Document:

Exhibit
10.29

 

[SYNTA
LETTERHEAD]

 

December 9,
2008

 

Vojo
Vukovic MD, PhD

[ADDRESS]

 

Dear
Vojo:

 

On
behalf of Synta Pharmaceuticals, I am pleased to offer you the position of Vice
President, Clinical Research  reporting
to Eric Jacobson for Synta Pharmaceuticals Corp. (hereinafter “Synta
Pharmaceuticals” or the “Company”).

 

1.  Effective Date:  The effective date of your employment will be
Monday, January 19, 2009.

 

2.  Compensation:  Your initial base salary will be $260,000.00 annually;
payable at a semi-monthly rate of $10,833.33, 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, bonuses and annual
stock option grants) 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.

 

You
will be eligible to receive reimbursements not to exceed $50,000.00 for the
following relocation expenses: house hunting expenses, temporary housing in
Massachusetts, full service pack and move of your household items and storage
of household items, real estate fees, and other relocation expenses if
needed.  You will be required to provide
receipts for all relocation expenses in order to be reimbursed.  Should
you choose to leave Synta within 18 months of your start date, you agree to
reimburse Synta for relocation expenses paid on your behalf.

 

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 30% of your base salary.  Such bonus, if any, will be
granted at the discretion of the Company’s Board of Directors.

 

4.
Stock Option:   Subject
to the approval of the Company’s Board of Directors, you will be granted an
incentive stock option to purchase 50,000 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.)

 

5.  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.

 

A-1

 

6.  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.

 

7.  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; (3) completion of a
satisfactory background check; and (4) recommendation of the DMC to continue
the SYMMETRY Trial.  If any of the
foregoing conditions are not met, this employment offer shall be null and void.

 

8.  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.

 

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

 

Vojo,
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 Human Resources 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/
  Arthur J. McMahon

  	
   

  	
   

  
	
  Arthur
  J. McMahon

  	
   

  	
   

  
	
  VP,
  Human Resources

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed
  to and accepted:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  /s/
  Vojislav Vukovic

  	
   

  	
  Date:
  12/11/2008

  
				

 

A-2

 

EXHIBIT A

 

Synta
Pharmaceuticals Corp.

45 Hartwell Avenue

Lexington, MA  02421

 

December 9, 2008

 

Vojo
Vukovic MD, PhD

[ADDRESS]

 

Dear Vojo:

 

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), 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.

 

A-3

 

(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.

 

(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.

 

A-4

 

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.

 

(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 

 

A-5

 

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
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.

 

A-6

 

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 

 

A-7

 

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.

 

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.

 

A-8

 

(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.

 

(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 

 

A-9

 

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.

 

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/ Arthur J. McMahon

  
	
   

  	
   

  	
   

  	
  Arthur J. McMahon

  
	
   

  	
   

  	
   

  	
  VP, Human Resources

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Agreed to and accepted:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Vojislav Vukovic

  	
   

  	
   

  	
   

  
	
  Name: Vojislav Vukovic

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [ADDRESS]

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
  12/11/2008

  	
   

  	
   

  	
   

  
					

 

A-10Exhibit
10.30

 

FORM OF SEVERANCE AND CHANGE OF CONTROL AGREEMENT WITH
SENIOR VICE PRESIDENTS

 

This
Agreement (the “Agreement”) is entered into as of the      
day of         ,       
by and between Synta Pharmaceuticals Corp., a Delaware corporation (the “Company”),
and                     
(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) dishonesty 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

 

(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 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) 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 

 

2

 

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.

 

(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.

 

(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):

 

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

 

3

 

(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 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.

 

4

 

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

 

5

 

With a copy to:

 

General
Counsel

Synta
Pharmaceuticals Corp.

45
Hartwell Avenue

Lexington,
MA 02421

 

If to Executive:

 

[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 

 

6

 

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 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]

 

7

 

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

 

	
   

  	
  SYNTA
  PHARMACEUTICALS CORP.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Safi
  R. Bahcall, Ph.D.

  
	
   

  	
   

  	
  President
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Name]

  

 

8

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