Summary of NEUROBIOLOGICAL TECHNOLOGIES INC /CA/

Items 1.02 and 3.03. Termination of a Material Definitive Agreement and Material Modification to Rights of Security Holders.

On August 27, 2009, the Board of Directors (the "Board") of Neurobiological Technologies, Inc. (the "Company") approved the termination of the Company's existing Rights Agreement, dated May 19, 2005, by and between the Company and American Stock Transfer & Trust Co., as amended, (the "Rights Agreement"), effective as of August 31, 2009. A summary of the material terms and conditions of the Rights Agreement is contained in the Company's Registration Statement on Form 8-A, filed with the Securities and Exchange Commission (the "SEC") on May 20, 2005, the Company's Registration Statement on Form 8-A/A, filed with the SEC on November 5, 2007 and the Company's Registration Statement on Form 8-A/A, filed with the SEC on November 5, 2008.

Item 5.02. Compensatory Arrangements of Certain Officers.

On August 27, 2009, the Board approved reduced compensation for the Company's current executive officers. Effective as of September 1, 2009, the fees paid to William A. Fletcher for his services as the Company's Acting Chief Executive Officer will be reduced from $25,000 to $12,500 per month. Also, effective as of September 1, 2009, the annual salary of Matthew M. Loar, the Company's Vice President and Chief Financial Officer, will be reduced from $280,000 to $140,000. Effective as of October 1, 2009, the quarterly retention bonus paid to Mr. Loar will be reduced from $28,000 per quarter to $14,000 per quarter (or a part thereof) during which Mr. Loar continues to serve as the Company's Vice President and Chief Financial Officer. Mr. Loar remains entitled to severance benefits of six months' base salary (based on his compensation prior to the salary reduction) and six months of COBRA payments when his employment is terminated by the Company.

Item 8.01. Other Events.

On August 27, 2009, the Board approved the liquidation and dissolution of the Company pursuant to a Plan of Complete Liquidation and Dissolution (the "Plan of Dissolution"). The Plan of Dissolution is subject to obtaining stockholder approval at a special meeting of the Company's stockholders. The Board also approved, subject to stockholder approval, an amendment (the "Amendment") to the Company's Certificate of Incorporation that authorizes the Company to redeem all outstanding shares of its preferred stock, $0.001 par value per share. Upon stockholder approval of the Plan of Dissolution and the Amendment, the Company intends to redeem all outstanding shares of Preferred Stock, pay an extraordinary dividend to all holders of Common Stock and then proceed with the orderly wind down and dissolution of the Company.

The Plan of Dissolution and the Amendment will be described in detail in the proxy statement to be filed with the SEC in early September 2009.

A press release announcing, among other things, the termination of the Rights Agreement and the Board's approval of the Plan of Dissolution and the Amendment, is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.