Document:

Restricted Stock Agreement entered into with Adelene Perkins

 Exhibit 10.26 
 RESTRICTED STOCK AGREEMENT 
 AGREEMENT made this 19th day of March 2002, between Infinity
Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Adelene Perkins (the “Participant”). 
 For valuable
consideration, receipt of which is acknowledged, the parties hereto agree as follows: 
 1. Purchase of Shares. The Company shall
issue and sell to the Participant and the Participant shall purchase from the Company, subject to the terms and conditions set forth in this Agreement and in the Company’s 2001 Stock Incentive Plan (the “Plan”), an aggregate of
450,000 shares (the “Shares”) of common stock, $.0001 par value per share (“Common Stock”) of the Company at a price of $0.15 per share (the “Option Price”), purchasable as set forth in and subject to the terms and
conditions of this Agreement and the Plan. 
 The aggregate purchase price for the Shares shall be paid by the Participant by delivery of a
promissory note (the “Note”) of the Participant in the form attached hereto as Exhibit A (except that the aggregate par value of the Shares shall be paid by the Participant by check payable to the Company). Upon receipt of payment
by the Company for the Shares, the Company shall issue to the Participant one or more certificates in the name of the Participant for that number of Shares purchased by the Participant. The Participant agrees that the Shares shall be subject to the
Purchase Option set forth in Section 2 of this Agreement and the restrictions on transfer set forth in Sections 4 and 5 of this Agreement. 
 2. Purchase Option. 
 (a) Subject to sections 2(b) through 2(d) below, In the event that the Participant
ceases to be employed by the Company for any reason or no reason, prior to December 31, 2005, the Company shall have the right and option (the “Purchase Option”) to purchase from the Participant, for a sum equal to the Option Price
per share, any shares then subject to the Purchase Option. All of the Shares shall be subject to the Purchase Option prior to January 1, 2003. On January 1, 2003, 75,000 Shares will no longer be subject to the Purchase Option and at the
end of each full month thereafter, an additional 10,416.667 of such Shares shall no longer be subject to the Purchase Option until such time as all of such Shares are no longer subject to the Purchase Option. The Shares that are subject to the
Purchase Option are referred to hereon as the “Unvested Shares” and the Shares that are no longer subject to the Purchase Option are referred to hereby as the “Vested Shares.” 
 (b) Notwithstanding the above, in the event that the Participant’s employment is terminated: 
 (i) by the Company without Cause (as defined below), 
 (ii) by the Participant due to a material diminution in the Participant’s job responsibilities or title, or 

 (iii) by the Participant as a result of the Company materially breaching its obligations
as provided in the Participant’s offer letter, dated February 6, 2002 (the “Offer Letter”), 
 then subject to the conditions of
Section 11 of the Offer Letter, Participant shall be deemed to have completed an additional 12 months of employment for purposes of calculating the number of Shares that remain subject to the Purchase Option. 
 As used herein, “Cause” shall mean (a) a good faith finding by the Board of Directors of the Company of (i) failure by the Participant to perform her
material duties as an employee of the Company in a manner acceptable to the Company, which failure continues for a period of more than thirty (30) days after the Company has provided the Participant written notice of such failure, setting forth
in reasonable detail the nature of such failure, (ii) the commission by the Participant of acts of dishonesty, gross negligence or misconduct, or (iii) the conviction of the Participant of, or the entry of a pleading of guilty or nolo
contendre by the Participant to, any felony or any crime involving extortion, dishonesty or theft. 
 (c) In the event
that the Participant’s employment with the Company is terminated by reason of death or permanent and total disability (within the meaning of Section 22(e)(3) of the Internal Revenue code of 1986, as amended), the Purchase Option shall
lapse as to all of the Unvested Shares for which the Purchase Option would have otherwise become exercisable. 
 (d) Upon the
occurrence of a Change of Control Event (as hereinafter defined), the Purchase Option shall immediately lapse as to all remaining Unvested Shares, thereby rendering all Shares Vested Shares. For purposes of this subsection (d), a “Change of
Control Event” shall mean: 
 (i) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under
the Exchange Act) 75% or more of either (x) the then-outstanding shares of Common Stock (the “Outstanding Company Common Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this subsection (i), the following acquisitions shall not constitute a Change in Control Event:
(A) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company,
unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an underwriter or agent of the Company), (B) any acquisition by any Participant benefit plan (or related trust) sponsored
or maintained by the Company or any corporation controlled by the Company, or (C) any acquisition by any corporation pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection
(ii) of this definition; or 
  

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 (ii) the consummation of a merger, consolidation, reorganization, recapitalization or
share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), unless, immediately following such Business Combination, each of the following two
conditions is satisfied: (x) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or substantially all of the Company’s assets
either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same proportions as their ownership of the Outstanding Company Common
Stock and Outstanding Company Voting Securities, respectively, immediately prior to such Business Combination and (y) no Person (excluding the Acquiring Corporation or any Participant benefit plan (or related trust) maintained or sponsored by
the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 75% or more of the then-outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the then-outstanding securities of
such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination). 
 (e) For purposes of this Agreement, employment with the Company shall include employment with a parent or subsidiary of the Company or
with another subsidiary of the parent of the Company. 
 3. Exercise of Purchase Option and Closing. 
 (a) The Company may exercise the Purchase Option by delivering or mailing to the Participant (or her estate), in accordance with
Section 10(e) within 90 days after the termination of the employment of the Participant with the Company, a written notice of exercise of the Purchase Option. Such notice shall specify the number of Shares to be purchased. If and to the extent
the Purchase Option is not so exercised by the giving of such a notice within such 90-day period, the Purchase Option shall automatically expire and terminate effective upon the expiration of such 90-day period. 
 (b) Within 10 days after her receipt of the Company’s notice of the exercise of the Purchase Option pursuant to subsection
(a) above, the Participant (or her estate or any escrow agent) shall tender to the Company at its principal offices the certificate or certificates representing the Shares which the Company has elected to purchase, duly endorsed in blank by the
Participant or with duly endorsed stock powers attached thereto, all in form suitable for the transfer of such Shares to the Company. Upon its receipt of such certificate or certificates, the Company shall pay the aggregate Option Price therefor in
the form of a check or by canceling indebtedness owed by the Participant to the Company, or any combination thereof. 
  

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 (c) After the time at which any Shares are required to be delivered to the Company for
transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Shares or permit the Participant to exercise any of the privileges or rights of a stockholder with respect to
such Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Shares. 
 (d) In the event
that, due to the sale (whether by foreclosure or otherwise), transfer, assignment or other disposition of the Shares (other than pursuant to the Company’s exercise of the Purchase Option), including, without limitation, a sale by the Company or
any assignee of the Shares pursuant to the terms of the Note (each, a “Sale Event”), the Company is unable to exercise the Purchase Option with respect to any Shares for which the Purchase Option has not terminated (the “Repurchase
Shares”), the Participant agrees to pay the Company, as liquidated damages, a sum, if any, by which the market value of the Repurchase Shares (as determined by such Sale Event) exceeds the aggregate Option Price paid for the Repurchase Shares
(the “Damage Amount”). 
 (e) The Option Price may be payable, at the option of the Company, in cancellation of all
or a portion of any outstanding indebtedness of the Participant to the Company or in cash (by check) or both. 
 (f) The
Company shall not purchase any fraction of a Share upon exercise of the Purchase Option, and any fraction of a Share resulting from a computation made pursuant to Section 2 of this Agreement shall be rounded to the nearest whole Share (with any
one-half Share being rounded upward). 
 4. Restrictions on Transfer. 
 (a) The Participant shall not sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”) any Shares, or any interest therein, that are subject to the Purchase Option, except that the Participant may (i) transfer such Shares to or for the benefit of any spouse, domestic partner sharing the same
household as the Participant, sibling, child or grandchild, or to a trust for the benefit of the Participant or any of such family member’s benefit (an “Approved Relative”), provided that such Shares shall remain subject to
this Agreement (including without limitation the restrictions on transfer set forth in this Section 4, the Purchase Option, and the right of first refusal set forth in Section 5) and such permitted transferee shall, as a condition to such
transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement, (ii) transfer such Shares as part of the sale of all or substantially all of the shares
of capital stock of the Company (including pursuant to a merger or consolidation), provided that, in accordance with the Plan, the securities or other property received by the Participant in connection with such transaction shall remain
subject to this Agreement, or (iii) pledge to the Company pursuant to the Note such Shares to secure payment of part or all of the purchase price of such Shares. 
 (b) The Participant shall not transfer any Shares, or any interest therein, that are no longer subject to the Purchase Option, except in
accordance with Section 5 below. 
  

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 5. Right of First Refusal. 
 (a) If the Participant proposes to transfer any Shares that are no longer subject to the Purchase Option, then the Participant shall first
give written notice of the proposed transfer (the “Transfer Notice”) to the Company. The Transfer Notice shall name the proposed transferee and state the number of such Shares she proposes to transfer (the “Offered Shares”), the
price per share and all other material terms and conditions of the transfer. 
 (b) For 30 days following delivery to the
Company of such Transfer Notice, the Company shall have the option to purchase all (but not less than all) of the Offered Shares at the price and upon the terms set forth in the Transfer Notice. In the event the Company elects to purchase all of the
Offered Shares, it shall give written notice of such election to the Participant within such 30-day period. Within 10 days after delivery to the Participant of such notice, the Participant shall tender to the Company at its principal offices the
certificate or certificates representing the Offered Shares, duly endorsed in blank by the Participant or with duly endorsed stock powers attached thereto, all in form suitable for transfer of the Offered Shares to the Company. Promptly following
receipt of such certificate or certificates, the Company shall deliver or mail to the Participant a check in payment of the purchase price for the Offered Shares; provided that if the terms of payment set forth in the Transfer Notice
were other than cash against delivery, the Company may pay for the Offered Shares on the same terms and conditions as were set forth in the Transfer Notice; and provided further that any delay in making such payment shall not
invalidate the Company’s exercise of its option to purchase the Offered Shares. 
 (c) If the Company does not elect to
acquire all of the Offered Shares, the Participant may, within the 30-day period following the expiration of the option granted to the Company under subsection (b) above, transfer the Offered Shares to the proposed transferee, provided
that such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the above, all Offered Shares transferred pursuant to this Section 5 shall
remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 4 and the right of first refusal set forth in this Section 5) and such transferee shall, as a condition to such transfer,
deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 
 (d) After the time at which the Offered Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant
on account of such Offered Shares or permit the Participant to exercise any of the privileges or rights of a stockholder with respect to such Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Offered Shares.

  

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 (e) The following transactions shall be exempt from the provisions of this
Section 5: 
 (i) a transfer of Shares to or for the benefit of any Approved Relatives, or to a trust established solely
for the benefit of the Participant and/or Approved Relatives; 
 (ii) any transfer pursuant to an effective registration
statement filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”); and 
 (iii) the
sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or consolidation), 
 provided, however, that
in the case of a transfer pursuant to clause (i) above, such Shares shall remain subject to this Agreement (including without limitation the restrictions on transfer set forth in Section 4 and the right of first refusal set forth in this
Section 5) and such transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement. 
 (f) The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 5 to one or more
persons or entities. 
 (g) The provisions of this Section 5 shall terminate upon the earlier of the following events:

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

 6. Agreement in Connection with Public Offering. 
 The Participant agrees, in connection with the initial underwritten public offering of the Company’s securities pursuant to a registration statement under the Securities Act, (i) not to sell, make short sale
of, loan, grant any options for the purchase of, or otherwise dispose of any shares of Common Stock held by the Participant (other than those shares included in the offering) without the prior written consent of the Company or the underwriters
managing such initial underwritten public offering of the Company’s securities for a period of 180 days from the effective date of such registration statement, and (ii) to execute any agreement reflecting clause (i) above as may be
requested by the Company or the managing underwriters at the time of such offering. 
  

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 7. Restrictive Legends. 
 All certificates representing Shares shall have affixed thereto legends in substantially the following form, in addition to any other legends that may be
required under federal or state securities laws: 
 “The shares of stock represented by this certificate are subject to restrictions on
transfer and an option to purchase set forth in a certain Restricted Stock Agreement between the corporation and the registered owner of these shares (or her predecessor in interest), and such Agreement is available for inspection without charge at
the office of the Secretary of the corporation.” 
 “The shares represented by this certificate have not been registered under the
Securities Act of 1933, as amended, and may not be sold, transferred or otherwise disposed of in the absence of an effective registration statement under such Act or an opinion of counsel satisfactory to the corporation to the effect that such
registration is not required.” 
 8. Investment Representations. 
 The Participant represents, warrants and covenants as follows: 
 (a) The Participant is purchasing the Shares for her own account for investment only, and not with a view to, or for sale in connection
with, any distribution of the Shares in violation of the Securities Act, or any rule or regulation under the Securities Act. 
 (b) The Participant has had such opportunity as she has deemed adequate to obtain from representatives of the Company such information as is necessary to permit him to evaluate the merits and risks of her investment in the Company.

 (c) The Participant has sufficient experience in business, financial and investment matters to be able to evaluate the
risks involved in the purchase of the Shares and to make an informed investment decision with respect to such purchase. 
 (d)
The Participant can afford a complete loss of the value of the Shares and is able to bear the economic risk of holding such Shares for an indefinite period. 
 (e) The Participant understands that (i) the Shares have not been registered under the Securities Act and are “restricted
securities” within the meaning of Rule 144 under the Securities Act; (ii) the Shares cannot be sold, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from registration is
then available; (iii) in any event, the exemption from registration under Rule 144 will not be available for at least one year and even then will not be available unless a public market then exists for the Common Stock, adequate information
concerning the Company is then available to the public, 

  

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and other terms and conditions of Rule 144 are complied with; and (iv) there is now no registration statement on file with the Securities and Exchange
Commission with respect to any stock of the Company and the Company has no obligation or current intention to register the Shares under the Securities Act. 
 9. Withholding Taxes; Section 83(b) Election. 
 (a) The Participant acknowledges
and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any federal, state or local taxes of any kind required by law to be withheld with respect to the purchase of the Shares by the Participant
or the lapse of the Purchase Option. 
 (b) The Participant has reviewed with the Participant’s own tax advisors the
federal, state, local and foreign tax consequences of this investment and the transactions contemplated by this Agreement. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its
agents. The Participant understands that the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of this investment or the transactions contemplated by this Agreement. The
Participant understands that it may be beneficial in many circumstances to elect to be taxed at the time the Shares are purchased rather than when and as the Company’s Purchase Option expires by filing an election under Section 83(b) of
the Code with the I.R.S. within 30 days from the date of purchase. 
 THE PARTICIPANT ACKNOWLEDGES THAT IT IS THE PARTICIPANT’S SOLE
RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES TO MAKE THIS FILING ON THE PARTICIPANT’S BEHALF. 
 10. Miscellaneous. 
 (a) No Rights to Employment. The Participant acknowledges and agrees that the vesting of the Shares pursuant to Section 2 hereof is earned only by continuing service at the will of the Company (not through the act of being hired
or purchasing shares hereunder). The Participant further acknowledges and agrees that the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of continued engagement as an
employee or consultant for the vesting period, for any period, or at all. 
 (b) Severability. The invalidity or
unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by
law. 
 (c) Waiver. Any provision for the benefit of the Company contained in this Agreement may be waived, either
generally or in any particular instance, by the Board of Directors of the Company. 
 (d) Binding Effect. This
Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective heirs, executors, administrators, 

  

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legal representatives, successors and assigns, subject to the restrictions on transfer set forth in Sections 4 and 5 of this Agreement. 
 (e) Notice. All notices required or permitted hereunder shall be in writing and deemed effectively given upon personal delivery or
five days after deposit in the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party hereto at the address shown beneath her or its respective signature to this Agreement, or at such other address
or addresses as either party shall designate to the other in accordance with this Section 10(e). 
 (f) Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice versa. 
 (g) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties, and supersedes all prior
agreements and understandings, relating to the subject matter of this Agreement. 
 (i) Amendment. This Agreement may
be amended or modified only by a written instrument executed by both the Company and the Participant. 
 (h) Governing
Law. This Agreement shall be construed, interpreted and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of laws. 
 (i) Participant’s Acknowledgments. The Participant acknowledges that he or she: (i) has read this Agreement;
(ii) has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of the Participant’s own choice or has voluntarily declined to seek such counsel; (iii) understands the terms and consequences
of this Agreement; (iv) is fully aware of the legal and binding effect of this Agreement; and (v) understands that the law firm of Hale and Dorr LLP, is acting as counsel to the Company in connection with the transactions contemplated by
the Agreement, and is not acting as counsel for the Participant. 
 11. Delivery of Certificates. The Participant authorizes the
Company, on his or her behalf, to hold the stock certificates representing the Shares until the latest of: 
  

	 	(i)	the date on which the Shares are no longer subject to the Purchase Option; 

  

	 	(ii)	the closing of an initial underwritten public offering of the Company’s securities pursuant to an effective registration statement filed by the Company under the Securities
Act; 

  

	 	(iii)	a sale of all or substantially all of the capital stock, assets or business of the Company, by merger, consolidation, sale of assets or otherwise; or 

  

	 	(iv)	 the date which is no later than thirty days (30) after the date on which the Participant ceases to be employed by the Company, 

  

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provided that, if Participant has paid the purchase price of the Shares pursuant to a Note issued to the Company, the Company shall hold such
Shares until payment of the Note in full as pledgee under the Note and not on behalf of the Participant pursuant to this Section 11. 

 2. Escrow. The Participant shall execute Joint Escrow Instructions in the form attached hereto as Exhibit B simultaneously with the execution hereof. The Joint Escrow Instructions shall be delivered to
the person named by the Company to serve as escrow agent thereunder. The Participant shall simultaneously deliver to such escrow agent a stock assignment in the form attached hereto as Exhibit C duly endorsed in blank and hereby instructs the
Company to deliver to such escrow agent, on behalf of the Participant, the certificate(s) evidencing the Shares issued hereunder; provided that, if Participant is paying for part or all of the Option Price for the Shares by delivering
a Note to the Company then, in accordance with the terms of the Note, the Participant shall irrevocably instruct the Company, as pledgee under such Note, to deliver to the escrow agent the certificate(s) evidencing the Shares issued hereunder which
have been pledged as collateral for payment in full of the Note and the related blank stock assignment(s), and the Joint Escrow Instructions shall become effective only upon such deposit. 
  

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

			
	INFINITY PHARMACEUTICALS, INC.
		
	By:	 	/s/ David Neafus
	Name:	 	David Neafus
	Title:	 	Vice President, Finance and Administration
	
	PARTICIPANT
	
	/s/ Adelene Q. Perkins
	(Signature)
	
	Adelene Perkins
	Print Name
		
	Address:	 	83 Lincoln Rd
		 	Wayland, MA 01778

  

 - 11 -Form of Nonstatutory Stock Option

 Exhibit 10.27 
 Attached hereto is a form of non-statutory stock option agreement by and among the Registrant and each of the below-named persons. The non-statutory stock option agreement by and among the Registrant and each of the below-named persons is
substantially identical in all material respects to such form, except with respect to the details that are set forth below. 
 The number of shares and the
exercise or purchase price of each of the awards listed in the table below is presented after giving effect to the business combination between Discovery Partners International, Inc. (“Discovery Partners”) and Infinity Pharmaceuticals,
Inc. (“IPI”) in accordance with the terms of the Agreement and Plan of Merger among Discovery Partners, Darwin Corp, a wholly owned subsidiary of Discovery Partners (“Darwin Corp.”), and IPI dated as of April 11, 2006,
pursuant to which IPI merged with and into Darwin Corp. and became a wholly owned subsidiary of Discovery Partners and Discovery Partners changed its name to Infinity Pharmaceuticals, Inc. In addition, the number of shares and the exercise or
purchase price of each of the awards listed in the table below is presented after giving effect to the Registrant’s 1-for-4 reverse stock split, which became effective on September 12, 2006. 
  

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

	 5/10/05
	 	Steven Holtzman	 	55,256	 	$2.04	 	(1)
					
	 3/31/06
	 	Steven Holtzman	 	     331	 	$3.48	 	(2)
					
	 3/31/06
	 	Steven Holtzman	 	  4,449	 	$3.48	 	(3)
					
	 5/10/05
	 	Julian Adams	 	30,168	 	$2.04	 	(1)
					
	 5/10/05
	 	Julian Adams	 	30,169	 	$2.04	 	(4)

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

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

  

	1.	Grant of Option. 

 This agreement evidences the
grant by Infinity Pharmaceuticals, Inc., a Delaware corporation (the “Company”), May 10, 2005 (the “Grant Date”) to Julian Adams, an employee of the Company (the “Participant”), of an option to purchase, in whole
or in part, on the terms provided herein and in the Company’s 2001 Stock Incentive Plan (the “Plan”), a total of 136,494 shares (the “Shares”) of common stock, $.0001 par value per share, of the Company (“Common
Stock”) at $0.45 per Share. Unless earlier terminated, this option shall expire on May 9, 2015 (the “Final Exercise Date”). 
 It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the
“Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms. 
  

	2.	Vesting Schedule. 

 (a) Vesting. Subject to
Section 3 below, this option will become exercisable (“vest”) as to one forty-eighth (l/48th) of the original number of Shares on January 31, 2005 and as to an additional one forty-eighth of the original number of Shares at the
end of each successive month following January 31, 2005 until December 31, 2008. The shares subject to the portion of this option that are not yet exercisable are referred to herein as “Unvested Shares,” and the shares subject to
the portion of this option that has become exercisable are referred to herein as “Vested Shares.” 
 The right of exercise shall be
cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all shares for which it is vested until the earlier of the Final
Exercise Date or the termination of this option under Section 3 hereof or the Plan. 
 (b) Early Exercise. Notwithstanding the
vesting schedule set forth in paragraph (a), the Participant may elect to exercise this option as to the Unvested Shares (in addition to the Vested Shares) if simultaneously with such exercise the Participant enters into a Stock Restriction
Agreement with the Company in the form attached hereto as Exhibit A (the “Stock Restriction Agreement”). The Stock Restriction Agreement provides that the Unvested Shares shall be subject to a right of repurchase (the “Purchase
Option”) in favor of the Company in the event that the Participant ceases to provide services to the Company, as that term is defined in the Plan. 

	3.	Exercise of Option. 

 (a) Form of Exercise.
Subject to the procedures set forth in this Agreement, each election to exercise this option shall be in writing in the form attached to this Agreement as Exhibit B, signed by the Participant, and received by the Company at its principal
office, accompanied by this agreement, and payment in full in accordance with Section 4. The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional
share. 
 (b) Continuous Relationship with the Company Required. Except as otherwise provided in this Section 3, this option may
not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer, director, employee or advisor, as the case may be, to the Company or any parent or
subsidiary of the Company as defined in Section 424(e) or (f) of the Code (an “Eligible Participant”). 
 (c)
Termination of Relationship with the Company. If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraph (d) and (e) below, the right to exercise this option shall terminate three
months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation.
Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the
Participant and the Company, the right to exercise this option shall terminate immediately upon such violation. The rights provided in this paragraph are also subject to the limitations provided in paragraph (f) below. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or becomes permanently and totally disabled (within the meaning of
Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in paragraph (f) below, this option shall be
exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to
the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date. 
 (e) Exercise Period Upon Retirement. If the Participant retires prior to the Final Exercise Date while he or she is an Eligible Participant and
the Company has not terminated such relationship for “cause” as specified in paragraph (f) below, and such Participant has, at the time of such retirement, served as an employee of the Company for a period of ten years and has, at the
time of cessation, reached the age of 55, then the right to exercise this option shall terminate three years after such cessation, but in no event after the Final Exercise Date (it being understood that the option must be exercised within the period
of three months following the date of cessation in order for the option to qualify as an incentive stock option). In this circumstance, this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on
the date of such cessation. 
  

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

	4.	Payment of Purchase Price. 

 (a) Method of
Payment. Payment of the purchase price for shares purchased upon exercise of this option shall be made (i) by delivery of a promissory note of the Participant in the form attached hereto as Exhibit C (except that the aggregate par
value of the shares of Common Stock purchased upon exercise of this option shall be paid by the Participant by check payable to the Company), or (ii) by any other means permitted by the terms of the Plan. 
  

	5.	Right of First Refusal. 

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

  

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such transfer shall not be on terms and conditions more favorable to the transferee than those contained in the Transfer Notice. Notwithstanding any of the
above, all Offered Shares transferred pursuant to this Section 5 shall remain subject to the right of first refusal set forth in this Section 5 and such transferee shall, as a condition to such transfer, deliver to the Company a written
instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 5. 
 (d) After the time at
which the Offered Shares are required to be delivered to the Company for transfer to the Company pursuant to subsection (b) above, the Company shall not pay any dividend to the Participant on account of such Offered Shares or permit the
Participant to exercise any of the privileges or rights of a stockholder with respect to such Offered Shares, but shall, in so far as permitted by law, treat the Company as the owner of such Offered Shares. 
 (e) The following transactions shall be exempt from the provisions of this Section 5: 
 (1) any transfer of Shares to or for the benefit of any spouse, domestic partner sharing the same household as the Participant, sibling,
child or grandchild of the Participant, or to a trust for their benefit; 
 (2) any transfer pursuant to an effective
registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”); and 
 (3) the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or consolidation); 
 provided, however, that in the case of a transfer pursuant to clause (1) above, such Shares shall remain subject to the right of first refusal set forth in this Section 5 and such transferee shall, as a condition to
such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Section 5. 
 (f) The Company may assign its rights to purchase Offered Shares in any particular transaction under this Section 5 to one or more persons or entities. 
 (g) The provisions of this Section 5 shall terminate upon the earlier of the following events: 
 (1) the closing of the sale of shares of Common Stock in an underwritten public offering pursuant to an effective registration statement
filed by the Company under the Securities Act; or 
 (2) the sale of all or substantially all of the capital stock, assets or
business of the Company, by merger, consolidation, sale of assets or otherwise (other than a merger or consolidation in which all or substantially all of the individuals and entities who were beneficial owners of the Common Stock immediately prior
to such transaction beneficially own, directly or indirectly, more than 75% of the outstanding securities entitled to vote generally in the election of directors of the resulting, surviving or acquiring corporation in such transaction). 

 

 - 4 - 

 (h) The Company shall not be required (a) to transfer on its books any of the Shares which shall
have been sold or transferred in violation of any of the provisions set forth in this Section 5, or (b) to treat as owner of such Shares or to pay dividends to any transferee to whom any such Shares shall have been so sold or transferred.

  

	6.	Agreement in Connection with Public Offering. 

 The
Participant agrees, in connection with the initial underwritten public offering of the Company’s securities pursuant to a registration statement under the Securities Act, (i) not to sell, make short sale of, loan, grant any options for the
purchase of, or otherwise dispose of any shares of Common Stock held by the Participant (other than those shares included in the offering) without the prior written consent of the Company or the underwriters managing such initial underwritten public
offering of the Company’s securities for a period of 180 days from the effective date of such registration statement, and (ii) to execute any agreement reflecting clause (i) above as may be requested by the Company or the managing
underwriters at the time of such offering. 
  

	7.	Legends on Stock Certificates. 

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

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

	8.	Withholding. 

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

  

	9.	Nontransferability of Option. 

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

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	10.	Provisions of the Plan. 

 This option is subject to
the provisions of the Plan, a copy of which is furnished to the Participant with this option. 
 IN WITNESS WHEREOF, the Company has caused this option to be
executed under its corporate seal by its duly authorized officer. This option shall take effect as a sealed instrument. 
  

									
		 		 	Infinity Pharmaceuticals, Inc. ,
				
	Dated: May 18, 2005	 		 	 By:
	 	 /s/    Thomas J. Burke

		 		 		 	Name:	 	 Thomas J. Burke

		 		 		 	Title:	 	 Controller

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

			
	PARTICIPANT:
	
	 /s/    Julian Adams

		
	Address:	 	 673 Boylston St.

		 	 Boston, MA 02116

  

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