Document:

EX-10.1

 Exhibit 10.1 
 Infinity Pharmaceuticals, Inc. 
 Executive Severance Benefits Plan

 1. Establishment of Plan. Infinity Pharmaceuticals, Inc. (the “Company”) hereby establishes an
unfunded severance benefits plan (the “Plan”) that is intended to be a welfare benefit plan within the meaning of Section 3(1) of ERISA. The Plan is in effect for Covered Employees who experience a Covered Termination occurring
after the Effective Date and before the termination of this Plan. This Plan supersedes any and all (i) severance plans and separation policies applying to Covered Employees that may have been in effect before the Effective Date with respect to
any termination that would, under the terms of this Plan, constitute a Covered Termination and (ii) the provisions of any agreements between any Covered Employee and the Company that provide for severance benefits. 

2. Purpose. The purpose of the Plan is to establish the conditions under which Covered Employees will receive the severance
benefits described herein if employment with the Company (or its successor in a Change in Control (as defined below)) terminates under the circumstances specified herein. The severance benefits paid under the Plan are intended to assist employees in
making a transition to new employment and are not intended to be a reward for prior service with the Company. 
 3.
Definitions. For purposes of this Plan, 
 (a) “Base Salary” shall mean, for any Covered
Employee, such Covered Employee’s base rate of pay as in effect immediately before a Covered Termination (or prior to the Change of Control, if greater) and exclusive of any bonuses, overtime pay, shift differentials, “adders,” any
other form of premium pay, or other forms of compensation. 
 (b) “Benefits Continuation” shall
have the meaning set forth in Section 8(a) hereof. 
 (c) “Board” shall mean the Board of
Directors of the Company. 
 (d) “Cause” shall mean (i) a good faith finding by the Company
of failure by the employee to perform the employee’s material duties for the Company in a manner acceptable to the Company, which failure continues for a period of more than 30 days after notice thereof has been provided to the employee in
writing by the Company, setting forth in reasonable detail the nature of such failure; (ii) a willful act of misconduct with the intent to harm the Company or its affiliates; (iii) a good faith finding by the Company that the employee
committed a violation of the Company’s code of conduct resulting in material harm to the Company or one of its employees; (iv) the employee’s conviction of, or the entry of a plea of guilty or nolo contendere by the employee, to a
crime (other than minor traffic violations); or (v) misappropriation of the Company’s confidential or trade secret information or a violation of any Invention, Non-Disclosure, and Non-Competition Agreement the employee entered into with
the Company. 

 (e) “Change in Control” shall mean the occurrence of any of
the following events, provided that such event or occurrence constitutes a change in the ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, as defined in Treasury
Regulation §§1.409A-3(i)(5)(v), (vi) and (vii): (i) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (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 under the Exchange Act) 50% or more of either
(x) the then-outstanding shares of common stock of the Company (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: (1) any acquisition directly
from the Company or (2) any acquisition by any entity pursuant to a Business Combination (as defined below) which complies with clauses (x) and (y) of subsection (iii) of this definition; or (ii) a change in the composition
of the Board that results in the Continuing Directors (as defined below) no longer constituting a majority of the Board (or, if applicable, the Board of Directors of a successor corporation to the Company), where the term “Continuing
Director” means at any date a member of the Board (x) who was a member of the Board on the date of the initial adoption of the Plan by the Board or (y) who was nominated or elected subsequent to such date by at least a majority of
the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a majority of the directors who were Continuing Directors at the time of such nomination or
election; provided, however, that there shall be excluded from this clause (y) any individual whose initial assumption of office occurred as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or (iii) 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 

  
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(excluding any employee benefit plan (or related trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 50% 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); or (iv) the liquidation or dissolution of the Company. 
 (f) “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act. 
 (g) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (h) “Covered Employees” shall mean all Regular Full-Time Employees (both exempt and non-exempt) who experience a Covered Termination, who hold the title of Executive Vice President or
above, and who are designated as eligible to receive severance benefits under the Plan as provided in Section 5 hereof. For the avoidance of doubt, neither Temporary Employees nor Part-Time Employees are eligible for severance benefits under
the Plan. An employee’s full-time, part-time or temporary status for the purpose of this Plan is determined by the Plan Administrator upon review of the employee’s status immediately before termination. Any person who is classified by the
Company as an independent contractor or third party employee is not eligible for severance benefits even if such classification is modified retroactively. 
 (i) “Covered Termination” shall mean a termination without Cause or a resignation for Good Reason including within the one-year period following the closing of a Change in Control.

 (j) “Effective Date” shall mean February 6, 2013. 

(k) “Equity Acceleration” shall have the meaning set forth in Section 8(e) hereof. 

(l) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

(m) “Good Reason” shall mean (i) a material diminution in the employee’s job responsibilities
or title; (ii) the material relocation of the employee’s principal place of employment, which the Company has determined to be a relocation of more than twenty (20) miles from 780 Memorial Drive, Cambridge, MA, 02139, (ii) a
material reduction in the employee’s base salary or target annual bonus opportunity (other than a proportional, across-the-board reduction applicable to all senior executives of the Company); or (iv) any other action or inaction that
constitutes a material failure by the Company of any agreement under which the employee provides services; provided, however, that in any case the employee has not consented to the condition which would otherwise give rise to a Good Reason. In order
to establish a “Good Reason” for terminating employment, an 

  
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employee must provide written notice to the Company of the existence of the condition giving rise to the Good Reason, which notice must be provided within 90 days of the initial existence of such
condition, the Company must fail to cure the condition within 30 days thereafter, and an employee’s termination of employment must occur no later than one year following the initial existence of the condition giving rise to Good Reason.

 (n) “Outplacement Benefits” shall have the meaning set forth in Section 8(b) hereof.

 (o) “Part-Time Employees” shall mean employees who are not Regular Full-Time Employees and
are treated as such by the Company. 
 (p) “Participants” shall mean Covered Employees.

 (q) “Plan Administrator” shall have the meaning set forth in Section 13 hereof.

 (r) “Release” shall have the meaning set forth in Section 6 hereof. 

(s) “Release Effective Date” shall have the meaning set forth in Section 12(c)(i) hereof.

 (t) “Regular Full-Time Employees” shall mean employees, other than Temporary Employees,
normally scheduled to work at least 30 hours a week unless the Company’s local practices, as from time to time in force, whether or not in writing, establish a different hours threshold for regular full-time employees. 

(u) “Severance Pay” shall have the meaning set forth in Section 7 hereof. 

(v) “Temporary Employees” are employees treated as such by the Company, whether or not in writing.

 4. Coverage. A Covered Employee may be entitled to receive severance benefits under the Plan if such employee
experiences a Covered Termination. In order to receive severance benefits under the Plan, Covered Employees must meet the eligibility and other requirements provided below in Sections 5 and 6 of the Plan. 

5. Eligibility for Severance Benefits. The following employees will not be eligible for severance benefits, except to the
extent specifically determined otherwise by the Plan Administrator: (a) an employee who is terminated for Cause; (b) an employee who retires, terminates employment as a result of an inability to performs his duties due to physical or
mental disability or dies; (c) an employee who voluntarily terminates his employment, except, for Good Reason; (d) an employee who is employed for a specific period of time in accordance with the terms of a written employment agreement;
(e) an employee who promptly becomes employed by another member of the controlled group of entities of which the Company (or its successor in the Change in Control) is a member as defined in Sections 414(b) and (c) of Code; and (f) an
employee who loses employment in connection with a Change in Control, outsourcing 

  
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arrangement or other corporate transaction and who accepts employment with an acquirer of any of the businesses, operations or assets of the Company or refuses an offer of such employment in a
position providing comparable responsibilities and compensation. 
 6. Release; Timing of Severance Benefits. Receipt of
any severance benefits under the Plan requires that the Covered Employee: (a) comply with the provisions of any applicable noncompetition, nonsolicitation, and other obligations to the Company; and (b) execute and deliver a suitable waiver
and release under which the Covered Employee releases and discharges the Company and its affiliates from and on account of any and all claims that relate to or arise out of the employment relationship between the Company and the Covered Employee
(the “Release”) which Release becomes binding within 60 days following the Covered Employee’s termination of employment. The Severance Pay will be paid in accordance with the terms of the Plan and the Company’s
regular pay practices in effect from time to time and the Benefits Continuation will be paid in the amount and at the time premium payments are made by other participants in the Company’s health benefit plans with the same coverage. The
payments shall be made or commence within 10 business days after the Release Effective Date. To the extent a Covered Employee is entitled to Equity Acceleration, the applicable portion of such Covered Employee’s unvested equity grants shall
vest or the substantial risk of forfeiture shall lapse, as applicable, upon the Covered Employee’s Release Effective Date. 

7. Cash Severance. A Covered Employee entitled to severance benefits under this Plan shall be entitled to the continuation of such
employee’s monthly Base Salary for the a period of twelve (12) months (such period, the “Severance Period” and such salary continuation, “Severance Pay”). 

8. Other Severance Benefits. In addition to the foregoing Severance Pay, the severance benefits under the Plan shall include the
following benefits: 
 (a) Company contributions to the cost of COBRA coverage on behalf of the Covered Employee
and any applicable dependents for no longer than the Covered Employee’s applicable Severance Period if the Covered Employee elects COBRA coverage, and only so long as such coverage continues in force. Such costs shall be determined on the same
basis as the Company’s contribution to Company-provided health and dental insurance coverage in effect immediately before the Covered Employee’s termination for an active employee with the same coverage elections; provided that if the
Covered Employee commences new employment and is eligible for a new group health plan, the Company’s continued contributions toward health and dental coverage shall end when the new employment begins (“Benefits Continuation”).

 (b) At the request of the Participant, the Company will arrange and pay for reasonable outplacement services
(“Outplacement Benefits”). The benefit provided will be determined in the Plan Administrator’s sole discretion and will vary based on the employee’s role within the organization. No Outplacement Benefits will be paid after
six (6) months following the Covered Employee’s date of termination of employment; provided that if the Covered Employee commences new employment such employee’s Outplacement Benefits shall immediately cease. 

  
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 (c) Any unpaid annual bonus in respect to any completed bonus period which
has ended prior to the date of the Participant’s Covered Termination and which the Board deems granted to the Participant in its discretion pursuant to the Company’s contingent compensation program, payable at the same time as annual
bonuses are paid to other employees of the Company or, if later, upon the Release Effective Date. 
 (d) At the
Plan Adminstrator’s sole discretion, the prorated amount of any minimum bonus award approved by the Company’s Compensation Committee for the year in which the Covered Termination occurs, which amount shall be payable in lump sum upon the
Release Effective Date. 
 (e) The portion of any outstanding Company equity awards of such Covered Employee
which would have vested within the one (1) year-period following such Covered Termination shall immediately vest (“Equity Acceleration”) upon the Release Effective Date. 

9. Recoupment. If a Covered Employee fails to comply with the terms of the Plan, including the provisions of Section 6 above,
the Company may require payment to the Company of any benefits described in Sections 7 and 8 above that the Covered Employee has already received to the extent permitted by applicable law and with the “value” determined in the sole
discretion of the Plan Administrator. Payment is due in cash or by check within 10 days after the Company provides notice to a Covered Employee that it is enforcing this provision. Any benefits described in Sections 7 and 8 above not yet
received by such Covered Employee will be immediately forfeited. 
 10. Death. If a Participant dies after the date of
his or her Covered Termination but before all payments or benefits to which such Participant is entitled pursuant to the Plan have been paid or provided, payments will be made to any beneficiary designated by the Participant prior to or in
connection with such Participant’s Covered Termination or, if no such beneficiary has been designated, to the Participant’s estate. For the avoidance of doubt, if a Participant dies during such Participant’s applicable Severance
Period, Benefits Continuation will continue for the Participant’s applicable dependents for the remainder of the Participant’s Severance Period. 
 11. Withholding. The Company may withhold from any payment or benefit under the Plan: (a) any federal, state, or local income or payroll taxes required by law to be withheld with respect to
such payment; (b) such sum as the Company may reasonably estimate is necessary to cover any taxes for which the Company may be liable and which may be assessed with regard to such payment; and (c) such other amounts as appropriately may be
withheld under the Company’s payroll policies and procedures from time to time in effect. 
 12. Section 409A.
It is expected that the payments and benefits provided under this Plan will be exempt from the application of Section 409A of the Code, and the guidance issued thereunder (“Section 409A”). The Plan shall be interpreted
consistent with this intent to the maximum extent permitted and generally, with the provisions of Section 409A. A termination of employment shall not be deemed to have occurred for purposes of any provision of this Plan providing for the
payment of any amounts or benefits upon or following a termination of 

  
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employment (which amounts or benefits constitute nonqualified deferred compensation within the meaning of Section 409A) unless such termination is also a “separation from service”
within the meaning of Section 409A and, for purposes of any such provision of this Plan, references to a “termination,” “termination of employment” or like terms shall mean “separation from service”. Neither the
Participant nor the Company shall have the right to accelerate or defer the delivery of any payment or benefit except to the extent specifically permitted or required by Section 409A. 

Notwithstanding the foregoing, to the extent the severance payments or benefits under this Plan are subject to Section 409A, the
following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to Participants under this Plan: 
 (a) Each installment of the payments and benefits provided under this Plan will be treated as a separate “payment” for purposes of Section 409A. Whenever a payment under this Plan specifies
a payment period with reference to a number of days (e.g., “payment shall be made within 10 days following the date of termination”), the actual date of payment within the specified period shall be in the Company’s sole
discretion. Notwithstanding any other provision of this Plan to the contrary, in no event shall any payment under this Plan that constitutes “non-qualified deferred compensation” for purposes of Section 409A be subject to transfer,
offset, counterclaim or recoupment by any other amount unless otherwise permitted by Section 409A. 
 (b)
Notwithstanding any other payment provision herein to the contrary, if the Company or appropriately-related affiliates become publicly-traded and a Covered Employee is deemed on the date of termination to be a “specified employee” within
the meaning of that term under Code Section 409A(a)(2)(B) with respect to such entity, then each of the following shall apply: 
 (i) With regard to any payment that is considered “non-qualified deferred compensation” under Section 409A payable on account of a “separation from service,” such payment shall be
made on the date which is the earlier of (A) the day following the expiration of the six month period measured from the date of such “separation from service” of the Covered Employee, and (B) the date of the Covered
Employee’s death (the “Delay Period”) to the extent required under Section 409A. Upon the expiration of the Delay Period, all payments delayed pursuant to this provision (whether otherwise payable in a single sum or in
installments in the absence of such delay) shall be paid to or for the Covered Employee in a lump sum, and all remaining payments due under this Plan shall be paid or provided for in accordance with the normal payment dates specified herein; and

 (ii) To the extent that any benefits to be provided during the Delay Period are considered “non-qualified
deferred compensation” under Section 409A payable on account of a “separation from service,” and such benefits are not otherwise exempt from Section 409A, the Covered Employee shall pay the cost of such benefits during the
Delay Period, and the Company shall reimburse the Covered Employee, to the extent that such costs would otherwise have been paid 

  
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by the Company or to the extent that such benefits would otherwise have been provided by the Company at no cost to the Covered Employee, the Company’s share of the cost of such benefits upon
expiration of the Delay Period. Any remaining benefits shall be reimbursed or provided by the Company in accordance with the procedures specified in this Plan. 
 (c) To the extent that severance benefits pursuant to this Plan are conditioned upon a Release, the Covered Employee shall forfeit all rights to such payments and benefits unless such release is signed
and delivered (and no longer subject to revocation, if applicable) within 60 days following the date of the termination of the Covered Employee’s employment with the Company. If the Release is no longer subject to revocation as provided in the
preceding sentence, then the following shall apply: 
 (i) To the extent any severance benefits to be provided
are not “non-qualified deferred compensation” for purposes of Section 409A, then such benefits shall commence upon the first scheduled payment date immediately after the date the Release is executed and no longer subject to revocation
(the “Release Effective Date”). The first such cash payment shall include all amounts that otherwise would have been due prior thereto under the terms of this Agreement applied as though such payments commenced immediately upon the
termination of Covered Employee’s employment with the Company, and any payments made after the Release Effective Date shall continue as provided herein. The delayed benefits shall in any event expire at the time such benefits would have expired
had such benefits commenced immediately following the termination of Covered Employee’s employment with the Company. 
 (ii) To the extent any such severance benefits to be provided are “non-qualified deferred compensation” for purposes of Section 409A, then the Release must become irrevocable within 60 days
of the date of termination and benefits shall be made or commence upon the date provided in Section 6, provided that if the 60th day following the termination of Executive’s employment with the Company falls in the calendar year following
the calendar year containing the date of termination, the benefits will be made no earlier than the first business day of that following calendar year. The first such cash payment shall include all amounts that otherwise would have been due prior
thereto under the terms of this Agreement had such payments commenced immediately upon the termination of Executive’s employment with the Company, and any payments made after the first such payment shall continue as provided herein. The delayed
benefits shall in any event expire at the time such benefits would have expired had such benefits commenced immediately following the termination of Executive’s employment with the Company. 

(d) The Company makes no representations or warranties and shall have no liability to any Participant or any other person,
other than with respect to payments made by the Company in violation of the provisions of this Plan, if any provisions of or payments under this Plan are determined to constitute deferred compensation subject to Section 409A of the Code but not
to satisfy the conditions of that section. 

  
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 13. Plan Administration. 

(a) Plan Administrator. The Plan Administrator shall be the Board or a committee thereof designated by the Board
(the “Committee”); provided, however, that the Board or such Committee may in its sole discretion appoint a new Plan Administrator to administer the Plan following a Change in Control. The Plan Administrator shall also serve as the
Named Fiduciary of the Plan under ERISA. The Plan Administrator shall be the “administrator” within the meaning of Section 3(16) of ERISA and shall have all the responsibilities and duties contained therein. 

The Plan Administrator can be contacted at the following address: 

Infinity Pharmaceuticals, Inc. 
 780 Memorial Drive 
 Cambridge, MA 02139 

(b) Decisions, Powers and Duties. The general administration of the Plan and the responsibility for carrying out
its provisions shall be vested in the Plan Administrator. The Plan Administrator shall have such powers and authority as are necessary to discharge such duties and responsibilities which also include, but are not limited to, interpretation and
construction of the Plan, the determination of all questions of fact, including, without limit, eligibility, participation and benefits, the resolution of any ambiguities and all other related or incidental matters, and such duties and powers of the
plan administration which are not assumed from time to time by any other appropriate entity, individual or institution. The Plan Administrator may adopt rules and regulations of uniform applicability in its interpretation and implementation of the
Plan. 
 The Plan Administrator shall discharge its duties and responsibilities and exercise its powers and authority in its sole
discretion and in accordance with the terms of the controlling legal documents and applicable law, and its actions and decisions that are not arbitrary and capricious shall be binding on any employee, and employee’s spouse or other dependent or
beneficiary and any other interested parties whether or not in being or under a disability. 
 14. Indemnification. To
the extent permitted by law, all employees, officers, directors, agents and representatives of the Company shall be indemnified by the Company and held harmless against any claims and the expenses of defending against such claims, resulting from any
action or conduct relating to the administration of the Plan, whether as a member of the Committee or otherwise, except to the extent that such claims arise from gross negligence, willful neglect, or willful misconduct. 

15. Plan Not an Employment Contract. The Plan is not a contract between the Company and any employee, nor is it a condition of
employment of any employee. Nothing 

  
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contained in the Plan gives, or is intended to give, any employee the right to be retained in the service of the Company, or to interfere with the right of the Company to discharge or terminate
the employment of any employee at any time and for any reason. No employee shall have the right or claim to benefits beyond those expressly provided in this Plan, if any. All rights and claims are limited as set forth in the Plan. 

16. Severability. In case any one or more of the provisions of this Plan (or part thereof) shall be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the other provisions hereof, and this Plan shall be construed as if such invalid, illegal or unenforceable provisions (or part thereof) never had been
contained herein. 
 17. Non-Assignability. No right or interest of any Covered Employee in the Plan shall be assignable
or transferable in whole or in part either directly or by operation of law or otherwise, including, but not limited to, execution, levy, garnishment, attachment, pledge or bankruptcy. 

18. Integration With Other Pay or Benefits Requirements. The severance payments and benefits provided for in the Plan are the
maximum benefits that the Company will pay to Covered Employees on a Covered Termination, except to the extent otherwise specifically provided in a separate agreement. To the extent that the Company owes any amounts in the nature of severance
benefits under any other program, policy or plan of the Company that is not otherwise superseded by this Plan, or to the extent that any federal, state or local law, including, without limitation, so-called “plant closing” laws, requires
the Company to give advance notice or make a payment of any kind to an employee because of that employee’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, or similar event, the benefits
provided under this Plan or the other arrangement shall either be reduced or eliminated to avoid any duplication of payment. The Company intends for the benefits provided under this Plan to partially or fully satisfy any and all statutory
obligations that may arise out of an employee’s involuntary termination for the foregoing reasons and the Company shall so construe and implement the terms of the Plan. 
 19. Amendment or Termination. The Board may amend, modify, or terminate the Plan at any time in its sole discretion; provided, however, that (a) any such amendment, modification or termination
made prior to a Change in Control that adversely affects the rights of any Covered Employee shall be unanimously approved by the Company’s Board of Directors, including any independent director(s) and the Chief Executive Officer, (b) no
such amendment, modification or termination may affect the rights of a Covered Employee then receiving payments or benefits under the Plan without the consent of such person, and (c) no such amendment, modification or termination made after a
Change in Control shall be effective for one year. The Board intends to review the Plan at least annually. 
 20. Governing
Law. The Plan and the rights of all persons under the Plan shall be construed in accordance with and under applicable provisions of ERISA, and the regulations thereunder, and the laws of the Commonwealth of Massachusetts (without regard to
conflict of laws provisions) to the extent not preempted by federal law. 

  
 10EX-10.1

 Exhibit 10.1 
 TWELFTH AMENDMENT TO THE 
 FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF 
 SAUL HOLDINGS LIMITED PARTNERSHIP 
 THIS TWELFTH AMENDMENT TO THE FIRST
AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SAUL HOLDINGS LIMITED PARTNERSHIP (this “Twelfth Amendment”), dated as of February 12, 2013, is entered into by the undersigned party. 

W I T N E S S E T H: 

WHEREAS, Saul Holdings Limited Partnership (the “Partnership”) was formed as a Maryland limited partnership pursuant to
that certain Certificate of Limited Partnership dated June 16, 1993 and filed on June 16, 1993 among the partnership records of the Maryland State Department of Assessments and Taxation, and that certain Agreement of Limited Partnership
dated June 16, 1993 (the “Original Agreement”); 
 WHEREAS, the Original Agreement was amended and
restated in its entirety by that certain First Amended and Restated Agreement of Limited Partnership of the Partnership dated August 26, 1993, which was further amended by that certain First Amendment dated August 26, 1993, by that certain
Second Amendment dated March 31, 1994, by that certain Third Amendment dated July 21, 1994, by that certain Fourth Amendment dated December 1, 1996, by that certain Fifth Amendment dated July 6, 2000, by that certain Sixth
Amendment dated November 5, 2003, by that certain Seventh Amendment dated November 26, 2003, by that certain Eighth Amendment dated December 31, 2007, by that certain Ninth Amendment dated March 27, 2008, by that certain Tenth
Amendment dated April 4, 2008 and by that certain Eleventh Amendment dated September 23, 2011 (as amended, the “Agreement”); 
 WHEREAS, on February 12, 2013, Saul Centers, Inc. (the “General Partner”) issued 56,000 shares of 6.875% Series C Cumulative Redeemable Preferred Stock (the “Series C
Preferred Shares,” each a “Series C Preferred Share”) at a gross offering price of $2,500.00 per Series C Preferred Share and, in connection therewith, the General Partner, pursuant to Section 8.7.C of the Agreement,
is required to contribute the proceeds of such issuance to the Partnership and cause the Partnership to issue to the General Partner preferred equity ownership interests in the Partnership (“Series C Preferred Partnership Units”);
and 
 WHEREAS, the General Partner desires to amend the Agreement pursuant to its authority under Sections 2.4 and 14.1.B of
the Agreement and the powers of attorney granted to the General Partner by the Limited Partners in order to reflect the aforementioned issuance of the Series C Preferred Partnership Units. 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the undersigned party, intending legally to be bound, hereby agrees as follows: 

1. The Agreement is hereby amended by the addition of a new exhibit, entitled Exhibit H, in the form attached hereto, which sets
forth the designations, allocations, preferences and other special rights, powers and duties of the Series C Preferred Partnership Units and which shall be attached to and made a part of the Agreement. 

2. Pursuant to Section 8.7.C of the Agreement, effective as of February 12, 2013, the issuance date of the Series C Preferred
Shares by the General Partner, the Partnership hereby issues 56,000 Series C Preferred Partnership Units to the General Partner as provided in Exhibit H. The Series C Preferred Partnership Units have been created and are being issued in
conjunction with the General Partner’s issuance of the Series C Preferred Shares, and as such, the Series C Preferred Partnership Units are intended to have designations, preferences and other rights, all such that the economic interests are
substantially similar to the designations, preferences and other rights of the Series C Preferred Shares, and the terms of this Twelfth Amendment, including without limitation the attached Exhibit H, shall be interpreted in a fashion
consistent with this intent. In return for the issuance to the General Partner of the Series C Preferred Partnership Units, the General Partner has contributed to the Partnership the funds raised through its issuance of the Series C Preferred Shares
(the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance, i.e., the net proceeds actually contributed, plus any underwriter’s discount or other expenses incurred,
with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership). 
 3. In
order to reflect the issuance of the Series C Preferred Partnership Units, Exhibit A to the Agreement is hereby amended by adding to the end of such Exhibit A the following table: 

Series C Preferred Partnership Units 
  

									
	Holder	  	Number of Series C
Preferred Partnership
Units	 	  	Issuance Date	 
			
	 Saul Centers, Inc.
	  	 	56,000	  	  	 	2/12/2013	  

 4. The foregoing recitals are incorporated in and are part of this Twelfth Amendment. 

5. Except as the context may otherwise require, any terms used in this Twelfth Amendment that are defined in the Agreement shall have the
same meaning for purposes of this Twelfth Amendment as in the Agreement. 
 6. Except as specifically amended hereby, the terms,
covenants, provisions and conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the Agreement are hereby ratified and
confirmed in all respects. 

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

			
	GENERAL PARTNER
	
	 SAUL CENTERS, INC.

a Maryland corporation

		
	By:	 	 /s/ Scott V. Schneider

	Name:	 	Scott V. Schneider
	Title:	 	Senior Vice President,
		 	Chief Financial Officer,
		 	Treasurer and Secretary

 EXHIBIT H 
 DESIGNATION OF THE 
 SERIES C PREFERRED PARTNERSHIP UNITS 

OF SAUL HOLDINGS LIMITED PARTNERSHIP 
  

	 	1.	Number of Units and Designation. 

 A class of ownership interests in the Partnership entitled “Series C Preferred Partnership Units” is hereby designated and the number of Series C Preferred Partnership Units constituting such
class shall be 56,000. 
  

	 	2.	Definitions. 

 For
purposes of the Series C Preferred Partnership Units, the following terms shall have the meanings indicated in this Section 2, and capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the
Agreement: 
 “Distribution Payment Date” means any date on which cash dividends are paid on all outstanding
shares of the Series C Preferred Shares. 
 “Liquidation Preference” has the meaning set forth in
Section 4 of this Exhibit H. 
 “Series C Preferred Partnership Units” means the preferred equity
ownership interests in the Partnership issued to the General Partner by the Partnership in connection with the issuance by the General Partner of the Series C Preferred Shares, having the designations, preferences and rights set forth in this
Exhibit H. 
 “Series C Preferred Shares” means the 6.875% Series C Cumulative Redeemable Preferred
Stock issued by the General Partner. 
  

	 	3.	Distributions. 

Notwithstanding anything to the contrary contained in Section 5.2 of the Agreement, on each Distribution Payment Date, the General
Partner shall cause distributions of Available Cash to be made in cash to the General Partner with respect to the Series C Preferred Partnership Units in an amount equal to the amount that is required to be distributed by the General Partner on that
date to the holders of Series C Preferred Shares. The Series C Preferred Partnership Units shall not be entitled to any distributions of Available Cash, whether payable in cash, property or stock, except as provided herein. 

 

	 	4.	Liquidation Preference. 

In the event of any liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary, before any payment or
distribution of the Partnership (whether capital, surplus or otherwise) shall be made under Section 13.2.A(3) to any classes of ownership interest in the Partnership that are junior in priority to the Series C Preferred Partnership Units, the
Series C Preferred Partnership Units shall be entitled to a preference (the “Liquidation Preference”) 

 
equal to the sum of (i) $2,500 per Series C Preferred Partnership Unit, plus (ii) an amount per Series C Preferred Partnership Unit equal to any accrued and unpaid dividends on one
Series C Preferred Share to the date of final distribution. Until the Liquidation Preference with respect to the Series C Preferred Partnership Units has been paid in full, no payment shall be made under Section 13.2.A(3) with respect to any
classes of ownership interest in the Partnership that are junior in priority to the Series C Preferred Partnership Units. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof,
distributable with respect to the Series C Preferred Partnership Units shall be insufficient to pay in full the Liquidation Preference and liquidating payments on any ownership interests in the Partnership that are on a parity with the Series C
Preferred Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the Series C Preferred Partnership Units and any such ownership interests in the Partnership on the same parity as the Series C Preferred Partnership
Units, ratably in the same proportion as the respective amounts that would be payable on such Series C Preferred Partnership Units and any such other ownership interests in the Partnership on the same parity if all amounts payable thereon were paid
in full. After payment in full of the Liquidation Preference, the Series C Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership. For the purposes of this Section 4, (i) a consolidation
or merger of the Partnership with one or more partnerships, or (ii) a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of
the Partnership. 
  

	 	5.	Redemption. 

 Series C
Preferred Partnership Units shall be redeemable by the Partnership as follows: 
 (a) At any time that the General Partner
exercises its right to redeem all or any of the Series C Preferred Shares, the General Partner shall cause the Partnership to concurrently redeem an equal number of Series C Preferred Partnership Units, at a redemption price per Series C Preferred
Partnership Unit payable in cash and equal to the same price per share paid by the General Partner to redeem the Series C Preferred Shares (i.e., a redemption price of $2,500.00 per Series C Preferred Share, plus any accrued and unpaid dividends
thereon). No interest shall accrue for the benefit of the Series C Preferred Partnership Units to be redeemed on any cash set aside by the Partnership. 
 (b) If the Partnership shall redeem Series C Preferred Partnership Units pursuant to paragraph (a) of this Section 5, from and after the redemption date (unless the Partnership shall fail to
make available the amount of cash necessary to effect such redemption), (i) except for payment of the redemption price, the Partnership shall not make any further distributions on the Series C Preferred Partnership Units so called for
redemption, (ii) said units shall no longer be deemed to be outstanding and (iii) all rights of the holders thereof as holders of Series C Preferred Partnership Units of the Partnership shall cease except the rights to receive the cash
payable upon such redemption, without interest thereon. 
 (c) If fewer than all the outstanding Series C Preferred Partnership
Units are to be redeemed, units to be redeemed shall be determined pro rata, by lot or in such other manner from outstanding Series C Preferred Partnership Units not previously called for redemption by any method determined by the General Partner in
its discretion. Upon any such redemption, the General Partner shall amend Exhibit A to the Agreement as appropriate to reflect such redemption. 

	 	6.	Status of Reacquired Units. 

 All Series C Preferred Partnership Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed cancelled. 

 

	 	7.	Ranking. 

 The Series C
Preferred Partnership Units shall be deemed to rank: 
 (a) senior to all existing Partnership Interests; 

(b) senior to any class or series of ownership interests in the Partnership, as to the payment of distributions and as to distributions
of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future issuance by the General Partner of common stock or any other equity securities ranking junior to the Series C Preferred
Shares; 
 (c) on a parity with any class or series of ownership interests in the Partnership, as to the payment of
distributions and as to distributions of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or designation by the General Partner of equity securities, the
terms of which specifically provide that such equity securities rank on a parity with the Series C Preferred Shares; and 
 (d)
junior to any class or series of ownership interests in the Partnership, as to payment of distributions and as to distribution of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the
future authorization or designation by the General Partner of equity securities, the terms of which specifically provide that such class or series ranks senior to the Series C Preferred Shares. 

The term “ownership interests in the Partnership” does not include convertible debt securities issued in the future by the
Partnership, which will rank senior to the Series C Preferred Partnership Units prior to conversion. All Series C Preferred Partnership Units shall rank equally with one another and shall be identical in all respects. 

 

	 	8.	Special Allocations. 

Notwithstanding Sections 6.1.A and B of the Agreement, after giving effect to the special allocations set forth in Section 1 of
Exhibit C to the Agreement, each year gross income of the Partnership shall be allocated first to the General Partner until the cumulative amount allocated under this Section 8 to the General Partner for the current year and all prior
years is equal to the cumulative amount for the current year and all prior years of the sum of (A) the distributions made to the General Partner under Section 3 of this Exhibit H, (B) the portion of the distributions made to
the General Partner under Section 5 of this Exhibit H (if any) that exceeds $2,500 per Series C Preferred Partnership Unit and (C) for the year in which a distribution is to be made to

 
the General Partner under Section 4 of this Exhibit H, the portion of the Liquidation Preference payable to the General Partner under Section 4 (if any) that exceeds $2,500 per
Series C Preferred Partnership Unit. Any remaining Net Income or Net Loss shall be allocated as set forth in Sections 6.1.A and B of the Agreement. 
  

	 	9.	Restrictions on Ownership. 

The Series C Preferred Partnership Units shall be owned and held solely by the General Partner. 

 

	 	10.	Conversion. 

 Series C
Preferred Partnership Units are not convertible into or exchangeable for any other property or securities of the Partnership, except to the extent that the holders of the Series C Preferred Shares convert the Series C Preferred Shares into shares of
the General Partner’s common stock, in which case, for each Series C Preferred Share being converted, the Partnership shall convert one Series C Preferred Partnership Unit into a number of Partnership Units equal to the number of shares of the
General Partner’s common stock into which each Series C Preferred Share is converted. If the holders of the Series C Preferred Shares receive cash, securities or other property upon conversion of the Series C Preferred Shares, an equal number
of Series C Preferred Partnership Units shall also convert into such cash, securities or other property. 
  

	 	11.	General. 

 (a) The General
Partner shall have a zero percent Partnership Interest with respect to the Series C Preferred Partnership Units and shall have no voting rights with respect to the Series C Preferred Partnership Units other than the right to vote on an amendment to
the Agreement if it would alter the distribution, redemption or liquidation rights of the Series C Preferred Partnership Units or any other rights or preferences of the Series C Preferred Partnership Units as set forth in this Exhibit H.

 (b) The Series C Preferred Partnership Units shall not be entitled to the benefits of any retirement or sinking fund.

 (c) The Series C Preferred Partnership Units shall not have any preferences or other rights, voting powers, restrictions,
limitations as to distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Exhibit H. 
 (d) No holder of Series C Preferred Partnership Units shall have any preemptive or preferential right to subscribe for, or to purchase, any additional ownership interests in the Partnership of any class
or series, or any other security of the Partnership which the Partnership may issue or sell. 
 (e) The ownership of Series C
Preferred Partnership Units may (but need not, in the sole and absolute discretion of the General Partner) be evidenced by one or more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent
necessary to reflect accurately the issuance of, and subsequent redemption, or any other event having an effect on the ownership of, Series C Preferred Partnership Units. 

 (f) The rights of the General Partner, in its capacity as holder of the Series C Preferred
Partnership Units, are in addition to and not in limitation of any other rights or authority of the General Partner in any other capacity under the Agreement or applicable law. In addition, nothing contained herein shall be deemed to limit or
otherwise restrict the authority of the General Partner under the Agreement, other than in its capacity as holder of the Series C Preferred Partnership Units. 
 (g) If any preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption of the Series C Preferred Partnership Units set forth in this
Exhibit H are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption
of Series C Preferred Partnership Units set forth in this Exhibit H which can be given effect without the invalid, unlawful or unenforceable provision thereof shall, nevertheless, remain in full force and effect and no preferences or other
rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption of the Series C Preferred Partnership Units herein set forth shall be deemed dependent on any other provision thereof unless so expressed therein.

 (h) The headings of the various subdivisions of this Exhibit H are for convenience only and shall not affect the
interpretation of any of the provisions hereof.

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