Document:

Executive Employment Agreement between the Registrant and Shintaro Asako, CPA

 Exhibit 10.21 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
 (Shintaro Asako) 
  
 This
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made as of July 18, 2005 (the “Effective Date”) by and between MEDICINOVA, INC, a Delaware corporation (“MediciNova”), and Shintaro Asako
(“Executive”), with reference to the following facts: 
  
 A. The Board of Directors of MediciNova (the “Board”) has determined that it would be in the best interests of MediciNova to enter into this Employment Agreement on the terms herein set forth. 
  
 B. Executive is willing to serve as an employee of MediciNova upon the terms
and conditions herein set forth. In respect of such employment, Executive has also executed that certain Proprietary Information and Inventions Agreement of even date herewith (the “Proprietary Information and Inventions
Agreement”), which is attached hereto as Exhibit A and incorporated herein by reference as though fully set forth herein. 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein contained, the parties agree as follows: 
  
 1. Definitions. For purposes of this Agreement, the following terms
shall have their respective meanings: 
  
 1.1
“Cause” shall mean (as shall reasonably be determined by the Board of Directors of the MediciNova - the “Board”): (i) any intentional failure to perform the Executive’s obligations, services or duties under
this Agreement or any other agreement or arrangement between the Executive and the MediciNova regarding employment or consulting services to be rendered by the Executive to the MediciNova, other than an immaterial violation which is remedied upon
reasonable notice; (ii) failure to achieve performance levels for the MediciNova consistent with the MediciNova’s goals, as determined by the Board in good faith and following appropriate inquiry; (iii) any violation of MediciNova policy, other
than an immaterial violation which is remedied upon reasonable notice; (iv) any willful neglect of the Executive’s duties to the MediciNova or gross misconduct; (v) any failure to protect the MediciNova’s trade secrets; or (vi) any
commission of any crime or criminal offense involving moral turpitude. 
  
 1.2 “Total and Permanent Disability” shall have the meaning ascribed to such term in Section 22 of the Internal Revenue Code of 1986, as amended. 
  
 2. Duties. Subject to the terms and provisions of this Agreement,
Executive is employed by MediciNova as an executive employee of MediciNova. Executive’s specific position shall be as the Vice President, Accounting and Financial Reporting of MediciNova; provided, however, that the Executive may
be reassigned by the Board to another executive position with MediciNova (or another position of similar responsibility) at such time as the Board (excluding Executive) reasonably agrees upon another Vice President, Accounting and Financial
Reporting. Executive covenants to perform Executive’s employment duties in good 

  

 MediciNova, Inc. 

 
faith. Executive shall at all times during the performance of this Agreement strictly adhere to and obey any and all rules and regulations now in effect or
as subsequently adopted and/or modified governing the conduct of MediciNova employees and/or executives (the “Employment Policies”). In the event of any conflict between the provisions of this Agreement and any of the Employment
Policies, the provisions of this Agreement shall control. A default under any the Employment Policies, except to the extent necessary or appropriate to comply with the provisions of this Agreement, shall be a default under this Agreement.

  
 3. Exclusive Services. Executive’s entire business
time, attention, energies, skills, learning and best efforts shall be devoted to the business of MediciNova; provided, however, that this Section 3 shall not be construed as preventing Executive from participating in social, civic or
professional associations or engaging in passive outside investment activities which may require a limited portion of time and effort to manage, consistent with any Employment Policies and so long as such activities do not
interfere with the performance of Executive’s duties nor compete, in any way, with the products or services offered by or through MediciNova. 
  
 4. Term of Employment. The term of this Agreement shall continue until such time as the employment of Executive is terminated pursuant to Section 7
below; provided, however, that this Agreement shall automatically terminate upon the death or Total and Permanent Disability of Executive. 
  
 5. Compensation. For all services rendered by Executive to MediciNova, MediciNova shall pay/provide to Executive the following: 
  

	 	•	 	base compensation in the amount of $150,000 per annum (the “Base Compensation”); 

  

	 	•	 	periodic bonuses determined within the sole discretion of the Board (or any committee of the Board which is appointed to consider matters relating to executive compensation) but
with reference to amounts paid to other executives and/or employees of MediciNova; 

  

	 	•	 	grants of equity-based compensation within the sole discretion of the Board (or any committee of the Board which is appointed to consider matters relative to equity-based
compensation); 

  

	 	•	 	such group medical and life insurance and participation in other benefit plans as shall be made available for executives of MediciNova (with amounts and levels of participation
therein determined with reference to other executives and/or employees of MediciNova); and 

  

	 	•	 	an annual amount of vacation days consistent with amounts available for other executives of MediciNova (but, in any event, no fewer than 10 days)(collectively, the
“Compensation Package”). 

  
 6.
Adjustments. The amount of Base Compensation may be adjusted as of each anniversary of the Effective Date (beginning on the first anniversary) by an amount upon which the Board and Executive shall mutually and reasonably agree at or about
that time. 
  

 MediciNova, Inc. 

 Compensation under the Compensation Package shall be paid to Executive less required deductions for Social Security,
withholding taxes and other authorized deductions and at times when executives of MediciNova normally receive their compensation. 
  
 7. Termination. The employment of Executive may be terminated at any time by: 
  
 7.1 Mutual agreement of MediciNova and Executive evidenced in writing; 
  
 7.2 Action of the Board without prior notice to Executive if
the Board reasonably shall establish that (i) Executive is in material default in the performance of Executive’s obligations, services or duties hereunder, or has materially breached any provision of this Agreement, or (ii) MediciNova otherwise
has Cause to terminate Executive’s employment (although the right of termination of Executive’s employment under this Section 7.2 shall not be in limitation of any other right or remedy MediciNova may have under this Agreement or
otherwise); 
  
 7.3 Upon the death or Total and
Permanent Disability of Executive; or 
  
 7.4
Upon three months’ written notice by either party to the other indicating the desire of the notifying party, in its sole discretion, to terminate the employment of Executive hereunder. 
  
 8. Compensation Upon Termination. In the event that the employment of
Executive is terminated pursuant to Section 7 above, Executive shall be terminated without compensation other than for accrued salary and other accrued amounts; provided, however, that if such employment is terminated at
MediciNova’s option pursuant to Section 7.4 above, then Executive shall be entitled to such severance payment(s) as shall be provided for (if any) by the Employment Policies in effect at that time; and provided, further, that in
lieu of the three months’ notice provided by Section 7.4 above, MediciNova may provide Executive with an amount equal to one-half (1/2) of Executive’s annual Base Compensation which shall be applicable at the time of Executive’s
termination of employment with MediciNova. Except as provided in the immediately preceding sentence (if applicable), Executive is entitled to no other compensation upon termination. 
  
 9. Option to Hire Executive as Consultant. Upon any termination of Executive’s employment under this Agreement,
either pursuant to Section 7 above or otherwise, MediciNova shall have the option (in MediciNova’s discretion) to engage Executive as a consultant on a quarterly basis commencing on the effective date of termination of Executive’s
employment (the “Termination Date”) and continuing for a period of up to one (1) year following the Termination Date (or, if longer, the period terminating on the date which is three (3) years after the
Effective Date). MediciNova’s rights under this Section 9 shall lapse if MediciNova has not provided Executive with written notice of MediciNova’s intent to exercise its rights hereunder prior to the later of (i) the Termination Date
(e.g., in the event of a voluntary termination under Section 7.4 above) and (ii) 30 days following notice of such termination (e.g., in the event of an involuntary termination under Section 7.2 above). As a consultant, Executive’s duties shall
include devoting attention to those matters reasonably requested by the Board but which will not interfere (as to time required) with the opportunity to maintain other employment consistent with 

  

 MediciNova, Inc. 

 
this Section 9. During any period for which Executive is engaged to perform consulting services for MediciNova under this Section 9, Executive agrees that
Executive shall not: 
  
 9.1 Carry on directly or
indirectly, whether or not for compensation (as proprietor, partner, stockholder (except that a less than one percent (1%) ownership in a public corporation shall be permitted), officer, director, agent, employee, consultant, trustee, affiliate or
otherwise), any business which is, or as a result of Executive’s engagement or participation would become, competitive with or adverse to the business of MediciNova as it exists as of the Termination Date; 
  
 9.2 Permit Executive’s name to be used by any business
competitive in any respect with the business of MediciNova as it exists as of the Termination Date; 
  
 9.3 Solicit or divert, or attempt to call on, solicit or divert, any customer of MediciNova with whom Executive became acquainted during
Executive’s employment or affiliation with MediciNova, either for Executive or for any other person, firm or corporation; or 
  
 9.4 Induce or attempt to induce any person who is an employee, agent or consultant of MediciNova to leave the employ of MediciNova.

  
 Without limiting the other provisions of this Agreement, (i) Executive
acknowledges and agrees that it is impossible to measure in money the damages which will befall the MediciNova by reason of Executive’s failure to perform any of the obligations set forth in this Section 9, (ii) Executive acknowledges that
MediciNova shall be entitled to enforce Executive’s obligations under this Section 9 by court injunction (without the posting of a bond or other security), specific performance or other appropriate equitable relief, (iii) Executive agrees (to
the maximum extent permitted by law) to have the provisions of this Section 9 specifically enforced against Executive by any court of equity and (iv) Executive consents to the entry of injunctive relief against Executive enjoining or restraining any
violation or threatened violation of the provisions of this Section 9. 
  
 10. Compensation for Consulting Services. For each quarter (i.e., three-month period) that Executive provides consulting services to MediciNova pursuant to the option of MediciNova contained in Section 9 above, MediciNova shall pay
Executive a sum equal to fifteen percent (15%) of Executive’s annual Base Compensation which shall be applicable at the time of Executive’s termination of employment with MediciNova (prorated for any period of less
than a quarter). The parties expressly agree that when Executive is performing consulting services for MediciNova, Executive is acting as an independent contractor. Therefore, Executive shall be solely liable for Social Security and income taxes
that result from Executive’s compensation as a consultant. In addition, Executive shall not be entitled to any other benefits including, without limitation, such group medical, life and disability insurance and other benefits as may be provided
to employees and/or executives of MediciNova. 
  
 11. Dispute
Resolution Procedure. Any dispute arising out of or related to the employment relationship created hereby, including the termination of that relationship and any allegations of unfair or discriminatory treatment arising under state or federal
law or otherwise, to the maximum extent permitted by law, shall be resolved by final and binding arbitration, except where the law specifically forbids the use of arbitration as a final and binding remedy, or 

  

 MediciNova, Inc. 

 
where section (d) below specifically allows a different remedy. The following dispute resolution procedure shall apply: 
  
 11.1 The party claiming to be aggrieved shall furnish to the
other party a written statement of the grievance identifying any witnesses or documents that support the grievance and the relief requested or proposed. 
  
 11.2 The responding party shall furnish a statement of the relief, if any, that it is willing to provide, and the witnesses or documents
that support its position as to the appropriate action. The parties can mutually agree to waive this step. If the matter is not resolved at this step, the parties shall submit the dispute to non-binding mediation before a mediator to be jointly
selected by the parties. MediciNova will pay the cost of the mediation. 
  
 11.3 If the mediation does not produce a resolution of the dispute, the parties agree that the dispute shall be resolved by final and binding arbitration. The parties shall attempt to agree to the identity of an
arbitrator, and, if they are unable to do so, they will obtain a list of arbitrators from the Federal Mediation and Conciliation Service and select an arbitrator by striking names from that list. The arbitrator shall have the authority to determine
whether the conduct complained of in subsection (a) of this section violates the rights of the complaining party and, if so, to grant any relief authorized by law, subject to the exclusions of subsection (d) below. The arbitrator shall not have the
authority to modify, change or refuse to enforce the terms of any employment agreement between the parties. In addition, the arbitrator shall not have the authority to require MediciNova to change any lawful policy or benefit plan. The hearing shall
be transcribed. MediciNova shall bear the costs of the arbitration if Executive prevails. If MediciNova prevails, Executive will pay half the cost of the arbitration or $500, whichever is less. Each party shall be responsible for paying its own
attorneys fees. 
  
 Arbitration shall be the exclusive final remedy for any
dispute between the parties, to the maximum extent permitted by law, including but not limited to disputes involving claims for discrimination or harassment (such as claims under the Fair Employment and Housing Act, Title VII of the Civil Rights Act
of 1964, the Americans with Disabilities Act, or the Age Discrimination in Employment Act), wrongful termination, breach of contract, breach of public policy, physical or mental harm or distress or any other disputes, and the parties agree that no
dispute shall be submitted to arbitration where the party claiming to be aggrieved has not complied with the preliminary steps provided for in subsections (a) and (b) above. 
  
 The parties agree that the arbitration award shall be enforceable in any court having jurisdiction to enforce this Agreement, so long as the
arbitrator’s findings of fact are supported by substantial evidence on the whole and the arbitrator has not made errors of law; provided, however, that either party may bring an action in a court of competent jurisdiction
regarding or related to matters involving MediciNova’s confidential, proprietary or trade secret information, or regarding or related to inventions that Executive may claim to have developed prior to joining MediciNova or after joining
MediciNova, pursuant to California Labor Code 2870. The parties further agree that, for violations of Executive’s confidentiality, proprietary information or trade secret obligations which the parties have elected to submit to arbitration,
MediciNova retains the right to seek preliminary injunctive relief in court in order to preserve the status quo or prevent irreparable injury before the matter can be heard in arbitration. 
  

 MediciNova, Inc. 

 11.4 MediciNova reserves the right to modify, change or cancel this provision upon 30
days written notice. However, such cancellation shall not affect matters which have already been submitted to arbitration. 
  
 12. Confidentiality and Inventions. Executive recognizes that MediciNova has and shall continue to have and develop information, knowledge and
rights regarding inventions, confidential information, products, services, future plans, business affairs, processes, trade secrets, technical matters, customer lists, experimental designs and items of intellectual property. Executive hereby
confirms and ratifies the Proprietary Information and Inventions Agreement (which is incorporated herein by reference) and agrees to execute and deliver to MediciNova any other similar agreement(s) presented to Executive by MediciNova from time to
time. 
  
 13. Section Headings. The section headings or
captions in this Agreement are for convenience of reference only and do not form a part hereof, and do not in any way modify, interpret or construe the intent of the parties or affect any of the provisions of this Agreement. 
  
 14. Survival. The obligations and rights imposed upon the parties
hereto by the provisions of this Agreement which relate to acts or events subsequent to the termination of this Agreement shall survive the termination of this Agreement and shall remain fully effective thereafter. 
  
 15. Severability. Should any one or more of the provisions of this
Agreement or of any agreement entered into pursuant to this Agreement be determined to be illegal or unenforceable in any relevant jurisdiction, then such illegal or unenforceable provision shall be modified by the proper court, if possible, but
only to the extent necessary to make such provision enforceable, and such modified provision and all other provisions of this Agreement and of each other agreement entered into pursuant to this Agreement shall be given effect separately from the
provision or portion thereof determined to be illegal or unenforceable and shall not be affected thereby; provided, however, that any such modification shall apply only with respect to the operation of this Agreement in the particular
jurisdiction in which such determination of illegality or unenforceability is made. 
  
 16. Waiver. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver of any such provision, nor prevent such party thereafter from enforcing such provision or
any other provision of this Agreement. The rights granted both parties herein are cumulative and the election of one shall not constitute a waiver of such party’s right to assert all other legal remedies available under the circumstances.

  
 17. Parties in Interest. Nothing in this Agreement,
whether express or implied, is intended to confer any rights or remedies under or by reason of this Agreement on any persons other than the parties hereto and the successors, assigns and affiliates of MediciNova, nor is anything in this Agreement
intended to relieve or discharge the obligation or liability of any third person to any party to this Agreement, nor shall any provision give any third person any right of subrogation or action over or against any party to this Agreement.

  
 18. Assignment. MediciNova may, in its sole discretion,
assign its rights and obligations, in whole or in part, to any parent, subsidiary or affiliate of MediciNova. This Agreement shall 

  

 MediciNova, Inc. 

 
be binding upon the heirs, executors, successors and assigns of Executive. This Agreement contemplates the rendition of personal services by Executive and
Executive may not assign this Agreement or delegate Executive’s responsibilities hereunder. 
  
 19. Entire Agreement. Except for the Proprietary Information and Inventions Agreement and one or more similar agreements between MediciNova and
Executive as may exist from time to time, this Agreement contains the entire agreement of the parties with respect to the subject matter hereof and no representation, inducement, promise or agreement, oral or otherwise, between the parties not
embodied herein shall be of any force or effect. No modification, termination or attempted waiver shall be valid unless in writing and signed by the party against whom or which such modification, termination or waiver is sought to be enforced.

  
 20. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Effective Date. 
  

			
	MediciNova:
	
	 MediciNova, Inc.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Takashi Kiyoizumi

	 Name:
	 	 Takashi Kiyoizumi

	 Title:
	 	 President and CEO

	
	Executive:
		
	 By:
	 	 /s/ Shintaro Asako

	 Name:
	 	 Shintaro Asako

  

 MediciNova, Inc. 

 EXHIBIT A 
  
 [attached] 
  

 MediciNova, Inc. 

 PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 
 (Shintaro Asako) 
  
 MediciNova, Inc. 
 4350 La Jolla Village Dr., Suite 950 
 San Diego, California 92122 
  
 Ladies and
Gentlemen: 
  
 I recognize that MediciNova, Inc., a Delaware
corporation (“MediciNova”), possesses a body of existing technology and intellectual property rights and is engaged in a continuous program of research, development and production with respect to its business (present and future).

  
 I understand that: 
  
 A. As part of my employment by MediciNova (with the term
“employment”, as used herein, to include any consulting relationship), I am expected to make new contributions and inventions of value to MediciNova. 
  
 B. I understand that my employment creates a relationship of confidence and trust between me and MediciNova and that my
position places me in a unique position of access to the proprietary technology, trade secrets and research, development and business information: 
  
 (1) applicable to the business of MediciNova; or 
  

(2) applicable to the business of any client, partner or customer of MediciNova, 
  
 which may be made known to me by MediciNova or by any client, partner or customer of
MediciNova, or learned by me during the period of my employment. 
  
 C. MediciNova possesses and will continue to possess information that has been or will be created, discovered or developed, or has or will otherwise become known to MediciNova (including, without limitation, information created, discovered,
developed or made known by or to me during the period of or arising out of my employment by MediciNova), and/or in which property rights have been or will be assigned or otherwise conveyed to MediciNova, which information has commercial value in the
business in which MediciNova is engaged. All of the aforementioned information is hereinafter called “Confidential Information.” By way of illustration, but not limitation, Confidential Information includes all data, compilations,
blueprints, plans, audio and/or video recordings and/or devices, information on computer disks, software, tapes, printouts and other printed, typewritten or handwritten documents, specifications, strategies, systems, schemas, methods (including
delivery, storage, receipt, transmission, presentation and manufacture of audio, video, informational or other data or content), business and marketing development plans, customer lists, research projections, processes, techniques, designs,
sequences, components, programs, technology, ideas, know-how, improvements, inventions (whether or not patentable or copyrightable), information about 

  

 A-1 

 
operations and maintenance, trade secrets, formulae, models, patent disclosures and any other information concerning the actual or anticipated business,
research or development of MediciNova or its actual or potential customers or partners or which is or has been generated or received in confidence by or for MediciNova by or from any person; and all tangible and intangible embodiments thereof of any
kind whatsoever including, where appropriate and without limitation, all compositions, machinery, apparatus, records, reports, drawings, copyright applications, patent applications, documents and samples, prototypes, models, products and the like.

  
 In consideration of my employment or continued employment, as
the case may be, and the compensation received by me from MediciNova from time to time, I hereby agree as follows: 
  
 1. All Confidential Information shall be the sole property of MediciNova and its assigns, and MediciNova and its assigns shall be the sole owner of all
patents, copyrights and other rights in connection therewith. I hereby assign to MediciNova any rights I may have or acquire in all Confidential Information. At all times during my employment by MediciNova and at all times after termination of such
employment, I will keep in confidence and trust all Confidential Information, and I will not disclose, sell, use, lecture upon or publish any Confidential Information or anything relating to it without the prior written consent of MediciNova, except
as may be necessary in the ordinary course of performing my duties as an employee of (or consultant to) MediciNova. 
  
 2. Without limiting the terms of my employment with MediciNova, I agree that during the period of my employment by MediciNova I will not engage in any
employment or activity in any business that is directly or indirectly competitive with MediciNova. 
  
 3. All documents, data, records, apparatus, equipment, sequences, components, programs and other physical property, whether or not pertaining to
Confidential Information, furnished to me by MediciNova or produced by myself or others in connection with my employment shall be and remain the sole property of MediciNova and shall be returned promptly to MediciNova as and when requested by
MediciNova. Should MediciNova not so request, I shall return and deliver all such property upon termination of my employment by me or by MediciNova for any reason (“Termination”) and I will not take with me any such property, any
reproduction of such property or any materials or products derived from such property. 
  
 4. I shall promptly disclose any outside activities or interests, including any ownership or participation in the development of prior inventions, that conflict or may conflict with the interests of MediciNova. I
understand that I am required to make such disclosures promptly if the activity or interest is related, either directly or indirectly, to (i) an area of research, development, service, product or product line of MediciNova, (ii) a manufacturing,
development or research methodology or process of MediciNova or (iii) any activity that I may be involved with on behalf of MediciNova. 
  
 5. I shall promptly disclose to MediciNova, or any persons designated by it, all improvements, inventions, formulae, processes, programs, techniques,
know-how and data, whether or not patentable or copyrightable, made or conceived or reduced to practice or learned by me, either alone or jointly with others, during the period of my employment with MediciNova which are related to or useful in the
business of MediciNova, or result from tasks assigned me by MediciNova, or result from use of premises owned, leased or contracted for by MediciNova (all said improvements, inventions, formulae, processes, techniques, know-how and data shall be

  

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collectively hereinafter called “Inventions”). Such disclosure shall continue for one year after Termination with respect to anything that
would be an Invention if made, conceived, reduced to practice or learned prior to Termination. 
  
 6. I agree that all Inventions shall be the sole property of MediciNova and its assigns, and MediciNova and its assigns shall be the sole owner of all patents, copyrights and other rights in connection therewith and
all Confidential Information with respect thereto. I hereby assign to MediciNova any and all rights I may have or acquire in all Inventions, including all rights that may be known as or referred to as “moral rights.” I further agree
as to all Inventions to assist MediciNova in every proper way (but at MediciNova’s expense) to obtain and from time to time enforce patents and copyrights on the Inventions in any and all countries, and to that end I will execute all documents
for use in applying for and obtaining such patents and copyrights thereon and enforcing the same, as MediciNova may desire, together with any assignments thereof to MediciNova or persons designated by it. My obligation to assist MediciNova in
obtaining and enforcing patents and copyrights for the Inventions in any and all countries shall continue beyond Termination, but MediciNova shall compensate me at a reasonable rate after Termination for time actually spent by me at
MediciNova’s request on such assistance. In the event that MediciNova is unable for any reason whatsoever to secure my signature to any lawful and necessary document required to apply for or execute any patent or copyright application with
respect to Inventions (including renewals, extension, continuations, divisions or continuations in part thereof), I hereby irrevocably designate and appoint MediciNova and its duly authorized officers and agents, as my agents and attorneys-in-fact
to act for and in my behalf and instead of me, to execute and file any such application and to do all other lawfully permitted acts to further the prosecution and issuance of patents or copyrights thereon with the same legal force and effect as if
executed by me. 
  
 7. As a matter of record I have identified
beneath by signature hereto a complete list of all inventions or improvements relevant to the subject matter of my employment by MediciNova which have been made or conceived or first reduced to practice by me alone or jointly with others prior to my
employment by MediciNova (“Prior Inventions”) which I desire to remove from the operation of this Agreement; and I covenant that such list is complete. If no such list is identified, I represent that I have made no such Prior
Inventions at the time of the commencement of my employment by MediciNova. Notwithstanding the foregoing, and without limiting the other provisions of this Agreement, I agree that (i) any improvements or new inventions to the item(s) so identified
on such list (if any) shall be treated as Inventions for purposes of this Agreement if the provisions of Section 5 above are otherwise applicable and (ii) if, in the course of my employment with MediciNova, I incorporate a Prior Invention into a
MediciNova product, process, application, machine or invention, the MediciNova is hereby granted and shall have a nonexclusive, royalty-free, irrevocable, perpetual, worldwide license (with rights to sublicense through multiple tiers of
sublicensees) to make, have made, modify, use and sell such Prior Invention. Notwithstanding the foregoing, I agree that I will not incorporate, or permit to be incorporated, Prior Inventions in any MediciNova product, process, application, machine
or invention without MediciNova’s prior written consent. 
  
 8. I represent that my performance of all the terms of this Agreement and that my employment by MediciNova does not and will not breach or constitute an event of default under any agreement (i) obligating me to keep in confidence
proprietary information acquired by me in confidence or in trust prior to, or at any point throughout, my employment by MediciNova, 

  

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(ii) obligating me to assign to or protect for the benefit of any third party any proprietary information or any improvement, invention, formulae, process,
program, technique, know-how or data or (iii) that is designed in any way to limit my employment or activity in any business in which I may compete, directly or indirectly, with any other business, or which might by application have such an effect.
I have not entered into, and I agree that I will not enter into, any agreement (either written or oral) in conflict herewith. 
  
 9. I understand, acknowledge and agree that, as part of the consideration for my employment or continued employment by MediciNova, I have not brought and
will not bring with me to MediciNova or use in the performance of my responsibilities at or for MediciNova any equipment, supplies, facility or trade secret or other proprietary information of any former employer which are not generally available to
the public, unless I have obtained (and provide herewith to MediciNova a copy of) written authorization for their possession and use. 
  
 10. I also understand that, in my employment by MediciNova, I am not to breach any obligation of confidentiality that I have to others, and I agree that I
shall fulfill all such obligations during my employment by MediciNova. A copy of any document reflecting any such obligation, or a description thereof if no document is available, is provided herewith to MediciNova. 
  
 11. I agree that during the term of my employment with MediciNova and for a
period of twelve (12) months after Termination, I will not directly or indirectly: (i) induce or attempt to induce any employee or consultant of MediciNova to leave the employ of MediciNova or to otherwise end such employee’s or
consultant’s relationships with MediciNova, or (ii) other than on behalf of MediciNova, induce or attempt to induce any other person to terminate a relationship with MediciNova. 
  
 12. I acknowledge that, due to the uniqueness of my relationship with MediciNova, MediciNova would not have an adequate
remedy at law for money damages in the event that this Agreement is not fully performed in accordance with its terms. I agree that in addition to any other rights and remedies available to MediciNova for any breach by me of my obligations hereunder,
MediciNova shall be entitled to enforcement of my obligations hereunder by court injunction (without the posting of a bond or other security), specific performance or other appropriate equitable relief. 
  
 13. If any provision of this Agreement shall be declared invalid, illegal or
unenforceable, such provision shall be severed and all remaining provisions shall continue in full force and effect. 
  
 14. If applicable, this Agreement does not apply to inventions which qualify fully for protection under Section 2870 of the California Labor Code (which,
if applicable, could apply to ideas or inventions for which no equipment, supplies, facility or trade secret information of MediciNova were used and which were developed entirely on my own time, and (1) which do not relate at the time of conception
or reduction to practice of the invention (a) to the actual business of MediciNova, or (b) to MediciNova’s actual or demonstrably anticipated research or development, or (2) which do not result from any work performed by me for MediciNova).
Notwithstanding the foregoing, I shall disclose in confidence to MediciNova any invention in order to permit MediciNova to make a determination as to compliance by me with the terms and conditions of this Agreement. 
  

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 15. This Agreement shall be effective as of the first day of my employment by MediciNova. The term
“employment” and the term or duration of my employment, as used herein and for purposes of this Agreement, shall include, without limitation, any consulting relationship between myself and MediciNova (including, if applicable, any
such relationship which may follow the termination of my status as an employee of MediciNova or which may precede my status as an employee of MediciNova). Accordingly, notwithstanding any other provision of this Agreement to the contrary (and
without limitation), a “Termination” shall not be deemed to have occurred if a consulting relationship persists following the termination of my status as an employee of MediciNova (if applicable). 
  
 16. The term MediciNova, as used herein, shall include any subsidiary or
affiliate of MediciNova. 
  
 17. This Agreement shall be binding
upon me, my heirs, executors, assigns and administrators and shall inure to the benefit of MediciNova, its successors and assigns. 
  
 18. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California, without regard to the conflicts of
law principles thereof. 
  

					
			
	 Dated: July 18, 2005
	 	 	 	 /s/ Shintaro Asako

	 	 	 	 	 Name: Shintaro Asako

  
 Prior Inventions: 

 

			
	 Accepted and Agreed to
 This 18th day of July, 2005.

	
	MediciNova, Inc.
	
	         /s/ Takashi Kiyoizumi

	 By:
	 	 Takashi Kiyoizumi

	 Its:
	 	 President and CEO

  

 A-5Agreement between AnnTaylor Stores Corporation and Laura Weil

 Exhibit 10.1 
  
 ANN TAYLOR 
 Kay
Krill 
 President 
  
 August 29, 2005 
  
 Ms. Laura Weil 
  
 Dear Laura: 
  
 We are very pleased to offer you an opportunity to join Ann Taylor. The content and some of
the terms of this offer have been updated since earlier letters. 
  
 The following
information outlines the terms of our offer of employment: 
  

			
		
	 •      Start Date:
	    	TBD
		
	 •      Title:
	    	Senior Executive Vice President, Chief Operating Officer
		
	 •      Reporting to:
	    	Kay Krill, President Ann Taylor Corporation
		
	 •      Base Salary:
	    	$700,000 per annum, to be paid semi-monthly. This will be reviewed annually.
		
	 •      Bonus:
	    	Annual bonus eligibility will be 70% of your base salary. This potential bonus will be determined by targets under the Annual Management Incentive Plan (AMIP) and paid at the sole discretion
of the company.
		
	 •      Bonus Guarantee:
	    	AMIP bonus of $700,000 payable on or around March 31, 2006, provided you are employed by the Company on the payment date.
		
	 •      Long Term Incentive Plan (LTIP):
	    	LTIP eligibility will be 40% of your base salary. You are eligible to be included in the full 2005-2007 cycle.
		
	 •      Sign-On Bonus:
	    	$200,000 to be paid on or about the Start Date. You will repay this in full if you voluntarily leave other than for “Good Reason”, as defined under the “Severance” section
below, within one year of service.
		
	 •      Time-Vested Stock Options:
	    	We are granting you 175,000 stock options, subject to the approval of the Compensation Committee of the Board. These options vest 50% on March 31, 2006 and 50% on March 31, 2007. The
effective date of grant will be the Start Date and the exercise price will be the closing price on the business day immediately preceding the Start Date. You will receive a letter outlining the terms approximately 60 days from your hire
date.
		
	 •      Time-Vested Restricted Stock:
	    	We are granting you 75,000 shares of Restricted Common Stock, subject to the approval of the Compensation Committee of the Board. The restrictions on these shares lapse 50% on March 31, 2006
and 50% on March 31, 2007. The effective date of grant will be on the Start Date. You will receive a letter outlining the terms approximately 60 days from your hire date.

			
		
	 •      Continued Vesting:
	    	If your employment is terminated by Ann Taylor without “Cause” or by you for “Good Reason”, as defined below, the grants of 175,000 time-vesting stock options and 75,000
time-vesting restricted shares will continue to vest in accordance with the respective vesting schedules as if no such termination had occurred. You will continue to be able to exercise those options until the 90th day after the final vesting date (but in no event after the expiration of the term of such options), at which time the options will
expire.
		
	 •      Performance Based Stock Grant:
	    	We will also grant you, subject to Compensation Committee approval, 50,000 performance-vesting stock options and 50,000 performance-vesting shares of restricted stock. The vesting terms and
performance metrics will be aligned with grants to be awarded to me upon becoming Chief Executive Officer.
		
	 •      Annual Stock Grants:
	    	Annual equity grants are provided to eligible associates on an annual basis on or around March 31st of each year and will be based on your performance and the Company’s performance, subject to Compensation Committee approval. The Compensation Committee will review annually the appropriate level
of award for which you are eligible based on your position as Chief Operating Officer. As CEO, I will also have the right to recommend additional options and restricted shares at my discretion based on individual performance.
		
	 •      Severance:
	    	Since our executives generally do not have employment contracts, this will confirm that if you voluntarily leave for “Good Reason” (as defined below) or you are terminated by Ann
Taylor for reasons other than “Cause”, you will receive minimum severance equal to 12 months of your base salary at the termination date. Payment of any severance compensation is contingent upon your entering into a binding severance
agreement including a general release, restrictions on soliciting or hiring Ann Taylor associates and confidentiality. This severance will not be offset if you get another position during the period you are receiving severance. “Cause” is
defined on the attached exhibit. For purposes hereof, you shall have “Good Reason” to terminate your employment hereunder (1) upon a failure by the Company to comply with any material provision of this letter agreement which has not been
cured within ten business days after notice of such noncompliance has been given by you to the Company, or (2) upon action by the Company resulting in a diminution of your title or authority.
		
	 •      Change in Control Provisions:
	    	In the event that your employment terminates following a “Change in Control”, as defined in the Company’s Special Severance Plan, you will be covered by the terms of the
Special Severance Plan and will be entitled to receive the product of the sum of your annual base salary and your average AMIP and LTIP bonuses for three years, multiplied by two and one-half (2.5). If your employment terminates following a
“Change in Control” and prior to such termination the Special Severance Plan is amended to be less favorable to you or terminated, you will receive the same benefits as if the Special Severance Plan had not been so amended or
terminated.
		
	 •      Benefits:
	    	All benefits generally available to senior executives of the Company and the following:

  

	–	You have represented that you have no agreement or other restriction that would prevent you from accepting employment with the Company and you acknowledge that the Company has
instructed you not to use any confidential or proprietary information of your current employer in connection with your employment with the Company. The Company agrees to defend you, with counsel selected by the Company, and reimburse you for all
reasonable expenses you may incur arising in connection with a claim by your current employer solely relating to your acceptance of employment with the Company, other than a claim relating to your disclosure or use of any confidential or proprietary
information of such employer or breach of any agreement with such employer. In addition, the Company will reimburse you for legal fees relating to this offer, not to exceed $15,000. 

	–	Paid fees for tax preparation for 2005, not to exceed $5,000 

  

	–	Executive Coach 

  

	–	Annual Paid Time Off entitlement of 25 days 

  

	–	Executive Relocation 

  

	–	Shopping discount of 40% on all full-price merchandise and 25% on all reduced-price merchandise. 

  

	–	Medical, dental, vision, life and disability insurance under the Ann Taylor, Inc. Welfare Benefit Plan available on a contributory basis after 30 days of service.

  

	–	Discounted stock purchase plan available on the next enrollment date. 

  

	–	Pension plan in accordance with the rules of the Ann Taylor, Inc. Pension Plan. 

  

	–	401(k) plan available under the Ann Taylor, Inc. Savings Plan. 

  
  
 All payments described in this letter will be subject to applicable payroll and income tax
withholding and other applicable deductions. 
  
 The terms and conditions of your
employment with Ann Taylor are governed by the laws of New York State and standard company policies. Among other things, this means that the offer of employment is contingent upon you satisfactorily meeting all pre-employment requirements including
proof of your eligibility to work in the United States. 
  
 Please understand that
this letter is not a contract of continuing employment. Your employment by Ann Taylor is “Employment At Will”, which means for no fixed term, and either you or Ann Taylor may terminate the employment relationship at any time and for any
reason. 
  
 Please call me if you have any questions or need assistance (212)
541-3296. 
  
 Sincerely, 
  
  

	
	 /s/ Kay Krill

	Kay Krill
	President, Ann Taylor Stores Corporation
	
	  
 AGREED:

	  
 /s/ Laura Weil

 Laura Weil

  
 Dated: August 30, 2005

 Exhibit 
  
 Cause. The Company shall have “Cause” to terminate the Executive’s employment hereunder upon (1) the Executive’s conviction for the
commission of an act or acts constituting a felony under the laws of the United States or any state thereof, (2) action by the Executive toward the Company involving dishonesty, (3) the Executive’s refusal to abide by or follow reasonable
written directions of the Board or the CEO, which does not cease within ten (10) business days after such written notice regarding such refusal has been given to the Executive by the Company, (4) the Executive’s gross nonfeasance which does not
cease within ten (10) business days after notice regarding such nonfeasance has been given to the Executive by the Company, or (5) other willful conduct by the Executive which is intended to have and does have a material adverse impact on the
Company.

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