MediciNova signs new employment agreements with CEO Iwaki and CMO Matsuda

MediciNova, Inc. disclosed in an 8-K filing that on August 17, 2026, it entered into new Executive Employment Agreements with Yuichi Iwaki, M.D., Ph.D., its President and Chief Executive Officer, and Kazuko Matsuda, M.D., Ph.D., MPH, its Chief Medical Officer.¹ The company said the agreements replace each executive's earlier employment and severance protection arrangements with the company.¹

Under the new terms, Dr. Iwaki will remain CEO and continue reporting to the Board of Directors, with a base salary of $690,246 and a target annual bonus equal to 55% of that base salary, awarded at the Board's or its Compensation Committee's discretion.¹ Dr. Matsuda will continue as CMO reporting to the CEO, with a base salary of $540,143 and a target bonus of 40% of that amount, also subject to Board discretion.¹

Both agreements outline severance structures tied to whether a termination occurs near a change in control. For Dr. Iwaki, a termination outside the change-in-control window brings 12 months of base salary in a lump sum plus up to 12 months of COBRA coverage¹, while a termination tied to a change in control brings 24 months of base salary and bonus, up to 18 months of COBRA coverage, and full acceleration of unvested equity awards.¹

Dr. Matsuda's severance follows a similar structure, with 12 months of salary and COBRA coverage for a standard involuntary termination¹, rising to 18 months of salary and bonus, 18 months of COBRA coverage, and full equity acceleration if tied to a change in control.¹

Both agreements include a one-year non-solicitation clause and standard tax-related cutback provisions¹, and are governed by Delaware law under at-will employment terms.¹ The company said the full agreements will be filed with its Form 10-Q for the quarter ending September 30, 2026.¹