interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	Thirty-Five (35)	  	$	44,910.25

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 3/1/04 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (it) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) Thereafter and prior to the third annual
anniversary date of this Note: one percent (1 %) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement.

 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest
is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note
or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other
person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which
may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made,
granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose,
proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other
notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including
Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

									
		 		 		 	Infinity Pharmaceuticals, Inc.
		 		 		 		 	
					
	 /s/ Jennifer Zinkann
	 		 		 	By:	 	 /s/ Thomas J Burke

					
	(Witness)	 		 		 		 	
					
	 Jennifer Zinkann
	 		 		 	Name:	 	Thomas J Burke
					
	(Print name)	 		 		 		 	
					
	  
	 		 		 	Title:	 	Controller, Treasurer
					
	(Address)	 		 		 		 	
					
		 		 		 	Federal Tax ID #:	 	04-3549480
					
		 		 		 	Address:	 	780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
 4/30/04 
 (Date) 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of
General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 401 Merritt 7 Suite 23, Norwalk, CT 06851-1177 or at such other place as Payee or the holder hereof may
designate, the principal sum of Six Hundred Ninety Nine Thousand Three Hundred Seventeen —63/00 ($699,317.63) with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a
fixed interest rate of Eight and Sixty Six Hundredths percent 8.66%) per annum, to be paid in lawful money of the United States, in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$	21,967.90

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 5/1/04 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual
anniversary date of this Note: three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note:
two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event
shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any
Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall
exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment
hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

					
	 	 	Infinity Pharmaceuticals, Inc.
			
	 /s/ Joseph F. McPherson
	 	By:	 	 /s/ Thomas J Burke

	(Witness)	 		 	
	 Joseph F. McPherson
	 	Name:	 	Thomas J Burke
	(Print name)	 		 	
	 3 Dublin Circle Burlington, MA 01803
	 	Title:	 	Controller
	(Address)	 	Federal Tax ID#: 04-3459480
			
		 	Address:	 	780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
  

	
	 6/25/04

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83 Wooster
Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of One Hundred Eighty Nine Thousand Five Hundred Thirty Eight—62/00 ($189,538.62) with interest on the unpaid
principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Nine and Nineteen Hundredths percent (9.19%) per annum, to be paid in lawful money of the United States, in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	6,014.94

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 8/1/04 and the following Periodic Installments and the final installment shall be due and 
 payable on the same day of each succeeding month (each, a “Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of
the Payee, be calculated and applied on an assumption that such payment would be made on its due date. 
 The acceptance by Payee of any payment which is
less than payment in full of all amounts due and owing at such time shall not constitute a waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining
hereto. 
 This Note is secured by a certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated
December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or
any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent
(5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable;
or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security
Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated
maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not
in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note: three percent (3%)
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual anniversary
date of this Note: one percent (1%)
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this
Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted
for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any
Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person
or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may

 
have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and
(d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it
becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to
the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers,
guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or
modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and
agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith,
as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’
fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR
INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS
WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

					
		 	Infinity Pharmaceuticals, Inc.
			
	 [ILLEGIBLE]
	 	By:	 	 /s/ [ILLEGIBLE]

	(Witness)	 	Name:	 	[ILLEGIBLE]
	 [ILLEGIBLE]
	 	Title:	 	Controller
	(Print name)	 		 	
			
	 780 Memorial Drive, Cambridge, MA 02139
	 		 	
	(Address)	 	Federal Tax ID #: 04-3549480
		 	Address: 780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
  

	
	 8/13/04

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83
Wooster Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of One Million One Hundred Seventy Nine Thousand Ninety Two—93/00 ($1,170,092.93) with interest on
the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Eight and Eighty-Two Hundredths percent (8.82%) per annum, to be paid in lawful money of the United States, in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	Thirty-Five (35)	  	$	37,110.68

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 9/1/04 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 
have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and
(d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it
becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to
the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers,
guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or
modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and
agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith,
as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’
fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR
INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS
WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

					
		 	Infinity Pharmaceuticals, Inc.
			
	 [ILLEGIBLE]
	 	By:	 	 /s/ Thomas J Bruke

	(Witness)	 	Name:	 	Thomas J Bruke
	 [ILLEGIBLE]
	 	Title:	 	Controller
	(Print name)	 	
		
	 780 Memorial Drive, Cambridge, MA 02139
 (Address)
	 	 Federal Tax ID #: 04-3549480
 Address: 780 Memorial Drive, Cambridge, MA 02139

		 	

 PROMISSORY NOTE 
  

	
	 12/31/04

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83
Wooster Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of Three Hundred Ninety One Thousand One Hundred Six —65/00 ($391,196.65) with interest on the unpaid
principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Nine and Seventeen Hundredths percent (9.17%) per annum, to be paid in lawful money of the United States, in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 Thirty-Five (35)
	  	$	12,373.50

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 1/1/05 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. if any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%)
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%)
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount
of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and
all extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be
made, granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to
foreclose, proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and
all other notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection,
including Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

							
		 		 	Infinity Pharmaceuticals, Inc.
				
	  
	 		 	By:	 	 /s/ Thomas J Burke

	(Witness)	 		 	Name:	 	Thomas J Burke
	  
	 		 	Title:	 	Controller
	(Print name)	 		 		 	
	  
	 		 	 Federal Tax ID #: 04-3549480
 Address: 780 Memorial Drive, Cambridge, MA 02139

	(Address)	 		 		 	

 PROMISSORY NOTE 
  

	
	 3/30/05

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83 Wooster
Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of Four Hundred Thirty Eight Thousand Nine Hundred Forty Six and —95/00 ($438,946.95) with interest on the
unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Nine and Ninety Seven Hundredths percent (9.97%) per annum, to be paid in lawful money of the United States, in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	14,040.76

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic installment shall be due and payable on 4/1/05 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%)
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%)
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event stall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 
have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker, at the option of the Payee, and
(d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further agreed that without
limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the maximum lawful contract
rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at any time contracted
for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable state law, so that it
becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder shall be increased to
the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers,
guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals, waivers or
modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by Payee, and
agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust any
security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection herewith,
as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’
fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR
INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS
WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR
AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

							
		 		 	 Infinity Pharmaceuticals, Inc.

				
	 /s/ James Popek
	 		 	By:	 	 /s/ Thomas J Burke

	(Witness)	 		 	Name:	 	Thomas J Burke
	 James Popek
 (Print
name)
	 		 	Title:	 	Controller
			
	 780 Memorial Drive, Cambridge, MA 02139
 (Address)
	 		 	 Federal Tax ID #: 04-3549480
 Address: 780 Memorial Drive, Cambridge, MA 02139

 PROMISSORY NOTE 
  

	
	 6/23/05

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83
Wooster Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of One Million One Hundred Two Thousand Two Hundred Forty Seven and —67/00 ($1,102,247.67) with
interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Nine and Sixty Seven Hundredths percent (9.67%) per annum, to be paid in lawful money of the United States,
in Thirty-Six (36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	35,112.95

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 7/1/05 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual
anniversary date of this Note: three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this
Note: two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%)

 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this
Note or any Security Agreement, in no event shall this Note or any Security Agreement require the payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted
for, charged or received under this Note or any Security Agreement, or if all of the principal balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any
Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person
or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is
further agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds
the maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all
interest at any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any
applicable state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful
maximum hereunder shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made,
granted or consented to by Payee, and agree that suit may be brought and maintained against any one or more of them, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose,
proceed against, or exhaust any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other
notices in connection herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including
Payee’s actual attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING
ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL
OTHER COMMON LAW AND STATUTORY CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY
RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior
understandings, agreements and representations, express or implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or
conditions, shall be valid unless in writing and signed by an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given.

 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or
altered to conform thereto. 
  

					
		 	Infinity Pharmaceuticals, Inc.
			
	 /s/ James Popek
	 	By:	 	 /s/ Thomas J Burke

	(Witness)	 		 	
			
	 James Popek
	 	Name:	 	 Thomas J Burke

	(Print name)	 		 	
			
	 780 Memorial Drive., Cambridge, MA 02139
	 	Title:	 	Controller
	(Address)	 		 	
		 	Federal Tax ID #:04-3549480
		
		 	Address: 780 Memorial Drive, Cambridge, MA 02139

			
	4137753-017	 	

 PROMISSORY NOTE 
  

	
	 12/28/05

	(Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. a corporation located at the address stated below
(“Maker”) promises, jointly and severally if more than one, to pay to the order of General Electric Capital Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 83 Wooster
Heights Road, Danbury, CT 06810 or at such other place as Payee or the holder hereof may designate, the principal sum of One Hundred Thirty Eight Thousand Five Hundred Twenty Five and —36/00 ($138,525.36) with interest on the unpaid
principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of Ten and Thirty Two Hundredths percent (10.32%) per annum, to be paid in lawful money of the United States, in Thirty-Six
(36) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 Thirty-Five (35)
	  	$	4,452.37

 each (“Periodic Installment”) and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due and payable on 1/1/ 06 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding month (each, a
“Payment Date”). Such installments have been calculated on the basis of a 360 day year of twelve 30-day months. Each payment may, at the option of the Payee, be calculated and applied on an assumption that such payment would be made on its
due date. 
 The acceptance by Payee of any payment which is less than payment in full of all amounts due and owing at such time shall not constitute a
waiver of Payee’s right to receive payment in full at such time or at any prior or subsequent time. 
 The Maker hereby expressly authorizes the Payee
to insert the date value is actually given in the blank space on the face hereof and on all related documents pertaining hereto. 
 This Note is secured by a
certain Master Security Agreement dated as of December 6, 2002, as amended by a certain Amendment dated December 6, 2002 (as so amended, hereinafter called the “Security Agreement”). 
 Time is of the essence hereof. If any installment or any other sum due under this Note or any Security Agreement is not received within ten (10) days after its due
date, the Maker agrees to pay, in addition to the amount of each such installment or other sum, a late payment charge of five percent (5%) of the amount of said installment or other sum, but not exceeding any lawful maximum. If (i) Maker
fails to make payment of any amount due hereunder within ten (10) days after notice from Payee that the same is due and payable; or (ii) there has occurred and is continuing an Event of Default under the Security Agreement, then the entire
principal sum remaining unpaid, together with all accrued interest thereon and any other sum payable under this Note or any Security Agreement, at the election of Payee, shall immediately become due and payable, with interest thereon at the lesser
of eighteen percent (18%) per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). 
 In the event of a merger or change of control event of Maker, Maker may prepay in full, but not in part, its entire indebtedness hereunder upon payment of the entire indebtedness plus an additional sum as a premium
equal to the following percentages of the remaining principal balance for the indicated period: 
 Prior to the first annual anniversary date of this Note:
three percent (3%) 
 Thereafter and prior to the second annual anniversary date of this Note: two percent (2%) 
 Thereafter and prior to the third annual anniversary date of this Note: one percent (1%) 
 and zero percent (0%) thereafter, plus all other sums due hereunder or under any Security Agreement. 
 It is the intention
of the parties hereto to comply with the applicable usury laws; accordingly, it is agreed that, notwithstanding any provision to the contrary in this Note or any Security Agreement, in no event shall this Note or any Security Agreement require the
payment or permit the collection of interest in excess of the maximum amount permitted by applicable law. If any such excess interest is contracted for, charged or received under this Note or any Security Agreement, or if all of the principal
balance shall be prepaid, so that under any of such circumstances the amount of interest contracted for, charged or received under this Note or any Security Agreement on the principal balance shall exceed the maximum amount of interest permitted by
applicable law, then in such event (a) the provisions of this paragraph shall govern and control, (b) neither Maker nor any other person or entity now or hereafter liable for the payment hereof shall be obligated to pay the amount of such
interest to the extent that it is in excess of the maximum amount of interest permitted by applicable law, (c) any such excess which may 

 have been collected shall be either applied as a credit against the then unpaid principal balance or refunded to Maker,
at the option of the Payee, and (d) the effective rate of interest shall be automatically reduced to the maximum lawful contract rate allowed under applicable law as now or hereafter construed by the courts having jurisdiction thereof. It is further
agreed that without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received under this Note or any Security Agreement which are made for the purpose of determining whether such rate exceeds the
maximum lawful contract rate, shall be made, to the extent permitted by applicable law, by amortizing, prorating, allocating and spreading in equal parts during the period of the full stated term of the indebtedness evidenced hereby, all interest at
any time contracted for, charged or received from Maker or otherwise by Payee in connection with such indebtedness; provided, however, that if any applicable state law is amended or the law of the United States of America preempts any applicable
state law, so that it becomes lawful for the Payee to receive a greater interest per annum rate than is presently allowed, the Maker agrees that, on the effective date of such amendment or preemption, as the case may be, the lawful maximum hereunder
shall be increased to the maximum interest per annum rate allowed by the amended state law or the law of the United States of America. 
 The Maker and all
sureties, endorsers, guarantors or any others (each such person, other than the Maker, an “Obligor”) who may at any time become liable for the payment hereof jointly and severally consent hereby to any and all extensions of time, renewals,
waivers or modifications of, and all substitutions or releases of, security or of any party primarily or secondarily liable on this Note or any Security Agreement or any term and provision of either, which may be made, granted or consented to by
Payee, and agree that suit may be brought and maintained against any one or more of (hem, at the election of Payee without joinder of any other as a party thereto, and that Payee shall not be required first to foreclose, proceed against, or exhaust
any security hereof in order to enforce payment of this Note. The Maker and each Obligor hereby waives presentment, demand for payment, notice of nonpayment, protest, notice of protest, notice of dishonor, and all other notices in connection
herewith, as well as filing of suit (if permitted by law) and diligence in collecting this Note or enforcing any of the security hereof, and agrees to pay (if permitted by law) all expenses incurred in collection, including Payee’s actual
attorneys’ fees. 
 THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF,
DIRECTLY OR INDIRECTLY, THIS NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN MAKER AND PAYEE RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND
PAYEE. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY
CLAIMS.) THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY OTHER
DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 This Note and the Security Agreement constitute the entire agreement of the Maker and Payee with respect to the subject matter hereof and supercedes all prior understandings, agreements and representations, express or
implied. 
 No variation or modification of this Note, or any waiver of any of its provisions or conditions, shall be valid unless in writing and signed by
an authorized representative of Maker and Payee. Any such waiver, consent, modification or change shall be effective only in the specific instance and for the specific purpose given. 
 Any provision in this Note or the Security Agreement which is in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. 
  

							
		 		 	Infinity Pharmaceuticals, Inc.
				
	  
 (Witness)
	 		 	By:	 	  

				
	 James Popek
 (Print
name)
	 		 	Name:	 	  

				
	  
 (Address)
	 		 	Title:	 	Controller
		 		 	Federal Tax ID #:04 - 3549480
			
		 		 	Address: 780 Memorial Drive, Cambridge, MA 02139Master Lease Agreement, dated as of August 11, 2004

 Exhibit 10.7 
 2/98(R051903) *LEAS1998* 
 MASTER LEASE AGREEMENT 
 dated as of August 11, 2004 (“Agreement”) 
 THIS AGREEMENT is between General Electric Capital Corporation (together with its successors and assigns, if any,
“Lessor”) and INFINITY PHARMACEUTICALS, INC. (“Lessee”). Lessor has an office at 83 Wooster Heights Road, Danbury, CT 06810. Lessee is a corporation organized and existing under the laws of the state
of Delaware. Lessee’s mailing address and chief place of business is 780 Memorial Drive, Cambridge, MA 02139. This Agreement contains the general terms that apply to the leasing of Equipment from Lessor to Lessee. Additional terms that apply to
the Equipment (term, rent, options, etc.) shall be contained on a schedule (“Schedule”). 
 1. LEASING: 
 (a) Lessor agrees to lease to Lessee, and Lessee agrees to lease from Lessor, the equipment and the property (“Equipment”)
described in any Schedule signed by both parties. 
 (b) Lessor shall purchase Equipment from the manufacturer or supplier
(“Supplier”) and lease it to Lessee if on or before the Last Delivery Date Lessor receives (i) a Schedule for the Equipment, (ii) evidence of insurance which complies with the requirements of Section 9,
and (iii) such other documents as Lessor may reasonably request. Each of the documents required above must be in form and substance reasonably satisfactory to Lessor. Lessor hereby appoints Lessee its agent for inspection and acceptance of the
Equipment from the Supplier. Once the Schedule is signed, the Lessee may not cancel the Schedule. 
 2. TERM, RENT AND PAYMENT: 
 (a) The rent payable for the Equipment and Lessee’s right to use the Equipment shall begin on the earlier of (i) the date when the Lessee signs
the Schedule and accepts the Equipment or (ii) when Lessee has accepted the Equipment under a Certificate of Acceptance (“Lease Commencement Date”). The term of this Agreement shall be the period specified in the
applicable Schedule. The word “term” shall include all basic and any renewal terms. 
 (b) Lessee shall pay rent to Lessor at its
address stated above, except as otherwise directed by Lessor. Rent payments shall be in the amount set forth in, and due as stated in the applicable Schedule. If any Advance Rent (as stated in the Schedule) is payable, it shall be due when the
Lessee signs the Schedule. Advance Rent shall be applied to the first rent payment and the balance, if any, to the final rent payment(s) under such Schedule. In no event shall any Advance Rent or any other rent payments be refunded to Lessee. If
rent is not paid within ten (10) days of its due date, Lessee agrees to pay a late charge of five cents ($.05) per dollar on, and in addition to, the amount of such rent but not exceeding the lawful maximum, if any. 
 3. RENT ADJUSTMENT: 
 (a) If, solely as a result of
Congressional enactment of any law (including, without limitation, any modification of, or amendment or addition to, the Internal Revenue Code of 1986, as amended, (“Code”)), the maximum effective corporate income tax rate
(exclusive of any minimum tax rate) for calendar-year taxpayers (“Effective Rate”) is higher than thirty-five percent (35%) with a cap of 2%, for any year during the lease term, then Lessor shall have the right to
increase such rent payments by requiring payment of a single additional sum. The additional sum shall be equal to the product of (i) the Effective Rate (expressed as a decimal) for such year less .35 (or, in the event that any adjustment has
been made hereunder for any previous year, the Effective Rate (expressed as a decimal) used in calculating the next previous adjustment) times (ii) the adjusted Termination Value (defined below), divided by (iii) the difference between the
new Effective Rate (expressed as a decimal) and one (1). The adjusted Termination Value shall be the Termination Value (calculated as of the first rent due in the year for which the adjustment is being made) minus the Tax Benefits that would be
allowable under Section 168 of the Code (as of the first day of the year for which such adjustment is being made and all future years of the lease term). The Termination Values and Tax Benefits are defined on the Schedule. Lessee shall pay to
Lessor the full amount of the additional rent payment on the later of (i) receipt of notice or (ii) the first day of the year for which such adjustment is being made. 
 (b) Lessee’s obligations under this Section 3 shall survive any expiration or termination of this Agreement. 

 4. TAXES: 
 (a) If permitted by law, Lessee shall report and pay promptly all taxes, fees and assessments due, imposed, assessed or levied against any Equipment (or purchase, ownership, delivery, leasing, possession, use or operation thereof), this
Agreement (or any rents or receipts hereunder), any Schedule, Lessor or Lessee by any governmental entity or taxing authority during or related to the term of this Agreement, including, without limitation, all license and registration fees, and all
sales, use, personal property, excise, gross receipts, franchise, stamp or other taxes, imposts, duties and charges, together with any penalties, fines or interest thereon (collectively “Taxes”). Lessee shall have no liability for
Taxes imposed by the United States of America or any state or political subdivision thereof which are on or measured by the net income of Lessor except as provided in Sections 3 and 14(c). Lessee shall promptly reimburse Lessor (on an after tax
basis) for any Taxes charged to or assessed against Lessor. Lessee shall show Lessor as the owner of the Equipment on all tax reports or returns, and send Lessor a copy of each report or return and evidence of Lessee’s payment of Taxes upon
request. 
 (b) Lessee’s obligations, and Lessor’s rights and privileges, contained in this Section 4 shall survive the
expiration or other termination of this Agreement. 
 5. REPORTS: 
 (a) If any tax or other lien shall attach to any Equipment, Lessee will notify Lessor in writing, within ten (10) days after Lessee becomes aware of the tax or lien. The notice shall include the full particulars
of the tax or lien and the location of such Equipment on the date of the notice. 
 (b) Lessee will deliver to Lessor Lessee’s complete
financial statements certified by a recognized firm of certified public accountants within one hundred twenty (120) days of the close of each fiscal year of Lessee. If Lessor requests, Lessee will deliver to Lessor copies of Lessee’s
quarterly financial reports within ninety (90) days after the close of each of Lessee’s fiscal quarter. Lessee will deliver to Lessor copies of all Forms 10-K and 10-Q, if any, within thirty (30) days after the dates on which they are
filed with the Securities and Exchange Commission. 
 (c) Lessor may inspect any Equipment during normal business hours after giving Lessee
reasonable prior notice. 
 (d) If Lessor asks, Lessee will promptly notify Lessor in writing of the location of any Equipment. 

(e) If any Equipment is lost or damaged (where the estimated repair costs would exceed the greater of ten percent (10%) of the original Equipment
cost or ten thousand and 00/100 dollars ($10,000)), or is otherwise involved in an accident causing personal injury or property damage, Lessee will promptly and fully report the event to Lessor in writing. 
 (f) Lessee will furnish a certificate of an authorized officer of Lessee stating that he has reviewed the activities of Lessee and that, to the best
of his knowledge, there exists no default or event which with notice or lapse of time (or both) would become such a default within thirty (30) days after any request by Lessor. 
 (g) Lessee will promptly notify Lessor of any change in Lessee’s state of incorporation or organization. 
 6. DELIVERY, USE AND OPERATION: 
 (a) All Equipment
shall be shipped directly from the Supplier to Lessee. 
 (b) Lessee agrees that the Equipment will be used by Lessee solely in the conduct
of its business and in a manner complying with all applicable laws, regulations and insurance policies and Lessee shall not discontinue use of the Equipment. 
 (c) Lessee will not move any equipment from the location specified on the Schedule, without the prior written consent of Lessor. 
 (d) Lessee will keep the Equipment free and clear of all liens and encumbrances other than those which result from acts of Lessor. 
 (e) Lessor shall not disturb Lessee’s quiet enjoyment of the Equipment during the term of the Agreement unless a default has occurred and is continuing under this Agreement. 
 7. MAINTENANCE: 
 (a) Lessee will, at its sole
expense, maintain each unit of Equipment in good operating order and repair, normal wear and tear excepted. The Lessee shall also maintain the Equipment in accordance with manufacturer’s recommendations. Lessee shall make all alterations or
modifications required to comply with any applicable law, rule or regulation during the term of this Agreement. If Lessor requests, Lessee shall affix plates, tags or other identifying labels showing ownership thereof by Lessor. The tags or labels
shall be placed in a prominent position on each unit of Equipment. 

 (b) Lessee will not attach or install anything on any Equipment that will impair the originally intended
function or use of such Equipment without the prior written consent of Lessor. All additions, parts, supplies, accessories, and equipment (“Additions”) furnished or attached to any Equipment that are not readily removable shall
become the property of Lessor. All Additions shall be made only in compliance with applicable law. Lessee will not attach or install any Equipment to or in any other personal or real property without the prior written consent of Lessor. 

8. STIPULATED LOSS VALUE: If for any reason any unit of Equipment becomes worn out, lost, stolen, destroyed, irreparably damaged or unusable (“Casualty
Occurrences”) Lessee shall promptly and fully notify Lessor in writing. Lessee shall pay Lessor the sum of (i) the Stipulated Loss Value (see Schedule) of the affected unit determined as of the rent payment date prior to the Casualty
Occurrence; and (ii) all accrued rent and other amounts which are then due under this Agreement on the Payment Date (defined below) for the affected unit. The Payment Date shall be the next rent payment date after the Casualty Occurrence. Upon
Payment of all sums due hereunder, the term of this lease as to such unit shall terminate. 
 9. INSURANCE: 
 (a) Lessee shall bear the entire risk of any loss, theft, damage to, or destruction of, any unit of Equipment from any cause whatsoever from the time the
Equipment is shipped to Lessee. 
 (b) Lessee agrees, at its own expense, to keep all Equipment insured for such amounts and against such
hazards as Lessor may reasonably require. All such policies shall be with companies, and on terms, reasonably satisfactory to Lessor. The insurance shall include coverage for damage to or loss of the Equipment, liability for personal injuries, death
or property damage. Lessor shall be named as additional insured with a loss payable clause in favor of Lessor, as its interest may appear, irrespective of any breach of warranty or other act or omission of Lessee. The insurance shall provide for
liability coverage in an amount equal to at least ONE MILLION U.S. DOLLARS ($1,000,000.00) total liability per occurrence, unless otherwise stated in any Schedule. The casualty/property damage coverage shall be in an amount equal to the higher of
the Stipulated Loss Value or the full replacement cost of the Equipment. No insurance shall be subject to any co-insurance clause. The insurance policies shall provide that the insurance may not be altered or canceled by the insurer until after
thirty (30) days written notice to Lessor. Lessee agrees to deliver to Lessor evidence of insurance reasonably satisfactory to Lessor. 
 (c) Lessee hereby appoints Lessor as Lessee’s attorney-in-fact to make proof of loss and claim for insurance, and to make adjustments with insurers and to receive payment of and execute or endorse all documents, checks or drafts in
connection with insurance payments. Lessor shall not act as Lessee’s attorney-in-fact unless Lessee is in default. Lessee shall pay any reasonable expenses of Lessor in adjusting or collecting insurance. Lessee will not make adjustments with
insurers except with respect to claims for damage to any unit of Equipment where the repair costs are less than the lesser of ten percent (10%) of the original Equipment cost or ten thousand and 00/100 dollars ($10,000). So long as no Event of
Default exists, proceeds of insurance shall be applied, at the option of Lessee, to repair or replace the Equipment or to satisfy any obligation of Lessee to Lessor under this Agreement. 
 10. RETURN OF EQUIPMENT: 
 (a) At the expiration or termination of this Agreement or any Schedule,
Lessee shall perform any testing and repairs reasonably required to place the units of Equipment in the same condition and appearance as when received by Lessee (reasonable wear and tear excepted) and in good working order for the original intended
purpose of the Equipment. If required the units of Equipment shall be deinstalled, disassembled and crated by an authorized manufacturer’s representative or such other service person as is reasonably satisfactory to Lessor. Lessee shall remove
installed markings that are not necessary for the operation, maintenance or repair of the Equipment. All Equipment will be cleaned, cosmetically acceptable, and in such condition as to be immediately installed into use in a similar environment for
which the Equipment was originally intended to be used. All waste material and fluid must be removed from the Equipment and disposed of in accordance with then current waste disposal laws. Lessee shall return the units of Equipment to a location
within the continental United States as Lessor shall direct. Lessee shall obtain and pay for a policy of transit insurance for the redelivery period in an amount equal to the replacement value of the Equipment. The transit insurance must name Lessor
as the loss payee. The Lessee shall pay for all costs to comply with this section (a). 
 (b) Until Lessee has fully complied with the
requirements of Section 10(a) above, Lessee’s rent payment obligation and all other obligations under this Agreement shall continue from month to month notwithstanding any expiration or termination of the lease term 
 (c) Upon Lessor’s reasonable request Lessee shall provide to Lessor a detailed inventory of all components of the Equipment including model and
serial numbers. Upon Lessor’s reasonable request Lessee shall also provide an up-to-date copy of all other documentation pertaining to the Equipment All service manuals, blue prints, process flow diagrams, operating manuals, inventory and
maintenance records shall be given to Lessor at least ninety (90) days and not more than one hundred twenty (120) days prior to lease termination. 

 (d) Lessee shall make the Equipment available for on-site operational inspections by potential purchasers
at least one hundred twenty (120) days prior to and continuing up to lease termination. Lessor shall provide Lessee with reasonable notice prior to any inspection. Lessee shall provide reasonable personnel, power and other requirements
necessary to demonstrate electrical, hydraulic and mechanical systems for each item of Equipment. 
 11. DEFAULT AND REMEDIES: 
 (a) The following shall constitute an event of default (“Event of Default”) under this Agreement and Lessor may in writing declare this
Agreement in default if: (i) Lessee breaches its obligation to pay rent or any other sum when due and fails to cure the breach within fifteen (15) days; (ii) Lessee breaches any of its insurance obligations under Section 9;
(iii) Lessee breaches any of its other obligations and fails to cure that breach within forty-five (45) days after written notice from Lessor; (iv) any representation or warranty made by Lessee in connection with this Agreement shall be
false or misleading in any material respect when made; (v) Lessee or any guarantor or other obligor for the Lessee’s obligations hereunder (“Guarantor”) becomes insolvent or ceases to do business as a going concern;
(vi) any Equipment is illegally used; (vii) if Lessee or any Guarantor is a natural person, any death or incompetency of Lessee or such Guarantor; (viii) a petition is filed by or against Lessee date; (ix) Lessee defaults under
any other material obligation for (A) borrowed money, (B) the deferred purchase price of property, or (C) payments due under lease agreements; (x) there is any dissolution, termination of existence, merger, consolidation or
change in controlling ownership of Lessee or any Guarantor other than stated in Section 19(j) of this Agreement; or (xi) there is a material adverse change in the Lessee’s financial condition as determined solely by the Lessor in its
reasonable judgment as reasonably reflected on the Lessee Balance Sheet or Income Statement). The default declaration shall apply to all Schedules unless specifically excepted by Lessor. 
 (b) After a default, at the request of Lessor, Lessee shall comply with the provisions of Section 10(a). Lessee hereby authorizes Lessor to
peacefully enter any premises where any Equipment may be and take possession of the Equipment. Lessee shall immediately pay to Lessor without further demand as liquidated damages for loss of a bargain and not as a penalty, the Stipulated Loss Value
of the Equipment (calculated as of the rent payment date prior to the declaration of default), and all accrued and unpaid rents and other sums then due under this Agreement and all Schedules. Upon Default Lessor may terminate this Agreement as to
any or all of the Equipment. A termination shall occur only upon written notice by Lessor to Lessee and only as to the units of Equipment specified in any such notice. Lessor may, but shall not be required to, sell Equipment at private or public
sale, in bulk or in parcels, with or without notice, and without having the Equipment present at the place of sale. Lessor may also, but shall not be required to, lease, otherwise dispose of or keep idle all or part of the Equipment. Lessor may use
Lessee’s premises for a reasonable period of time for any or all of the purposes stated above without liability for rent, costs, damages or otherwise. The proceeds of sale, lease or other disposition, if any, shall be applied: first, to all
costs of repossession, storage, and disposition including without limitation reasonable attorneys’, appraisers’, and auctioneers’ fees; second, to discharge the obligations then in default; third, credit to the Stipulated Loss Value;
fourth, to expenses incurred in paying or settling liens and claims against the Equipment; and lastly, to Lessee, if there exists any surplus. Lessee shall remain fully liable for any deficiency. 
 (c) The foregoing remedies are cumulative, and any or all thereof may be exercised instead of or in addition to each other or any remedies at law, in
equity, or under statute. Lessee waives notice of sale or other disposition (and the time and place thereof), and the manner and place of any advertising. Lessee shall pay Lessor’s reasonable attorney’s fees incurred in connection with the
enforcement, assertion, defense or preservation of Lessor’s rights and remedies under this Agreement, or if prohibited by law, such lesser sum as may be permitted. Waiver of any default shall not be a waiver of any other or subsequent default.

 (d) Any default under the terms of this or any other agreement between Lessor and Lessee may be declared by Lessor a default under this
and any such other agreement. 
 12. ASSIGNMENT: Except in accordance with section 19 LESSEE SHALL NOT SELL, TRANSFER, ASSIGN, ENCUMBER OR SUBLET ANY
EQUIPMENT OR THE INTEREST OF LESSEE IN THE EQUIPMENT WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR which will not be unreasonably withheld. Lessor may, without the consent of Lessee, assign this Agreement, any Schedule or the right to enter into a
Schedule. Lessee agrees that if Lessee receives written notice of an assignment from Lessor, Lessee will pay all accrued but unpaid rent and all other amounts payable under any assigned Schedule to such assignee or as instructed by Lessor. Lessee
also agrees to confirm in writing receipt of the notice of assignment as may be reasonably requested by assignee. Lessee hereby waives and agrees not to assert against any such assignee any defense, set-off, recoupment claim or counterclaim which
Lessee has or may at any time have against Lessor for any reason whatsoever. Lessee may assign this Agreement only in connection with a merger or change in control event permitted by, or consented to by Lessor under, the terms of Section 19(j).

 13. NET LEASE: Lessee is unconditionally obligated to pay the Stipulated Loss Value and other amounts due if the Equipment is damaged or destroyed,
if it is defective or if Lessee no longer can use it Lessee is not entitled to reduce or set-off against rent or other amounts due to Lessor or to anyone to whom Lessor assigns this Agreement or any Schedule whether Lessee’s claim arises out of
this Agreement, any Schedule, any statement by Lessor, Lessor’s liability or any manufacturer’s liability, strict liability, negligence or otherwise. 

 14. INDEMNIFICATION: 
 (a) Lessee hereby agrees to indemnify Lessor, its agents, employees, successors and assigns (on an after tax basis) from and against any and all losses, damages, penalties, injuries, claims, actions and suits,
including legal expenses, of whatsoever kind and nature arising out of or relating to the Equipment or this Agreement, except to the extent the losses, damages, penalties, injuries, claims, actions, suits or expenses result from Lessor’s gross
negligence or willful misconduct (“Claims”). This indemnity shall include, but is not limited to, Lessor’s strict liability in tort and Claims, arising out of (i) the selection, manufacture, purchase, acceptance or rejection of
Equipment, the ownership of Equipment during the term of this Agreement, and the delivery, lease, possession, maintenance, uses, condition, return or operation of Equipment (including, without limitation, latent and other defects, whether or not
discoverable by Lessor or Lessee and any claim for patent, trademark or copyright infringement or environmental damage) or (ii) the condition of Equipment sold or disposed of after use by Lessee, any sublessee or employees of Lessee. Lessee
shall, upon request, defend any actions based on, or arising out of, any of the foregoing. 
 (b) Lessee hereby represents, warrants and
covenants that (i) on the Lease Commencement Date for any unit of Equipment, such unit will qualify for all of the items of deduction and credit specified in Section C of the applicable Schedule (“Tax Benefits”) in the hands of
Lessor, and (ii) at no time during the term of this Agreement will Lessee take or omit to take, nor will it permit any sublessee or assignee to take or omit to take, any action (whether or not such act or omission is otherwise permitted by
Lessor or by this Agreement), which will result in the disqualification of any Equipment for, or recapture of, all or any portion of such Tax Benefits. 
 (c) If as a result of a breach of any material representation, warranty or covenant of the Lessee contained in this Agreement or any Schedule (i) tax counsel of Lessor shall determine that Lessor is not entitled
to claim on its Federal income tax return all or any portion of the Tax Benefits with respect to any Equipment, or (ii) any Tax Benefit claimed on the Federal income tax return of Lessor is disallowed or adjusted by the Internal Revenue
Service, or (iii) any Tax Benefit is recalculated or recaptured (any determination, disallowance, adjustment, recalculation or recapture being a “Loss”), then Lessee shall pay to Lessor, as an indemnity and as additional rent, an
amount that shall, in the reasonable opinion of Lessor, cause Lessor’s after-tax economic yields and cash flows to equal the Net Economic Return that would have been realized by Lessor if such Loss had not occurred. Such amount shall be payable
upon demand accompanied by a statement describing in reasonable detail such Loss and the computation of such amount. The economic yields and cash flows shall be computed on the same assumptions, including tax rates as were used by Lessor in
originally evaluating the transaction (“Net Economic Return”). If an adjustment has been made under Section 3 then the Effective Rate used in the next preceding adjustment shall be substituted. 
 (d) All references to Lessor in this Section 14 include Lessor and the consolidated taxpayer group of which Lessor is a member. All of Lessor’s
rights, privileges and indemnities contained in this Section 14 shall survive the expiration or other termination of this Agreement. The rights, privileges and indemnities contained herein are expressly made for the benefit of, and shall be
enforceable by Lessor, its successors and assigns. 
 15. DISCLAIMER: LESSEE ACKNOWLEDGES THAT IT HAS SELECTED THE EQUIPMENT WITHOUT ANY ASSISTANCE
FROM LESSOR, ITS AGENTS OR EMPLOYEES. LESSOR DOES NOT MAKE, HAS NOT MADE, NOR SHALL BE DEEMED TO MAKE OR HAVE MADE, ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, WRITTEN OR ORAL, WITH RESPECT TO THE EQUIPMENT LEASED UNDER THIS AGREEMENT
OR ANY COMPONENT THEREOF, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO DESIGN, COMPLIANCE WITH SPECIFICATIONS, QUALITY OF MATERIALS OR WORKMANSHIP, MERCHANTABILITY, FITNESS FOR ANY PURPOSE, USE OR OPERATION, SAFETY, PATENT, TRADEMARK OR
COPYRIGHT INFRINGEMENT, OR TITLE. All such risks, as between Lessor and Lessee, are to be borne by Lessee. Without limiting the foregoing, Lessor shall have no responsibility or liability to Lessee or any other person with respect to any of the
following; (i) any liability, loss or damage caused or alleged to be caused directly or indirectly by any Equipment, any inadequacy thereof, any deficiency or defect (latent or otherwise) of the Equipment, or any other circumstance in
connection with the Equipment; (ii) the use, operation or performance of any Equipment or any risks relating to it; (iii) any interruption of service, loss of business or anticipated profits or consequential damages; or (iv) the
delivery, operation, servicing, maintenance, repair, improvement or replacement of any Equipment. If, and so long as, no default exists under this Agreement, Lessee shall be, and hereby is, authorized during the term of this Agreement to assert and
enforce whatever claims and rights Lessor may have against any Supplier of the Equipment at Lessee’s sole cost and expense, in the name of and for the account of Lessor and/or Lessee, as their interests may appear. 
 16. REPRESENTATIONS AND WARRANTIES OF LESSEE: Lessee makes each of the following representations and warranties to Lessor on the date hereof and on the date of
execution of each Schedule. 
 (a) Lessee has adequate power and capacity to enter into, and perform under, this Agreement and all related
documents (together, the “Documents”). Lessee is duly qualified to do business wherever necessary to carry on its present business and operations, including the jurisdiction(s) where the Equipment is or is to be located. 
 (b) The Documents have been duly authorized, executed and delivered by Lessee and constitute valid, legal and binding agreements, enforceable in
accordance with their terms, except to the extent that the enforcement of remedies may be limited under applicable bankruptcy and insolvency laws. 

 (c) No approval, consent or withholding of objections is required from any governmental authority or
entity with respect to the entry into or performance by Lessee of the Documents except such as have already been obtained. 
 (d) The entry
into and performance by Lessee of the Documents will not: (i) violate any judgment, order, law or regulation applicable to Lessee or any provision of Lessee’s Certificate of Incorporation or bylaws; or (ii) result in any breach of,
constitute a default under or result in the creation of any lien, charge, security interest or other encumbrance upon any Equipment pursuant to any indenture, mortgage, deed of trust, bank loan or credit agreement or other instrument (other than
this Agreement) to which Lessee is a party. 
 (e) There are no suits or proceedings pending or threatened in court or before any commission,
board or other administrative agency against or affecting Lessee, which if decided against Lessee will have a material adverse effect on the ability of Lessee to fulfill its obligations under this Agreement 
 (f) The Equipment accepted under any Certificate of Acceptance is and will remain tangible personal property. 
 (g) Each financial statement delivered to Lessor has been prepared in accordance with generally accepted accounting principles consistently applied. S

 (h) Lessee’s exact legal name is as set forth in the first sentence of this Agreement and Lessee is and will be at all times validly
existing and in good standing under the laws of the State of its incorporation or organization (specified in the first sentence of this Agreement). 
 (i) The Equipment will at all times be used for commercial or business purposes. 
 (j) Lessee is and will remain in full compliance
with all laws and regulations applicable to it including, without limitation, (i) ensuring that no person who owns a controlling interest in or otherwise controls Lessee is or shall be (Y) listed on the Specially Designated Nationals and
Blocked Person List maintained by the Office of Foreign Assets Control (“OFAC”), Department of the Treasury, and/or any other similar lists maintained by OFAC pursuant to any authorizing statute, Executive Order or regulation or (Z) a
person designated under Section l(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001), any related enabling legislation or any other similar Executive Orders, and (ii) compliance with all applicable Bank Secrecy Act
(“BSA”) laws, regulations and government guidance on BSA compliance and on the prevention and detection of money laundering violations. 
 17.
EARLY TERMINATION: 
 (a) On or after the First Termination Date (specified in the applicable Schedule), Lessee may, so long as no
default exists hereunder, terminate this Agreement as to all (but not less than all) of the Equipment on such Schedule as of a rent payment date (“Termination Date”). Lessee must give Lessor at least sixty (60) days prior written
notice of the termination. 
 (b) Lessee shall, and Lessor may, solicit cash bids for the Equipment on an AS IS, WHERE IS BASIS without
recourse to or warranty from Lessor, express or implied (“AS IS BASIS”). Prior to the Termination Date, Lessee shall (i) certify to Lessor any bids received by Lessee and (ii) pay to Lessor (A) the Termination Value
(calculated as of the rent due on the Termination Date) for the Equipment, and (B) all accrued rent and other sums due and unpaid as of the Termination Date. 
 (c) If all amounts due hereunder have been paid on the Termination Date, Lessor shall (i) sell the Equipment on an AS IS BASIS for cash to the highest bidder and (ii) refund the proceeds of such sale (net of
any related expenses) to Lessee up to the amount of the Termination Value. If such sale is not consummated, no termination shall occur and Lessor shall refund the Termination Value (less any expenses incurred by Lessor) to Lessee. 
 (d) Notwithstanding the foregoing, Lessor may elect by written notice, at any time prior to the Termination Date, not to sell the Equipment In that
event, on the Termination Date Lessee shall (i) return the Equipment (in accordance with Section 10) and (ii) pay to Lessor all amounts required under Section 17(b) less the amount of the highest bid certified by Lessee to
Lessor. 
 18. PURCHASE OPTION: 
 (a)
Lessee may at lease expiration purchase all (but not less than all) of the Equipment in any Schedule on an AS IS BASIS for cash equal to its then Fair Market Value (plus all applicable sales taxes). Lessee must notify Lessor of its intent to
purchase the Equipment in writing at least sixty (60) days in advance. If Lessee is in default or if the Lease has already been terminated Lessee may not purchase the Equipment. 
 (b) “Fair Market Value” shall mean the price that a willing buyer (who is neither a lessee in possession nor a used equipment dealer) would pay
for the Equipment in an arm’s-length transaction to a willing seller under no compulsion to sell. In determining the Fair Market Value the Equipment shall be assumed to be in the condition in which it is required to be maintained and returned
under this Agreement If the Equipment is installed it shall be valued on an installed basis. The costs of removal from current location shall not be a deduction from the value of the Equipment. If Lessor and Lessee are unable to agree on the Fair
Market Value at least 

 
one hundred thirty-five (135) days before lease expiration, Lessor shall appoint an independent appraiser (reasonably acceptable to Lessee) to determine
Fair Market Value. The independent appraiser’s determination shall be final, binding and conclusive. Lessee shall bear all reasonable costs associated with any such appraisal. 
 (c) Lessee shall be deemed to have waived this option unless it provides Lessor with written notice of its irrevocable election to exercise the same
within fifteen (15) days after Fair Market Value is told to Lessee. 
  

	19.	MISCELLANEOUS: 

 (a) LESSEE AND LESSOR
UNCONDITIONALLY WAIVE THEIR RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OF THE RELATED DOCUMENTS, ANY DEALINGS BETWEEN LESSEE AND LESSOR RELATING TO THE SUBJECT MATTER OF THIS TRANSACTION
OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN LESSEE AND LESSOR. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS WAIVER IS IRREVOCABLE.
THIS WAIVER MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING. THE WAIVER ALSO SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY RELATED DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
TO THIS TRANSACTION OR ANY RELATED TRANSACTION. THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 (b) The
Equipment shall remain Lessor’s property unless Lessee purchases the Equipment from Lessor and until such time Lessee shall only have the right to use the Equipment as a lessee. Any cancellation or termination by Lessor of this Agreement, any
Schedule, supplement or amendment hereto, or the lease of any Equipment hereunder shall not release Lessee from any then outstanding obligations to Lessor hereunder. All Equipment shall at all times remain personal property of Lessor even though it
may be attached to real property. The Equipment shall not become part of any other property by reason of any installation in, or attachment to, other real or personal property. 
 (c) Lessor’s failure at any time to require strict performance by Lessee of any of the provisions hereof shall not waive or diminish Lessor’s
right at any other time to demand strict compliance with this Agreement. Lessee agrees, upon Lessor’s reasonable request, to execute, or otherwise authenticate, any document, record or instrument necessary or expedient for filing, recording or
perfecting the interest of Lessor or to carry out the intent of this Agreement. In addition, Lessee hereby authorizes Lessor to file a financing statement and amendments thereto describing the Equipment described in any and all Schedules now and
hereafter executed pursuant hereto and adding any other collateral described therein and containing any other information required by the applicable Uniform Commercial Code. Lessee irrevocably grants to Lessor the power to sign Lessee’s name
and generally to act on behalf of Lessee to execute and file financing statements and other documents pertaining to any or all of the Equipment. Lessee hereby ratifies its prior authorization for Lessor to file financing statements and amendments
thereto describing the Equipment and containing any other information required by any applicable law (including without limitation the Uniform Commercial Code) if filed prior to the date hereof. All notices required to be given hereunder shall be
deemed adequately given if sent by registered or certified mail to the addressee at its address stated herein, or at such other place as such addressee may have specified in writing. This Agreement and any Schedule and Annexes thereto constitute the
entire agreement of the parties with respect to the subject matter hereof. NO VARIATION OR MODIFICATION OF THIS AGREEMENT OR ANY WAIVER OF ANY OF ITS PROVISIONS OR CONDITIONS, SHALL BE VALID UNLESS IN WRITING AND SIGNED BY AN AUTHORIZED
REPRESENTATIVE OF THE PARTIES HERETO. 
 (d) If Lessee does not comply with any provision of this Agreement, Lessor shall have the right, but
shall not be obligated, to effect such compliance, in whole or in part. All reasonable amounts spent and obligations incurred or assumed by Lessor in effecting such compliance shall constitute additional rent due to Lessor. Lessee shall pay the
additional rent within five days after the date Lessor sends notice to Lessee requesting payment. Lessor’s effecting such compliance shall not be a waiver of Lessee’s default 
 (e) Any rent or other amount not paid to Lessor when due shall bear interest, from the due date until paid, at the lesser of eighteen percent
(18%) per annum or the maximum rate allowed by law. Any provisions in this Agreement and any Schedule that are in conflict with any statute, law or applicable rule shall be deemed omitted, modified or altered to conform thereto. Notwithstanding
anything to the contrary contained in this Agreement or any Schedule, in no event shall this Agreement or any Schedule require the payment or permit the collection of amounts in excess of the maximum permitted by applicable law. 
 (f) INTENTIONALLY OMITTED 
 (g) THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL IN ALL RESPECTS BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CONNECTICUT (WITHOUT REGARD TO THE CONFLICT OF LAWS PRINCIPLES OF SUCH STATE),
INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, REGARDLESS OF THE LOCATION OF THE EQUIPMENT. 
 (h) Any cancellation or
termination by Lessor, pursuant to the provisions of this Agreement, any Schedule, supplement or amendment hereto, of the lease of any “Equipment hereunder, shall not release Lessee from any then outstanding obligations to Lessor hereunder.

 (i) To the extent that any Schedule would constitute chattel paper, as such term is defined in the
Uniform Commercial Code as in effect in any applicable jurisdiction, no security interest therein may be created through the transfer or possession of this Agreement in and of itself without the transfer or possession of the original of a Schedule
executed pursuant to this Agreement and incorporating this Agreement by reference; and no security interest in this Agreement and a Schedule may be created by the transfer or possession of any counterpart of the Schedule other than the original
thereof, which shall be identified as the document marked “Original” and all other counterparts shall be marked “Duplicate”. 
 (j) Lessee may, without the consent of Lessor, merge or consolidate with or into any other entity or acquire all or substantially all of the capital stock or assets of another entity (collectively, a “Merger Event”) if
(A) such Merger Event shall require the expenditure of less than twenty-five percent (25%) of the cash on Lessee’s balance sheet immediately prior to such Merger Event or (B) the consideration paid by Lessee in such Merger Event
shall be comprised solely of its equity securities. For other mergers/acquisitions which do not meet this test, Lessor has the right to consent, not to be unreasonably withheld. If Lessor does not consent, Lessee has the right to exercise its early
purchase option as specified in the corresponding schedules. 
 (k) Except with Lessor’s prior written consent (which shall not be
unreasonably withheld), Lessee shall not have a material change in its ownership of greater than 49% (other than by the sale of Lessee’s equity securities in a public offering or to venture capital investors) (an “Ownership Event”);
provided, however, that, if the Ownership Event consists of an acquisition by a person/entity with a net worth of $100,000,000 or greater, Lessor’s consent to such Ownership Event shall not be required (collectively, an “Ownership
Event”). For an Ownership Event which does not meet this test, Lessor has the right to consent, not to be unreasonably withheld. If Lessor does not consent, Lessee has the right to exercise its early purchase option as specified in the
corresponding schedules. 
 (l) Each party hereto agrees to keep confidential, the terms and provisions of the Documents and the transactions
contemplated hereby and thereby (collectively, the “Transactions”). Notwithstanding the foregoing, the obligations of confidentiality contained herein, as they relate to the Transactions, shall not apply to the federal tax structure
or federal tax treatment of the Transactions, and each party hereto (and any employee, representative, or agent of any party hereto) may disclose to any and all persons, without limitation of any kind, the federal tax structure and federal tax
treatment of the Transactions. The preceding sentence is intended to cause each Transaction to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the
Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and shall be construed in a manner consistent with such purpose. In addition, each party hereto acknowledges that it has no proprietary or
exclusive rights to the federal tax structure of the Transactions or any federal tax matter or federal tax idea related to the Transactions. 
 IN WITNESS WHEREOF, Lessee and Lessor have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 
  

									
	 LESSOR:
	 		 	 LESSEE:

	 General Electric Capital Corporation
	 		 	 INFINITY PHARMACEUTICALS, INC.

					
	By:	 	 /s/ John Edel
	 		 	By:	 	 /s/ Steven H. Holtzman

	 Name:
	 	 John Edel
	 		 	 Name:
	 	  
	 Title:
	 	 SVP
	 		 	 Title:
	 	  

 CS(R020403) 4155925001     *LEAS8760* 
 BIOTECH EQUIPMENT SCHEDULE 
 SCHEDULE NO. 001 
 DATED THIS _______________ 
 TO MASTER
LEASE AGREEMENT 
 DATED AS OF August 11, 2004 
  

			
	 Lessor & Mailing Address:
	  	 Lessee & Mailing Address:

	 General Electric Capital Corporation
 83 Wooster Heights Road
 Danbury, CT 06810
	  	 Infinity Pharmaceuticals, Inc.
 780 Memorial Drive
 Cambridge, MA 02139

 This Schedule is executed pursuant to, and incorporates by reference the terms and conditions of, and capitalized
terms not defined herein shall have the meanings assigned to them in, the Master Lease Agreement identified above (“Agreement” said Agreement and this Schedule being collectively referred to as “Lease”). This
Schedule, incorporating by reference the Agreement, constitutes a separate instrument of lease. 
  

	A. Equipment:	Subject to the terms and conditions of the Lease, Lessor agrees to Lease to Lessee the Equipment described below (the “Equipment”). 

  

									
	 Number of Units
	  	 Capitalized Lessor’s Cost
	  	 Manufacturer
	  	 Serial Number
	  	 Model and Type of Equipment

		  		  		  		  	

 SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF 
  

	B.	Financial Terms 

  

							
	1.	  	Advance Rent (if any): $11,240.93	  	5.	  	Basic Term Commencement Date:
	2.	  	Capitalized Lessor’s Cost: $324,424.81	  	6.	  	Lessee Federal Tax ID No.: 04-3549480
	3.	  	Basic Term (No. of Months): 30 Months.	  	7.	  	Last Delivery Date:
	4.	  	Basic Term Lease Rate Factor: 3.464879	  	8.	  	Daily Lease Rate Factor: .01155

  

	9.	First Termination Date: Thirty (30) months after the Basic Term Commencement Date. 

  

	10.	Interim Rent: For the period from and including the Lease Commencement Date to but not including the Basic Term Commencement Date (“Interim Period”), Lessee shall pay as
rent (“Interim Rent”) for each unit of Equipment, the product of the Daily Lease Rate Factor times the Capitalized Lessor’s Cost of such unit times the number of days in the Interim Period. Interim Rent shall be due on the lease
commencement. 

  

	11.	Basic Term Rent Commencing on _____________ and on the same day of each month thereafter (each, a “Rent Payment Date”) during the Basic Term, Lessee shall pay as rent
(“Basic Term Rent”) the product of the Basic Term Lease Rate Factor times the Capitalized Lessor’s Cost of all Equipment on this Schedule. 

  

	C.	Tax Benefits              Depreciation Deductions: 

 1. Depreciation method is the 200% declining balance method, switching to straight line method for the 1st taxable year for which using the straight line
method with respect to the adjusted basis as of the beginning of such year will yield a larger allowance. 
 2. Recovery Period: Five
(5) Years. 
 3. Basis: 100 % of the Capitalized Lessor’s Cost. 
  

	D.	Property Tax 

 PROPERTY TAX NOT APPLICABLE ON
EQUIPMENT LOCATED IN MASSACHUSETTS. 
 Lessor may notify Lessee (and Lessee agrees to follow such notification) regarding any changes in
property tax reporting and payment responsibilities. 

	E.	Article 2A Notice 

 IN ACCORDANCE WITH THE
REQUIREMENTS OF ARTICLE 2A OF THE UNIFORM COMMERCIAL CODE AS ADOPTED IN THE APPLICABLE STATE, LESSOR HEREBY MAKES THE FOLLOWING DISCLOSURES TO LESSEE PRIOR TO EXECUTION OF THE LEASE, (A) THE PERSON(S) SUPPLYING THE EQUIPMENT IS IBM (THE
“SUPPLIER(S)”), (B) LESSEE IS ENTITLED TO THE PROMISES AND WARRANTIES, INCLUDING THOSE OF ANY THIRD PARTY, PROVIDED TO THE LESSOR BY SUPPLIER(S), WHICH IS SUPPLYING THE EQUIPMENT IN CONNECTION WITH OR AS PART OF THE
CONTRACT BY WHICH LESSOR ACQUIRED THE EQUIPMENT AND (C) WITH RESPECT TO SUCH EQUIPMENT, LESSEE MAY COMMUNICATE WITH SUPPLIER(S) AND RECEIVE AN ACCURATE AND COMPLETE STATEMENT OF SUCH PROMISES AND WARRANTIES, INCLUDING ANY DISCLAIMERS AND LIMITATIONS
OF THEM OR OF REMEDIES. TO THE EXTENT PERMITTED BY APPLICABLE LAW, LESSEE HEREBY WAIVES ANY AND ALL RIGHTS AND REMEDIES CONFERRED UPON A LESSEE IN ARTICLE 2A AND ANY RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE WHICH MAY LIMIT OR MODIFY
ANY OF LESSOR’S RIGHTS OR REMEDIES UNDER THE DEFAULT AND REMEDIES SECTION OF THE AGREEMENT. 
  

	F.	Stipulated Loss and Termination Value Table* 

 *SEE
ANNEX D ATTACHED HERETO AND MADE A PART HEREOF. 
  

	G.	Modifications and Additions for This Schedule Only 

 For purposes of this Schedule only, the Agreement is amended as follows: 
 1 EQUIPMENT SPECIFIC PROVISIONS 
 The MAINTENANCE Section of the Lease is amended by adding the following as the fifth sentence in subsection (a): 
 Lessee agrees that upon return of the Equipment, it will comply with all original manufacturer’s performance specifications for new Equipment without
expense to Lessor. Lessee shall, if requested by Lessor, obtain a certificate or service report from the manufacturer attesting to such condition. 
 Each reference contained in this Agreement to: 
 (a) “Adverse Environmental Condition” shall refer to (i) the
existence or the continuation of the existence, of an Environmental Emission (including, without limitation, a sudden or non-sudden accidental or non-accidental Environmental Emission), of, or exposure to, any substance, chemical, material,
pollutant, Contaminant, odor or audible noise or other release or emission in, into or onto the environment (including, without limitation, the air, ground, water or any surface) at, in, by, from or related to any Equipment, (ii) the
environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of any Equipment or (iii) the violation, or alleged violation of any statutes, ordinances, orders, rules regulations,
permits or licenses of, by or from any governmental authority, agency or court relating to environmental matters connected with any Equipment. 
 (b) “Affiliate” shall refer, with respect to any given Person, to any Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. 

(c) “Contaminant” shall refer to those substances which are regulated by or form the basis of liability under any Environmental Law,
including, without limitation, asbestos, polychlorinated biphenyls (“PCB’s”), and radioactive substances, or other material or substance which has in the past or could in the future constitute a health, safety or environmental hazard
to any Person, property or natural resources. 
 (d) “Environmental Claim” shall refer to any accusation, allegation, notice of
violation, claim, demand, abatement or other order on direction (conditional or otherwise) by any governmental authority or any Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage to the
environment or other adverse effects on the environment, or for fines, penalties or restrictions, resulting from or based upon any Adverse Environmental Condition. 
 (e) “Environmental Emission” shall refer to any actual or threatened release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the indoor or
outdoor environment, or into or out of any of the Equipment, including, without limitation, the movement of any Contaminant or other substance through or in the air, soil, surface water, groundwater or property. 

 (f) “Environmental Law” shall mean any federal, foreign, state or local law, role or regulation pertaining to the protection of the environment, including, but not limited to,
the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) (42 U.S.C. Section 9601 et seq.), the Hazardous Material Transportation Act (49 U.S.C. Section 1801 et seq.), the Federal Water Pollution
Control Act (33 U.S.C. Section 1251 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C.
Section 2601 et seq.), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 1361 et seq.), and the Occupational Safety and Health Act (19 U.S.C. Section 651 et seq.), as these laws have been amended or
supplemented, and any analogous foreign, federal, state or local statutes, and the regulations promulgated pursuant thereto. 
 (g)
“Environmental Loss” shall mean any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation, reasonable attorneys’ fees, engineering and other professional or expert fees), investigation,
removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Equipment arising out of or related to any Adverse Environmental Condition. 
 (h) “Person” shall include any individual, partnership, corporation, trust, unincorporated organization, government or department or agency
thereof and any other entity. 
 Lessee shall fully and promptly pay, perform, discharge, defend, indemnify and hold harmless Lessor and its
Affiliates, successors and assigns, directors, officers, employees and agents from and against any Environmental Claim or Environmental Loss. 
 The provisions of this Schedule shall survive any expiration or termination of the Lease and shall be enforceable by Lessor, its successors and assigns. 
 The MAINTENANCE Section subsection (a) of the Lease shall be amended by adding the following at the end thereof: 
 RETURN PROVISIONS: In addition to the provisions provided for in the RETURN OF EQUIPMENT Section of the Lease, and provided that Lessee has elected not to exercise its option to purchase the Equipment, at
Lessor’s reasonable request, Lessee shall, at its expense: 
 (a) Upon the request of Lessor, Lessee shall no later than sixty (60) days prior to
the expiration or other termination of the Lease provide: 
 (i) a detailed inventory of the Equipment (including the model and serial number of each major
component thereof), including, without limitation, all internal circuit boards, module boards, and software features; 
 (ii) a complete and current set of
all manuals, equipment configuration, setup and operation diagrams, maintenance records and other data that may be reasonably requested by Lessor concerning the configuration and operation of the Equipment; and 
 (iii) a certification of the manufacturer or of a maintenance provider acceptable to Lessor that the Equipment (1) has been tested and is operating in accordance with
manufacturers specifications (together with a report detailing the condition of the Equipment), the results of such test(s) and inspection(s) and all repairs that were performed as a result of such test(s) and inspections) and (2) that the
Equipment qualifies for the manufacturers used equipment maintenance program. 
 (b) Upon the request of Lessor, Lessee shall, no later than sixty
(60) days prior to the expiration or other termination of the Lease, make the Equipment available for on-site operational inspection by persons designated by the Lessor who shall be duly qualified to inspect the Equipment in its operational
environment 
 (c) All Equipment shall be reasonably cleaned and treated with respect to rust, corrosion and appearance in accordance with manufacturers
recommendations and consistent with the best practices of dealers in used equipment similar to the Equipment; shall have no Lessee installed markings or labels which are not necessary for the operation, maintenance or repair of the Equipment; and
shall be in compliance with all applicable governmental laws, rules and regulations. 
 (d) The Equipment shall be deinstalled and packed by or under the
supervision of the manufacturer or such other person acceptable to Lessor in accordance with manufacturers recommendations. Without limitation, all internal fluids will either be drained and disposed of or filled and secured in accordance with
manufacturers recommendations and applicable governmental laws, rules and regulations. 
 (e) Provide for transportation of the Equipment in a manner
consistent with the manufacturer’s recommendations and practices to any locations within the continental United States as Lessor shall direct; and shall have the Equipment unloaded at such locations. 
  

	H.	Payment Authorization 

 Yon are hereby irrevocably
authorized and directed to deliver and apply the proceeds due under this Schedule as follows: 
  

						
	 Company Name
	  	 Address
	  	Amount
	 IBM
	  	P.O. BOX 945684, ATLANTA, GA	  	$	324.424.81

 This authorization and direction is given pursuant to the same authority authorizing the
above-mentioned financing. 

			
	2124 4137753011	 	*LEAS2124*

 ANNEX D 
 TO 
 SCHEDULE NO. 011 
 TO MASTER LEASE AGREEMENT 
 DATED AS OF August 11, 2004 
 STIPULATED LOSS AND TERMINATION VALUE TABLE* 
  

											
	 Rental Basic
	  	Termination
Value
Percentage	  	Stipulated
Loss Value
Percentage	  	Rental	  	Termination
Value
Percentage	  	Stipulate
Loss Value
Percentage
	   1
	  	102.276	  	106.556	  	16	  	57.729	  	67.869
	   2
	  	99.515	  	104.186	  	17	  	54.567	  	65.098
	   3
	  	96.728	  	101.790	  	18	  	51.375	  	62.297
	   4
	  	93.891	  	99.344	  	19	  	48.152	  	59.465
	   5
	  	91.006	  	96.850	  	20	  	44.914	  	56.617
	   6
	  	88.094	  	94.327	  	21	  	41.661	  	53.755
	   7
	  	85.153	  	91.778	  	22	  	38.393	  	50.877
	   8
	  	82.193	  	89.209	  	23	  	35.108	  	47.983
	   9
	  	79.214	  	86.620	  	24	  	31.792	  	45.058
	 10
	  	76.215	  	84.011	  	25	  	28.460	  	42.116
	 11
	  	73.195	  	81.382	  	26	  	25.111	  	39.158
	 12
	  	70.147	  	78.725	  	27	  	21.730	  	36.167
	 13
	  	67.078	  	76.046	  	28	  	18.332	  	33.160
	 14
	  	63.988	  	73.348	  	29	  	14.918	  	30.136
	 15
	  	60.869	  	70.619	  	30	  	11.470	  	27.079

  

									
	Initials:	  	/s/ Illegible	  		  	/s/ Illegible	  	
		  	Lessor	  		  	Lessee	  	

  

	*	The Stipulated Loss Value or Termination Value for any unit of Equipment shall be equal to the Capitalized Lessor’s Cost of such unit multiplied by the appropriate percentage
derived from the above table. In the event that the Lease is for any reason extended; then the last percentage figure shown above shall control throughout any such extended term. 

					
	iCS(R020403) 4155925003	 	*LEAS8760*	 	

 BIOTECH EQUIPMENT SCHEDULE 
 SCHEDULE NO. 003 
 DATED THIS 6/30/05 
 TO MASTER LEASE AGREEMENT 
 DATED AS
OF August 11, 2004 
  

			
	 Lessor & Mailing Address:
	  	 Lessee & Mailing Address:

	 General Electric Capital Corporation
	  	Infinity Pharmaceuticals, Inc.
	 S3 Wooster Heights Road
	  	780 Memorial Drive
	 Danbury, CT 06810
	  	Cambridge, MA 02139

 This Schedule is executed pursuant to, and incorporates by reference the terms and conditions of, and capitalized
terms not defined herein shall have the meanings assigned to them in, the Master Lease Agreement identified above (“Agreement” said Agreement and this Schedule being collectively referred to as “Lease”). This
Schedule, incorporating by reference the Agreement, constitutes a separate instrument of lease. 
  

	A.	Equipment: Subject to the terms and conditions of the Lease, Lessor agrees to Lease to Lessee the Equipment described below (the “Equipment”).

  

									
	Number
of Units	 	Capitalized
Lessor’s Cost	 	Manufacturer	 	Serial
Number	 	Model and Type of Equipment
		 		 		 		 	

  

	 	SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF 

  

	B.	Financial Terms 

  

	
	 1.      Advance Rent (if any): $1,592.96

	
	 2.      Capitalized Lessor’s Cost: $46,598.47

	
	 3.      Basic Term (No. of Months): 39 Months.

	
	 4.      Basic Term Lease Rate Factor: 3.418476

	
	 5.      Basic Term Commencement Date:

	
	 6.      Lessee Federal Tax ID No.: 04-3549480

	
	 7.      Last Delivery Date:

	
	 8.      Daily Lease Rate Factor: .11395

  

	9.	First Termination Date: Thirty (30) months after the Basic Term Commencement Date. 

  

	10.	Interim Rent: For the period from and including the Lease Commencement Date to but not including the Basic Term Commencement Date (“Interim Period”), Lessee shall pay as
rent (“Interim Rent”) for each unit of Equipment, the product of the Daily Lease Rate Factor times the Capitalized Lessor’s Cost of such unit times the number of days in the Interim Period. Interim Rent shall be due on the lease
commencement. 

  

	11.	Basic Term Rent. Commencing on 7/1/05 and on the same day of each month thereafter (each, a “Rent Payment Date”) during the Basic Term, Lessee shall pay as rent
(“Basic Term Rent”) the product of the Basic Term Lease Rate Factor times the Capitalized Lessor’s Cost of all Equipment on this Schedule. 

  

	C.	Tax Benefits            Depreciation Deductions: 

  

	 	1.	Depreciation method is the 200% declining balance method, switching to straight line method for the 1st taxable year for which using the straight line method with respect to the
adjusted basis as of the beginning of such year will yield a larger allowance. 

  

	 	2.	Recovery Period: Five (5) Years. 

  

	 	3.	Basis: 100% of the Capitalized Lessor’s Cost. 

  

	D.	Property Tax 

 PROPERTY TAX NOT APPLICABLE ON
EQUIPMENT LOCATED IN MASSACHUSETTS. 
 Lessor may notify Lessee (and Lessee agrees to follow such notification) regarding any changes in
property tax reporting and payment responsibilities. 

	E.	Article 2A Notice 

 IN ACCORDANCE WITH THE
REQUIREMENTS OF ARTICLE 2A OF THE UNIFORM COMMERCIAL CODE AS ADOPTED IN THE APPLICABLE STATE, LESSOR HEREBY MAKES THE FOLLOWING DISCLOSURES TO LESSEE PRIOR TO EXECUTION OF THE LEASE, (A) THE PERSON(S) SUPPLYING THE EQUIPMENT IS IBM (THE
“SUPPLIER(S)”), (B) LESSEE IS ENTITLED TO THE PROMISES AND WARRANTIES, INCLUDING THOSE OF ANY THIRD PARTY, PROVIDED TO THE LESSOR BY SUPPLIER(S), WHICH IS SUPPLYING THE EQUIPMENT IN CONNECTION WITH OR AS PART OF THE CONTRACT BY
WHICH LESSOR ACQUIRED THE EQUIPMENT AND (C) WITH RESPECT TO SUCH EQUIPMENT, LESSEE MAY COMMUNICATE WITH SUPPLIER(S) AND RECEIVE AN ACCURATE AND COMPLETE STATEMENT OF SUCH PROMISES AND WARRANTIES, INCLUDING ANY DISCLAIMERS AND LIMITATIONS OF
THEM OR OF REMEDIES. TO THE EXTENT PERMITTED BY APPLICABLE LAW, LESSEE HEREBY WAIVES ANY AND ALL RIGHTS AND REMEDIES CONFERRED UPON A LESSEE IN ARTICLE 2A AND ANY RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE WHICH MAY LIMIT OR MODIFY
ANY OF LESSOR’S RIGHTS OR REMEDIES UNDER THE DEFAULT AND REMEDIES SECTION OF THE AGREEMENT. 
  

	F.	Stipulated Loss and Termination Value Table* 

 *SEE
ANNEX D ATTACHED HERETO AND MADE A PART HEREOF. 
  

	G.	Modifications and Additions for This Schedule Only 

 For purposes of this Schedule only, the Agreement is amended as follows: 
  

	I.	EQUIPMENT SPECIFIC PROVISIONS 

 The MAINTENANCE
Section of the Lease is amended by adding the following as the fifth sentence in subsection (a): 
 Lessee agrees that upon return of the
Equipment, it will comply with all original manufacturer’s performance specifications for new Equipment without expense to Lessor. Lessee shall, if requested by Lessor, obtain a certificate or service report from the manufacturer attesting to
such condition. 
 Each reference contained in this Agreement to: 
 (a) “Adverse Environmental Condition” shall refer to (i) the existence or the continuation of the existence, of an Environmental Emission
(including, without limitation, a sudden or non-sudden accidental or non-accidental Environmental Emission), of, or exposure to, any substance, chemical, material, pollutant, Contaminant, odor or audible noise or other release or emission in, into
or onto the environment (including, without limitation, the air, ground, water or any surface) at, in, by, from or related to any Equipment, (ii) the environmental aspect of the transportation, storage, treatment or disposal of materials in
connection with the operation of any Equipment or (iii) the violation, or alleged violation of any statutes, ordinances, orders, rules regulations, permits or licenses of, by or from any governmental authority, agency or court relating to
environmental matters connected with any Equipment. 
 (b) “Affiliate” shall refer, with respect to any given Person, to any Person
that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. 
 (c) “Contaminant” shall refer to those substances which are regulated by or form the basis of liability under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls (“PCB’s”), and
radioactive substances, or other material or substance which has in the past or could in the future constitute a health, safety or environmental hazard to any Person, property or natural resources. 
 (d) “Environmental Claim” shall refer to any accusation, allegation, notice of violation, claim, demand, abatement or other order on direction
(conditional or otherwise) by any governmental authority or any Person for personal injury (including sickness, disease or death), tangible or intangible property damage, damage to the environment or other adverse effects on the environment, or for
fines, penalties or restrictions, resulting from or based upon any Adverse Environmental Condition. 
 (e) “Environmental Emission”
shall refer to any actual or threatened release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching or migration into the indoor or outdoor environment, or into or out of any of the Equipment, including,
without limitation, the movement of any Contaminant or other substance through or in the air, soil, surface water, groundwater or property. 

 (f) “Environmental Law” shall mean any federal, foreign, state or local law, rule or regulation
pertaining to the protection of the environment, including, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) (42 U.S.C. Section 9601 et seq .), the Hazardous Material
Transportation Act (49 U.S.C. Section 1801 et seq .), the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq .), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq .), the Clean Air Act (42
U.S.C. Section 7401 et seq .), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq .), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 1361 et seq .), and the Occupational Safety and Health Act
(19 U.S.C. Section 651 et seq .), as these laws have been amended or supplemented, and any analogous foreign, federal, state or local statutes, and the regulations promulgated pursuant thereto. 
 (g) “Environmental Loss” shall mean any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation,
reasonable attorneys’ fees, engineering and other professional or expert fees), investigation, removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Equipment
arising out of or related to any Adverse Environmental Condition. 
 (h) “Person” shall include any individual, partnership,
corporation, trust, unincorporated organization, government or department or agency thereof and any other entity. 
 Lessee shall fully and
promptly pay, perform, discharge, defend, indemnify and hold harmless Lessor and its Affiliates, successors and assigns, directors, officers, employees and agents from and against any Environmental Claim or Environmental Loss. 
 The provisions of this Schedule shall survive any expiration or termination of the Lease and shall be enforceable by Lessor, its successors and assigns.

 The MAINTENANCE Section subsection (a) of the Lease shall be amended by adding the following at the end thereof: 
 RETURN PROVISIONS: In addition to the provisions provided for in the RETURN OF EQUIPMENT Section of the Lease, and provided that Lessee has elected not to
exercise its option to purchase the Equipment, at Lessor’s reasonable request, Lessee shall, at its expense: 
 (a) Upon the request of Lessor, Lessee
shall no later than sixty (60) days prior to the expiration or other termination of the Lease provide: 
 (i) a detailed inventory of the Equipment
(including the model and serial number of each major component thereof), including, without limitation, all internal circuit boards, module boards, and software features; 
 (ii) a complete and current set of all manuals, equipment configuration, setup and operation diagrams, maintenance records and other data that may be reasonably requested by Lessor concerning the configuration and
operation of the Equipment; and 
 (iii) a certification of the manufacturer or of a maintenance provider acceptable to Lessor that the Equipment
(I) has been tested and is operating in accordance with manufacturers specifications (together with a report detailing the condition of the Equipment), the results of such test(s) and inspection(s) and all repairs that were performed as a
result of such test(s) and inspection(s) and (2) that the Equipment qualifies for the manufacturers used equipment maintenance program. 
 (b) Upon the
request of Lessor, Lessee shall, no later than sixty (60) days prior to the expiration or other termination of the Lease, make the Equipment available for on-site operational inspection by persons designated by the Lessor who shall be duly
qualified to inspect the Equipment in its operational environment. 
 (c) All Equipment shall be reasonably cleaned and treated with respect to rust,
corrosion and appearance in accordance with manufacturers recommendations and consistent with the best practices of dealers in used equipment similar to the Equipment; shall have no Lessee installed markings or labels which are not necessary for the
operation, maintenance or repair of the Equipment; and shall be in compliance with all applicable governmental laws, rules and regulations. 
 (d) The
Equipment shall be deinstalled and packed by or under the supervision of the manufacturer or such other person acceptable to Lessor in accordance with manufacturers recommendations. Without limitation, all internal fluids will either be drained and
disposed of or filled and secured in accordance with manufacturers recommendations and applicable governmental laws, rules and regulations. 
 (e) Provide
for transportation of the Equipment in a manner consistent with the manufacturer’s recommendations and practices to any locations within the continental United States as Lessor shall direct; and shall have the Equipment unloaded at such
locations. 
  

	H.	Payment Authorization 

 You are hereby irrevocably
authorized and directed to deliver and apply the proceeds due under this Schedule as follows: 
  

						
	 Company Name
	  	 Address
	  	Amount
	 IBM
	  	P.O. BOX 945684, ATLANTA, GA	  	$	46,598.47

 The following amounts will be auto debited from you account on 7/1/05 
 Interim Rent $53.10 and Advance Rent $1,592.96 

 This authorization and direction is given pursuant to the same authority authorizing the above-mentioned
financing. 
 Pursuant to the provisions of the lease, as it relates to this Schedule, Lessee hereby certifies and warrants that (i) all
Equipment listed above has been delivered and installed (if applicable) as of the date stated above, and copies of the Bill(s) of Lading or other documentation acceptable to Lessor which show the date of delivery are attached hereto;
(ii) Lessee has inspected the Equipment, and all such testing as it deems necessary has been performed by Lessee, Supplier or the manufacturer; and (iii) Lessee accepts the Equipment for all purposes of the Lease, the purchase documents
and all attendant documents. 
 Lessee does further certify that as of the date hereof (i) Lessee is not in default under the Lease;
(ii) the representations and warranties made by Lessee pursuant to or under the Lease are true and correct on the date hereof and (iii) Lessee has reviewed and approves of the purchase documents for the Equipment, if any. 
 Except as expressly modified hereby, all terms and provisions of the Agreement shall remain in full force and effect. This Schedule is not binding or
effective with respect to the Agreement or Equipment until executed on behalf of Lessor and Lessee by authorized representatives of Lessor and Lessee, respectively. 
 IN WITNESS WHEREOF, Lessee and Lessor have caused this Schedule to be executed by their duly authorized representatives as of the date first above written. 
  

									
	 LESSOR:
	 		 	 LESSEE:

			
	General Electric Capital Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	/s/ John Edez	 		 	 By:
	 	 /s/ Thomas J. Burke

	 Name:
	 	John Edez	 		 	 Name:
	 	 Thomas J. Burke

	 Title:
	 	SVP	 		 	 Title:
	 	Controller

			
	 2124 4137754754
	  	*LEAS2124*

 ANNEX D 
 TO 
 SCHEDULE NO. 003 
 TO MASTER LEASE AGREEMENT 
 DATED AS OF August 11, 2004 
 STIPULATED LOSS AND TERMINATION VALUE TABLE * 
  

											
	Rental Basic	  	Termination Value
Percentage	  	Stipulated Loss Value
Percentage	  	Rental	  	Termination Value
Percentage	  	Stipulated Loss Value
Percentage
	1	  	103.930	  	107.965	  	16	  	63.441	  	69.521
	2	  	101.491	  	105.663	  	17	  	60.473	  	66.689
	3	  	99.004	  	103.311	  	18	  	57.471	  	63.823
	4	  	96.467	  	100.911	  	19	  	54.434	  	60.922
	5	  	93.901	  	98.481	  	20	  	51.363	  	57.988
	6	  	91.297	  	96.014	  	21	  	48.259	  	55.020
	7	  	88.657	  	93.510	  	22	  	45.135	  	52.032
	8	  	85.986	  	90.975	  	23	  	41.991	  	49.024
	9	  	83.284	  	88.409	  	24	  	38.826	  	45.996
	10	  	80.549	  	85.810	  	25	  	35.640	  	42.947
	11	  	77.781	  	83.179	  	26	  	32.420	  	39.863
	12	  	74.979	  	80.514	  	27	  	29.179	  	36.758
	13	  	72.144	  	77.815	  	28	  	25.917	  	33.632
	14	  	69.277	  	75.084	  	29	  	22.620	  	30.471
	15	  	66.376	  	72.320	  	30	  	19.301	  	27.288

  

							
	Initials:	  	/s/ Illegible	  		  	/s/ Illegible
		  	Lessor	  		  	Lessee

  

	*	The Stipulated Loss Value or Termination Value for any unit of Equipment shall be equal to the Capitalized Lessor’s Cost of such unit multiplied by the appropriate percentage
derived from the above table. In the event that the Lease is for any reason extended, then the last percentage figure shown above shall control throughout any such extended term. 

 EXHIBIT 
 ACCOUNT             54-003 
  

							
	 Company Name:
	  	Infinity Pharmaceuticals	  	DEPRECIATION DATE	  	05/31/05
	 Equipment Location:
	  	780 Memorial Drive, Cambridge MA 02139	  	DATE OF LAST FUNDING	  	06/23/05

  

																																
	 Inv.
 Item
	 	Supplier	 	Invoice
#	 	Inv.
Date	 	 Description
	 	QTY	 	Serial #	 	Customer’s
Internal
Tag #(if
applicable)	 	PO#	 	Amt.
Financed	 	Vendor
Total	 	Ck
#	 	Proof of
payment’s	 	Ck Amt.	 	Equip
Code
	1	 	IBM	 	4716626	 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 	12530	 	$	1,992.00	 			 	GE
TO
PAY	 	YES	 	$	41,597.00	 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	EXP T43 INTEL PENTIUM M 750 1.8 GHZ	 	1	 		 		 		 	$	1,992.00	 			 		 		 			 	COMP
		 		 		 	05/19/05	 	Tax	 		 		 		 		 	$	1,757.00	 			 		 		 			 	SOFT
	4710498	 		 		 	05/09/05	 	1GB PC2 4200 CL4 NPDDR2 SD RAM	 	10	 		 		 		 	$	2,970.00	 			 	GE
TO
PAY	 	YES	 	$	5,001.47	 	COMP
		 		 		 	05/09/05	 	512 MB PC2 4200 CL4 NPDDR2 SD RAM	 	10	 		 		 		 	$	1,350.00	 			 		 		 			 	COMP
		 		 		 	05/09/05	 	Tax	 		 		 		 		 	$	238.17	 			 		 		 			 	SOFT
		 		 		 	05/09/05	 	Freight	 		 		 		 		 	$	443.30	 	$	46,598.47	 		 		 			 	SOFT
		 		 		 		 		 		 		 	FUNDING TOTAL	 	$	46,598.47	 	$	46,598.47	 		 		 			 	
		 		 		 		 		 		 		 		 		 	 	 	 	 	 	 		 		 			 	

 Equipment Code List 
 LAB = Lab Equipment 
 COMP = Computer Hardware 
 OFC = Furniture, Telephone, Fax, Etc. 
 SOFT = Computer Software, Tooling/Molds, Tax, Freight, Extended Warranties, Service Contracts, Tenant Improvements, Etc. 

 

							
	 Equip Code
	  	Total	  	% of Total	 
	 LAB
	  	$	—  	  	0.00	%
	 COMP
	  	$	44,160.00	  	94.77	%
	 OFC
	  	$	—  	  	0.00	%
	 SOFT
	  	$	2,438.47	  	5.23	%
		  	 	 	  	 	 
	 Total
	  	$	46,598.47	  	100.00	%

  

			
	Infinity Pharmaceuticals
		
	By:	 	/s/ Illegible
	Title:	 	Controller

 INITIALS:
                         

					
	CS(R020403) 4155925001	 	*LEAS8760*	 	

 BIOTECH EQUIPMENT SCHEDULE 
 SCHEDULE NO. 001 
 DATED THIS 8/13/04 
 TO MASTER LEASE AGREEMENT 
 DATED AS
OF August 11, 2004 
  

			
	 Lessor & Mailing Address:
	  	 Lessee & Mailing Address:

	 General Electric Capital Corporation
 83 Wooster Heights
Road
 Danbury, CT 06810
	  	 Infinity Pharmaceuticals, Inc.
 780 Memorial
Drive
 Cambridge, MA 02139

 This Schedule is executed pursuant to, and incorporates by reference the terms and conditions of, and capitalized
terms not defined herein shall have the meanings assigned to them in, the Master Lease Agreement identified above (“Agreement” said Agreement and this Schedule being collectively referred to as “Lease”). This
Schedule, incorporating by reference the Agreement, constitutes a separate instrument of lease. 
  

	A.	Equipment: Subject to the terms and conditions of the Lease, Lessor agrees to Lease to Lessee the Equipment described below (the “Equipment”).

  

									
	 Number of Units
	  	Capitalized
Lessor’s Cost	  	Manufacturer	  	Serial Number	  	Model and Type of Equipment
		  		  		  		  	

 SEE EXHIBIT A ATTACHED HERETO AND MADE A PART HEREOF 
  

	B.	Financial Terms 

  

	
	 1.      Advance Rent (if any): $11,240.93

	
	 2.      Capitalized Lessor’s Cost: $ 324,424.81

	
	 3.      Basic Term (No. of Months): 30 Months.

	
	 4.      Basic Term Lease Rate Factor: 3.464879

	
	 5.      Basic Term Commencement Date:

	
	 6.      Lessee Federal Tax ID No.: 04-3549480

	
	 7.      Last Delivery Date:

	
	 8.      Daily Lease Rate Factor: .01155

  

	9.	First Termination Date: Thirty (30) months after the Basic Term Commencement Date. 

  

	10.	Interim Rent: For the period from and including the Lease Commencement Date to but not including the Basic Term Commencement Date (“Interim Period”), Lessee shall pay as
rent (“Interim Rent”) for each unit of Equipment, the product of the Daily Lease Rate Factor times the Capitalized Lessor's Cost of such unit times the number of days in the Interim Period. Interim Rent shall be due on the lease
commencement. 

  

	11.	Basic Term Rent. Commencing on 9/1/04 and on the same day of each month thereafter (each, a “Rent Payment Date”) during the Basic Term, Lessee shall pay as rent
(“Basic Term Rent”) the product of the Basic Term Lease Rate Factor times the Capitalized Lessor’s Cost of all Equipment on this Schedule. 

  

	C.	Tax Benefits         Depreciation Deductions: 

  

	1.	Depreciation method is the 200 % declining balance method, switching to straight line method for the 1st taxable year for which using the straight line method with respect to
the adjusted basis as of the beginning of such year will yield a larger allowance. 

  

	2.	Recovery Period: Five (5) Years. 

  

	3.	Basis: 100 % of the Capitalized Lessor’s Cost. 

  

	D.	Property Tax 

 PROPERTY TAX NOT APPLICABLE ON
EQUIPMENT LOCATED IN MASSACHUSETTS. 
 Lessor may notify Lessee (and Lessee agrees to follow such notification) regarding any changes in
property as reporting and payment responsibilities. 

	E.	Article 2A Notice 

 IN ACCORDANCE WITH THE
REQUIREMENTS OF ARTICLE 2A OF THE UNIFORM COMMERCIAL CODE AS ADOPTED IN THE APPLICABLE STATE, LESSOR HEREBY MAKES THE FOLLOWING DISCLOSURES TO LESSEE PRIOR TO EXECUTION OF THE LEASE, (A) THE PERSON(S) SUPPLYING THE EQUIPMENT IS IBM (THE
“SUPPLIER(S)”), (B) LESSEE IS ENTITLED TO THE PROMISES AND WARRANTIES, INCLUDING THOSE OF ANY THIRD PARTY, PROVIDED TO THE LESSOR BY SUPPLIER(S), WHICH IS SUPPLYING THE EQUIPMENT IN CONNECTION WITH OR AS PART OF THE CONTRACT BY
WHICH LESSOR ACQUIRED THE EQUIPMENT AND (C) WITH RESPECT TO SUCH EQUIPMENT, LESSEE MAY COMMUNICATE WITH SUPPLIER(S) AND RECEIVE AN ACCURATE AND COMPLETE STATEMENT OF SUCH PROMISES AND WARRANTIES, INCLUDING ANY DISCLAIMERS AND LIMITATIONS OF
THEM OR OF REMEDIES. TO THE EXTENT PERMITTED BY APPLICABLE LAW, LESSEE HEREBY WAIVES ANY AND ALL RIGHTS AND REMEDIES CONFERRED UPON A LESSEE IN ARTICLE 2A AND ANY RIGHTS NOW OR HEREAFTER CONFERRED BY STATUTE OR OTHERWISE WHICH MAY LIMIT OR MODIFY
ANY OF LESSOR'S RIGHTS OR REMEDIES UNDER THE DEFAULT AND REMEDIES SECTION OF THE AGREEMENT. 
  

	F.	Stipulated Loss and Termination Value Table* 

 *SEE
ANNEX D ATTACHED HERETO AND MADE A PART HEREOF. 
  

	G.	Modifications and Additions for This Schedule Only 

 For purposes of this Schedule only, the Agreement is amended as follows: 
  

	 	I	EQUIPMENT SPECIFIC PROVISIONS 

 The MAINTENANCE
Section of the Lease is amended by adding the following as the fifth sentence in subsection (a): 
 Lessee agrees that upon return of the
Equipment, it will comply with all original manufacturer's performance specifications for new Equipment without expense to Lessor. Lessee shall, if requested by Lessor, obtain a certificate or service report from the manufacturer attesting to such
condition. 
 Each reference contained in this Agreement to: 
 (a) “Adverse Environmental Condition” shall refer to (i) the existence or the continuation of the existence, of an Environmental Emission (including, without limitation, a sudden or non-sudden
accidental or non-accidental Environmental Emission), of, or exposure to, any substance, chemical, material, pollutant, Contaminant, odor or audible noise or other release or emission in, into or onto the environment (including, without limitation,
the air, ground, water or any surface) at, in, by, from or related to any Equipment, (ii) the environmental aspect of the transportation, storage, treatment or disposal of materials in connection with the operation of any Equipment or
(iii) the violation, or alleged violation of any statutes, ordinances, orders, rates regulations, permits or licenses of, by or from any governmental authority, agency or court relating to environmental matters connected with any Equipment.

 (b) “Affiliate” shall refer, with respect to any given Person, to any Person that directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such Person. 
 (c) “Contaminant” shall refer to
those substances which are regulated by or form the basis of liability under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls (“PCB's”), and radioactive substances, or other material or substance
which has in the past or could in the future constitute a health, safety or environmental hazard to any Person, property or natural resources. 
 (d) “Environmental Claim” shall refer to any accusation, allegation, notice of violation, claim, demand, abatement or other order on direction (conditional or otherwise) by any governmental authority or any Person for personal
injury (including sickness, disease or death), tangible or intangible property damage, damage to the environment or other adverse effects on the environment, or for fines, penalties or restrictions, resulting from or based upon any Adverse
Environmental Condition. 
 (e) “Environmental Emission” shall refer to any actual or threatened release, spill, emission, leaking,
pumping, injection, deposit, disposal, discharge, dispersal, teaching or migration into the indoor or outdoor environment, or into or out of any of the Equipment, including, without limitation, the movement of any Contaminant or other substance
through or in the air, soil, surface water, groundwater or property. 

 (f) “Environmental Law” shall mean any federal, foreign, state of local law, rule or regulation
pertaining to the protection of the environment, including, but not limited to, the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) (42 U.S.C. Section 9601 et seq.), the Hazardous Material
Transportation Act (49 U.S.C. Section 1801 seq.), the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air Act (42 U.S.C.
Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq .), the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. Section 1361 et seq.), and the Occupational Safety and Health Act (19 U.S.C.
Section 651 et seq.), as these laws have been amended or supplemented, and any analogous foreign, federal, state or local statutes, and the regulations promulgated pursuant thereto. 
 (g) “Environmental Loss” shall mean any loss, cost, damage, liability, deficiency, fine, penalty or expense (including, without limitation,
reasonable attorneys’ fees, engineering and other professional or expert fees), investigation, removal, cleanup and remedial costs (voluntarily or involuntarily incurred) and damages to, loss of the use of or decrease in value of the Equipment
arising out of or related to any Adverse Environmental Condition. 
 (h) “Person” shall include any individual, partnership,
corporation, trust, unincorporated organization, government or department or agency thereof and any other entity. 
 Lessee shall fully and
promptly pay, perform, discharge, defend, indemnify and hold harmless Lessor and its Affiliates, successors and assigns, directors, officers, employees and agents from and against any Environmental Claim or Environmental Loss. 
 The provisions of this Schedule shall survive any expiration or termination of the Lease and shall be enforceable by Lessor, its successors and assigns.

 The MAINTENANCE Section subsection (a) of the Lease shall be amended by adding the following at the end thereof: 
 RETURN PROVISIONS: In addition to the provisions provided for in the RETURN OF EQUIPMENT Section of the Lease, and provided that Lessee has elected not to
exercise its option to purchase the Equipment, at Lessor’s reasonable request, Lessee shall, at its expense: 
 (a) Upon the request of Lessor, Lessee
shall no later than sixty (60) days prior to the expiration or other termination of the Lease provide: 
 (i) a detailed inventory of the
Equipment (including the model and serial number of each major component thereof), including, without limitation, all internal circuit boards, module boards, and software features; 
 (ii) a complete and current set of all manuals, equipment configuration, setup and operation diagrams, maintenance records and other data that may be
reasonably requested by Lessor concerning the configuration and operation of the Equipment; and 
 (iii) a certification of the manufacturer
or of a maintenance provider acceptable to Lessor that the Equipment (1) has been tested and is operating in accordance with manufacturers specifications (together with a report detailing the condition of the Equipment), the results of such
test(s) and inspection(s) and all repairs that were performed as a result of such test(s) and inspection(s) and (2) that the Equipment qualifies for the manufacturers used equipment maintenance program. 
 (b) Upon the request of Lessor, Lessee shall, no later than sixty (60) days prior to the expiration or other termination of the Lease, make the Equipment available
for on-site operational inspection by persons designated by the Lessor who shall be duly qualified to inspect the Equipment in its operational environment. 
 (c) All Equipment shall be reasonably cleaned and treated with respect to rust, corrosion and appearance in accordance with manufacturers recommendations and consistent with the best practices of dealers in used equipment similar to the
Equipment; shall have no Lessee installed markings or labels which are not necessary for the operation, maintenance or repair of the Equipment; and shall be in compliance with all applicable governmental laws, rules and regulations. 
 (d) The Equipment shall be deinstalled and packed by or under the supervision of the manufacturer or such other person acceptable to Lessor in accordance with
manufacturers recommendations. Without limitation, all internal fluids will either be drained and disposed of or filled and secured in accordance with manufacturers recommendations and applicable governmental laws, rules and regulations. 

(e) Provide for transportation of the Equipment in a manner consistent with the manufacturer’s recommendations and practices to any locations within the
continental United States as Lessor shall direct; and shall have the Equipment unloaded at such locutions. 
  

	H.	Payment Authorization 

 You are hereby irrevocably
authorized and directed to deliver and apply the proceeds due under this Schedule as follows: 
  

						
	 Company Name
	  	 Address
	  	Amount
	 IBM
	  	P.O. BOX 945684, ATLANTA, GA	  	$	324,424.81

 This authorization and direction is given pursuant to the same authority
authorizing the above-mentioned financing. 

 Pursuant to the provisions of the lease, as it relates to this Schedule, Lessee hereby certifies and
warrants that (i) all Equipment listed above has been delivered and installed (if applicable) as of the date stated above, and copies of the Bill(s) of Lading or other documentation acceptable to Lessor which show the date of delivery are
attached hereto; (ii) Lessee has inspected the Equipment, and all such testing as it deems necessary has been performed by Lessee, Supplier or the manufacturer; and (iii) Lessee accepts the Equipment for all purposes of the Lease, the
purchase documents and all attendant documents. 
 Lessee does further certify that as of the date hereof (i) Lessee is not in default
under the Lease; (ii) the representations and warranties made by Lessee pursuant to or under the Lease are true and correct on the date hereof and (iii) Lessee has reviewed and approves of the purchase documents for the Equipment, if any.

 Except as expressly modified hereby, all terms and provisions of the Agreement shall remain in full force and effect. This Schedule is not
binding or effective with respect to the Agreement or Equipment until executed on behalf of Lessor and Lessee by authorized representatives of Lessor and Lessee, respectively. 
 IN WITNESS WHEREOF, Lessee and Lessor have caused this Schedule to be executed by their duly authorized representatives as of the date first above
written. 
  

									
	 LESSOR:
	 		 	LESSEE:
			
	General Electric Capital Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	/s/ John Edez	 		 	By:	 	/s/ Thomas J. Burke
	Name:	 	John Edez	 		 	Name:	 	Thomas J. Burke
	Title:	 	S V P	 		 	Title:	 	Controller

 EXHIBIT, 
 ACCOUNT #4137754-001 
  

									
	 Company Name:
 Equipment Location:
	  	 Infinity Pharmaceuticals
 780 Memorial
Drive, Cambridge MA 02139
	  	DEPRECIATION DATE	  	06/30/04

  

																																		
	 Inv.
 Item
	 	 	 	 Supplier
	 	 Invoice #
	 	 Inv Date
	 	 Description
	 	QTY	 	Serial
#	 	Customer’s
Internal
Tag # (if
applicable)	 	PO#	 	 Amt.
 Financed
	 	Vendor
Total	 	Ck #	 	Proof of
payment’s	 	Ck
Amt	 	Equip
Code	 	>90
Days
	 1
	 	 IBM
	 		 	4142581	 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	532.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4141778	 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	88.75	 		 		 		 		 	SOFT	 	N
		 		 		 	4143161	 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 	9022	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 		 	$	1,739.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 		 		 		 		 	$	1,739.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	225.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4142582	 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	355.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4140599	 	06/29/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/29/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/29/04	 	SALES TAX	 		 		 		 		 	$	177.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4132500	 	06/25/04	 	THINKPAD X40 SERIES 8 CELL LIION BATTERY	 	7	 		 		 	9022	 	$	1,260.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/25/04	 	SALES TAX	 		 		 		 		 	$	132.67	 		 		 		 		 	SOFT	 	N
		 		 		 		 	06/25/04	 	FREIGHT	 		 		 		 		 	$	1,393.45	 		 		 		 		 	SOFT	 	N
		 		 		 	4133118	 	06/25/04	 	1GB PC2700 CL2.5 NP DDR WITH OTHER COMPUTER ATTACHMENTS	 	58	 		 		 	9022	 	$	38,628.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/25/04	 	SALES TAX	 		 		 		 		 	$	1,931.40	 		 		 		 		 	SOFT	 	N
		 		 		 	4135191	 	06/26/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/26/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/26/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/26/04	 	SALES TAX	 		 		 		 		 	$	266.25	 		 		 		 		 	SOFT	 	N
		 		 		 	4135401	 	06/26/04	 	THINKPAD 72W AC ADAPTER	 	60	 		 		 	9022	 	$	2,640.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/26/04	 	IBM USB 2.0 PORTABLE MULTI BURNER WITH OTHER ATTACHMENTS	 		 		 		 		 	$	1,561.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/26/04	 	SALES TAX	 		 		 		 		 	$	210.05	 		 		 		 		 	SOFT	 	N
		 		 		 	4138755	 	06/29/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 	9022	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/29/04	 	SALES TAX	 		 		 		 		 	$	75.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4142583	 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	532.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4137318	 	06/28/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/28/04	 	SALES TAX	 		 		 		 		 	$	88.75	 		 		 		 		 	SOFT	 	N
		 		 		 	4143157	 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 	9022	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 		 	$	1,739.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 		 	$	1,739.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	225.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4142010	 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	9022	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	06/30/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	06/30/04	 	SALES TAX	 		 		 		 		 	$	177.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4152064	 	07/06/04	 	IBM M400 PROJECTOR	 	1	 		 		 	9022	 	$	1,625.00	 		 		 	NO	 		 	OFC	 	N
		 		 		 		 	07/06/04	 	IBM M400 PROJECTOR	 	1	 		 		 		 	$	1,625.00	 		 		 		 		 	OFC	 	N
		 		 		 		 	07/06/04	 	IBM M400 PROJECTOR	 	1	 		 		 		 	$	1,625.00	 		 		 		 		 	OFC	 	N
		 		 		 		 	07/06/04	 	SALES TAX	 		 		 		 		 	$	243.75	 		 		 		 		 	SOFT	 	N
		 		 		 	4147491	 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 	9068	 	$	2,584.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N

 INITIALS: ____________ 

 EXHIBIT, 
 ACCOUNT #4137754-001 
  

																																		
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	T42 INTEL PENTIUM M 1.8 2M L2	 	1	 		 		 	$	2,584.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	THINKPAD BATTERY	 	21	 		 		 	$	3,024.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/01/04	 	SALES TAX	 		 		 		 	$	1,089.20	 		 		 		 		 	SOFT	 	N
		 		 		 	4146262	 	07/01/04	 	THINKPAD BATTERY	 		 		 	9068	 	$	180.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/01/04	 	SALES TAX	 		 		 		 	$	37.68	 		 		 		 		 	SOFT	 	N
		 		 		 		 	07/01/04	 	FREIGHT	 		 		 		 	$	573.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4148816	 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 	9068	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/02/04	 	SALES TAX	 		 		 		 	$	1,153.75	 		 		 		 		 	SOFT	 	N
		 		 		 	4148353	 	07/02/04	 	THINKPAD NYLON CARRYING CAS	 	22	 		 	9068	 	$	880.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/02/04	 	SALES TAX	 		 		 		 	$	44.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4150205	 	07/05/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 	9068	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/05/04	 	SALES TAX	 		 		 		 	$	75.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4171341	 	07/16/04	 	THINKPAD NYLON CARRYING CAS	 	15	 		 	9140	 	$	600.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/16/04	 	SALES TAX	 		 		 		 	$	30.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4171150	 	07/16/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 	9140	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/16/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 		 	$	1,739.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/16/04	 	SALES TAX	 		 		 		 	$	150.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4158360	 	07/09/04	 	X40 INTEL PENTIUM M LV 1.2	 	1	 		 	9140	 	$	1,739.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/09/04	 	SALES TAX	 		 		 		 	$	75.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4154120	 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 	9140	 	$	2,014.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	SALES TAX	 		 		 		 		 	$	2,130.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4153790	 	07/07/04	 	THINKPAD NYLON CARRYING CASE AND BATTERY	 	9140	 	 	$1,900.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/07/04	 	SALES TAX	 		 		 		 		 	$	95.00	 		 		 		 		 	SOFT	 	N
		 		 		 	4155201	 	07/07/04	 	1GB PC2700 CL2.5 NP DDR	 		 	2	 		 	9140	 	$	1,050.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/07/04	 	SALES TAX	 		 		 		 		 	$	52.50	 		 		 		 		 	SOFT	 	N
		 		 		 	4153680	 	07/07/04	 	THINKPAD T40 SERIES LION BATT	 		 	46	 		 	9140	 	$	6,624.00	 		 		 	NO	 		 	COMP	 	N
		 		 		 		 	07/07/04	 	EXP T42 INTEL PENTIUM 1.8 2M	 		 	1	 		 		 	$	3,184.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	EXP T42 INTEL PENTIUM 1.8 2M	 		 	1	 		 		 	$	3,184.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N
		 		 		 		 	07/07/04	 	T42 INTEL PENTIUM M 1.7 2M L2	 		 	1	 		 		 	$	2,014.00	 		 		 		 		 	COMP	 	N

 INITIALS: ______________ 

 EXHIBIT, 
 ACCOUNT #4137754-001 
  

																																				
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	 2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  		 	$	2,584.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/07/04	  	SALES TAX	  		  		  		  		 	$	2,492.21	 	 			  		  		  		  		  	SOFT	  	N
		 		 		  	07/07/04	  	FREIGHT	  		  		  		  		 	$	1,260.15	 	 			  		  		  		  		  	SOFT	  	N
		 		 	 4179777
	  	07/21/04	  	THINKPAD T40 SERIES LION BATT	  	40	  		  		  	RMA#IC2A3A	 	$	(5,760.00	)	 			  		  		  		  		  	COMP	  	N
		 		 		  	07/21/04	  	SALES TAX	  		  		  		  		 	$	(288.00	)	 			  		  		  		  		  	SOFT	  	N
		 		 	 4187833
	  	07/23/04	  	IBM USB Keyboard	  	12	  		  		  	9287	 	$	432.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	Thinkpad Ultrabay Slim Battery	  	93	  		  		  		 	$	14,043.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	T42 INTEL PENTIUM M 1.7 2M L2	  	4	  		  		  		 	$	8,056.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	SALES TAX	  		  		  		  		 	$	1,226.09	 	 			  		  		  		  		  	SOFT	  	N
		 		 		  		  	Shipping & Handling	  		  		  		  		 	$	976.50	 	 			  		  		  		  		  	SOFT	  	N
		 		 		  		  	Thinkpad CD-RW/DVD-ROM	  	11	  		  		  		 	$	1,970.10	 	 			  		  		  		  		  	COMP	  	N
		 		 	 4188125
	  	07/23/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	1	  		  		  	9287	 	$	2,014.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	Sales Tax	  		  		  		  		 	$	88.75	 	 			  		  		  		  		  	SOFT	  	N
		 		 	 4192082
	  	07/26/04	  	T42 INTEL PENTIUM M 1.7 2M L2	  	7	  		  		  	9287	 	$	14,098.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	Sales Tax	  		  		  		  		 	$	621.25	 	 			  		  		  		  		  	SOFT	  	N
		 		 	 4194021
	  	07/27/04	  	THINKPAD X4 ULTRABASE DOCK	  	11	  		  		  	9395	 	$	1,970.00	 	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	Shipping & Handling	  		  		  		  		 	$	50.00	 	 			  		  		  		  		  	SOFT	  	N
		 		 		  		  	Sales Tax	  		  		  		  		 	$	101.01	 	 			  		  		  		  		  	SOFT	  	N
		 		 	 4195741
	  	07/28/04	  	THINKPAD MINI-DOCK	  	11	  		  		  	RMA#9AK57E	 	$	(2,013.00	)	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	SALES TAX	  		  		  		  		 	$	(100.65	)	 			  		  		  		  		  	COMP	  	N
		 		 	 4195744
	  	07/28/04	  	THINKPAD T40 SERIES LION	  	6	  		  		  	RMA#1C2A3A	 	$	(864.00	)	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	SALES TAX	  		  		  		  		 	$	(43.20	)	 			  		  		  		  		  	COMP	  	N
		 		 	 4197995
	  	07/28/04	  	THINKPAD T40 SERIES LION	  	8	  		  		  	RMA#9AKCW3	 	$	(1,152.00	)	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	THINKPAD T40 SERIES LION	  	13	  		  		  	RMA#9AKCW3	 	$	(1,872.00	)	 			  		  		  		  		  	COMP	  	N
		 		 		  		  	SALES TAX	  		  		  		  		 	$	(151.20	)	 			  		  		  		  		  	COMP	  	N
		 		 		  		  		  		  		  		  		 				 	$	324,424.81	  		  		  		  		  		  	
		 		 		  		  		  		  		  		  		 	 	 	 	 	 	 	  		  		  		  		  		  	
		 		 		  		  		  		  		  		  	FUNDING
TOTAL	 	$	324,424.81	 	 	$	324,424.81	  		  		  		  		  		  	
		 		 		  		  		  		  		  		  		 	 	 	 	 	 	 	  		  		  		  		  		  	

 Equipment Code List 
 LAB = Lab Equipment 
 COMP = Computer Hardware 
 OFC = Furniture, Telephone Fax, Etc. 
 SOFT = Computer Software, Tooling/Molds, Tax Freight, Extended Warranties, Service Contracts, Tenant Improvements, Etc. 

 

							
	 Equip. Code
	  	Total (Cat.)	  	% of Total	 
	 LAB
	  	$	—  	  	0.00	%
	 COMP
	  	$	300,861.15	  	92.74	%
	 OFC
	  	$	4,875.00	  	1.50	%
	 SOFT
	  	$	18,688.66	  	5.76	%
	 Total
	  	$	324,424.81	  	100.00	%

  

			
	 Infinity Pharmaceuticals

		
	 By:
	 	 /s/ Illegible

	 Title:
	 	  

 INITIALS: _______________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]