Document:

Collaboration and License Agreement

 Exhibit 10.4 
 Confidential Materials omitted and filed separately with the 
 Securities and Exchange Commission. Asterisks
denote omissions. 
 COLLABORATION AGREEMENT 
 THIS COLLABORATION AGREEMENT (the “Agreement”) is entered into as of the 24th day of February, 2006 (the “Effective Date”), by and between Infinity Pharmaceuticals, Inc., a Delaware corporation having an office at 780 Memorial Drive, Cambridge, Massachusetts 02139
(“Infinity”), and Novartis Institutes for BioMedical Research, Inc., a Delaware corporation having an office at 250 Massachusetts Avenue, Cambridge, Massachusetts 02139 (“Novartis”). 
 WHEREAS, Infinity and Novartis are each in the business of discovering, developing and commercializing pharmaceutical products; 
 WHEREAS, Infinity Controls certain technology for the discovery and optimization of inhibitors directed against certain Bcl targets for the purpose of
identifying potential human therapeutics; 
 WHEREAS, Infinity and Novartis are interested in collaborating on activities relating to certain
Infinity compounds and in providing for the opportunity for Novartis to develop and commercialize such compounds and their derivatives as potential pharmaceutical products; 
 WHEREAS, on the Effective Date, Infinity and Novartis Pharma AG, an Affiliate of Novartis, are entering into a Series D Preferred Stock Purchase
Agreement, pursuant to which Novartis Pharma AG shall purchase shares of Infinity’s Series D Convertible Preferred Stock; 
 NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 1.
Definitions. When used in this Agreement, each of the following terms shall have the meanings set forth in this Article 1: 
 1.1
“Abandoned Profile Licensed Compounds” means, with respect to an Abandoned Profile, (a) Licensed Compounds for such Abandoned Profile specified by Novartis pursuant to Section 3.3.1, and (b) Analogs or other compounds
designed, discovered or synthesized by or on behalf of Infinity that are demonstrated to have Threshold Activity against the relevant Target for such Abandoned Profile and for which Novartis has consented to their designation as Abandoned Profile
Licensed Compounds pursuant to Section 3.3.1 (each of the foregoing in clauses (a) and (b), an “Abandoned Profile Licensed Compound”). 
 1.2 “Accounting Standards” with respect to Infinity shall mean that Infinity shall maintain records and books of accounts in accordance with US GAAP (United States Generally Accepted Accounting
Principles), and with respect to Novartis shall mean that Novartis shall maintain records and books of accounts in accordance with IFRS (International Financial Reporting Standards). 
 1.3 “Affiliate” means any corporation, company, partnership, joint venture and/or firm that controls, is controlled by, or is under
common control with a specified person or entity. For purposes of this Section 1.3, “control” shall be presumed to exist if one of the following 

 
conditions is met: (a) in the case of corporate entities, direct or indirect ownership of more than fifty percent (50%) of the stock or shares
having the right to vote for the election of directors, and (b) in the case of non-corporate entities, direct or indirect ownership of more than fifty percent (50%) of the equity interest with the power to direct the management and
policies of such non-corporate entities. The Parties acknowledge that in the case of certain entities organized under the Laws of certain countries outside of the United States, the maximum percentage ownership permitted by Law for a foreign
investor may be less than fifty percent (50%), and that in such case such lower percentage shall be substituted in the preceding sentence, provided that such owner has the power to direct the management and policies of such entity. In the
case of Novartis, “Affiliates” shall also expressly be deemed to include the Novartis Institute for Functional Genomics, Inc. and its Affiliates, and, solely with respect to Novartis’ and its Affiliates’ obligations with respect
to Infinity’s Confidential Information, Friedrich Miescher Institute for Biomedical Research. 
 1.4 “Analog” means any
compound that is modified by chemical and/or molecular-genetic means from a Research Program Active Compound or from another Analog. 
 1.5
“Annual Net Sales” means, with respect to a Licensed Product, Net Sales in any calendar year or portion thereof. 
 1.6
“Auditor” shall mean an independent internationally recognized audit firm to be engaged by Infinity to conduct a review of Novartis’ books and records regarding the sales of the Licensed Products after such auditor’s
approval by Novartis, which approval shall be neither unreasonably withheld or delayed. 
 1.7 “Business Day” means a day
other than a Saturday or Sunday or Federal holiday in Cambridge, Massachusetts or Basel, Switzerland. 
 1.8 “Change in
Control” shall mean any transaction which results in (a) the sale or transfer of substantially all of the assets of Infinity to a Third Party or (b) a merger, consolidation or other reorganization of Infinity in which the holders
of Infinity’s capital stock immediately prior to the transaction hold less than a majority of the capital stock of the surviving or continuing entity after the transaction. 
 1.9 “Confidential Information” means (a) all information relating to Research Program Active Compounds, and (b) all other
proprietary documents, technology, Know-How or other information (whether or not patentable) actually disclosed by one Party to the other pursuant to this Agreement or the Non-Disclosure Agreement and marked as “confidential” or
“proprietary” (or if disclosed orally, confirmed in writing within thirty (30) days thereafter). 
 1.10
“Control” or “Controlled” means with respect to any (a) material, document, item of information, method, data or other Know-How or (b) intellectual property right, the possession (whether by ownership or
license, other than by a license granted pursuant to this Agreement) by a Party or its Affiliates of the ability to grant to the other Party access, ownership, a license and/or a sublicense as provided herein without violating the terms of any
agreement or other arrangement with any Third Party entered into or existing as of the time such Party or its Affiliates would first be required hereunder to grant the other Party such access, ownership, license, or sublicense. 
  

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 1.11 “Controlled Contractors” means, with respect to a Party, academic or non-profit
research institutions, hospitals, contract research organizations, contract manufacturers, contract employees, consultants and the like which merely conduct activities on behalf of such Party and subject to such Party’s supervision and control.

 1.12 “Controlling Party” means, with respect to Confidential Information, Patent Rights or Know-How, the Party that
Controls such Confidential Information, Patent Rights or Know-How. 
 1.13 “Detail” means mean face-to-face discussions with
physicians and other health care practitioners who are permitted under applicable Laws to prescribe a Licensed Product for the purpose of promoting a Licensed Product to such physicians or practitioners. 
 1.14 “Development” or “Develop” means, with respect to a compound, preclinical and clinical drug development
activities, including, among other things: test method development and stability testing, toxicology, formulation, process development, manufacturing scale-up, development-stage manufacturing, quality assurance/quality control procedure development
and performance with respect to clinical materials, statistical analysis and report writing and clinical studies, regulatory affairs, and all other pre-Regulatory Approval activities. When used as a verb, “Develop” means to engage
in Development. 
 1.15 “Development Costs” means auditable internal and external direct project-related costs incurred by
Infinity in connection with the Development by Infinity of an Abandoned Profile Licensed Compound or a Licensed Compound pursuant to Section 3.2.2 (as applicable), not to exceed industry norms for similarly-situated companies. 
 1.16 “Drug Approval Applications” means an application for Regulatory Approval required before commercial sale or use of a Product as a
drug in a regulatory jurisdiction. 
 1.17 “EMEA” means the European Medicines Evaluation Agency, or a successor agency
thereto. 
 1.18 “Equity Agreements” means the Stock Purchase Agreement and the Investors’ Rights Agreement.

 1.19 “EU Major Market Countries” means the United Kingdom, Germany, France, Italy and Spain. 
 1.20 “Executive Officers” means the Chief Executive Officer of Infinity (or a senior executive officer of Infinity designated by
Infinity’s Chief Executive Officer) and the President of Novartis (or a senior executive officer of Novartis or its Affiliate as designated by Novartis’s President). 
 1.21 “FDA” means the United States Food and Drug Administration, or a successor agency thereto. 
  

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 1.22 “Field” means all human and veterinary health-care applications including, but not
limited to, research, diagnosis, therapeutics, and prophylaxis with respect to any indication, together with all agricultural purposes. 
 1.23 “First Commercial Sale” means, with respect to a Licensed Product, the first shipment of such Licensed Product to a Third Party by Novartis or its Affiliate or sublicensee in a country following applicable Regulatory
Approval (other than applicable governmental price and reimbursement approvals) of such Licensed Product in such country. For the avoidance of doubt, sales such as so-called “treatment IND sales”, “named patient sales”,
“compassionate use sales” and “pre-license sales”, shall not be construed as a First Commercial Sale, provided that such sales do not continue for more than [**] after receipt of NDA approval in such country for such
Licensed Product. 
 1.24 “FTE” means a full-time equivalent person year (consisting of a total of [**] hours per year) of
scientific or technical work (or scientific managerial work, provided that it is specifically related to the Research Program) undertaken by Infinity or Novartis employees, as applicable, with sufficient scientific expertise to perform their
duties on or related to the Research Program. 
 1.25 “FTE Rate” means $[**] per FTE, which may be prorated on a daily basis
as necessary. For avoidance of doubt, the FTE Rate includes all travel expenses. 
 1.26 “Good Clinical Practices” or
“GCP” means the good clinical practice standards set forth in 21 C.F.R. Parts 50, 54, 56, 312 and 314, (or in the case of foreign jurisdictions, comparable regulatory standards), and in any successor regulation. 
 1.27 “Good Laboratory Practices” or “GLP” means the then-current good laboratory practice standards promulgated or
endorsed by the FDA as defined in 21 C.F.R. Part 58, and comparable regulatory standards in jurisdictions outside the United States. 
 1.28
“Good Manufacturing Practices” or “GMP” means current good manufacturing practices for pharmaceuticals as described in regulations promulgated by Regulatory Authorities as applicable to the manufacture of products,
including those set forth in 21 C.F.R. Parts 210 and 211, as such regulations are in effect at the time of manufacturing the product. 
 1.29
“IND” means (a) (i) an Investigational New Drug Application, as defined in 21 C.F.R. § 312.3, and the regulations promulgated thereunder, that is required to be filed with the FDA before beginning clinical testing of
a pharmaceutical product in human subjects, or any successor application or procedure or (ii) any foreign counterpart of such an Investigational New Drug Application, and (b) all supplements and amendments that may be filed with respect to
the foregoing. 
 1.30 “Infinity Intellectual Property” means Infinity Know-How and Infinity Patent Rights. 
 1.31 “Infinity Know-How” means Know-How Controlled by Infinity used or developed in the Research Program that is necessary or useful for
the evaluation, development or commercialization of a Licensed Compound or Licensed Product. 
  

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 1.32 “Infinity Patent Rights” means those Patent Rights set forth on Schedule
1.32 (as amended from time to time) and Patent Rights Controlled by Infinity that are necessary or useful for the conduct of the Research Program or to research, develop, make, have made, use, offer for sale, sell and import a Licensed Compound
or Licensed Product. 
 1.33 “Intellectual Property Rights” shall mean patents, trade secrets, and copyrights, and other
forms of proprietary or industrial rights pertaining to inventions, know-how, original works, and other forms of intellectual property. 
 1.34 “Inventions” shall mean all patentable inventions, discoveries, improvements and other technology and any Patent Rights based thereon, that are discovered, made or conceived during and in connection with, or during and
as a result of, the Research Program or thereafter with respect to the research, Development and commercialization of a Profile until Novartis declares such Profile an Abandoned Profile in accordance with Section 3.3.1. 
 1.35 “Investors’ Rights Agreement” means the Investors’ Rights Agreement entered into by Infinity and Novartis Pharma AG on
the Effective Date. 
 1.36 “Know-How” means any information and materials, whether proprietary or not and whether
patentable or not, including without limitation ideas, concepts, formulas, methods, procedures, designs, compositions, plans, documents, data, inventions, discoveries, works of authorship, compounds and biological materials, but excluding any such
information or materials publicly disclosed in Patent Rights. 
 1.37 “Law” or “Laws” means all laws,
statutes, rules, regulations, ordinances and other pronouncements having the effect of law of any federal, national, multinational, state, provincial, county, city or other political subdivision, domestic or foreign. 
 1.38 “Licensed Compounds” means: (a) Research Program Active Compounds; (b) Novartis Active Compounds; (c) salts,
hydrates, solvates, esters, metabolites, intermediates, stereoisomers and polymorphs of Research Program Active Compounds or Novartis Active Compounds; and (d) prodrugs of Research Program Active Compounds or Novartis Active Compounds (any of
the foregoing, a “Licensed Compound”). 
 1.39 “Licensed Product” means a Product comprising or containing
one or more Licensed Compounds. 
 1.40 “Major Indication” means the following Oncology Indications: breast cancer,
colorectal cancer, prostate cancer or nonl-small cell lung cancer. 
 1.41 “Marketing Plan” means the plan for
commercializing a Licensed Product, including the specifics regarding promotional effort, promotional spend and marketing materials. 
 1.42
“MHLW” means the Japanese Ministry of Health, Labour and Welfare or any successor agency with responsibilities comparable to the Japanese Ministry of Health, Labour and Welfare. 
 1.43 “Minor Indication” means any Oncology Indication which is not a Major Indication. 
  

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 1.44 “NDA” means (a) (i) a New Drug Application submitted to the FDA, or any
successor application or procedure, as more fully defined in 21 C.F.R. § 314.50 et. seq., or (ii) any foreign counterpart of such a New Drug Application, and (b) all supplements and amendments, including supplemental New
Drug Applications (and any foreign counterparts) that may be filed with respect to the foregoing. 
 1.45 “Net Sales” means,
with respect to any Licensed Product, the gross amount invoiced by or on behalf of Novartis and any Novartis Affiliate or sublicensee for that Licensed Product sold to Third Parties (other than sales to sublicensees for resale) in bona fide,
arm’s-length transactions, less the following deductions, determined in accordance with the Accounting Standards as generally and consistently applied by Novartis, to the extent included in the gross invoiced sales price of any Licensed Product
or otherwise directly paid or incurred by Novartis, its Affiliates or sublicensees with respect to the sale of such Licensed Product: 
 (a)
Normal and customary trade and quantity discounts actually allowed and properly taken directly with respect to sales of such Licensed Product; 
 (b) Amounts repaid or credited by reason of defects, rejection, recalls, returns, rebates and allowances of goods, or because of retroactive price reductions specifically identifiable to such Licensed Product; 
 (c) Chargebacks and other amounts paid on the sale or dispensing of such Licensed Product; 
 (d) Amounts payable resulting from governmental (or agency thereof) mandated rebate programs; 
 (e) Third Party cash rebates and chargebacks related to sales of such Licensed Product, to the extent actually allowed; 
 (f) Tariffs, duties, excise, sales, value-added, and other taxes (other than taxes based on income); 
 (g) Retroactive price reductions that are actually allowed or granted; 
 (h) Cash discounts for timely payment; 
 (i) Delayed ship order credits; 
 (j) Discounts pursuant to indigent patient programs and patient discount programs, including, without limitation, “Together Rx” and coupon
discounts; 
 (k) All freight, postage and insurance included in the invoice price; 
 (l) Amounts repaid or credited for uncollectible amounts on previously sold units of such Licensed Product; and 
  

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 (m) Deduction of [**] percent ([**]%) for distribution and warehousing expenses. 
 all as determined in accordance with Novartis’ usual and customary accounting methods and the Accounting Standards, as consistently applied at
Novartis. Sales from Novartis to its Affiliates and sublicensees for resale shall be disregarded for the purpose of calculating Net Sales. Any of the items set forth above that would otherwise be deducted from the invoice price in the calculation of
Net Sales but which are separately charged to Third Parties shall not be deducted from the invoice price in the calculation of Net Sales. 
 Furthermore: 
 (i) In the case of any sale or other disposal of a Licensed Product between or among Novartis and its Affiliates, and
sublicensees for resale, Net Sales shall be calculated as above only on the value charged or invoiced on the first arm’s-length sale thereafter to a Third Party; 
 (ii) In the case of any sale which is not invoiced or is delivered before invoice, Net Sales shall be calculated at the time of shipment or when the Licensed Product is paid for, if paid for before shipment or
invoice; 
 (iii) In the case of any sale or other disposal for value, such as barter or countertrade, of any Licensed Product, or part
thereof, otherwise than in an arm’s-length transaction exclusively for money, Net Sales shall be calculated as above on the fair market value of the non-cash consideration received as agreed by the Parties or the fair market price (if higher)
of the Licensed Product in the country of sale or disposal; and 
 (iv) In the event that the Licensed Product is sold in a finished dosage
form containing the Licensed Product in combination with one or more other active ingredients which are not themselves Licensed Compounds or Licensed Products (a “Combination Product”), the Net Sales of the Licensed Product, for the
purpose of determining royalty payments, shall be determined by multiplying the Net Sales (as defined above in this Section) of the Combination Product by the fraction A/(A+B), where A is the weighted (by sales volume) average sales price in a
particular country of the Licensed Product when sold separately in finished form and B is the weighted average sales price in that country of the other product(s) sold separately in finished form. In the event that such average sales price cannot be
determined for both the Licensed Product and the other product(s) in combination, Net Sales for purposes of determining royalty payments shall be agreed by the Parties based on the relative value contributed by each component, and such agreement
shall not be unreasonably withheld. 
 1.46 “Non-Disclosure Agreement” means the Confidentiality Agreement between the
Parties dated as of [**], as amended [**] and [**]. 
 1.47 “Novartis Active Compound” means an Analog which is
(a) designed, discovered or synthesized by or on behalf of Novartis after the Research Term, (b) demonstrated during the Term to have Threshold Activity against a Target and (c) included on the Active Compound List. 
 1.48 “Oncology Indication” means the treatment or prophylaxis of a hematological cancer or a solid tumor cancer. 
  

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 1.49 “Party” means Novartis or Infinity. “Parties” means Novartis and
Infinity. 
 1.50 “Patent Rights” means all existing patents and patent applications and all patent applications hereafter
filed and patents hereafter issued, including without limitation any continuations, continuations-in-part, divisions, provisionals or any substitute applications, any patent issued with respect to any such patent applications, any reissue,
reexamination, renewal or extension (including any supplemental protection certificate) of any such patent, and any confirmation patent or registration patent or patent of addition based on any such patent, and all foreign counterparts of any of the
foregoing. 
 1.51 “Phase I Study” means a study in humans which provides for the first introduction into humans of a
product, conducted in normal volunteers or patients to get information on product safety, tolerability, pharmacological activity or pharmacokinetics, as more fully defined in 21 C.F.R. § 312.21(a) (or the foreign equivalent thereof).

 1.52 “Phase II Study” means a study in humans of the safety, dose ranging and efficacy of a product, which is
prospectively designed to generate sufficient data (if successful) to commence pivotal clinical trials, as further defined in 21 C.F.R. § 312.21(b) (or the foreign equivalent thereof). 
 1.53 “Phase III Study” means a controlled and lawful study in humans of the efficacy and safety of a product, which is prospectively
designed to demonstrate statistically whether such product is effective and safe for use in a particular indication in a manner sufficient to file an NDA to obtain regulatory approval to market the product, as further defined in 21 C.F.R. §
312.21(c) (or the foreign equivalent thereof). 
 1.54 “Product” means any final dosage form or formulation of a compound
for marketing for therapeutic or pharmaceutical use in humans. 
 1.55 “Profile” means either the Bcl-2 Selective Profile,
the Bcl-xL Selective Profile or the Dual Profile. “Bcl-2 Selective Profile” means all Licensed Compounds whose biological activity is primarily based upon their interaction with Bcl-2 (but not Bcl-xL). “Bcl-xL Selective
Profile” means all Licensed Compounds whose biological activity is primarily based upon their interaction with Bcl-xL (but not Bcl-2). “Dual Profile” means all Licensed Compounds whose biological activity is primarily based
upon their interaction with both Bcl-2 and Bcl-xL. 
 1.56 “Regulatory Approval” means any and all approvals (including any
applicable governmental price and reimbursement approvals), licenses, registrations, or authorizations of any federal, national, multinational, state, provincial or local regulatory agency, department, bureau or other governmental entity that are
necessary and sufficient for the marketing and sale of a product in a country or group of countries. 
 1.57 “Regulatory
Authority” means, with respect to a country, the regulatory authority of such country with authority over the testing, manufacture, use, storage, importation, promotion, marketing and sale of a pharmaceutical product in such country.

 1.58 “Required Third Party Payments” shall mean payments to a Third Party (including license fees, milestone payments and
royalties) to license Patent Rights covering such 

  

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Third Party’s Intellectual Property Rights if, in the absence of such license, Novartis’s exercise of its licenses under the Infinity Patent Rights
would infringe the composition of matter or method of use claims in such Third Party’s Patent Rights. 
 1.59 “Research
Program” means all research and drug discovery activities conducted by the Parties during the Research Term pursuant to the Research Plan with an aim to discover, identify, or design Research Program Active Compounds. 
 1.60 “Research Program Active Compound” means a compound demonstrated by Infinity prior to the Effective Date or by either Party in the
course of the Research Program to have Threshold Activity against a Target and which is included on the Active Compound List. 
 1.61
“Research Term” means the period of funded research described in Section 2.1.3 (as may be extended in accordance therewith and as shall terminate if the Term earlier terminates). 
 1.62 “sPoC” means the selection and approval of a Licensed Compound for the clinical phase of development by Novartis’
Translational Research Translational Development board (or its successor). The specific criteria to be used by the Translational Research Translational Development board shall be set forth in the Research Plan; provided, however, that,
in any event, if a Licensed Compound enters GLP toxicology testing, it shall be deemed to have achieved sPoC. 
 1.63 “Stock Purchase
Agreement” means the Series D Preferred Stock Purchase Agreement entered into by Infinity and Novartis Pharma AG on the Effective Date. 
 1.64 “Targets” means (a) Bcl-2 alone (selected against Bcl-xL); (b) Bcl-xL alone (selected against Bcl-2); and (c) Bcl-2/Bcl-xL together (each of the foregoing, a “Target”). 
 1.65 “Territory” means worldwide. 
 1.66 “Third Party” means any person or entity other than a Party or any of its Affiliates. 
 1.67
“Threshold Activity” means, with respect to a Target, [**] activity against such Target in a biochemical displacement assay. 
 1.68 “Valid Patent Claim” means: (a) a claim in any unexpired patent that has not been held invalid by a decision by a court or other appropriate body of competent jurisdiction; provided, however, that,
if the decision of such court or body is later reversed or otherwise becomes nonbinding, such claim shall be reinstated as a Valid Patent Claim; or (b) a claim in any pending patent application that shall not have been abandoned with no rights
remaining, or has not been pending for more than [**] years; provided, however, that if such claim is later allowed, such claim shall be reinstated as a Valid Patent Claim. 
  

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 1.69 Additional Definitions. Each of the following definitions is set forth in the section of this
Agreement indicated below: 
  

			
	 DEFINITION
	  	SECTION
	Abandoned Profile	  	3.3.1
	Active Compound List	  	2.1.4
	Agreement	  	Preamble
	Bankruptcy Code	  	4.4
	Bound Party	  	12.1
	Breaching Party	  	8.3
	Co-Detailing Agreement	  	5.3.1
	Co-Detailing Rights	  	5.3
	Combination Product	  	1.45
	Continuing License	  	4.2.2
	Development Milestone	  	2.3
	Development Plan	  	3.2.1
	Effective Date	  	Preamble
	Infinity	  	Preamble
	Infinity Developed Compound	  	4.2.2
	Infinity Indemnified Parties	  	9.1
	Initial Co-Detailing Term	  	5.3
	Joint IP	  	6.1.2
	Joint Patent Rights	  	6.2.2
	Joint Research Committee	  	2.4.1
	JRC	  	2.4.1
	Milestone Payments	  	7.4
	Non-Breaching Party	  	8.3
	Novartis	  	Preamble
	Novartis Indemnified Parties	  	9.2
	Novartis Independent Collection	  	4.2.2
	Novartis Independent Compound	  	4.2.2
	Novartis Licensed Patent Rights	  	8.4.3
	Patent Prosecution	  	6.2.2
	Payments	  	7.9
	Pivotal Opt-In Period	  	2.3
	Research Plan	  	2.1.2
	Royalty Term	  	7.5.2
	Severed Clause	  	14.12
	Term	  	8.1
	Third-Party Infringement	  	6.3.1
	Threshold Net Sales Level	  	7.5.1
	U.S. Commercialization Committee	  	5.4

  

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 2. Research. 
 2.1 Research Program. 
 2.1.1 Goals. The primary objective of the Research Program shall be to discover, characterize,
and optimize novel small-molecule inhibitors of the Targets suitable for development and commercialization as Licensed Products. 
 2.1.2
Research Plan; Recordkeeping. During the Research Term, each Party shall use commercially reasonable efforts to perform its obligations under the research plan, which shall be approved by the JRC within [**] days after the Effective Date and
attached hereto as Exhibit A (as may be amended pursuant to Section 2.1.3 and/or 2.4.5, the “Research Plan”). The Research Plan shall set forth the roles and responsibilities of each Party, including the scientific
personnel allocated to the Research Program. In particular, during the initial two (2) year Research Term, Novartis shall dedicate at least [**] FTEs simultaneously to seek to identify a Research Program Active Compound as a development
candidate for GLP toxicology testing leading to the filing of an IND with respect to a Licensed Product. The Parties shall maintain complete and accurate records of all work, results, data, and developments made pursuant to its efforts under the
Research Plan. Such records shall fully and properly reflect all work done and results in sufficient detail and in good scientific manner appropriate for patent and regulatory purposes. 
 2.1.3 Length and Scope of Research Program. The Research Program is initially scheduled to be in effect for two (2) years, starting on
March 1, 2006. The Research Term may be extended for up to two (2) additional one (1) year periods at the discretion of Novartis, in which case the Parties shall agree upon appropriate amendments to the Research Plan and Infinity
shall not be required to dedicate more than [**] Infinity FTEs to the Research Program during each such year without Infinity’s prior written consent. Thereafter, the Research Term may be amended only by mutual written agreement of the Parties.

 2.1.4 Active Compound List. Attached hereto as Exhibit B is a list of the Research Program Active Compounds existing as of
the Effective Date. From time to time during the Research Term, the Parties shall revise such list (such list, as revised from time to time, the “Active Compound List”) to specify the compounds demonstrated in the course of the
Research Program to have Threshold Activity against a Target. Following the Research Term but during the Term, Novartis shall revise the Active Compound List to specify the Analogs designed, discovered or synthesized by or on behalf of Novartis
after the Research Term and demonstrated during the Term to have Threshold Activity against a Target. 
 2.2 Exclusivity. Provided
that Novartis is performing its obligations diligently with respect to any Profile in accordance with Section 3.3, Infinity shall not, directly or indirectly, research, Develop or commercialize any compounds or products in connection with any
Target, other than in accordance with this Agreement, during the Research Term and thereafter until the later of (a) five (5) years after the end of the Research Term or (b) Infinity’s termination or waiver of all rights with respect
to (i) the Development and Co-Detailing Rights of all Profiles and (ii) the research, Development and commercialization of any Profile as an Abandoned Profile; provided, however, that, if Infinity conducts research,
Development and/or commercialization of any 

  

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Profile as an Abandoned Profile in accordance with this Agreement, then such period shall be extended until the later of (A) five (5) years after the
end of Infinity’s research, Development and commercialization activities with respect to such Abandoned Profile or (B) Infinity’s termination or waiver of all rights with respect to such Abandoned Profile. Furthermore, following the
end of the Research Term, Infinity shall not modify by chemical and/or molecular-genetic means any Licensed Compound then on the Active Compound List, other than in accordance with this Agreement. 
 2.3 Novartis Opt-In Rights on Abandoned Licensed Compounds. If, as a result of any research and development activities conducted pursuant to
Section 3.3.1 with respect to an Abandoned Profile, Infinity plans to initiate a Phase III Study with respect to an Abandoned Profile Licensed Compound for such Abandoned Profile, then Infinity shall provide written notice thereof to Novartis
including: (a) the rationale for the decision to conduct such Phase III Study; and (b) the estimated date of the first dosing of the first patient in such Phase III Study; (c) all data and information supporting such Phase III Study;
(d) a summary of the Development Costs incurred to that point. In no event shall there occur the first dosing of the first patient in a Phase III Study prior to Infinity having delivered such notice to Novartis and expiration of Novartis’
opt-in rights contemplated by this Section 2.3. Novartis shall have a period of [**] days from the date it receives Infinity’s notice to audit the Development Costs incurred to that point and exercise its opt-in rights by providing written
notice thereof to Infinity (such [**] day period, the “Pivotal Opt-In Period”). Infinity shall provide reasonable assistance to Novartis in connection with such audit. If Novartis so exercises its opt-in rights, the Abandoned
Profile and the related Abandoned Profile Licensed Compounds shall, from and after such exercise, again become a Profile and Licensed Compounds, respectively, hereunder, and Novartis shall pay Infinity an amount equal to the sum of: (i) all
Development Costs incurred by Infinity directly in connection with its Development of such Abandoned Profile Licensed Compound multiplied by [**]; and (ii) any Milestone Payment for each of the milestones pursuant to Section 7.4.2 (each, a
“Development Milestone”) achieved by Infinity with respect to such Abandoned Profile Licensed Compound that would have been otherwise due if such compound was a Licensed Compound and such milestone had been achieved by Novartis; and
(iii) an opt in fee of $[**]. Notwithstanding the foregoing, Infinity may, at its discretion, provide written notice to Novartis prior to commencing a Phase II Study with respect to such Abandoned Profile Licensed Compound, which notice shall
include the following: (a) the rationale for the decision to conduct such Phase II Study; and (b) the estimated date of the first dosing of the first patient in such Phase II Study; (c) all data and information supporting such Phase
II Study; and (d) a summary of the Development Costs incurred to that point. Novartis shall have a period of [**] days from the date it receives Infinity’s notice to audit the Development Costs incurred to that point and exercise its
opt-in rights by providing written notice thereof to Infinity. Infinity shall provide reasonable assistance to Novartis in connection with such audit. If Novartis exercises its opt-in rights, the Abandoned Profile and the related Abandoned Profile
Licensed Compounds shall, from and after such exercise, again become a Profile and Licensed Compounds, respectively, hereunder, and Novartis shall pay Infinity an amount equal to the sum of: (i) all Development Costs incurred by Infinity
directly in connection with its Development of such Abandoned Profile Licensed Compound multiplied by [**]; and (ii) any Milestone Payment for each of the Development Milestones achieved by Infinity with respect to such Abandoned Profile
Licensed Compound that would have been otherwise due if such compound was a Licensed Compound and such milestone had been achieved by Novartis; and (iii) an opt in fee of 

  

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$[**]. Notwithstanding the foregoing, Novartis may opt in at any time prior to the commencement by Infinity of a Phase III Study with respect to such
Abandoned Profile Licensed Compound by paying to Infinity an amount equal to the sum of: (i) all Development Costs incurred by Infinity directly in connection with its Development of such Abandoned Profile Licensed Compound multiplied by [**];
and (ii) any Milestone Payment for each of the Development Milestones achieved by Infinity with respect to such Abandoned Profile Licensed Compound that would have been otherwise due if such compound was a Licensed Compound and such milestone
had been achieved by Novartis; and (iii) an opt in fee of $[**]. In any event, if Novartis does not exercise its opt-in rights pursuant to this Section 2.3 on or before the end of the Pivotal Opt-In Period, then Infinity shall have no
further obligation to Novartis with respect to such Abandoned Profile and related Abandoned Profile Licensed Compounds. 
 2.4 Joint
Research Committee. 
 2.4.1 JRC Formation. The Parties shall establish a joint research committee (the “Joint Research
Committee” or “JRC”), comprised of three (3) representatives of Infinity and three (3) representatives of Novartis, each of whom shall have experience and seniority sufficient to enable him or her to make
decisions on behalf of the Party he or she represents. The initial representatives of each Party to the JRC are specified in Exhibit C. Each Party may change any one or more of its representatives to the JRC at any time upon written notice to
the other Party. The number of representatives appointed by each Party to the JRC may be modified by mutual agreement of the Parties; provided, that at all times the number of representatives from each Party shall be equal. 
 2.4.2 Schedule and Minutes. The JRC shall meet within thirty (30) days after the Effective Date and, thereafter, at least quarterly. The
representatives of the JRC will mutually agree on the schedule for meetings. A representative of the Party hosting a meeting of the JRC shall serve as secretary of that meeting. The secretary of the meeting shall prepare and distribute to all
members of the JRC minutes of the meeting for review and comment. Such minutes shall provide a description in reasonable detail of the discussions held at the meeting and a list of any actions, decisions or determinations approved by the JRC.
Minutes of the JRC meeting shall be approved or disapproved, and revised as necessary, at the next meeting of the JRC. 
 2.4.3 Location
and Attendance. The location of meetings of the JRC shall alternate between the offices of each party in Cambridge, MA, or as otherwise agreed by the Parties. The JRC may also meet by means of telephone conference call or videoconference, except
that at least one (1) meeting per calendar year will be held in person. Each Party shall use reasonable efforts to cause its representatives to attend the meetings of the JRC. If a Party’s representative to the JRC is unable to attend a
meeting, such Party may designate an alternate to attend such meeting in place of the absent representative. In addition, each Party may, at its discretion, invite non-voting employees, and, with the consent of the other Party, consultants or
scientific advisors, to attend the meetings of the JRC. 
 2.4.4 Decision Making Process. Each Party, acting through its
representatives to the JRC, shall have one vote on the JRC. Any decision of the JRC shall require the affirmative vote of both Parties, through their representatives to the JRC. Any dispute at the JRC 

  

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shall be referred to the Chief Scientific Officer of Infinity and the Head of Oncology Research of Novartis for good faith resolution. In the event that the
dispute is not resolved, Novartis shall have the deciding vote. No such decisions shall obligate Infinity to spend money or devote resources outside those previously agreed to in the mutually-agreed Research Plan, in no event may the JRC or Novartis
amend the terms of this Agreement or override Infinity’s rights specified in Sections 2.4.5(b) or 12.3 and in no event may Novartis unilaterally (a) determine that a Licensed Compound shall be recategorized into a Profile as set forth in
Section 2.4.6, (b) change the criteria for the Profiles without compelling and convincing data that indicates that the criteria are unlikely to result in clinical differentiation (provided, however, that if there is a dispute
over whether such data is compelling and convincing, Novartis shall have the deciding vote), or (c) determine that it has fulfilled any obligations hereunder or that Infinity has breached any obligations hereunder. 
 2.4.5 Responsibilities. The JRC shall be responsible for: (a) developing, approving and revising the Research Plan; (b) overseeing the
research activities pursuant to the Research Plan, including the research budget (provided that no fewer than [**] Infinity FTEs shall be funded in each year during the first two (2) years of the Research Term); (c) attempting to
resolve disputes with respect to such activities; (d) approving the Controlled Contractors to be utilized by Infinity in the Research Program; and (e) assuming such other responsibilities as are expressly set forth in this Agreement.

 2.4.6 Assignment of Licensed Compounds to a Profile. Within [**] days after the Effective Date, the JRC shall establish the
criteria (which may be amended from time to time by mutual agreement of the Parties) for the Selective Profiles and the Dual Profile which shall include the following: (i) potency against Bcl-2 and Bcl-xL in both biochemical and cellular
assays; (ii) level of selectivity for Bcl-2 and Bcl-xL in both biochemical and cellular assays; (iii) determining appropriate in-vivo experiments to differentiate between the Profiles; (iv) minimum criteria for determining an
acceptable expected clinical differentiation between the Profiles (including, without limitation, differential safety and efficacy) that warrant further development efforts; and (v) any other criteria that the JRC, in its reasonable judgment,
deems relevant; provided, however, that if, at the time GLP toxicology is completed for the second Profile, (A) the clinical differentiation criteria as described above has not been realized, or (B) the clinical
differentiation criteria as described above has been realized but additional compelling and convincing data indicates that the criteria are unlikely to result in clinical differentiation, then in either of case (A) or (B), the relevant Licensed
Compounds shall be recategorized into the first Profile; and provided, further, however, that once a Licensed Compound enters clinical Development, the Profile for such Licensed Compound shall not change. 
 2.4.7 Independence. Subject to the terms of this Agreement, the activities and resources of each Party shall be managed by such Party, acting
independently and in its individual capacity. 
 3. Development. 
 3.1 Selection of Licensed Compounds for Development. Novartis shall have the sole right to select Licensed Compounds for development into Licensed Products, to discontinue development of Licensed Products, to
substitute new or back-up Licensed Products for 

  

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discontinued ones, to control the Development thereof, and to hold all Drug Approval Applications and obtain and hold all Regulatory Approvals with respect
thereto on a worldwide basis, subject to the obligations of diligence set forth in this Section 3. 
 3.2 Conduct of Development
Activities. 
 3.2.1 Generally. Novartis shall conduct and lead the Development of the Licensed Products according to a written
plan consistent with the terms of this Agreement (the “Development Plan”). Novartis shall have responsibility for preparing the Development Plan, which may be amended by Novartis from time to time based on the results achieved in
the Development of Licensed Products. Infinity will participate in the design and execution of clinical trials under the Development Plan, in accordance with Section 3.2.2 and consistent with Infinity’s capabilities and subject to
Novartis’s approval, not to be unreasonably withheld. Both Parties shall conduct their development activities in good scientific manner, and in compliance with applicable Laws (including any governing GLP, GCP, or GMP requirements). Any dispute
between the Parties with respect to the conduct of such Development activities shall be referred to the Vice President, Clinical Development and Medical Affairs of Infinity and the Head of Development of Novartis Oncology for good faith resolution.
In the event that the dispute is not resolved, Novartis shall make the final decision. No such decisions shall obligate Infinity to spend money or devote resources outside those previously agreed to in the mutually-agreed Research Plan, in no event
may Novartis amend the terms of this Agreement or override Infinity’s rights specified in Sections 2.4.5(b) or 12.3 and in no event may Novartis unilaterally (a) determine that a Licensed Compound shall be recategorized into a Profile as
set forth in Section 2.4.6, (b) change the criteria for the Profiles without compelling and convincing data indicates that the criteria are unlikely to result in clinical differentiation (provided, however, that if there is a dispute over
whether such data is compelling and convincing, Novartis shall have the deciding vote) or (c) determine that it has fulfilled any obligations hereunder or that Infinity has breached any obligations hereunder. 
 3.2.2 Infinity Participation in Development. If Infinity wishes to initiate any development activity (including any clinical trial) under the
Development Plan for any Licensed Product, it shall submit a request to Novartis and provide a draft protocol for any proposed development activity that it wishes to undertake as well as an implementation plan and budget for such activities.
Novartis shall consider such request in good faith and may approve in its sole discretion, but shall have no obligation to agree to such a request. In the event that Novartis agrees to permit Infinity to conduct any development activities,
(a) Infinity shall conduct such activities under the Development Plan pursuant to the written implementation plan and budget approved by Novartis, and (b) Novartis shall reimburse Infinity’s Development Costs incurred in accordance
therewith, monthly in arrears, with payment due to Infinity forty-five (45) days after the receipt of an invoice and Infinity may submit such invoice at the end of the relevant month. Novartis will not be responsible for cost overruns of the
budget approved by Novartis in excess of [**] percent ([**]%) of the budget approved. Infinity shall promptly report to Novartis all inventions developed by Infinity under the Development Plan. 
  

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 3.3 Diligence. 
 3.3.1 Development Diligence and Abandoned Profile. If, at any time after the end of the Research Term, Novartis provides written notice of its intention to have itself, its Affiliates and sublicensees terminate
all research, Development and commercialization activities hereunder with respect to a Profile (but not all Profiles), Novartis may declare such Profile an “Abandoned Profile” by providing written notice thereof to Infinity, and
shall specify in writing to Infinity the Abandoned Profile Licensed Compound(s) with respect to such Abandoned Profile for which Infinity may conduct research, development and commercialization activities, in which case, subject to Section 2.3,
Infinity may, at its sole expense, conduct research, development and commercialization activities with respect to such Abandoned Profile and all related Abandoned Profile Licensed Compounds, and, except as provided in Section 8.4, such
Abandoned Profile shall no longer be a Profile and such Abandoned Profile Licensed Compounds shall no longer be Licensed Compounds. Infinity may design, discover and synthesize Analogs of such Licensed Compounds or other compounds directed to the
relevant Target, which Analogs and other compounds shall be considered Abandoned Profile Licensed Compounds subject to Novartis’ written consent. 
 3.3.2 Development Diligence. Novartis shall dedicate commercially reasonable efforts, during each [**] month period, necessary to continue the advancement of Licensed Compounds and Licensed Products with
respect to at least one Profile towards the next clinical Development milestone or approval milestone, as described in Sections 7.4.2 or 7.4.3, respectively. If Novartis (itself or through its Affiliates or sublicensees) fails to dedicate
commercially reasonable efforts, during any [**] month period, necessary to continue the advancement of Licensed Compounds and Licensed Products with respect to at least one Profile towards such next milestone, then any dispute regarding
Novartis’ failure of development diligence with respect to such Profile shall be resolved in accordance with Article 13. 
 3.3.3
Commercialization Diligence. Novartis shall dedicate commercially reasonable efforts, during each [**] month period, necessary to commercialize a Licensed Product for a Profile, after receipt of Regulatory Approval therefor, in any of the
U.S., Japan or the EU Major Market Countries. If Novartis commercializes a Licensed Product for a Profile, after receipt of Regulatory Approval therefor, in any of the U.S., Japan or the EU Major Market Countries, Novartis will be deemed to satisfy
all diligence obligations with respect to such Profile. 
 3.4 Development Reports. Novartis shall provide Infinity with a copy of the
Development Plan, as well with updates thereto, promptly after they become available, and shall meet with Infinity at least quarterly to deliver a written and verbal summary of progress under the Development Plan. Specifically, Novartis shall
provide Infinity with: (a) strategies for the development of any Licensed Products; (b) progress against the Development Plan and any amendments thereto; and (c) summaries of the results and data related to Development of Licensed
Products. Novartis shall consider any comments or suggestions of Infinity regarding the Development Plan. 
 3.5 Protection of Research
Program Materials. In order to facilitate the testing or development of one or more Licensed Compounds, each Party may provide to the other Party 

  

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certain biological materials or chemical compounds Controlled by the supplying Party, including Licensed Compounds, for use by the other Party in furtherance
of this Agreement. The receiving Party shall use all such materials only as permitted under the applicable license rights granted under this Agreement and subject to all other restrictions and obligations under this Agreement. Except as otherwise
provided under this Agreement, all such materials delivered to the other Party will remain the sole property of the supplying Party, will be used only in furtherance of and in accordance with this Agreement, will not be used or delivered to or for
the benefit of any Third Party without the prior written consent of the supplying Party, and will be used in compliance with all applicable laws, rules and regulations. The materials supplied under this Agreement shall be used with prudence and
appropriate caution in any experimental work because not all of their characteristics may be known. THE MATERIALS ARE PROVIDED “AS IS” AND WITHOUT ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR PURPOSE OR ANY WARRANTY THAT THE USE OF THE MATERIALS WILL NOT INFRINGE OR VIOLATE ANY PATENT OR OTHER PROPRIETARY RIGHTS OF ANY THIRD PARTY. 
 3.6 Development Records. Novartis and Infinity shall maintain complete and accurate records of all development work and all results, data, and
developments made pursuant to its efforts under the Development Plan. Such records shall fully and properly reflect all work done and results achieved in the performance of development activities in sufficient detail and in good scientific manner
appropriate for patent and regulatory purposes. 
 3.7 Development Expenses. Novartis shall be solely responsible for the costs and
expenses of Developing and commercializing Licensed Products pursuant to the terms of this Agreement, except with respect to Infinity’s research, development and commercialization activities with respect to an Abandoned Profile pursuant to
Section 3.3.1 (subject to Section 2.3). 
 4. Licenses. 
 4.1 Infinity Grant. Infinity hereby grants Novartis and its Affiliates an exclusive license, with the right to sublicense (subject to Section 4.3), under Infinity Intellectual Property, to research,
develop, make, have made, use, offer for sale, sell and import Licensed Compounds and Licensed Products in the Territory for use in the Field (subject to Section 7.6 and provided that Infinity retains the right to practice under the Infinity
Intellectual Property to (a) perform its obligations to Novartis under this Agreement and (b) to research, develop, make, have made, use, offer for sale, sell and import Abandoned Profile Licensed Compounds for which Novartis granted
Infinity the right to conduct research, development and commercialization activities pursuant to Section 3.3.1, and Products containing such compounds). Novartis shall provide written notice to Infinity promptly after granting any sublicense
under the foregoing license to any Third Party (other than a Controlled Contractor). Nothing in this Agreement shall prevent Infinity from using (itself or through its Affiliates), or from licensing to a Third Party the right to use, any of
Infinity’s Know-How which is not specific to the Targets or Licensed Compounds. 
  

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 4.2 Limited Novartis Grants. 
 4.2.1 Novartis hereby grants to Infinity a worldwide, non-exclusive license under Intellectual Property Rights Controlled by Novartis, without the right
to grant sublicenses (except to the extent as may be permitted under the Research Plan or as otherwise approved in writing by Novartis) solely to the extent necessary or appropriate to perform Infinity’s obligations under this Agreement.

 4.2.2 If Novartis makes one or more Analogs of a Research Program Active Compound, which Research Program Active Compound is on the Active
Compound List as of the Effective Date or is included on the Active Compound List by Infinity during the Research Term and such Analog is added to the Active Compound List, Novartis hereby grants to Infinity a perpetual, worldwide, royalty-free,
fully paid, non-exclusive license to research, develop, make, use, offer for sale, sell, import and otherwise commercialize any product containing a compound designed, discovered or synthesized by Infinity (an “Infinity Developed
Compound”), under any patent claim in Patent Rights Controlled by Novartis that covers such Analogs, provided that such license does not apply to Licensed Compounds or Analogs thereof supported by structure-activity data; and,
provided, further, that Novartis may revoke such license at any time with respect to any product containing an Infinity Developed Compound which is the same as any compound for which Novartis is conducting clinical development or which
Novartis is commercializing (a “Novartis Independent Compound”) or an analog of a Novartis Independent Compound supported by structure-activity data (such analogs, collectively with the Novartis Independent Compounds, the
“Novartis Independent Collection”), unless Infinity has a Continuing License (as defined below) with respect to such Infinity Developed Compound. Such license shall further include the right to grant sublicenses to Affiliates
of Infinity and to Third Parties. Novartis shall promptly notify Infinity of the filing of any such patent claim. If Infinity at any time desires to be certain that any Infinity Developed Compound is not the same as a compound in the Novartis
Independent Collection, Infinity may notify Novartis in writing of such Infinity Developed Compound and Novartis shall, within [**] days after receipt of such notice, notify Infinity in writing of whether such Infinity Developed Compound is the same
as a compound then in the Novartis Independent Collection. If Novartis so notifies in Infinity that such Infinity Developed Compound is not the same as a compound then in the Novartis Independent Collection or if Novartis does not provide written
notice to Infinity within such [**] day period, then Infinity shall be deemed to have a “Continuing License” with respect to such Infinity Developed Compound. 
 4.2.3 Novartis hereby grants Infinity an exclusive license, with the right to sublicense (subject to Section 4.3), in the Territory for use in the
Field, under any Patent Rights Controlled by Novartis based on Inventions to research, develop, make, have made, use, offer for sale, sell and import Abandoned Profile Licensed Compounds for which Novartis granted Infinity the right to conduct
research, development and commercialization activities pursuant to Section 3.3.1, and Products containing such compounds. Such license shall be perpetual and irrevocable, subject to the provisions of Section 2.3 during the Term.

 4.3 Sublicense Rights. Wherever in this Agreement either Party is granted the right to grant sublicenses (including granting to
sublicensees the right to grant further sublicenses for the purposes of having Licensed Compounds or Abandoned Profile Licensed Compounds made) 

  

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which is subject to this Section 4.3, then, in the case of Novartis, Novartis may exercise such right without obtaining the prior approval of Infinity
and, in the case of Infinity, Infinity must obtain the prior approval of Novartis with respect to any sublicense pursuant to (a) Section 4.2.1, and (b) Section 4.2.3 other than any sublicense to (i) a Controlled Contractor
or (ii) any Affiliate or Third Party if Novartis does not exercise its opt-in rights pursuant to Section 2.3 on or before the end of the relevant Pivotal Opt-In Period, and otherwise need not obtain Novartis’ prior written approval;
provided that any sublicense granted under this Agreement occurs pursuant to a written agreement that subjects such sublicensee to all relevant restrictions and limitations in this Agreement. Except as otherwise agreed to by the Parties in
writing, each Party shall be jointly and severally responsible with its sublicensees to the other Party for failure by its sublicensees to comply with, and each Party guarantees the compliance by each of its sublicensees with, all such applicable
restrictions and limitations in accordance with the terms and conditions of this Agreement. 
 4.4 Section 365(n) of The Bankruptcy
Code. All rights and licenses granted under or pursuant to any section of this Agreement are, and shall otherwise be deemed to be, for purposes of Section 365(n) of Title 11 of the United States Code, as amended (such Title 11, the
“Bankruptcy Code”), licenses of rights to “intellectual property” as defined under Section 101(35A) of the Bankruptcy Code. The Parties shall retain and may fully exercise all of their respective rights and elections
under the Bankruptcy Code. 
 4.5 No Implied Licenses Or Rights. Except as expressly provided in this Agreement, neither Party shall
have any license or other interest in any intellectual property rights Controlled by the other Party. 
 5. Commercialization and Infinity Co-Detailing
Option. 
 5.1 Novartis’ Marketing Responsibilities For Licensed Products. All business decisions regarding commercialization
of Licensed Products, including, but not limited to, the design, sale, pricing, and promotion of Licensed Products under this Agreement, and the decisions whether to market any particular Licensed Product, shall be within the sole discretion of
Novartis and its Affiliates. Any marketing of a Licensed Product in one market or country shall not obligate Novartis or its Affiliates to market such Licensed Product in any other market or country. The foregoing is subject to Novartis’s
diligence obligations set forth in Section 3.3.3. 
 5.2 Marketing Plan. Novartis shall conduct its commercialization of each
Licensed Product for which Regulatory Approval is obtained according to a written Marketing Plan consistent with the terms of this Agreement. Novartis shall have responsibility for preparing each Marketing Plan and shall conduct its
commercialization activities in compliance with applicable Laws. 
 5.3 Infinity Co-Detailing Option. Infinity shall have a
non-exclusive right to Detail Licensed Products which are marketed for use in an Oncology Indication in the United States on the terms and conditions set forth in this Section 5.3 (“Co-Detailing Rights”). Co-Detailing Rights
with respect to any such Licensed Product shall be exercisable by Infinity by written notice to Novartis at any time up to [**] weeks after filing of an NDA with respect to such Licensed Product. At any time, Infinity shall have the right to have up
to a total of [**] full-time 

  

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equivalent sales representatives Detail all Licensed Products for which Infinity has exercised its Co-Detailing Rights; provided, that in no event
shall Infinity have a number of full-time equivalent sales representatives Detailing Licensed Products which is in excess of [**] percent ([**]%) of the total number of Novartis and Infinity full-time equivalent sales representatives Detailing such
Licensed Products. For each Licensed Product for which Infinity exercises its Co-Detailing Rights, such rights shall be in effect for a period of seven (7) years from the date of NDA approval (such period with respect to any Licensed Product, the
“Initial Co-Detailing Term”). Infinity shall not be permitted to subcontract its Detailing responsibilities hereunder to a contract sales organization or any other Third Party. Unless terminated earlier in accordance with
Section 5.3.2, Infinity’s Co-Detailing Rights shall terminate upon expiration of the Initial Co-Detailing Term unless Infinity provides written notice of extension to Novartis at least [**] months prior to the expiration of the Initial
Co-Detailing Term. In the event that Infinity extends its Co-Detailing Rights, such Co-Detailing Rights shall continue for an additional three (3) year period, unless earlier terminated in accordance with Section 5.3.2. During the Initial
Co-Detailing Term (but not during any extension of the Co-Detailing Term), the cost of the Infinity full-time equivalent sales representatives shall be reimbursed by Novartis quarterly in arrears at a negotiated full-time equivalent sales
representative rate, which, if Novartis engages like situated Third Parties to Detail its oncology products, shall be comparable to the then prevailing rate for such Third Parties, if any, but in no event shall such rate be in excess of the fully
burdened cost to Novartis of employing or otherwise engaging its own representatives who Detail its oncology products. Thereafter, Infinity shall be responsible for the cost of its full-time equivalent sales representatives, but Novartis shall
remain responsible for the costs of all promotional materials. Novartis shall control all promotion, distribution, marketing and sales activities with respect to Licensed Products in the United States, including all Detailing activities of full-time
equivalent sales representatives hereunder. For clarity, a “full-time equivalent sales representative” shall be determined based on the percentage of work time the relevant sales representative is devoting to Detailing activities
with respect to the Licensed Products. By way of example, if the relevant sales representative is devoting all of his or her work time to Detailing activities with respect to the Licensed Products, then he or she is counted as a full-time equivalent
sales representative and if the relevant sales representative is devoting [**] of his or her work time to Detailing activities with respect to the Licensed Products, then he or she is counted as [**] of a full-time equivalent sales representative.
In addition, with regard to full-time equivalent sales representatives who Detail a Licensed Product, such full-time equivalent sales representatives must Detail a Licensed Product for at least [**] of his or her work time and must not at the same
time detail a product which would be considered by doctors as a replacement for the Licensed Product which such full-time equivalent sales representative is then Detailing. 
 5.3.1 In the event Infinity elects to exercise the Co-Detailing Rights with respect to a Licensed Product, Infinity and the appropriate Novartis
Affiliate shall, within [**] months after the date Infinity notifies Novartis of such election, negotiate in good faith and enter into a co-detailing agreement with respect to such Licensed Product (“Co-Detailing Agreement”)
containing the terms and conditions set forth in this Section 5.3 and such other terms and conditions as are customary for agreements of such type (except that in no event shall Infinity be entitled to compensation or other payments from
Novartis or its Affiliates pursuant to the Co-Detailing Agreement other than the right of reimbursement of the cost of Infinity’s sales representatives described above). Such terms and conditions shall include: 
 (a) Infinity’s sales representatives shall have technical, pharmaceutical and Detailing experience which is consistent with industry standards for
oncology pharmaceutical products; 
  

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 (b) Infinity’s sales representatives will be included in training programs with respect to the
applicable Licensed Product that Novartis provides to its own sales representatives Detailing such Licensed Product. Such training shall be provided by Novartis to Infinity free of charge (provided that Novartis shall not be required to
reimburse Infinity for any travel, lodging, or other similar expenses which may be incurred by Infinity in connection with the training of Infinity’s sales representatives); and 
 (c) Infinity’s sales representatives shall be provided, at Novartis’ expense, with the same promotional materials, including literature and
samples, as Novartis provides to its own similarly-situated representatives. 
 5.3.2 Upon not less than [**] months’ prior written
notice to Novartis, Infinity may terminate the Co-Detailing Rights with respect to a particular Licensed Product in the United States. In the event that Infinity delivers a termination notice in accordance with the preceding sentence, Novartis shall
have the right to terminate such Co-Detailing Rights prior to expiration of such [**] month period by providing [**] days’ prior notice to Infinity. 
 5.4 U.S. Commercialization Committee. If Infinity exercises its Co-Detailing Rights and Infinity and the appropriate Novartis Affiliate enter into a Co-Detailing Agreement with respect to a Licensed Product,
Infinity shall be entitled to have up to one (1) representative sit on the U.S. commercialization committee established by Novartis (“U.S. Commercialization Committee”) for such Licensed Product when such committee is
established. The U.S. Commercialization Committee shall have responsibility for general oversight of all commercialization activities (including promotion and Detailing) with respect to such Licensed Product in the United States. In the event of a
dispute between the Parties at the U.S. Commercialization Committee (or in connection with any other commercialization dispute between the Parties), then the dispute shall be referred to the Executive Officers (which, in the case of Novartis shall
be the President of the Novartis Oncology Business Unit or his or her designee) for good faith resolution. In the event that the dispute is not resolved, Novartis shall have the deciding vote. No such decisions shall obligate Infinity to spend money
or devote resources outside those previously agreed to in this Agreement or the mutually-agreed Co-Detailing Agreement, in no event may Novartis amend the terms of this Agreement or the Co-Detailing agreement and in no event may Novartis
unilaterally determine that it has fulfilled any obligations hereunder or thereunder or that Infinity has breached any obligations hereunder or thereunder. 
 5.5 Trademarks. Novartis and its Affiliates shall select their own trademarks under which they will market Licensed Products (provided that no such trademark shall contain the words “Infinity”
or “Infinity Pharmaceuticals”) and shall own such trademarks. Novartis shall use, in connection with all packaging, literature, labels and other printed matters, to the extent permitted by Law, an expression to the effect that the Licensed
Products were developed under license from Infinity, together with the Infinity logo. The provisions of this Section 5.5 shall not apply to primary packaging of the Licensed Products. Primary packaging shall mean packaging that is in direct
contact with the Licensed Products or the Licensed Products themselves, including but not limited to vials, blister packs, tablets and capsules. 
  

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 6. Intellectual Property Ownership, Protection and Related Matters. 
 6.1 Ownership. 
 6.1.1
Inventorship. Inventorship of inventions conceived or reduced to practice during the course of the performance of activities pursuant to this Agreement shall be determined in accordance with the patent Laws of the United States. 

6.1.2 Ownership. All inventions or discoveries made, or information created, by employees, Affiliates, agents, independent contractors or
consultants of a Party(ies), in the course of conducting activities under this Agreement, together with all Intellectual Property Rights therein, shall be owned by the Party or Parties to which such employees, Affiliates, agents, independent
contractors or consultants have an obligation to assign such inventions, discoveries or information. Intellectual Property Rights which are jointly owned by the Parties pursuant to the immediately preceding sentence are “Joint IP”
and shall not be considered Infinity Intellectual Property or Intellectual Property Rights Controlled by Novartis, for purposes of this Agreement. 
 6.2 Prosecution and Maintenance of Patent Rights. 
 6.2.1 Within sixty (60) days after the Effective Date, the Parties
shall discuss and determine a reasonable strategy with respect to the Patent Prosecution of the Joint Patent Rights and the Infinity Patent Rights, which strategy may be modified upon agreement of the Parties. Except as otherwise agreed by the
Parties, Infinity agrees to conduct Patent Prosecution with respect to the Infinity Patent Rights in each country/region recommended by Novartis. 
 6.2.2 The initial right and responsibility for (a) preparing, filing and prosecuting patent applications (including, but not limited to, provisional, reissue, continuation, continuation-in-part, divisional, and substitute applications
and any foreign counterparts thereof); (b) maintaining any Patent Rights; and (c) managing any interference or opposition or similar proceedings relating to the foregoing ((a) through (c), “Patent Prosecution”) shall
(A) with respect to Patent Rights covering inventions for which the employees, Affiliates, independent contractors, consultants or agents of both Parties are inventors (“Joint Patent Rights”), rest with Novartis; and
(B) otherwise rest with the Controlling Party. All Patent Prosecution expenses, including attorneys’ fees, incurred by a Party in the performance of Patent Prosecution shall be borne (i) with respect to Joint Patent Rights, equally by
both Parties, and (ii) otherwise by the Controlling Party; provided, however, that, once any compound is included on the Active Compound List, Novartis shall bear all Patent Prosecution expenses, including attorneys’ fees,
incurred by Infinity in the performance of Patent Prosecution with respect to any Infinity Patent Rights covering such compound. 
 6.2.3 In
conducting Patent Prosecution with respect to the Joint Patent Rights and the Infinity Patent Rights in accordance with Section 6.2.2, the Party conducting such Patent Prosecution shall (a) conduct such Patent Prosecution in material
conformance with the strategy mutually agreed by the Parties pursuant to Section 6.2.1, (b) keep the other Party reasonably 

  

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apprised of the status of all relevant patent applications, (c) provide such other Party with reasonable access to all related documentation, filings
and communications to or from the respective patent offices, and (d) provide such other Party the reasonable opportunity to make comments and recommendations with respect to such Patent Prosecution (which the prosecuting Party shall reasonably
consider). 
 6.2.4 Notwithstanding Section 6.2.2, (a) Novartis shall provide Infinity with prompt written notice as to any
intention to abandon any Joint Patent Rights, and will first offer Infinity the opportunity to assume responsibility for the same at Infinity’s cost before abandoning such Patent Rights and shall make assignment of such Patent Rights to
Infinity and the provisions of Sections 6.2.5(a)(ii) and (iii) shall apply, mutatis mutandis; and (b) Infinity shall provide Novartis with prompt written notice as to any intention to abandon any Infinity Patent Rights relating to
the Licensed Compounds, and will first offer Novartis the opportunity to assume responsibility for the same at Novartis’s cost before abandoning such Patent Rights. 
 6.2.5 Notwithstanding Section 6.2.2, on a country-by-country basis, (a) if a Party declines to pay for the Patent Prosecution expenses of any Joint Patent Right, such Party shall give the other Party
reasonable notice to such effect and, effective as of the date of receipt of such notice, (i) such Joint Patent Right shall be assigned to the other Party, (ii) whereupon such other Party hereby automatically grants to the Party declining
to pay for such Patent Prosecution expenses a worldwide, perpetual, non-exclusive, irrevocable, sublicenseable right under such Joint Patent Right for any purpose, and (iii) such Joint Patent Right shall thereafter be considered the other
Party’s Patent Right (although, if such other Party is Infinity, such Patent Right shall not be included in the definition of “Infinity Patent Rights” for purposes of this Agreement) and shall no longer be a Joint Patent Right, and
(b) if Novartis declines to pay for the Patent Prosecution expenses of any Infinity Patent Right, Novartis shall give Infinity reasonable notice to such effect and, effective as of the date of receipt of such notice, (i) the license
granted to Novartis under such Infinity Patent Right shall terminate, whereupon Novartis shall receive a worldwide, non-exclusive license, with the right to sublicense (subject to Section 4.3 and provided that Novartis provides written
notice to Infinity promptly after granting any sublicense to any Third Party (other than a Controlled Contractor)), under such Patent Right, to research, develop, make, have made, use, offer for sale, sell and import Licensed Compounds and Licensed
Products in the Territory for use in the Field (subject to Section 7.6), and (ii) such Patent Right shall thereafter no longer be included in the definition of “Infinity Patent Rights” for purposes of this Agreement. 

6.2.6 With respect to each Licensed Product, Novartis shall, at the time of receipt of the relevant Regulatory Approval, or such other time as
appropriate, exclusively in its sole discretion determine whether patent term extension or similar term extensions will be applied for and which of the then-available Patent Rights will be the subject of such application(s). Infinity shall provide
all reasonable assistance to Novartis and its Affiliates with respect thereto. 
 6.2.7 At the time that Novartis declares a Profile an
Abandoned Profile in accordance with Section 3.3.1, the Parties shall negotiate in good faith the Patent Prosecution rights with respect thereto. 
  

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 6.3 Third Party Infringement. 
 6.3.1 Notice. Each Party shall, within [**] days, provide the other Party with written notice reasonably detailing any known or alleged
infringement by a Third Party of Joint IP, Infinity Intellectual Property or any Intellectual Property Rights Controlled by Novartis covering the Licensed Compound, including any “patent certification” filed in the United States under 21
U.S.C. §355(b)(2) or 21 U.S.C. §355(j)(2) or similar provisions in other jurisdictions, and of any declaratory judgment, opposition, or similar action alleging the invalidity, unenforceability or non-infringement of any such Intellectual
Property Rights (collectively “Third Party Infringement”). 
 6.3.2 Enforcement. 
 (a) Subject to Section 6.3.2(c), Novartis will have the initial right to bring and control any legal action in connection with the
Third Party Infringement against a Third Party who is infringing the relevant Intellectual Property Rights by making, using or selling a product that contains a compound that inhibits the Target of a Profile, at its own expense as it reasonably
determines appropriate, and Infinity may choose, at its own expense, to be represented in any such action by counsel of its own choice; in any event, if Infinity is required as a necessary party to such action, Novartis shall pay Infinity’s
reasonable expenses associated therewith. At the request and expense of Novartis, Infinity shall provide reasonable assistance to Novartis in connection therewith, including by executing reasonably appropriate documents, cooperating in discovery and
joining as a party to the action. In connection with any such proceeding, Novartis shall not enter into any settlement admitting the invalidity of, or otherwise impairing Infinity’s rights in, Infinity Intellectual Property or Joint IP without
the prior written consent of Infinity. Any recoveries resulting from such an action relating to a claim of Third Party Infringement (after payment of each Party’s costs and expenses) will be retained by Novartis; provided,
however, that any portion of such recovery (after payment of each Party’s costs and expenses) other than any amounts attributable to multiple or punitive damages shall be treated as Net Sales of Novartis with respect to a Licensed
Product and shall be subject to a royalty payment to Infinity as set forth in Section 7.5. 
 (b) If, within [**] days
after Novartis’ receipt of a notice of Third Party Infringement with respect to Joint IP or Infinity Intellectual Property, Novartis does not bring legal action as permitted hereunder against a Third Party who is infringing such Intellectual
Property Rights by making, using or selling a product that contains a compound that inhibits the Target of a Profile, Infinity may, in its sole discretion, bring and control any legal action in connection therewith at its sole expense. At the
request and expense of Infinity, Novartis shall provide reasonable assistance to Infinity in connection therewith, including by executing reasonably appropriate documents, cooperating in discovery and joining as a party to the action. In connection
with any such proceeding, Infinity shall not enter into any settlement admitting the invalidity of or otherwise impairing Novartis’ rights under the Joint IP or such Infinity Intellectual Property without the prior written consent of Novartis.
For the sake of clarity, in no event will Novartis be required to consent to any settlement that impairs Novartis’ rights 

  

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under Joint IP or Infinity Intellectual Property hereunder. Any recoveries resulting from such an action relating to a claim of Third Party Infringement
(after payment of each Party’s costs and expenses) will be retained by Infinity. 
 (c) If the Parties receive notice of
a Third Party Infringement with respect to Joint IP or Infinity Intellectual Property and the relevant Third Party is infringing such Intellectual Property Rights by making, using or selling a product that contains a compound(s) that inhibits the
Target of a Profile and another target that is not a Target and Infinity, its Affiliates or licensees are researching, developing or commercializing a compound that inhibits such other target, the Parties shall discuss and determine which Party
shall enforce the Infinity Intellectual Property with respect to such Third Party Infringement. 
 6.3.3 Abandoned Profile
Enforcement. At the time that Novartis declares a Profile an Abandoned Profile in accordance with Section 3.3.1, the Parties shall negotiate in good faith the enforcement rights with respect thereto. 
 6.4 Patent Marking. If permitted and to the extent that Novartis does so with respect to its other products in the same geographic market,
Novartis shall, and shall cause its Affiliates and distributors, to (a) mark the Licensed Products with the number of each issued patent under the Infinity Patent Rights that apply to the Licensed Product and (b) comply with the patent
marking statutes in each country in which the Licensed Product is manufactured by or on behalf of Novartis or its Affiliates. 
 6.5 Drug
Price Competition and Patent Term Restoration Act and Pediatric Exclusivity. 
 (a) Subject to Section 6.2.6, the Parties shall
cooperate in an effort to avoid the loss of any rights which may otherwise be available to the Parties under the provisions of the Drug Price Competition and Patent Term Restoration Act of 1984 or comparable laws outside of the United States and for
pediatric exclusivity, with respect to the Licensed Compounds, the Licensed Products, the Abandoned Profile Licensed Compounds and the Products containing the Abandoned Profile Licensed Compounds. 
 (b) Infinity shall provide any relevant Infinity Patent Right information to Novartis or its Affiliates such that Novartis or its Affiliates, as an NDA
applicant, may inform the FDA or other applicable Regulatory Authority. Novartis shall provide to Infinity or its Affiliates any relevant information regarding Patent Rights Controlled by Novartis covering Abandoned Profile Licensed Compounds such
that Infinity or its Affiliates or licensees, as an NDA applicant, may inform the FDA or other applicable Regulatory Authority. 
 7. Financial
Provisions. In consideration of the licenses and other rights granted by Infinity to Novartis herein and subject to the terms and conditions of this Agreement, Novartis shall make the payments to Infinity set forth in this Section 7.

 7.1 Equity Investment. On the Effective Date, Novartis Pharma AG and Infinity shall enter into the Stock Purchase Agreement and,
subject to the terms and conditions contained therein, Novartis Pharma AG shall purchase one million shares of Infinity’s Series D Convertible 

  

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Preferred Stock for an aggregate purchase price of $5,000,000, at a per share price of $5.00. Subject to and in accordance with the terms and conditions of
the Investors’ Rights Agreement, Novartis Pharma AG, an Affiliate of Novartis, shall purchase shares of stock as described in the Stock Purchase Agreement. 
 7.2 License Fee. Notwithstanding Section 14.17, within three (3) Business Days after the Effective Date, Novartis shall pay to Infinity a one-time, non-refundable license fee of $15,000,000 for access
by Novartis to the Infinity Intellectual Property. 
 7.3 Research Funding; Records. Infinity shall support the Research Program with
[**] FTEs during each of the first two (2) years of the Research Term and such number as agreed to by the Parties during any extension as set forth in Section 2.1.3. Novartis will fund such Infinity FTEs at the FTE Rate, pro-rated to the
duration that such FTEs perform work under the Research Program. Novartis shall pay Infinity monthly in arrears for Infinity’s activities under the Research Program, in accordance with the Research Plan. Novartis shall pay such amounts to
Infinity within forty-five (45) days after receipt of an invoice therefor. The Parties agree that Infinity may issue such invoice at the end of each such month. The FTEs shall be funded in furtherance of the Research Program. Infinity shall
keep accurate records and books of accounts, in accordance with the Accounting Standards, containing all data reasonably required for the calculation and verification of Infinity FTEs and other expenses to be reimbursed by Novartis in accordance
with the Research Plan and/or Development Plan. At Novartis’ reasonable advance written request, Infinity shall make those records available, no more than once in a calendar year, during reasonable working hours, for review by a recognized
independent accounting firm acceptable to both parties, at Novartis’ expense, for the sole purpose of verifying the accuracy of those records. Before beginning its audit, the accounting firm shall execute an undertaking reasonably acceptable to
Infinity by which the accounting firm shall keep confidential all information reviewed during such audit. The accounting firm shall have the right to disclose to Novartis its conclusions regarding any payments owed to Infinity. In the event the
amounts paid or reimbursed by Novartis and the actual amounts are greater than the amounts incurred by Infinity, then any overpayment shall be due and payable to Novartis within [**] days of its receipt of the accounting firm’s report. If the
overpayment is more than five percent (5%) in any calendar year, then Infinity shall also pay the reasonable costs of the independent accountant employed by Novartis in the review. 
 7.4 Milestone Payments. Novartis shall pay Infinity the following amounts (“Milestone Payments”) after the first achievement by
Novartis, its Affiliates or its sublicensees of the corresponding milestone events set forth below: 
 7.4.1 sPoC Milestone. Novartis
shall pay Infinity $[**] upon the first achievement of sPoC by a Licensed Compound. For the avoidance of doubt, this milestone shall be payable only once, even if other Licensed Compounds achieve sPoC. 
  

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 7.4.2 Clinical Milestones. 
  

					
	 Event
	  	 The First Profile to Achieve the Event
	  	 The Second Profile to Achieve the Event

	Start of Phase I Study (first patient, first dosing)	  	$[**] regardless of indication	  	$[**] regardless of indication
	Start of Phase II Study (first patient, first dosing)	  	$[**] for the first Major Indication	  	$[**] for the first Major Indication
	Start of Phase II Study (first patient, first dosing)	  	$[**] for the first Minor Indication	  	$[**] for the first Minor Indication
	Start of Phase III Study (first patient, first dosing)	  	$[**] for the first Major Indication	  	$[**] for the first Major Indication
	Start of Phase III Study (first patient, first dosing)	  	$[**] for the first Minor Indication	  	$[**] for the first Minor Indication

 The Phase I Study milestone set forth in this Section 7.4.2 shall be payable only once for each Profile. All
other milestones set forth in this Section 7.4.2 at each milestone event shall be payable only once for each Profile and only once for each Major Indication and Minor Indication, irrespective of Profile. For the avoidance of doubt: (a) in
the event that a Phase II Study is commenced in [**] (a Major Indication) in two Profiles, only one (1) milestone shall be due; (b) in the event that a Phase II Study is commenced in [**] and in [**] (both of which are Major Indications)
in the same Profile, only one (1) milestone shall be due; (c) in the event that a Phase II Study is commenced in [**] in the Bcl-2 Selective Profile and a Phase II Study is commenced in [**] in the Dual Profile, a Major Indication
milestone for each shall be due; (d) in the event that a Phase II Study is commenced in [**] in the Bcl-2 Selective Profile (at which point the first Major Indication milestone is paid) and then a Phase II Study is commenced in [**] in the
Bcl-2 Selective Profile (at which point no Major Indication milestone is paid) and subsequently to these two trials, a Phase II Study is commenced in [**] in the Dual Profile, then a second Major Indication milestone shall be due; and (e) in
the event that the first Profile to be Developed by Novartis achieves the Phase I Study milestone and achieves the Phase II Study and Phase III Study Milestones for both a Major Indication and a Minor Indication, a total of $[**] shall be payable
hereunder. 
 If an NDA is filed after the end of a Phase II Study for a Licensed Compound, then the Phase III Study milestone event shall be deemed achieved
as of the date of such filing. 
  

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 7.4.3 Approval Milestones. 
  

									
	 Event Achieved
 by Licensed Product(s)
	  	 1st Major
 Indication
 (regardless of
 Profile)
	  	 1st Minor
 Indication
 (regardless of
 Profile)
	  	 2nd Major
 Indication
 (regardless of
 Profile)
	  	 First to occur of 2nd
 Minor Indication or 3rd
 Major Indication
 (regardless of Profile)

	NDA filing with the FDA	  	$[**]	  	$[**]	  	$[**]	  	$[**]
	Regulatory Approval by the FDA	  	$[**]	  	$[**]	  	$[**]	  	$[**] for 2nd Minor Indication or $[**] for 3rd Major Indication
	NDA filing with the EMEA or an EU Major Market Country	  	$[**]	  	$[**]	  	$[**]	  	$[**]
	First Commercial Sale and/or receipt of Regulatory Approval in any three (3) EU Major Market Country(ies)	  	$[**]	  	$[**]	  	$[**]	  	$[**] for 2nd Minor Indication or $[**] for 3rd Major Indication
	Regulatory Approval by the MHLW in Japan	  	$[**]	  	$[**]	  	$[**]	  	$[**] for 2nd Minor Indication or $[**] for 3rd Major Indication

 The NDA filing milestones set forth in this Section 7.4.3 shall be payable only once for a Major Indication
for each Regulatory Authority (i.e., either the FDA or the EMEA/EU Major Market Country) and only once for a Minor Indication for each Regulatory Authority regardless of the Profile. For the avoidance of doubt: in the event that an NDA is filed with
the FDA in [**] in a Profile and a second NDA is filed with the FDA in [**] in another Profile, only one (1) FDA filing milestone shall be due. 
 The
Regulatory Approval milestones set forth in this Section 7.4.3 shall be payable only once for an Oncology Indication relating to [**] for each Regulatory Authority (i.e., either the FDA or the EMEA/EU Major Market Country or the MHLW in Japan)
regardless of the Profile. For the avoidance of doubt: 
 (a) in the event that a Regulatory Approval by the FDA is achieved in [**] in a
Profile and a second Regulatory Approval by the FDA is achieved in [**] in another Profile, only one (1) FDA Regulatory Approval milestone shall be due; 
 (b) in the event that a Regulatory Approval by the FDA is achieved in an indication relating to [**] in a Profile [**] then no further FDA Regulatory Approval milestone shall be due in any Profile for any indication
relating to [**], whether relating to (i) [**], (ii) [**], or (iii) [**]; 
 (c) in the event that Regulatory Approvals by the
FDA are achieved in [**] (a Minor Indication) in a Profile and in [**], and [**] (3 Major Indications) in any Profile, no further FDA Regulatory Approval milestones shall thereafter be due; and 
  

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 (d) in the event that Regulatory Approvals by the FDA are achieved in [**] and [**] (2 Minor Indications)
in a Profile and in [**] and [**] (2 Major Indications) in any Profile, no further FDA Regulatory Approval milestones shall thereafter be due. 
 7.4.4 Sales Milestone. Novartis shall make a one-time payment to Infinity of $[**] upon the first achievement of Annual Net Sales of a Licensed Product exceeding $[**]. For the avoidance of doubt, this milestone shall be payable only
once, even if other Licensed Products achieve Annual Net Sales exceeding $[**]. 
 7.4.5 Except as otherwise specified, none of the payments
listed in this Section 7.4 shall be payable more than once, and each shall be payable at the first achievement of a milestone event for the Licensed Compound or Licensed Product and shall not be payable again if subsequently a Combination
Product, back-up or another Licensed Compound would achieve the same milestone event. 
 7.4.6 Novartis shall notify Infinity of each
milestone event for which a milestone payment is due within [**] days after achievement of the milestone event. Such milestone payments shall be non-refundable and shall not be credited against royalties payable to Infinity under this Agreement. If
any milestone set forth above with respect to a specific jurisdiction is achieved prior to or in the absence of the achievement of any preceding milestone in the same jurisdiction with respect to a Licensed Compound or Licensed Product, as
applicable, then, effective upon achievement of any such later milestone, all previously unpaid payments that would be due for events in that jurisdiction for any such preceding milestones shall also become due and payable. 
 7.5 Royalties. 
 7.5.1 Novartis shall
pay to Infinity royalties on aggregate Net Sales of each Licensed Product, on a Licensed Product-by-Licensed Product basis, at the following rates: 
 (a) Threshold Net Sales Level. With respect to the [**] of Net Sales in the Territory, Novartis shall pay to Infinity a royalty equal to [**] percent ([**]%) of such Net Sales (the “Threshold Net Sales Level”).

 (b) Annual Net Sales in the United States After the Threshold Net Sales Level. With respect to any additional Net Sales after the
Threshold Net Sales Level had been achieved, Novartis shall pay a royalty on aggregate Annual Net Sales in the United States of such Licensed Product as follows: 
  

			
	 Annual Net Sales in the United States
	 	Royalty
	 [**]
 [**]
 [**]
	 	[**]%
[**]%
[**]%

  

 - 29 - 

 (c) Annual Net Sales in the Territory Excluding the United States After the Threshold Net Sales
Level. With respect to any additional Net Sales after the Threshold Net Sales Level has been achieved, Novartis shall pay a royalty on aggregate Annual Net Sales of such Licensed Product in the Territory excluding the United States as follows:

  

			
	 Aggregate Annual Net Sales in the Territory excluding the United States
	 	Royalty
	 [**]
 [**]
 [**]
	 	[**]%
[**]%
[**]%

 7.5.2 Royalties payable under Section 7.5.1 shall be paid on a Licensed Product-by-Licensed
Product and country-by-country basis from the date of First Commercial Sale of each Licensed Product with respect to which royalty payments are due for a period which is the longer of: (a) the last to expire of any Valid Patent Claim of
Infinity Patent Rights covering such Licensed Product; or (b) [**] years following the date of First Commercial Sale in such country (each such term with respect to a Licensed Product and a country, a “Royalty Term”);
provided, however, that royalty payments solely under clause (b) will be at [**] percent ([**]%) of the applicable rate in Section 7.5.1. 
 7.5.3 In the event that Novartis, its Affiliates or sublicensees is required to pay Required Third Party Payments with respect to a Licensed Product then Novartis’ obligation to pay royalties to Infinity shall be
reduced dollar for dollar on par with the amounts actually paid by Novartis, its Affiliates or sublicensees to such Third Party; provided, that in no event shall Infinity be paid less than the royalty calculated by deducting [**] percentage
points from the royalty rates set forth in Section 7.5.1. In the event that the amount Novartis or its Affiliates is entitled to deduct hereunder exceeds the amount of any individual royalty payment due to Infinity, Novartis, its Affiliates or
sublicensees shall be entitled to deduct amounts from any subsequent payment(s) until the entire amount to which Novartis, its Affiliates or sublicensees is entitled to deduct has been so deducted; provided, however, that in no event
shall Infinity be required to refund any royalty payments received from Novartis. 
 7.5.4 Upon the expiration of the Royalty Term with
respect to a Licensed Product in a country, the licenses granted by Infinity to Novartis pursuant to Section 4.1 shall be deemed to be fully paid-up, irrevocable and perpetual with respect to such Licensed Product in such country. 

7.6 Negotiation for Other Uses. If Novartis chooses to develop or commercialize a Licensed Compound or Licensed Product for diagnostic,
agricultural or veterinary use(s), the Parties shall negotiate in good faith commercially reasonable terms applicable to such use and Novartis’ rights with respect to such use shall be subject to the execution of an amendment to this Agreement
reflecting such mutually agreed terms. 
  

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 7.7 Royalty Reports; Payments. Within forty-five (45) calendar days after the end of any
calendar quarter, Novartis shall provide Infinity with a report stating the sales in units and in value of the Licensed Product made by Novartis or its Affiliates in the Territory, on a country by country basis, together with the calculation of the
royalties due to Infinity. Royalty payments shall be made by Novartis to the bank account indicated by Infinity within forty-five (45) calendar days after the receipt by Novartis of the relevant invoice issued by Infinity. 
 7.8 Audits. (a) Infinity shall have the right for a period of three (3) years after receiving any report or statement with respect to
royalties due and payable to appoint an Auditor to inspect the relevant records of Novartis or its Affiliates to verify such reports, statements, records or books of accounts, as applicable. Before beginning its audit, the Auditor shall execute an
undertaking reasonably acceptable to Novartis by which the Auditor shall keep confidential all information reviewed during such audit. The Auditor shall have the right to disclose to Infinity its conclusions regarding any payments owed to Infinity.

 (b) Novartis and its Affiliates shall keep complete and accurate books and records regarding the sales of Licensed Products in sufficient
detail to enable the payments due to Infinity hereunder to be determined. Novartis and its Affiliates shall retain the books and records with respect to any annual accounting periods for three (3) years after the date of the last entry for such
annual accounting period and during any extended period during the pendency of any controversy. Novartis or its Affiliates shall make its records available for inspection (but not for photocopying) by the Auditor during regular business hours at
such place or places where such records are customarily kept, upon receipt of reasonable advance notice from Infinity, solely to verify the accuracy of Novartis’ or its Affiliates’ sales reports, payments records or books of accounts and
Novartis’ or its Affiliates’ compliance in other respects with this Agreement. Such inspection right shall not be exercised more than once in any calendar year nor more frequently than once with respect to records covering any specific
period of time, except in the event of accounting changes or restatements by Novartis or its Affiliates directly related to a Licensed Product and limited to any specific country changes or restatements. Infinity agrees to maintain as Novartis’
Confidential Information all information received and all information learned in the course of any such audit or inspection, except to the extent necessary for such Infinity to reveal such information in order to enforce its rights under this
Agreement or if disclosure is required by law, regulation or judicial order. 
 (c) Infinity shall pay for such inspections, as well as its
own legal expenses associated with enforcing its rights with respect to any payments hereunder, except that in the event there is any upward adjustment in aggregate amounts payable for any year shown by such inspection of more than five percent
(5%) of the amount paid, Novartis shall pay for such inspection. 
 7.9 Tax Matters. The royalties, milestones and other amounts
payable by Novartis to Infinity pursuant to this Agreement (“Payments”) shall not be reduced on account of any taxes unless required by Law. Infinity alone shall be responsible for paying any and all taxes (other than withholding
taxes required by Law to be deducted and paid on Infinity’s behalf by Novartis) levied on account of, or measured in whole or in part by reference to, any Payments it receives. The Parties will cooperate in good faith to obtain the benefit of
any relevant tax treaties to minimize as far as reasonably possible any taxes which may be levied on any Payments. 

  

 - 31 - 

 
Novartis shall deduct or withhold from the Payments any taxes that it is required by Law to deduct or withhold. Notwithstanding the foregoing, if Infinity is
entitled under any applicable tax treaty to a reduction of the rate of, or the elimination of, applicable withholding tax, it may deliver to Novartis or the appropriate governmental authority (with the assistance of Novartis to the extent that this
is reasonably required and is expressly requested in writing) the prescribed forms necessary to reduce the applicable rate of withholding or to relieve Novartis of its obligation to withhold tax, and Novartis shall apply the reduced rate of
withholding tax, or dispense with withholding tax, as the case may be, provided that Novartis has received evidence of Infinity’s delivery of all applicable forms (and, if necessary, its receipt of appropriate governmental authorization)
at least [**] days prior to the time that the Payment is due. If, in accordance with the foregoing, Novartis withholds any amount, it shall make timely payment to the proper taxing authority of the withheld amount, and send to Infinity proof of such
payment within [**] days following that latter payment. 
 7.10 United States Dollars. All dollar ($) amounts specified in this
Agreement are United States dollar amounts. 
 7.11 Currency Exchange. With respect to amounts invoiced in United States Dollars, all
such amounts shall be expressed in United States Dollars. With respect to amounts invoiced in a currency other than United States Dollars, all such amounts shall be expressed both in the currency in which the amount was invoiced and in the United
States Dollar equivalent. The United States Dollar equivalent shall be calculated using Novartis’ then-current standard exchange rate methodology applied in its external reporting (which is ultimately based on official rates such as Reuters and
the European Central Bank) for the conversion of foreign currency sales into United States Dollars. 
 7.12 Late Payments. The paying
Party shall pay interest to the receiving Party on the aggregate amount of any payments that are not paid on or before the date such payments are due under this Agreement at a rate per annum equal to the lesser of [**], as reported by The Wall
Street Journal, [**] or the highest rate permitted by applicable Law, calculated on the number of days such payments are paid after the date such payments are due; provided, however, that, with respect to any disputed payments, no
interest payment shall be due until such dispute is resolved and the interest which shall be payable thereon shall be based on the finally-resolved amount of such payment, calculated from the original date on which the disputed payment was due
through the date on which payment is actually made. 
 8. Term and Termination. 
 8.1 Agreement Term. This Agreement becomes effective as of the Effective Date and shall continue in perpetuity until the earlier of (a) the
termination of this Agreement in accordance with Sections 8.2 or 8.3 or (b) following the First Commercial Sale of any Licensed Product, the expiration of the last-to-expire of all Royalty Terms with respect to any Licensed Compounds and
Licensed Products (the “Term”). 
 8.2 Termination For Convenience. Novartis shall have the right to terminate this
Agreement for convenience upon sixty (60) days prior written notice to Infinity. 
  

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 8.3 Termination For Material Breach. If either Party (the “Non-Breaching Party”)
believes that the other Party (the “Breaching Party”) is in material breach of this Agreement (including without limitation any material breach of a representation or warranty made in this Agreement), then the Non-Breaching Party
may deliver notice of such breach to the Breaching Party. In such notice the Non-Breaching Party shall identify the actions or conduct that such Party would consider to be an acceptable cure of such breach. If the Breaching Party fails to cure such
breach within the one hundred and twenty (120) day period, the Non-Breaching Party may terminate this Agreement upon written notice to the Breaching Party, which termination shall apply solely with respect to a Profile (and all Licensed
Products for such Profile) if such breach is by Novartis and is related solely to such Profile, or any Licensed Product for such Profile, and shall otherwise apply to this Agreement in its entirety. 
 8.4 Effect Of Termination. 
 8.4.1
Upon termination of this Agreement in its entirety, all Profiles and related Licensed Products shall be considered terminated, and, upon termination of this Agreement in its entirety by Infinity pursuant to Section 8.3, all Abandoned Profiles
will be treated the same as Profiles. 
 8.4.2 Upon termination of this Agreement in its entirety by Novartis pursuant to Section 8.3,
(a) all licenses granted by Infinity to Novartis hereunder shall remain in effect in accordance with the terms and conditions set forth in the grant; (b) Novartis’ right to opt-in with respect to Abandoned Profiles pursuant to
Section 2.3, if applicable, shall remain in effect; (c) all licenses granted hereunder by Novartis to Infinity shall be terminated (provided, however, that, if such termination occurs after the Pivotal Opt-In Period with
respect to an Abandoned Profile, the provisions of Sections 4.2.3 and 4.3 shall survive with respect to such Abandoned Profile); (d) all milestone and royalty obligations of Novartis hereunder shall remain in effect but Novartis may
(i) terminate all its milestone and royalty obligations hereunder, only if Novartis’ termination of this Agreement is due to Infinity’s material uncured breach of Section 2.2 as a result of Infinity filing an NDA with respect to
a compound in breach of Section 2.2 or licensing a Third Party to do so, or (ii) in the event of termination of this Agreement due to any other breach of this Agreement by Infinity, withhold [**] percent ([**]%) of each milestone and
royalty payment due hereunder until the actual amount of damages owed by Infinity to Novartis with respect to the breach of this Agreement is determined, whereupon such withheld amount shall be credited against such damages and any amount remaining
shall be refunded to Infinity within thirty (30) days after such determination; and (e) Sections 2.2, 3.7, 6 and 7.6 shall survive in accordance with their terms. 
 8.4.3 Upon termination of this Agreement in its entirety by Novartis pursuant to Section 8.2 or termination of this Agreement in its entirety or
with respect to a Profile by Infinity pursuant to Section 8.3, (a) all licenses granted by Infinity to Novartis with respect to the terminated Profile and the related Licensed Products hereunder shall terminate and such Profile shall no
longer be considered a Profile hereunder; (b) all licenses to the Licensed Compounds and Licensed Products for such former Profile, and the licenses under Section 4.2.3, granted hereunder by Novartis to Infinity shall remain in effect in
accordance with the terms and conditions set forth in the grant; (c) the Pivotal Opt-In Period shall terminate with respect to the Abandoned Profiles; (d) Novartis shall be obligated to continue Research Program funding in 

  

 - 33 - 

 
accordance with the Research Plan for [**] months after the date on which Infinity delivers a notice of default or Novartis delivers a notice of termination;
(e) if Novartis has initiated clinical development of or commercialized any Licensed Products for such former Profile, (i) Novartis shall provide to Infinity a fair and accurate description of the status of the Development and
commercialization program up to termination for any such Licensed Products, (ii) Novartis hereby automatically grants to Infinity, upon such termination, an exclusive worldwide license, with the right to grant sublicenses, under the Joint IP
and any Intellectual Property Rights Controlled by Novartis that are necessary to develop or commercialize such Licensed Products, to develop, make, have made, use, sell, offer for sale and import such Licensed Products, and any Analogs thereof that
have Threshold Activity against the relevant Target, in the Field; (iii) Novartis shall transfer to Infinity all Drug Approval Applications, Regulatory Approvals and other technical and other information or materials necessary or useful for the
Development and/or commercialization of such Licensed Products; (iv) Novartis shall, if requested by Infinity, assign to Infinity all trademarks and tradenames of such Licensed Products, except for any such trademarks or tradenames or a part
thereof that use the name “Novartis” or a derivative thereof; (v) Infinity shall pay to Novartis a royalty of [**] percent ([**]%) of Net Sales of such Licensed Products (or, if, with respect to a Licensed Product, a trademark has not
been assigned to such Licensed Product and Infinity does not choose to have the trademark planned for such Licensed Product assigned to it, such royalty shall be [**] percent ([**]%)), with the applicable definitions and the provisions of
Section 7.5.2, 7.5.3, 7.5.4, 7.7, 7.8, 7.9, 7.10, 7.11 and 7.12 applying, mutatis mutandis, to such royalty payments; (vi) Novartis shall keep Infinity reasonably apprised of the status of the Patent Prosecution with respect to any
Patent Rights Controlled by Novartis covering such Licensed Products or Analogs (the “Novartis Licensed Patent Rights”) throughout the world; (vii) notwithstanding Sections 6 or 8.4.3(e)(vi), Novartis shall provide Infinity
with prompt written notice as to any intention to abandon any material subject matter in Novartis Licensed Patent Rights, and will first offer Infinity the opportunity to assume responsibility for the same at Infinity’s cost before abandoning
such subject matter in Patent Rights and shall make assignment thereof to Infinity; and (viii) if Novartis declines to initiate an enforcement action with respect to a suspected infringement of Novartis Licensed Patent Rights, it shall notify
Infinity, who shall thereafter have the right, at Infinity’s expense, to initiate such action by counsel of its choice, and Novartis shall cooperate with Infinity as Infinity may reasonably request, including becoming a party to such action,
and damages recovered in any action referenced in this Section 8.4.3(e)(viii) shall be allocated to Infinity, after reimbursement to each Party of their respective actual expenses incurred in prosecuting such actions as provided hereunder; and
(f) Section 4.2.2 shall survive. 
 8.4.4 Sections 1, 4.4, 4.5, 6 (with respect to Joint IP), 7.7, 7.8, 7.9, 7.10, 7.11, 7.12, 8.4,
9, 10.4, 11, 12, 13 and 14 shall survive termination or expiration (in accordance with Section 8.1 of this Agreement). 
 8.4.5 Sections
4.2.2, 4.2.3 and 4.3 shall survive expiration (in accordance with Section 8.1(b) of this Agreement). 
 8.4.6 Termination of this
Agreement shall be in addition to, and shall not prejudice, the Parties’ remedies at law or in equity, including, without limitation, the Parties’ ability to receive legal damages and/or equitable relief with respect to any breach of this
Agreement, regardless of whether or not such breach was the reason for the termination. 
  

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 9. Indemnification. 
 9.1 By Novartis. Novartis agrees, at Novartis’s cost and expense, to defend, indemnify and hold harmless Infinity and its Affiliates and their respective directors, officers, employees and agents (the
“Infinity Indemnified Parties”) from and against any losses, costs, damages, fees or expenses arising out of any Third Party claim relating to (a) any breach by Novartis of any of its representations, warranties or obligations
pursuant to this Agreement, (b) the gross negligence or willful misconduct of Novartis or (c) the development, manufacture, use, sale or other disposition by Novartis, its Affiliates or sublicensees of any Licensed Compound or Licensed
Product. In the event of any such claim against the Infinity Indemnified Parties by any Third Party, Infinity shall promptly notify Novartis in writing of the claim and Novartis shall manage and control, at its sole expense, the defense of the claim
and its settlement. The Infinity Indemnified Parties shall cooperate with Novartis and may, at their option and expense, be separately represented in any such action or proceeding. Novartis shall not be liable for any litigation costs or expenses
incurred by the Infinity Indemnified Parties without Novartis’s prior written authorization. In addition, Novartis shall not be responsible for the indemnification or defense of any Infinity Indemnified Party to the extent arising from any
negligent or intentional acts by any Infinity Indemnified Party or the breach by Infinity of any obligation or warranty under this Agreement, or any claims compromised or settled without its prior written consent. 
 9.2 By Infinity. Infinity agrees, at Infinity’s cost and expense, to defend, indemnify and hold harmless Novartis and its Affiliates and
their respective directors, officers, employees and agents (the “Novartis Indemnified Parties”) from and against any losses, costs, damages, fees or expenses arising out of any Third Party claim relating to (a) any breach by
Infinity of any of its representations, warranties or obligations pursuant to this Agreement, or (b) the gross negligence or willful misconduct of Infinity. In the event of any such claim against the Novartis Indemnified Parties by any Third
Party, Novartis shall promptly notify Infinity in writing of the claim and Infinity shall manage and control, at its sole expense, the defense of the claim and its settlement. The Novartis Indemnified Parties shall cooperate with Infinity and may,
at their option and expense, be separately represented in any such action or proceeding. Infinity shall not be liable for any litigation costs or expenses incurred by the Novartis Indemnified Parties without Infinity’s prior written
authorization. In addition, Infinity shall not be responsible for the indemnification or defense of any Novartis Indemnified Party to the extent arising from any negligent or intentional acts by any Novartis Indemnified Party, or the breach by
Novartis of any obligation or warranty under this Agreement, or any claims compromised or settled without its prior written consent. 
 10.
Representations and Warranties and Covenants. 
 10.1 Representation Of Authority; Consents. Infinity and Novartis each
represents and warrants to the other Party that, as of the Effective Date, (a) it has full right, power and authority to enter into this Agreement, (b) this Agreement has been duly executed by such Party and constitutes a legal, valid and
binding obligation of such Party, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other Laws relating to or affecting creditors’
rights generally and by general equitable principles and public policy constraints (including those pertaining to limitations and/or exclusions of liability, competition Laws, penalties and 

  

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jurisdictional issues including conflicts of Laws), and (c) all necessary consents, approvals and authorizations of all government authorities and other
persons required to be obtained by such Party in connection with the execution, delivery and performance of this Agreement have been and shall be obtained. 
 10.2 No Conflict. Each Party represents to the other Party that, notwithstanding anything to the contrary in this Agreement, the execution and delivery of this Agreement and the performance of such Party’s
obligations hereunder (a) do not conflict with or violate such Party’s corporate charter and bylaws or any requirement of applicable Laws and (b) do not and shall not conflict with, violate or breach or constitute a default or require
any consent under, any oral or written contractual obligation of such Party. Each Party agrees that it shall not during the term of this Agreement grant any right, license, consent or privilege to any Third Party or otherwise undertake any action,
either directly or indirectly, that would conflict with the rights granted to the other Party or interfere with any obligations of such Party set forth in this Agreement. 
 10.3 Intellectual Property. Infinity represents and warrants that, as of the Effective Date: 
 10.3.1
Except as disclosed in writing between the Parties or their respective agents, to Infinity’s best knowledge, no Third Party is currently infringing any Infinity Intellectual Property; 
 10.3.2 Infinity it is not aware of any pending or threatened claim or litigation (or received notice of a potential claim or litigation) which alleges
any issued patents of a Third Party would be infringed by the Development and commercialization of any Licensed Compound; and 
 10.3.3 To
Infinity’s knowledge, its research and development activities to date with respect to the Targets have not infringed the Patent Rights of any Third Party. 
 10.4 Disclaimer Of Warranty. Nothing in this Agreement shall be construed as a representation made or warranty given by either Party that either Party will be successful in obtaining any Patent Rights, that any
patents will issue based on pending applications or that any such pending applications or patents issued thereon will be valid. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, EACH PARTY EXPRESSLY DISCLAIMS, WAIVES, RELEASES AND RENOUNCES ANY
WARRANTY, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. 
 11.
Limitation of Liability. 
 11.1 EXCEPT WITH RESPECT TO A BREACH OF SECTION 12 OR A PARTY’S LIABILITY PURSUANT TO SECTION 9,
NEITHER PARTY SHALL BE LIABLE FOR SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, MULTIPLE OR OTHER INDIRECT DAMAGES, OR FOR LOSS OF PROFITS, LOSS OF DATA OR LOSS OF USE DAMAGES, ARISING IN ANY WAY OUT OF THIS AGREEMENT OR THE EXERCISE OF
ITS RIGHTS HEREUNDER, WHETHER BASED UPON WARRANTY, CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR LOSS. 
  

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 12. Confidentiality. 
 12.1 Confidential Information. All Confidential Information of a Party shall not be used by the other Party (the “Bound Party”) except in performing its obligations or exercising rights
explicitly granted under this Agreement and shall be maintained in confidence by the Bound Party and shall not otherwise be disclosed by the Bound Party to any Third Party, without the prior written consent of the Controlling Party with respect to
such Confidential Information, except to the extent that the Confidential Information: 
 12.1.1 was known by the Bound Party or its
Affiliates prior to its date of disclosure to the Bound Party; or 
 12.1.2 is lawfully disclosed to the Bound Party or its Affiliates by
sources other than the Controlling Party rightfully in possession of the Confidential Information; or 
 12.1.3 becomes published or
generally known to the public through no fault or omission on the part of the Bound Party, its Affiliates or its sublicensees; or 
 12.1.4
is independently developed by or for the Bound Party or its Affiliates without reference to or reliance upon such Confidential Information, as established by written records. 
 Specific information shall not be deemed to be within any of the foregoing exclusions merely because it is embraced by more general information falling
within those exclusions. 
 12.2 Permitted Disclosure. The provisions of Section 12.1 shall not preclude (a) a Bound Party
or its Affiliates from disclosing the Controlling Party’s Confidential Information to the extent such Confidential Information is required to be disclosed by the Bound Party or its Affiliates to comply with applicable Laws or legal process,
including without limitation the rules or regulations of the United States Securities and Exchange Commission or similar regulatory agency in a country other than the United States or of any stock exchange, including without limitation Nasdaq, or to
defend or prosecute litigation; provided that the Bound Party provides prior written notice of such disclosure to the Controlling Party and takes reasonable and lawful actions to avoid and/or minimize the degree of such disclosure; and
(b) a Bound Party or its Affiliates from disclosing the Controlling Party’s Confidential Information in connection with filings with a Regulatory Authority or the filing of Patent Rights, both solely to the extent permitted hereunder and
provided that the Bound Party provides prior written notice of such disclosure to the Controlling Party. 
 12.3 Publicity;
Publication. Neither Party shall release any information to any Third Party or make any disclosure or public announcement (including but not limited to press releases, quarterly investor updates, promotional materials, governmental filings and
discussions with public officials, the media, security analysts and investors) regarding the material terms of this Agreement; provided, however, that (a) a Party may make any disclosure or public announcement if the contents of
such disclosure or public announcement have previously been 

  

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made public other than through a breach of this Agreement by the issuing Party; (b) if, in the reasonable opinion of such Party’s counsel, a public
disclosure shall be required by Law, including without limitation in a public filing with the United States Securities and Exchange Commission, the disclosing Party shall, to the extent permitted by applicable Law, provide copies of the disclosure
reasonably in advance (but in no event less than [**] Business Days if reasonably practicable under the circumstances) of such filing or other disclosure for the nondisclosing Party’s prior review and comment, which comments are to be
considered by the disclosing Party in good faith; the nondisclosing Party shall provide its comments, if any, on such announcement as soon as reasonably practicable (provided, however, that the disclosing Party need not delay its
filing or disclosure, nor consider any comments, if the nondisclosing Party’s comments are not received prior to the time that the disclosing Party must make such filing or disclosure in compliance with applicable Law); (c) either Party
may disclose such terms to bona fide potential or actual sublicensees, as reasonably necessary in connection with a permitted sublicense under the licenses granted in this Agreement; (d) Infinity may issue a press release with respect to the
execution of this Agreement; and (e) either Party may disclose to bona fide potential or actual investors, lenders, investment bankers, acquirors, acquirees, merger partners or other potential financial partners, and to such Party’s
consultants and advisors, only those terms of this Agreement that are reasonably necessary in connection with a proposed equity or debt financing of such Party or are reasonably necessary in connection with a proposed acquisition or business
combination. In connection with any permitted disclosure of Confidential Information pursuant to Section 12.3(c) or (e), the disclosing Party agrees to use all reasonable efforts to inform each disclosee of the confidential nature of such
information and cause each disclosee to treat such information as confidential. Notwithstanding the foregoing, prior to such time as a Licensed Compound is selected for clinical development, any oral or written scientific disclosures (e.g.,
publications, conferences or seminars) by either Party regarding such Licensed Compound shall require the JRC’s written consent prior to their release. Any such scientific disclosure will be submitted to the JRC at least [**] days prior to the
intended date for disclosure. Such disclosure will be amended to take account of any comments or objections the JRC may have, provided that the JRC may object to such disclosure being made for a further [**] day period to allow any relevant
patent application to be filed. From and after such time as a Licensed Compound has been selected for clinical development, Novartis shall control all oral and written scientific disclosures (e.g., publications, conferences or seminars) regarding
such Licensed Compound and any Licensed Product incorporating or comprising such Licensed Compound, provided that Infinity scientists will be named as co-authors on any key publications arising from work carried out under the Research Program
or otherwise relating to a Licensed Compound or Licensed Product, to the extent that such naming is appropriate under customary scientific publication standards. Notwithstanding the foregoing, neither Party shall be required to name the other
Party’s scientists as co-authors with respect to publications which only involve the efforts of such Party’s scientists. Any scientific disclosure shall not disclose any of Infinity’s Confidential Information without Infinity’s
prior written consent, other than Infinity’s scientific information with respect to the relevant Licensed Compound. 
 12.4 Employee
And Advisor Obligations. Infinity and Novartis each agree that they shall provide Confidential Information that is jointly owned or that is received from the other Party only to their respective employees, consultants and advisors, and to the
employees, consultants and advisors of such Party’s Affiliates, who have a need to know such information and materials for performing obligations or exercising rights expressly granted under this Agreement and have an obligation to treat such
information and materials as confidential. 
  

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 12.5 Term. All obligations under this Section 12 shall expire five (5) years following
termination or expiration of this Agreement. 
 12.6 Return of Confidential Information. Upon the expiration or termination of this
Agreement, the Bound Party shall return to the Controlling Party all Confidential Information received by the Bound Party from the Controlling Party (and all copies and reproductions thereof). In addition, the Bound Party shall destroy: (a) any
notes, reports or other documents prepared by the Bound Party which contain Confidential Information of the Controlling Party; and (b) any Confidential Information of the Controlling Party (and all copies and reproductions thereof) which is in
electronic form or cannot otherwise be returned to the Controlling Party. Alternatively, upon written request of the Controlling Party, the Bound Party shall destroy all Confidential Information received by the Bound Party from the Controlling Party
(and all copies and reproductions thereof) and any notes, reports or other documents prepared by the Bound Party which contain Confidential Information of the Controlling Party. Any requested destruction of Confidential Information shall be
certified in writing to the Controlling Party by an authorized officer of the Bound Party supervising such destruction. Notwithstanding the foregoing, (i) the Bound Party’s legal counsel may retain one copy of the Controlling Party’s
Confidential Information solely for the purpose of determining the Bound Party’s continuing obligations under this Section 12 and (ii) the Bound Party may retain the Controlling Party’s Confidential Information to the extent
necessary to exercise the rights and licenses of the Bound Party expressly surviving expiration or termination of this Agreement. Notwithstanding the return or destruction of the Controlling Party’s Confidential Information, the Bound Party
shall continue to be bound by its obligations of confidentiality and other obligations under this Section 12. 
 13. Dispute Resolution.

 13.1 Any controversy, claim or dispute arising out of or relating to this Agreement shall be settled, if possible, through good faith
negotiations between the Parties. If, however, the Parties are unable to settle such dispute within [**] days, the matter may be referred by either Party to the Executive Officers, who shall attempt to resolve the dispute in good faith. Such
resolution, if any, of a referred issue shall be final and binding on the Parties. All negotiations pursuant to this Section 13.1 are confidential and shall be treated as compromise and settlement negotiations for purposes of applicable rules
of evidence. 
 13.2 If the Executive Officers are unable to settle the dispute within [**] days after referral thereto pursuant to
Section 13.1, then each Party reserves its right to any and all remedies available under law or equity with respect to the dispute. 
 13.3 Notwithstanding anything to the contrary in this Section 13, any Party may seek immediate injunctive or other interim relief from any court of competent jurisdiction as necessary to enforce and prevent infringement or
misappropriation of the Patent Rights, Know-How or Confidential Information Controlled by such Party. 
  

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 14. Miscellaneous. 
 14.1 Governing Law. This Agreement shall be construed and the respective rights of the Parties determined according to the substantive laws of the Commonwealth of Massachusetts notwithstanding the provisions
governing conflicts of law under such Massachusetts law to the contrary. 
 14.2 Assignment. Novartis may assign its rights and
obligations under this Agreement without the prior written consent of Infinity to an Affiliate or in connection with the transfer or sale of all or substantially all of its assets or business or in the event of its merger or consolidation with a
Third Party. Infinity may not assign its rights and obligations under this Agreement without the prior written consent of Novartis, except (a) to an Affiliate of Infinity, or (b) in connection with a Change in Control of Infinity, in which
case Novartis shall have the rights provided in Section 14.18. Any request for consent to assignment shall not be unreasonably withheld or delayed. Any purported assignment in contravention of this Section 14.2 shall, at the option of the
non-assigning Party, be null and void and of no effect. No assignment shall release either Party from responsibility for the performance of any accrued obligation of such Party hereunder. This Agreement shall be binding upon and enforceable against
the successor to or any permitted assignee from either of the Parties. Each Party agrees that, notwithstanding any provisions of this Agreement to the contrary, in the event that this Agreement is assigned by either Party in connection with the sale
or transfer of all or substantially all of the business and assets of such Party to which the subject matter of this Agreement pertains, (i) such assignment shall not provide (A) the non-assigning Party with rights or access to
Intellectual Property Rights of the acquirer of such Party, nor (B) the acquirer with rights or access to Intellectual Property Rights of the non-assigning Party, other than as specifically set forth in this Agreement, and (ii) if the
acquirer of such Party has a then-existing program to discover, research, develop, manufacture or commercialize compounds or products directed to a Target(s), such program shall remain separate from the activities hereunder and no Confidential
Information or Intellectual Property Rights of the non-assigning Party shall be provided to such acquirer without the prior written consent of the non-assigning Party, and the non-assigning Party may not obtain any confidential information or
intellectual property rights of such acquirer without the prior written consent of such acquirer. 
 14.3 Entire Agreement;
Amendments. This Agreement and the Exhibits referred to in this Agreement constitute the entire agreement between the Parties with respect to the subject matter hereof, and supersede all previous arrangements with respect to the subject matter
hereof, whether written or oral, including, without limitation, the Non-Disclosure Agreement. The Parties also acknowledge the simultaneous execution and delivery of the Equity Agreements, which shall not be superseded by this Agreement. Any
amendment or modification to this Agreement shall be made in writing signed by both Parties. 
  

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 14.4 Notices. Notices to Infinity shall be addressed to: 
 Infinity Pharmaceuticals, Inc. 
 780 Memorial
Drive 
 Cambridge, Massachusetts 02139 
 Attention: Chief Executive Officer 
 Facsimile No.: (617) 453-1001 
 with a copy to: 
 Wilmer Cutler Pickering
Hale and Dorr LLP 
 60 State Street 
 Boston, Massachusetts 02109 
 Attention: Steven D. Singer, Esq. 
 Facsimile No.: (617) 526-5000 
 Notices
to Novartis shall be addressed to: 
 Novartis Institutes for BioMedical Research, Inc. 
 250 Massachusetts Avenue 
 Cambridge,
Massachusetts 02139 
 Attention: General Counsel 
 Facsimile No.: (617) 871-3354 
 Either Party may change its address to which notices shall be sent by giving notice to
the other Party in the manner herein provided. Any notice required or provided for by the terms of this Agreement shall be in writing and shall be (a) sent by registered or certified mail, return receipt requested, postage prepaid,
(b) sent via a reputable overnight courier service, or (c) sent by facsimile transmission, in each case properly addressed in accordance with this Section 14.4. The effective date of notice shall be the actual date of receipt by the
Party receiving the same. 
 14.5 Force Majeure. No failure or omission by either Party in the performance of any obligation of this
Agreement shall be deemed a breach of this Agreement or create any liability if the same shall arise from any cause or causes beyond the reasonable control of such Party, including, but not limited to, the following: acts of gods; acts of any
government; any rules, regulations or orders issued by any governmental authority or by any officer, department, agency or instrumentality thereof; fire; storm; flood; earthquake; accident; war; rebellion; insurrection; riot; terrorism and invasion;
provided that the Party affected by such cause promptly notifies the other Party and uses diligent efforts to cure such failure or omission as soon as is practicable after the occurrence of one or more of the above mentioned causes.

 14.6 Compliance With Laws. Each Party shall perform its obligations under this Agreement in compliance with all applicable Laws.

 14.7 Use Of Names, Logos Or Symbols. Subject to Sections 12.2 and 12.3, no Party shall use the name, trademarks, logos, physical
likeness, employee names or owner symbol of the other Party for any purpose, including, without limitation, private or public securities 

  

 - 41 - 

 
placements, without the prior written consent of the affected Party. Nothing contained in this Agreement shall be construed as granting either Party any
rights or license to use any of the other Party’s trademarks or trade names or the names of any employees thereof, without separate, express written permission of the owner of such trademark or trade name or name. 
 14.8 Independent Contractors. It is understood and agreed that the relationship between the Parties is that of independent contractors and that
nothing in this Agreement shall be construed to create a joint venture or any relationship of employment, agency or partnership between the Parties to this Agreement. Neither Party is authorized to make any representations, commitments, or
statements of any kind on behalf of the other Party or to take any action that would bind the other Party except as explicitly provided in this Agreement. Furthermore, none of the transactions contemplated by this Agreement shall be construed as a
partnership for any tax purposes. 
 14.9 No Strict Construction. This Agreement has been prepared jointly and shall not be strictly
construed against either Party. 
 14.10 Headings. The captions or headings of the sections or other subdivisions hereof are inserted
only as a matter of convenience or for reference and shall have no effect on the meaning of the provisions hereof. 
 14.11 No Implied
Waivers; Rights Cumulative. No failure on the part of Infinity or Novartis to exercise, and no delay by either Party in exercising, any right, power, remedy or privilege under this Agreement, or provided by statute or at law or in equity or
otherwise, shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege by such Party or be construed as a waiver of any breach of this Agreement or as an acquiescence therein by such Party, nor shall any single or
partial exercise of any such right, power, remedy or privilege by a Party preclude any other or further exercise thereof or the exercise of any other right, power, remedy or privilege. 
 14.12 Severability. If, under applicable Laws, any provision of this Agreement is invalid or unenforceable, or otherwise directly or indirectly
affects the validity of any other material provision(s) of this Agreement (such invalid or unenforceable provision, a “Severed Clause”), this Agreement shall endure except for the Severed Clause. The Parties shall consult one
another and use good faith efforts to agree upon a valid and enforceable provision that is a reasonable substitute for the Severed Clause in view of the intent of this Agreement. 
 14.13 Execution In Counterparts. This Agreement may be executed in counterparts, each of which counterparts, when so executed and delivered, shall
be deemed to be an original, and all of which counterparts, taken together, shall constitute one and the same instrument. 
 14.14 No
Third Party Beneficiaries. No person or entity other than Novartis and Infinity (and their respective assignees) shall be deemed an intended beneficiary hereunder or have any right to enforce any obligation of this Agreement. 
 14.15 Performance by Affiliates. Either Party may use one or more of its Affiliates to perform its obligations and duties hereunder and Affiliates
of a Party are expressly granted certain rights herein; provided that each such Affiliate shall be bound by the corresponding obligations of such Party and the Parties shall remain liable hereunder for the prompt payment and performance of
all their respective obligations hereunder. 
  

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 14.16 Exhibits. In the event of inconsistencies between this Agreement and any exhibits or
attachments hereto, the terms of this Agreement shall control. 
 14.17 Invoice Requirement. Unless otherwise specified herein, any
amounts payable to Infinity hereunder shall be made in U.S. dollars within forty-five (45) calendar days after receipt by Novartis, or its nominee designated for that purpose in advance by Novartis in writing to Infinity, of an invoice (in the
form attached as Exhibit D) covering such payment. 
 14.18 Change in Control. If there is Change in Control of Infinity, then
Infinity will maintain the same level of diligence in performing its obligation under the Research Plan after the Change in Control as had been applied prior to the Change in Control unless otherwise agreed by the Parties. Notwithstanding the
preceding sentence, Novartis may, in its sole discretion, immediately terminate the Research Program in its entirety. Upon any such termination by Novartis, (a) Infinity will immediately cease all activity under the Research Plan and transfer
all data developed by Infinity pursuant to the Research Program to Novartis; (b) all licenses granted by Infinity to Novartis shall remain in effect subject to the payment obligations under this Agreement; (c) all licenses granted by
Novartis to Infinity pursuant to Sections 4.2.1 and 4.2.3 shall terminate; and (d) Infinity’s rights under Sections 3.2.2, 5.3, 5.4 and 6.4 shall terminate. Notwithstanding the foregoing, if Novartis does not exercise its opt-in rights
pursuant to Section 2.3 on or before the end of the relevant Pivotal Opt-In Period, then the rights and licenses granted by Novartis to Infinity with respect to the relevant Abandoned Profile and related Abandoned Profile Licensed Compounds
shall remain in effect. 
 [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK] 
  

 - 43 - 

 IN WITNESS WHEREOF, the Parties have caused their duly authorized officers to execute and acknowledge
this Agreement as of the date first written above. 
  

									
	 NOVARTIS INSTITUTES FOR
 BIOMEDICAL RESEARCH,
INC.
	    		 	INFINITY PHARMACEUTICALS, INC.
					
	By:	 	 /s/ Mark C. Fishman
	    		 	By:	 	 /s/ Adelene Q. Perkins

	Name:	 	Mark C. Fishman	    		 	Name:	 	Adelene Q. Perkins
	Title:	 	President	    		 	Title:	 	Chief Business Officer

  

 - 44 - 

 Schedule 1.32 
 Infinity Patent Rights 
 Infinity Patent Applications Relating to the Bcl Program 
 U.S. Patent Application No.: [**] 
 Title: [**] 
 Filed: [**] 
 PCT Patent Application No.: [**] 
 Title: [**] 
 International Filing Date: [**] 
 U.S. Provisional Application No.: [**] 
 Title: [**] 
 Filed: [**] 
  

 - 45 - 

 Exhibit A 
 Research Plan 
 [to be attached] 
  

 - 46 - 

 Exhibit B 
 Initial Active Compound List 
 [**] 
  

 - 47 - 

 Exhibit C 
 Initial Members of JRC 
 Infinity Members: 
 Christian Fritz 
 Alfredo Castro 
 Vito Palombella 
 Novartis Members: 
 Christoph
Lengauer 
 Tim Ramsey 
 Dale Porter 
  

 - 48 - 

 Exhibit D 
 Sample Invoice 
 [Attached] 
  

					
		 	 contact person
 position
	 	 company name
 address

			
	COMPANY LOGO	 		 	 Tel +1xxxxx
 Fax + 1xxxx
 E-mail: xxxx

  

			
	 Novartis Institute for Biomedical Research, Inc.
 Accounts Payable - 1702
 NIBRI Strategic Alliance Finance
 250 Massachusetts Avenue
 Cambridge, MA 02139, USA
	  	 INVOICE
  
  
  
 Invoice
number: XX

 Date 
 FTE debit for the period of (time frame) in reference to our Collaboration Agreement between (partner name) and Novartis Institute for Biomedical Research, Inc. effective
as of (date) 
 Detailed description of FTE calculation (No. of FTE, rate per FTE applied according
to the contract) 
  

			
	Total Payable	 	 (currency)xxxxxxx

 Payment terms 

	 	    	Full amount (excluding paying or receiving bank charges) in cleared funds to be credited to our account within (number of days stated in the contract) days of receipt of invoice by
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 - 49 -Master Loan and Security Agreeement, dated October 16, 2002

 Exhibit 10.5 
  

			
	 Master Loan And Security Agreement
	  	No. 2081009

 MASTER LOAN AND SECURITY AGREEMENT 
 No. 2081009 
 dated as of October 16, 2002
(“Agreement”) 
 THIS AGREEMENT is between Oxford Finance Corporation (together with its successors and assigns,
if any, “Secured Party”) and Infinity Pharmaceuticals, Inc. (“Debtor”). Secured Party has an office at 133 N. Fairfax Street, Alexandria, VA 22314. 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 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 executed by Debtor in favor of Secured Party from time to time and 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”). Unless otherwise provided by applicable law, notwithstanding anything to the contrary contained in this Agreement, to the extent that Secured Party asserts a purchase money security interest in any items of
Collateral (“PMSI Collateral”): (i) the PMSI Collateral shall secure only that portion of the Indebtedness which has been advanced by Secured Party to enable Debtor to purchase, or acquire rights in or the
use of such PMSI Collateral (the “PMSI Indebtedness”), and (ii) no other Collateral shall secure the PMSI Indebtedness. 
  

	2.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. 

 Debtor represents, warrants and covenants as of the date of this Agreement and shall confirm the same 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 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; 
  

							
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	 Master Loan And Security Agreement
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 (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; 
 (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”). 
 (l) All federal, state and local tax returns required to be filed by Debtor
have been filed with the appropriate governmental agencies and all taxes due and payable by Debtor have been timely paid; 
 (m) To the
knowledge of Debtor, and after due and reasonable investigation no event or condition exists under any material agreement, instrument or document to which Debtor is a party or may be subject, or by which Debtor or any of its properties are bound,
which constitutes a default or an event of default thereunder, or will, with the giving of notice, passage of time, or both, would constitute a default or event of default thereunder; 
 (n) All of the tangible Collateral is located at the locations set forth on each Collateral Schedule; 
 (o) Debtor will pay when due all taxes, assessments and other liabilities except as contested in good faith and by appropriate proceedings and for which
adequate reserves have been established; 
 (p) All reports, certificates, schedules, notices and financial information submitted by Debtor
to the Secured Party pursuant to this Agreement shall be certified as true and correct by an Officer of Debtor; 
 (q) Debtor shall give the
Secured Party (i) 30 days prior written notice of the location of any Collateral at any place other than the Collateral Locations; and (ii) prompt written notice of any event, occurrence or other matter which has resulted or may result in
a material adverse change in its financial condition or business operations; 
  

	3.	COLLATERAL. 

 (a) 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. 
 (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 

  

							
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	 Master Loan And Security Agreement
	  	No. 2081009

  

 
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. 
 (g) Upon
Debtor’s request, Secured Party shall release its security interest on any obsolete or surplus Collateral, it being understood that it is not the intention of Debtor to refinance such obsolete or surplus Collateral, up to an aggregate amount of
twenty percent (20%) of the Notes, if and only if, Debtor prepays all accrued and unpaid interest and the outstanding principal balance of the Notes allocable to such items 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 3(g), 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 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. 

 (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 reasonably 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 there has occurred and is continuing an Event of 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 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. 

 (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 reasonably 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 

  

							
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	 Master Loan And Security Agreement
	  	No. 2081009

  

 
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 reasonably 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 and reasonably 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. 

 (a) The following shall
constitute an event of default (“Event of Default”) under this Agreement and each of the other Debt Documents: 
 (i) Debtor breaches its obligation to pay when due any installment or other amount due or coming due under any of the Debt Documents and such failure shall continue for a period of ten (10) days following any oral, facsimile or written
notice from Secured Party to Debtor; 
 (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 when made; 
 (vi) Any material portion 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 within three (3) business days of Secured Party’s request 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. 
  

							
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	 Master Loan And Security Agreement
	  	No. 2081009

  

 (xiii) Debtor shall, without the prior written consent of Secured Party,
(i) merge with or consolidate into any other entity (other than an acquisition by Debtor of the capital stock or assets of another entity where (A) the aggregate cash consideration paid or to be paid in connection with such acquisition
does not exceed $7,500,000 or (B) the consideration paid by Debtor in such an acquisition shall be comprised solely of its equity securities), if the resulting entity’s overall financial condition after the merger or consolidation is worse
than the overall financial condition of Debtor before the merger or consolidation in Lender’s sole but good faith opinion, or (ii) sell all or substantially all of its assets or (iii) in any manner terminate its existence. In the
event that Secured Party fails to consent to a proposed merger or consolidation for which its consent is required, then Debtor may prepay the Indebtedness, either prior to or simultaneously with the closing of the merger or consolidation, upon
payment of (i) all accrued and unpaid interest and the outstanding principal balances of the Notes and (ii) an amount equal to three (3%) of the outstanding principal balance of the Notes on the date of prepayment; or 
 (xiv) if Debtor is a privately held corporation, there shall occur, without the prior written consent of Secured Party, a change in its
ownership of more than 50% of Debtor’s voting capital stock (other than by the sale in a public offering or to venture capital investors); provided that, if such change in ownership consists of an acquisition by an entity with a net
worth of $250,000,000 or greater, Secured Party’s consent to such change in ownership shall not be required. In the event that Secured Party fails to consent to a proposed change in ownership for which its consent is required, then Debtor may
prepay the Indebtedness, either prior to or simultaneously with the closing of the change in ownership event, upon payment of (i) all accrued and unpaid interest and the outstanding principal balance of the Notes and (ii) an amount equal
to three percent (3%) of the outstanding principal balance of the Notes on the date of prepayment; or 
 (xv) if Debtor
is a publicly held corporation, there shall be a change in the ownership of Borrower’s stock such that Borrower is no longer subject to the reporting requirements of the Securities Exchange Act of 1934 or no longer has a class of equity
securities registered under Section 12 of the Securities Act of 1933; or 
 (xvi) if Debtor defaults under any other
financing arrangement between Debtor and a third party and third party has accelerated the debt in accordance with its terms (other than a default where the aggregate financing arrangement with a third party amounts to less than $75k); or

 (b) Upon an Event of Default, 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 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. 
 (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
AGREEMENT, INSTRUMENT OR PAPER SIGNED BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY SECURED 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.

  

							
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	 Master Loan And Security Agreement
	  	No. 2081009

  

 (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 (with the exception of oral notice as provided for in
Section 7(a)(i)), 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, (iii) on the fourth business day after being sent by regular, registered or certified mail, and
(iv) on the date the telephone call is made by Secured Party if delivered by oral notice in connection with Section 7(a)(i). 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 COMMONWEALTH OF VIRGINIA (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. 
  

							
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 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:

			
	Oxford Finance Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	 /s/ Michael J. Altenburger
	 		 	 By:
	 	 /s/ Steven H. Holtzman

	 Name:
	 	 M. J. Altenburger
	 		 	 Name:
	 	 Steven H. Holtzman

	 Title:
	 	 CFO
	 		 	 Title:
	 	 President & CEO

  

							
		  	Page 7	  	Initial	  	/s/ Illegible

 FIRST AMENDMENT TO MASTER LOAN AND SECURITY AGREEMENT NO. 2081009 
 Dated as of March 31,2006 
 THIS FIRST
AMENDMENT TO MASTER LOAN AND SECURITY AGREEMENT NO. 2081009 (this “Amendment”) is between Oxford Finance Corporation (together with its successors and assigns, if any, “Secured Party”) and Infinity Pharmaceuticals, Inc.
(“Debtor”). Secured Party has an office at 133 N. Fairfax Street, Alexandria, VA 22314. 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
780 Memorial Drive, Cambridge, MA 02139. 
  

	 	1.	TERMS OF EXISTING AGREEMENT. 

 The Secured Party and
Debtor are parties to that certain Master Loan and Security Agreement dated October 16, 2002 (the “Agreement”) and desire to amend the terms and conditions of the Agreement in accordance with the terms and conditions more
specifically set forth herein. The terms used and defined in this Amendment are used herein with the same meanings ascribed to them in the Agreement except to the extent specifically provided herein. This Amendment is not a novation and, except as
specifically modified by this Amendment, all of the terms and provisions of the Agreement and all previous amendments thereto shall remain unchanged and in full force and effect. To the extent there is a conflict between the provisions of the
Agreement and all previous amendments thereto and the provisions of this Amendment, this Amendment governs. 
  

	 	2.	REVISIONS TO EXISTING AGREEMENT. 

  

	 	(a)	Section 1 of the Agreement is revised to read as follows: 

 Debtor grants to Secured Party, its successors and assigns, a security interest in and against the Collateral (as that term is defined herein). 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, under the Debt Documents including but not limited to the payment and performance of certain Promissory Notes from time
to time executed by Debtor (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”). 
 If Debtor shall at any time acquire a commercial tort claim, as defined in the Code,
having a reasonable expected value in excess of $250,000 Debtor shall immediately notify Secured Party in writing signed by Debtor of the brief details thereof and, to the extent requested by the Secured Party, grant to Secured Party in such writing
a security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance satisfactory to Secured Party. 
 Secured Party represents that, as long as the Scenario A conditions described in the Term Sheet dated December 9, 2005 between the
Secured Party and the Debtor have been met, the Secured Party will make available to the Debtor an additional Two Million Five Hundred Thousand Dollars ($2,500,000) to be drawn by the Debtor anytime up to and including June 30, 2006.

 Notwithstanding anything to the contrary contained herein or in any other Debt Document, the Debtor may prepay in full, but
not in part, its entire Indebtedness under any Note by payment of the entire Indebtedness on such Note plus an additional sum as a premium equal to the following percentages of the remaining principal balance on such Note for the indicated period:
(i) from the date of the Note until the first annual anniversary date of such Note: four percent (4%); (ii) from the first annual anniversary date of the Note until the second annual anniversary date of such Note: three percent (3%);
(iii) from the second annual anniversary date of the Note until the third annual anniversary date of such Note: two percent (2%); (iv) from the third annual anniversary date of the Note until the Indebtedness is paid in full: no premium
(0%). 
  

	 	(b)	Section 2(k) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

  

	 	(k)	Encumbrances. The Collateral is, and will remain, free and clear of all liens, claims and encumbrances of any kind whatsoever, except for Permitted Liens;

  

							
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	 	(c)	The following new provisions shall be added at the end of Section 2 of the Agreement to read as follows: 

  

	 	(r)	Debtor will protect, defend and maintain the validity and enforceability of the Intellectual Property necessary for the operation of its business. 

  

	 	(s)	Transactions with Affiliates. Debtor shall not, without the prior written consent of Secured Party, directly or indirectly enter into or permit to exist any material
transaction with any Affiliate of Debtor except for transactions that are on fair and reasonable terms and no less favorable to Debtor than would be obtained in an arm’s length transaction with a nonaffiliated Person. 

 

	 	(t)	Audits. Unless an Event of Default has occurred and is continuing. Debtor shall allow Secured Party to audit Debtor’s Collateral no more often than every six
(6) months and shall reimburse Secured Party for up to Seven Thousand Five Hundred Dollars ($7,500) a year in audit expenses. Upon the occurrence and continuation of an Event of Default, the Secured Party will have the right to audit
Debtor’s Collateral at any time at Debtor’s expense. 

  

	 	(d)	The following new provisions shall be added at the end of Section 3 of the Agreement to read as follows: 

  

	 	(h)	Receivables. As to each and every Receivable, the Debtor has full right and power to grant the Secured Party a security interest therein and the security interest granted in
such Receivable to the Secured Party in this Agreement, when perfected, will be a valid first security interest, subject to Permitted Liens, which will inure to the benefit of the Secured Party without further action. Upon the written request of
Secured Party, deliver to the Secured Party at the end of any fiscal quarter schedules of all outstanding Receivables. Such schedules shall be in form reasonably satisfactory to the Secured Party and shall show the age of such Receivables in
intervals of not more than thirty (30) days. The items to be provided under this Section are to be prepared and delivered to the Secured Party from time to time solely for its convenience in maintaining records of the Collateral and the
Debtor’s failure to give any of such items to the Secured Party shall not affect, terminate, modify or otherwise limit the Secured Party’s security interest granted herein. 

  

	 	(i)	Change of Address. All of the Collateral is located in and will in the future be in the possession of the Debtor at its address stated above or at such other addresses as may
be set forth on the attached Schedule A or of which Debtor has notified Secured Party as provided herein. The Debtor has not at any time within the past four (4) months either (a) maintained Inventory or Equipment or (b) maintained
its chief executive office or its records with respect to the Receivables at any other location and shall not do so hereafter except with the prior written consent of the Secured Party. The Secured Party shall be entitled to rely upon the foregoing
unless it receives 14 days’ advance written notice of a change in the address of the Debtor’s executive offices or location of the Collateral. 

  

	 	(j)	Fixtures. Not permit any item of the Equipment to become a fixture to real estate or an accession to other property (other than existing fixtures and items that are leasehold
improvements) without the prior written consent of the Secured Party, and except for any Equipment that is subject to a Permitted Lien or which has become a fixture or accession to other property as of the effectiveness of the Amendment (such
equipment referred to as the “Excepted Equipment”), the Equipment is now and shall at all times remain personal property except with the Secured Party’s prior written consent. If any of the Equipment (other than the Excepted
Equipment) is or will be attached to real estate in such a manner as to become a fixture under applicable state law and if such real estate is encumbered, the Debtor will request from the holder of each Lien or encumbrance a written consent and
subordination to the security interest hereby granted, or a written disclaimer of any interest in the Collateral, in a form acceptable to the Secured Party. 

  

	 	(k)	Chattel Paper. Promptly, upon request by the Secured Party, deliver, assign, and endorse to the Secured Party all chattel paper and all other documents held by the Debtor in
connection therewith. 

  

	 	(1)	Claims and Disputes. Immediately upon learning thereof, report to the Secured Party any reclamation, return or repossession of goods, any claim or dispute asserted by any
Account Debtor or other obligor in amounts in excess of $ 100,000, and any other matter affecting the value and enforceability or collectability of any of the Collateral. In addition, the Debtor shall, at its sole cost and expense (including
attorneys’ fees), but subject to the exercise of Debtor’s reasonable business judgment, litigate or settle any and all such claims and disputes and indemnify and protect the Secured Party against any liability, loss or expense arising
therefrom or out of any such reclamation, return or repossession of goods. 

  

	 	(m)	Filing and Perfection of Claims. At the request of the Secured Party, take the necessary or appropriate steps to file and perfect, at the Debtor’s expense, any lien,
judgment, claim or lawsuit that may be available to the Debtor under the laws of the applicable jurisdiction in the event that any Receivable is not paid within sixty (60) days of its due date. 

  

	 	(n)	 Domain Name. The Debtor, in the exercise of its reasonable business judgment, shall (i) maintain the trademark of the domain name by defending against
any infringement suits and by policing the trademark; (ii) renew the domain 

  

							
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name registration during the loan term; and (iii) make all payments to the domain name registrar necessary to maintain the domain name

  

	 	(o)	Distributions. Debtor shall not (i) pay any dividends or make any distributions on its equity securities; (ii) purchase, redeem, retire, defease or otherwise acquire for
value any of its equity securities (other than repurchases in an aggregate amount not to exceed Five Hundred Thousand Dollars ($500,000)); (iii) return any capital to any holder of its equity securities as such; (iv) make any distribution of
assets, equity securities, obligations or securities to any holder of its equity securities as such; or (v) set apart any sum for any such purpose; provided, however, Debtor may pay dividends or make distributions on its equity
securities payable solely in common stock. 

  

	 	(p)	Indebtedness Payments. Debtor shall not (i) prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any
Subordinated Indebtedness for borrowed money or lease obligations without the consent of the Secured Party, such consent not to be unreasonably withheld; (ii) prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the
scheduled repayment thereof any Additional Indebtedness (exclusive of Subordinated Indebtedness which is governed by clause (i) above) for borrowed money or lease obligations (each a “Prepayment” and together the
“Prepayments”) in an aggregate amount in excess of Ten Million Dollars ($10,000,000) within any six (6) month period without also prepaying a Ratable Portion (as defined below) to the Secured Party; or (iii) amend, modify
or otherwise change the terms of any Additional Indebtedness for borrowed money or lease obligations so as to accelerate the scheduled repayment thereof in violation of clauses (i) and (ii) above. For the avoidance of doubt, Debtor shall
be permitted to make regularly scheduled or regularly required payment, repayment or redemptions of Permitted Indebtedness. 

 For purposes of this Section 3(p), “Ratable Portion” means an amount equal to the product of (A) the amount of Indebtedness owed to the Secured Party at the time multiplied by (B) a fraction, the numerator of
which is the dollar amount of all Prepayments made within that six (6) month period in excess of Ten Million Dollars ($10,000,000) and the denominator of which is the sum of (i) all outstanding Additional Indebtedness (other than
Subordinated Indebtedness) and (ii) the Indebtedness owed to the Secured Party. 
  

	 	(q)	Additional Indebtedness. Debtor shall not create, incur, assume or permit to exist any Additional Indebtedness except Permitted Indebtedness. 

  

	 	(r)	Negative Pledge Regarding Intellectual Property. Debtor shall not sell, transfer, assign, mortgage, pledge, lease, grant a security interest in, or encumber any of its
Intellectual Property, or enter after the date of this Amendment into any agreement, document, instrument or other arrangement (except with or in favor of Secured Party or in connection with Additional Indebtedness described in clauses (d) or
(f) of Permitted Indebtedness) with any entity which directly or indirectly prohibits or has the effect of prohibiting Debtor from selling, transferring, assigning, mortgaging, pledging, leasing, granting a security interest in or upon, or
encumbering any of Debtor’s Intellectual Property; provided, however, that Debtor may (a) grant licenses with respect to its Intellectual Property in connection with joint ventures, corporate collaborations, financing of intellectual
Property projects or in the ordinary course of business or (b) assign or otherwise transfer its Intellectual Property pursuant to agreements that the Debtor reasonably believes are in, or are not opposed to, the best interest of the Debtor,
provided further that, Debtor may request that this covenant be waived in light of compelling special circumstances which require the pledge of any Intellectual Property to another creditor and Secured Party shall not unreasonably withhold its consent to such request. 

  

	 	(s)	Account Control Agreements. Debtor shall at all times after the first 60 days following the date of this Amendment maintain all Cash Equivalents owned by Debtor on deposit in
a Deposit Account or Accounts at a third party institution (a “Third Party Institution”) covered by an account control agreement in favor of Secured Party (the terms of which shall be reasonably acceptable to Secured Party). At any
time that the Cash Equivalents or any portion thereof are held in an account or accounts in one or more Third Party Institutions, the related account control agreement shall provide that Secured Party is to receive monthly account statements,
evidencing that the Cash Equivalents are maintained in the related account. With respect to each such Deposit Account, Debtor, Secured Party, and each Third Party Institution with which a Deposit Account is maintained, shall enter into a written
agreement, granting Secured party control of the Deposit Account and providing that the Third Party Institution will comply with instructions originated by the Secured Party directing disposition of the funds in the Deposit Account without further
consent by Debtor. Such account control agreement may in accordance with the provisions thereof provide terms under which Debtor may remove funds from the Deposit Account; provided all funds in or transferred into the Deposit Account on or after the
effectiveness of this Agreement shall be subject to the security interest granted under this Agreement. 

  

							
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	 	(t)	Instructions for the primary operating account are as follows: 

 Silicon Valley Bank 
 3003 Tasman Drive 
 Santa Clara, CA 95054 
 ABA No.: 121140399 
 Account No.: 3300323007 
 Account Name: Operating Account 
 Debtor hereby agrees that Loans will be advanced to the account specified above and regularly scheduled payments will be automatically debited from the same account. In addition to the primary operating account identified hereinabove,
Debtor maintains the following other deposit and investment accounts: 
  

	 	1.	Silicon Valley Bank 

 3003 Tasman Drive

 Santa Clara, CA 95054 
 ABA No.: 121140399 
 Account No.: 3300322942 
 Account Name: Accounts Payable 
  

	 	2.	Silicon Valley Bank 

 3003 Tasman Drive

 Santa Clara, CA 95054 
 ABA No.: 121140399 
 Account No.: 3300339939 
 Account Name: Flex Spend 
  

	 	3.	Silicon Valley Bank 

 3003 Tasman Drive

 Santa Clara, CA 95054 
 ABA No.: 121140399 
 Account No.: 486-01722-14 RR ZGQ 
 Account Name: Restricted Cash 
  

	 	4.	Silicon Valley Bank 

 3003 Tasman Drive

 Santa Clara, CA 95054 
 ABA No.: 121140399 
 Account No.: 486-00901-19 RR ZGQ 
 Account Name: Investment Account 
  

	 	5.	State Street Bank and Trust Company 

 Fiduciary Investor Services 
 225 Franklin Street 
 Boston, MA 02110 
 ABA No.: 11000028 
 Account No.: DE1670 
 Account Name: Investment Account 
  

	 	(u)	Right to Invest. Debtor hereby grants to Secured Party a right (but not an obligation) to invest up to $750,000.00 in Debtor’s Subsequent Financings on the same economic
terms conditions and pricing offered to other investors generally in such financing. Debtor shall endeavor to give Secured Party at least thirty (30) days prior written notice of such Subsequent Financing containing the terms, conditions and
pricing of such Subsequent Financing. As used herein, “Subsequent Financing” shall mean the next round of private equity financing. 

  

	 	(e)	Section 4(b) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

  

	 	(b)	 Insurance Requirements. Debtor agrees to maintain general liability insurance and to keep the Collateral insured against loss or damage by fire and extended
coverage perils, theft, burglary, risk of loss by collision (for any or all Collateral which are vehicles) and such other risks as Secured Party may reasonably require. The liability insurance coverage shall be in an amount standard for companies
similar to Debtor in Debtor’s industry in Debtor’s geographic region. The property insurance coverage shall be in an amount no less than the full replacement value of the Collateral. All insurance policies shall be in a form, with
companies and with deductible amounts, reasonably 

  

							
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acceptable to Secured Party. Debtor shall, upon request, deliver to Secured Party copies of policies or certificates of insurance evidencing such coverage.
Each policy shall name Secured Party as a loss payee and an additional insured, 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 (10 days for non-payment) to Secured Party (the insurance coverage set forth in the Insurance Certificates provided by
Debtor to Secured Party shall be deemed acceptable). Debtor appoints Secured Party as its attomey-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 an Event of Default exists. Proceeds of insurance with a value in excess of Two Million Five Hundred Thousand ($2,500,000)
shall be applied, at the option of the Secured Party, to repair or replace the Collateral or to reduce any of the Indebtedness. 

  

	 	(f)	Section 5(b) of the Agreement is hereby amended by deleting it in its entirety and replacing it with the following: 

  

	 	(b)	Debtor will deliver to Secured Party within ninety (120) days of the close of each fiscal year of Debtor, Debtor’s complete financial statements including a balance sheet,
income statement, statement of shareholders’ equity and statement of cash flows, each prepared in accordance with generally accepted accounting principles consistently applied, certified by a recognized firm of certified public accountants
satisfactory to Secured Party. Debtor will deliver to Secured Party copies of Debtor’s quarterly financial statements including a balance sheet, income statement and statement of cash flows, each prepared by Debtor in accordance with generally
accepted accounting principles consistently applied subject to year end audit adjustments and footnotes by Debtor and certified by Debtor’s chief financial officer or controller, within ninety (120) days after the close of each of
Debtor’s fiscal quarter. Debtor will deliver to Secured Party copies of Debtor’s monthly financial statements including a company prepared balance sheet, income statement and cash flow statement covering Borrower’s operations during
such period, each prepared by Debtor and certified by Debtor’s chief financial officer or controller, within forty- five (45) days after the close of each month, subject to year end audit adjustments and footnotes. 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, unless they are publicly available over the internet. Concurrently with delivery of the
foregoing information, and from time to time promptly upon request of Secured Party, Debtor will deliver to Secured Party a Compliance Certificate substantially consistent with the form of the document attached hereto as Schedule C. Debtor will
deliver to Secured Party within a reasonable time, in form satisfactory to Secured Party, such other and additional information as Secured Party may reasonably request from time to time. 

  

	 	(g)	Section 7(a)(xiv) of the Agreement is hereby amended by adding in the second line after the word “investors” and before the following language “or other than a
merger, acquisition or other consolidation in which the stockholders of the Debtor immediately prior to such transaction own, immediately after the transaction, more than 50% of the voting capital stock of the surviving or successor entity.”

  

	 	(h)	Section 7(a)(xvi) of the Agreement is hereby amended by deleting “$75K” in the second line thereof and replacing it with “Two Hundred Fifty Thousand Dollars
($250,000).” 

  

	 	(i)	The following new provisions shall be added at the end of Section 7(a) of the Agreement to read as follows: 

  

	 	(xvii)	There is a material adverse change in the Debtor’s financial condition as determined by Secured Party in its reasonable judgment. 

  

	 	(xviii)	The Debtor is in breach of Section 3(s) of this Agreement. 

  

	 	(j)	The following new provisions shall be added at the end of Section 8 of the Agreement to read as follows: 

  

	 	(h)	Limitation of Liability. The Secured Party shall not, under any circumstances, be liable for any error or omission or delay of any kind occurring in the settlement,
collection or payment of any Receivables or any instrument received in payment thereof or for any damage resulting therefrom, unless such error, omission or delay is caused by its own negligence or misconduct. Upon the occurrence during the
continuation of an Event of Default, the Secured Party is authorized to accept the return of the goods represented by any of the Receivables, without notice to or consent by the Debtor. 

  

	 	(i)	 Notification to Account Debtors. Upon the occurrence and during the continuation of an Event of Default, the Secured Party shall have the right at any time
to notify any Account Debtor of the Secured Party’s security interest in the Receivables and to require payments to be made directly to the Secured Party. Furthermore, in the event the Debtor’s Receivables have exceeded One Million Dollars
($1,000,000) at the end of each month for the preceding 

  

							
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three (3) months, to facilitate direct collection, the Debtor hereby appoints the Secured Party and any officer or employee of the Secured Party, as the
Secured Party may from time to time designate, as attomey-in-fact for the Debtor to, while an Event of Default continues (a) if the Debtor maintains post office boxes for the sole purpose of collecting Receivables, take over those post office
boxes, or make such other arrangements, in which the Debtor shall cooperate, to receive the Debtor’s mail addressed to those post office boxes, including notifying the post office authorities to change the address for delivery of mail addressed
to those post office boxes of the Debtor to such address as the Secured Party shall designate; (b) receive, open and dispose of any mail addressed to the Debtor and sent to such post office boxes and take therefrom any payments on or proceeds
of Receivables (c) endorse the name of the Debtor in favor of the Secured Party upon any and all checks, drafts, money orders, notes, acceptances or other evidences of payment or Collateral that may come into the Secured Party’s
possession; (d) sign and endorse the name of the Debtor on any invoice or bill of lading relating to any of the Receivables, on verifications of Receivables sent to any Account Debtor, to drafts against any Account Debtor, to assignments of
Receivables, and to notices to any Account Debtor; and (e) do all acts and things necessary to carry out this Agreement and the transactions contemplated hereby, including signing the name of the Debtor on any instruments required by law in
connection with the transactions contemplated hereby and on financing statements as permitted by the Virginia Uniform Commercial Code. This power, being coupled with an interest, is irrevocable so long as the Loan remains unsatisfied, or any Loan
Document remains effective, as solely determined by the Secured Party. 

  

	 	(j)	Loss, Depreciation or Other Damage. The Secured Party shall not be liable for or prejudiced by any loss, depreciation or other damage to Receivables or other Collateral
unless caused by the Secured Party’s willful and malicious act, and the Secured Party shall have no duty to take any action to preserve or collect any Receivable or other Collateral. 

  

	 	(k)	New Section 9 is added after Section 8 of the Agreement to read as follows: 

  

	 	9.	DEFINITIONS. 

 As used herein, the following terms,
when initial capital letters are used, shall have the respective meanings set forth below. In addition, all terms defined in the Virginia Uniform Commercial Code (including revised Article 9 thereof) shall have the meanings given therein unless
otherwise defined herein. 
 Defined Terms. As used in this Agreement, the following terms shall have the following meanings, unless the
context otherwise requires: 
 “Account Debtor” shall mean the account debtor or any customer of the Debtor who is obligated
or indebted to the Debtor with respect to any of the Receivables and/or the prospective purchaser with respect to any contract right, and/or any party or organization who enters into or proposes to enter into any contract or other arrangement with
the Debtor pursuant to which the Debtor is to deliver any personal property or perform any service. 
 “Additional Indebtedness”
means, with respect to Debtor or any of its subsidiaries, the aggregate amount of, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade payables aged less than one hundred eighty (180) days), (d) all capital lease obligations of
such Person, (e) all obligations or liabilities of others secured by a Lien on any asset of such Person, whether or not such obligation or liability is assumed, (f) all obligations or liabilities of others guaranteed by such Person, and
(g) any other obligations or liabilities which are required by GAAP to be shown as debt on the balance sheet of such Person. Unless otherwise indicated, the term “Additional Indebtedness” shall include all Indebtedness of
Debtor and all of its subsidiaries. 
 “Affiliate” of a Person is a Person that owns or controls directly or indirectly the
Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers, directors, partners and, for any Person that is a limited liability company, that
Person’s managers and members. 
 “Cash Equivalents” means the sum outstanding, at any one time, of (i) all cash
(in United States dollars) owned by Debtor at such time plus (ii) the fair market value of all cash equivalents and short term investments (as those terms are defined by GAAP) owned by Debtor at such time. 
 “Code” means the Virginia Uniform Commercial Code (including revised Article 9 thereof). 
 “Collateral” shall mean all personal property and fixtures of the Debtor, including, but not limited to all of the Receivables,
Payments, accounts, the Deposit Account or Accounts, contract rights, instruments, documents, chattel paper (including tangible and electronic chattel paper), payment intangibles, commercial tort claims, health-care-insurance receivables,
instruments, investment property, supporting obligations and general intangibles now owned or hereafter acquired by the Debtor and all  

  

							
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goods, equipment, general intangibles and property of the Debtor described below which is now owned or hereafter acquired by the Debtor, wherever located;
all deposit accounts (including all signature cards, account agreements and other documents relating to deposit accounts) and other obligations or indebtedness owed to the Debtor from whatever source arising; letter of credit rights; all rights of
the Debtor to receive any payment in money or kind; all Inventory; all Equipment; all of the Debtor’s rights as an unpaid seller, including stoppage in transit, detinue and reclamation; all guarantees, or other agreements or property securing
or relating to any of the items referred to above, or acquired for the purpose of securing and enforcing any of such items; all books of account and documents related thereto; to the extent allowed by law, all customer lists and other documents
containing the names, addresses and other information regarding the Debtor’s customers, subscribers or those to whom the Debtor provides any services; computer tapes, programs, discs and other material, media or documents relating to the
recording, billing or analyzing of any of the above; all computers, word processors, printers, switches, interfaces, web servers, website service contracts, internet connection contract or line lease, website hosting service contract, website
license agreements, contracts with website advertisers, scripts, codes or Active-X controls, technology escrow agreements, website content development agreements, all parts, accessories, additions, substitutions, or options together with all
property or equipment used in connection with any of the above or which are used to operate or cause to operate any features, special applications, format controls, options or software of any or all of the above-mentioned items; whether now owned or
existing or hereafter acquired or arising, contractual rights, all amounts received as an award in or settlement of a suit in damages, proceeds of loans, interests in joint ventures or general or limited partnerships, the sale by the Debtor of any
of the foregoing and all proceeds (cash and non-cash) of the foregoing; proceeds of property received wholly or partly in trade or exchange for the Collateral and all rents, revenues, issues, profits and proceeds in any form, including cash,
insurance proceeds, distributions on stock, negotiable instruments and other evidences of indebtedness, chattel paper, security agreements and other documents arising from the sale, lease, license, encumbrance, collection of, or any other temporary
or permanent disposition of, the Collateral or any interest therein. Notwithstanding the foregoing, the term Collateral shall not include (i) Intellectual Property, as hereinafter defined, (ii) assets which are subject to liens described
in clauses (d), (f), (g) and (j) of the definition of Permitted Liens, (iii) any interests in joint ventures, corporate collaborations, financings of Intellectual Property projects and licenses granted in the ordinary course of
business or (iv) contracts which by their terms do not permit or would be violated by the grant of a lien or security interest in them (the “Excluded Property”). The Debtor acknowledges and agrees that, in applying the law of
any jurisdiction that at any time enacts all or substantially all of the uniform provisions of Revised Article 9 of the Uniform Commercial Code (1999 Official Text), the foregoing collateral description covers all assets of the Debtor, with the
exception of Excluded Property. The Secured Party may at any time and from time to time file, pursuant to the provisions of this Agreement, financing and continuation statements and amendments thereto reflecting the same. 
 “Debt Documents” has the meaning given such capitalized term in Section 2(b). 
 “Default Rate” is the lower of eighteen percent (18%) per annum or the maximum rate not prohibited by applicable law. 
 “Deposit Account” means a demand, time, savings, passbook, or similar account maintained with a bank. 
 “Equipment” shall mean (a) all goods and equipment of the Debtor of every type and description, now owned and hereafter acquired and
wherever located, including, without limitation, all imbedded software, machinery, motor vehicles and other rolling stock, furniture, furnishings, tools, dies, fittings, accessories, all substitutions therefore, leasehold improvements, fixtures, and
materials and supplies relating to any of the foregoing; (b) all present and future documents of title and trust receipts relating to any of the foregoing; (c) all present and future rights, claims and causes of action of Debtor in
connection with purchases of (or contracts for the purchase of), or warranties relating to, or damages to, goods held or to be held by the Debtor as equipment; (d) all present and future warranties, manuals and other written materials (and
packaging thereof or relating thereto) relating to any of the foregoing; and (e) all present and future general intangibles of the Debtor in any way relating to any of the foregoing. 
 “Government Accounts” shall mean all accounts arising out of any Government Contract. 
 “Government Contract” shall mean any contract between the Debtor and the United States Government, any state or local government or any
agency thereof, and all amendments thereto. 
 “Indebtedness” has the meaning given such capitalized term in
Section 1. 
 “Intellectual Property” shall mean (a) all of the Debtor’s right, title and interest,
whether now owned or existing or hereafter acquired or arising, in and to all domestic and foreign copyrights, copyright registrations and copyright applications, whether or not registered or filed with any governmental authority, together with
(i) all renewals thereof, (ii) all present and future rights of the Debtor under all present and future license agreements relating thereto, whether the Debtor is licensee or licensor thereunder, (iii) all income, royalties, damages
and payments now or hereafter due and/or payable to the Debtor thereunder or with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iv) all of the Debtor’s present and
future claims, causes of action and rights to sue for past, present or future infringements 

  

							
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thereof, and (v) all rights corresponding thereto throughout the world (collectively “Copyright Rights”); (b) all of the
Debtor’s right, title and interest, whether now owned or existing or hereafter acquired or arising, in and to all United States and foreign patents, and pending and abandoned United States and foreign patent applications, including, without
limitation, the inventions and improvements described or claimed therein, together with (i) any reissues, divisions, continuations, certificates of re-examination, extensions and continuations-in-part thereof, (ii) all present and future rights
of the Debtor under all present and future license agreements relating thereto, whether the Debtor is licensee or licensor thereunder, (iii) all income, royalties, damages and payments now or hereafter due and/or payable to the Debtor
thereunder or with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iv) all of the Debtor’s present and future claims, causes of action and rights to sue for past,
present or future infringements thereof, and (v) all rights corresponding thereto throughout the world (collectively “Patent Rights”); (c) all of the Debtor’s right, title and interest, whether now owned or existing
or hereafter acquired or arising, in and to all domestic and foreign trademarks, trademark registrations, trademark applications and trade names, whether or not registered or filed with any governmental authority, together with (i) all renewals
thereof, (ii) all present and future rights of the Debtor under all present and future license agreements relating thereto, whether the Debtor is licensee or licensor thereunder, (iii) all income, royalties, damages and payments now or
hereafter due and/or payable to the Debtor thereunder or with respect thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iv) all of the Debtor’s present and future claims,
causes of action and rights to sue for past, present or future infringements thereof, and (v) all rights corresponding thereto throughout the world and all goodwill related to the foregoing (collectively “Trademark Rights”);
(d) all present and future licenses and license agreements of the Debtor, and all rights of the Debtor under or in connection therewith, whether the Debtor is licensee or licensor thereunder, including, without limitation, any present or future
franchise agreements under which the Debtor is franchisee or franchisor, together with (i) all renewals thereof, (ii) all income, royalties, damages and payments now or hereafter due and/or payable to the Debtor thereunder or with respect
thereto, including, without limitation, damages and payments for past, present or future infringements thereof, (iii) all claims, causes of action and rights to sue for past, present or future infringements thereof, and (iv) all rights
corresponding thereto throughout the world (collectively “License Rights”); (e) all present and future trade secrets of the Debtor; and (f) all other present and future intellectual property of the Debtor. 
 “Inventory” shall mean and include (a) all goods now owned or hereafter acquired by the Debtor, which are held for sale or lease by
the Debtor or are furnished or to be furnished by the Debtor under contracts of service, (b) all raw materials, work in process, finished goods, packaging materials, and other materials and supplies of every kind used or consumed in connection
with the manufacture, production, packing, shipping, advertising or sale of such goods, (c) all proceeds and products from the sale or other disposition of such goods, including all goods returned, repossessed, or acquired by the Debtor by way
of substitution or replacement, and all additions and accessions thereto, and all documents and instruments (as those terms are defined in the Uniform Commercial Code) covering such goods; (d) all the Debtor’s rights as an unpaid seller,
including stoppage in transit, detinue and reclamation; and (e) all of the above owned by the Debtor or in which the Debtor now has or in which the Debtor may hereafter acquire an interest, whether in transit or in the Debtor’s
constructive or actual possession or held by the Debtor or others for the Debtor’s account (including any of the above held on consignment), including, without limitation, all of the above which may be located on the Debtor’s premises or
upon the premises of any carriers, forwarding agents, truckers, warehousemen, vendors, selling agents, finishers, converters or other third parties who may have possession, temporary or otherwise, thereof. 
 “Lien(s)” shall mean any voluntary or involuntary mortgage, pledge, deed of trust, assignment, security interest, encumbrance,
hypothecation, lien, or charge of any kind (including any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any
financing statement under the Uniform Commercial Code or comparable law of any jurisdiction). 
 “Loan” means an advance of
credit by Secured Party to Debtor. “Note” has the meaning given such capitalized term in Section 1. 
 “Payment” or “Payments” shall mean any check, draft, cash or any other remittance or credit in payment or on account of any or all of the Receivables and the cash proceeds of any returned, rejected or
repossessed goods, the sale or lease of which gave rise to a Receivable. 
 “Permitted Indebtedness” means and includes:

  

	 	a)	Indebtedness of Debtor to Secured Party; 

  

	 	b)	Additional Indebtedness arising from the endorsement of instruments in the ordinary course of business; 

  

	 	c)	 Additional Indebtedness existing on the date hereof and set forth in Schedule B and any refinancings, refundings, renewals or extensions thereof;
provided that the amount of such Additional Indebtedness is not increased at the time 

  

							
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of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses
reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with respect thereto is not changed, as a result of or in connection with such
refinancing, refunding, renewal or extension; 

  

	 	d)	Additional Indebtedness incurred pursuant to a secured loan arrangement to be entered into between the Debtor and Horizon Technology Funding Company LLC (or its designee) and any
refinancings, refundings, renewals or extensions thereof; provided that the amount of such Additional Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a
reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder and the direct or any contingent obligor with
respect thereto is not changed, as a result of or in connection with such refinancing, refunding, renewal or extension; 

  

	 	e)	Additional Indebtedness secured by Liens permitted under clause (j) of the definition of Permitted Liens; 

  

	 	f)	Additional Indebtedness incurred in connection with any license, joint venture, partnership, corporate collaboration or project financing in the ordinary course of business
involving the Debtor’s Intellectual Property; 

  

	 	g)	Additional Indebtedness with a maturity not to exceed six (6) months; 

  

	 	h)	Additional Indebtedness owed from the Company to any Subsidiary; 

  

	 	i)	Additional Indebtedness existing in the books of any entity acquired by the Debtor in a transaction permitted under this Agreement together with any Additional Indebtedness incurred
for the purpose of refinancing such existing Additional Indebtedness; provided that such Additional Indebtedness is in existence on the date of such acquisition and is not created in anticipation thereof; 

  

	 	j)	Additional Indebtedness consisting of trade debt incurred in the ordinary course of business and guarantees by the Debtor of any Subsidiary indebtedness not otherwise prohibited
hereunder; 

  

	 	k)	Additional Indebtedness incurred in the ordinary course of business consisting of obligations from any interest rate, interest rate cap or collar, currency or currency swap or other
agreements or arrangement designed to protect the Debtor against fluctuations in interest rates or currency exchange rates; 

  

	 	l)	Subordinated Indebtedness; 

  

	 	m)	Other Additional Indebtedness aggregating not in excess of One Million Dollars ($1,000,000).  

 “Permitted Liens” means: 
  

	 	a)	liens in favor of Secured Party; 

  

	 	b)	liens for taxes not yet due or for taxes being contested in good faith for which adequate reserves have been established and which do not involve, any imminent sale, forfeiture or
loss of any of the Collateral; 

  

	 	c)	inchoate material men’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;

  

	 	d)	Liens existing on the date hereof and set forth in Schedule C and any refinancings, renewals or extensions thereof, provided that the property covered thereby
is not changed and the amount secured or benefited thereby is not increased except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing, renewals
or extensions; 

  

	 	e)	pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any
Liens imposed by ERISA; 

  

	 	f)	Liens on assets of any entity acquired by the Debtor or any of its Subsidiaries in a transaction permitted under this Agreement; provided that such Liens are in existence on the
date of such acquisition and are not created in anticipation thereof; 

  

							
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	 	g)	Liens securing Additional Indebtedness permitted under clauses (d), (f), (g) and (k) of the definition of Permitted Indebtedness; 

  

	 	h)	any interest or title of a lessor under any lease entered into by the Borrower or any other subsidiary in the ordinary course of its business and covering only the assets so leased;
and 

  

	 	i)	Liens consisting of statutory or contractual liens in favor of banks or institutions holding, providing or issuing Borrower’s deposit accounts and certificates of deposits,
easements affecting real property, and Liens in the nature of performance bonds or security deposits arising in the ordinary course of business; 

  

	 	j)	Liens upon any Equipment and proceeds, leasehold improvements and soft costs acquired by Debtor after the date hereof to secure (i) the purchase price (including the refunding
to the Debtor of the purchase price) of such equipment or other personal property, or (ii) lease obligations or indebtedness incurred solely for the purpose of financing such Equipment and proceeds, leasehold improvements and soft costs;
provided that (A) such Liens are confined solely to the Equipment so financed, leasehold improvements, soft costs and proceeds thereof and the amount secured does not exceed the price thereof, and (B) no such Lien shall be created,
incurred, assumed or suffered to exist in favor of Debtor’s officers, directors or shareholders holding five percent (5%) or more of Debtor’s equity securities. 

 “Person” is any individual, sole proprietorship, partnership, limited liability company, joint venture, company association,
trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency. 
 “Prepayment” shall mean to prepay, redeem, purchase, defease or otherwise satisfy in any manner prior to the scheduled repayment thereof any Additional Indebtedness (exclusive of Subordinated
Indebtedness) for borrowed money or lease obligations. 
 “Ratable Portion” shall mean an amount equal to the product of
(A) the amount of Indebtedness owed to the Secured Party at the time multiplied by (B) a fraction, the numerator of which is the dollar amount of all Prepayments made within that six (6) month period in excess of Ten Million Dollars
($10,000,000) and the denominator of which is the sum of (i) all outstanding Additional Indebtedness (other than Subordinated Indebtedness) and (ii) the Indebtedness owed to the Secured Party. 
 “Receivables” shall mean in addition to the definition of account as contained in the Uniform Commercial Code (a) all of the
Debtor’s present and future accounts, contract rights, receivables, promissory notes and other instruments, chattel paper (including tangible and electronic chattel paper), tax refunds, general intangibles (excluding the Intellectual Property)
and all rights to receive the payment of money or other consideration under present or future contracts including, without limitation, all of the Debtor’s rights under each Government Contract and all related Government Accounts now owned or
hereafter acquired by the Debtor; (b) all present and future cash of the Debtor; (c) all present and future judgments, orders, awards and decrees in favor of the Debtor and causes of action in favor of the Debtor; (d) all present and
future contingent and noncontingent rights of the Debtor to the payment of money for any reason whatsoever, whether arising in contract, tort or otherwise including, without limitation, all rights to receive payments under presently existing or
hereafter acquired or created letters of credit; (e) all present and future claims, rights of indemnification and other rights of the Debtor under or in connection with any contracts or agreements to which the Debtor is or becomes a party or
third party beneficiary; (f) all goods previously or hereafter returned, repossessed or stopped in transit, the sale, lease or other disposition of which contributed to the creation of any account, instrument or chattel paper of the Debtor;
(g) all present and future rights of the Debtor as an unpaid seller of goods, including rights of stoppage in transit, detinue and reclamation; (h) all rights which the Debtor may now or at any time hereafter have, by law or agreement,
against any Account Debtor or other obligor of the Debtor, and all rights, liens and security interests which the Debtor may now or at any time hereafter have, by law or agreement, against any property of any Account Debtor or other obligor of the
Debtor; (i) all invoices and shipping documents; and 0) all present and future interests and rights of the Debtor, including rights to the payment of money, under or in connection with all present and future leases and subleases of real or
personal property to which the Debtor is a party, as lessor, sublessor, lessee or sublessee. 
 “Secured Party’s
Expenses” means all reasonable costs or expenses (including reasonable attorneys’ fees and expenses) incurred in connection with the preparation, negotiation, documentation, administration and funding of the Debt Documents; and
Secured Party’s reasonable attorneys’ fees, costs and expenses incurred in amending, modifying, enforcing or defending the Debt Documents (including fees and expenses of appeal or review), including the exercise of any rights or remedies
afforded hereunder or under applicable law, whether or not suit is brought, whether before or after bankruptcy or insolvency, including without limitation all reasonable fees and costs incurred by Secured Party in connection with Secured
Party’s enforcement of its rights in a bankruptcy or insolvency proceeding filed by or against Debtor or its property. 
 “Subordinated Indebtedness” means Additional Indebtedness subordinated to the Indebtedness of Debtor to Secured Party on terms and conditions acceptable to Secured Party in its sole discretion. 
  

							
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 “Subsequent Financing” has the meaning given such capitalized term in
Section 3(u). 
 “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power
only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Debtor. 
 “Third Party Institution” has the meaning given such capitalized term in Section 3(s). 
 All references in the Agreement to the term “Agreement” shall be deemed to refer to the Agreement, as amended by this Amendment. 
  

	 	3.	REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR. 

 Debtor represents, warrants and covenants as of the date of this Amendment that: 
  

	 	(a)	Due Organization. Debtor’s exact legal name is as set forth in the preamble of this Amendment and Debtor is, and will remain (unless Debtor notifies Secured Party in
accordance with Section 5.(a) of the Agreement), duly organized, existing and in good standing under the laws of the State set forth in the preamble of this Amendment, has its chief executive offices at the location specified in the preamble,
and is, and will remain (unless Debtor notifies Secured Party in accordance with Section 5.(a) of the Agreement), duly qualified and licensed in every jurisdiction wherever failure to be so qualified would have a material adverse effect on its
business and operations; 

  

	 	(b)	Power and Capacity to Enter Into and Perform Obligations. Debtor has adequate power and capacity to enter into, and to perform its obligations under this Amendment, each Note
and any other documents evidencing, or given in connection with, any of the Indebtedness; 

  

	 	(c)	Due Authorization. This Amendment 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 and other equitable remedies; 

  

	 	(d)	Approvals and Consents. 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)	No Violations or Defaults. 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, except where such violation would not reasonably be expected to result in a material adverse effect on the Debtor’s business and operations, or (ii) result in any breach of or
constitute a default under any material contract to which Debtor is a party, or (iii) 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)	Litigation. There are no suits or proceedings pending in court or before any commission, board or other administrative agency against or affecting Debtor which could
reasonably be expected to, in the aggregate, have a material adverse effect on Debtor’s 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)	Financial Statements Prepared In Accordance with GAAP. 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 statements delivered to Secured Party, there has been no material adverse change in Debtors financial condition; 

  

	 	(h)	Uses of Collateral. The Collateral is not, and will not be, used by Debtor for personal, family or household purposes; 

  

	 	(i)	Collateral in Good Condition and Repair. The Collateral is, and will remain, in good condition and repair and Debtor will not be grossly negligent in its care and use;

  

	 	(j)	Location of Collateral. All of the tangible Collateral is located at the locations set forth on each Collateral Schedule. Debtor shall give the Secured Party 30 days prior
written notice of any relocation of any Collateral; 

  

							
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	 	(k)	Ownership of Collateral. 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; 

  

	 	(l)	Taxes. All federal, state and local tax returns required to be filed by Debtor have been filed with the appropriate governmental agencies and all taxes due and payable by
Debtor have been timely paid (other than taxes contested in good faith and for which adequate reserves have been established); and 

  

	 	(m)	No Defaults. No event or condition exists under any material agreement, instrument or document to which Debtor is a party which constitutes a default or an event of default
thereunder, or would, with the giving of notice, passage of time, or both, constitute a default or event of default thereunder. 

  

	 	4.	MISCELLANEOUS. 

  

	 	(a)	Assignment. 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 (other than a
competitor of 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)	Waiver. As part of the consideration to the Secured Party herein, the Debtor hereby waives demand, protest, notice of protest, notice of default or dishonor, notice of
payment and non-payment, notice of any default, nonpayment at maturity, release, compromise, settlement, extensions, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Secured Party in which Debtor may
in any way be liable, except for notices expressly provided for herein or notices which are not permitted by law to be waived. 

  

	 	(c)	Entire Agreement. The Agreement as amended by this Amendment constitutes the entire agreement between the parties with respect to the subject matter of the Agreement as
amended by this Amendment and supersedes all prior understandings (whether written, verbal or implied) with respect to such subject matter. THIS AMENDMENT 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 Amendment have been included for convenience only, and shall not affect the construction or interpretation of this Amendment. 

  

	 	(d)	Termination of Agreement. The Agreement as amended by this Amendment 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. The Agreement as amended by this Amendment 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). 

  

	 	(e)	CHOICE OF LAW. DEBTOR AGREES THAT SECURED PARTY AND/OR ITS SUCCESSORS AND ASSIGNS SHALL HAVE THE OPTION BY WHICH STATE LAWS THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED:
(A) THE LAWS OF THE COMMONWEALTH OF VIRGINIA; OR (B) IF COLLATERAL HAS BEEN PLEDGED TO SECURE THE LIABILITIES, THEN BY THE LAWS OF THE STATE OR STATES WHERE THE COLLATERAL IS LOCATED, AT SECURED PARTY’S OPTION. THIS CHOICE OF STATE
LAWS IS EXCLUSIVE TO THE SECURED PARTY. DEBTOR SHALL NOT HAVE ANY OPTION TO CHOOSE THE LAWS BY WHICH THIS AMENDMENT SHALL BE GOVERNED. DEBTOR ACKNOWLEDGES THAT THIS AMENDMENT IS BEING SIGNED BY THE SECURED PARTY IN PARTIAL CONSIDERATION OF SECURED
PARTY’S RIGHT TO ENFORCE IN THE JURISDICTION STATED ABOVE. DEBTOR CONSENTS TO JURISDICTION IN COUNTY OF THE COMMONWEALTH OF VIRGINIA OR THE STATE IN WHICH ANY COLLATERAL IS LOCATED AND VENUE IN ANY FEDERAL OR STATE COURT IN THE COMMONWEALTH OF
VIRGINIA OR THE STATE IN WHICH COLLATERAL IS LOCATED FOR SUCH PURPOSES AND WAIVES ANY AND ALL RIGHTS TO CONTEST SAID JURISDICTION AND VENUE AND ANY OBJECTION THAT SAID COUNTY IS NOT CONVENIENT. DEBTOR WAIVES ANY RIGHTS TO COMMENCE ANY ACTION AGAINST
SECURED PARTY IN ANY JURISDICTION EXCEPT VIRGINIA, OR IF SECURED PARTY CHOOSES TO LITIGATE IN A STATE WHERE COLLATERAL IS LOCATED THEN IN SUCH COUNTY AND STATE. 

  

	 	(f)	Fees and Costs. Debtor agrees to pay all reasonable attorneys’ fees and other actual and reasonable costs incurred by Secured Party in connection with the enforcement,
assertion, defense or preservation of Secured Party’s rights and remedies under this Amendment, or if prohibited by law, such lesser sum as may be permitted. Debtor further agrees that such fees and costs shall constitute Indebtedness

  

							
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	 	(g)	Remedies Cumulative. Secured Party’s rights and remedies under the Agreement and this Amendment 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 Amendment 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 THE AGREEMENT OR THIS AMENDMENT OR UNDER ANY OTHER AGREEMENT, INSTRUMENT OR PAPER SIGNED
BY DEBTOR UNLESS SUCH WAIVER IS EXPRESSED IN WRITING AND SIGNED BY SECURED 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. 

  

	 	(h)	WAIVER OF JURY TRIAL. 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 AMENDMENT,
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 THE AGREEMENT AND THIS AMENDMENT, ANY OTHER DEBT DOCUMENTS, OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED TRANSACTION.
THIS AMENDMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

 IN WITNESS WHEREOF, Debtor and Secured
Party, intending to be legally bound hereby, have duly executed this Amendment 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:

			
	Oxford Finance Corporation	 		 	Infinity Pharmaceuticals, Inc.
					
	By:	 	/s/ Michael J. Altenburger	 		 	 By:
	 	/s/ Thomas Burke
					
	Name:	 	Michael J. Altenburger	 		 	 Name:
	 	Thomas Burke
					
	Title:	 	Chief Financial Officer	 		 	Title:	 	Treasurer

  

							
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 SCHEDULE A 
 (Collateral Locations) 
 The Debtor maintains all its Collateral consisting of equipment and/or inventory at 780 Memorial
Drive, Cambridge, MA 02139 or at 790 Memorial Drive, Cambridge, MA 02139. 
 In the ordinary course of business, employees of the Debtor maintain laptops,
portable equipment and peripherals in their homes and during travel. 
  

							
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 SCHEDULE B 
 (Permitted Indebtedness) 
 1. Debtor has in place an equipment loan with General Electric Capital Corporation pursuant to a
Master Security Agreement dated December 6, 2002 together with all amendments and riders thereto. Copies of the relevant documents have been provided to Secured Party. As of February 28, 2006, the Debtor had an outstanding balance under
this loan of $3,774,683. 
 2. Debtor has in place an equipment loan with GATX Ventures, Inc., Silicon Valley Bank and Third Coast Capital pursuant to an
Equipment Loan and Security Agreement dated December 13, 2001 together with all amendments, riders and supplements thereto. Copies of the relevant documents have been provided to Secured Party. As of February 28, 2006, the Debtor had an
outstanding balance under this loan of $128,390. 
 3. Debtor has a Letter of Credit with a face value of $1,500,000 with Silicon Valley Bank. The expiry
date is December 20, 2012. This Letter of Credit was issued as a guarantee of the Debtor’s lease obligations with respect to 780 Memorial Drive, Cambridge, MA 02139. 
 4. As of February 28, 2006, the Debtor’s balance sheet showed $16,000,000 in Deferred Revenue and $950,000 in Accrued Expenses both related to joint ventures, partnerships or corporate collaboration
involving the Debtor’s Intellectual Property. 
  

							
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 SCHEDULE C 
 (Permitted Liens) 
 Debtor has in place an equipment loan with General Electric Capital Corporation in
connection with which Debtor has granted to General Electric Corporation a security interest in the collateral described in Exhibit A to Collateral Schedule No. 017. Copies of the relevant documents have been provided to Secured Party.

 Debtor has in place an equipment loan with GATX Ventures, Inc., Silicon Valley Bank and Third Coast Capital in connection with which
Debtor has granted to General Eclectic Corporation a security interest in the collateral described in Section 4.1 of the Equipment Loan and Security Agreement, Loan Agreement Supplement No. 1, dated December 28, 2001, Loan Agreement
Supplement No. 2, dated January 31, 2002, Loan Agreement Supplement No. 1, dated December 28, 2001, Loan Agreement Supplement No. 3, dated March 1, 2002, Loan Agreement Supplement No. 4, dated April 1, 2002, Loan Agreement
Supplement No. 5, dated May 1, 2002. Copies of the relevant documents have been provided to Secured Party. 
 Debtor has in place a lien
securing the Silicon Valley Bank Letter of Credit referred to in Schedule B above. 
  

							
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 PROMISSORY NOTE 
 To Master Security Agreement No. 2081009
 March 31, 2006 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc., a Delaware corporation, located at the address stated below (“Maker”) promises, jointly and
severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other
place as Payee or the holder hereof may designate, the principal sum of Five Million Dollars ($5,000,000.00), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest
rate of eleven and twenty-six one hundredths of one percent (11.26%) per annum. 
 Beginning May 1, 2006, and on the first day of each
consecutive month thereafter, Maker shall make nine (9) monthly payments of interest only as follows: 
  

				
	 Periodic Installment
	  	Amount
	 1-9
	  	$	46,916.67 each

 Maker agrees to pay any initial partial month interest payment from the date of this Note to the first day of the
following month (“Interim Interest”). 
 Thereafter, commencing on February I, 2007, and on the first day of each consecutive month thereafter.
Maker shall make thirty (30) monthly payments of principal and interest as follows: 
  

				
	 Periodic Installment
	  	Amount
	 10-39
	  	$	191,999.75 each

 (each payment 1-39 a “Periodic Installment”) and a final installment which shall be in the
amount of the total outstanding principal and interest, if any. 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, shall 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 Master Loan and Security Agreement No. 2081009, dated October 16, 2002, as amended from time to time (the “Security Agreement,” the Security Agreement, this Note and any other
document evidencing or securing this Note is hereinafter called a “Debt Document”). 
 Time is of the essence hereof. If any installment or any
other sum due under this Note or the 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; 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 the 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).

 Notwithstanding anything to the contrary contained herein, this Note may be prepaid by Maker in the manner and under the terms set forth in the Security
Agreement. 
  

 Page 1 of 4 

 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 the 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 and to the extent permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. 
 Maker and Payee intend to strictly comply with all applicable federal and Virginia laws, including applicable usury laws (or the usury laws of any jurisdiction whose
usury laws are deemed to apply to the Note or any other Debt Document despite the intention and desire of the parties to apply the usury laws of the Commonwealth of Virginia). Accordingly, the provisions of this paragraph shall govern and control
over every other provision of this Note or any other Debt Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this paragraph, the term “interest” includes the
aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an
expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and
spread, in equal parts during the full term of the obligations. In no event shall Maker or any other person be obligated to pay, or Payee have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum
amount of non-usurious interest permitted under the laws of the Commonwealth of Virginia or the applicable laws (if any) of the United States or of any other state, or (b) total interest in excess of the amount which Payee could lawfully have
contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the obligations. On each day, if any, that the interest rate (the “Stated Rate”) called for under this Note or any other
Debt Document exceeds the maximum non-usurious rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the maximum non-usurious rate for that day. Thereafter, interest shall accrue at the Stated
Rate unless and until the Stated Rate again exceeds the maximum non-usurious rate, in which case, the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate to the maximum non-usurious
rate. The daily interest rates to be used in calculating interest at the maximum non-usurious rate shall be determined by dividing the applicable maximum non-usurious rate by the number of days in the calendar year for which such calculation is
being made. None of the terms and provisions contained in this Note or in any other Debt Document which directly or indirectly relate to interest shall ever be construed without reference to this paragraph, or be construed to create a contract to
pay for the use, forbearance or detention of money at an interest rate in excess of the maximum non-usurious rate. If the term of any obligation is shortened by reason of acceleration of maturity as a result of any Default or by any other cause, or
by reason of any required or permitted prepayment, and if for that (or any other) reason Payee at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the
maximum non-usurious rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been
paid to Payee, it shall be credited pro tanto against the then-outstanding principal balance of Maker’s obligations to Payee, effective as of the date or dates when the event occurs which causes it to be excess interest, until such
excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. 
 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 

  

 Page 2 of 4 

 
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 die 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. 
 Upon receipt of an affidavit of an officer of Payee as to the loss, theft, destruction or mutilation of this Note or any Debt Document which is not of public record,
and, in the case of any such loss, theft, destruction or mutilation, upon surrender and cancellation of such Note or other Debt Document, Maker will issue, in lieu thereof, a replacement Note or other Debt Document in the same principal amount
thereof and otherwise of like tenor. 
 It is understood and agreed that this Note and all of the Debt Documents were negotiated and have been or will be
delivered to Payee in the Commonwealth of Virginia, which State the parties agree has a substantial relationship to the parties and to the underlying transactions embodied by this Note and the Debt Documents. Maker agrees to furnish to Payee at
Payee’s office in Alexandria, VA, all further instruments, certifications and documents to be furnished hereunder. The parties also agree that if collateral is pledged to secure the debt evidenced by this Note, that the state or states in which
such collateral is located each have a substantial relationship to the parties and to the underlying transaction embodied by this Note and the Debt Documents. 
 MAKER AGREES THAT THE PAYEE OF THIS NOTE SHALL HAVE THE OPTION BY WHICH STATE LAWS THIS NOTE SHALL BE GOVERNED AND CONSTRUED: (A) THE LAWS OF THE COMMONWEALTH OF VIRGINIA; OR (B) IF COLLATERAL HAS BEEN PLEDGED TO SECURE THE DEBT
EVIDENCED BY THIS NOTE, THEN BY THE LAWS OF THE STATE OR STATES WHERE THE COLLATERAL IS LOCATED, AT PAYEE’S OPTION. THIS CHOICE OF STATE LAWS IS EXCLUSIVE TO THE PAYEE OF THIS NOTE. MAKER SHALL NOT HAVE ANY OPTION TO CHOOSE THE LAWS BY WHICH
THIS NOTE SHALL BE GOVERNED. MAKER AND GUARANTORS HEREBY CONSENT TO THE EXERCISE OF JURISDICTION OVER IT BY ANY FEDERAL COURT SITTING IN VIRGINIA OR ANY VIRGINIA COURT SELECTED BY PAYEE, FOR THE PURPOSES OF ANY AND ALL LEGAL PROCEEDINGS ARISING OUT
OF OR RELATING TO THE NOTE, THE SECURITY AGREEMENT AND ALL OTHER DOCUMENTS. MAKER AND GUARANTORS IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH
PROCEEDING BROUGHT IN ANY SUCH COURT, ANY CLAIM BASED ON THE CONSOLIDATION OF PROCEEDINGS IN SUCH COURTS IN WHICH PROPER VENUE MAY LIE IN DIVERGENT JURISDICTIONS, AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM. 
  

 Page 3 of 4 

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	/s/ Monique A. Allaire	 		 	 By:
	 	/s/ Thomas J. Burke
	(Witness)	 		 	Name:	 	Thomas J. Burke
	 Monique A. Allaire 
	 		 	Title:	 	Treasurer
	(Print Name)	 		 	Federal Tax ID #: 04-3549480
	 780 Memorial Drive
 Cambridge, MA
02139
	 		 	Address:	 	 780 Memorial Drive
 Cambridge, MA
02139

	(Address)	 		 	

  

 Page 4 of 4 

 APPLICATION OF LOAN PROCEEDS 
 June 30, 2006 
 Oxford Finance Corporation 
 133 North Fairfax Street 
 Alexandria, VA 22314 
 You are hereby
irrevocably authorized and directed to wire the proceeds of the loan evidenced by the Promissory Note dated June 30, 2006 issued by Infinity Pharmaceuticals, Inc., and secured by that certain Master Loan and Security Agreement No. 2081009,
dated October 16, 2002, as amended, to the account set forth below: 
  

				
	 Schedule 15
	  		
	 Infinity Pharmaceuticals, Inc.
	  	$	2,500,000.00
	 Total Loan Proceeds to Infinity Pharmaceuticals, Inc.
	  	$	2,500,000.00

 Please wire the above loan total to this account: 
  

			
	 Bank Name:
	  	Silicon Valley Bank
	 Bank Address:
	  	3003 Tasman Drive Santa Clara, CA 95054
	 ABA Number:
	  	121140399
	 Account Name:
	  	Operating Account
	 Account Number:
	  	3300323007

  

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

	Name:	 	 Thomas Burke

	Title:	 	 Treasurer

  

			
	Bank Wiring Authorization for Oxford Finance Corporation:
		
	By:	 	 /s/ Illegible

	Name:	 	
	Date:	 	 6/30/06

 PROMISSORY NOTE 
 To Master Security Agreement No. 2081009
 June 30, 2006 
 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc., a Delaware corporation, located at the address stated below (“Maker”) promises,
jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria,
VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Two Million Five Hundred Thousand ($2,500,000.00), with interest on the unpaid principal balance, from the date hereof through
and including the dates of payment, at a fixed interest rate of eleven and twenty-six one hundredths of one percent (11.75%) per annum. 
 Beginning
August 1, 2006, and on the first day of each consecutive month thereafter, Maker shall make nine (9) monthly payments of interest only as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 1-9
	  	$	24,479.17 each

 Maker agrees to pay any initial partial month interest payment from the date of this Note to the first day of the
following month (“Interim Interest”). 
 Thereafter, commencing on May 1, 2007, and on the first day of each consecutive month thereafter,
Maker shall make thirty (30) monthly payments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 10-39
	  	$	96,575.71 each

 (each payment 1-39 a “Periodic Installment”) and a final installment which shall be in the amount
of the total outstanding principal and interest, if any. 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, shall 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 Master Loan and Security Agreement No. 2081009, dated October 16, 2002, as amended from time to time (the “Security Agreement,” the Security Agreement, this Note and any other document evidencing or
securing this Note is hereinafter called a “Debt Document”). 
 Time is of the essence hereof. If any installment or any other sum due under this
Note or the 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; 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 the 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). 
 Notwithstanding anything to the contrary contained herein, this Note may be prepaid by Maker in the manner and under the terms set forth in the Security Agreement.

  

 Page 1 of 4 

 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 the 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 and to the extent permitted by law) all expenses incurred in collection, including Payee’s actual attorneys’ fees. 
 Maker and Payee intend to strictly comply with all applicable federal and Virginia laws, including applicable usury taws (or the usury laws of any jurisdiction whose
usury laws are deemed to apply to the Note or any other Debt Document despite the intention and desire of the parties to apply the usury Saws of the Commonwealth of Virginia). Accordingly, the provisions of this paragraph shall govern and control
over every other provision of this Note or any other Debt Document which conflicts or is inconsistent with this Section, even if such provision declares that it controls. As used in this paragraph, the term “interest” includes the
aggregate of all charges, fees, benefits or other compensation which constitute interest under applicable law, provided that, to the maximum extent permitted by applicable law, (a) any non-principal payment shall be characterized as an
expense or as compensation for something other than the use, forbearance or detention of money and not as interest, and (b) all interest at any time contracted for, reserved, charged or received shall be amortized, prorated, allocated and
spread, in equal parts during the full term of the obligations. In no event shall Maker or any other person be obligated to pay, or Payee have any right or privilege to reserve, receive or retain, (a) any interest in excess of the maximum
amount of non-usurious interest permitted under the laws of the Commonwealth of Virginia or the applicable laws (if any) of the United States or of any other state, or (b) total interest in excess of the amount which Payee could lawfully have
contracted for, reserved, received, retained or charged had the interest been calculated for the full term of the obligations. On each day, if any, that the interest rate (the “Stated Rate”) called for under this Note or any other
Debt Document exceeds the maximum non-usurious rate, the rate at which interest shall accrue shall automatically be fixed by operation of this sentence at the maximum non-usurious rate for that day. Thereafter, interest shall accrue at the Stated
Rate unless and until the Stated Rate again exceeds the maximum non-usurious rate, in which case, the provisions of the immediately preceding sentence shall again automatically operate to limit the interest accrual rate to the maximum non-usurious
rate. The daily interest rates to be used in calculating interest at the maximum non-usurious rate shall be determined by dividing the applicable maximum non-usurious rate by the number of days in the calendar year for which such calculation is
being made. None of the terms and provisions contained in this Note or in any other Debt Document which directly or indirectly relate to interest shall ever be construed without reference to this paragraph, or be construed to create a contract to
pay for the use, forbearance or detention of money at art interest rate in excess of the maximum non-usurious rate. If the term of any obligation is shortened by reason of acceleration of maturity as result of any Default or by any other cause, or
by reason of any required or permitted prepayment, and if for that (or any other) reason Payee at any time, including but not limited to, the stated maturity, is owed or receives (and/or has received) interest in excess of interest calculated at the
maximum non-usurious rate, then and in any such event all of any such excess interest shall be canceled automatically as of the date of such acceleration, prepayment or other event which produces the excess, and, if such excess interest has been
paid to Payee, it shall be credited pro tanto against the then-outstanding principal balance of Maker’s obligations to Payee, effective as of the date or dates when the event occurs which causes it to be excess interest, until such
excess is exhausted or all of such principal has been fully paid and satisfied, whichever occurs first, and any remaining balance of such excess shall be promptly refunded to its payor. 
 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 

  

 Page 2 of 4 

 
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. 
 Upon receipt of an affidavit of an officer of Payee as to the loss, theft, destruction or mutilation of this Note or any Debt Document which is not of public record,
and, in the case of any such loss, theft, destruction or mutilation, upon surrender and cancellation of such Note or other Debt Document, Maker will issue, in lieu thereof, a replacement Note or other Debt Document in the same principal amount
thereof and otherwise of like tenor. 
 It is understood and agreed that this Note and all of the Debt Documents were negotiated and have been or will be
delivered to Payee in the Commonwealth of Virginia, which State the parties agree has a substantial relationship to the parties and to the underlying transactions embodied by this Note and the Debt Documents. Maker agrees to furnish to Payee at
Payee’s office in Alexandria, VA, all further instruments, certifications and documents to be furnished hereunder. The parties also agree that if collateral is pledged to secure the debt evidenced by this Note, that the state or states in which
such collateral is located each have a substantial relationship to the parties and to the underlying transaction embodied by this Note and the Debt Documents. 
 MAKER AGREES THAT THE PAYEE OF THIS NOTE SHALL HAVE THE OPTION BY WHICH STATE LAWS THIS NOTE SHALL BE GOVERNED AND CONSTRUED: (A) THE LAWS OF THE COMMONWEALTH OF VIRGINIA; OR (B) IF COLLATERAL HAS BEEN PLEDGED TO SECURE THE DEBT
EVIDENCED BY THIS NOTE, THEN BY THE LAWS OF THE STATE OR STATES WHERE THE COLLATERAL IS LOCATED, AT PAYEE’S OPTION. THIS CHOICE OF STATE LAWS IS EXCLUSIVE TO THE PAYEE OF THIS NOTE. MAKER SHALL NOT HAVE ANY OPTION TO CHOOSE THE LAWS BY WHICH
THIS NOTE SHALL BE GOVERNED. MAKER AND GUARANTORS HEREBY CONSENT TO THE EXERCISE OF JURISDICTION OVER IT BY ANY FEDERAL COURT SITTING IN VIRGINIA OR ANY VIRGINIA COURT SELECTED BY PAYEE, FOR THE PURPOSES OF ANY AND ALL LEGAL PROCEEDINGS ARISING OUT
OF OR RELATING TO THE NOTE, THE SECURITY AGREEMENT AND ALL OTHER DOCUMENTS. MAKER AND GUARANTORS IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH
PROCEEDING BROUGHT IN ANY SUCH COURT, ANY CLAIM BASED ON THE CONSOLIDATION OF PROCEEDINGS IN SUCH COURTS IN WHICH PROPER VENUE MAY LIE IN DIVERGENT JURISDICTIONS, AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN
AN INCONVENIENT FORUM. 
  

 Page 3 of 4 

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	/s/ James Popek	 		 	 By:
	 	/s/ Thomas Burke
	(Witness)	 		 		 	
				
	James Popek	 		 	Name:	 	Thomas Burke
	(Print name)	 		 		 	
				
	780, Memorial Dr. Cambridg, MA 02139	 		 	Title:	 	Treasuer
	(Address)	 		 	
		 		 	Federal Tax ID #: 04-3549480
					
		 		 		 	Address:	 	780 Memorial Drive
		 		 		 		 	Cambridge, MA 02139

  

 Page 4 of 4 

 Oxford Finance Corporation 
 Payment Calculator 
 Fill in shaded fields 
  

					
	 Customer
	  	 	Infinity	 
	 Schedule #
	  	 	15	 
	 Loan Amount
	  	$	2,500,000.00	 
	 Term (P&l Months)
	  	 	30	 
	 Payment Type
	  	 
 	Interest Only -
Payment in arrears	 
 
	 Quoted payment factor on term sheet
	  	 	3.8021	%
	 Quoted T-bill index rate on term sheet
	  	 	3.88	%
	 Quoted spread
	  	 	657	 
	 Quoted interest rate on term sheet
	  	 	10.45	%
	 Current T-bill index rate
	  	 	5.18	%
	 Rate adjustment
	  	 	1.30	%
	 Spread
	  	 	657	 
		  	 	 	 
	 Loan rate at funding
	  	 	11.75	%
		  	 	 	 
	 Loans with a balloon payment:
	  			
	 Balloon as a % of loan (paid with last payment)
	  	 	0.00	%
	 Balloon $
	  	$	—  	 
		  	 	 	 
	 Effective Cash Rate including Balloon payment
	  	 	11.75	%
		  	 	 	 

  

							
	 	  	ADJUSTED
	 	  	Principal and Interest
	 	  	Payment
Factor	 	 	 Monthly
 Payment

	 1 Payment in advance
	  	0.00000	%	 	$	—  
	 2 Payments in advance
	  	0.00000	%	 	$	—  
	 Payment in arrears (interest only loans)
	  	3.86303	%	 	$	96,575.71
	 —Interest Only Amount preceiding P&l payments
	  			 	$	24,479.17

 Warrants 
  

					
	 Coverage %
	  	 	7.0	%
	 Strike Price
	  	$	3.75	 
	 Strike Value
	  	$	175,000.00	 
	 # of Warrants
	  	 	46,667	 

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 December 3, 2002 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Six Hundred Thousand One Hundred Sixty Nine AND 46/100
Dollars (5600,169.46), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of then and 26/100 percent (10.26%) per annum, to be paid in lawful money of the
United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 1-48
	  	$	15,166.28
		  	 	 

 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 or about November 27, 2002 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning January 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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

	 (Address)
	 		 		 	
		 		 	 Federal Tax ID #: 04-3549480

			
		 		 	 Address: 650 Albany Street

		 		 		 	     Boston, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 December 3, 2002 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each,
a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Ninety Four Thousand Two Hundred Eighty Eight AND
90/100 Dollars ($94,288.90), 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 90/100 percent (9.90%) 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
	 1-36
	  	$	3,013.47

 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 or about November 27, 2002 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning January 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 attorney’s 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/ Thoma J Burke

	 (Witness)
	 		 	 Name:
	 	 Thoma J Burke

	 Jennifer Zinkann
	 		 	 Title:
	 	 Controller

	 (Print name)
	 		 	 Federal Tax ID #: 04-3549480

		 		 	 Address:
	 	 650 Albany Street

	 (Address)
	 		 		 	 Boston, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 December 30, 2002 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Two Hundred Twenty Seven Thousand Two
Hundred Twenty Nine AND 02/100 Dollars ($227,229.02), 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 26/100 percent (10.26%) per annum, to
be paid in lawful money of the United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 1-48
	  	$	5,742.08
		  	 	 

 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 or about December 30, 2002 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning February 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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, ______ 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 ______ 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/ Melanie D Getchell
	 		 	 By:
	 	 /s/ Thomas Burke

	 (Witness)
	 		 		 	
				
	Melanie D Getchell	 		 	 Name:
	 	 Thomas Burke

	 (Print Name)
	 		 		 	
				
	  	 		 	 Title:
	 	 Controller

	 (Address)
	 		 		 	
		 		 	 Federal Tax ID #:04-3549480

				
		 		 	 Address:
	 	 650 Albany Street

		 		 		 	  Boston, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 December 30, 2002 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each,
a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of One Million Three Hundred Sixty Seven
Thousand Four Hundred Ninety Seven AND 41/100 Dollars ($l,367,497.41), 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 90/100 percent
(9.90%) 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
	 1-36
	  	$	43,705.22
		  	 	 

 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 or about December 30, 2002 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning February 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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.
				
	 Melanie D. Getchell
	 		 	 By:
	 	 /s/ Thmos J Burke

	 (Witness)
	 		 	 Name:
	 	 Thmos J Burke

	 Melanie D. Getchell
	 		 	 Title:
	 	 Controller

	 (Print name)
	 		 	 Federal Tax ID #:04-3549480

	  	 		 	 Address:
	 	 650 Albany Street

	 (Address)
	 		 		 	 Boston, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 March 3, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each,
a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Two Hundred Ninety Nine Thousand Five
Hundred Twenty One AND 62/100 Dollars ($299,521,62), 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
90/100 percent (9.90%) 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
	 1-36
	  	$	9,572,71
		  	 	 

 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 or about March 3, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning April 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 March 31, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Five Hundred Fifty Seven Thousand Five Hundred
Thirty Seven AND 67/100 Dollars ($557,537.67), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of ten and 26/100 percent (10.26%) per
annum, to be paid in lawful money of the United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
Installment
	  	Amount
	 1-48
	  	$	14,088.98
		  	 	 

 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 or about 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 beginning May 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002
(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 oral, facsimile or written notice from Secured Party to Debtor that the same has
become 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 the 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). 
 This Note may be prepaid by Maker in the manner and under the terms and
conditions set forth in the 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 (his 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 __ 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

	  	 		 	 Address: 650 Albany Street
       Boston, MA 02116

	 (Address)
	 		 		 	

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 March 31, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Thirty Eight Thousand Two Hundred Forty Three AND
99/100 Dollars ($38,243.99), 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 90/100 percent (9.90%) 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
	 1-36
	  	$	1,222.28

 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 or about 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 beginning May 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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). 
 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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)
	 		 		 	
				
	Dave Bruce	 		 	 Name:
	 	 Thomas J. Burke

	 (Print name)
	 		 		 	
				
	780 Memorial Drive	 		 	 Title:
	 	 Controller

	 (Address)
	 		 		 	
			
		 		 	 Federal Tax ID #:04-3549480

			
		 		 	 Address: 650 Albany Street
                 Boston, MA
02116

 SCHEDULE 08 
 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 April 30, 2003 
 (Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and
severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as
Payee or the holder hereof may designate, the principal sum of Eight Hundred Eighteen Thousand Thirty-Six AND 03/100 Dollars ($818,036.03). 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 26/100 percent (10.26%) per annum, to be paid in lawful money of the United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows:

  

				
	 Periodic
 Installment
	  	Amount
	1-48	  	$	20,671.77

 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 or about May 1, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding
month beginning June 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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
oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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). 
 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 

 SCHEDULE 08 
 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. 
  

									
		 		 	Infinity Pharmaceuticals, Inc.
				
	/s/ Dave Bruce	 		 	 By:
	 	/s/ Thomas J. Burke
	(Witness)	 		 		 	
				
	Dave Bruce	 		 	Name:	 	Thomas J. Burke
	(Print name)	 		 		 	
				
	780 Memorial Drive	 		 	Title:	 	Controller
	(Address)	 		 		 	
		 		 	Federal Tax ID #: 04-3549480
				
		 		 	Address:	 	780 Memorial Drive
		 		 		 	Boston, MA 02139

 SCHEDULE 09 
 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 April 30, 2003 
 (Date)

 FOR VALUE RECEIVED, Infinity Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and
severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a “Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other
place as Payee or the holder hereof may designate, the principal sum of Two Hundred Ninety-Six Thousand Thirty-Two AND 58/100 Dollars ($296,032.58), 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 90/100 percent (9.90%) 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
	 1-36
	  	$	9,461.20

 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 or about May 1, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each succeeding
month beginning June 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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
oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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). 
 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 

 SCHEDULE 09 
 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)	 		 		 	
				
	Dave Bruce	 		 	Name:	 	Thomas J. Burke
	(Print name)	 		 		 	
				
	780 Memorial Drive	 		 	Title:	 	Controller
	Address:	 		 	  
 Federal Tax ID #: 04-3549480

					
		 		 		 	Address:	 	 780 Memorial Drive
 Boston, MA
02139

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 May 30, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Six Hundred Thirty Nine Thousand Four Hundred AND
62/100 Dollars ($639,400.62), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate of ten and 26/100 percent (10.26%) per annum, to be paid in
lawful money of the United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
Installment
	  	Amount
	 1-48
	  	$	16,157.65
		  	 	 

 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 or about 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 beginning July 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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 alter any judgment). 
 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 extern 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 OR 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)	 		 		 	
				
	Dave Bruce	 		 	 Name:
	 	Thomas J. Burke
	(Print name)	 		 		 	
				
	780 Memorial Drive	 		 	Title:	 	Controller
	(Address)	 		 		 	
			
		 		 	Federal Tax ID #: 04-3549480
				
		 		 	 Address:
	 	 780/790 Memorial Drive

		 		 		 	 Cambridge, MA 02139

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 June 30, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Two Hundred Twenty Seven Thousand Four Hundred Twenty
Four AND 71/100 Dollars ($227,424.71), 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 26/100 percent (10.26%) per annum,
to be paid in lawful money of the United Slates, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 I-48
	  	$	5,747.02
		  	 	 

 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 or about June 30, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning August 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 extern 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 hereof. 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 or 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 pans 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)
	 		 		 	
				
	 Dave Bruce
	 		 	 Name:
	 	Thomas J. Burke
	 (Print name)
	 		 		 	
				
	 780 Memorial Drive
	 		 	 Title:
	 	Controller
	 Address:
	 		 		 	

									
			
		 		 	 Federal Tax ID #: 04-3549480

									
				
		 		 	 Address:
	 	 780 Memorial Drive
 Cambridge, MA 02116

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 June 30, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address slated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of One Hundred Thirty Two Thousand Nine Hundred Forty
AND 20/100 Dollars ($132,940.20), 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 90/100 percent (9.90%) 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
	 1-36
	  	$	4,248.77
		  	 	 

 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 or about June 30, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning August 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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). 
 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 mode 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 Pharmaceutical, Inc.
				
	/s/ Dave Bruce	 		 	 By:
	 	/s/ Thomas J. Burke
	(Witness)	 		 		 	
				
	Dave Bruce	 		 	Name:	 	Thomas J. Burke
	 (Print name)
	 		 		 	
				
	780 memorial Drive	 		 	 Title:
	 	Controller
	 (Address)
	 		 		 	
			
		 		 	Federal Tax ID #: 04-3549480
				
		 		 	Address:	 	 780 Memorial Drive

		 		 		 	 Cambridge, MA 02139

 PROMISSORY NOTE 
 To Master Loan and Security Agreement No. 2081009 
 August 29, 2003 
 (Date) 
 FOR VALUE RECEIVED, Infinity
Pharmaceuticals, Inc. located at the address stated below (“Maker”) promises, jointly and severally if more than one, to pay to the order of Oxford Finance Corporation or any subsequent holder hereof (each, a
“Payee”) at its office located at 133 N. Fairfax Street, Alexandria, VA 22314 or at such other place as Payee or the holder hereof may designate, the principal sum of Two Hundred Eleven Thousand Three
Hundred Fifty Two AND 32/100 Dollars ($211,351.32), with interest on the unpaid principal balance, from the date hereof through and including the dates of payment, at a fixed interest rate often and 26/100 percent (10.26%) per annum, to
be paid in lawful money of the United States, in forty-eight (48) consecutive monthly installments of principal and interest as follows: 
  

				
	 Periodic
 Installment
	  	Amount
	 1-48
	  	$	5,340.85
		  	 	 

 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 or about August 29, 2003 and the following Periodic Installments and the final installment shall be due and payable on the same day of each
succeeding month beginning October 1, 2003 (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. 
 This Note is secured by a Master Loan and Security Agreement, dated October 16, 2002 (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 oral, facsimile or written notice from Secured Party to Debtor that the same has become 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 the 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).

 This Note may be prepaid by Maker in the manner and under the terms and conditions set forth in the 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 obiligated 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/ Michael J. Altenburger	 		 	 By:
	 	/s/ Thomas J. Burke
	(Witness)	 		 		 	
				
	Michael J. Altenburger	 		 	Name:	 	Thomas J. Burke
	(Print name)	 		 		 	
		 		 	Title:	 	Controller
	 (Address)
	 		 	
		 		 	 Federal Tax ID #:04-3549480

				
		 		 	 Address:
	 	 780 Memorial Drive
 Cambridge, MA 02139

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