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  Exhibit 10.2    
    

[SYNTA
LETTERHEAD] 

July 8,
2008 

REVISED  

Michael Bailey

[ADDRESS] 

Dear
Michael: 

        On
behalf of Synta Pharmaceuticals, I am pleased to offer you the position of Sr. Vice President and Chief Commercial Officer reporting to Safi Bahcall, President and Chief Executive
Officer for Synta Pharmaceuticals Corp. (hereinafter "Synta Pharmaceuticals" or the "Company"). 

        1.    Effective Date:    The effective date of your employment will be August 4, 2008. 

        2.    Compensation:    Your initial base salary will be $300,000.00 annually; payable at a semi-monthly
rate of $12,500.00, from which all applicable taxes and other customary employment-related deductions will be taken. 

        For
the first annual performance review following your hire date, all pay-for-performance compensation (such as merit increases and bonuses) will be
pro-rated to reflect your start date and the percentage of the calendar year that you worked. Employees who start after October 31st will not be included in the
performance review for that calendar year. 

        3.    Bonus:    You will be eligible to receive an annual performance based bonus. This cash bonus, for fully meeting
and exceeding expectations under the Company's bonus program, is expected to be at a target level of 40% of your base salary. Such bonus, if any, will be granted at the discretion of the Company's
Board of Directors. 

        4.    Stock Option:    You will be granted an incentive stock option to purchase 150,000 shares of the Company's
common stock pursuant to the terms of the Synta Pharmaceuticals Corp. 2006 Stock Plan (the "Plan") and formal stock option agreement. All stock option grants shall be priced at the fair market value
(as defined in the 2006 plan) on the grant date and are subject to a vesting schedule over four years (25% vest on the first year anniversary of your hire date and the remainder in equal portions
quarterly over the next three years.) 

        You
will also be granted 25,000 restricted shares of Synta stock with the following vesting schedule: 50% vest on the second anniversary of your hire date and the remainder on the third
anniversary of your hire date. 

        5.    Severance and Change of Control:    Please refer to the document included with this offer of employment entitled
Severance and Change of Control Agreement which is attached hereto and incorporated herein by reference. 

        6.    Benefits:    As a full-time employee, you will be eligible to participate in certain Company-
sponsored benefit plans to the same extent as, and subject to the same terms, conditions and
limitations applicable to other employees of the Company of similar rank and tenure. All benefits may be changed or modified from time to time at the Company's sole discretion. 

        7.    Employment Period:    Your employment with the Company will be at-will, meaning that you will not be
obligated to remain employed by the Company for any specified period of time; likewise, the Company will not be obligated to continue your employment for any specific period and may terminate your
employment at any time, with or without cause. 

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        8.    Contingencies:    Our employment offer to you is contingent upon (1) your execution of the standard form
of Non-Competition, Confidentiality and Inventions Agreement (a copy of which is attached hereto as Exhibit A); (2) your
ability, as required under federal law, to establish your employment eligibility as a U.S. citizen, a lawful permanent resident of the U.S. or an individual specifically authorized for employment by
the Immigration and Naturalization Service; and (3) completion of a satisfactory background check. If any of the foregoing conditions are not met, this employment offer shall be null and void. 

        9.    Jurisdiction and Waiver:    In the case of any dispute, this offer of employment shall be interpreted under the
laws of the Commonwealth of Massachusetts. By accepting this offer of employment, you agree that any action, demand, claim or counterclaim in connection with any aspect of your employment with the
Company, or any separation of employment (whether voluntary or involuntary) from the Company, shall be resolved in a court of competent jurisdiction in Massachusetts by a judge alone, and you
knowingly waive and forever renounce your right to a trial before a civil jury. 

        10.    Medical Surveillance:    As part of Synta's medical surveillance program, all laboratory employees working with
hazardous chemical, infectious agents, radio labeled materials or animals are required to have an initial physical provided by Mount Auburn Hospital. An employee may refuse an exam by signing a
release. If you want to decline from having the initial physical, please notify Human Resources on your first day at New Employee Orientation. Your initial surveillance examination will be scheduled
to take place during the first 10 days of your employment. 

        11.    Orientation:    On your first day of employment, please arrive at 45 Hartwell Avenue at 8:30am for benefits
enrollment with Human Resources. 

        Michael,
we are very enthusiastic about the prospect of your joining us as a Synta Pharmaceuticals employee. Please indicate your acceptance of the foregoing by signing one enclosed copy
of this letter
and returning it to Art McMahon within seven days of the date of this letter. After that date, this offer will lapse. If you need additional time to respond to this offer, please let us know
immediately. 

			
	Sincerely,	 	 
	
 SYNTA PHARMACEUTICALS CORP.	
 	

 
	
 /s/ SAFI BAHCALL

  Safi Bahcall, Ph.D.

Director, President and Chief Executive Officer	
 	

 

Agreed
to and accepted: 

					
	Name:	 	/s/ MICHAEL P. BAILEY

 	 	Date: 7/9/08

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 EXHIBIT A  

Synta Pharmaceuticals Corp.

45 Hartwell Avenue

Lexington, MA 02421 

June 13,
2008

Michael
Bailey

[ADDRESS] 

Dear
Michael: 

        This
letter is to confirm our understanding with respect to (i) your agreement not to compete with Synta Pharmaceuticals Corp. or its subsidiaries or affiliates (collectively, the
"Company") and (ii) your agreement to protect and preserve information and property which is confidential and proprietary to the Company (the terms and conditions agreed to in this letter shall
hereinafter be referred to as the "Agreement"). You hereby acknowledge and agree that you are an "at-will" employee and that no provision of this Agreement shall be construed to create an
express or implied employment
contract, or a promise of employment for a specific period of time, and the Company expressly reserves the right to end your employment at any time, with or without notice or cause. 

        In
consideration of your employment by the Company, the mutual promises and covenants contained in this Agreement, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby mutually acknowledged, we have agreed as follows: 

        1.    Prohibited Competition and Solicitation.    

        (a)    Certain Acknowledgments and Agreements.    

          (i)  We
have discussed, and you recognize and acknowledge the competitive and proprietary aspects of the business of the Company. 

         (ii)  You
will devote your full time and efforts to the business of the Company and, during the period of your employment with the Company (the "Term") and for a period of
twelve (12) months following termination of your employment (whether such termination is voluntary or involuntary. If such termination is involuntary and through no fault of your own, the
twelve (12) month non-compete restriction as discussed herein will not apply), shall not participate, directly or indirectly, in any capacity, in any business which is competitive
with the Company without the prior written consent of the Company. You acknowledge and agree that a business will be deemed competitive with the Company if it conducts research, performs any of the
services or manufactures or sells any of the products provided or offered by the Company or if it performs any other services and/or engages in the production, manufacture, distribution or sale of any
product that may be purchased in lieu of purchasing services performed or products produced, manufactured, distributed or sold by the Company within the Field of Interest (as defined below) at any
time during the period of your employment with the Company. 

        (iii)  You
further acknowledge and agree that, during the course of your employment with the Company, the Company will furnish, disclose or make available to you confidential
and proprietary information related to the Company's business and that the Company may provide you with unique and specialized training. You also acknowledge that such confidential information and
such training have been developed and will be developed by the Company through the expenditure by the Company of substantial time, effort and money and that all such confidential information and
training could be used by you to compete with the Company. 

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        (b)    Non-Solicitation.    During the Term and for a period of twelve (12) months following
termination of your employment, whether such termination is voluntary or involuntary, you shall not, without the prior written consent of the Company: 

          (i)  either
individually or on behalf of or through any third party, solicit, divert or appropriate or attempt to solicit, divert or appropriate, any customer of the Company
with which you had any contact at any time during the Term, with the effect or intention of reducing or limiting the amount of business the customer does with the Company; or 

         (ii)  either
individually or on behalf of or through any third party, directly or indirectly, solicit, entice or persuade or attempt to solicit, entice or persuade any
employees of or consultants to the Company (other than your spouse), who have been employees or consultants of the Company at any time during the Term, or who are employees at the time of the
solicitation, to leave the services of the Company. 

        (c)    Field of Interest.    As used herein, the term "Field of Interest" means the research of, and/or the
development, manufacture and sale of, any therapeutic or diagnostic product that is developed, manufactured or sold by the Company at any time during the Term, as documented in the
bi-weekly scientific project reports or other scientific planning documents of the company (the "Scientific Reports") prepared by the Company during the Term. You hereby acknowledge and
agree that the Field of Interest shall be assessed for purposes of this Agreement as of the date on which your employment with the Company terminates, which assessment shall include, without
limitation, a review of the applicable Scientific Reports. 

        (d)    Reasonableness of Restrictions.    You further acknowledge and agree that (i) the activities which are
prohibited by this Section 1 are narrow and reasonable in relation to the skills which represent your principal salable asset both to the Company and to your other prospective employers, and
(ii) given the global nature of the Company's business, including its need to market its services and sell its products in a large geographic area in order to have a sufficient customer base to
make the Company's business profitable, the geographic, length of time and substantive scope of the provisions of this Section 1 are reasonable, legitimate and fair to you. 

        (e)    Survival of Acknowledgments and Agreements.    Except as expressly set forth hereunder, your acknowledgments
and agreements set forth in this Section 1 shall survive the termination of your employment with the Company for the periods set forth above. 

        2.    Protected Information.    

        (a)    Confidentiality Obligations.    You shall at all times, both during the Term and thereafter, maintain in
confidence and shall not, without the prior written consent of the Company, use, except in the course of performance of your duties for the Company, disclose or give to others any Confidential
Information of the Company. As used herein, the term "Confidential Information" shall mean any information which is disclosed to or developed by you during the course of performing services for, or
receiving training from, the Company, and is not generally available to the public, including but not limited to confidential information concerning business plans, customers, future customers,
suppliers, licensors, licensees, partners, investors, affiliates or others, training methods and materials, financial information, sales prospects, client lists, Company Inventions (as defined in
Section 3), or any other scientific, technical, trade or business secret or confidential or proprietary information of the Company or of any third party provided to you during the Term. In the
event anyone not employed or otherwise engaged by the Company seeks information from you in regard to any such Confidential Information or any other secret or confidential work of the Company, or
concerning any fact or circumstance relating thereto, you will promptly notify the chief executive officer of the Company. 

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        (b)    Limited Exceptions.    The restrictions in Section 2(a) hereof shall not apply to information that, as
can be established by competent written records: (i) was publicly known at the time of the Company's communication thereof to you; (ii) becomes publicly known through no fault of yours
subsequent to the time of the Company's communication thereof to you; (iii) was in your possession free of any obligation of confidence at the time of the Company's communication thereof to
you; or (iv) is developed by you independently of and without reference to or use of any of the Company's Confidential Information. In the event that you are required by law, regulation or
court order to disclose any of the Company's Confidential Information, you shall (i) first notify the Company of such disclosure requirement and (ii) furnish only that portion of the
Confidential Information that is legally required and will exercise all reasonable efforts to obtain reliable assurances that confidential treatment will be accorded the Confidential Information. 

        (c)    Survival of Acknowledgements and Agreements.    Except as expressly set forth hereunder, your acknowledgements
and agreements set forth in this Section 2 shall survive the termination of your employment with the Company. 

        3.    Ownership of Intellectual Property Ideas.    

        (a)    Property of the Company.    As used in this Agreement, the term "Inventions" shall mean all ideas, discoveries,
creations, manuscripts and properties, innovations, improvements, know-how, inventions, designs, developments, apparatus, techniques, methods, biological processes, cell lines, laboratory
notebooks and formulae, whether patentable, copyrightable or not, including all rights to obtain, register, perfect and enforce any of the foregoing. You hereby agree that any Inventions which you may
conceive, reduce to practice or develop during the Term in connection with the business activities of the Company or otherwise within the Field of Interest, alone or in conjunction with any other
party, whether during or out of regular business hours, and whether at the request or upon the suggestion of the Company, or otherwise (collectively, the "Company Inventions"), shall be the sole and
exclusive property of the Company. You hereby assign to the Company all of your right, title and interest in and to all such Company Inventions and hereby agree that you shall not publish any of the
Company Inventions without the prior written consent of the Company. 

        (b)    Cooperation.    During the Term, you agree that, without further compensation, you will disclose promptly to
the Company in writing, all Company Inventions you conceive, reduce to practice or develop during the Term (or, if based on or related to any Confidential Information of the Company obtained by you
during the Term, within one (1) year after the termination of your employment). You further agree that you will fully cooperate with the Company, its attorneys and agents in the preparation and
filing of all papers and other documents as may be reasonably required to perfect the Company's rights in and to any of such Company Inventions, including, but not limited to, joining in any
proceeding to obtain patents, copyrights, trademarks or other legal rights of the United States and of any and all other countries on such Company Inventions;  provided, that, the Company will bear the expense of such proceedings (including all of your reasonable
expenses). You further agree that any patent or other legal right covering any Company Invention so issued to you, personally, shall be assigned by you to the Company without charge by you. You
further acknowledge that all original works of authorship made by you, whether alone or jointly with others within the scope of your employment and which are protectable by copyright are "works made
for hire" within the meaning of the United States Copyright Act, 17 U.S.C. § 101, as amended, the copyright of which shall be owned solely, completely and exclusively by the
Company. If any Company Invention is considered to be work not included in the categories of work covered by the United States Copyright Act, 17 U.S.C. § 101, as amended, such work
shall be owned solely by, or hereby assigned or transferred completely and exclusively to, the Company. If the Company is unable because of your mental or physical incapacity or for any other reason,
after reasonable effort, to secure your signature on any document or documents needed to obtain or 

A-5

 

enforce
any patent, copyright, trademarks or any other rights covering Inventions or original works of authorship assigned by you to the Company as required above, you hereby irrevocably designate and
appoint the Company and its duly authorized officers and agents as your agent and attorney-in-fact, to act for and in your behalf and stead to execute and file any application
or assignment and to do all other lawfully permitted acts to further the prosecution and issuance to the Company of patents, copyright registrations, trademark registrations or similar protections
covering the Inventions with the same legal force and effect as if executed by you. 

        4.    Provisions Necessary and Reasonable/Breach/Attorneys' Fees.    You agree that (i) the provisions of
Sections 1, 2 and 3 of this Agreement are necessary and reasonable to protect the Company's Confidential Information, Company Inventions, and goodwill and (ii) in the event of any breach
of any
of the covenants set forth herein, the Company would suffer substantial irreparable harm and would not have an adequate remedy at law for such breach. In recognition of the foregoing, you agree that
in the event of a breach or threatened breach of any of these covenants, in addition to such other remedies as the Company may have at law, without posting any bond or security, the Company shall be
entitled to seek and obtain equitable relief, in the form of specific performance, and/or temporary, preliminary or permanent injunctive relief, or any other equitable remedy which then may be
available. The seeking of such injunction or order shall not affect the Company's right to seek and obtain damages or other equitable relief on account of any such actual or threatened breach. In the
event the Company takes any court action with respect to your breach or threatened breach of this Agreement, and prevails in such action, you shall be obligated to reimburse the Company for its
reasonable attorneys' fees and costs incurred in such action. 

        5.    Disclosure to Future Employers.    You agree that you will provide, and that the Company may similarly provide
in its discretion, a copy of the covenants contained in Sections 1, 2 and 3 of this Agreement to any business or enterprise which you may directly, or indirectly, own, manage, operate, finance,
join, control or in which you participate in the ownership, management, operation, financing, or control, or with which you may be connected as an officer, director, employee, partner, principal,
agent, representative, consultant or otherwise. 

        6.    Representations Regarding Prior Work and Legal Obligations.    

        (a)   You
represent that you have no agreement or other legal obligation with any prior employer or any other person or entity that restricts your ability to engage in
employment discussions with, employment with, or to perform any function for, the Company. 

        (b)   You
represent that you have been advised by the Company that at no time should you divulge to or use for the benefit of the Company, any trade secret or confidential or
proprietary information of any previous employer. You acknowledge that you have not divulged or used any such information for the benefit of the Company. 

        (c)   You
acknowledge that the Company is basing important business decisions on these representations, and affirm that all of the statements included herein are true. 

        7.    Records.    Upon termination of your employment relationship with the Company, you shall deliver to the Company
any property of the Company which may be in your possession including products, materials, memoranda, notes, records, reports, or other documents or photocopies of the same. 

        8.    No Conflicting Agreements.    You hereby represent and warrant that you have no commitments or obligations
inconsistent with this Agreement and you hereby agree to indemnify and hold the Company harmless against loss, damage, liability or expense arising from any claim based upon circumstances alleged to
be inconsistent with such representation and warranty. 

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        9.    General.    

        (a)    Notices.    All notices, requests, consents and other communications hereunder shall be in writing, shall be
addressed to the receiving party's address set forth below or to such other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by
telex, telecopy or facsimile transmission with confirmed receipt thereof (and with a copy of such telex, telecopy or facsimile, together with a copy of the confirmation sent to the recipient by
regular U.S. mail on the next business day), (iii) sent by overnight courier, or (iv) sent by registered mail, return receipt requested, postage prepaid. 

			
	If to the Company:	 	Synta Pharmaceuticals Corp.

45 Hartwell Avenue

Lexington, MA 02421

Attn: Chief Executive Officer
	
 If to you:	
 	
To the address set forth on the signature page of this Agreement.

        All
notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof to the receiving
party at the address of such party set forth above, (ii) if made by telex, telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic confirmation
or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by registered mail, on the
fifth business day following the day such mailing is made. 

        (b)    Entire Agreement.    This Agreement embodies the entire agreement and understanding between the parties hereto
with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant
or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. 

        (c)    Modifications and Amendments.    The terms and provisions of this Agreement may be modified or amended only by
written agreement executed by the parties hereto. 

        (d)    Waivers and Consents.    The terms and provisions of this Agreement may be waived, or consent for the departure
therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or
consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for
which it was given, and shall not constitute a continuing waiver or consent. 

        (e)    Assignment.    The Company may assign its rights and obligations hereunder to any person or entity that
succeeds to all or substantially all of the Company's business or that aspect of the Company's business in which you are principally involved. Your rights and obligations under this Agreement may not
be assigned by you without the prior written consent of the Company. 

        (f)    Benefit.    All statements, representations, warranties, covenants and agreements in this Agreement shall be
binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create any
rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

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        (g)    Governing Law.    This Agreement and the rights and obligations of the parties hereunder shall be construed in
accordance with and governed by the laws of the Commonwealth of Massachusetts, without giving effect to the conflict of laws principles thereof. 

        (h)    Jurisdiction.    Any legal action or proceeding with respect to this Agreement may be brought in the courts of
the Commonwealth of Massachusetts or of the United States of America. By execution and delivery of this Agreement, each of the parties hereto accepts for itself and in respect of its property,
generally and unconditionally, the jurisdiction of the aforesaid courts. 

        (i)    Severability.    The parties intend this Agreement to be enforced as written. However, (i) if any
portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application
of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement
shall be valid and enforceable to the fullest extent permitted by law and (ii) if any provision, or part thereof, is held to be unenforceable because of the duration of such provision or the
geographic area covered thereby, the Company and you agree that the court making such determination shall have the power to reduce the duration and/or geographic area of such provision, and/or to
delete specific words and phrases ("blue-penciling"), and in its reduced or blue-penciled form such provision shall then be enforceable and shall be enforced. 

        (j)    Headings and Captions.    The headings and captions of the various subdivisions of this Agreement are for
convenience of reference only and shall in no way modify, or affect the meaning or construction of any of the terms or provisions hereof. 

        (k)    No Waiver of Rights, Powers and Remedies.    No failure or delay by a party hereto in exercising any right,
power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of the party. No single or partial exercise of
any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other
or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to
pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or
demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or
demand. 

        (l)    Counterparts.    This Agreement may be executed in one or more counterparts, and by different parties hereto on
separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

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        If
the foregoing accurately sets forth our agreement, please so indicate by signing and returning to us the enclosed copy of this letter. 

					
	 	 	Very truly yours,
	

 	
 	
SYNTA PHARMACEUTICALS CORP.
	

 	
 	
By:	
 	
/s/ SAFI BAHCALL

  Safi Bahcall, Ph.D.

Director, President and Chief Executive Officer

					
	Agreed to and accepted:
	Name:	 	/s/ MICHAEL P. BAILEY

  Michael P. Bailey	 	 
	Address:	 	[ADDRESS]	 	 
	Date:	 	7/9/08	 	 

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  Exhibit 10.3    
    

 SEVERANCE AND CHANGE OF CONTROL AGREEMENT  

        This Agreement (the "Agreement") is entered into as of the 6th day of August,
2008 by and between Synta Pharmaceuticals Corp., a Delaware corporation (the "Company"), and Michael Bailey (the
"Executive"). 

        WHEREAS Executive is employed by the Company, and because of such employment, possesses detailed knowledge of the Company and its business
and operations; 

        WHEREAS Executive's continued service to the Company is very important to the future success of the Company; 

        WHEREAS the Company desires to enter into this Agreement to provide Executive with certain financial protection in the event that
Executive's employment terminates under certain circumstances, and thereby to provide Executive with incentives to remain with the Company; and 

        WHEREAS the Board of Directors of the Company (the "Board") acting through the
Compensation Committee has determined that it is in the best interests of the Company to enter into this Agreement. 

        NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive
agree as follows: 

1.     Definitions.  

        (a)   Cause.    As used herein, "Cause" shall include (and is not limited to): (i) material misrepresentation
with respect to the Company or any affiliate, parent or subsidiary of the Company; (ii) insubordination; (iii) substantial malfeasance or nonfeasance of duty; (iv) unauthorized
disclosure of confidential information; (v) Executive's breach of any material provision of any employment, consulting, advisory, non-disclosure, invention assignment,
non-competition, or similar agreement between Executive and the Company; or (vi) conduct substantially prejudicial to the business of the Company or any affiliate, parent or
subsidiary of the Company. The Board shall have sole discretion to determine the existence of "Cause," and its determination will be conclusive on Executive and the Company; provided that the Board
may delegate its power to act under this paragraph (a) to a committee of the Board in which case the determination of such committee shall be conclusive. "Cause" is not limited to events which
have occurred prior to the termination of Executive's service, nor is it necessary that the Board's finding of "Cause" occur prior to such termination. If the Board determines, subsequent to
Executive's termination of service, that either prior or subsequent to Executive's termination Executive engaged in conduct which would constitute "Cause," then Executive shall have no right to any
benefit or compensation under this Agreement. 

        (b)   Change of Control.    As used herein, a "Change of Control" shall mean the occurrence of any of the following
events: 

	(i)
	Ownership.    Any "Person" (as such term is used in Sections 13(d) and 14(d) of the
Securities Exchange Act of 1934, as amended) becomes the "Beneficial Owner" (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power represented by the Company's then outstanding voting securities (excluding for this purpose any such voting securities held by the
Company, or any affiliate, parent or subsidiary of the Company, or by any employee benefit plan of the Company) pursuant to a transaction or a series of related transactions which the Board does not
approve; or 

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	(ii)
	Merger/Sale of Assets.    (A) A merger or consolidation of the Company whether or not approved by
the Board, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity or the parent of such corporation) at least fifty percent (50%) of the total voting power represented by the voting
securities of the Company or such surviving entity or parent of such corporation, as the case may be, outstanding immediately after such merger or consolidation; (B) or the stockholders of the
Company approve an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; or

	(iii)
	Change in Board Composition.    A change in the composition of the Board, as a result of which
fewer than a majority of the directors are Incumbent Directors. "Incumbent Directors" shall mean directors who either (A) are directors of the Company as of the date of this Agreement, or
(B) are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors, or by a committee of the Board made up of at least a
majority of the Incumbent Directors, at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy
contest relating to the election of directors to the Company). 

        (c)   Good Reason.    As used herein, a "Good Reason" shall mean: (i) Executive, as a condition of remaining
an employee of the Company, is required to change the principal location where Executive renders services to the Company to a location more than fifty (50) miles from Executive's
then-current location of employment; (ii) there occurs a material adverse change in Executive's duties, authority, reporting structure (reporting to CEO) or responsibilities which
causes Executive's position with the Company to become of significantly less responsibility or authority than Executive's position is on the date hereof; or (iii) there occurs a material
reduction in Executive's base salary from Executive's base salary received on the date hereof, provided that any notice of termination by Executive for
Good Reason shall be given by Executive within fifteen (15) business days of Executive's becoming aware of the occurrence of the facts giving rise to such Good Reason. For purposes of this
Agreement, "Good Reason" shall be interpreted in a manner, and limited to the extent necessary, so that it will not cause adverse tax consequences for either party with respect to Section 409A
of the Internal Revenue Code of 1986, as amended ("Code Section 409A"), and any successor statute, regulation and guidance thereto. 

        (d)   Base Salary.    As used herein, "Base Salary" shall mean Executive's annual base salary, excluding
reimbursements, bonuses, benefits, and amounts attributable to stock options and other non-cash compensation. 

2.    Severance for Termination by the Company Other than For Cause or by Executive for Good Reason.    In
the event that (i) Executive's employment is terminated by action of the Company other than for Cause, or (ii) Executive terminates Executive's employment for Good Reason, then Executive
shall receive the following (subject to Executive's execution of a release of claims as described in Section 7): 

        (a)   Severance Payments.    Continuation of payments in an amount equal to Executive's then-current Base
Salary for a six (6) month period less all customary and required taxes and employment-related deductions, in accordance with the Company's normal payroll practices (provided such payments will
be made at least monthly.) 

        (b)   Equity Acceleration.    Acceleration of vesting of any and all outstanding stock option awards that would have
vested during the period commencing on Executive's date of termination through and including the date that is six (6) months following Executive's date of termination. 

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        (c)   COBRA Payments.    Upon completion of the appropriate COBRA(1) forms, and subject to all the requirements of
COBRA, the Company shall continue Executive's participation in the Company's health and dental insurance plans at the Company's cost (except for Executive's co-pay, if any, which shall be
deducted from Executive's severance compensation) for the six (6) months following Executive's date of termination, to the same extent that such insurance is provided to similarly situated
Company executives, provided that this benefit will cease and the Company will be under no obligation to provide it if Executive has become eligible for
coverage under another employer's group coverage, and Executive hereby agrees to notify the Company promptly and in writing should that occur.

 

        (1)   "COBRA"
is the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended. 

        (d)   No Duplication.    In the event that Executive is eligible for the severance payments and benefits
under Section 3 below, Executive shall not be eligible for and shall not receive any of the severance payments and benefits as provided in
this Section 2.

3.    Change of Control Severance.    In the event that a Change of Control occurs and within a period of
one (1) year following the Change of Control, either: (i) Executive's employment is terminated other than for Cause, or (ii) Executive terminates Executive's employment for Good
Reason, then Executive shall receive the following (subject to Executive's execution of a release of claims, as described in Section 7): 

        (a)   Lump Sum Severance Payment.    Within thirty (30) days following Executive's termination, payment of an
amount equal to twelve (12) months of Executive's then-current Base Salary less all customary and required taxes and employment-related deductions. 

        (b)   Separation Bonus.    Within thirty (30) days following Executive's termination, payment of a separation
bonus in an amount equal to the target annual bonus to which Executive may have been entitled for the year in which Executive is terminated, prorated for the portion of the year in which Executive was
employed. 

        (c)   Equity Acceleration.    Full acceleration as of the date of termination of vesting of any and all equity awards
outstanding immediately prior to termination. 

        (d)   COBRA Payments.    Upon completion of the appropriate COBRA forms, and subject to all the requirements of
COBRA, the Company shall continue Executive's participation in the Company's health and dental insurance plans at the Company's cost (except for Executive's co-pay, if any, which shall be
deducted from Executive's severance compensation) for the twelve (12) months following Executive's date of termination, to the same extent that such insurance is provided to similarly situated
Company executives, provided that this benefit will cease and the Company will be under no obligation to provide it if Executive has become eligible for
coverage under another employer's group coverage, and Executive hereby agrees to notify the Company promptly and in writing should that occur. 

        (e)   No Duplication.    In the event that Executive is eligible for the severance payments and benefits
under Section 2 above, Executive shall not be eligible for and shall not receive any of the severance payments and benefits as provided in
this Section 3.  

4.    No Severance.    In the event that Executive's employment is terminated for
any reason other than those outlined in Sections 2 or 3, then Executive shall have no right to
any of the severance payments and benefits provided under this Agreement. 

5.    Distribution Limitation.    If any payment or benefit Executive would receive under this Agreement,
when combined with any other payment or benefit Executive receives pursuant to a Change of Control (for purposes of this section, a "Payment") would:
(i) constitute a "parachute payment" within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the "Code"); and
(ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then such Payment shall
be either: (x) the full amount of such Payment; or (y) such lesser amount (with 

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cash
payments being reduced before stock option compensation) as would result in no portion of the Payment being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the
applicable federal, state and local employments taxes, income taxes, and the Excise Tax, results in Executive's receipt, on an after-tax basis, of the greater amount of the Payment
notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. 

6.    Timing of Payments.    Notwithstanding any other provision with respect to the timing of payments
under Sections 2 or 3, if, at the time of Executive's termination, Executive is deemed to be a
"specified employee" of the Company (within the meaning of Code Section 409A(a)(2)(B)(i) and any successor statute, regulation and guidance thereto ("Code
Section 409A")), then limited only to the extent necessary to comply with the requirements of Code Section 409A, any payments to which Executive may become
entitled under Sections 2 or 3 which are subject to Code Section 409A (and not otherwise
exempt from its application) will be withheld until the first (1st) business day of the seventh (7th) month following the termination of Executive's employment, at which time Executive shall be paid
an aggregate amount equal to the accumulated, but unpaid, payments otherwise due to Executive under the terms of Sections 2 or  3. 

7.    Release of Claims.    The Company shall not be obligated to pay Executive any of the compensation set
forth in Sections 2 and 3 unless and until Executive has executed a timely full and general
release of all claims against the Company and any affiliate, parent or subsidiary, and its and their officers, directors, employees, and agents, in a form satisfactory to the Company. 

8.    No Impact on Employment Status.    This Agreement is not intended to confer, and shall not be
interpreted as conferring, any additional employment rights on Executive, and has no impact on either party's right to terminate Executive's employment under contract or applicable law. 

9.    Enforceability; Reduction.    If any provision of this Agreement shall be deemed invalid or
unenforceable as written, this Agreement shall be construed, to the greatest extent possible, or modified, to the extent allowable by law, in a manner which shall render it valid and enforceable and
any limitation on the scope or duration of any provision necessary to make it valid and enforceable shall be deemed to be a part thereof. No invalidity or unenforceability of any provision contained
herein shall affect any other portion of this Agreement. 

10.   Notices.  

        (a)   All
notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving party's address set forth below or to such
other address as a party may designate by notice hereunder, and shall be either (i) delivered by hand, (ii) made by telex, telecopy or facsimile transmission, (iii) sent by
overnight courier, or (iv) sent by registered or certified mail, return receipt requested, postage prepaid. 

 If to the Company:  

President
and Chief Executive Officer

Synta Pharmaceuticals Corp.

45 Hartwell Avenue

Lexington, MA 02421 

 With a copy to:  

General
Counsel

Synta Pharmaceuticals Corp.

45 Hartwell Avenue

Lexington, MA 02421 

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 If to Executive:  

Michael
Bailey

[ADDRESS] 

        (b)   All
notices, requests, consents and other communications hereunder shall be deemed to have been given either (i) if by hand, at the time of the delivery thereof
to the receiving party at the address of such party set forth above, (ii) if made by telex, telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by
electronic confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, or (iv) if sent by
registered or certified mail, on the fifth (5th) business day following the day such mailing is made. 

11.    Entire Agreement / No Duplication of Compensation or Benefits.    This Agreement embodies the entire
agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter
hereof including, but not limited to, any offer letter or employment agreement previously entered into between the Executive and the Company. No statement, representation, warranty, covenant or
agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement. The terms of  Sections 2 and 3 above shall replace any agreement, policy or practice which otherwise would
obligate the Company to provide any severance compensation and/or benefits to Executive, provided that this provision shall not be construed to
otherwise limit Executive's rights to payments or benefits provided under any pension plan (as defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended),
deferred compensation, stock, stock option or similar plan sponsored by the Company. 

12.    Modifications and Amendments.    The terms and provisions of this Agreement may be modified or
amended only by written agreement executed by all parties hereto. Any such amendment shall comply with the requirements of Code Section 409A, if applicable. 

13.    Waivers and Consents.    The terms and provisions of this Agreement may be waived, or consent for the
departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a
waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the
purpose for which it was given, and shall not constitute a continuing waiver or consent. 

14.    Assignment.    The rights and obligations under this Agreement may be assigned by the Company. 

15.    Benefit.    All statements, representations, warranties, covenants and agreements in this Agreement
shall be binding on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement shall be construed to create
any rights or obligations except among the parties hereto, and no person or entity shall be regarded as a third-party beneficiary of this Agreement. 

16.    Arbitration.    Any controversy, dispute or claim arising out of or in connection with this Agreement
will be settled by final and binding arbitration to be conducted in Boston, Massachusetts pursuant to the national rules for the resolution of employment disputes of the American Arbitration
Association then in effect. The decision or award in any such arbitration will be final and binding upon the parties, and judgment upon such decision or award may be entered in any court of competent
jurisdiction, or application may be made to any such court for judicial acceptance of such decision or award and an order of enforcement. In the event that any procedural matter is not covered by the
aforesaid rules, the procedural law of Massachusetts will govern. Any disagreement as to whether a particular dispute is arbitrable under this Agreement shall itself be subject to arbitration in
accordance 

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with
the procedures set forth herein. Notwithstanding the foregoing, any right or obligation arising out of or concerning any separate contract or agreement between the parties (including but not
limited to any employee, non-competition, non-solicitation, non-disclosure and invention agreement) shall be decided in accordance with the dispute resolution
mechanism provided for by such contract or agreement. 

17.    Governing Law / Jurisdiction / Service of Process.    This Agreement and the rights and obligations
of the parties hereunder shall be construed in accordance with and governed by the law of the Commonwealth of Massachusetts, without giving effect to the conflict of law principles thereof. Any legal
action or proceeding with respect to this Agreement that is not subject to arbitration pursuant to Section 16 will be brought in the courts of
the Commonwealth of Massachusetts in Middlesex County or of the United States of America for the District of Massachusetts, sitting in Boston. By execution and delivery of this Agreement, each of the
parties hereto accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. Each of the parties hereto irrevocably consents to
the service of process of any of the aforementioned courts in any such
action or proceeding by the mailing of copies thereof by certified mail, postage prepaid, to the party at its address set forth in Section 10. 

18.    Counterparts.    This Agreement may be executed in one or more counterparts, and by different parties
hereto on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

(REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK) 

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

					
	 	 	SYNTA PHARMACEUTICALS CORP.
	

 	
 	
By:	
 	
/s/ Safi R. Bahcall

  Safi R. Bahcall, Ph.D.

President and Chief Executive Officer
	

 	
 	
EXECUTIVE:
	

 	
 	
/s/ Michael Bailey

  Michael Bailey

Senior Vice President, Commercial Operations and

Chief Business Officer

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QuickLinks

Exhibit 10.3

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