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                                                                    EXHIBIT 10.1

[MEMORY LOGO]

MEMORY PHARMACEUTICALS CORP.                            Tony Scullion
  100 Philips Parkway                                   Chief Executive Officer
  Montvale, New Jersey 07645
  Phone: (201) 802-7102
  Fax: (201) 802-7190
  www.memorypharma.com

September 3, 2004

Dr. David Lowe

Dear Dr. Lowe:

      We are pleased to extend an offer to you to join our Company as Chief
Scientific Officer. We look forward to you joining our team, and are confident
that you will contribute significantly to the value of our organization. The
terms of your anticipated employment by the Company are as follows.

      1. Position. Your position will be Chief Scientific Officer, based out of
the Company's offices currently located in Montvale, New Jersey, and you will
report directly to the Company's Chief Executive Officer. As Chief Scientific
Officer, you will be part of the Company's senior management team, and will work
closely with this team to establish strategic, value-building relationships with
pharmaceutical companies and contract research organizations. Your
responsibilities shall include, but not be limited to, managing the Company's
research and development activities. In addition to performing duties and
responsibilities associated with the position of Chief Scientific Officer, from
time to time the Company may assign you other duties and responsibilities and/or
may assign you to a different location.

      As a full-time employee of the Company, you will be expected to devote
your full business time and energies to the business and affairs of the Company.
Your performance will be reviewed formally after six months of employment and
annually thereafter at the end of each calendar year.

      2. Starting Date/Nature of Relationship. It is expected that your
employment will start on or before October 12, 2004 (the "Start Date"). No
provision of this letter shall be construed to create an express or implied
employment contract for a specific period of time. Either you or the Company may
terminate the employment relationship at any time and for any reason, by giving
at least thirty (30) days' prior written notice to the other party.

      3. Compensation.

      (a) Your initial salary will be at the bi-weekly rate of $12,692.31
(annualized at $330,000.00).

      (b) You will receive a one-time sign-on bonus of $50,000.00, payable
within thirty (30) days of your Start Date. If you resign or the Company
terminates your employment for Cause (as defined below) within eighteen (18)
months of your Start Date, you will be obligated to repay the full amount of
such sign-on bonus to the Company.

      (c) Effective as of the Start Date, you will receive stock options to
purchase 150,000 shares of the Company's Common Stock, which will be in the form
of incentive stock options, to the extent permissible under applicable law, and
the balance will be in the form of non-qualified stock options. Such stock
options (i) will entitle you to purchase the Company's Common Stock at the
closing price per share of the Company's Common Stock on the Nasdaq National
Market ("NASDAQ") on the Start Date, in

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MEMORY PHARMACEUTICALS CORP.

Dr. David Lowe
Page 2

accordance with the Company's 2004 Stock Incentive Plan, and (ii) shall vest in
quarterly increments over a period of two (2) years commencing on the Start
Date, as described in the standard form of Stock Option Agreement, which you
agree to execute and deliver to the Company on or before the Start Date.

      (d) During the first calendar quarter of 2005, you will receive stock
options to purchase 100,000 shares of the Company's Common Stock, which will be
in the form of incentive stock options, to the extent permissible under
applicable law, and the balance will be in the form of non-qualified stock
options. Such stock options (i) will entitle you to purchase the Company's
Common Stock at the closing price per share of the Company's Common Stock on
NASDAQ on the option grant date, as determined by the Company's Board of
Directors in accordance with the Company's 2004 Stock Incentive Plan, and (ii)
shall vest in quarterly increments over a period of four (4) years commencing on
the option grant date as described in the standard form of Stock Option
Agreement, which you agree to execute and deliver to the Company on or before
the Review Date.

      (e) You will be eligible to receive annual bonus payments dependent on the
performance of the Company and your individual performance, subject to the
discretion of the Board of Directors. Your target bonus will be equal to twenty
five percent (25%) of your base salary, assuming the achievement of such Company
and individual performance objectives.

      (f) Upon termination for any reason, the Company will pay you within two
(2) weeks of such termination, your current base salary earned through the
termination date, plus accrued vacation, if any, and other benefits or payments,
if any, to which you are entitled. In the event you are terminated by the
Company without "Cause" (as hereinafter defined), then the Company will continue
to pay you your bi-weekly rate in effect at the time of termination and provide
and pay the Company's portion of your medical insurance for a period of six (6)
months. Further, for the period commencing seven months following such
termination and ending twelve months after such termination, the Company will
continue to pay you your bi-weekly rate in effect at the time of termination and
provide and pay the Company's portion of your medical insurance, except that
such severance payments made to you during this period will be reduced by all
1099 and W-2 income earned or received by you during such period, including
income earned or received from consulting services or temporary employment, and
the Company's payments for your medical insurance will terminate when you have
such coverage through any new employer before the end of the twelve month period
following your termination. The Company will reconcile such payments with you
quarterly, and any additional payments owed to you by the Company, and any
payments owed to the Company by you, will be paid respectively within two weeks
following such reconciliation period. The Company will not be obligated to
continue any such payments to you under this paragraph 3(f) in the event you
materially breach the terms of the Confidentiality Agreement (as defined below).
Notwithstanding any termination of your employment (with or without Cause), you
shall continue to be bound by the provisions of the Confidentiality Agreement.

      (g) For the purposes of this Section 3, "Cause" shall include (i) your
conviction of a felony, either in connection with the performance of your
obligations to the Company or otherwise, which adversely affects your ability to
perform such obligations or materially adversely affects the business
activities, reputation, goodwill or image of the Company, (ii) your willful
disloyalty, deliberate dishonesty, breach of fiduciary duty, (iii) your breach
of the terms of this Agreement, or your failure or refusal to carry out any
material tasks assigned to you by the Company in accordance with the terms
hereof, which breach or failure continues for a period of more than thirty (30)
days after your receipt of written notice thereof from the Company, (iv) the
commission by you of any act of fraud, embezzlement or deliberate disregard of a
rule or policy of the Company known to you or contained in a policy and
procedure manual provided to you which results in material loss, damage or
injury to the Company, or (v) the material breach by you of any of the
provisions of the Confidentiality Agreement.

      4. Benefits. You will be entitled as an employee of the Company to receive
such benefits as are generally provided its employees and executives and for
which you are eligible in accordance with Company policy as in effect from time
to time. The Company retains the right to change, add or cease any particular
benefit relating to its employees and executives generally. At this time, the
Company is offering a benefit program, consisting of medical, dental, life and
short/long term disability insurance, as

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MEMORY PHARMACEUTICALS CORP.

Dr. David Lowe
Page 3

well as a 401(k) retirement plan and flexible spending plan. You will be
eligible for eleven paid holidays, four floating holidays and four (4) weeks
paid vacation per year, which will be pro-rated for the 2004 calendar year based
on the Start Date. You will accrue additional vacation days in accordance with
Company policy. If you decide to become a "resident alien" for U.S. immigration
purposes, the Company will arrange for its immigration counsel to handle the
matter on your behalf and will pay the related legal fees and expenses.

      5. Relocation Expenses. The Company will pay or reimburse you for all
reasonable out-of-pocket relocation and relocation-related expenses not to
exceed $150,000.00, including any Tax Payment (as defined below) and any
Gross-up Payment (as defined below), which may be billed directly to the Company
or paid by you and submitted for reimbursement, including, without limitation,
the following:

      (a) costs of services of moving companies (including packing,
transportation and relocation expenses, including the transportation of
automobiles);

      (b) costs associated with your search for a new residence (including,
without limitation, the costs of airfare, automobile rental, meals and hotel
accommodations for yourself and your immediate family);

      (c) commissions payable to brokers in connection with the sale of your
current residence;

      (d) costs attendant to the sale of your current residence and the purchase
of a new residence in the Northern New Jersey area (including, without
limitation, the costs of home inspections, survey, appraisal, title insurance,
transfer fees, attorneys' fees, accountants' fees, and closing costs);

      (e) loan origination fees (points) related to the purchase of your new
residence in an amount of up to three percent (3%) of the loan amount (and the
Company will provide assistance to you relating to the selection of a mortgage
lender that will pre-qualify you for a mortgage loan to purchase your new
residence);

      (f) costs associated with commuting from your current residence to the
Company's offices (including, without limitation, the costs of airfare,
automobile rental, meals and hotel accommodations for you) for a period of up to
six months, subject to extension upon our mutual agreement;

      (g) automobile rental charges prior to establishment of a permanent
residence in Northern New Jersey;

      (h) rent and other expenses associated with temporary housing for yourself
and your immediate family for a period of up to six months (which may include up
to two months after the purchase and closing of title on your new residence),
subject to extension upon our mutual agreement; and

      (i) payment of any duplicate mortgage loan payments and house expenses to
preclude your paying for your current residence and your new residence
concurrently.

      All such payments will be subject to the Company receiving reasonably
acceptable documentation evidencing the incurring of such cost, expense or fee.
In the event that it should be determined that any payment shall be due by you
for taxes of any kind or nature relating to amounts paid to you or on your
behalf by the Company in connection with your relocation as provided above
("Taxes"), the Company will deliver to you a payment equal to the amount of such
Taxes (the "Tax Payment") plus an additional payment in an amount equal to any
additional taxes payable by you applicable to your receipt of the Tax Payment
(the "Gross-Up Payment"). All such payments are fully refundable to the Company
if you leave the Company within eighteen (18) months of your Start Date.

      6. Confidentiality. The Company considers the protection of its
confidential information and proprietary materials to be very important.
Therefore, as a condition of your employment, you and the

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MEMORY PHARMACEUTICALS CORP.

Dr. David Lowe
Page 4

Company will become parties to a Confidentiality and Noncompetition Agreement
substantially in the form of Exhibit A to this letter (the "Confidentiality
Agreement").

      7. General.

      (a) This letter, together with, the Confidentiality Agreement and the
Stock Option Agreement(s), when executed, will constitute our entire agreement
as to your employment by the Company and will supersede any prior agreements or
understandings, whether in writing or oral.

      (b) This letter shall be subject to and contingent upon the satisfactory
results of a medical examination, satisfactory reference, background and
education verification and maintenance by you of a non-immigrant or resident
alien status for immigration purposes while in the United States allowing you to
work for the Company.

      (c) This letter shall be subject to our receipt of satisfactory
documentation of your freedom to operate in the CNS field. By your signing this
letter, you represent and warrant to the Company that your execution of this
letter and performance by you of the activities contemplated hereby on behalf of
the Company will not conflict with, violate or constitute a breach of any
agreement to which you are a party or by which you may be bound.

      (d) This letter and the Company's obligations hereunder shall be subject
to review and approval by the Company's Board of Directors and the Compensation
Committee thereof.

      (e) This letter shall be governed by the law of the State of New Jersey.

      You may accept this offer of employment and the terms thereof by signing
the enclosed additional copy of this letter and the Confidentiality Agreement,
which execution will evidence your agreement with the terms set forth herein and
therein, and returning them to the Company.

      This offer of employment will expire at the close of business on September
13, 2004 and is contingent upon your agreement to commence employment on the
Start Date, unless accepted by you prior to such date. We look forward to you
joining our team, and we believe that your skills will compliment those of our
existing management team, and that you will make a significant contribution to
the Company's growth. We look forward to your prompt response to this offer
letter.

MEMORY PHARMACEUTICALS CORP.

By: /s/ Tony Scullion
    -------------------------------
    Name: Tony Scullion
    Title: Chief Executive Officer

ACCEPTED AND AGREED:

/s/ David Lowe
-----------------------------
David Lowe

Date: September 9, 2004<PAGE>

                                                                    EXHIBIT 10.2

                          MEMORY PHARMACEUTICALS CORP.

                          Notice of Stock Option Grant

                         Under 2004 Stock Incentive Plan

Notice is hereby given of the following option grant (the "Option") to purchase
shares of Common Stock of Memory Pharmaceuticals Corp. (the "Company"):

         Optionee: _____________________________________________________________

         Grant Date: ___________________________________________________________

         Vesting Commencement Date: ____________________________________________

         Exercise Price: $__________________ per share

         Number of Option Shares: ____________________ shares of Common Stock

         Termination Date: _____________________________________________________

         Type of Option: _______ Incentive Stock Option

                         _______ Non-Statutory Stock Option

         Vesting Schedule: The Option Shares shall initially be unvested. The
         Optionee shall acquire a vested interest in the Option Shares in a
         series of eight (8) successive equal quarterly installments upon the
         Optionee's completion of each quarter of Service over the twenty-four
         (24) month period measured from the Vesting Commencement Date, with the
         first installment vesting on the three-month anniversary of the Vesting
         Commencement Date. In no event shall any additional Option Shares vest
         after the Optionee's cessation of Service.

The Optionee understands and agrees that the Option is granted subject to and in
accordance with the terms of the Memory Pharmaceuticals Corp. 2004 Stock
Incentive Plan (the "Plan"). The Optionee further agrees to be bound by the
terms of the Option as set forth in this Notice of Grant and in the Stock Option
Agreement attached hereto as Exhibit A, as well as the terms of the Plan, which
is attached hereto as Exhibit B.

No Employment or Service Contract. Nothing in this Notice of Grant or in the
attached Stock Option Agreement or Plan shall confer upon the Optionee any right
to continue in Service for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company (or any Parent or
Subsidiary employing or retaining the Optionee) or of the Optionee,

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which rights are hereby expressly reserved by each, to terminate the Optionee's
Service at any time for any reason, with or without cause.

DATED: _______________, 20__

                                        MEMORY PHARMACEUTICALS CORP.

                                        By:__________________________________

                                        Title:_______________________________

OPTIONEE

By: ______________________________

Address: _________________________
         _________________________
         _________________________

ATTACHMENTS
Exhibit A - Stock Option Agreement
Exhibit B - 2004 Stock Incentive Plan

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