Document:

EX-10.1

 Exhibit 10.1 

MEDICINOVA, INC. 
 Common
Stock 
 (par value $0.001 per share) 

At-the-Market Issuance Sales Agreement 

May 22, 2015 
 MLV & Co. LLC 

1301 Avenue of the Americas 
 43rd Floor 
 New York, New York 10019 

Ladies and Gentlemen: 
 MediciNova, Inc., a
Delaware corporation (the “Company”), confirms its agreement (this “Agreement”), with MLV & Co. LLC (“MLV”), as follows: 

1. Issuance and Sale of Shares. The Company agrees that, from time to time during the term of this Agreement, on the terms and subject
to the conditions set forth herein, it may issue and sell through MLV, shares (the “Placement Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), provided however,
that in no event shall the Company issue or sell through MLV such number of Placement Shares that (a) would cause the Company to fail to satisfy the eligibility requirements for use of Form S-3 (including Instruction I.B.6. thereof in the
event that such instruction becomes applicable to the Company during the term of this Agreement), (b) exceeds the number of shares of Common Stock registered on the effective Registration Statement (as defined below) pursuant to which the
offering is being made, or (c) exceeds the number of authorized but unissued shares of Common Stock (the lesser of (a), (b) and (c), the “Maximum Amount”). Notwithstanding anything to the contrary contained herein, the
parties hereto agree that compliance with the limitations set forth in this Section 1 on the number of Placement Shares issued and sold under this Agreement shall be the sole responsibility of the Company and that MLV shall have no
obligation in connection with such compliance. The issuance and sale of Placement Shares through MLV will be effected pursuant to the Registration Statement (as defined below), although nothing in this Agreement shall be construed as requiring the
Company to use the Registration Statement to issue any Placement Shares. 
 The Company has filed, in accordance with the provisions of the
Securities Act of 1933, as amended, and the rules and regulations thereunder (the “Securities Act”), with the Securities and Exchange Commission (the “Commission”), a registration statement on Form S-3 (File
No. 333-185022), including a base prospectus, relating to certain securities, including the Placement Shares to be issued from time to time by the Company, and which incorporates by reference documents that the Company has filed or will file in
accordance with the provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the “Exchange Act”). The Company has prepared a prospectus supplement to the base prospectus included as
part of such registration statement specifically relating to the Placement Shares (the “Prospectus Supplement”). The Company will furnish to MLV, for use by MLV, copies of the 

 
base prospectus included as part of such registration statement, as supplemented by the Prospectus Supplement, relating to the Placement Shares. Except where the context otherwise requires, such
registration statement, including all documents filed as part thereof or incorporated by reference therein, and including any information contained in a Prospectus (as defined below) subsequently filed with the Commission pursuant to Rule 424(b)
under the Securities Act or deemed to be a part of such registration statement pursuant to Rule 430B of the Securities Act, is herein called the “Registration Statement.” The base prospectus, including all documents incorporated or
deemed incorporated therein by reference to the extent such information has not been superseded or modified in accordance with Rule 412 under the Securities Act (as qualified by Rule 430B(g) of the Securities Act), included in the Registration
Statement, as it may be supplemented by the Prospectus Supplement, in the form in which such base prospectus and/or Prospectus Supplement have most recently been filed by the Company with the Commission pursuant to Rule 424(b) under the Securities
Act, is herein called the “Prospectus.” Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the documents incorporated or deemed
incorporated by reference therein, and any reference herein to the terms “amend,” “amendment” or “supplement” with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include the
filing after the execution hereof of any document with the Commission deemed to be incorporated by reference therein (the “Incorporated Documents”). 

For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall
be deemed to include the most recent copy filed with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or if applicable, the Interactive Data Electronic Application system when used by the Commission
(collectively, “EDGAR”). 
 2. Placements. Each time that the Company wishes to issue and sell Placement Shares
hereunder (each, a “Placement”), it will notify MLV by email notice (or other method mutually agreed to in writing by the parties) of the number of Placement Shares, the time period during which sales are requested to be made, any
limitation on the number of Placement Shares that may be sold in any one day and any minimum price below which sales may not be made (a “Placement Notice”), substantially in the form of which is attached hereto as Schedule 1.
The Placement Notice shall originate from any of the individuals from the Company set forth on Schedule 3 (with a copy to each of the other individuals from the Company listed on such schedule), and shall be addressed to each of the
individuals from MLV set forth on Schedule 3, as such Schedule 3 may be amended from time to time. Provided that the Company is otherwise in compliance with the terms of this Agreement, the Placement Notice shall be effective
immediately upon receipt by MLV unless and until (i) MLV gives the Company written notice that it declines to accept the terms contained therein for any reason, in its sole discretion, (ii) the entire amount of the Placement Shares
thereunder has been sold, (iii) the Company suspends or terminates the Placement Notice or (iv) this Agreement has been terminated under the provisions of Section 13. The amount of any discount, commission or other compensation
to be paid by the Company to MLV in connection with the sale of the Placement Shares shall be calculated in accordance with the terms set forth in Schedule 2. It is expressly acknowledged and agreed that neither the Company nor MLV will have
any obligation whatsoever with respect to a Placement or any Placement Shares unless and until the Company delivers a Placement Notice to MLV and MLV does not decline such Placement Notice pursuant to the terms set forth above, and then only upon
the terms specified therein and herein. In the event of a conflict between the terms of Sections 2 or 3 of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. 

  
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 3. Sale of Placement Shares by MLV. 

a. Subject to the terms and conditions of this Agreement, for the period specified in a Placement Notice, MLV will use its commercially
reasonable efforts consistent with its normal trading and sales practices and applicable state and federal laws, rules and regulations and the rules of The NASDAQ Stock Market LLC (“NASDAQ”) and the Jasdaq Market of the Tokyo Stock
Exchange (“TSE” and, together with NASDAQ, the “Exchanges”), to sell the Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such Placement Notice, provided that the
Company shall not solicit sales of such Placement Shares in Japan other than in trades on or through the TSE. MLV will provide written confirmation to the Company no later than the opening of the Trading Day (as defined below) immediately following
the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement Shares sold on such day, the compensation payable by the Company to MLV pursuant to Section 2 with respect to such sales, and
the Net Proceeds (as defined below) payable to the Company, with an itemization of the deductions made by MLV (as set forth in Section 5(b) from the gross proceeds that it receives from such sales. Subject to the terms of a Placement
Notice, MLV may sell Placement Shares by any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 of the Securities Act, including without limitation sales made directly on the Exchanges, on any other
existing trading market for the Common Stock or to or through a market maker. Subject to the terms of a Placement Notice, MLV may also sell Placement Shares by any other method permitted by law, including but not limited to negotiated transactions,
with the Company’s prior written consent. “Trading Day” means any day on which Common Stock is purchased and sold on NASDAQ. 

b. During the term of this Agreement, neither MLV nor any of its affiliates or subsidiaries shall engage in (i) any short sale of any
security of the Company, (ii) any sale of any security of the Company that MLV does not own or any sale which is consummated by the delivery of a security of the Company borrowed by, or for the account of, MLV or (iii) if such activity
would be prohibited under Regulation M or other anti-manipulation rules under the Securities Act, any market making, bidding, purchasing, stabilization or other trading activity with regard to the Common Stock, or attempting to induce another person
to do any of the foregoing. Neither MLV nor any of its affiliates or subsidiaries shall engage in any proprietary trading or trading for MLV’s (or its affiliates’ or subsidiaries’) own account. 

4. Suspension of Sales. The Company or MLV may, upon notice to the other party in writing (including by email correspondence to each of
the individuals of the other party set forth on Schedule 3, if receipt of such correspondence is actually acknowledged by any of the individuals to whom the notice is sent, other than via auto-reply) or by telephone (confirmed immediately by
verifiable facsimile transmission or email correspondence to each of the individuals of the other party set forth on Schedule 3), suspend any sale of Placement Shares; provided, however, that such suspension shall not affect or impair
any party’s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties agrees that no such notice under this Section 4 shall be effective against any other party unless
it is made to one of the individuals named on Schedule 3 hereto, as such Schedule may be amended from time to time. 

  
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 5. Sale and Delivery to MLV; Settlement. 

a. Sale of Placement Shares. On the basis of the representations and warranties herein contained and subject to the terms and conditions
herein set forth, upon MLV’s receipt of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, MLV, for the period
specified in the Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified in, and otherwise in accordance with the terms of, such
Placement Notice. The Company acknowledges and agrees that (i) there can be no assurance that MLV will be successful in selling Placement Shares, (ii) MLV will incur no liability or obligation to the Company or any other person or entity
if it does not sell Placement Shares for any reason other than a failure by MLV to use its commercially reasonable efforts consistent with its normal trading and sales practices and applicable law and regulations to sell such Placement Shares as
required under this Agreement and (iii) MLV shall be under no obligation to purchase Placement Shares on a principal basis pursuant to this Agreement, except as otherwise agreed by MLV and the Company. 

b. Settlement of Placement Shares. Unless otherwise specified in the applicable Placement Notice, settlement for sales of Placement
Shares will occur on the third (3rd) Trading Day (or such earlier day as is industry practice for regular-way trading) following the date on which such sales are made (each, a
“Settlement Date”). The amount of proceeds to be delivered to the Company on a Settlement Date against receipt of the Placement Shares sold (the “Net Proceeds”) will be equal to the aggregate sales price received by
MLV, after deduction for (i) MLV’s commission, discount or other compensation for such sales payable by the Company pursuant to Section 2 hereof, and (ii) any transaction fees imposed by any governmental or self-regulatory
organization in respect of such sales. 
 c. Delivery of Placement Shares. On or before each Settlement Date, the Company will, or
will cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting MLV’s or its designee’s account (provided MLV shall have given the Company written notice of such designee at least one Trading Day
prior to the Settlement Date) at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other means of delivery as may be mutually agreed upon by the parties hereto which in all cases shall be freely tradable,
transferable, registered shares in good deliverable form. On each Settlement Date, MLV will deliver the related Net Proceeds in same day funds to an account designated by the Company on, or prior to, the Settlement Date. The Company agrees that if
the Company, or its transfer agent (if applicable), defaults in its obligation to deliver Placement Shares on a Settlement Date through no fault of MLV, then in addition to and in no way limiting the rights and obligations set forth in
Section 11(a) hereto, it will (i) hold MLV harmless against any loss, claim, damage, or reasonable, documented expense (including reasonable and documented legal fees and expenses), as incurred, arising out of or in connection with
such default by the Company or its transfer agent (if applicable) and (ii) pay to MLV 

  
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(without duplication) any commission, discount, or other compensation to which it would otherwise have been entitled absent such default; provided, however, that the Company shall
not be obligated to so indemnify and reimburse MLV if the Placement Shares are not delivered due to (1) a suspension or material limitation in trading in securities generally on either Exchange, or (2) a general moratorium on commercial
banking activities declared by federal, New York State or Japanese authorities or a material disruption in commercial banking or securities settlement or clearance services in the United States or Japan. 

d. Limitations on Offering Size. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares
if, after giving effect to the sale of such Placement Shares, the aggregate number of Placement Shares sold pursuant to this Agreement would exceed the lesser of (A) together with all sales of Placement Shares under this Agreement, the Maximum
Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to time to be issued and sold under this Agreement by the Company’s board of directors, a
duly authorized committee thereof or a duly authorized executive committee, and notified to MLV in writing. Under no circumstances shall the Company cause or request the offer or sale of any Placement Shares pursuant to this Agreement at a price
lower than the minimum price authorized from time to time by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to MLV in writing. Further, under no circumstances shall
the Company cause or permit the aggregate offering amount of Placement Shares sold pursuant to this Agreement to exceed the Maximum Amount. 

6. Representations and Warranties of the Company. Except as disclosed in the Registration Statement or Prospectus (including the
Incorporated Documents), the Company represents and warrants to, and agrees with MLV that as of the date of this Agreement and as of each Applicable Time (as defined below), unless such representation, warranty or agreement specifies a different
date or time: 
 a. Registration Statement and Prospectus. The Company and, assuming no act or omission on the part of MLV that would
make such statement untrue, the transactions contemplated by this Agreement meet the requirements for and comply with the conditions for the use of Form S-3 under the Securities Act. The Registration Statement has been filed with the Commission and
has been declared effective under the Securities Act. The Prospectus Supplement will name MLV as the agent in the section entitled “Plan of Distribution.” The Company has not received, and has no notice of, any order of the Commission
preventing or suspending the use of the Registration Statement, or threatening or instituting proceedings for that purpose. The Registration Statement and the offer and sale of Placement Shares as contemplated hereby meet the requirements of Rule
415 under the Securities Act and comply in all material respects with said Rule. Any statutes, regulations, contracts or other documents that are required to be described in the Registration Statement or the Prospectus or to be filed as exhibits to
the Registration Statement have been so described or filed. Copies of the Registration Statement, the Prospectus, and any such amendments or supplements and all documents incorporated by reference therein that were filed with the Commission on or
prior to the date of this Agreement have been delivered, or are available through EDGAR, to MLV and its counsel. The Company has not distributed and, prior to the later to occur of each Settlement Date and completion of the distribution of the
Placement Shares, will not distribute any offering material 

  
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in connection with the offering or sale of the Placement Shares other than the Registration Statement and the Prospectus and any Issuer Free Writing Prospectus (as defined below) to which MLV has
consented, such consent not to be unreasonably withheld, conditioned or delayed. The Common Stock is currently quoted and/or listed on the Exchanges. The Company has not, in the 12 months preceding the date hereof, received notice from NASDAQ or TSE
to the effect that the Company is not in compliance with the listing or maintenance requirements of such Exchanges. The Company has no reason to believe that it will not in the foreseeable future continue to be in compliance with all such listing
and maintenance requirements. 
 b. No Misstatement or Omission. The Registration Statement, when it became effective, and the
Prospectus, and any amendment or supplement thereto, on the date of such Prospectus or amendment or supplement, conformed and will conform in all material respects with the requirements of the Securities Act. At each Settlement Date, the
Registration Statement and the Prospectus, as of such date, will conform in all material respects with the requirements of the Securities Act. The Registration Statement, when it became or becomes effective, did not, and will not, contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Prospectus and any amendment and supplement thereto, on the date thereof and at each
Applicable Time (defined below), did not or will not include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.
The documents incorporated by reference in the Prospectus or any Prospectus Supplement did not, and any further documents filed and incorporated by reference therein will not, when filed with the Commission, contain an untrue statement of a material
fact or omit to state a material fact required to be stated in such document or necessary to make the statements in such document, in light of the circumstances under which they were made, not misleading. The foregoing shall not apply to statements
in, or omissions from, any such document made in reliance upon, and in conformity with, information furnished to the Company by MLV specifically for use in the preparation thereof. 

c. Conformity with Securities Act and Exchange Act. The Registration Statement, the Prospectus, any Issuer Free Writing Prospectus or
any amendment or supplement thereto, and the Incorporated Documents, when such documents were or are filed with the Commission under the Securities Act or the Exchange Act or became or become effective under the Securities Act, as the case may be,
conformed or will conform in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable. There are no contracts or other documents that are required under the Securities Act to be filed as exhibits to the
Registration Statement that are not so filed. 
 d. Financial Information. The consolidated financial statements of the Company
included or incorporated by reference in the Registration Statement and the Prospectus, together with the related notes and schedules, present fairly, in all material respects, the consolidated financial position of the Company and the Subsidiaries
(as defined below) as of the dates indicated and the consolidated results of operations, cash flows and changes in stockholders’ equity of the Company for the periods specified and have been prepared in compliance with the requirements of the
Securities Act and Exchange Act, as applicable, and in conformity with generally accepted accounting principles in the United States (“GAAP”) applied on a consistent basis (except for such adjustments to accounting standards and
practices 

  
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as are noted therein) during the periods involved; the other financial and statistical data with respect to the Company and the Subsidiaries contained or incorporated by reference in the
Registration Statement and the Prospectus, are accurately and fairly presented in all material respects and prepared on a basis consistent with the financial statements and books and records of the Company; there are no financial statements
(historical or pro forma) that are required to be included or incorporated by reference in the Registration Statement, or the Prospectus that are not included or incorporated by reference as required; the Company and the Subsidiaries do not have any
material liabilities or obligations, direct or contingent (including any off balance sheet obligations), not described in the Registration Statement, and the Prospectus which are required to be described in the Registration Statement or Prospectus;
and all disclosures contained or incorporated by reference in the Registration Statement and the Prospectus, if any, regarding “non-GAAP financial measures” (as such term is defined by the rules and regulations of the Commission) comply
with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Securities Act, to the extent applicable. 
 e.
Conformity with EDGAR Filing. The Prospectus delivered to MLV for use in connection with the sale of the Placement Shares pursuant to this Agreement will be identical to the versions of the Prospectus created to be transmitted to the
Commission for filing via EDGAR, except to the extent permitted by Regulation S-T. 
 f. Organization. The Company and any subsidiary
that is a significant subsidiary (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the Commission) (each, a “Subsidiary”, collectively, the “Subsidiaries”), are, and will be, duly organized,
validly existing as a corporation and in good standing under the laws of their respective jurisdictions of organization. The Company and the Subsidiaries are, and will be, duly licensed or qualified as a foreign corporation for transaction of
business and in good standing under the laws of each other jurisdiction in which their respective ownership or lease of property or the conduct of their respective businesses requires such license or qualification, and have all corporate power and
authority necessary to own or hold their respective properties and to conduct their respective businesses as described in the Registration Statement and the Prospectus, except where the failure to be so qualified or in good standing or have such
power or authority would not, individually or in the aggregate, have a material adverse effect or would reasonably be expected to have a material adverse effect on the assets, business, operations, earnings, properties, condition (financial or
otherwise), prospects, stockholders’ equity or results of operations of the Company and the Subsidiaries taken as a whole, or prevent the consummation of the transactions contemplated hereby (a “Material Adverse Effect”). 

g. Subsidiaries. As of the date hereof, the Company’s only Subsidiaries are set forth on Schedule 6(g). The Company owns
directly or indirectly, all of the equity interests of the Subsidiaries free and clear of any lien, charge, security interest, encumbrance, right of first refusal or other restriction, and all the equity interests of the Subsidiaries are validly
issued and are fully paid, nonassessable and free of preemptive and similar rights. 
 h. No Violation or Default. Neither the
Company nor any Subsidiary is (i) in violation of its charter or by-laws or similar organizational documents; (ii) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the
due performance or observance of any term, covenant or condition contained in any 

  
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indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary is bound or to
which any of the property or assets of the Company or any Subsidiary is subject; or (iii) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority having
jurisdiction over the Company, except, in the case of each of clauses (ii) and (iii) above, for any such violation or default that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. To
the Company’s knowledge, no other party under any material contract or other agreement to which it or any Subsidiary is a party is in default in any respect thereunder where such default would reasonably be expected to have a Material Adverse
Effect. 
 i. No Material Adverse Effect. Since the date of the most recent financial statements of the Company included or
incorporated by reference in the Registration Statement and Prospectus, there has not been (i) any Material Adverse Effect, or any development involving a prospective Material Adverse Effect, in or affecting the business, properties,
management, condition (financial or otherwise), results of operations, or prospects of the Company and the Subsidiaries taken as a whole, (ii) any transaction which is material to the Company and the Subsidiaries taken as a whole,
(iii) any obligation or liability, direct or contingent (including any off-balance sheet obligations), incurred by the Company or the Subsidiaries, which is material to the Company and the Subsidiaries taken as a whole, (iv) any material
change in the capital stock (other than (A) the grant of additional options, other equity awards or purchase rights under the Company’s equity incentive or employee stock purchase plans described in the Registration Statement and
Prospectus, (B) changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for, or convertible into, Common Stock outstanding on the date
hereof, (C) as a result of the issuance of Placement Shares, (D) any repurchases of capital stock of the Company, (E) as described in a proxy statement filed on Schedule 14A or a Registration Statement on Form S-4, or
(F) otherwise publicly announced) or outstanding long-term indebtedness of the Company or the Subsidiaries or (v) any dividend or distribution of any kind declared, paid or made on the capital stock of the Company or any Subsidiary, other
than in each case above (1) in the ordinary course of business, (2) as otherwise disclosed in the Registration Statement or Prospectus or (3) where such matter, item, change or development would not make the statements in the
Registration Statement or the Prospectus contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. 

j. Capitalization. The issued and outstanding shares of capital stock of the Company have been validly issued, are fully paid and
non-assessable and, other than as disclosed in the Registration Statement or the Prospectus, are not subject to any preemptive rights, rights of first refusal or similar rights. The Company has an authorized, issued and outstanding capitalization as
set forth in the Registration Statement and the Prospectus as of the dates referred to therein (other than (i) the grant of additional options, other equity awards or purchase rights under the Company’s equity incentive or employee stock
purchase plans described in the Registration Statement and Prospectus, (ii) changes in the number of outstanding shares of Common Stock of the Company due to the issuance of shares upon the exercise or conversion of securities exercisable for,
or convertible into, Common Stock outstanding on the date hereof, (iii) as a result of the issuance of Placement Shares, or (iv) any 

  
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repurchases of capital stock of the Company) and such authorized capital stock conforms to the description thereof set forth in the Registration Statement and the Prospectus. The description of
the Common Stock in the Registration Statement and the Prospectus is complete and accurate in all material respects. As of the date referred to therein, other than as described in the Registration Statement or the Prospectus, the Company did not
have outstanding any options to purchase, or any rights or warrants to subscribe for, or any securities or obligations convertible into, or exchangeable for, or any contracts or commitments to issue or sell, any shares of capital stock or other
securities. 
 k. S-3 Eligibility. (i) At the time of filing the Registration Statement and (ii) at the time of the most
recent amendment thereto for the purposes of complying with Section 10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section 13 or 15(d) of the Exchange Act or
form of prospectus), the Company met the then applicable requirements for use of Form S-3 under the Securities Act, including compliance with General Instruction I.B.1 of Form S-3. 

l. Authorization; Enforceability. The Company has full legal right, power and authority to enter into this Agreement and perform the
transactions contemplated hereby. This Agreement has been duly authorized, executed and delivered by the Company and is a legal, valid and binding agreement of the Company enforceable against the Company in accordance with its terms, except to the
extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable principles and (ii) the indemnification and
contribution provisions of Section 11 hereof may be limited by federal or state securities laws and public policy considerations in respect thereof. 

m. Authorization of Placement Shares. The Placement Shares, when issued and delivered pursuant to the terms approved by the board of
directors of the Company or a duly authorized committee thereof, or a duly authorized executive committee, against payment therefor as provided herein, will be duly and validly authorized and issued and fully paid and nonassessable, free and clear
of any pledge, lien, encumbrance, security interest or other claim (other than any pledge, lien, encumbrance, security interest or other claim arising from an act or omission of MLV or a purchaser), including any statutory or contractual preemptive
rights, resale rights, rights of first refusal or other similar rights, and will be registered pursuant to Section 12 of the Exchange Act and subject to the continuous disclosure obligation under the Financial Instruments and Exchange Act of
Japan. The Placement Shares, when issued, will conform in all material respects to the description thereof set forth in or incorporated into the Prospectus. 

n. No Consents Required. No consent, approval, authorization, order, registration or qualification of or with any court or arbitrator
or any governmental or regulatory authority is required for the execution, delivery and performance by the Company of this Agreement, and the issuance and sale by the Company of the Placement Shares as contemplated hereby, except for such consents,
approvals, authorizations, orders and registrations or qualifications as may be required under applicable securities laws or by the by-laws and rules of the Financial Industry Regulatory Authority (“FINRA”) or the Exchanges,
including (i) any notices that may be required by the Exchanges and (ii) the Extraordinary Report under the Financial Instruments and Exchange Act of Japan which must be submitted to the Kanto Local Finance Bureau, in connection with the
sale of the Placement Shares by MLV. 

  
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 o. No Preferential Rights. (i) No person, as such term is defined in Rule 1-02 of
Regulation S-X promulgated under the Securities Act (each, a “Person”), has the right, contractual or otherwise, to cause the Company to issue or sell to such Person any Common Stock or shares of any other capital stock or other
securities of the Company (other than upon the exercise of options or warrants to purchase Common Stock or upon the exercise of options, other equity awards or purchase rights that may be granted from time to time under the Company’s equity
incentive or employee stock purchase plans) except as may be provided in the Certificate of Designation, Preferences and Rights of the Series B Convertible Preferred Stock for the Company’s outstanding preferred stock (the “Certificate of
Designation”), (ii) no Person has any preemptive rights, rights of first refusal, or any other rights (whether pursuant to a “poison pill” provision or otherwise) to purchase any Common Stock or shares of any other capital stock
or other securities of the Company from the Company which have not been duly waived with respect to the offering contemplated hereby, (iii) no Person has the right to act as an underwriter or as a financial advisor to the Company in connection
with the offer and sale of the Placement Shares, and (iv) except as disclosed in the Registration Statement or the Prospectus, no Person has the right, contractual or otherwise, to require the Company to register under the Securities Act any
Common Stock or shares of any other capital stock or other securities of the Company, or to include any such shares or other securities in the Registration Statement or the offering contemplated thereby, whether as a result of the filing or
effectiveness of the Registration Statement or the sale of the Placement Shares as contemplated thereby or otherwise. 
 p. Independent
Public Accountant. Ernst & Young LLP (the “Accountant”), whose report on the consolidated financial statements of the Company is filed with the Commission as part of the Company’s most recent Annual Report on Form
10-K filed with the Commission and incorporated into the Registration Statement, are and, during the periods covered by their report, were independent public accountants within the meaning of the Securities Act and the Public Company Accounting
Oversight Board (United States). To the Company’s knowledge, with due inquiry, the Accountant is not in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”) with
respect to the Company. 
 q. Enforceability of Agreements. All agreements between the Company and third parties expressly referenced
in the Prospectus, other than such agreements that have expired by their terms or whose termination is disclosed in documents filed by the Company on EDGAR, are legal, valid and binding obligations of the Company enforceable against the Company in
accordance with their respective terms, except to the extent that (i) enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and by general equitable
principles and (ii) the indemnification provisions of certain agreements may be limited by federal or state securities laws or public policy considerations in respect thereof, and except for any unenforceability that, individually or in the
aggregate, would not reasonably be expected to have a Material Adverse Effect. 

  
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 r. No Litigation. There are no legal, governmental or regulatory actions, suits or
proceedings pending, nor, to the Company’s knowledge, any legal, governmental or regulatory investigations, to which the Company or a Subsidiary is a party or to which any property of the Company or any Subsidiary is the subject that,
individually or in the aggregate, if determined adversely to the Company or any Subsidiary, would reasonably be expected to have a Material Adverse Effect or materially and adversely affect the ability of the Company to perform its obligations under
this Agreement; to the Company’s knowledge, no such actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others that, individually or in the aggregate, if determined adversely
to the Company or any Subsidiary, would reasonably be expected to have a Material Adverse Effect; and there are no current or pending legal, governmental or regulatory investigations, actions, suits or proceedings that are required under the
Securities Act to be described in the Prospectus that are not described in the Prospectus including any Incorporated Document. 
 s.
Licenses and Permits. The Company and the Subsidiaries possess or have obtained, all licenses, certificates, consents, orders, approvals, permits and other authorizations issued by, and have made all declarations and filings with, the
appropriate federal, state, local or foreign governmental or regulatory authorities that are necessary for the ownership or lease of their respective properties or the conduct of their respective businesses as described in the Registration Statement
and the Prospectus (the “Permits”), except where the failure to possess, obtain or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any
Subsidiary has received written notice of any proceeding relating to revocation or modification of any such Permit or has any reason to believe that such Permit will not be renewed in the ordinary course, except where the failure to obtain any such
renewal would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 t. No Material
Defaults. Neither the Company nor any Subsidiary has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect. The Company has not filed a report pursuant to Section 13(a) or 15(d) of the Exchange Act since the filing of its last Annual Report on Form 10-K, indicating that it (i) has failed to pay any dividend or
sinking fund installment on preferred stock or (ii) has defaulted on any installment on indebtedness for borrowed money or on any rental on one or more long-term leases, which defaults, individually or in the aggregate, would reasonably be
expected to have a Material Adverse Effect. 
 u. Certain Market Activities. Neither the Company, nor any Subsidiary, nor, to the
Company’s knowledge, any of their respective directors, officers or controlling persons has taken, directly or indirectly, any action designed, or that has constituted or would reasonably be expected to cause or result in, under the Exchange
Act or otherwise, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Placement Shares. 

v. Broker/Dealer Relationships. Neither the Company nor any Subsidiary or any related entities (i) is required to register as a
“broker” or “dealer” in accordance with the provisions of the Exchange Act or (ii) directly or indirectly through one or more intermediaries, controls or is a “person associated with a member” or “associated
person of a member” (within the meaning set forth in the FINRA Manual). 

  
 11 

 w. No Reliance. The Company has not relied upon MLV or legal counsel for MLV for any
legal, tax or accounting advice in connection with the offering and sale of the Placement Shares. 
 x. Taxes. The Company and the
Subsidiaries have filed all federal, state, local and foreign tax returns which have been required to be filed and paid all taxes shown thereon through the date hereof, to the extent that such taxes have become due and are not being contested in
good faith, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. Except as otherwise disclosed in or contemplated by the Registration Statement or the Prospectus, no tax deficiency has been determined
adversely to the Company or any Subsidiary which has had, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company has no knowledge of any federal, state or other governmental tax deficiency,
penalty or assessment which has been or might be asserted or threatened against it which could have a Material Adverse Effect. 
 y.
Title to Real and Personal Property. The Company and the Subsidiaries have good and valid title in fee simple to all items of real property and good and valid title to all personal property described in the Registration Statement or
Prospectus as being owned by them that are material to the businesses of the Company or such Subsidiary, in each case free and clear of all liens, encumbrances and claims, except those that (i) do not materially interfere with the use made and
proposed to be made of such property by the Company and the Subsidiaries or (ii) would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. Any real property described in the Registration Statement or
Prospectus as being leased by the Company and the Subsidiaries is held by them under valid, existing and enforceable leases, except those that (A) do not materially interfere with the use made or proposed to be made of such property by the
Company or the Subsidiaries or (B) would not be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect. 

z. Intellectual Property. The Company and the Subsidiaries own or possess adequate enforceable rights to use all patents, patent
applications, trademarks (both registered and unregistered), service marks, trade names, trademark registrations, service mark registrations, copyrights, licenses and know-how (including trade secrets and other unpatented and/or unpatentable
proprietary or confidential information, systems or procedures) (collectively, the “Intellectual Property”), necessary for the conduct of their respective businesses as conducted as of the date hereof, except to the extent that the
failure to own or possess adequate rights to use such Intellectual Property would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; the Company and the Subsidiaries have not received any written notice
of any claim of infringement or conflict which asserted Intellectual Property rights of others, which infringement or conflict, if the subject of an unfavorable decision, would reasonably be expected to result in a Material Adverse Effect; there are
no pending, or to the Company’s knowledge, threatened judicial proceedings or interference proceedings against the Company or its Subsidiaries challenging the Company’s or any of its Subsidiary’s rights in or to or the validity of the
scope of any of the Company’s or any Subsidiary’s patents, patent applications or proprietary information; no other entity or individual has any right or claim in any of the Company’s or any of its Subsidiary’s patents, patent

  
 12 

 
applications or any patent to be issued therefrom by virtue of any contract, license or other agreement entered into between such entity or individual and the Company or any Subsidiary or, to the
Company’s knowledge, by any non-contractual obligation, other than by written licenses granted by the Company or any Subsidiary; the Company and the Subsidiaries have not received any written notice of any claim challenging the rights of the
Company or its Subsidiaries in or to any Intellectual Property owned, licensed or optioned by the Company or any Subsidiary which claim, if the subject of an unfavorable decision would reasonably be expected to result in a Material Adverse Effect.

 aa. Environmental Laws. The Company and the Subsidiaries (i) are in compliance with any and all applicable federal, state,
local and foreign laws, rules, regulations, decisions and orders relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (collectively, “Environmental
Laws”); (ii) have received and are in compliance with all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses as described in the Registration Statement and
the Prospectus; and (iii) have not received notice of any actual or potential liability for the investigation or remediation of any disposal or release of hazardous or toxic substances or wastes, pollutants or contaminants, except, in the case
of any of clauses (i), (ii) or (iii) above, for any such failure to comply or failure to receive required permits, licenses, other approvals or liability as would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 bb. Disclosure Controls. The Company maintains systems of internal accounting controls designed to
provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in
conformity with GAAP and to maintain asset accountability; (iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded accountability for assets is compared with
the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company is not aware of any material weaknesses in its internal control over financial reporting (other than as set forth in the
Registration Statement or the Prospectus). Since the date of the latest audited financial statements of the Company included in the Prospectus, there has been no change in the Company’s internal control over financial reporting that has
materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting (other than as set forth in the Registration Statement or the Prospectus). The Company has established disclosure
controls and procedures (as defined in Exchange Act Rules 13a-15 and 15d-15) for the Company and designed such disclosure controls and procedures to ensure that material information relating to the Company and the Subsidiaries is made known to the
certifying officers by others within those entities, particularly during the period in which the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, is being prepared. The Company’s certifying
officers have evaluated the effectiveness of the Company’s controls and procedures as of a date within 90 days prior to the filing date of the Form 10-K for the fiscal year most recently ended (such date, the “Evaluation
Date”). The Company presented in its Form 10-K for the fiscal year most recently ended the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the most
recent Evaluation Date. Since the most recent Evaluation Date, there have been no significant changes in the Company’s internal 

  
 13 

 
controls (as such term is defined in Item 307(b) of Regulation S-K under the Securities Act) or, to the Company’s knowledge, in other factors that could significantly affect the
Company’s internal controls. To the knowledge of the Company, the Company’s “internal controls over financial reporting” and “disclosure controls and procedures” are effective. 

cc. Sarbanes-Oxley Act. There is and has been no failure on the part of the Company or, to the knowledge of the Company, any of the
Company’s directors or officers, in their capacities as such, to comply in all material respects with any applicable provisions of the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder. Each of the principal executive
officer and the principal financial officer of the Company (or each former principal executive officer of the Company and each former principal financial officer of the Company as applicable) has made all certifications required by Sections 302 and
906 of the Sarbanes-Oxley Act with respect to all reports, schedules, forms, statements and other documents required to be filed by it or furnished by it to the Commission during the past 12 months. For purposes of the preceding sentence,
“principal executive officer” and “principal financial officer” shall have the meanings given to such terms in the Exchange Act Rules 13a-15 and 15d-15. 

dd. Finder’s Fees. Neither the Company nor any Subsidiary has incurred any liability for any finder’s fees, brokerage
commissions or similar payments in connection with the transactions herein contemplated, except as may otherwise exist with respect to MLV pursuant to this Agreement. 

ee. Labor Disputes. No labor disturbance by or dispute with employees of the Company or any Subsidiary exists or, to the knowledge of
the Company, is threatened which would reasonably be expected to result in a Material Adverse Effect. 
 ff. Investment Company Act.
Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Placement Shares, will be an “investment company” or an entity “controlled” by an “investment company,” as such terms are
defined in the Investment Company Act of 1940, as amended (the “Investment Company Act”). 
 gg. Operations. The
operations of the Company and the Subsidiaries are and have been conducted at all times in compliance with applicable financial record keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the
money laundering statutes of all jurisdictions to which the Company or the Subsidiaries are subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any
governmental agency (collectively, the “Money Laundering Laws”), except as would not reasonably be expected to result in a Material Adverse Effect; and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened. 

hh. Off-Balance Sheet Arrangements. There are no transactions, arrangements and other relationships between and/or among the Company,
and/or, to the knowledge of the Company, any of its affiliates and any unconsolidated entity, including, but not limited to, any structured finance, special purpose or limited purpose entity (each, an “Off Balance Sheet
Transaction”) that could reasonably be expected to affect materially the 

  
 14 

 
Company’s liquidity or the availability of or requirements for its capital resources, including those Off Balance Sheet Transactions described in the Commission’s Statement about
Management’s Discussion and Analysis of Financial Conditions and Results of Operations (Release Nos. 33-8056; 34-45321; FR-61), required to be described in the Registration Statement or the Prospectus which have not been described as required.

 ii. Underwriter Agreements. The Company is not a party to any agreement with an agent or underwriter for any other
“at-the-market” or continuous equity transaction other than the Equity Distribution Agreement dated October 16, 2013 between the Company and Macquarie Capital (USA) Inc. (“Macquarie”), for which notice of termination
has been given by the Company to Macquarie and the related offering of Common Stock pursuant to the Prospectus Supplement dated October 16, 2013 has been terminated. 

jj. ERISA. To the knowledge of the Company, (i) each material employee benefit plan, within the meaning of Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is maintained, administered or contributed to by the Company or any of its affiliates for employees or former employees of the Company and the
Subsidiaries has been maintained in compliance with its terms and the requirements of any applicable statutes, orders, rules and regulations, including but not limited to ERISA and the Internal Revenue Code of 1986, as amended (the
“Code”); (ii) no prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Code, has occurred which would result in a liability to the Company with respect to any such plan excluding
transactions effected pursuant to a statutory or administrative exemption; and (iii) for each such plan that is subject to the funding rules of Section 412 of the Code or Section 302 of ERISA, no “accumulated funding
deficiency” as defined in Section 412 of the Code has been incurred, whether or not waived, and the fair market value of the assets of each such plan (excluding for these purposes accrued but unpaid contributions) exceeds the present value
of all benefits accrued under such plan determined using reasonable actuarial assumptions other than, in the case of (i), (ii) and (iii) above, as would not reasonably be expected to have a Material Adverse Effect. 

kk. Forward-Looking Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and
Section 21E of the Exchange Act) (a “Forward-Looking Statement”) contained in the Registration Statement and the Prospectus has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith.
The Forward-Looking Statements incorporated by reference in the Registration Statement and the Prospectus from the Company’s Annual Report on Form 10-K for the fiscal year most recently ended (i) except for any Forward-Looking Statement
included in any financial statements and notes thereto, are within the coverage of the safe harbor for forward looking statements set forth in Section 27A of the Securities Act, Rule 175(b) under the Securities Act or Rule 3b-6 under the
Exchange Act, as applicable, (ii) were made by the Company with a reasonable basis and in good faith and reflect the Company’s good faith commercially reasonable best estimate of the matters described therein as of the respective dates on
which such statements were made, and (iii) have been prepared in accordance with Item 10 of Regulation S-K under the Securities Act. 

ll. Margin Rules. Neither the issuance, sale and delivery of the Placement Shares nor the application of the proceeds thereof by the
Company as described in the Registration Statement and the Prospectus will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System. 

  
 15 

 mm. Insurance. The Company and the Subsidiaries carry, or are covered by, insurance in
such amounts and covering such risks as the Company and the Subsidiaries reasonably believe are adequate for the conduct of their business and as is customary for companies of similar size engaged in similar businesses in similar industries. 

nn. No Improper Practices. (i) Neither the Company nor, to the Company’s knowledge, the Subsidiaries, nor to the
Company’s knowledge, any of their respective executive officers has, in the past five years, made any unlawful contributions to any candidate for any political office (or failed fully to disclose any contribution in violation of law) or made
any contribution or other payment to any official of, or candidate for, any federal, state, municipal, or foreign office or other person charged with similar public or quasi-public duty in violation of any law or of the character required to be
disclosed in the Prospectus; (ii) no relationship, direct or indirect, exists between or among the Company or the Subsidiaries or any affiliate of any of them, on the one hand, and, to the Company’s knowledge, the directors, officers and
stockholders of the Company or, to the Company’s knowledge, the Subsidiaries, on the other hand, that is required by the Securities Act to be described in the Registration Statement and the Prospectus that is not so described; (iii) no
relationship, direct or indirect, exists between or among the Company or, to the Company’s knowledge, the Subsidiaries or any affiliate of them, on the one hand, and the directors, officers, stockholders or directors of the Company or, to the
Company’s knowledge, the Subsidiaries, on the other hand, that is required by the rules of FINRA to be described in the Registration Statement and the Prospectus that is not so described; (iv) there are no material outstanding loans or
advances or material guarantees of indebtedness by the Company or, to the Company’s knowledge, the Subsidiaries to or for the benefit of any of their respective officers or directors or any of the members of the families of any of them;
(v) the Company has not offered, or caused any placement agent to offer, Common Stock to any person with the intent to influence unlawfully (A) a customer or supplier of the Company or the Subsidiaries to alter the customer’s or
supplier’s level or type of business with the Company or the Subsidiaries or (B) a trade journalist or publication to write or publish favorable information about the Company or the Subsidiaries or any of their respective products or
services; and (vi) neither the Company nor the Subsidiaries nor, to the Company’s knowledge, any employee or agent of the Company or the Subsidiaries has made any payment of funds of the Company or the Subsidiaries or received or retained
any funds in violation of any law, rule or regulation (including, without limitation, the Foreign Corrupt Practices Act of 1977), which payment, receipt or retention of funds is of a character required to be disclosed in the Registration Statement
or the Prospectus. 
 oo. Status Under the Securities Act. The Company was not and is not an ineligible issuer as defined in Rule 405
at the times specified in Rules 164 and 433 under the Securities Act in connection with the offering of the Placement Shares. 
 pp. No
Misstatement or Omission in an Issuer Free Writing Prospectus. Each Issuer Free Writing Prospectus, as of its issue date and as of each Applicable Time (as defined in Section 25 below), did not, does not and will not include any
information that conflicted, conflicts or will conflict with the information contained in the Registration Statement or the 

  
 16 

 
Prospectus, including any incorporated document deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to statements in or omissions from any
Issuer Free Writing Prospectus based upon and in conformity with written information furnished to the Company by MLV specifically for use therein. 

qq. No Conflicts. Neither the execution of this Agreement, nor the issuance, offering or sale of the Placement Shares, nor the
consummation of any of the transactions contemplated herein, nor the compliance by the Company with the terms and provisions hereof will conflict with, or will result in a breach of, any of the terms and provisions of, or has constituted or will
constitute a default under, or has resulted in or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of the Company pursuant to the terms of any contract or other agreement to which the Company
may be bound or to which any of the property or assets of the Company is subject, except (i) such conflicts, breaches or defaults as may have been waived and (ii) such conflicts, breaches and defaults that would not reasonably be expected
to have a Material Adverse Effect; nor will such action result (x) in any violation of the provisions of the organizational or governing documents of the Company, or (y) in any material violation of the provisions of any statute or any
order, rule or regulation applicable to the Company or of any court or of any federal, state or other regulatory authority or other government body having jurisdiction over the Company, except where such violation would not reasonably be expected to
have a Material Adverse Effect. 
 rr. Compliance with Applicable Laws. The Company and the Subsidiaries: (A) are and at all
times have been in material compliance with all statutes, rules and regulations applicable to the ownership, testing, development, manufacture, packaging, processing, use, distribution, marketing, labeling, promotion, sale, offer for sale, storage,
import, export or disposal of any product under development, manufactured or distributed by the Company or the Subsidiaries (“Applicable Laws”), (B) have not received any Form 483 from the FDA, notice of adverse finding,
warning letter, or other written correspondence or notice from the FDA, the European Medicines Agency (the “EMA”), or any other federal, state, local or foreign governmental or regulatory authority alleging or asserting material
noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”), which would,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect; (C) possess all material Authorizations and such Authorizations are valid and in full force and effect and neither the Company nor the Subsidiaries
is in material violation of any term of any such Authorizations; (D) have not received written notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from the FDA, the EMA, or any other
federal, state, local or foreign governmental or regulatory authority or third party alleging that any Company product, operation or activity is in material violation of any Applicable Laws or Authorizations and have no knowledge that the FDA, the
EMA, or any other federal, state, local or foreign governmental or regulatory authority or third party is considering any such claim, litigation, arbitration, action, suit, investigation or proceeding against the Company; (E) have not received
notice that the FDA, EMA, or any other federal, state, local or foreign governmental or regulatory authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any material Authorizations and has no knowledge that the
FDA, EMA, or any other federal, state, local or foreign governmental or regulatory authority is considering such action; and (F) have filed, obtained, maintained or submitted all 

  
 17 

 
reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments as required by any Applicable Laws or Authorizations except where the failure to file
such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments would not result in a Material Adverse Effect, and that all such reports, documents, forms, notices, applications, records, claims,
submissions and supplements or amendments were materially complete and correct on the date filed (or were corrected or supplemented by a subsequent submission). 

ss. Clinical Studies. All animal and other preclinical studies and clinical trials conducted by the Company or on behalf of the Company
were, and, if still pending are, to the Company’s knowledge, being conducted in all material respects in compliance with all Applicable Laws and in accordance with experimental protocols, procedures and controls generally used by qualified
experts in the preclinical study and clinical trials of new drugs and biologics as applied to comparable products to those being developed by the Company; the descriptions of the results of such preclinical studies and clinical trials contained in
the Registration Statement and the Prospectus are accurate in all material respects, and, except as set forth in the Registration Statement and the Prospectus, the Company has no knowledge of any other clinical trials or preclinical studies, the
results of which reasonably call into question the clinical trial or preclinical study results described or referred to in the Registration Statement and the Prospectus when viewed in the context in which such results are described; and the Company
has not received any written notices or correspondence from the FDA, the EMA, or any other domestic or foreign governmental agency requiring the termination or suspension of any preclinical studies or clinical trials conducted by or on behalf of the
Company that are described in the Registration Statement and the Prospectus or the results of which are referred to in the Registration Statement and the Prospectus. 

tt. Compliance Program. The Company has established and administers a compliance program applicable to the Company, to assist the
Company and the directors, officers and employees of the Company in complying with applicable regulatory guidelines (including, without limitation, those administered by the FDA, the EMA, and any other foreign, federal, state or local governmental
or regulatory authority having jurisdiction over the Company and performing functions similar to those performed by the FDA or EMA); except where such noncompliance would not reasonably be expected to have a Material Adverse Effect. 

uu. OFAC. 
 (i) The
Company represents that, neither the Company nor any Subsidiary (collectively, the “Entity”) or any director, officer, employee, agent, affiliate or representative of the Entity, is a government, individual, or entity (in this
paragraph (ss), “Person”) that is, or is owned or controlled by a Person that is: 
 (a) the subject of any
sanctions administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”), Her
Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor 

  
 18 

 (b) located, organized or resident in a country or territory that is the subject
of Sanctions (including, without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria). 
 (ii) The Entity
represents and covenants that it will not, directly or indirectly, knowingly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: 

(a) to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the time of
such funding or facilitation, is the subject of Sanctions; or 
 (b) in any other manner that will result in a violation of
Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor or otherwise). 

(iii) The Entity represents and covenants that, except as detailed in the Prospectus, for the past 5 years, it has not
knowingly engaged in, is not now knowingly engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the subject of Sanctions. 

vv. Stock Transfer Taxes. On each Settlement Date, all stock transfer or other taxes (other than income taxes) which are required to be
paid in connection with the sale and transfer of the Placement Shares to be sold hereunder will be, or will have been, fully paid or provided for by the Company and all laws imposing such taxes will be or will have been fully complied with by the
Company in all material respects. 
 ww. U.S. Real Property Holding Corporation. Neither the Company nor any of its Subsidiaries is,
or has ever been, a U.S. real property holding corporation within the meaning of Section 897 of the Code. 
 Any certificate signed by
an officer of the Company and delivered to MLV or to counsel for MLV pursuant to or in connection with this Agreement shall be deemed to be a representation and warranty by the Company, as applicable, to MLV as to the matters set forth therein. 

7.Covenants of the Company. The Company covenants and agrees with MLV that: 

a. Registration Statement Amendments. After the date of this Agreement and during any period in which a prospectus relating to any
Placement Shares is required to be delivered by MLV under the Securities Act (including in circumstances where such requirement may be satisfied pursuant to Rule 172 under the Securities Act) (the “Prospectus Delivery Period”)
(i) the Company will notify MLV promptly of the time when any subsequent amendment to the Registration Statement, other than documents incorporated by reference or amendments not related to any Placement, has been filed with the Commission
and/or has become effective or any subsequent supplement to the Prospectus has been filed and of any request by the Commission for any amendment or supplement to the Registration Statement or 

  
 19 

 
Prospectus related to the Placement or for additional information related to the Placement, (ii) the Company will prepare and file with the Commission, promptly upon MLV’s request, any
amendments or supplements to the Registration Statement or Prospectus that, in MLV’s reasonable opinion, may be necessary or advisable in connection with the distribution of the Placement Shares by MLV (provided, however, that the
failure of MLV to make such request shall not relieve the Company of any obligation or liability hereunder, or affect MLV’s right to rely on the representations and warranties made by the Company in this Agreement and provided, further, that
the only remedy MLV shall have with respect to the failure to make such filing shall be to cease making sales under this Agreement until such amendment or supplement is filed); (iii) the Company will not file any amendment or supplement to the
Registration Statement or Prospectus relating to the Placement Shares or a security convertible into the Placement Shares unless a copy thereof has been submitted to MLV within a reasonable period of time before the filing and MLV has not reasonably
objected thereto (provided, however, that (A) the failure of MLV to make such objection shall not relieve the Company of any obligation or liability hereunder, or affect MLV’s right to rely on the representations and warranties made
by the Company in this Agreement and (B) the Company has no obligation to provide MLV any advance copy of such filing or to provide MLV an opportunity to object to such filing if the filing does not name MLV or does not relate directly to the
transaction herein provided; and provided, further, that the only remedy MLV shall have with respect to the failure by the Company to obtain such consent shall be to cease making sales under this Agreement) and the Company will furnish to MLV at the
time of filing thereof a copy of any document that upon filing is deemed to be incorporated by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR; and (iv) the Company will cause each
amendment or supplement to the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document to be incorporated therein by reference, to be filed with
the Commission as required pursuant to the Exchange Act, within the time period prescribed (the determination to file or not file any amendment or supplement with the Commission under this Section 7(a), based on the Company’s
reasonable opinion or reasonable objections, shall be made exclusively by the Company). 
 b. Notice of Commission Stop Orders. The
Company will advise MLV, promptly after it receives notice or obtains knowledge thereof, of the issuance or threatened issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement, of the suspension of the
qualification of the Placement Shares for offering or sale in any jurisdiction, or of the initiation or threatening of any proceeding for any such purpose; and it will promptly use its commercially reasonable efforts to prevent the issuance of any
stop order or to obtain its withdrawal if such a stop order should be issued. The Company will advise MLV promptly after it receives any request by the Commission for any amendments to the Registration Statement or any amendment or supplements to
the Prospectus or any Issuer Free Writing Prospectus or for additional information related to the offering of the Placement Shares or for additional information related to the Registration Statement, the Prospectus or any Issuer Free Writing
Prospectus. 
 c. Delivery of Prospectus; Subsequent Changes. During the Prospectus Delivery Period, the Company will comply in all
material respects with all requirements imposed upon it by the Securities Act, as from time to time in force, and file on or before their 

  
 20 

 
respective due dates all reports and any definitive proxy or information statements required to be filed by the Company with the Commission pursuant to Sections 13(a), 13(c), 14, 15(d) or any
other provision of or under the Exchange Act. If the Company has omitted any information from the Registration Statement pursuant to Rule 430A under the Securities Act, it will use its commercially reasonable efforts to comply with the provisions of
and make all requisite filings with the Commission pursuant to said Rule 430A and to notify MLV promptly of all such filings. If during the Prospectus Delivery Period any event occurs as a result of which the Prospectus as then amended or
supplemented would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances then existing, not misleading, or if during such Prospectus Delivery
Period it is necessary to amend or supplement the Registration Statement or Prospectus to comply with the Securities Act, the Company will promptly notify MLV to suspend the offering of Placement Shares during such period and the Company will
promptly amend or supplement the Registration Statement or Prospectus (at the expense of the Company) so as to correct such statement or omission or effect such compliance; provided, however, that the Company may delay the filing of any
amendment or supplement, if in the judgment of the Company, it is in the best interest of the Company. 
 d. Listing of Placement
Shares. During the Prospectus Delivery Period, the Company will use its commercially reasonable efforts to cause the Placement Shares to be listed on NASDAQ and TSE and to qualify the Placement Shares for sale under the securities laws of such
jurisdictions (United States and foreign) as MLV reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Placement Shares; provided, however, that the Company shall not be required
in connection therewith to qualify as a foreign corporation or dealer in securities or file a general consent to service of process in any jurisdiction where it is not now subject. 

e. Delivery of Registration Statement and Prospectus. The Company will furnish to MLV and its counsel (at the reasonable expense of the
Company) copies of the Registration Statement, the Prospectus (including all documents incorporated by reference therein) and all amendments and supplements to the Registration Statement or Prospectus that are filed with the Commission during the
Prospectus Delivery Period (including all documents filed with the Commission during such period that are deemed to be incorporated by reference therein), in each case as soon as reasonably practicable and in such quantities as MLV may from time to
time reasonably request and, at MLV’s request, will also furnish copies of the Prospectus to each exchange or market on which sales of the Placement Shares may be made; provided, however, that the Company shall not be required to furnish
any document (other than the Prospectus) to MLV to the extent such document is available on EDGAR. 
 f. Earnings Statement. The
Company will make generally available to its security holders as soon as practicable, but in any event not later than 15 months after the end of the Company’s current fiscal quarter, an earnings statement covering a 12-month period that
satisfies the provisions of Section 11(a) and Rule 158 of the Securities Act. 
 g. Use of Proceeds. The Company will use the
Net Proceeds as described in the Prospectus in the section entitled “Use of Proceeds.” 

  
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 h. Notice of Other Sales. Without the prior written consent of MLV, the Company will not,
directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for
Common Stock, warrants or any rights to purchase or acquire, Common Stock during the period beginning on the date on which any Placement Notice is delivered to MLV hereunder and ending on the third (3rd) Trading Day immediately following the
final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice (or, if the Placement Notice has been terminated or suspended prior to the sale of all Placement Shares covered by a Placement Notice, the date of such
suspension or termination); and will not directly or indirectly in any other “at-the-market” or continuous equity transaction offer to sell, sell, contract to
sell, grant any option to sell or otherwise dispose of any Common Stock (other than the Placement Shares offered pursuant to this Agreement) or securities convertible into or exchangeable for Common Stock, warrants or any rights to purchase or
acquire, Common Stock prior to the termination of this Agreement; provided, however, that such restrictions will not be required in connection with the Company’s issuance or sale of (i) Common Stock, options to purchase Common Stock
or Common Stock issuable upon the exercise of options, other equity awards or purchase rights, pursuant to any employee or director equity incentive or employee stock purchase plan, stock ownership plan or dividend reinvestment plan (but not Common
Stock subject to a waiver to exceed plan limits in its dividend reinvestment plan) of the Company whether now in effect or hereafter implemented; (ii) Common Stock issuable upon conversion of securities or the exercise of warrants, options or
other rights in effect or outstanding, and disclosed in filings by the Company available on EDGAR or otherwise in writing to MLV, and (iii) Common Stock, or securities convertible into or exercisable for Common Stock, offered and sold in a
privately negotiated transaction to vendors, consultants, service providers, customers, strategic partners or potential strategic partners or other investors conducted in a manner so as not to be integrated with the offering of Common Stock hereby.

 i. Change of Circumstances. The Company will, at any time during the pendency of a Placement Notice advise MLV promptly after it
shall have received notice or obtained knowledge thereof, of any information or fact that would alter or affect in any material respect any opinion, certificate, letter or other document required to be provided to MLV pursuant to this Agreement.

 j. Due Diligence Cooperation. During the term of this Agreement, the Company will cooperate with any reasonable due diligence
review conducted by MLV or its representatives in connection with the transactions contemplated hereby, including, without limitation, providing information and making available documents and senior corporate officers, during regular business hours
and at the Company’s principal offices, as MLV may reasonably request. 
 k. Required Filings Relating to Placement of Placement
Shares. The Company agrees that on such dates as the Securities Act shall require, the Company will (i) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b) under the Securities Act (each and every
filing under Rule 424(b), a “Filing Date”), which prospectus supplement will set forth, within the relevant period, the amount of Placement Shares sold through MLV, the Net Proceeds to the Company and the compensation payable by the
Company to MLV with respect to such Placement Shares (provided that the Company may 

  
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satisfy its obligation under this Section 7(k)(i) by effecting a filing in accordance with the Exchange Act with respect to such information), and (ii) deliver such number of copies of
each such prospectus supplement to each exchange or market on which such sales were effected as may be required by the rules or regulations of such exchange or market. 

l. Representation Dates; Certificate. Each time during the term of this Agreement that the Company: 

(i) amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares)
the Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement but not by means of incorporation of documents by reference into the Registration Statement or the
Prospectus relating to the Placement Shares; 
 (ii) files an annual report on Form 10-K under the Exchange Act (including any Form 10-K/A
containing amended financial information or a material amendment to the previously filed Form 10-K); 
 (iii) files its quarterly reports on
Form 10-Q under the Exchange Act; or 
 (iv) files a current report on Form 8-K containing amended financial information (other than
information “furnished” pursuant to Items 2.02 or 7.01 of Form 8-K or to provide disclosure pursuant to Item 8.01 of Form 8-K relating to the reclassification of certain properties as discontinued operations in accordance with
Statement of Financial Accounting Standards No. 144) under the Exchange Act; 
 (Each date of filing of one or more of the documents
referred to in clauses (i) through (iv) shall be a “Representation Date.”) 
 the Company shall furnish MLV (but in the case of
clause (iv) above only if MLV determines that the information contained in such Form 8-K is material) with a certificate, in the form attached hereto as Exhibit 7(l). The requirement to provide a certificate under this
Section 7(l) shall be automatically waived for any Representation Date occurring at a time at which no Placement Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Placement
Notice hereunder (which for such calendar quarter shall be considered a Representation Date) and the next occurring Representation Date on which the Company files its annual report on Form 10-K. Notwithstanding the foregoing, (i) upon the
delivery of the first Placement Notice hereunder and (ii) if the Company subsequently decides to sell Placement Shares following a Representation Date when the Company relied on such waiver and did not provide MLV with a certificate under this
Section 7(l), then before MLV sells any Placement Shares, the Company shall provide MLV with a certificate, in the form attached hereto as Exhibit 7(l), dated the date of the Placement Notice. 

m. Legal Opinion. On or prior to the date of the first Placement Notice given hereunder the Company shall cause to be furnished to MLV
(i) a written opinion and negative assurance letter of Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”), or other counsel reasonably satisfactory to MLV, in the form attached hereto as Exhibit 7(m)(1) and
7(m)(2), respectively, and (ii) a written opinion of Anderson Mori & Tomotsune (“Anderson Mori” and, 

  
 23 

 
together with Pillsbury, “Company Counsel”), in the form attached hereto as Exhibit 7(m)(1). Thereafter, within five (5) Trading Days of each Representation Date with
respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable, and not more than once per calendar quarter, the Company shall cause to be furnished to MLV a
written opinion of each Company Counsel in the form attached hereto as Exhibit 7(m)(1) and a negative assurance letter of Pillsbury in the form attached hereto as Exhibit 7(m)(2), modified, as necessary, to relate to the Registration
Statement and the Prospectus as then amended or supplemented; provided that, in lieu of such negative assurance letter for subsequent periodic filings under the Exchange Act, counsel may furnish MLV with a letter (a “Reliance
Letter”) to the effect that MLV may rely on the negative assurance letter previously delivered under this Section 7(m) to the same extent as if it were dated the date of such letter (except that statements in such prior letter
shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of the Reliance Letter) 

n. Comfort Letter. On or prior to the date of the first Placement Notice given hereunder and within five (5) Trading Days after
each subsequent Representation Date, other than pursuant to Section 7(l)(iii), with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(l) for which no waiver is applicable,
the Company shall cause its independent accountants to furnish MLV letters (the “Comfort Letters”), dated the date the Comfort Letter is delivered, which shall meet the requirements set forth in this Section 7(n);
provided, that if requested by MLV, the Company shall cause a Comfort Letter to be furnished to MLV within ten (10) Trading Days of such request following the date of occurrence of any restatement of the Company’s financial statements. The
Comfort Letter from the Company’s independent accountants shall be in a form and substance reasonably satisfactory to MLV, (i) confirming that they are an independent public accounting firm within the meaning of the Securities Act and the
PCAOB, (ii) stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants’ “comfort letters” to underwriters in connection with
registered public offerings (the first such letter, the “Initial Comfort Letter”) and (iii) updating the Initial Comfort Letter with any information that would have been included in the Initial Comfort Letter had it been given
on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. 

o. Market Activities. The Company will not, directly or indirectly, (i) take any action designed to cause or result in, or that
constitutes or would reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of Common Stock, (ii) sell, bid for, or purchase Common Stock in violation
of Regulation M, or pay anyone any compensation for soliciting purchases of the Placement Shares other than MLV or (iii) engage in solicitations of sales in Japan in a manner that would not be exempt from registration or qualification
requirements of the offering regulations under Japanese securities laws. 
 p. Investment Company Act. The Company will conduct its
affairs in such a manner so as to reasonably ensure that neither it nor the Subsidiaries will be or become, at any time prior to the termination of this Agreement, an “investment company,” as such term is defined in the Investment Company
Act. 

  
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 q. No Offer to Sell. Other than an Issuer Free Writing Prospectus approved in advance by
the Company and MLV in its capacity as agent hereunder pursuant to Section 23, neither MLV nor the Company (including its agents and representatives, other than MLV in their capacity as such) will make, use, prepare, authorize, approve
or refer to any written communication (as defined in Rule 405), required to be filed with the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder. 

r. Sarbanes-Oxley Act. The Company will maintain and keep accurate books and records reflecting its assets and maintain internal
accounting controls in a manner designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP and including those policies and
procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are
recorded as necessary to permit the preparation of the Company’s consolidated financial statements in accordance with GAAP, (iii) that receipts and expenditures of the Company are being made only in accordance with management’s and
the Company’s directors’ authorization, and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on
its financial statements. The Company will maintain such controls and other procedures, including, without limitation, those required by Sections 302 and 906 of the Sarbanes-Oxley Act, and the applicable regulations thereunder that are designed to
ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and
forms, including, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the
Company’s management, including its principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure and to ensure that material
information relating to the Company or the Subsidiaries is made known to them by others within those entities, particularly during the period in which such periodic reports are being prepared. 

8. Representations and Covenants of MLV. MLV represents and warrants that it is duly registered as a broker-dealer under FINRA, the
Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in which MLV is exempt from registration or such registration is not otherwise required. MLV shall
continue, for the term of this Agreement, to be duly registered as a broker-dealer under FINRA, the Exchange Act and the applicable statutes and regulations of each state in which the Placement Shares will be offered and sold, except such states in
which MLV is exempt from registration or such registration is not otherwise required, during the term of this Agreement. MLV shall comply with all applicable law and regulations, including but not limited to Regulation M, in connection with the
transactions contemplated by this Agreement, including the issuance and sale through MLV of the Placement Shares. 

  
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 9. Payment of Expenses. The Company will pay all expenses incident to the performance of
its obligations under this Agreement, including (i) the preparation, filing, including any fees required by the Commission, and printing of the Registration Statement (including financial statements and exhibits) as originally filed and of each
amendment and supplement thereto and each Issuer Free Writing Prospectus, in such number as MLV shall deem reasonably necessary, (ii) the printing and delivery to MLV of this Agreement and such other documents as may be required in connection
with the offering, purchase, sale, issuance or delivery of the Placement Shares, (iii) the preparation, issuance and delivery of the certificates, if any, for the Placement Shares to MLV, including any stock or other transfer taxes and any
capital duties, stamp duties or other duties or taxes payable upon the sale, issuance or delivery of the Placement Shares to MLV, (iv) the fees and disbursements of the counsel, accountants and other advisors to the Company, (v) the fees
and disbursements of counsel to MLV up to $25,000, (vi) the fees and expenses of the transfer agent and registrar for the Common Stock, (vii) the filing fees incident to any review by FINRA of the terms of the sale of the Placement Shares,
and (viii) the fees and expenses incurred in connection with the listing of the Placement Shares on the Exchanges. 
 10. Conditions
to MLV’s Obligations. The obligations of MLV hereunder with respect to a Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Company herein, to the due performance by the
Company of its obligations hereunder, to the completion by MLV of a due diligence review satisfactory to it in its reasonable judgment, and to the continuing satisfaction (or waiver by MLV in its sole discretion) of the following additional
conditions: 
 a. Registration Statement Effective. The Registration Statement shall have become effective and shall be available for
the sale of all Placement Shares contemplated to be issued by any Placement Notice. 
 b. No Material Notices. None of the following
events shall have occurred and be continuing: (i) receipt by the Company of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration
Statement, the response to which would require any post-effective amendments or supplements to the Registration Statement or the Prospectus; (ii) the issuance by the Commission or any other federal or state governmental authority of any stop
order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose; (iii) receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; or (iv) the occurrence of any event that makes any material statement made in the Registration
Statement or the Prospectus or any material document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or such
document(s) so that, in the case of the Registration Statement, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not
misleading and, that in the case of the Prospectus, it will not contain any materially untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of
the circumstances under which they were made, not misleading. 

  
 26 

 c. No Misstatement or Material Omission. MLV shall not have advised the Company that the
Registration Statement or Prospectus, or any amendment or supplement thereto, contains an untrue statement of fact that in MLV’s reasonable opinion is material, or omits to state a fact that in MLV’s reasonable opinion is material and is
required to be stated therein or is necessary to make the statements therein not misleading. 
 d. Material Changes. Except as
contemplated in the Prospectus, or disclosed in the Company’s reports filed with the Commission, there shall not have been any Material Adverse Effect, or any development in the business or affairs of the Company that could reasonably be
expected to cause a Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Company’s securities (other than asset backed securities) by any rating organization or a public announcement by any rating
organization that it has under surveillance or review its rating of any of the Company’s securities (other than asset backed securities), the effect of which, in the case of any such action by a rating organization described above, in the
reasonable judgment of MLV (without relieving the Company of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the
manner contemplated in the Prospectus. 
 e. Legal Opinion. MLV shall have received the opinions and negative assurances of Company
Counsel required to be delivered pursuant Section 7(m) on or before the date on which such delivery of such opinions are required pursuant to Section 7(m). 

f. Comfort Letter. MLV shall have received the Comfort Letter required to be delivered pursuant Section 7(n) on or before
the date on which such delivery of such letter is required pursuant to Section 7(n). 
 g. Representation Certificate.
MLV shall have received the certificate required to be delivered pursuant to Section 7(l) on or before the date on which delivery of such certificate is required pursuant to Section 7(l). 

h. No Suspension. Trading in the Common Stock shall not have been suspended on NASDAQ or TSE and the Common Stock shall not have been
delisted from the NASDAQ or TSE, and the Company shall not have received any notification that NASDAQ or TSE is currently contemplating terminating such listing. 

i. Other Materials. On each date on which the Company is required to deliver a certificate pursuant to Section 7(l), the
Company shall have used its commercially reasonable efforts to furnish to MLV such appropriate further information, certificates and documents as MLV may reasonably request. All such opinions, certificates, letters and other documents will be in
compliance with the provisions hereof. The Company will furnish MLV with such conformed copies of such opinions, certificates, letters and other documents as MLV shall reasonably request. 

j. Securities Act Filings Made. All filings with the Commission required by Rule 424 under the Securities Act to have been filed prior
to the issuance of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 424. 

  
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 k. Approval for Listing. The Placement Shares shall either have been approved for listing
on NASDAQ and TSE, subject only to notice of issuance, or the Company shall have filed an application for listing of the Placement Shares on NASDAQ or TSE at, or prior to, the issuance of any Placement Notice. Satisfactory evidence of such actions
shall have been provided to MLV and its counsel, which may include oral confirmations from a representative of NASDAQ and TSE, respectively. 

l. No Termination Event. There shall not have occurred any event that would permit MLV to terminate this Agreement pursuant to
Section 13(a). 
 11. Indemnification and Contribution. 

(a) Company Indemnification. The Company agrees to indemnify and hold harmless MLV, its partners, members, directors, officers,
employees and agents and each person, if any, who controls MLV within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act as follows: 

(i) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, arising out of or based upon
any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto), or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to
make the statements therein not misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto), or
the omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; 

(ii) against any and all loss, liability, claim, damage and expense whatsoever, as incurred, joint or several, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue
statement or omission; provided that (subject to Section 11(d) below) any such settlement is effected with the written consent of the Company, which consent shall not unreasonably be delayed or withheld; and 

(iii) against any and all expense whatsoever, as incurred (including the fees and disbursements of counsel), reasonably incurred in
investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue statement or omission, or any such
alleged untrue statement or omission, to the extent that any such expense is not paid under (i) or (ii) above, 
 provided, however, that
this indemnity agreement shall not apply to any loss, liability, claim, damage or expense to the extent arising out of any untrue statement or omission or alleged untrue statement or omission made solely in reliance upon and in conformity with
written information furnished to the Company by MLV expressly for use in the Registration Statement (or any amendment thereto), or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto). 

  
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 (b) MLV Indemnification. MLV agrees to indemnify and hold harmless the Company and its
directors and each officer of the Company who signed the Registration Statement, and each person, if any, who (i) controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act or
(ii) is controlled by or is under common control with the Company against any and all loss, liability, claim, damage and expense described in the indemnity contained in Section 11(a), as incurred, but only with respect to untrue
statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendments thereto) or in any related Issuer Free Writing Prospectus or the Prospectus (or any amendment or supplement thereto) in
reliance upon and in conformity with information relating to MLV and furnished to the Company in writing by MLV expressly for use therein. 

(c) Procedure. Any party that proposes to assert the right to be indemnified under this Section 11 will, promptly after
receipt of notice of commencement of any action against such party in respect of which a claim is to be made against an indemnifying party or parties under this Section 11, notify each such indemnifying party of the commencement of such
action, enclosing a copy of all papers served, but the omission so to notify such indemnifying party will not relieve the indemnifying party from (i) any liability that it might have to any indemnified party otherwise than under this
Section 11 and (ii) any liability that it may have to any indemnified party under the foregoing provision of this Section 11 unless, and only to the extent that, such omission results in the forfeiture of substantive
rights or defenses by the indemnifying party. If any such action is brought against any indemnified party and it notifies the indemnifying party of its commencement, the indemnifying party will be entitled to participate in and, to the extent that
it elects by delivering written notice to the indemnified party promptly after receiving notice of the commencement of the action from the indemnified party, jointly with any other indemnifying party similarly notified, to assume the defense of the
action, with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to the indemnified party of its election to assume the defense, the indemnifying party will not be liable to the indemnified party
for any legal or other expenses except as provided below and except for the reasonable costs of investigation subsequently incurred by the indemnified party in connection with the defense. The indemnified party will have the right to employ its own
counsel in any such action, but the fees, expenses and other charges of such counsel will be at the expense of such indemnified party unless (1) the employment of counsel by the indemnified party has been authorized in writing by the
indemnifying party, (2) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the
indemnifying party, (3) a conflict or potential conflict exists (based on advice of counsel to the indemnified party) between the indemnified party and the indemnifying party (in which case the indemnifying party will not have the right to
direct the defense of such action on behalf of the indemnified party) or (4) the indemnifying party has not in fact employed counsel to assume the defense of such action within a reasonable time after receiving notice of the commencement of the
action, in each of which cases the reasonable fees, disbursements and other charges of counsel will be at the expense of the indemnifying party or parties. It is understood that the indemnifying party or

  
 29 

 
parties shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate
firm admitted to practice in such jurisdiction at any one time for all such indemnified party or parties. All such fees, disbursements and other charges will be reimbursed by the indemnifying party promptly after the indemnifying party receives a
written invoice relating to fees, disbursements and other charges in reasonable detail. An indemnifying party will not, in any event, be liable for any settlement of any action or claim effected without its written consent. No indemnifying party
shall, without the prior written consent of each indemnified party, settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action or proceeding relating to the matters contemplated by this
Section 11 (whether or not any indemnified party is a party thereto), unless such settlement, compromise or consent (1) includes an unconditional release of each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (2) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

(d) Contribution. In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in
the foregoing paragraphs of this Section 11 is applicable in accordance with its terms but for any reason is held to be unavailable from the Company or MLV, the Company and MLV will contribute to the total losses, claims, liabilities,
expenses and damages (including any investigative, legal and other expenses reasonably incurred in connection with, and any amount paid in settlement of, any action, suit or proceeding or any claim asserted, but after deducting any contribution
received by the Company from persons other than MLV, such as persons who control the Company within the meaning of the Securities Act or the Exchange Act, officers of the Company who signed the Registration Statement and directors of the Company,
who also may be liable for contribution) to which the Company and MLV may be subject in such proportion as shall be appropriate to reflect the relative benefits received by the Company on the one hand and MLV on the other hand. The relative benefits
received by the Company on the one hand and MLV on the other hand shall be deemed to be in the same proportion as the total Net Proceeds from the sale of the Placement Shares (before deducting expenses) received by the Company bear to the total
compensation received by MLV (before deducting expenses) from the sale of Placement Shares on behalf of the Company. If, but only if, the allocation provided by the foregoing sentence is not permitted by applicable law, the allocation of
contribution shall be made in such proportion as is appropriate to reflect not only the relative benefits referred to in the foregoing sentence but also the relative fault of the Company, on the one hand, and MLV, on the other hand, with respect to
the statements or omission that resulted in such loss, claim, liability, expense or damage, or action in respect thereof, as well as any other relevant equitable considerations with respect to such offering. Such relative fault shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information supplied by the Company or MLV, the intent of the parties and
their relative knowledge, access to information and opportunity to correct or prevent such statement or omission. The Company and MLV agree that it would not be just and equitable if contributions pursuant to this Section 11(d) were to
be determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, liability,
expense, or damage, or action in respect thereof, referred to above in this Section 11(d) shall be deemed to include, for the purpose of this Section 11(d), any 

  
 30 

 
legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim to the extent consistent with
Section 11(c) hereof. Notwithstanding the foregoing provisions of this Section 11(d), MLV shall not be required to contribute any amount in excess of the commissions received by it under this Agreement and no person found
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this
Section 11(d), any person who controls a party to this Agreement within the meaning of the Securities Act or the Exchange Act, and any officers, directors, partners, employees or agents of MLV, will have the same rights to contribution
as that party, and each officer and director of the Company who signed the Registration Statement will have the same rights to contribution as the Company, subject in each case to the provisions hereof. Any party entitled to contribution, promptly
after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made under this Section 11(d), will notify any such party or parties from whom contribution may be sought, but
the omission to so notify will not relieve that party or parties from whom contribution may be sought from any other obligation it or they may have under this Section 11(d) except to the extent that the failure to so notify such other
party materially prejudiced the substantive rights or defenses of the party from whom contribution is sought. Except for a settlement entered into pursuant to the last sentence of Section 11(c) hereof, no party will be liable for
contribution with respect to any action or claim settled without its written consent if such consent is required pursuant to Section 11(c) hereof. 

12. Representations and Agreements to Survive Delivery. The indemnity and contribution agreements contained in Section 11
of this Agreement and all representations and warranties of the Company herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i) any investigation made by or on behalf of MLV, any
controlling persons, or the Company (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii) any termination of this Agreement. 

13. Termination. 
 a. MLV
may terminate this Agreement, by notice to the Company, as hereinafter specified at any time (1) if there has been, since the time of execution of this Agreement or since the date as of which information is given in the Prospectus, any Material
Adverse Effect, or any development that is reasonably likely to have a Material Adverse Effect or, in the sole judgment of MLV, is material and adverse and makes it impractical or inadvisable to market the Placement Shares or to enforce contracts
for the sale of the Placement Shares, (2) if there has occurred any material adverse change in the financial markets in the United States or the international financial markets, any outbreak of hostilities or escalation thereof or other
calamity or crisis or any change or development involving a prospective change in national or international political, financial or economic conditions, in each case the effect of which is such as to make it, in the judgment of MLV, impracticable or
inadvisable to market the Placement Shares or to enforce contracts for the sale of the Placement Shares, (3) if trading in the Common Stock has been suspended or limited by the Commission or either of the Exchanges, or if trading generally on
either of the Exchanges has been suspended or limited, or minimum prices for trading have been fixed on either of the Exchanges, (4) if any suspension of trading of any 

  
 31 

 
securities of the Company on any exchange or in the over-the-counter market shall have occurred and be continuing, (5) if a major disruption of securities settlements or clearance services
in the United States shall have occurred and be continuing, or (6) if a banking moratorium has been declared by either U.S. Federal or New York authorities. Any such termination shall be without liability of any party to any other party except
that the provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time;
Waiver of Jury Trial) and Section 19 (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. If MLV elects to terminate this Agreement as provided in this Section 13(a), MLV
shall provide the required notice as specified in Section 14 (Notices). 
 b. The Company shall have the right, by giving ten
(10) days’ notice as hereinafter specified to terminate this Agreement in its sole discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the
provisions of Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver
of Jury Trial) and Section 19 (Consent to Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. 

c. MLV shall have the right, by giving ten (10) days’ notice as hereinafter specified to terminate this Agreement in its sole
discretion at any time after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of Section 9 (Payment of Expenses), Section 11
(Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial) and Section 19 (Consent to Jurisdiction) hereof shall
remain in full force and effect notwithstanding such termination. 
 d. Unless earlier terminated pursuant to this Section 13,
this Agreement shall automatically terminate upon the issuance and sale of all of the Placement Shares through MLV on the terms and subject to the conditions set forth herein except that the provisions of Section 9 (Payment of Expenses),
Section 11 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing Law and Time; Waiver of Jury Trial) and Section 19 (Consent to
Jurisdiction) hereof shall remain in full force and effect notwithstanding such termination. 
 e. This Agreement shall remain in full force
and effect unless terminated pursuant to Sections 13(a), (b), (c), or (d) above or otherwise by mutual agreement of the parties; provided, however, that any such termination by mutual agreement shall in all
cases be deemed to provide that Section 9 (Payment of Expenses), Section 11 (Indemnification and Contribution), Section 12 (Representations and Agreements to Survive Delivery), Section 18 (Governing
Law and Time; Waiver of Jury Trial) and Section 19 (Consent to Jurisdiction) shall remain in full force and effect. Upon termination of this Agreement, the Company shall not have any liability to MLV for any discount, commission or other
compensation with respect to any Placement Shares not otherwise sold by MLV under this Agreement. 

  
 32 

 f. Any termination of this Agreement shall be effective on the date specified in such notice of
termination; provided, however, that such termination shall not be effective until the close of business on the date specified in such notice by MLV or the Company, as the case may be. If such termination shall occur prior to the Settlement
Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this Agreement. 
 14.
Notices. All notices or other communications required or permitted to be given by any party to any other party pursuant to the terms of this Agreement shall be in writing, unless otherwise specified, and if sent to MLV, shall be delivered to:

 MLV & Co. LLC 

1301 Avenue of the Americas, 
 43rd Floor 
 New York, New York 10019 

Attention:         Legal Department 

Telephone:       (212) 542-5880 

Email:               mlvlegal@mlvco.com 

with a copy to: 
 K&L Gates LLP 

1 Park Plaza, Twelfth Floor 

Irvine, CA 92614 
 Attention:
        Michael Hedge 
 Telephone:       (949) 623-3519 

Email:               michael.hedge@klgates.com 

and if to the Company, shall be delivered to: 

MediciNova, Inc. 
 4275 Executive
Square, Suite 650 
 La Jolla, CA 92037 

Attention:         Yuichi Iwaki, M.D., Ph.D. 

Telephone:       (858) 246-8671 

Email:               iwaki@medicinova.com 

with a copy to: 
 Pillsbury Winthrop Shaw
Pittman LLP 
 501 W. Broadway, Suite 1100 

San Diego, CA 92101-3575 

Attention:         David R. Snyder 

Telephone:       (619) 544-3369 

Email:               dave.snyder@pillsburylaw.com 

Each party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address
for such purpose. Each such notice or other communication shall be deemed given (i) when delivered personally, by email, or by 

  
 33 

 
verifiable facsimile transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business
Day, (ii) on the next Business Day after timely delivery to a nationally-recognized overnight courier and (iii) on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested,
postage prepaid). For purposes of this Agreement, “Business Day” shall mean any day on which NASDAQ and commercial banks in the City of New York are open for business. 

An electronic communication (“Electronic Notice”) shall be deemed written notice for purposes of this Section 14
if sent to the electronic mail address specified by the receiving party under separate cover. Electronic Notice shall be deemed received at the time the party sending Electronic Notice receives confirmation of receipt by the receiving party. Any
party receiving Electronic Notice may request and shall be entitled to receive the notice on paper, in a nonelectronic form (“Nonelectronic Notice”) which shall be sent to the requesting party within ten (10) days of receipt of
the written request for Nonelectronic Notice. 
 15. Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the Company and MLV and their respective successors and the affiliates, controlling persons, officers and directors referred to in Section 11 hereof. References to any of the parties contained in this Agreement shall be
deemed to include the successors and permitted assigns of such party. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. Neither party may assign its rights or obligations under this Agreement without the prior written consent of the other party.

 16. Adjustments for Stock Splits. The parties acknowledge and agree that all share-related numbers contained in this Agreement
shall be adjusted to take into account any share consolidation, stock split, stock dividend, corporate domestication or similar event effected with respect to the Placement Shares. 

17. Entire Agreement; Amendment; Severability. This Agreement (including all schedules and exhibits attached hereto and Placement
Notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral, among the parties hereto with regard to the subject matter hereof. Neither this
Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and MLV. In the event that any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible extent that it is valid, legal and enforceable, and the remainder of the terms and
provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving effect to such provision and the remainder of the terms and provisions hereof shall be
in accordance with the intent of the parties as reflected in this Agreement. 

  
 34 

 18. GOVERNING LAW AND TIME; WAIVER OF JURY TRIAL. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS. SPECIFIED TIMES OF DAY REFER TO NEW YORK CITY TIME. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

19. CONSENT TO JURISDICTION. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS
SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH ANY TRANSACTION CONTEMPLATED HEREBY, AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR
PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY
HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF (CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED) TO SUCH PARTY AT THE ADDRESS IN
EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY
MANNER PERMITTED BY LAW. 
 20. Use of Information. MLV may not use any information gained in connection with this Agreement and the
transactions contemplated by this Agreement, including due diligence, to advise any party with respect to transactions not expressly approved by the Company. 

21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by electronic portable document format (pdf) or facsimile transmission. 

22. Effect of Headings. The section and Exhibit headings herein are for convenience only and shall not affect the construction hereof.

 23. Permitted Free Writing Prospectuses. 

The Company represents, warrants and agrees that, unless it obtains the prior consent of MLV, which consent shall not be unreasonably withheld,
conditioned or delayed, and MLV represents, warrants and agrees that, unless it obtains the prior consent of the Company, which consent shall not be unreasonably withheld, conditioned or delayed, it has not made and will not make any offer relating
to the Placement Shares that would constitute an Issuer Free Writing Prospectus, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405, required to be filed with the Commission. Any such free writing
prospectus consented 

  
 35 

 
to by MLV or by the Company, as the case may be, is hereinafter referred to as a “Permitted Free Writing Prospectus.” The Company represents and warrants that it has treated and agrees
that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing
Prospectus, including timely filing with the Commission where required, legending and record keeping. For the purposes of clarity, the parties hereto agree that all free writing prospectuses, if any, listed in Exhibit 23 hereto are Permitted
Free Writing Prospectuses. 
 24. Absence of Fiduciary Relationship. The Company acknowledges and agrees that: 

a. MLV is acting solely as agent in connection with the public offering of the Placement Shares and in connection with each transaction
contemplated by this Agreement and the process leading to such transactions, and no fiduciary or advisory relationship between the Company or any of its respective affiliates, stockholders (or other equity holders), creditors or employees or any
other party, on the one hand, and MLV, on the other hand, has been or will be created in respect of any of the transactions contemplated by this Agreement, irrespective of whether or not MLV has advised or is advising the Company on other matters,
and MLV has no obligation to the Company with respect to the transactions contemplated by this Agreement except the obligations expressly set forth in this Agreement; 

b. it is capable of evaluating and understanding, and understands and accepts, the terms, risks and conditions of the transactions
contemplated by this Agreement; 
 c. MLV has not provided any legal, accounting, regulatory or tax advice with respect to the transactions
contemplated by this Agreement and it has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; 

d. it is aware that MLV and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of
the Company and MLV has no obligation to disclose such interests and transactions to the Company by virtue of any fiduciary, advisory or agency relationship or otherwise; and 

e. it waives, to the fullest extent permitted by law, any claims it may have against MLV for breach of fiduciary duty or alleged breach of
fiduciary duty in connection with the sale of Placement Shares under this Agreement and agrees that MLV shall not have any liability (whether direct or indirect, in contract, tort or otherwise) to it in respect of such a fiduciary duty claim or to
any person asserting a fiduciary duty claim on its behalf or in right of it or the Company, employees or creditors of Company, other than in respect of MLV’s obligations under this Agreement and to keep information provided by the Company to
MLV and MLV’s counsel confidential to the extent not otherwise publicly-available. 

  
 36 

 25. Definitions. 

As used in this Agreement, the following terms have the respective meanings set forth below: 

“Applicable Time” means (i) each Representation Date and (ii) the time of each sale of any Placement Shares
pursuant to this Agreement. 
 “Issuer Free Writing Prospectus” means any “issuer free writing prospectus,” as
defined in Rule 433, relating to the Placement Shares that (1) is required to be filed with the Commission by the Company, (2) is a “road show” that is a “written communication” within the meaning of Rule 433(d)(8)(i)
whether or not required to be filed with the Commission, or (3) is exempt from filing pursuant to Rule 433(d)(5)(i) because it contains a description of the Placement Shares or of the offering that does not reflect the final terms, in each case
in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company’s records pursuant to Rule 433(g) under the Securities Act. 

“Rule 172,” “Rule 405,” “Rule 415,” “Rule 424,” “Rule
424(b),” “Rule 430B,” and “Rule 433” refer to such rules under the Securities Act. 
 All
references in this Agreement to financial statements and schedules and other information that is “contained,” “included” or “stated” in the Registration Statement or the Prospectus (and all other references of like
import) shall be deemed to mean and include all such financial statements and schedules and other information that is incorporated by reference in the Registration Statement or the Prospectus, as the case may be. 

All references in this Agreement to the Registration Statement, the Prospectus or any amendment or supplement to any of the foregoing shall be
deemed to include the copy filed with the Commission pursuant to EDGAR; all references in this Agreement to any Issuer Free Writing Prospectus (other than any Issuer Free Writing Prospectuses that, pursuant to Rule 433, are not required to be filed
with the Commission) shall be deemed to include the copy thereof filed with the Commission pursuant to EDGAR; and all references in this Agreement to “supplements” to the Prospectus shall include, without limitation, any supplements,
“wrappers” or similar materials prepared in connection with any offering, sale or private placement of any Placement Shares by MLV outside of the United States. 

[Remainder of the page intentionally left blank] 

  
 37 

 If the foregoing correctly sets forth the understanding between the Company and MLV, please so
indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Company and MLV. 
  

			
	Very truly yours,
	
	MEDICINOVA, INC.
		
	By:		 /s/ Yuichi Iwaki

	Name:		Yuichi Iwaki, M.D., Ph.D.
	Title:		President and Chief Executive Officer
	
	ACCEPTED as of the date first-above written:
	
	MLV & CO. LLC
		
	By:		 /s/ Patrice McNicoll

	Name:		Patrice McNicoll
	Title:		Chief Executive Officer

  
 SIGNATURE
PAGE TO AT-THE-MARKET ISSUANCE SALES AGREEMENT 

 SCHEDULE 1 
  

 
 FORM OF
PLACEMENT NOTICE 
  
  

 

			
	From:		MediciNova, Inc.
		
	To:		MLV & Co. LLC
		
	Attention:		Patrice McNicoll
		
	Subject:		At-the-Market Issuance–Placement Notice

 Gentlemen: 

Pursuant to the terms and subject to the conditions contained in the At-the-Market Issuance Sales Agreement between MediciNova, Inc., a
Delaware corporation (the “Company”), and MLV & Co. LLC (“MLV”), dated May 22, 2015, the Company hereby requests that MLV sell, during the time period beginning [month, day, time] and ending [month,
day, time], up to [            ] shares of the Company’s Common Stock, $0.001 par value per share (“Common Stock”), at a minimum market price of
U.S. $[            ] per share, among which up to [            ] shares of Common Stock may be sold on The NASDAQ Stock
Market. 

 SCHEDULE 2 
  

 
 Compensation

  
  

The Company shall pay to MLV in cash, upon each sale of Placement Shares pursuant to this Agreement, an amount equal to up to 4% of the gross
proceeds from each sale of Placement Shares. 

 SCHEDULE 3 
  

 
 Notice
Parties 
  
  

 

			
	The Company		
		
	Yuichi Iwaki, M.D., Ph.D.		iwaki@medicinova.com
		
	Esther van den Boom		esther@medicinova.com
		
	Kazuko Matsuda, M.D., Ph.D., MPH		matsuda@medicinova.com
		
	Masatsune Okajima		okajima@medicinova.com
		
	Geoffrey O’Brien, JD, MBA		obrien@medicinova.com
		
	John O’Neil		oneil@medicinova.com
		
	Kiyomi Suzue		suzue@medicinova.com

  

			
	MLV		
		
	Randy Billhardt		rbillhardt@mlvco.com
		
	Ryan Loforte		rloforte@mlvco.com
		
	Patrice McNicoll		pmcnicoll@mlvco.com
		
	Miranda Toledano		mtoledano@mlvco.com
	
	With a copy to mlvatmdesk@mlvco.com

 SCHEDULE 6(g) 
  

 
 Subsidiaries

  
  

MediciNova (Europe) Ltd. 
 MediciNova Japan, Inc. 

Avigen, Inc. 

 EXHIBIT 7(1) 

Form of Representation Date Certificate 

This Representation Date Certificate (this “Certificate”) is executed and delivered in connection with Section 7(1) of the
At-the-Market Issuance Sales Agreement (the “Agreement”), dated May 22, 2015, and entered into between MediciNova, Inc. (the “Company”) and MLV & Co. LLC. All capitalized terms used but not defined
herein shall have the meanings given to such terms in the Agreement. 
 The Company hereby certifies as follows: 

1. As of the date of this Certificate (i) the Registration Statement does not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein not misleading and (ii) neither the Registration Statement nor the Prospectus contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (iii) no event has occurred as a result of which it is
necessary to amend or supplement the Prospectus in order to make the statements therein not untrue or misleading for this paragraph 1 to be true. 

2. Each of the representations and warranties of the Company contained in the Agreement were, when originally made, and are, as of the date of
this Certificate, true and correct in all material respects (except for representations and warranties that are made as of a specific date, which representations and warranties shall be true and correct at and as of such respective specific date).

 3. Except as waived by MLV in writing, each of the covenants required to be performed by the Company in the Agreement on or prior to the
date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement, has been duly, timely and fully performed in all material respects and each condition required to be complied with by
the Company on or prior to the date of the Agreement, this Representation Date, and each such other date prior to the date hereof as set forth in the Agreement has been duly, timely and fully complied with in all material respects. 

4. Subsequent to the date of the most recent financial statements in the Prospectus, and except as described in the Prospectus, including
Incorporated Documents, there has been no Material Adverse Effect. 
 5. No stop order suspending the effectiveness of the Registration
Statement or of any part thereof has been issued, and to the Company’s knowledge, no proceedings for that purpose have been instituted or are pending or threatened by any securities or other governmental authority (including, without
limitation, the Commission). 

 6. No order suspending the effectiveness of the Registration Statement or the qualification or
registration of the Placement Shares under the securities or Blue Sky laws of any jurisdiction are in effect and no proceeding for such purpose is pending before, or threatened, to the Company’s knowledge or in writing by, any securities or
other governmental authority (including, without limitation, the Commission). 
 The undersigned has executed this Officer’s
Certificate as of the date first written above. 
  

			
	 MEDICINOVA, INC.

		
	 By:
		  

		
	 Name:
		  

		
	 Title:
		  

 EXHIBIT 7(m)(1) 

Form of Legal Opinions 

 EXHIBIT 7(m)(2) 

Form of Negative Assurance Letter 

 EXHIBIT 23 

Permitted Issuer Free Writing Prospectuses 

None.EX 10.1 FORM OF DEALER AGREEMENT

Exhibit 10.1

Commercial Paper Dealer Agreement
4(a)(2) Program

Between:
AutoNation, Inc., as Issuer 
and
[___________________], as Dealer
Concerning Notes to be issued pursuant to an Issuing and Paying Agent Agreement dated as of the date hereof between the Issuer and [___________________], as Issuing and Paying Agent

Dated as of May 22, 2015

Commercial Paper Dealer Agreement
4(a)(2) Program
This agreement (this “Agreement”) sets forth the understandings between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes (the “Notes”) through the Dealer. 
Certain terms used in this Agreement are defined in Section 6 hereof. 
The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof. 
		
	1.
	Offers, Sales and Resales of Notes.

		
	1.1
	While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of the Issuer, and (ii) the Dealer has and shall have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein and sold by the Issuer in reliance on the representations, warranties, covenants and agreements of the Dealer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein.

		
	1.2
	So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Dealer (which consent shall not be unreasonably withheld, conditioned or delayed to the extent that the Issuer determines that such offer, solicitation, acceptance of an offer or sale will not adversely affect the entitlement of the Notes to the exemption provided by Section 4(a)(2) of the Securities Act and provides an opinion of counsel to that effect), offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other dealers listed on the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith.  In no event shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this Section 1.2.

		
	1.3
	The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest rates, if interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit C hereto, the Private Placement Memorandum, a pricing supplement, or as otherwise agreed upon by the applicable purchaser and the Issuer.   The Notes shall not contain any provision for extension, renewal or automatic “rollover.”

		
	1.4
	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agent Agreement, and the Notes shall be either individual physical certificates or book-entry notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form annexed to the Issuing and Paying Agent Agreement.

		
	1.5
	If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agent Agreement and payment for such Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer.  Except as otherwise agreed, in the event that the Dealer is acting as an agent and a purchaser shall either fail to accept delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will promptly return such 

1

funds to the Dealer against its return of the Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note.  If such failure occurred for any reason other than default by the Dealer, the Issuer shall reimburse the Dealer on an equitable basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account.
		
	1.6
	The Dealer and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent resales or other transfers of the Notes:

		
	(a)
	Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers or Institutional Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be an Institutional Accredited Investor.

		
	(b)
	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) below.

		
	(c)
	No general solicitation or general advertising within the meaning of Rule 502 under the Securities Act shall be used in connection with the offering of the Notes.  Without limiting the generality of the foregoing, without the prior written approval of the other, neither the Dealer nor the Issuer shall issue any press release or place or publish any “tombstone” or other advertisement relating to the Notes or the offer or sale thereof.  To the extent permitted by applicable securities laws, the Issuer shall (i) omit the name of the Dealer from any publicly available filing by the Issuer that makes reference to the Notes, the offer or sale of the Notes or this Agreement, (ii) not include a copy of this Agreement in any such filing or as an exhibit thereto (unless the Issuer determines that filing such a copy is required), and (iii) shall redact the Dealer’s name and any contact or other information that could identify the Dealer from any agreement or other information included in such filing. Notwithstanding the foregoing, (i) any publication by the Issuer of a notice in accordance with Rule 135c under the Securities Act shall not be deemed to constitute a general solicitation or general advertising hereunder and shall not require prior written approval of the dealer and (ii) the Issuer shall be permitted to make such filings with the SEC that the Issuer reasonably determines are required to comply with Section 13 or 15(d) of the Exchange Act.  For the avoidance of doubt, the Issuer shall not post the Private Placement Memorandum on a website without the consent of the Dealer and each other dealer or placement agent, if any, for the Notes.

		
	(d)
	No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount.  If the purchaser is a non-bank fiduciary or agent acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000 principal or face amount of Notes.

		
	(e)
	Offers and sales of the Notes shall be subject to the restrictions described in the legend appearing on Exhibit A hereto.  A legend substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement. 

		
	(f)
	The Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has acted as the Dealer, at or prior to the sale of such Notes, a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect.  The Private Placement Memorandum shall expressly state that any person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer and shall provide the addresses and telephone numbers for obtaining further information regarding the Issuer.

		
	(g)
	The Issuer agrees, for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish, upon request and at its expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d).

		
	(h)
	In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall promptly notify the Dealer (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant information relating thereto.

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	(i)
	The Issuer represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act.  The Issuer agrees that, if it shall issue commercial paper after the date hereof in reliance upon such exemption (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account; (b) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States.

		
	1.7
	The Issuer hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows:

		
	(a)
	The Issuer hereby confirms to the Dealer that (except as permitted by Section 1.6(i)) within the preceding six months neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer has offered or sold any Notes, or any substantially similar security of the Issuer (including, without limitation, medium-term notes issued by the Issuer), to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof.  The Issuer also agrees that (except as permitted by Section 1.6(i)), as long as the Notes are being offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least six months after the offer of Notes hereunder has been terminated, neither the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the other dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and sale of the Notes within the exemption provided by Section 4(a)(2) of the Securities Act and shall survive any termination of this Agreement.  The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities, whether such offering is made by the Issuer or some other party or parties, under circumstances other than those that would not cause the offering and sale of the Notes by the Issuer to fail to be exempt from registration under Section 4(a)(2) of the Securities Act.

		
	(b)
	The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities within the meaning of Regulation T and the interpretations thereunder by the Board of Governors of the Federal Reserve System.  In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least three business days’ prior written notice to that effect (but shall not be required to identify or disclose such securities).  Thereafter, in the event that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder.

		
	2.
	Representations and Warranties of the Issuer.

The Issuer represents and warrants with respect to itself and to its Subsidiaries that:
		
	2.1
	The Issuer and each Guarantor is a corporation, limited liability company or partnership duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation and has all the requisite power and authority to execute, deliver and perform its obligations under each Program Document to which it is party.

		
	2.2
	This Agreement and the Issuing and Paying Agent Agreement have been duly authorized, executed and delivered by the Issuer and constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and limitations on rights to indemnity and contribution imposed by applicable law.

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	2.3
	The Guarantee has been duly authorized, executed and delivered by each Guarantor and constitutes the legal, valid and binding obligations of such Guarantor enforceable against such Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and limitations on rights to indemnity and contribution imposed by applicable law.

		
	2.4
	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agent Agreement, will be duly and validly issued and will constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

		
	2.5
	Assuming compliance by the Dealer with the procedures applicable to it set forth in this Agreement, the offer and sale of the Notes in the manner contemplated hereby do not require registration of the Notes or the Guarantee under the Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as amended. 

		
	2.6
	The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer.

		
	2.7
	Assuming compliance by the Dealer with the procedures applicable to it set forth in this Agreement, no consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agent Agreement, except for the filing by the Issuer of a current report on Form 8-K with the SEC or as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes.

		
	2.8
	Neither the execution and delivery by the Issuer and the Guarantors of each Program Document to which the Issuer or any such Guarantor is a party, nor the issuance of the Notes in accordance with the Issuing and Paying Agent Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or thereof by the Issuer or such Guarantor, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of the charter documents or by-laws of the Issuer or such Guarantor, any contract or instrument to which the Issuer or such Guarantor is a party or by which it or its property is bound (including, for the avoidance of doubt, any consent set forth on the attached Schedule B (each, a “Manufacturer Consent,” and collectively, the “Manufacturer Consents”)), or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer or such Guarantor is subject or by which it or its property is bound, which breach or default might have a material adverse effect on the financial condition or operations of, when taken as a whole, the Issuer and the Guarantors, or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agent Agreement or the ability of any Guarantor to perform its obligations under the Guarantee.

		
	2.9
	Except as otherwise disclosed in any filings made by the Issuer with the SEC, there is no litigation or governmental proceeding pending, or to the knowledge of the Issuer, threatened, against or affecting the Issuer or any of its Subsidiaries (other than that which is disclosed in the Company Information) which is reasonably likely to result in a material adverse change in the condition (financial or otherwise), operations or business prospects of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agent Agreement.

		
	2.10
	Neither the Issuer nor any Guarantor is an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

		
	2.11
	Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Issuer makes no representation or warranty as to any Dealer Information.

		
	2.12
	Neither the Issuer nor any of its Subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent or employee of the Issuer or any of its Subsidiaries (in each case, acting on behalf of the Issuer or any of its Subsidiaries) (i) has used any corporate funds for any contribution, gift, entertainment, bribe, rebate, payoff, influence payment, kickback or other payment of any kind whatsoever in violation of the law applicable to the 

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Issuer or such Subsidiary, or (ii) is aware of or has taken any action, directly or indirectly, that would reasonably be expected to result in a violation or a sanction for violation by such persons of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or the U.K. Bribery Act 2010 (the “Bribery Act”) or similar law or regulation of any other relevant jurisdiction; and the Issuer and its Subsidiaries have each conducted their businesses in compliance with the FCPA, the Bribery Act and any applicable similar law or regulation and have instituted and maintain policies and procedures designed to ensure, and which are expected to continue to ensure, continued compliance therewith.
		
	2.13
	The operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements, including, without limitation, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and the Currency and Foreign Transactions Reporting Act of 1970, as amended, and the applicable money laundering statutes of jurisdictions where the Issuer and its Subsidiaries conduct business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency where the Issuer or any of its Subsidiaries conduct business (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Issuer, threatened.

		
	2.14
	Neither the Issuer nor any of its Subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent or employee of the Issuer or any of its Subsidiaries (i) is currently the subject of any sanctions administered or imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, or the United Kingdom (including sanctions administered or enforced by Her Majesty’s Treasury) or other relevant sanctions authority (collectively, “Sanctions” and such persons, “Sanctioned Persons”) or (ii) will, directly or indirectly, use the proceeds of the Notes, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other person in violation of any Sanctions (x) to fund or facilitate any activities or business of or with any person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions, or (y) in any manner that will result in a violation of any economic Sanctions by any person (including any person participating in the offering of Notes, whether as dealer, advisor, investor or otherwise).

		
	2.15
	Neither the Issuer nor any of its Subsidiaries nor, to the knowledge of the Issuer, any director, officer, agent or employee of the Issuer or any of its Subsidiaries is a person that is, or is 50% or more owned or otherwise controlled by a person that is: (i) the subject of any Sanctions; or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions (which, as of the date of this Agreement, are Cuba, Iran, North Korea, Sudan, and Syria) (collectively, “Sanctioned Countries” and each, a “Sanctioned Country”).

		
	2.16
	Except as has been disclosed to the Dealer or is not material to the analysis under any Sanctions, neither the Issuer nor any of its Subsidiaries has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned Country, in the preceding 3 years, nor does the Issuer or any of its Subsidiaries have any plans to increase its dealings or transactions, or commence dealings or transaction, with or for the benefit of Sanctioned Persons, or with or in Sanctioned Countries except to the extent it may become permissible to do so under applicable laws.

		
	2.17
	Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall be deemed a representation and warranty by the Issuer to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer set forth in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and (iii) in the case of an issuance of Notes, since the date of the most recent Private Placement Memorandum (as most recently amended or supplemented including, without limitation, by incorporation of Company Information therein), there has been no material adverse change in the financial condition or operations of the Issuer which has not been disclosed to the Dealer in writing or in the 

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Company Information and (iv) the Issuer is not in default of any of its obligations under (a) the Notes or (b) in any material respect, this Agreement or the Issuing and Paying Agent Agreement.
		
	3.
	Covenants and Agreements of Issuer.

The Issuer covenants and agrees that:
		
	3.1
	The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying Agent Agreement, including a complete copy of any such amendment, modification or waiver. 

		
	3.2
	The Issuer shall, whenever there shall occur (i) any change in the financial condition or operations of the Issuer and its Subsidiaries taken as a whole that would reasonably be expected to have a material adverse effect on the Issuer’s ability to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agent Agreement, or (ii) any change in the financial condition or operations of any Guarantor or Guarantors that would reasonably be expected to have a material adverse effect on the ability of the Guarantors taken as a whole to perform their obligations under the Guarantee, or (iii) any adverse occurrence in relation to the Issuer that would otherwise be material to holders of the Notes or potential holders of the Notes (including any downgrading or receipt of any written notice of (x) intended downgrading or (y) any review for potential adverse change in the rating accorded any of the Issuer’s securities by any nationally recognized statistical rating organization (as such term is defined in Section 3(a)(62) of the Exchange Act) which has published a rating of the Notes), promptly, and in any event prior to any subsequent issuance of Notes hereunder, notify the Dealer  of such change or occurrence.

		
	3.3
	The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any press releases or material provided by the Issuer to any national securities exchange or rating agency, regarding (i) the Issuer’s operations and financial condition, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the Notes as they mature; provided that the Issuer shall have no obligation to furnish any material non-public information or information it is required to keep confidential or that is otherwise included in Company Information described in clause (i),  (ii) or (iii) of the definition thereof.

		
	3.4
	The Issuer will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

		
	3.5
	The Issuer will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agent Agreement, at any time that any of the Notes are outstanding.

		
	3.6
	The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) opinions of counsel to the Issuer and each Guarantor, addressed to the Dealer, reasonably satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agent Agreement as then in effect, (c) a copy of resolutions adopted by the Board of Directors (or similar body in the case of a Guarantor not organized as a corporation) of the Issuer and each Guarantor, reasonably satisfactory in form and substance to the Dealer and certified by the Secretary or similar officer of the Issuer or such Guarantor, as applicable, authorizing execution and delivery by (i) the Issuer of this Agreement, the Issuing and Paying Agent Agreement and the Notes and (ii) such Guarantor of the Guarantee, and consummation by the Issuer and such Guarantor of the transactions contemplated hereby and thereby, (d) a certificate of the secretary, assistant secretary or other designated officer of the Issuer and each Guarantor certifying as to (as applicable) (i) the Issuer’s organizational documents, and attaching true, correct and complete copies thereof and (ii) the incumbency of the officers of (A) the Issuer authorized to execute and deliver this Agreement, the Issuing and Paying Agent Agreement, the Commercial Paper Master Note and to deliver the Notes, and take other action on behalf of the Issuer in connection with the transactions contemplated thereby, and (B) such Guarantor authorized to execute and deliver the Guarantee, and take other action on behalf of such Guarantor in connection with the transactions contemplated thereby, (e) prior to the issuance of any book-entry Notes represented by a master note registered in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and DTC and of the executed master note, (f) prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agent Agreement), (g) confirmation of the then current rating assigned to the Notes by each nationally recognized 

6

statistical rating organization then rating the Notes, and (h) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested.
		
	3.7
	The Issuer shall reimburse the Dealer for all of the Dealer’s reasonable out-of-pocket expenses related to this Agreement, including reasonable out-of-pocket expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable fees and out-of-pocket expenses of the Dealer’s external counsel (subject to receipt of reasonably satisfactory supporting documentation within 90 days of the incurrence of any such fees and out-of-pocket expenses (it being understood that the submission of an invoice and supporting documentation by the Dealer’s external counsel with respect to the negotiation of this Agreement will be made within 90 days of the conclusion of such negotiation as measured by the satisfaction of all of the conditions to the issuance of Notes set forth in Section 3.6 and not by the dates of the specific services rendered)).

		
	3.8
	The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of the offer or sale of the Notes.

		
	3.9
	The Issuer shall cause each of its Subsidiaries listed on the attached Schedule A (each, a “Guarantor” and collectively, the “Guarantors”) to agree unconditionally and irrevocably to guarantee the Issuer’s performance of its obligations under this Agreement and the payment in full of the principal of and interest (if any) on the Notes, pursuant to a guarantee, dated the date hereof, in the form of Exhibit D hereto (the “Guarantee”).

		
	3.10
	So long as any Notes are outstanding, the Issuer shall not, nor shall it permit any Guarantor to (a) terminate, revoke or violate the terms of any Manufacturer Consent or amend or modify the terms of any Manufacturer Consent in any manner materially adverse to the interests of the holders of any Notes or any of the other Guarantied Parties or (b) authorize or permit any Manufacturer to amend, modify, terminate, revoke or violate the terms of any Manufacturer Consent or to amend or modify the terms of any Manufacturer Consent in any manner materially adverse to the interests of any holder of Notes or any of the other Guarantied Parties.

		
	3.11
	The Issuer shall provide prompt written notice to the Dealer (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment, modification, termination or revocation of any Manufacturer Consent that would reasonably be expected to have a material adverse effect on (i) the financial condition of the Issuer  and the Guarantors, taken as a whole, or (ii) the ability of the Issuer and the Guarantors, taken as a whole, to perform their obligations under this Agreement, the Issuing and Paying Agent Agreement, the Notes or the Guarantee, as applicable.  For the avoidance of doubt, any amendment or modification to any Manufacturer Consent that solely increases the aggregate principal amount of indebtedness contemplated thereunder shall be deemed to not have a material adverse effect on the Notes.

		
	3.12
	The Issuer shall not, nor shall it permit any Guarantor to, obtain consent from any Manufacturer to guarantee any debt obligation of the Issuer on terms more favorable to the Manufacturer than that permitted under the corresponding Manufacturer Consent, unless such Manufacturer Consent is amended to permit such more favorable terms and such more favorable terms are reflected or incorporated in the Guarantee.

		
	3.13
	The Issuer shall not, nor shall it permit any Subsidiary to, sell, transfer or dispose of the capital stock of any Subsidiary if such sale, transfer or disposition would, individually or together with any such sales, transfers or dispositions made by another Subsidiary or other Subsidiaries after the date hereof, (i) constitute a sale, transfer or disposition of all or a majority of the assets of the Issuer and its Subsidiaries (taken as a whole), or (ii) be reasonably likely to have a material adverse effect on the ability of the Issuer and the Guarantors, taken as a whole, to perform their obligations under this Agreement, the Issuing and Paying Agent Agreement, the Notes or the Guarantee, as applicable.

		
	3.14
	The Issuer, on behalf of the Guarantied Parties, shall furnish such notices as are required to be furnished under the Manufacturer Consents upon being made aware of facts and circumstances requiring delivery of such notice.  

		
	4.
	Disclosure.

		
	4.1
	The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer.  The Private Placement Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and to obtain relevant additional information which the Issuer possesses or can acquire without unreasonable effort or expense.

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	4.2
	The Issuer agrees to promptly furnish Company Information to the Dealer upon or promptly following the time it becomes publicly available, provided that any such Company Information described in clause (i), (ii) or (iii) of the definition thereof shall be deemed furnished and delivered to the Dealer at the time it is publicly available in the Issuer’s filings with the SEC.

		
	4.3
	(a)    The Issuer further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading, except to the extent that the Issuer, by furnishing such notice, would violate any law, regulation or stock exchange rule applicable to it.  The Dealer agrees to promptly suspend offers and sales of the Notes upon receipt of such notice.  

(b)    In the event that the Issuer gives the Dealer notice pursuant to Section 4.3(a) and the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer agrees either to (i) purchase the entirety of such inventory of Notes of the Dealer at a purchase price equal to either (x) in the case of an interest-bearing Note, the principal amount thereof plus accrued and unpaid interest thereon through the date of the purchase or (y) in the case of a Note issued on a discount basis, the price paid by the Dealer for the purchase thereof, plus the accreted discount thereon through the date of the purchase based on the purchase price thereof, or (ii) promptly to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading, and the Issuer shall make such supplement or amendment available to the Dealer.
(c)    In the event that (i) the Issuer gives the Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it is then holding Notes in inventory and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause (b) above, then all solicitations and sales of Notes shall be suspended until such time as (x) the Issuer has so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealer, or (y) the Issuer determines that the Company Information then in existence satisfies the representation contained in Section 2.10 hereof by the filing of any documents incorporated by reference into the Private Placement Memorandum and notifies the Dealer to that effect.
(d)    Without limiting the generality of Section 4.3(a), the Issuer shall review, amend and supplement the Private Placement Memorandum on a periodic basis, but no less than at least once annually, to incorporate current financial information of the Issuer to the extent necessary to ensure that the financial information provided or incorporated by reference in the Private Placement Memorandum is accurate and complete; provided, however, that the Private Placement Memorandum will be deemed amended and supplemented by the filing of any documents incorporated by reference into the Private Placement Memorandum; provided, further, that such obligation shall be suspended to the extent, and for the period, that the Issuer has suspended all solicitations and sales of the Notes as contemplated by Section 4.3(c).
		
	5.
	Indemnification and Contribution.

		
	5.1
	(a)    The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, reasonable fees and disbursements of external counsel) or judgments of whatever kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any written information provided by the Issuer or a Guarantor to the Dealer for distribution to holders and potential holders of Notes included (as of any relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, (ii) the breach by the Issuer of any agreement, covenant or representation made in or pursuant to this Agreement, or (iii) the breach by any Guarantor of any agreement, covenant or representation made in or pursuant to the Guarantee.  This indemnification shall not apply to the extent that the Claim arises out of or is based upon (x) Dealer Information or (y) with respect to the indemnity contained in clause (ii) of the immediately preceding sentence, the gross negligence or willful misconduct of the Dealer as established by a final non-appealable judgment of a court of competent jurisdiction.

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	5.2
	Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement.

		
	5.3
	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs incurred by the Dealer in connection with any Claim in the proportion of the respective economic interests of the Issuer and the Dealer; provided, however, that such contribution by the Issuer shall be in an amount such that the aggregate costs incurred by the Dealer do not exceed the aggregate of the commissions and fees earned by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates.  The respective economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate commissions and fees earned by the Dealer hereunder.

		
	6.
	Definitions.

		
	6.1
	“Bribery Act” shall have the meaning set forth in Section 2.12.

		
	6.2
	“Claim” shall have the meaning set forth in Section 5.1.

		
	6.3
	“Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form 10-Q or Form 8-K filed by the Issuer with the SEC since the most recent Form 10-K, and, in each case, any information incorporated by reference by such filings with the SEC, (ii) the Issuer’s most recent annual audited financial statements and each interim financial statement or report prepared subsequent thereto, if not included in item (i) above, (iii) the Issuer’s other publicly available recent reports, including, but not limited to, any publicly available filings or reports provided to their respective shareholders, (iv) any other information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved in writing by the Issuer for dissemination to investors or potential investors in the Notes.

		
	6.4
	“Current Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i).

		
	6.5
	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum.

		
	6.6
	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

		
	6.7
	“FCPA” shall have the meaning set forth in Section 2.12.

		
	6.8
	“Guarantors” shall have the meaning set forth in Section 3.10.

		
	6.9
	“Guarantee” shall have the meaning set forth in Section 3.10.

		
	6.10
	“Guarantied Parties” shall have the meaning set forth in the Guarantee.

		
	6.11
	“Indemnitee” shall have the meaning set forth in Section 5.1.

		
	6.12
	“Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and that has such knowledge and experience in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity.

		
	6.13
	“Issuing and Paying Agent Agreement” shall mean the issuing and paying agent agreement described on the cover page of this Agreement, or any replacement thereof, as such agreement may be amended or supplemented from time to time.

		
	6.14
	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, or any successor thereto or replacement thereof, as issuing and paying agent under the Issuing and Paying Agent Agreement.

9

		
	6.15
	“Manufacturer” shall have the meaning set forth in Schedule B.

		
	6.16
	“Manufacturer Consent” shall have the meaning set forth in Section 2.8.

		
	6.17
	“Money Laundering Laws” shall have the meaning set forth in Section 2.13.

		
	6.18
	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act.

		
	6.19
	“Outstanding Notes” shall have the meaning set forth in Section 7.9(ii).

		
	6.20
	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials incorporated by reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared the Issuer from time to time by in accordance with this Agreement (other than any amendment or supplement that has been completely superseded by a later amendment or supplement).

		
	6.21
	“Program Documents” shall mean the Guarantee, Notes, this Agreement and the Issuing and Paying Agent Agreement.

		
	6.22
	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act.

		
	6.23
	“Replacement” shall have the meaning set forth in Section 7.9(i).

		
	6.24
	“Replacement Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i).

		
	6.25
	“Replacement Issuing and Paying Agent Agreement” shall have the meaning set forth in Section 7.9(i).

		
	6.26
	“Rule 144A” shall mean Rule 144A under the Securities Act.

		
	6.27
	“Sanctioned Countries” and “Sanctioned Country” shall have the meanings set forth in Section 2.15.

		
	6.28
	“Sanctioned Persons” shall have the meaning set forth in Section 2.14.

		
	6.29
	“Sanctions” shall have the meaning set forth in Section 2.14.

		
	6.30
	“SEC” shall mean the U.S. Securities and Exchange Commission.

		
	6.31
	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

		
	6.32
	“Subsidiary” shall mean any corporation or other entity in which more than 50% of its outstanding voting stock or more than 50% of all equity interests is owned directly or indirectly by the Issuer and/or by one or more of the Issuer’s Subsidiaries.  

		
	7.
	General 

		
	7.1
	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the respective party set forth in the Addendum to this Agreement.

		
	7.2
	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws provisions.

		
	7.3
	(a)    Each party agrees that any suit, action or proceeding brought by such party against the other party in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan (each such federal court or court of the State of New York, a “New York Court”).  EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

10

(b)    Each party hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each of the New York Courts in personam, generally and unconditionally, for itself and in respect of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes.
		
	7.4
	This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer, or by the Dealer upon three business days’ prior notice to such effect to the Issuer.  Any such termination, however, shall not affect the obligations of the Issuer and the Dealer under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants, rights or responsibilities of the parties made or arising prior to the termination of this Agreement.

		
	7.5
	This Agreement is not assignable by either party hereto without the written consent of the other party; provided, however, that the Dealer may assign its rights and obligations under this Agreement to any affiliate of the Dealer.  The Dealer will provide the Issuer with notice of any such assignment.

		
	7.6
	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

		
	7.7
	Except as provided in Section 5 with respect to non-party Indemnitees, this Agreement is for the exclusive benefit of the parties hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever.

		
	7.8
	The Issuer acknowledges and agrees that (i) purchases and sales, or placements, of the Notes pursuant to this Agreement, including the determination of any prices for the Notes and Dealer compensation, are arm’s-length commercial transactions between the Issuer and the Dealer, (ii) in connection therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or any of its affiliates, (iii) the Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer or any of its affiliates with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently advising the Issuer or any of its affiliates on other matters) or any other obligation to the Issuer or any of its affiliates with respect to the offering contemplated hereby or the process leading thereto except the obligations expressly set forth in this Agreement, (iv) the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated by this Agreement, (v) the Dealer and its affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Issuer and that the Dealer has no obligation to disclose any of those interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory or tax advice with respect to the transactions contemplated hereby, and (vii) the Issuer has consulted its own legal and financial advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Issuer in connection with such transactions or the process leading thereto.  Any review by the Dealer of the Issuer, the transactions contemplated hereby or other matters relating to such transactions shall be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer.  This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer and the Dealer with respect to the subject matter hereof. The Issuer hereby waives and releases, to the fullest extent permitted by law, any claims the Issuer may have against the Dealer with respect to any breach or alleged breach of fiduciary duty in connection with the purchase and sale of the Notes.

		
	7.9
	(i)    The parties hereto agree that the Issuer may, in accordance with the terms of this Section 7.9, from time to time replace the party which is then acting as Issuing and Paying Agent (the “Current Issuing and Paying Agent”) with another party (such other party, the “Replacement Issuing and Paying Agent”), and enter into an agreement with the Replacement Issuing and Paying Agent covering the provision of issuing and Paying Agent functions in respect of the Notes by the Replacement Issuing and Paying Agent (the “Replacement Issuing and Paying Agent Agreement”) (any such replacement, a “Replacement”).

(ii)    From and after the effective date of any Replacement, (A) to the extent that the Issuing and Paying Agent Agreement provides that the Current Issuing and Paying Agent will continue to act in respect of Notes outstanding as of the effective date of such Replacement (the “Outstanding Notes”), then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Current Issuing and Paying Agent, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Current Issuing and Paying Agent in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the 

11

Replacement, and (iii) all references to the “Issuing and Paying Agent Agreement” hereunder shall be deemed to refer to the existing Issuing and Paying Agent Agreement, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent Agreement, in respect of Notes issued on or after the Replacement; and (B) to the extent that the Issuing and Paying Agent Agreement does not provide that the Current Issuing and Paying Agent will continue to act in respect of the Outstanding Notes, then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent, and (iii) all references to the “Issuing and Paying Agent Agreement” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent Agreement.  
(iii)    From and after the effective date of any Replacement, the Issuer shall not issue any Notes hereunder unless and until the Dealer shall have received: (a) a copy of the executed Replacement Issuing and Paying Agent Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing and Paying Agent and DTC, (c) a copy of the executed Master Note authenticated by the Replacement Issuing and Paying Agent and registered in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum describing the Replacement Issuing and Paying Agent as the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of the Replacement so that the Private Placement Memorandum, as amended or supplemented, satisfies the requirements of this Agreement, and (e) a legal opinion of counsel to the Issuer, addressed to the Dealer, in form and substance reasonably satisfactory to the Dealer, as to (x) the due authorization, delivery, validity and enforceability of Notes issued pursuant to the Replacement Issuing and Paying Agent Agreement, and (y) such other matters as the Dealer may reasonably request.
[Signature Page Follows]

12

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date and year first above written.
	
		
	AUTONATION, INC., as Issuer
	[________________________], as Dealer

	 
	 

	By:  /s/ Andrew Wamser
	By:  ______________________________

	Name: Andrew Wamser
	Name:

	Title: Treasurer
	Title:

13

Addendum
The following additional clauses shall apply to the Agreement and be deemed a part thereof.
		
	1.
	The other dealers referred to in clause (b) of Section 1.2 of the Agreement are [___________________].

		
	2.
	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows:

For the Issuer:
		
	Address:
	200 Southwest 1st Avenue

Ft. Lauderdale, Florida 33301
		
	Attention:
	Treasurer

		
	Telephone number:
	(954) 769-xxxx

		
	Fax number: 
	(954) 769-xxxx

		
	E-mail:
	xxxxxx@autonation.com

with a copy to:
		
	Address:
	200 Southwest 1st Avenue

Ft. Lauderdale, Florida 33301
		
	Attention:
	General Counsel

		
	Telephone number:
	(954) 769-xxxx

		
	Fax number:
	(954) 769-xxxx

		
	E-mail:
	xxxxxx@autonation.com

For the Dealer:
		
	Address:
	[___________________]    

		
	Attention:
	[___________________]    

		
	Telephone number:
	[___________________]    

		
	Fax number:
	[___________________]    

A-1

Exhibit A
Form of Legend for Private Placement Memorandum and Notes
NEITHER THE NOTES NOR THE GUARANTEE THEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO AUTONATION, INC. (THE “ISSUER”), THE GUARANTORS, THE NOTES AND THE GUARANTEE, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND (III) IT IS EITHER (A) AN INSTITUTIONAL INVESTOR THAT IS (1) AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (2) EITHER (i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN SUCH A BANK, SAVINGS AND LOAN ASSOCIATION OR OTHER SUCH INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”) WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY (A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (EACH, A “PLACEMENT AGENT”), NEITHER OF WHICH SHALL HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A  AND (B) IN MINIMUM AMOUNTS OF $250,000.

Ex. A-1

Exhibit B
Further Provisions Relating to Indemnification
		
	(a)
	The Issuer agrees to reimburse each Indemnitee for all expenses (including reasonable fees and disbursements of internal and external counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to any such proceedings).

		
	(b)
	Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof is to be made against the Issuer, notify the Issuer in writing of the existence thereof; provided that (i) the omission so to notify the Issuer will not relieve the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will not relieve it from liability which it may have to an Indemnitee otherwise than on account of this indemnity agreement.  In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee and the Issuer or a Guarantor, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Issuer or such Guarantor, the Issuer shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee.  Upon receipt of notice from the Issuer to such Indemnitee of the Issuer’s election so to assume the defense of such Claim and approval by the Indemnitee of counsel, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has authorized in writing the employment of counsel for the Indemnitee.  The indemnity, reimbursement and contribution obligations of the Issuer hereunder shall be in addition to any other liability the Issuer may otherwise have to an Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee.  The Issuer agrees that without the Dealer’s prior written consent, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement (whether or not the Dealer or any other Indemnitee is an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by or on behalf of any Indemnitee.

Ex. B-1

Exhibit C
Statement of Terms for Interest - Bearing Commercial Paper Notes of [Name of Issuer]
THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC [PRICING] [PRIVATE PLACEMENT MEMORANDUM] SUPPLEMENT (THE “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION.
1.  General.  (a)  The obligations of the Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and referred to in the Master Note.
(b)  “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day.  “London Business Day” means, a day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market.
2.  Interest.  (a)  Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).
(b)  The Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable specifically to such Note.  “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an “Original Issue Discount Note”.
(c)  Each Fixed Rate Note will bear interest from its Issue Date at the rate per annum specified in the Supplement until the principal amount thereof is paid or made available for payment.  Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for a Fixed Rate Note) and on the Maturity Date (as defined below).  Interest on Fixed Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months.
If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.
(d)  The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by reference to an interest rate basis (a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the “Spread Multiplier”), if any, until the principal thereof is paid or made available for payment.  The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a “CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a “Prime Rate Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement.  
The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”).  The date or dates on which interest will be reset (each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset weekly, the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that reset quarterly, the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement.  If any Interest Reset Date for any Floating Rate Note is not a Business Day, such 

Ex. C-1

Interest Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date.  Unless otherwise specified in the Supplement, and except as provided below, the date or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on the third Wednesday of each month; in the case of Floating Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment Period, on the third Wednesday of the two months specified in the Supplement.  In addition, the Maturity Date will also be an Interest Payment Date.
If any Interest Payment Date for any Floating Rate Note (other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day.  If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such maturity.
Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from and including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date.  On the Maturity Date, the interest payable on a Floating Rate Note will include interest accrued to, but excluding, the Maturity Date.  Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor.  This accrued interest factor will be computed by adding the interest factors calculated for each day in the period for which accrued interest is being calculated.  The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate.  The interest rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier.
The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is LIBOR will be the second London Business Day next preceding an Interest Reset Date.  The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally auctioned.  Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday.  If an auction is so held on the preceding Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week.
The “Index Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated.
The “Calculation Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date.
All times referred to herein reflect New York City time, unless otherwise specified.
The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes.  The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate.
All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-one millionths of a percentage point rounded upwards.  For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655).  All dollar amounts used in or resulting from any calculation on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards).

Ex. C-2

CD Rate Notes
“CD Rate” means the rate on any Interest Determination Date for negotiable U.S. dollar certificates of deposit having the Index Maturity as published in the source specified in the Supplement.
If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate on such Interest Determination Date published under the caption specified in the Supplement in another recognized electronic source used for the purpose of displaying the applicable rate.
If such rate is not published in either the source specified on the Supplement or another recognized electronic source by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on such Interest Determination Date of three leading nonbank dealers1 in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money center banks of the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000.
If fewer than the three dealers selected by the Calculation Agent are quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such Interest Determination Date.
Commercial Paper Rate Notes
“Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index Maturity, as published by the Board of Governors of the Federal Reserve System (“FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB (“H.15(519)”) under the heading “Commercial Paper-[Financial][Nonfinancial]”.
If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity published in the daily update of H.15(519), available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the heading “Commercial Paper-[Financial][Nonfinancial]”.
If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.
If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such Interest Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date.
“Money Market Yield” will be a yield calculated in accordance with the following formula:
	
			
	 
	D x 360
	 

	Money Market Yield =
	---------------------
	x 100

	 
	360 - (D x M)
	 

where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated.

1 Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer.

Ex. C-3

Federal Funds Rate Notes
“Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading “Federal Funds (Effective)” and displayed on Reuters Page (as defined below) FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”) under the heading EFFECT.
If the above rate does not appear on Reuters Page FEDFUNDS1or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”.
If such rate is not published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date.
If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect on such Interest Determination Date.
"Reuters Page" means the display on the Reuters 3000 Xtra Service, or any successor service, on the page or pages specified in this Statement of Terms or the Supplement, or any replacement page on that service.
LIBOR Notes
The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date.
If no rate appears, LIBOR will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time (a “Representative Amount”).  The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate.  If at least two such quotations are provided, LIBOR will be the arithmetic mean of such quotations.  If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period.
“Designated LIBOR Page” means the display on the Reuters 3000 Xtra Service (or any successor service) on the "LIBOR01" page (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks.
Prime Rate Notes
“Prime Rate” means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”.
If the above rate is not published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”.
If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that Interest Determination Date.
If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three major banks in New York City selected by the Calculation Agent.

Ex. C-4

If the banks selected are not quoting as mentioned above, the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date.
“Reuters Screen US PRIME1 Page” means the display designated as page “US PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks).
Treasury Rate Notes
“Treasury Rate” means:
(1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as USAUCTION10 (or any other page as may replace that page on that service) or the Reuters Page designated as USAUCTION11 (or any other page as may replace that page on that service), or
(2) if the rate referred to in clause (1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or
(3) if the rate referred to in clause (2) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or
(4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the  Auction is not held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or
(5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or
(6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or
(7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest Determination Date.
“Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula:
	
			
	 
	D x N
	 

	Bond Equivalent Yield =
	---------------------
	x 100

	 
	360 - (D x M)
	 

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period.
3.   Final Maturity.  The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance.  On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon, will be immediately due and payable.
4.   Events of Default.  The occurrence of any of the following shall constitute an “Event of Default” with respect to a Note:  (i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the Issuer makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with 

Ex. C-5

its creditors generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets of the Issuer or make any general assignment for the benefit of creditors.  Upon the occurrence of an Event of Default, the principal of such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.2 
5.    Obligation Absolute.  No provision of the Issuing and Paying Agent Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed.
6.    Supplement.  Any term contained in the Supplement shall supercede any conflicting term contained herein.

2 Unlike single payment notes, where a default arises only at the stated maturity, interest-bearing notes with multiple payment dates should contain a default provision permitting acceleration of the maturity if the Issuer defaults on an interest payment.

Ex. C-6

Exhibit D
Guarantee
GUARANTEE (this “Guarantee”), dated as of May [__], 2015, of EACH OF THE UNDERSIGNED (each a “Guarantor” and collectively the “Guarantors”).
The Guarantors, for value received, hereby jointly and severally agree as follows for the benefit of (i) the Dealers, (ii) the holders from time to time of Notes and (iii) the Indemnitees described in Section 21 below (collectively, the “Guarantied Parties”), as hereinafter described.  
1.    Each Guarantor irrevocably guarantees payment in full, as and when the same becomes due and payable, of (i) the principal of and interest, if any, on the promissory notes (the “Notes”) issued by AutoNation, Inc., a Delaware corporation (the “Issuer”), from time to time pursuant to the Issuing and Paying Agent Agreement, dated as of the date hereof (the “Issuing and Paying Agent Agreement”), as the same may be amended, supplemented or modified from time to time, between the Issuer and [___________________], as issuing and paying agent (the “Issuing and Paying Agent”) and the Commercial Paper Dealer Agreements, each dated the date hereof (each, a “Dealer Agreement” and collectively, the “Dealer Agreements,” and the Dealer Agreements together with the Issuing and Paying Agent Agreement, the “Program Documents”), by and between the Issuer and each of [___________________] and [___________________], as dealers (each, a “Dealer” and collectively, the “Dealers”), and (ii) each obligation of the Issuer under, or liability of the Issuer to a Dealer or an Indemnitee arising out of, a Dealer Agreement (collectively, the “Guarantied Obligations”).  Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms as set forth in the Dealer Agreement.
2.    Each Guarantor’s obligations under this Guarantee shall be unconditional, irrespective of the validity or enforceability of any provision of any Program Document or the Notes. 
3.    This Guarantee is a guarantee of the due and punctual payment (and not merely of collection) of the Guarantied Obligations by each Guarantor and shall remain in full force and effect until all Guarantied Obligations have been validly, finally and irrevocably paid in full, and shall not be affected in any way by any circumstance or condition whatsoever, including without limitation (a) the absence of any action to obtain such amounts from the Issuer, (b) any variation, extension, waiver, compromise or release of any or all of the obligations of the Issuer under any Program Document or the Notes or of any collateral security therefor or (c) any change in the existence or structure of, or the bankruptcy or insolvency of, the Issuer or by any other circumstance (other than by complete, irrevocable payment) that might otherwise constitute a legal or equitable discharge or defense of a guarantor or surety. Each Guarantor waives all requirements as to diligence, presentment, demand for payment, protest and notice of any kind with respect to the Program Documents, the Guarantied Obligations and the Notes. 
4.    In the event of a default in payment of principal of or interest on any Notes or any other Guarantied Obligation, any Guarantied Party may institute legal proceedings directly against one or more of the Guarantors to enforce this Guarantee without first proceeding against the Issuer. 
5.    This Guarantee shall remain in full force and effect or shall be reinstated (as the case may be) if at any time any payment by the Issuer of a Guaranteed Obligation, in whole or in part, is rescinded or must otherwise be returned by the applicable Guarantied Party upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, all as though such payment had not been made.
6.    This Guarantee shall be governed by and construed in accordance with the laws of the State of New York.
7.    Any claim or claims that any Guarantied Party may at any time hereafter have against a Guarantor under this Guarantee may be asserted by such Guarantied Party by written notice directed to such Guarantor in accordance with Section 18 hereof.  
8.    Each Guarantor warrants and represents to the Guarantied Parties that it is duly authorized to execute, deliver and perform this Guarantee; that this Guarantee has been duly executed and delivered on behalf of such Guarantor by its duly authorized representatives; that this Guarantee is legal, valid, binding and enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles; that such Guarantor’s execution, delivery and performance of this Guarantee do not violate or constitute a breach of any of its Operating Documents or Organizational Documents, any agreement or instrument to which such Guarantor is a party, or any law, order, regulation, decree or award of any governmental authority or arbitral body to which it or its properties or operations is subject; that such Guarantor is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended; and that 

Ex. D-1

no consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the United States Securities and Exchange Commission, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Guarantee.
9.    Each Guarantor agrees to be jointly and severally liable for the payment of all reasonable fees and expenses, including reasonable attorneys’ fees, incurred by any Guarantied Party in connection with the enforcement of this Guarantee, whether or not suit be brought.
10.    Each Guarantor represents and warrants to the Guarantied Parties, that:  (a) such Guarantor has adequate means to obtain on a continuing basis (i) from the Issuer, information concerning the Issuer and the Issuer’s financial condition and affairs and (ii) from other reliable sources, such other information as it deems material in deciding to provide this Guarantee (“Other Information”), and has full and complete access to the Issuer’s books and records and to such Other Information; (b) such Guarantor is not relying on any Guarantied Party or its or their employees, directors, agents or other representatives or affiliates, to provide any such information, now or in the future; (c) such Guarantor has been furnished with and reviewed the terms of the Program Documents and any documents or agreements related thereto as it has requested, is executing this Guarantee freely and deliberately, and understands the obligations and financial risk undertaken by providing this Guarantee; (d) such Guarantor has relied solely on the Guarantor’s own independent investigation, appraisal and analysis of the Issuer, the Issuer’s financial condition and affairs, the “Other Information”, and such other matters as it deems material in deciding to provide this Guarantee and is fully aware of the same; and (e) such Guarantor has not depended or relied on any Guarantied Party or its or their employees, directors, agents or other representatives or affiliates, for any information whatsoever concerning the Issuer or the Issuer’s financial condition and affairs or any other matters material to such Guarantor’s decision to provide this Guarantee, or for any counseling, guidance, or special consideration or any promise therefor with respect to such decision.  Each Guarantor agrees that no Guarantied Party has any duty or responsibility whatsoever, now or in the future, to provide to such Guarantor any information concerning the Issuer or the Issuer’s financial condition and affairs, or any Other Information, other than as expressly provided herein, and that, if such Guarantor receives any such information from any Guarantied Party or its or their employees, directors, agents or other representatives or affiliates, such Guarantor will independently verify the information and will not rely on any Guarantied Party or its or their employees, directors, agents or other representatives or affiliates, with respect to such information.
11.    All representations and warranties contained herein shall survive the delivery of documents referred to herein and issuance of Notes Guarantied hereby.
12.    This Guarantee, together with the Program Documents, constitutes and expresses the entire understanding between the parties hereto with respect to the subject matter hereof, and supersedes all prior negotiations, agreements, understandings, inducements, commitments or conditions, express or implied, oral or written, except as herein contained.  The express terms hereof control and supersede any course of performance or usage of the trade inconsistent with any of the terms hereof.  Neither this Guarantee nor any portion or provision hereof may be changed, altered, modified, supplemented, discharged, canceled, terminated, or amended orally or in any manner other than with the written consent of the Issuing and Paying Agent, the Dealers and each Guarantor affected thereby.
13.    No Guarantor shall be permitted to assign any of its rights, powers, duties or obligations under this Guarantee or any other interest herein without the prior written consent of the Issuing and Paying Agent and the Dealers.  
14.    The provisions of this Guarantee are independent of and separable from each other.  If any provision hereof shall for any reason be held invalid or unenforceable, such invalidity or unenforceability shall not affect the validity or enforceability of any other provision hereof, but this Guarantee shall be construed as if such invalid or unenforceable provision had never been contained herein.
15.    This Guarantee may be executed in any number of counterparts each of which when so executed and delivered shall be deemed an original, and it shall not be necessary in making proof of this Guarantee to produce or account for more than one such counterpart executed by the Guarantor against whom enforcement is sought.
16.    Subject to reinstatement pursuant to Section 5 hereof, this Guarantee and all of the Guarantors’ Obligations hereunder (excluding those obligations and liabilities that expressly survive such termination) shall terminate upon the termination of the Issuer’s commercial paper program pursuant to which the Issuer issues the Notes.  At the request and sole expense of the Issuer, a Guarantor shall be released from its obligations hereunder in the event that all the capital stock of such Guarantor shall be sold, transferred or otherwise disposed of (other than to the Issuer or a Subsidiary); provided, however that such sale, transfer or disposition of the capital stock of any Guarantor may not individually or together with any such sales, transfers or dispositions made by another Guarantor or other Guarantors after the date hereof (i) constitute a sale, transfer or disposition of all or a majority of the assets of the Issuer and its Subsidiaries (taken as a whole), or (ii) be reasonably likely to 

Ex. D-2

have a material adverse effect on the ability of the Issuer and the Guarantors, taken as a whole, to perform their obligations under any Dealer Agreement, the Issuing and Paying Agent Agreement, the Notes or this Guarantee, as applicable.    
17.    All remedies hereunder are cumulative and are not exclusive of any other rights and remedies of the Guarantied Parties provided by law or under the Program Documents or other applicable agreements or instruments.  The issuance of the Notes and other extensions of credit to the Issuer pursuant to the Program Documents shall be conclusively presumed to have been made or extended, respectively, in reliance upon each Guarantor’s Guarantee of the Guarantied Obligations pursuant to the terms hereof.  Any amounts not paid when due under this Guarantee shall bear interest at the rate then prevailing on the outstanding Notes.
18.    Any notice required or permitted hereunder shall be given, (a) with respect to each Guarantor, at the address of the Issuer indicated in the Program Documents, (b) with respect to the Issuing and Paying Agent, at the Issuing and Paying Agent’s address indicated in the Issuing and Paying Agent Agreement and (c) with respect to each Dealer, at the address of each Dealer indicated in the applicable Dealer Agreement.  All such addresses may be modified, and all such notices shall be given and shall be effective, as provided in the respective Program Document.
19.    (a)    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
(b)    EACH GUARANTOR HEREBY EXPRESSLY AND IRREVOCABLY AGREES AND CONSENTS THAT ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN MAY BE INSTITUTED IN ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF NEW YORK, STATE OF NEW YORK, UNITED STATES OF AMERICA (EACH, A “NEW YORK COURT”) AND, BY THE EXECUTION AND DELIVERY OF THIS AGREEMENT, SUCH GUARANTOR EXPRESSLY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE IN, OR TO THE EXERCISE OF JURISDICTION OVER IT AND ITS PROPERTY BY, ANY SUCH NEW YORK COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH GUARANTOR HEREBY IRREVOCABLY SUBMITS GENERALLY AND UNCONDITIONALLY TO THE JURISDICTION OF ANY SUCH NEW YORK COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.
(c)    EACH GUARANTOR HEREBY IRREVOCABLY DESIGNATES, APPOINTS AND EMPOWERS AUTONATION, INC., WITH OFFICES AT 200 SOUTHWEST 1ST AVENUE, FT. LAUDERDALE, FLORIDA 33301, AS ITS DESIGNEE, APPOINTEE AND AGENT TO RECEIVE, ACCEPT AND ACKNOWLEDGE FOR AND ON ITS BEHALF, AND ITS PROPERTIES, ASSETS AND REVENUES, SERVICE FOR ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS WHICH MAY BE SERVED IN ANY SUCH ACTION, SUIT OR PROCEEDING BROUGHT IN A NEW YORK COURT WHICH MAY BE MADE ON SUCH DESIGNEE, APPOINTEE AND AGENT IN ACCORDANCE WITH LEGAL PROCEDURES PRESCRIBED FOR SUCH NEW YORK COURT, WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDING IN CONNECTION WITH OR ARISING OUT OF THIS GUARANTEE, ANY PROGRAM DOCUMENT OR THE NOTES OR THE OFFER AND SALE OF THE NOTES.  EACH GUARANTOR FURTHER HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS OUT OF ANY OF THE NEW YORK COURTS IN ANY SUCH ACTION, SUIT OR PROCEEDING BY SERVING A COPY THEREOF UPON THE AGENT FOR SERVICE OF PROCESS REFERRED TO IN THIS SECTION 19(c) (WHETHER OR NOT THE APPOINTMENT OF SUCH AGENT SHALL FOR ANY REASON PROVE TO BE INEFFECTIVE OR SUCH AGENT SHALL ACCEPT OR ACKNOWLEDGE SUCH SERVICE).  EACH GUARANTOR FURTHER AGREES THAT SERVICE OF PROCESS MAY BE MADE BY PERSONAL SERVICE OF A COPY OF THE SUMMONS AND COMPLAINT OR OTHER LEGAL PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING, OR BY REGISTERED OR CERTIFIED MAIL (POSTAGE PREPAID) TO THE ADDRESS FOR NOTICES TO SUCH GUARANTOR IN EFFECT PURSUANT TO SECTION 18 HEREOF OR TO AUTONATION, INC. AS DESIGNEE, APPOINTEE AND AGENT AS PROVIDED HEREIN TO ITS ADDRESS SET FORTH ABOVE, OR BY ANY OTHER METHOD OF SERVICE PROVIDED FOR UNDER THE APPLICABLE LAWS IN EFFECT IN THE STATE OF NEW YORK.
(d)    IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER OR RELATED TO THIS AGREEMENT OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR THAT MAY IN THE FUTURE BE DELIVERED IN CONNECTION THEREWITH, EACH GUARANTOR HEREBY AGREES, TO THE EXTENT PERMITTED BY APPLICABLE LAW, THAT ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY AND HEREBY IRREVOCABLY WAIVE, TO THE EXTENT PERMITTED 

Ex. D-3

BY APPLICABLE LAW, ANY RIGHT ANY SUCH PERSON MAY HAVE TO TRIAL BY JURY IN ANY SUCH ACTION, SUIT OR PROCEEDING.
(e)    EACH GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY EXPRESSLY WAIVES ANY OBJECTION IT MAY HAVE THAT ANY COURT TO WHOSE JURISDICTION IT HAS SUBMITTED PURSUANT TO THE TERMS HEREOF IS AN INCONVENIENT FORUM.
(f)    IT IS ACKNOWLEDGED, UNDERSTOOD AND AGREED THAT (EXCEPT TO THE EXTENT THE RESPECTIVE MANUFACTURER WAIVES ANY OF THE TERMS OF A MANUFACTURER CONSENT SET FORTH ON THE ATTACHED SCHEDULE A (EACH, A “MANUFACTURER CONSENT” AND COLLECTIVELY, THE “MANUFACTURER CONSENTS”) OR A MANUFACTURER CONSENT IS TERMINATED OR CEASES TO BE IN EFFECT): (A) THE EXERCISE BY THE GUARANTIED PARTIES OF REMEDIES UNDER THIS GUARANTEE WILL BE SUBJECT TO THE TERMS OF THE MANUFACTURER CONSENTS, (B) IN THE EVENT OF ANY CONFLICT BETWEEN THE TERMS OF THE MANUFACTURER CONSENTS AND THE TERMS OF THIS GUARANTEE, THE TERMS OF THE MANUFACTURER CONSENTS WILL CONTROL, AND (C) NOTICES REQUIRED TO BE FURNISHED BY THE GUARANTIED PARTIES UNDER SUCH MANUFACTURER CONSENTS SHALL BE FURNISHED IN ACCORDANCE WITH SECTION 3.14 OF EACH DEALER AGREEMENT.
(g)    EACH GUARANTOR AGREES THAT THE FAILURE OF AUTONATION, INC., AS DESIGNEE, APPOINTEE AND AGENT AS SPECIFIED IN PARAGRAPH (d) ABOVE, TO GIVE ANY NOTICE OF SERVICE TO IT SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON.  NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF ANY GUARANTIED PARTY TO SERVE ANY SUCH LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER ANY OF THE UNDERSIGNED GUARANTORS OR BRING ACTIONS, SUITS OR PROCEEDINGS AGAINST ANY OF THE UNDERSIGNED GUARANTORS IN SUCH OTHER JURISDICTIONS, AND IN MANNER, AS MAY BE PERMITTED BY APPLICABLE LAW. 
20.    State Law Waivers
(a)    Certain California Law Waivers.  As used in this Section 20(a), any reference to “the principal” includes the Issuer, and any reference to “the creditor” includes the Guarantied Parties.  In accordance with Section 2856 of the California Civil Code:
(1)    each Guarantor agrees (i) to waive any and all rights of subrogation and reimbursement against the Issuer or against any collateral or security granted by the Issuer for any of the Guarantied Obligations and (ii) to withhold the exercise of any and all rights of contribution against any other guarantor of any of the Guarantied Obligations and against any collateral or security granted by any such other guarantor for any of the Guarantied Obligations until the Guarantied Obligations shall have been indefeasibly paid in full;
(2)    each Guarantor waives any and all other rights and defenses available to such Guarantor by reason of Sections 2787 to 2855, inclusive, 2899 and 3433 of the California Civil Code, including any and all rights or defenses such Guarantor may have by reason of protection afforded to the principal with respect to any of the Guarantied Obligations, or to any other guarantor of any of the Guarantied Obligations with respect to any of such Guarantor’s obligations under its Guarantee, in either case pursuant to the antideficiency or other laws of the State of California limiting or discharging the principal’s indebtedness or such Guarantor’s obligations, including Section 580a, 580b, 580d, or 726 of the California Code of Civil Procedure; and
(3)    each Guarantor waives all rights and defenses arising out of an election of remedies by the creditor, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for any Guarantied Obligation, has destroyed such Guarantor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the Code of Civil Procedure or otherwise; and even though that election of remedies by the creditor, such as nonjudicial foreclosure with respect to security for an obligation of any other guarantor of any of the Guarantied Obligations, has destroyed such Guarantor’s rights of contribution against such other guarantor.

Ex. D-4

(b)    Certain Georgia Law Waivers.  Each Guarantor expressly waives, without any requirement of any notice to or further assent by such Guarantor, to the fullest extent permitted by applicable law, the benefit of all principles or provisions of applicable law which are or might be in conflict with the terms of this Guarantee, including, without limitation, Section 10-7-23 and Section 10-7-24 of the Official Code of Georgia Annotated.    
(c)    Certain Arizona Law Waivers.  Each Guarantor hereby fully and completely waives, releases and relinquishes (i) all defenses and claims based on principles of suretyship and/or guarantee, and (ii) any and all benefits under Arizona Revised Statutes Sections 12-1641 through 12-1646 and Rule 17(f) of the Arizona Rules of Civil Procedure.    
No other provision of this Guarantee shall be construed as limiting the generality of any of the covenants and waivers set forth in this Section 20.  In accordance with Section 19(a) hereof, this Guarantee shall be governed by, and shall be construed and enforced in accordance with, the internal laws of the State of New York.  This Section 20 is included solely out of an abundance of caution, and shall not be construed to mean that any of the above-referenced provisions of California, Arizona or Georgia law are in any way applicable to this Guarantee or to any of the Guarantied Obligations.
21.    Each Guarantor agrees that each Indemnitee that is not a party to a Dealer Agreement shall be a third-party beneficiary of the obligations of such Guarantor hereunder and shall be entitled to enforce such obligations against such Guarantor.
22.    Each Guarantor agrees that it shall comply with the covenants in the Dealer Agreements that apply to the Guarantors.
[Signature Page Follows]

Ex. D-5

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

GUARANTORS:

EACH OF THE SUBSIDIARIES (OR, IF SUCH SUBSIDIARY IS A GENERAL PARTNERSHIP, THE GENERAL PARTNER OF SUCH SUBSIDIARY) LISTED ON ANNEX A HERETO, as Guarantor

By:_______________________________________
Name:    
Title:

ISSUING AND PAYING AGENT:

[___________________], as Issuing and Paying Agent

By:_______________________________________
Name:    
Title:

DEALERS:

[___________________], as Dealer

By:_______________________________________
Name:    
Title:

[___________________], as Dealer

By:_______________________________________
Name:    
Title:

Ex. D-6

Schedule A

Guarantors

	
		
	#
	Name of Guarantor

	1. 
	7 Rod Real Estate North, a Limited Liability Company

	2. 
	7 Rod Real Estate South, a Limited Liability Company

	3. 
	Abraham Chevrolet-Miami, Inc.

	4. 
	Abraham Chevrolet-Tampa, Inc.

	        5. 
	ACER Fiduciary, Inc.

	        6. 
	Al Maroone Ford, LLC

	        7. 
	Albert Berry Motors, Inc.

	        8. 
	Allison Bavarian

	        9. 
	Allison Bavarian Holding, LLC

	    10. 
	All-State Rent A Car, Inc.

	    11. 
	American Way Motors, Inc.

	    12. 
	AN Cadillac of WPB, LLC

	    13. 
	AN Central Region Management, LLC

	    14. 
	AN Chevrolet - Arrowhead, Inc.

	    15. 
	AN CJ Valencia, Inc.

	    16. 
	AN Collision Center FTL South, Inc.

	[fka Auto Company XVI, Inc.]

	    17. 
	AN Collision Center of Addison, Inc.

	    18. 
	AN Collision Center of Las Vegas, Inc.

	    19. 
	AN Collision Center of North Houston, Inc.

	    20. 
	AN Collision Center of Tempe, Inc.

	    21. 
	AN Corporate Management Payroll Corp.

	    22. 
	AN Motors on South Padre, LP [fka AN Corpus Christi Chevrolet, LP]

	    23. 
	AN Corpus Christi GP, LLC

	    24. 
	AN Corpus Christi Imports Adv. GP, LLC

	    25. 
	AN Corpus Christi Imports Adv., LP

	    26. 
	AN Corpus Christi Imports GP, LLC

	    27. 
	AN Corpus Christi Imports II GP, LLC

	    28. 
	AN Corpus Christi Imports II, LP

	    29. 
	AN Corpus Christi Imports, LP

	    30. 
	AN Corpus Christi Motors, Inc.

	    31. 
	AN Corpus Christi T. Imports GP, LLC

	    32. 
	AN Corpus Christi T. Imports, LP

	    33. 
	AN County Line Ford, Inc.

	    34. 
	AN Dealership Holding Corp.

	    35. 
	AN F. Imports of Atlanta, LLC

	    36. 
	AN F. Imports of Hawthorne Holding, LLC

	    37. 
	AN F. Imports of Hawthorne, LLC

	[fka AN F. Imports of Hawthorne, Inc.]

Sch. A-1

	
		
	#
	Name of Guarantor

	    38. 
	AN F. Imports of North Denver, LLC

	[fka AN F. Imports of North Denver, Inc.]

	    39. 
	AN F. Imports of North Phoenix, Inc.

	    40. 
	AN F. Imports of Roseville Holding, LLC

	    41. 
	AN F. Imports of Roseville, Inc.

	    42. 
	AN F. Imports of Seattle, Inc.

	    43. 
	AN F. Imports of Sterling, LLC

	    44. 
	AN Florida Region Management, LLC

	    45. 
	AN Fort Myers Imports, LLC

	    46. 
	AN Fremont Luxury Imports, Inc.

	    47. 
	AN H. Imports of Atlanta, LLC

	    48. 
	AN Imports of Ft. Lauderdale, Inc.

	    49. 
	AN Imports of Seattle, Inc.

	    50. 
	AN Imports of Spokane, Inc.

	    51. 
	AN Imports of Stevens Creek Holding, LLC

	    52. 
	AN Imports of Stevens Creek, Inc.

	    53. 
	AN Imports on Weston Road, Inc.

	    54. 
	AN Luxury Imports GP, LLC

	    55. 
	AN Luxury Imports Holding, LLC

	    56. 
	AN Luxury Imports of Coconut Creek, Inc.

	    57. 
	AN Luxury Imports of Marietta, LLC

	[fka NorthPoint Ford Inc.]

	    58. 
	AN Luxury Imports of Palm Beach, Inc.

	    59. 
	AN Luxury Imports of Pembroke Pines, Inc.

	    60. 
	AN Luxury Imports of Phoenix, Inc.

	    61. 
	AN Luxury Imports of San Diego, Inc.

	    62. 
	AN Luxury Imports of Sanford, LLC

	[fka AN Luxury Imports of Sanford, Inc.]

	    63. 
	AN Luxury Imports of Sarasota, Inc.

	    64. 
	AN Luxury Imports of Spokane, Inc.

	    65. 
	AN Luxury Imports of Tucson, Inc.

	    66. 
	AN Luxury Imports, Ltd.

	    67. 
	AN Motors of Brooksville, Inc.

	    68. 
	AN Motors of Dallas, Inc.

	    69. 
	AN Motors of Delray Beach, Inc.

	    70. 
	AN Motors of Englewood, Inc.

	    71. 
	AN Motors of Memphis, Inc.

	    72. 
	AN Motors of Scottsdale, LLC

	    73. 
	AN Pontiac GMC Houston North GP, LLC

	    74. 
	AN Pontiac GMC Houston North, LP

	    75. 
	AN San Jose Luxury Imports Holdings, LLC

	[fka Smythe European Holding, LLC]

	    76. 
	AN San Jose Luxury Imports, Inc.

	[fka Smythe European, Inc.]

	    77. 
	AN Seattle Motors, Inc.

Sch. A-2

	
		
	#
	Name of Guarantor

	    78. 
	AN Subaru Motors, Inc.

	    79. 
	AN T. Imports of Atlanta, LLC

	    80. 
	AN Texas Region Management, Ltd.

	    81. 
	AN Tucson Imports, LLC

	    82. 
	AN Valencia Auto Imports, Inc.

	[fka Valencia Auto Imports, Inc.]

	[fka Auto Company II, Inc.]

	    83. 
	AN West Central Region Management, LLC

	    84. 
	AN Western Region Management, LLC

	    85. 
	AN/CF Acquisition Corp.

	    86. 
	AN/GMF, Inc.

	    87. 
	AN/KPBG Motors, Inc.

	    88. 
	AN/MF Acquisition Corp.

	    89. 
	AN/MNI Acquisition Corp.

	    90. 
	AN/PF Acquisition Corp.

	    91. 
	Anderson Chevrolet

	    92. 
	Anderson Chevrolet Los Gatos, Inc.

	    93. 
	Anderson Cupertino, Inc.

	    94. 
	Appleway Chevrolet, Inc.

	    95. 
	Atrium Restaurants, Inc.

	    96. 
	Auto Ad Agency, Inc.

	    97. 
	Auto Car Holding, LLC

	    98. 
	Auto Car, Inc.

	    99. 
	Auto Company IX, Inc.

	100. 
	Auto Company VI, Inc.

	101. 
	Auto Company VII, Inc.

	102. 
	Auto Company VIII, Inc.

	103. 
	Auto Company X, Inc.

	104. 
	Auto Company XI, Inc.

	105. 
	Auto Company XII, Inc.

	106. 
	Auto Company XIII, Inc.

	107. 
	Auto Company XIV, Inc.

	108. 
	Auto Company XIX, Inc.

	109. 
	Auto Company XL, Inc.

	110. 
	Auto Company XLI, Inc.

	111. 
	Auto Company XLII, Inc.

	112. 
	Auto Company XLIII, Inc.

	113. 
	Auto Company XLIV, Inc.

	114. 
	Auto Company XLV, Inc.

	115. 
	Auto Company XVII, Inc.

	116. 
	Auto Company XVIII, Inc.

	117. 
	Auto Company XXI, Inc.

	118. 
	Auto Company XXII, Inc.

	119. 
	Auto Company XXIII, Inc.

	120. 
	Auto Company XXIV, Inc.

Sch. A-3

	
		
	#
	Name of Guarantor

	121. 
	Auto Company XXIX, Inc.

	122. 
	Auto Company XXV, Inc.

	123. 
	Auto Company XXVI, Inc.

	124. 
	Auto Company XXVII, Inc.

	125. 
	Auto Company XXVIII, Inc.

	126. 
	Auto Company XXX, Inc.

	127. 
	Auto Company XXXI, Inc.

	128. 
	Auto Company XXXII, Inc.

	129. 
	Auto Company XXXIII, Inc.

	130. 
	Auto Company XXXIV, Inc.

	131. 
	Auto Company XXXIX, Inc.

	132. 
	Auto Company XXXV, Inc.

	133. 
	Auto Company XXXVI, Inc.

	134. 
	Auto Company XXXVII, Inc.

	135. 
	Auto Company XXXVIII, Inc.

	136. 
	Auto Dealership III, LLC

	137. 
	Auto Dealership IV, LLC

	138. 
	Auto Dealership IX, LLC

	139. 
	Auto Dealership V, LLC

	140. 
	Auto Dealership VI, LLC

	141. 
	Auto Dealership VII, LLC

	142. 
	Auto Dealership VIII, LLC

	143. 
	Auto Dealership X, LLC

	144. 
	Auto Dealership XI, LLC

	145. 
	Auto Dealership XII, LLC

	146. 
	Auto Dealership XIII, LLC

	147. 
	Auto Dealership XIV, LLC

	148. 
	Auto Dealership XIX, LLC

	149. 
	Auto Dealership XV, LLC

	150. 
	Auto Dealership XVI, LLC

	151. 
	Auto Dealership XVII, LLC

	152. 
	Auto Dealership XVIII, LLC

	153. 
	Auto Dealership XX, LLC

	154. 
	Auto Dealership XXI, LLC

	155. 
	Auto Dealership XXII, LLC

	156. 
	Auto Dealership XXIII, LLC

	157. 
	Auto Dealership XXIV, LLC

	158. 
	Auto Dealership XXIX, LLC

	159. 
	Auto Dealership XXV, LLC

	160. 
	Auto Dealership XXVI, LLC

	161. 
	Auto Dealership XXVII, LLC

	162. 
	Auto Dealership XXVIII, LLC

	163. 
	Auto Dealership XXX, LLC

	164. 
	Auto Holding, LLC

	165. 
	Auto Mission Holding, LLC

Sch. A-4

	
		
	#
	Name of Guarantor

	166. 
	Auto Mission, Ltd.

	167. 
	Auto West, Inc.

	168. 
	Autohaus Holdings, Inc.

	169. 
	AutoNation Benefits Company, Inc.

	170. 
	AutoNation Corporate Management, LLC

	171. 
	AutoNation Direct Nevada, Inc.

	[fka Auto Company XX, Inc.]

	172. 
	AutoNation Enterprises Incorporated

	173. 
	AutoNation Financial Services, LLC

	174. 
	AutoNation Fort Worth Motors, Ltd.

	175. 
	AutoNation GM GP, LLC

	176. 
	AutoNation Holding Corp.

	177. 
	AutoNation Imports of Katy GP, LLC

	178. 
	AutoNation Imports of Katy, L.P.

	179. 
	AutoNation Imports of Lithia Springs, LLC

	[fka AutoNation Imports of Lithia Springs, Inc.]

	180. 
	AutoNation Imports of Longwood, Inc.

	181. 
	AutoNation Imports of Palm Beach, Inc.

	182. 
	AutoNation Imports of Winter Park, Inc.

	183. 
	AutoNation Motors Holding Corp.

	184. 
	AutoNation Motors of Lithia Springs, Inc.

	185. 
	AutoNation North Texas Management GP, LLC

	186. 
	AutoNation Northwest Management, LLC

	187. 
	AutoNation Orlando Venture Holdings, Inc.

	188. 
	AutoNation Realty Corporation

	189. 
	AutoNation USA of Perrine, Inc.

	190. 
	AutoNation V. Imports of Delray Beach, LLC

	191. 
	AutoNationDirect.com, Inc.

	192. 
	Bankston Auto, Inc.

	193. 
	Bankston Chrysler Jeep of Frisco, L.P.

	194. 
	Bankston CJ GP, LLC

	195. 
	Bankston Ford of Frisco, Ltd. Co.

	196. 
	Bankston Nissan in Irving, Inc.

	197. 
	Bankston Nissan Lewisville GP, LLC

	198. 
	Bankston Nissan Lewisville, Ltd.

	199. 
	Bargain Rent-A-Car

	200. 
	Batfish, LLC

	201. 
	BBCSS, Inc.

	202. 
	Beach City Chevrolet Company, Inc.

	203. 
	Beach City Holding, LLC

	204. 
	Beacon Motors, Inc.

	205. 
	Bell Motors, LLC

	[fka Bell Dodge, L.L.C.]

	206. 
	Bellevue Automotive, Inc.

	[fka Dodge of Bellevue, Inc.]

Sch. A-5

	
		
	#
	Name of Guarantor

	207. 
	Bengal Motor Company, Ltd.

	208. 
	Bengal Motors, Inc.

	209. 
	Bill Ayares Chevrolet, LLC

	210. 
	Bledsoe Dodge, LLC

	211. 
	Bob Townsend Ford, Inc.

	212. 
	Body Shop Holding Corp.

	213. 
	BOSC Automotive Realty, Inc.

	214. 
	Brown & Brown Chevrolet - Superstition Springs, LLC

	215. 
	Brown & Brown Chevrolet, Inc.

	216. 
	Brown & Brown Nissan Mesa, L.L.C.

	217. 
	Brown & Brown Nissan, Inc.

	218. 
	Buick Mart Limited Partnership

	219. 
	Bull Motors, LLC

	220. 
	C. Garrett, Inc.

	221. 
	Carlisle Motors, LLC

	222. 
	Carwell Holding, LLC

	223. 
	Carwell, LLC

	224. 
	Centennial Automotive, LLC

	[fka Emich Dodge, LLC]

	225. 
	Cerritos Body Works Holding, LLC

	226. 
	Cerritos Body Works, Inc.

	227. 
	Champion Chevrolet Holding, LLC

	228. 
	Champion Chevrolet, LLC

	229. 
	Champion Ford, Inc.

	230. 
	Charlie Hillard, Inc.

	231. 
	Charlie Thomas Chevrolet GP, LLC

	232. 
	Charlie Thomas Chevrolet, Ltd.

	233. 
	Charlie Thomas Chrysler-Plymouth, Inc.

	234. 
	Charlie Thomas’ Courtesy Ford, Ltd.

	235. 
	Charlie Thomas’ Courtesy GP, LLC

	236. 
	Charlie Thomas Courtesy Leasing, Inc.

	237. 
	Charlie Thomas F. GP, LLC

	238. 
	Charlie Thomas Ford, Ltd.

	239. 
	Chesrown Auto, LLC

	240. 
	Chesrown Chevrolet, LLC

	241. 
	Chesrown Collision Center, Inc.

	242. 
	Chesrown Ford, Inc.

	243. 
	Chevrolet World, Inc.

	244. 
	Chuck Clancy Ford of Marietta, LLC

	245. 
	CJ Valencia Holding, LLC

	246. 
	Coastal Cadillac, Inc.

	247. 
	Consumer Car Care Corporation

	248. 
	Contemporary Cars, Inc.

	249. 
	Cook-Whitehead Ford, Inc.

	250. 
	Corporate Properties Holding, Inc.

Sch. A-6

	
		
	#
	Name of Guarantor

	251. 
	Corpus Christi Collision Center, Inc.

	[fka Auto Company I, Inc.]

	252. 
	Costa Mesa Cars Holding, LLC

	253. 
	Costa Mesa Cars, Inc.

	254. 
	Courtesy Auto Group, Inc.

	255. 
	Courtesy Broadway, LLC

	256. 
	Covington Pike Motors, Inc.

	257. 
	CT Intercontinental GP, LLC

	258. 
	CT Intercontinental, Ltd.

	259. 
	CT Motors, Inc.

	260. 
	D/L Motor Company

	261. 
	Deal Dodge of Des Plaines, Inc.

	262. 
	Dealership Properties, Inc.

	263. 
	Dealership Realty Corporation

	264. 
	Desert Buick-GMC Trucks, L.L.C.

	265. 
	Desert Chrysler-Plymouth, Inc.

	266. 
	Desert Dodge, Inc.

	267. 
	Desert GMC, L.L.C.

	268. 
	Dobbs Ford of Memphis, Inc.

	269. 
	Dobbs Ford, Inc.

	270. 
	Dobbs Mobile Bay, Inc.

	271. 
	Dobbs Motors of Arizona, Inc.

	272. 
	Don Mealey Chevrolet, Inc.

	273. 
	Don Mealey Imports, Inc.

	274. 
	Don-A-Vee Jeep-Eagle, Inc.

	275. 
	Driver’s Mart Worldwide, Inc.

	276. 
	Eastgate Ford, Inc.

	277. 
	Ed Mullinax Ford, LLC

	278. 
	Edgren Motor Company, Inc.

	279. 
	Edgren Motor Holding, LLC

	280. 
	El Monte Imports Holding, LLC

	281. 
	El Monte Imports, Inc.

	282. 
	El Monte Motors Holding, LLC

	283. 
	El Monte Motors, Inc.

	284. 
	Emich Subaru West, LLC

	285. 
	Empire Services Agency, Inc.

	286. 
	Financial Services GP, LLC

	287. 
	Financial Services, Ltd.

	288. 
	First Team Automotive Corp.

	289. 
	First Team Ford of Manatee, Ltd.

	290. 
	First Team Ford, Ltd.

	291. 
	First Team Jeep Eagle, Chrysler-Plymouth, Ltd.

	292. 
	First Team Management, Inc.

	293. 
	Fit Kit Holding, LLC

	294. 
	Fit Kit, Inc.

Sch. A-7

	
		
	#
	Name of Guarantor

	295. 
	Florida Auto Corp.

	296. 
	Ford of Kirkland, Inc.

	297. 
	Fox Chevrolet, LLC

	298. 
	Fox Imports, LLC

	299. 
	Fox Motors, LLC

	300. 
	Fred Oakley Motors, Inc.

	301. 
	Fremont Luxury Imports Holding, LLC

	302. 
	Ft. Lauderdale Nissan, Inc.

	303. 
	G.B. Import Sales & Service Holding, LLC

	304. 
	G.B. Import Sales & Service, LLC

	305. 
	Gene Evans Ford, LLC

	306. 
	George Sutherlin Nissan, LLC

	307. 
	Government Boulevard Motors, Inc.

	308. 
	Gulf Management, Inc.

	309. 
	Hayward Dodge, Inc.

	310. 
	Hillard Auto Group, Inc.

	311. 
	Hollywood Imports Limited, Inc.

	312. 
	Hollywood Kia, Inc.

	313. 
	Horizon Chevrolet, Inc.

	314. 
	House of Imports Holding, LLC

	315. 
	House of Imports, Inc.

	316. 
	Houston Auto M. Imports Greenway, Ltd.

	317. 
	Houston Auto M. Imports North, Ltd.

	318. 
	Houston Imports Greenway GP, LLC

	319. 
	Houston Imports North GP, LLC

	320. 
	Irvine Imports Holding, LLC

	321. 
	Irvine Imports, Inc.

	322. 
	Irvine Toyota/Nissan/Volvo Limited Partnership

	323. 
	Jemautco, Inc.

	324. 
	Jerry Gleason Chevrolet, Inc.

	325. 
	Jerry Gleason Dodge, Inc.

	326. 
	Jim Quinlan Chevrolet Co.

	327. 
	Joe MacPherson Ford

	328. 
	Joe MacPherson Imports No. I

	329. 
	Joe MacPherson Infiniti

	330. 
	Joe MacPherson Infiniti Holding, LLC

	331. 
	Joe MacPherson Oldsmobile

	332. 
	John M. Lance Ford, LLC

	333. 
	J-R Advertising Company

	334. 
	J-R Motors Company North

	335. 
	J-R Motors Company South

	336. 
	JRJ Investments, Inc.

	337. 
	Kenyon Dodge, Inc.

	338. 
	King’s Crown Ford, Inc.

Sch. A-8

	
		
	#
	Name of Guarantor

	339. 
	Kirkland Motors, Inc.

	[fka Auto Company V, Inc.]

	340. 
	L.P. Evans Motors WPB, Inc.

	341. 
	L.P. Evans Motors, Inc.

	342. 
	Lance Children, Inc.

	343. 
	Leesburg Imports, LLC

	344. 
	Leesburg Motors, LLC

	345. 
	Les Marks Chevrolet, Inc.

	346. 
	Lew Webb’s Ford, Inc.

	347. 
	Lew Webb’s Irvine Nissan Holding, LLC

	348. 
	Lew Webb’s Irvine Nissan, Inc.

	349. 
	Lewisville Imports GP, LLC

	350. 
	Lewisville Imports, Ltd.

	351. 
	Lot 4 Real Estate Holdings, LLC

	352. 
	Luxury Orlando Imports, Inc.

	[fka Auto Company III, Inc.]

	353. 
	MacHoward Leasing

	354. 
	MacHoward Leasing Holding, LLC

	355. 
	MacPherson Enterprises, Inc.

	356. 
	Magic Acquisition Corp.

	357. 
	Magic Acquisition Holding, LLC

	358. 
	Maitland Luxury Imports, Inc.

	[fka AN Imports of Boulder, Inc.]

	[fka Auto Company XV, Inc.]

	359. 
	Marks Family Dealerships, Inc.

	360. 
	Marks Transport, Inc.

	361. 
	AN Motors of Ft. Lauderdale, Inc.[fka Maroone Chevrolet Ft. Lauderdale, Inc.]

	362. 
	AN Motors of Pembroke, LLC [fka Maroone Chevrolet, LLC]

	363. 
	Maroone Dodge, LLC

	364. 
	AN Motors on Federal Highway, LLC [fka Maroone Ford, LLC]

	365. 
	Maroone Management Services, Inc.

	366. 
	MC/RII, LLC

	367. 
	Mealey Holdings, Inc.

	368. 
	Metro Chrysler Jeep, Inc.

	369. 
	Midway Chevrolet, Inc.

	370. 
	Mike Hall Chevrolet, Inc.

	371. 
	Mike Shad Chrysler Plymouth Jeep Eagle, Inc.

	372. 
	Mike Shad Ford, Inc.

	373. 
	Miller-Sutherlin Automotive, LLC

	374. 
	Mission Blvd. Motors, Inc.

	375. 
	Mr. Wheels Holding, LLC

	376. 
	Mr. Wheels, Inc.

	377. 
	Mullinax East, LLC

	378. 
	Mullinax Ford North Canton, Inc.

	379. 
	Mullinax Ford South, Inc.

Sch. A-9

	
		
	#
	Name of Guarantor

	380. 
	Mullinax Lincoln-Mercury, Inc.

	381. 
	Mullinax Used Cars, Inc.

	382. 
	Naperville Imports, Inc.

	383. 
	Newport Beach Cars Holding, LLC

	384. 
	Newport Beach Cars, LLC

	385. 
	Nichols Ford, Ltd.

	386. 
	Nichols GP, LLC

	387. 
	Nissan of Brandon, Inc.

	388. 
	Northpoint Chevrolet, LLC

	389. 
	Northwest Financial Group, Inc.

	390. 
	Ontario Dodge, Inc.

	391. 
	Oxnard Venture Holdings, Inc.

	392. 
	Payton-Wright Ford Sales, Inc.

	393. 
	Pembroke Motors, Inc.

	[fka AutoNation Dodge of Pembroke Pines, Inc.]

	394. 
	Peyton Cramer Automotive

	395. 
	Peyton Cramer Automotive Holding, LLC

	396. 
	Peyton Cramer F. Holding, LLC

	397. 
	Peyton Cramer Ford

	398. 
	Peyton Cramer Infiniti

	399. 
	Peyton Cramer Infiniti Holding, LLC

	400. 
	Peyton Cramer Jaguar

	401. 
	Peyton Cramer Lincoln-Mercury

	402. 
	Peyton Cramer LM Holding, LLC

	403. 
	Pierce Automotive Corporation

	404. 
	Pierce, LLC

	405. 
	Pitre Chrysler-Plymouth-Jeep of Scottsdale, Inc.

	406. 
	Plains Chevrolet GP, LLC

	407. 
	Plains Chevrolet, Ltd.

	408. 
	PMWQ, Inc.

	409. 
	PMWQ, Ltd.

	410. 
	Port City Imports, Inc.

	411. 
	Prime Auto Resources, Inc.

	412. 
	Quality Nissan GP, LLC

	413. 
	Quality Nissan, Ltd.

	414. 
	Quinlan Motors, Inc.

	415. 
	R. Coop Limited

	416. 
	R.L. Buscher II, Inc.

	417. 
	R.L. Buscher III, Inc.

	418. 
	Real Estate Holdings, Inc.

	419. 
	Republic DM Property Acquisition Corp.

	420. 
	Republic Resources Company

	421. 
	Republic Risk Management Services, Inc.

	422. 
	Resources Aviation, Inc.

	423. 
	RI Merger Corp.

Sch. A-10

	
		
	#
	Name of Guarantor

	424. 
	RI/BB Acquisition Corp.

	425. 
	RI/BBNM Acquisition Corp.

	426. 
	RI/BRC Real Estate Corp.

	427. 
	RI/DM Acquisition Corp.

	428. 
	RI/Hollywood Nissan Acquisition Corp.

	429. 
	RI/LLC Acquisition Corp.

	430. 
	RI/RMC Acquisition GP, LLC

	431. 
	RI/RMC Acquisition, Ltd.

	432. 
	RI/RMP Acquisition Corp.

	433. 
	RI/RMT Acquisition GP, LLC

	434. 
	RI/RMT Acquisition, Ltd.

	435. 
	RI/WFI Acquisition Corporation

	436. 
	RKR Motors, Inc.

	437. 
	Roseville Motor Corporation

	438. 
	Roseville Motor Holding, LLC

	439. 
	Sahara Imports, Inc.

	440. 
	Sahara Nissan, Inc.

	441. 
	Saul Chevrolet Holding, LLC

	442. 
	SCM Realty, Inc.

	443. 
	Shamrock F. Holding, LLC

	444. 
	Shamrock Ford, Inc.

	445. 
	Six Jays LLC

	446. 
	SMI Motors Holding, LLC

	447. 
	SMI Motors, Inc.

	448. 
	South Broadway Motors, LLC

	[ fka Emich Chrysler Plymouth, LLC]

	449. 
	Southwest Motors of Denver, LLC

	[fka Southwest Dodge, LLC]

	450. 
	Spitfire Properties, Inc.

	451. 
	Star Motors, LLC

	452. 
	Steakley Chevrolet GP, LLC

	453. 
	Steakley Chevrolet, Ltd.

	454. 
	Steeplechase Motor Company

	455. 
	Steve Moore Chevrolet Delray, LLC

	456. 
	Steve Moore Chevrolet, LLC

	457. 
	Steve Moore’s Buy-Right Auto Center, Inc.

	458. 
	Stevens Creek Holding, LLC

	459. 
	Stevens Creek Luxury Imports Holding, LLC

	[fka Auto Dealership II, LLC]

	460. 
	Stevens Creek Luxury Imports, Inc.

	[fka Auto Company IV, Inc.]

	461. 
	Stevens Creek Motors, Inc.

	462. 
	Sunrise Nissan of Jacksonville, Inc.

	463. 
	Sunrise Nissan of Orange Park, Inc.

	464. 
	Sunset Pontiac-GMC Truck South, Inc.

Sch. A-11

	
		
	#
	Name of Guarantor

	465. 
	Sunset Pontiac-GMC, Inc.

	466. 
	Superior Nissan, Inc.

	467. 
	Sutherlin Chrysler-Plymouth Jeep-Eagle, LLC

	468. 
	Sutherlin H. Imports, LLC

	469. 
	Sutherlin Imports, LLC

	470. 
	Sutherlin Nissan, LLC

	471. 
	Sutherlin Town Center, Inc.

	472. 
	Tartan Advertising, Inc.

	473. 
	Tasha Incorporated

	474. 
	Taylor Jeep Eagle, LLC

	475. 
	Terry York Motor Cars Holding, LLC

	476. 
	Terry York Motor Cars, Ltd.

	477. 
	Texan Ford Sales, Ltd.

	478. 
	Texan Ford, Inc.

	479. 
	Texan Sales GP, LLC

	480. 
	Texas Management Companies LP, LLC

	481. 
	The Consulting Source, Inc.

	482. 
	The Pierce Corporation II, Inc.

	483. 
	Tinley Park A. Imports, Inc.

	484. 
	Tinley Park J. Imports, Inc.

	485. 
	Tinley Park V. Imports, Inc.

	486. 
	Torrance Nissan Holding, LLC

	487. 
	Torrance Nissan, LLC

	488. 
	Tousley Ford, Inc.

	489. 
	Toyota Cerritos Limited Partnership

	490. 
	Triangle Corporation

	491. 
	T-West Sales & Service, Inc.

	492. 
	Valencia Auto Imports Holding, LLC

	[fka Auto Dealership I, LLC]

	493. 
	Valencia B. Imports Holding, LLC

	494. 
	Valencia B. Imports, Inc.

	495. 
	Valencia Dodge

	496. 
	Valencia Dodge Holding, LLC

	497. 
	Valencia H. Imports Holding, LLC

	498. 
	Valencia H. Imports, Inc.

	499. 
	Valley Chevrolet, LLC

	500. 
	Vanderbeek Motors Holding, LLC

	501. 
	Vanderbeek Motors, Inc.

	502. 
	Vanderbeek Olds/GMC Truck, Inc.

	503. 
	Vanderbeek Truck Holding, LLC

	504. 
	Village Motors, LLC

	505. 
	Vince Wiese Chevrolet, Inc.

	506. 
	Vince Wiese Holding, LLC

	507. 
	W.O. Bankston Nissan, Inc.

	508. 
	Wallace Dodge, LLC

Sch. A-12

	
		
	#
	Name of Guarantor

	509. 
	Wallace Ford, LLC

	510. 
	Wallace Lincoln-Mercury, LLC

	511. 
	Wallace Nissan, LLC

	512. 
	Webb Automotive Group, Inc.

	513. 
	West Colorado Motors, LLC

	[fka Emich Oldsmobile, LLC]

	514. 
	West Colton Cars, Inc.

	515. 
	West Side Motors, Inc.

	516. 
	Westgate Chevrolet GP, LLC

	517. 
	Westgate Chevrolet, Ltd.

	518. 
	Westmont A. Imports, Inc.

	519. 
	Westmont B. Imports, Inc.

	520. 
	Westmont M. Imports, Inc.

	521. 
	Woody Capital Investment Company II

	522. 
	Woody Capital Investment Company III

	523. 
	Working Man’s Credit Plan, Inc.

Sch. A-13

Schedule B
Manufacturer Consents
		
	1.
	Letter Agreement, dated as of January 30, 2006, between the Issuer and Ford Motor Company (“Ford”).

		
	2.
	Letter Agreement, dated as of January 30, 2006, between the Issuer and Kia Motors America (“Kia”).

		
	3.
	Letter Agreement, dated as of January 30, 2006, between the Issuer and Nissan North America, Inc. (“Nissan”).

		
	4.
	Letter Agreement, dated as of January 30, 2006, between the Issuer and Toyota Motor Sales, U.S.A., Inc. (“Toyota”).

		
	5.
	Letter Agreement, dated as of February 23, 2006, between the Issuer and BMW of North America, LLC. (“BMW,” and together with Ford, Kia, Nissan and Toyota, the “Manufacturers,” and each, a “Manufacturer”)

Sch. B-1

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