Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

On January 3, 2009, the Board of Directors (the "Board") of Neurobiological Technologies, Inc. (the "Company") terminated the employment of Paul E. Freiman as President and Chief Executive Officer of the Company, effective December 31, 2008. As reported in a Current Report on Form 8-K dated June 26, 2008, Mr. Freiman had previously informed the Board of his intention to retire as President and Chief Executive Officer as of December 31, 2008. Mr. Freiman was re-elected by the stockholders of the Company to a three-year term as a member of the Board at the Annual Meeting of Stockholders on November 13, 2008, and he continues to serve as a member of the Board.

Also on January 3, 2009, the Board appointed a Special Committee consisting of William A. Fletcher and John B. Stuppin to assist the Company's senior management team with selected strategic and operational matters, on an as-needed basis pending the appointment of a chief executive officer. Mr. Fletcher will serve as Chairman of the Special Committee.