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                                                                   Exhibit 10.20

                              AGREEMENT AND RELEASE

         AGREEMENT AND RELEASE dated this 14th day of January, 2005, by and
between Dr. Lan Bo Chen ("DR. CHEN") and Synta Pharmaceutical Corp. (the
"COMPANY"). Dr. Chen and the Company may be referred to jointly as "THE
PARTIES."

         WHEREAS,  Dr. Chen is a founder of the Company,  serves as a member of
the Company's  board of directors, and is chair of the Company's scientific
advisory board;

         WHEREAS, during the course of their relationship, the parties
(including, in certain cases, various predecessor entities of the Company) have
had, or may have had, various oral understandings and arrangements which,
because they were not memorialized clearly in writing, have led to lack of
clarity about the nature and extent of the parties' obligations to each other
under these arrangements; and

         WHEREAS, Dr. Chen and the Company wish to resolve, for their mutual
benefit, all matters regarding such arrangements, including arrangements
relating to (i) the release by Dr. Chen of any and all claims that Dr. Chen and
his Affiliates (as defined below) and Associates (as defined below) may have
against the Company, its Predecessors (as defined below) and other related
parties, (ii) the assignment by Dr. Chen of the benefit of his interests in
certain entities to the Company and (iii) Dr. Chen's assignment of inventions,
non-competition, non-solicitation and confidentiality agreements with the
Company.

         NOW, THEREFORE, for good and valuable consideration, as more fully
described below, the sufficiency of which is hereby acknowledged, the parties
agree as follows:

1.       AGREEMENT AND RELEASE CONSIDERATION.

         As full, complete, and unconditional satisfaction, settlement and
accord of all Claims (as defined below) and in consideration of the agreements
and releases set forth herein, the Company agrees to pay to Dr. Chen a total sum
of Five Hundred Thousand Dollars ($500,000). Such amount will be paid in twenty
(20) equal payments of Twenty-Five Thousand Dollars ($25,000), the first being
made on the date of execution of this Agreement and Release, and the remaining
nineteen payments to be made every three months from the date hereof.

2.       DEFINITIONS.

         For purposes of this Agreement and Release, the following terms shall
have the meanings set forth below:

                           (i) "AFFILIATE" shall mean a person or entity that
                 directly, or indirectly through one or more intermediaries,
                 controls or is controlled by, or under common control with
                 another person or entity, and shall include without limitation,
                 both current and former directors and officers of an entity;

                           (ii) "ASSOCIATE" shall mean (a) any corporation or
                 organization (other than the Company or any of its
                 subsidiaries) of which an individual, as of the date hereof, is
                 a director, executive officer or partner or of which the
                 individual is, directly or indirectly, the beneficial owner of
                 10% or more of any class of equity securities, (b) any trust or
                 other estate in which an individual has a substantial
                 beneficial interest or as to which the individual serves as
                 trustee or in a similar fiduciary capacity, and (c) an
                 individual's spouse and, either by blood or adoption, the
                 individual's parents, children, siblings,

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                 mothers and fathers-in-law, sons and daughters-in-law, and
                 brothers and sisters-in-law; and

                           (iii) "PREDECESSOR" shall mean an entity, the major
                 portion of the business and assets of which was acquired by
                 another entity in a single transaction or in a series of
                 related transactions.

3.       RELEASES.

         (a) Dr. Chen on behalf of himself his Affiliates and Associates, and
his and their fiduciaries, representatives, agents, estates, trusts, attorneys,
executors, administrators, beneficiaries, successors and assigns (hereinafter,
the "RELEASORS"), absolutely and unconditionally releases and forever discharges
the Company, its Predecessors, Affiliates, Associates, and its and their
successors and assigns, as well as all of their past and present attorneys,
employees, insurers, representatives and agents, both individually and in any of
their official capacities (collectively, the "RELEASEES"), from any and all
actions or causes of action, disputes, suits, claims, complaints, contracts,
liabilities, agreements, promises, oral or written, debts, judgments and
damages, in law or equity, whether existing or contingent, known or unknown,
matured or not matured since the Beginning of the World thorough the Date of
this Agreement and Release (collectively, "CLAIMS"), including, without
limitation: Claims arising out of Dr. Chen's ownership interest in or
relationship with any Predecessor of the Company or any entity related to the
Company in any manner whatsoever; Claims arising out of Dr. Chen's role as a
founder, stockholder and/or director of the Company, as a consultant to the
Company, or as an individual who has provided equipment and/or services to the
Company; Claims arising from or as a consequence of any actions or omissions to
act of the Company's Board of Directors or individual directors of the Company;
Claims arising from or as a consequence of any actions or omissions to act of
any other Releasee; Claims of breach of fiduciary duty; Claims arising from or
concerning Dr. Chen's status as an owner or inventor of any assets, including
equipment, intellectual property, biological or chemical materials, processes or
know-how, compounds used by the Company, its Predecessors, Affiliates or
Associates in their businesses; Claims for compensation, reimbursement or
remuneration of any sort (such as, but without limitation, severance payments,
license payments, bonus payments, benefits, accrued vacation pay, sick pay,
reimbursable expenses, loans to the Company, expense vouchers, obligations or
commitments to grant stock options or to issue stock and all other rights to
acquire stock, if any such obligations, commitments and/or rights are claimed to
exist, and all other payments, commissions, compensations or reimbursements of
every kind and description and for whatever reason); Claims involving any
federal or state securities laws; Claims involving any federal or state law or
regulation relating to employment or employment discrimination (such as those
laws or regulations concerning discrimination on the basis of age, alienage,
race, color, creed, sex, sexual orientation, religion, national origin, handicap
status or veteran status or any military service or application for military
service); Claims involving any contract, arrangement or understanding, whether
oral or written, express or implied; or common law Claims. This release is
intended to be all-encompassing and to act as a full and total release of any
and all Claims that any of the Releasors has, may have in the future, or has had
against any or all of the Releasees resulting or arising from, relative to, or
based on facts, events or occurrences since the Beginning of the World through
the date of this Agreement and Release; however, notwithstanding the foregoing,
nothing herein is intended to or shall impair, negate or otherwise affect (i)
Dr. Chen's ownership in, or title or rights in or to, any equity interest,
whether capital stock or options or other rights to acquire capital stock, he,
his Affiliates or Associates has or have in the Company; or (ii) any vested
interest of Dr. Chen in any retirement plan or pension.

         (b) Dr. Chen, on his own behalf and on behalf of the other Releasors,
further agrees to release and discharge the Company and all other Releasees from
any and all Claims that might be made by any other person or organization on
behalf of the Releasors, and specifically waives any right to

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become, and promises not to become, a member of any class in a case in which any
Claim against the Company, or any claim in the name of the Company, is made
involving any matters subject to release pursuant to Section 3(a) (or, except as
required by law or rule of court, to assist or cooperate in the bringing of any
such claim against the Company or any other Releasee).

         (c) These releases may be pleaded by any Releasee as a full and
complete defense to any released Claim and may be used as the basis for an
injunction against any action, suit or proceeding that may be prosecuted,
instituted, or attempted in breach hereof. Nothing herein shall be deemed to
waive the right of the Company or Dr. Chen to bring an action to enforce the
terms of, or recover damages for breach of, any of the terms of this Agreement
and Release.

         (d) If the parties bring an action barred by, or in order to enforce,
these releases, the losing party shall be obligated to reimburse the prevailing
party for reasonable attorneys' fees and costs in such action.

         (e) Nothing herein is intended to or shall impair, negate or otherwise
affect any right to insurance or to indemnification either party may have under
applicable law, under the Company's Certificate of Incorporation, as amended, or
the Company's By-laws, as amended, or under any future contract specifically
with respect to indemnification entered into by the Company and Dr. Chen.

4.       ASSIGNMENT AND TRANSFER.

         To the extent that Dr. Chen, or any Affiliate or Associate retains any
remaining interest, directly or indirectly, in Kava Pharmaceuticals, Inc.,
Cancer Genomics, Inc., SinglePixel Biomedical, Inc., Three L Enterprises, and
CMAC, LLC that could result in or give rise to a distribution or payment to him
of anything of value, Dr. Chen hereby irrevocably assigns and transfers to the
Company the net benefits received by Dr. Chen or any such Affiliate or Associate
in connection with such interests, whenever they are received.

5.       CONFIDENTIALITY AND INVENTION ASSIGNMENT.

         (a) The parties acknowledge that the Company and the Predecessors have
engaged Dr. Chen on an "at-will" basis as a consultant and service provider, and
that the Company is currently compensating him for consulting services rendered
on a month-to-month schedule (all of the foregoing services being hereinafter
referred to as "CONSULTING SERVICES"). In consideration of the payments set
forth in Section 1 hereof and the payments received and to be received pursuant
to the Consulting Services, Dr. Chen hereby agrees to the confidentiality,
non-disclosure and invention assignment provisions set forth below.

         (b)      CERTAIN ACKNOWLEDGEMENTS AND AGREEMENTS.

                           (i) The parties have discussed, and Dr. Chen hereby
                  recognizes and acknowledges the competitive and proprietary
                  aspects of the business of the Company, its Affiliates and
                  Associates.

                           (ii) Dr. Chen acknowledges that a business will be
                  deemed "competitive" with the Company if, at the time Dr. Chen
                  enters into a relationship with such business or, at any time
                  within two years thereafter while Dr. Chen has a relationship
                  with such business it engages in, or is actively planning or
                  developing any service and/or the research, development or
                  commercialization of any product that is the functional
                  equivalent of, or that has or will likely have the effect of
                  materially displacing sales of

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                  services or products which (A) are performed, produced,
                  manufactured, distributed, sold, under research or active
                  development or in active planning by the Company at any time
                  while Dr. Chen is providing Consulting Services or (B) are
                  expressly identified in writing as the subject of Dr. Chen's
                  Consulting Services hereunder. If the Company requests that
                  Dr. Chen provide Consulting Services that he advises the
                  Company may be competitive with the activities of another
                  business with which he then has a relationship, the Company
                  may at its option (x) terminate the Consulting Services and
                  in connection therewith pay to Dr. Chen any fees and
                  reimburseable expenses due for all Consulting Services
                  rendered through the date of termination, or (y) require Dr.
                  Chen to terminate his services with the competitive business
                  or entity.

                           (iii) Dr. Chen further acknowledges that, while
                  performing Consulting Services to the Company, the Company,
                  its Affiliates and Associates have furnished and will furnish,
                  disclose or make available to him Confidential Information (as
                  defined below) related to the business of the Company and, its
                  Affiliates. Dr. Chen also acknowledges that such Confidential
                  Information has been developed and will be developed by the
                  Company, its Affiliates and Associates through the expenditure
                  by the Company, its Affiliates and Associates of substantial
                  time, effort and money and that all such Confidential
                  Information could be used by him to compete with the Company,
                  its Affiliates and Associates. Further, while Dr. Chen has
                  performed or in the future performs Consulting Services to the
                  Company, he has been or will be introduced to customers and
                  others with important relationships to the Company, its
                  Affiliates and Associates. Dr. Chen acknowledges that any and
                  all "goodwill" created through such introductions belongs
                  exclusively to the Company, its Affiliates and Associates,
                  including, without limitation, any goodwill created as a
                  result of direct or indirect contacts or relationships between
                  himself and any customers or other third parties doing
                  business with the Company, its Affiliates and Associates.

                           (iv) For purposes of this Agreement and Release,
                  "CONFIDENTIAL INFORMATION" means confidential and proprietary
                  information of the Company, its Predecessors, Affiliates and
                  Associates, whether in written, oral, electronic or other
                  form, including but not limited to, information and facts
                  concerning business plans; current or potential customers,
                  suppliers, licensors, licensees, partners, investors,
                  affiliates or others; training methods and materials;
                  financial information; sales prospects; client lists;
                  inventions; or any other scientific, technical or trade
                  secrets of the Company, its Predecessors Affiliates and
                  Associates or of any third party provided to Dr. Chen or the
                  Company, its Predecessors Affiliates and Associates under a
                  condition of confidentiality; provided that Confidential
                  Information will not include information that is in the public
                  domain other than through any fault or act by Dr. Chen, his,
                  Affiliates and Associates. The term "TRADE SECRETS," as used
                  in this Agreement and Release, will be given its broadest
                  possible interpretation under the law of the Commonwealth of
                  Massachusetts and will include, without limitation, anything
                  tangible or intangible or electronically kept or stored, which
                  constitutes, represents, evidences or records secret,
                  scientific, technical, merchandising, production or management
                  information, or any design, process, procedure, formula,
                  invention, improvement or other confidential or proprietary
                  information or documents.

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         (c) NON-COMPETITION; NON-SOLICITATION. While Dr. Chen performs
Consulting Services to the Company and for a period of one year following the
termination of his service to the Company for any reason or for no reason, he
will not, without the prior written consent of the Company:

                           (i) For himself or on behalf of any other person or
                  entity, directly or indirectly, either as principal, partner,
                  stockholder, officer, director, member, employee, consultant,
                  agent, representative or in any other capacity, own, manage,
                  operate or control, or be concerned, connected or employed by,
                  or otherwise associate in any manner with, engage in or have a
                  financial interest in, any business which is competitive with
                  the business of the Company (each, a "RESTRICTED ACTIVITY")
                  anywhere in the world, except that (A) nothing contained
                  herein will preclude Dr. Chen from purchasing or owning
                  securities of any such business if such securities are
                  publicly traded, and provided that his holdings do not exceed
                  one percent of the issued and outstanding securities of any
                  class of securities of such business and (B) nothing contained
                  herein will prohibit Dr. Chen from engaging in a Restricted
                  Activity for or with respect to any subsidiary, division or
                  affiliate or unit (each, a "UNIT") of an entity if that Unit
                  is not engaged in any business which is competitive with the
                  business of the Company, its Affiliates and Associates,
                  irrespective of whether some other Unit of such entity engages
                  in such competition (as long as Dr. Chen does not engage in a
                  Restricted Activity for such other Unit); or

                           (ii) Either individually or on behalf of or through
                  any third party, directly or indirectly, solicit, divert or
                  appropriate or attempt to solicit, divert or appropriate, for
                  the purpose of competing with the Company, any customers,
                  licensors, licensees, collaborative partners, or other patrons
                  of the Company, or any such person or entity with respect to
                  which the Company has developed or made a presentation (or
                  similar communication) with a view to developing a business
                  relationship; or

                           (iii) Either individually or on behalf of or through
                  any third party, directly or indirectly, (A) solicit, entice
                  or persuade or attempt to solicit, entice or persuade any
                  employee of or consultant to the Company to leave the service
                  of the Company for any reason, or (B) employ, cause to be
                  employed, or solicit the employment of, any employee of or
                  consultant to the Company while any such person is providing
                  services to the Company or within six months after any such
                  person has ceased providing services to the Company.

         (d) REASONABLENESS OF RESTRICTIONS. Dr. Chen further recognizes and
acknowledges that (i) the types of employment which are prohibited by this
Section 5 are narrow and reasonable in relation to the skills which represent
his principal salable asset both to the Company and to others and (ii) the time
period and the geographical scope of the provisions of this Section 5 are
reasonable, legitimate and fair to Dr. Chen in light of the Company's need to
effectively pursue its business plan and objectives and in light of the limited
restrictions on the type of activities prohibited herein compared to the types
of activities for which Dr. Chen is qualified to earn his livelihood.

         (e) SURVIVAL OF ACKNOWLEDGEMENTS AND AGREEMENTS. Dr. Chen's
acknowledgements and agreements set forth in this Section 5 will survive the
termination of this Agreement and Release and the termination of Dr. Chen's
service to the Company for any reason or for no reason.

         (f) PROTECTED INFORMATION. Dr. Chen will at all times, both during the
period while he performs Consulting Services to the Company and after the
termination of this Agreement and Release and the termination of his service to
the Company, for any reason or for no reason, maintain in confidence and will
not, without the prior written consent of the Company, use, except as required
in the course of performance of his duties for the Company or by court order,
disclose or give to others any Confidential Information. In the event Dr. Chen
is questioned by anyone not employed by the Company or by an employee of or a
consultant to the Company not authorized to receive Confidential Information, in
regard

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to any Confidential Information, or concerning any fact or circumstance relating
thereto, Dr. Chen will promptly notify the Company. Upon the termination of Dr.
Chen's service to the Company for any reason or for no reason, or if the Company
otherwise requests, he will return to the Company all tangible Confidential
Information and copies thereof (regardless how such Confidential Information or
copies are maintained). The terms of this sub-section are in addition to, and
not in lieu of, any statutory or other contractual or legal obligation that he
may have relating to the protection of the Company's Confidential Information.
The terms of this sub-section will survive indefinitely any termination of this
Agreement and Release and/or any termination of Dr. Chen's service to the
Company for any reason or for no reason.

         (g) PROPERTY OF THE COMPANY.

             (i) 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 in any
             form known or not yet known throughout the world (collectively,
             the "INVENTIONS") which may be used or useful in the current or
             planned business of the Company, whether patentable,
             copyrightable or not, which Dr. Chen has conceived, reduced to
             practice or developed, or may conceive, reduce to practice or
             develop arising out of or in connection with his performance of
             Consulting Services, employment-related services or other
             services for the Company or its Predecessors in any capacity
             (and, if based on or related to any Confidential Information,
             within one years after termination of such service to the Company
             for any reason or for no reason), alone or in conjunction with
             another or others, whether during or out of regular business
             hours, whether or not on the Company's premises or with the use
             of its equipment, and whether at the request or upon the
             suggestion of the Company or otherwise, will be and hereby are
             the sole and exclusive property of the Company, and Dr. Chen will
             not publish any of the Inventions without the prior written
             consent of the Company. Without limiting the foregoing, Dr. Chen
             also acknowledges that all original works of authorship which are
             made by Dr. Chen (solely or jointly with others) within the scope
             of Dr. Chen's service to the Company and its Predecessors and
             which are protectable by copyright are "works made for hire"
             pursuant to the United States Copyright Act (17 U.S.C. Section
             101). Dr. Chen hereby assigns to the Company all of his right,
             title and interest in and to all of the foregoing. Dr. Chen
             further represents that, to the best of his knowledge and belief,
             none of the Inventions will violate or infringe upon any right,
             patent, copyright, trademark or right of privacy, or constitute
             libel or slander against or violate any other rights of any
             person, firm or corporation, and that Dr. Chen will not knowingly
             create any Invention which causes any such violation.

             (ii) To the extent that Dr. Chen has any ownership interest in
             any chemical compounds contained in the Company's compound
             library, used in any of the Company's past, current or planned
             research or development activities or which may be used or useful
             in the current or planned business of the Company, or otherwise
             located or stored at any of the Company's facilities, he assigns
             and irrevocably transfers to the Company all right title and
             interest therein.

             (iii) To the extent that Dr. Chen has clear title to equipment
             located at the Company it will remain his personal equipment, all
             other ownership interests Dr. Chen may assert in any laboratory
             or equipment or materials, used in any of the Company's past,
             current or planned research or development activities or which
             may be used or useful in the current or planned business of the
             Company, or otherwise located or stored at any of the Company's

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             facilities, he assigns and irrevocably transfers to the Company all
             right title and interest therein.

         (h) COOPERATION. At any time during Dr. Chen's service to the Company
or after the termination of Dr. Chen's service to the Company for any reason or
for no reason, Dr. Chen will cooperate fully with the Company and its attorneys
and agents in the preparation and filing of all papers and other documents as
may be required to perfect the Company's rights in and to any of such
Inventions, including, but not limited to, joining in any proceeding to obtain
letters patent, copyrights, trademarks or other legal rights with respect to any
such Inventions in the United States and in any and all other countries,
provided that the Company will bear the expense of such proceedings, and, if
after the termination of Dr. Chen's service to the Company, shall compensate Dr.
Chen at his then current per diem rate for his time spent providing such
cooperation and assistance, as evidenced by time records in reasonable detail
submitted to the Company. Any patent or other legal right so issued to Dr. Chen
personally will be assigned by Dr. Chen to the Company without charge by Dr.
Chen, his Affiliates and Associates.

         (i) LICENSING AND USE OF INVENTIONS. With respect to any Inventions,
whenever created, which Dr. Chen has not prepared or originated in the
performance of his services to the Company or its Predecessors, but which Dr.
Chen provides to the Company or which is incorporated in any Company product or
system, Dr. Chen hereby grants to the Company a royalty-free, fully paid-up,
non-exclusive, perpetual and irrevocable license throughout the world to use,
modify, create derivative works from, disclose, publish, translate, reproduce,
deliver, perform, dispose of, and to authorize others so to do, all such
Inventions. Dr. Chen will not include in any Inventions he delivers to the
Company or uses on its behalf, without the prior written approval of the
Company, any material which is or will be patented, copyrighted or trademarked
by him or others unless he provides the Company with the written permission of
the holder of any patent, copyright or trademark owner for the Company to use
such material in a manner consistent with then-current Company policy.

         (j) DISCLOSURE TO FUTURE EMPLOYERS. Dr. Chen will provide, and the
Company, in its discretion, may similarly provide, a copy of the covenants
contained in Section 5 of this Agreement and Release to any business or
enterprise which he may, directly or indirectly, own, manage, operate, finance,
join, control or in which he may participate in the ownership, management,
operation, financing, or control, or with which he may be connected as an
officer, director, employee, partner, principal, agent, representative,
consultant or otherwise.

         (k) COMPANY ACKNOWLEDGEMENT. The Company acknowledges that Dr. Chen is
affiliated with Caxton Health Holdings ("Caxton") and that Dr. Chen's
affiliation with Caxton is not in violation of this Agreement, provided that Dr.
Chen maintains the confidentiality of the Company's Confidential Information and
trade secrets and may not engage in a competitive Restricted Activity,
individually or in concert with others, in connection with his affiliation with
Caxton.

6.       NO ADMISSION.

         The parties agree and acknowledge that while this Agreement and Release
resolves the issues between the parties, it does not constitute an admission by
either party of any liability whatsoever. Neither this Agreement and Release nor
any of its terms shall be construed to be, or shall be admissible in any
proceeding as, evidence of liability by either party. However, this Agreement
and Release may be introduced in any proceeding to enforce its terms.

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7.       SEVERABILITY.

         The parties agree that each provision herein shall be treated as a
separate and independent clause, and the unenforceability of any one clause
shall in no way impair the enforceability of any of the other clauses. Moreover,
if one or more of the provisions or subparts contained in this Agreement and
Release shall for any reason be held to be excessively broad as to scope or
subject matter so as to be unenforceable at law or equity, such provision,
provisions or subparts shall be construed by limiting and reducing it or them so
as to be enforceable, to the fullest extent compatible with applicable law, in a
manner consistent with the parties' intentions.

8.       NOTICES AND PAYMENTS.

         All payments to Dr. Chen shall be made at the address set forth below,
or such other address as he shall inform the Company of in writing or, at the
Company's option, shall be made by electronic deposit to a bank account
designated by Dr. Chen. All notices and communications shall be given to the
parties at the following addresses, or such other addresses as the parties shall
provide to each other in writing:

         If to Dr. Chen:

                  Lan Bo Chen, Ph.D.
                  184 East Emerson Road
                  Lexington, MA 02421

         If to the Company:

                  Synta Pharmaceuticals Corp.
                  45 Hartwell Avenue
                  Lexington, MA  02421
                  Attention: Chief Executive Officer

9.       REPRESENTATIONS AND GOVERNING LAW.

         (a) This Agreement and Release, represents the complete understanding
between the parties, supersedes any and all agreements and understandings,
whether oral or written, and may not be modified, altered, changed or waived, in
whole or in part, except upon written consent of both parties. The parties agree
that the Company will not have an adequate remedy if Dr. Chen or any other
Releasor fails to comply with the provisions hereof, and that damages will not
be readily ascertainable for such breach, and that a decree of specific
performance or an injunction enjoining a breach of this Agreement and Release is
an appropriate remedy for such breach.

         (b) Dr. Chen represents that he has carefully read this Agreement and
Release, fully understands its terms, and is voluntarily executing same. In
entering into this Agreement and Release, Dr. Chen does not rely on any
representation, promise or inducement made by the Company, or any of its
representatives, agents or attorneys, with the exception of the consideration
described in this document.

         (c) This Agreement and Release shall in all respects be interpreted,
enforced and governed under the internal and domestic laws of the Commonwealth
of Massachusetts without giving effect to the principles of conflicts of law
thereof. Any dispute hereunder will be adjudicated only in the courts located in
Massachusetts. Dr. Chen hereby submits to the jurisdiction of such courts.

         (d) The parties agree to cooperate fully in the execution of any and
all documents, and the taking of any additional action, which may be necessary
or appropriate to give full force and effect to the terms and intent of this
Agreement and Release.

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         (e) The language of all parts of this Agreement and Release shall in
all cases be construed as a whole according to its fair meaning and not strictly
for or against either of the parties.

         (f) This Agreement and Release shall not be assigned by either party
but shall be binding on the parties hereto and their respective heirs, legal
representatives, successors and assigns, and shall inure to the benefit of the
Company's successors and assigns by merger or consolidation with another
company, by the sale of all or substantially all of the assets or capital stock
of the Company, or by any similar transaction in which all or substantially all
of the business of the Company is acquired. The parties acknowledge and warrant
that they have not assigned to any third party any rights, or claims of any
nature against either party or any of the Releasees specified in Section 3.

10.      COUNTERPARTS.

         This Agreement and Release may be executed in two counterparts, either
one of which need not contain the signatures of all parties, but both
counterparts when taken together will constitute one and the same agreement.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

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         IN WITNESS WHEREOF, the parties hereto have caused this Agreement and
Release to be executed as of the date set forth above.

Lan Bo Chen, Ph.D.                              Synta Pharmaceuticals Corp.

By:      /S/ Lan Bo Chen                        By:      /S/ Safi R. Bahcall
   -----------------------------------              ----------------------------
                                                        Safi R. Bahcall, Ph.D.

                                       10Exhibit 4.2

 

THE WARRANT EVIDENCED BY THIS CERTIFICATE AND
THE SHARES OF COMMON STOCK PURCHASABLE UPON EXERCISE OF THE WARRANT ARE SUBJECT
TO A THIRD AMENDED AND RESTATED STOCKHOLDERS AGREEMENT DATED AS OF SEPTEMBER
30, 1997, AS AMENDED, A REGISTRATION RIGHTS AGREEMENT DATED AS OF SEPTEMBER 30,
1997, AND A SUBSCRIPTION
AGREEMENT DATED SEPTEMBER 30, 1997 COPIES OF WHICH ARE ON FILE AT THE PRINCIPAL
OFFICE OF THE COMPANY AND WILL BE FURNISHED TO THE HOLDER ON REQUEST TO THE
SECRETARY OF THE COMPANY.  SUCH AMENDED
AND RESTATED STOCKHOLDERS AGREEMENT, REGISTRATION RIGHTS AGREEMENT AND
SUBSCRIPTION AGREEMENT PROVIDE, AMONG OTHER THINGS, FOR CERTAIN RESTRICTIONS ON
VOTING, SALE, TRANSFER, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE
WARRANT EVIDENCED BY THIS CERTIFICATE AND THE SHARES OF COMMON STOCK
PURCHASABLE UPON EXERCISE OF THE WARRANT AND THAT SUCH SHARES OF COMMON STOCK
ARE SUBJECT TO PURCHASE BY THE COMPANY AS WELL AS CERTAIN OTHER PERSONS UPON
THE OCCURRENCE OF CERTAIN EVENTS. ANY EVIDENCE, SALE, ASSIGNMENT, TRANSFER OR
OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE TO PERSONS
OTHER THAN IN ACCORDANCE WITH SUCH THIRD AMENDED AND RESTATED STOCKHOLDERS
AGREEMENT, REGISTRATION RIGHTS AGREEMENT AND SUBSCRIPTION AGREEMENT SHALL BE
NULL AND VOID.

 

THE WARRANT EVIDENCED BY THIS CERTIFICATE AND
THE SHARES OF COMMON STOCK PURCHASABLE UPON EXERCISE OF THE WARRANT HAVE NOT
BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY STATE SECURITIES LAW, AND SUCH
WARRANT AND SUCH SHARES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF
UNLESS THE SAME IS REGISTERED AND QUALIFIED IN ACCORDANCE WITH THE ACT AND ANY
APPLICABLE STATE SECURITIES LAWS, OR IN THE OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY SUCH REGISTRATION AND QUALIFICATION ARE NOT
REQUIRED.

 

	
  No. 62

  	
   

  	
  Warrant
  to Purchase

  
	
   

  	
   

  	
  2,668
  Shares Dated

  
	
   

  	
   

  	
  as
  of September 30, 1997

  

 

WARRANT

 

To Purchase Common Stock
of

 

INTERNATIONAL LOGISTICS LIMITED

 

	
  Purchase
  Price of Common Stock:

  	
   

  	
  Purchase
  price per share as set forth below.

  

 

THIS WARRANT CERTIFIES that, for value
received, Ronald Jackson or registered assigns is entitled, prior to the close
of business on the Expiration Date (defined below), to purchase 2,668 shares of
Common Stock in International Logistics Limited,

 

 

a Delaware corporation (the “Company”),
at a purchase price per share equal to $52.00 (the “Warrant Purchase Price”)
upon surrender of this Warrant at the principal office of the Company, and
payment of such purchase price in cash, by bank cashier’s or certified check or
by a cashless exercise as set forth in Section 2.B.2. below.

 

This Warrant is issued by the Company in
connection with the execution of the Employment Agreement (as defined herein).
The terms and conditions of the Warrant are set forth herein. Any capitalized
terms used herein and not defined herein shall have the meanings set forth in
the Stockholders Agreement (as defined herein).

 

SECTION 1

 

Definitions

 

“Business Day” means any day other
than a Saturday, a Sunday, or any day on which commercial banks in the city of
Chicago, Illinois are authorized or required by law to close.

 

“Common Stock” means the Common Stock
of the Company, $.001 par value per share, authorized on the date of the
original issue of this Warrant and shall also include any capital stock of any
class of the Company then or thereafter authorized which shall not be limited
to a fixed sum or percentage of par value in respect of the rights of the
holders thereof to participate in dividends and in the distribution of assets
upon the voluntary or involuntary liquidation, dissolution or winding-up of the
Company, and shall also include, in case of any reorganization,
reclassification, consolidation, merger or sale of assets of the character
referred to in Section 5 hereof, the stock, securities or assets
provided for in such Section; provided that the shares purchasable
pursuant to this Warrant shall include only shares of such class.

 

“Employment Agreement” means the
Employment Agreement dated as of September 30, 1997, as amended, by and between
the Company and Ronald Jackson.

 

“Expiration Date” means September 30,
2007.

 

“Fair Market Value” shall mean the
fair market value of the Company’s Common Stock (or other securities if in the
context of untraded securities distributed in connection with a Qualified Sale)
as determined on a fully-distributed basis without regard to liquidity or size
relative to the number of shares outstanding; provided that such
valuation (x) be performed by a

 

2

 

nationally recognized investment banking, valuation or appraisal firm
paid for by the Company and (y) shall ascribe value to warrants as the amount,
if any, by which the value of the Common Stock underlying the warrant shall
exceed the aggregate exercise price related thereto.

 

“Initial Public Offering” means the
first underwritten public offering of Common Stock by the Company pursuant to a
registration of shares under the Securities Act on a Form S-l Registration
Statement (or equivalent or successor form).

 

“OCM” means OCM Principal
Opportunities Fund, L.P., a Delaware limited partnership.

 

“OCM Affiliates” means any investor in
or any employee of OCM or Oaktree Capital Management, LLC (“Oaktree”), a
California limited liability company, or in any company, joint venture, limited
liability company, association or partnership of which the OCM or Oaktree, is a
shareholder, manager or general partner, as the case may be.

 

“Public Offering” means any offering
of Common Stock to the public, including the Initial Public Offering, either on
behalf of the Company or any of its stockholders, pursuant to an effective
registration statement under the Securities Act.

 

“Qualified Sale” shall mean (i) any sale of all or substantially all of the assets of
the Company or (ii) any sale, merger or liquidation of the Company with or into
any entity other than OCM, TCW, WES&S, an OCM Affiliate, a TCW Affiliate or
a WES&S Affiliate whereby such entity shall obtain (A) at least a majority
of the voting stock of the surviving entity and (B) the right to elect a
majority of the surviving entity’s board of directors.

 

“Registration Rights Agreement” means
the Registration Rights Agreement dated as of September 30, 1997, by and among
the Company and each of the Holders listed on Annex I thereto, as the same may
be amended from time to time.

 

“Securities Act”
means the Securities Act of 1933, as amended and as the same may be amended from
time to time.

 

“Simon Entity” means Logistical Simon,
L.L.C., a Delaware limited liability company, WESINVEST, Inc., a Delaware
corporation or William E. Simon & Sons, L.L.C., a Delaware limited
liability company.

 

“Stockholders Agreement” means the
Third Amended and Restated Stockholders Agreement dated as of September 30,
1997,

 

3

 

by and among the Company and
each of the Holders listed on Exhibit A thereto, as the same may be
amended from time to time.

 

“TCW” means TCW Special Credits Fund V
- The Principal Fund, a California
limited partnership.

 

“TCW Affiliates” means any investor in
or any employee of TCW, TCW Asset Management Company, a California corporation
(“TAMCO”), Trust Company of the West, a California trust company (“Trustco”)
or Oaktree Capital Management, LLC (“Oaktree”), a California limited
liability company, or in any company, joint venture, limited liability company,
association or partnership of which TCW, TAMCO, Trustco or Oaktree, is a
shareholder, manager or general partner, as the case may be.

 

“Trading Price” means the trading
price for each such trading day: (a) if the Common Stock is traded on a
national securities exchange, its last reported sale price on the preceding
Business Day on such national securities exchange or, if there was no sale on
that day, the last reported sale price on such national securities exchange on
the next preceding Business Day on which there was a sale, all as made
available over the Consolidated Last Sale Reporting System of the CTA Plan (the
“CLSRS”) or, if the Common Stock is not then eligible for reporting over
the CLSRS, its last reported sale price on the preceding Business Day on such
national securities exchange or, if there was no sale on that day, on the next
preceding Business Day on which there was a sale on such exchange or (b) if the
principal market for the Common Stock is the over-the-counter market, but the
Common Stock is not then eligible for reporting over the CLSRS, but the Common
Stock is quoted on the National Association of Securities Dealers Automated
Quotations System (“NASDAQ”), the last sale price reported on NASDAQ on
the preceding Business Day or, if the Common Stock is an issue for which last
sale prices are not reported on NASDAQ, the closing bid quotation on such day,
but in each of the next preceding two cases, if the relevant NASDAQ price or
quotation did not exist on such day, then the price or quotation on the next
preceding Business Day in which there was such a price or quotation.

 

“WES&S means Logistical Simon,
L.L.C., a Delaware limited liability company.

 

“WES&S Affiliate” means any Simon
Entity or any partnership, limited liability company or corporation that
directly or indirectly, through one or more intermediaries, has control of, is
controlled by or is under common control with (i) any Simon Entity or (ii) any
shareholders, partner or member of a Simon Entity or any such shareholder’s,
partner’s or member’s spouse, siblings, children, children’s spouses,
grandchildren or

 

4

 

their spouses or any trusts for the benefit of any of the foregoing.

 

“Warrant Purchase Price” has the
meaning assigned to that term in the introductory paragraph hereof.

 

“Warrant Shares” means the shares of
Common Stock purchased or purchasable by the Warrantholder upon the exercise of
the Warrant pursuant to Section 2 hereof.

 

“Warrantholder” means the registered
holder of the Warrant and any related Warrant Shares.

 

SECTION 2

 

Exercise

 

A.            General.  The Warrantholder shall be
entitled to exercise the Warrant, in whole or in part, at any time or from time
to time on or before 5:00 p.m., Chicago, Illinois time, on the Expiration Date;
provided, however, that 2,668 shares underlying the Warrant shall
be subject to vesting on September 30, 1998. 
The Warrant is not exercisable as to fractions of shares. Unvested
portions of the Warrant shall be forfeited and cancelled if at any time (i)
Ronald Jackson’s employment with the Company is terminated as a result of
death, disability or retirement, (ii) Ronald Jackson’s employment with the
Company is terminated for “Cause” or (iii) Ronald Jackson voluntarily resigns
from the Company (unless such resignation is due to a significant diminution of
responsibility).  Unvested portions of
the Warrant shall be automatically fully vested upon a Qualified Sale or the
termination of Ronald Jackson’s employment from the Company without Cause.  For purposes of this Agreement, “Cause” shall
have the meaning set forth in the Employment Agreement.

 

B.            Manner of Exercise.  The
Warrantholder may exercise the vested portion of the Warrant, in whole or in
part, by either of the following methods:

 

1.             The Warrantholder shall complete one of the
Subscription Forms attached hereto, and deliver it to the Company, at its
principal offices located at 13952 Denver West Parkway, Golden, Colorado 80401,
Attention: President (or at such other location as the Company may designate by
notice in writing to the Warrantholder), together with the Warrant and either
cash, a certified check or a bank cashier’s check, in an amount equal to the
then aggregate Warrant Purchase Price of the shares of Common Stock being
purchased; or

 

5

 

2.             The Warrantholder may also exercise this
Warrant, in whole or in part, in a “cashless” exercise by delivering to the
Company, at its principal offices located at 13952 Denver West Parkway, Golden,
Colorado 80401, Attention:  President (or
at such other location as the Company may designate by notice in writing to the
Warrantholder), (i) one of the Subscription Forms attached hereto, which notice
shall specify the number of Warrant Shares to be delivered to such
Warrantholder and the number of Warrant Shares with respect to which this
Warrant is being surrendered in payment of the aggregate Exercise Price for the
Warrant Shares to be delivered to the Warrantholder, and (ii) the Warrant.  For purposes of this cashless exercise
provision, all Warrant Shares as to which the Warrant is surrendered will be
attributed the following value:  (i)
prior to an Initial Public Offering and in the context of a Qualified Sale: at
the Fair Market Value of the consideration received by stockholders with
respect to their outstanding shares of Common Stock;  (ii) concurrently with an Initial Public
Offering:  a value equal to the Initial
Public Offering offer price to the public; or (iii) subsequent to an Initial
Public Offering, a price equal to the average Trading Price of the Company’s
Common Stock for the twenty (20) preceding trading days ending on the day prior
to the date on which the request for cashless exercise is received by the
Company.  The costs and expenses
associated with determination of any of the preceding valuations shall be borne
by the Company.  Cashless exercises shall
be permitted only to the extent that such exercise is permitted by the terms of
the Company’s indebtedness. 
Notwithstanding the foregoing, commencing on the day after the Initial
Public Offering through the twentieth trading day following the Initial Public
Offering, the Warrantholder shall not be permitted to make a cashless exercise
pursuant to this Section.

 

Upon
receipt thereof by the Company, the Warrantholder shall be deemed to be a
holder of record of the shares of Common Stock specified in said Subscription
Form, and the Company shall, as promptly as practicable, and in any event
within ten (10) Business Days thereafter, execute and deliver or cause to be
delivered to the Warrantholder a certificate or certificates representing the
aggregate number of shares of Common Stock specified in said Subscription Form.
Each stock certificate so delivered shall be registered in the name of the
Warrantholder or such other name as shall be designated by the Warrantholder,
subject to compliance with federal and state securities laws. Before being
required to transfer any Common Stock, the Company may require the
Warrantholder at the Warrantholder’s expense to provide an opinion of counsel
satisfactory to the Company that any such exercise is exempt from registration
or qualification under the federal and state securities laws.  If the Warrant shall have been exercised only
in part, the Company shall, at the

 

6

 

time of delivery of said stock certificate or certificates, deliver to
the Warrantholder a like Warrant representing the right to purchase the
remaining number of shares purchasable thereunder.  The Company shall pay all expenses, taxes and
other charges payable in connection with the preparation, execution and
delivery of stock certificates pursuant to this Section 2, except that,
in case such stock certificates shall be registered in a name or names other
than the name of the Warrantholder, funds sufficient to pay all stock transfer
taxes which shall be payable upon the execution and delivery of such stock
certificate or certificates shall be paid by the Warrantholder to the Company
at the time of delivering the Warrant to the Company as mentioned above.

 

C.            Transfer Restriction Legend.  The
Warrant and each certificate for Warrant Shares issued upon exercise or
conversion of the Warrant, unless at the time of exercise or conversion such
Warrant Shares are registered under the Securities Act, shall bear the legends
described in Section 10(a) of the Stockholders Agreement.

 

D.            Character of Warrant Shares. All shares of Common Stock issuable upon
the exercise of the Warrant shall be duly authorized, validly issued, fully
paid and nonassessable.

 

SECTION 3

 

Ownership and Exchange of
the Warrant

 

A.            Registered Holder.  The
Company may deem and treat the person in whose name the Warrant is registered
as the holder and owner thereof (notwithstanding any notations of ownership or writing
thereon made by anyone other than the Company) for all purposes and shall not
be affected by any notice to the contrary, until presentation of the Warrant
for exchange as provided in this Section 3.

 

B.            Exchange and Replacement.  The
Warrant is exchangeable upon the surrender thereof by the Warrantholder to the
Company at its principal offices for a new Warrant or Warrants of like tenor and
date representing in the aggregate the right to purchase the number of shares
purchasable hereunder, each new Warrant to represent the right to purchase such
number of shares as shall be designated by the Warrantholder at the time of
surrender.  Subject to compliance with Section
4 hereof, each Warrant and all rights thereunder are transferable in whole
or in part upon the books of the Company by the Warrantholder in person or by
its duly authorized attorney, and a new Warrant or Warrants shall be made and
delivered by the Company, of the same tenor and date as

 

7

 

the Warrant but registered in the name of the transferee, upon
surrender of the Warrant, duly endorsed, at the principal offices of the
Company.  The Company will issue a
replacement certificate for the Warrant upon the loss, theft, destruction or
mutilation thereof pursuant to Section 10 (b) of the Stockholders
Agreement. The Warrant shall be promptly canceled by the Company upon the
surrender thereof in connection with any exchange, transfer or
replacement.  Except as set forth in the
Stockholders Agreement, the Company shall pay all expenses, taxes (other than
stock transfer taxes) and other charges payable in connection with the
preparation, execution and delivery of the Warrant pursuant to this Section
3.

 

SECTION 4

 

Transfer of Warrant or
Warrant Shares

 

A.            General Provisions.  The
Warrant shall not be transferable.  The
related Warrant Shares shall not be transferable except in accordance with the
terms and conditions specified in the Stockholders Agreement.

 

B.            Registration Rights.  The
Company has agreed to provide certain piggyback registration rights in respect
of the Warrant Shares, the terms and conditions of which are set forth in the Registration
Rights Agreement.  Upon any transfer of
any Warrant Shares in accordance with the provisions of the Stockholders Agreement
(other than transfers made after an Initial Public Offering), the registration
rights pertaining thereto may be transferred, pursuant to the terms and
provisions of Section 9 of the Registration Rights Agreement, upon giving
notice to the Company and the transferee’s agreement to be bound by the provisions
of the Stockholders Agreement.

 

SECTION 5

 

Anti-Dilution Provisions

 

A.            Stock Splits and Reverse Splits.  In
the event that the Company shall at any time subdivide its outstanding shares
of Common Stock into a greater number of shares, the Warrant Purchase Price in
effect immediately prior to such subdivision shall be proportionately reduced
and the number of Warrant Shares purchasable pursuant to this Warrant
immediately prior to such subdivision shall be proportionately increased, and
conversely, in the event that the outstanding shares of Common Stock of the
Company shall at any time be combined into a smaller number of shares, the
Warrant Purchase Price in effect immediately prior to

 

8

 

such combination shall be proportionately increased and the number of
Warrant Shares purchasable upon the exercise of this Warrant immediately prior
to such combination shall be proportionately reduced.  Except as provided in this Section 5.A,
no adjustment in the Warrant Purchase Price and no change in the number of
Warrant Shares purchasable shall be made under this Section 5 as a
result of or by reason of any such subdivision or combination.

 

B.            Reorganization
and Asset Sales.  Subject to the
terms and provisions in the
Stockholders Agreement, if any capital reorganization or reclassification of
the capital stock of the Company, or any consolidation or merger of the Company
with another corporation, or the sale of all or substantially all of its assets
to another corporation, shall be effected in such a way that holders of Common
Stock shall be entitled to receive stock, securities or assets with respect to
or in exchange for Common Stock, then the following provisions shall apply:

 

1.             As a condition of such reorganization, reclassification,
consolidation, merger or sale (except as otherwise provided below in this Section
5.B), lawful and adequate provisions shall be made whereby the
Warrantholder shall thereafter have the right to purchase and receive upon the
terms and conditions specified in this Warrant and in lieu of the Warrant
Shares immediately theretofore receivable upon the exercise of the rights
represented hereby, such shares of stock, securities or assets as may be issued
or payable with respect to or in exchange for a number of outstanding shares of
such Common Stock equal to the number of Warrant Shares immediately theretofore
so receivable had such reorganization, reclassification, consolidation, merger
or sale not taken place.

 

2.             In the event of a merger or consolidation of
the Company with or into another corporation as a result of which a number of
shares of Common Stock of the surviving corporation greater or lesser than the
number of shares of Common Stock of the Company outstanding immediately prior
to such merger or consolidation are issuable to holders of Common Stock of the Company,
then the Warrant Purchase Price in effect immediately prior to such merger or
consolidation shall be adjusted in the same manner as though there were a
subdivision or combination of the outstanding shares of Common Stock of the
Company.

 

3.             The Company shall not effect any such consolidation,
merger or sale unless prior to or simultaneously with the consummation thereof
the successor corporation (if other than the Company) resulting from such
consolidation or merger or the corporation purchasing such assets shall assume,
by written instrument executed and mailed or delivered to the Warrantholder

 

9

 

at the last address of the Warrantholder appearing on the books of the
Company, the obligation to deliver to the Warrantholder such shares of stock,
securities or assets as, in accordance with the foregoing provisions, the
Warrantholder may be entitled to receive, and all other liabilities and
obligations of the Company hereunder. Upon written request by the Warrantholder
such successor corporation will issue a new warrant revised to reflect the
modifications in this Warrant effected pursuant to this Section 5.B.

 

C.            Notice of Adjustment. Whenever the Warrant Purchase Price and the
number of Warrant Shares issuable upon the exercise of this Warrant shall be
adjusted as herein provided, or the rights of the Warrantholder shall change by
reason of other events specified herein, the Company shall compute the adjusted
Warrant Purchase Price and the adjusted number of Warrant Shares in accordance
with the provisions hereof and shall prepare a certificate signed by its
President, Vice President, Treasurer or Secretary setting forth the adjusted
Warrant Purchase Price and the adjusted number of Warrant Shares issuable upon
the exercise of this Warrant or specifying the other shares of stock,
securities or assets receivable as a result of such change in rights, and
showing in reasonable detail the facts and calculations upon which such adjustments
or other changes are based, including a statement of the consideration received
or to be received by the Company for, and the amount of, any Common Stock,
options and convertible securities issued since the last such adjustment or
change (or since the date hereof in the case of the first adjustment or
change).  The Company shall cause to be
mailed to the Warrantholder copies of such officer’s certificate together with
a notice stating that the Warrant Purchase Price and the number of Warrant
Shares purchasable upon exercise of this Warrant have been adjusted and setting
forth the adjusted Warrant Purchase Price and the adjusted number of Warrant
Shares purchasable upon the exercise of this Warrant.

 

SECTION 6

 

Notices

 

Any notice or other document required or
permitted to be given or delivered to the Warrantholder shall be delivered in
writing or sent by certified or registered mail to the Warrantholder at the
address furnished to the Company in writing by the Warrantholder. Any notice or
other document required or permitted to be given or delivered to the Company
shall be delivered personally (including delivery by courier or by facsimile if
received during normal working hours), or be sent by certified or registered
mail to the Company, at 13952 Denver West

 

10

 

Parkway, Golden, Colorado 80401, Attention: President, or other such
address as shall have been furnished to the Warrantholder by the Company.  Except as otherwise provided, each such
notice shall be deemed given when delivered or on a date which is four (4) days
after it is mailed in any post office or branch post office regularly
maintained by the United States Postal Service (registered or certified, with
postage prepaid and properly addressed).

 

SECTION 7

 

No Rights as Stockholder;
Limitation of Liability

 

The Warrant shall not entitle the
Warrantholder to any of the rights of a stockholder of the Company.  No provision hereof, in the absence of
affirmative action by the Warrantholder to purchase shares of Common Stock, and
no mere enumeration herein of the rights or privileges of the Warrantholder,
shall give rise to any liability of the Warrantholder for the Warrant Purchase
Price or as a stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the company.

 

SECTION 8

 

Miscellaneous

 

This Warrant shall be governed by, and
construed and enforced in accordance with, the laws of the State of Delaware
without regard to principles of conflict of laws.  This Warrant and any provision hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party (or any predecessor in interest thereof) against which
enforcement of the same is sought.  The
headings in this Warrant are for purposes of reference only and shall not
affect the meaning or construction of any of the provisions hereof.

 

11

 

WITNESS the due execution of this Warrant by
a duly authorized officer of the
Company.

 

	
   

  	
  INTERNATIONAL LOGISTICS LIMITED

  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger E. Payton

  	
   

  
	
   

  	
   

  	
  Roger E. Payton

  
	
   

  	
   

  	
  President and

  
	
   

  	
   

  	
  Chief Executive Officer

  

 

12

 

FULL SUBSCRIPTION FORM

 

(To Be Executed by the Registered Holder

If It Desires to Exercise the Warrant in Full)

 

The undersigned hereby exercises the right to
purchase the total number of shares of Common Stock covered by the attached
Warrant at the date of this subscription and herewith makes payment of the sum of $              ,
or hereby tenders               
Warrant Shares as payment
therefor, representing the Warrant Purchase Price of $              
per share in effect at this
date.  Certificates for such shares shall
be issued in the name of and delivered to the undersigned, unless otherwise
specified in written instructions signed by the undersigned and accompanying
this subscription.

 

 

	
  Dated:

  	
   

  	
  ,

  	
  19

  	
   

  	
  .

  	
   

  

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signature]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

13

 

PARTIAL SUBSCRIPTION FORM

 

(To
Be Executed by the Registered Holder

If It Desires to Exercise the Warrant in Part)

 

The undersigned hereby exercises the right to
purchase               
shares of Common Stock covered
by the attached Warrant at the
date of this subscription and herewith makes payment of the sum of $              , or hereby tenders                Warrant Shares as payment therefor,
representing the Warrant Purchase Price of $               per share in effect at this date.  Certificates for such shares and a new
Warrant of like tenor and date for the balance of the shares not subscribed for
shall be issued in the name of and delivered to the undersigned, unless
otherwise specified in written instructions signed by the undersigned and
accompanying this subscription.

 

 

	
  Dated:

  	
   

  	
  ,

  	
  19

  	
   

  	
  .

  	
   

  

 

 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Signature]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

14

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