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| MNOV > SEC Filings for MNOV > Form 8-K on 2-Jul-2009 | All Recent SEC Filings |
2-Jul-2009
Entry into a Material Definitive Agreement, Change in Directors or Principal Offic
As previously disclosed, Richard E. Gammans, Ph.D. resigned from his position as
Chief Development Officer of MediciNova, Inc. (the "Company") on June 12, 2009.
Dr. Gammans has entered into a Separation Agreement and Release dated June 26,
2009 (the "Separation Agreement") with the Company that, subject to the terms
and conditions thereof, provides for the lump sum payments to Dr. Gammans of
(a) $292,263.75, which equals the salary that he would have received through
March 12, 2010, and (b) $4,000.00 to help defray certain lease and relocation
costs. In addition, through March 12, 2010, the Company will pay the applicable
health insurance premiums to continue his medical benefits in the same manner
that such benefits were in effect immediately prior to Dr. Gammans' resignation,
with the exception that the Company may discontinue paying such premiums if and
when he receives medical benefits from another employer. As part of the
Separation Agreement, Dr. Gammans has agreed to release the Company and certain
related parties, including the Company's officers, directors and employees, from
all claims and liabilities under federal and state laws arising prior to the
date of the Separation Agreement, and he has reaffirmed that he will continue to
abide by his Proprietary Information and Inventions Agreement dated June 14,
2004. A copy of Dr. Gammans' Separation Agreement is attached hereto as Exhibit
10.1 and is incorporated herein by reference.
See Item 1.01 above for information regarding Dr. Gammans' entrance into the Separation Agreement with the Company.
(d) Exhibits.
10.1 Separation Agreement and Release dated June 26, 2009, by and between
MediciNova, Inc. and Richard E. Gammans, Ph.D.
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