Document:

SEPARATION AGREEMENT BETWEEN THE COMPANY & JOSEPH CORNELY

 Exhibit 10.33 
 

 
 November 27, 2006 
 Joseph
Cornely 
 8 Cumston Street 
 Boston, MA 02118 
 Dear Joseph: 
 This letter is to set forth the terms of your
voluntary resignation from Casual Male Retail Group, Inc. (“CMRG”). 
 1. Your last day of work with CMRG will be
January 2, 2007. Your salary and benefits will cease as of that date. On your last day, you will receive payment for any accrued, unused vacation as of January 2, 2007. You will receive, under separate cover, information regarding your
right to continue health insurance coverage under the provisions of COBRA. 
 2. In consideration of the promises made by you
in this agreement and in the event you sign this agreement, do not revoke your acceptance within seven (7) days following your execution of this letter and execute the release attached hereto as Exhibit A on or after January 2, 2007:

 (a) CMRG agrees to provide you a severance payment, in the amount of $72,735.60, which represents twelve (12) weeks of
pay, to be paid in bi-weekly installments in accordance with the company’s regular and customary payroll practices. Applicable state and federal taxes and other employee withholdings will be deducted from the payment. The severance payments
will begin on the first payroll date in January 2007, which is at least ten (10) days after the expiration of the revocation period set forth in paragraph 5 
 (b) CMRG also agrees to provide you with a lump sum payment of $100,000.00 as a retention incentive to remain in your position through
January 2, 2007. This payment, minus applicable state and federal taxes and other employee withholding, will be made on the first CMRG payroll date in January 2007, which is at least ten (10) days after the expiration of the revocation
period set forth in paragraph 5; 
 (c) CMRG agrees to provide employment confirmation. Please direct requests for
confirmation to: Walter Sprague, Senior Vice President Human Resources. 
 (d) You shall return all company property, such as
your identification cards, computer equipment, company records, etc. on your last day of active employment; provided, however, that CMRG will not object to you retaining your cell phone account telephone number with you being responsible for all
charges incurred after January 2, 2007. 
  

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 3. In consideration of the payments to be made by CMRG to you as set forth in paragraph
two (2) above and the promises contained in this letter, you voluntarily and of your own free will agree to release, forever discharge and hold harmless CMRG, its subsidiaries and affiliates, its present or former officers, directors, trustees,
employees, agents or successors or assigns (“CMRG”) from any and all claims, demands, rules or regulations, or any other causes of action of whatever nature, whether known or unknown, including, but not limited to, Title VII of the Civil
Rights Act of 1964, the Age Discrimination in Employment Act, 29 U.S.C. Section 623, et seq., the Fair Labor Standards Act, 29 U.S.C. Section 201, et seq., the Employee Retirement Income Security Act of 1974, 29
U.S.C. Section 1001, et seq., the Civil Rights Act of 1866, 29 U.S.C. Section 1981, et seq., the Rehabilitation Act of 1973, 29 U.S.C. Section 701, et seq., the Americans With Disabilities
Act, the Civil Rights Act of 1991, the Massachusetts Wage and Hour Laws, G.L. c. 151, the Massachusetts Law Against Discrimination, G.L. c. 151B, the Massachusetts Equal Rights Act, G.L. c. 93, the Massachusetts Civil Rights Act, G.L. c.12, the
Massachusetts privacy statute, G.L. c. 214, Section 1B, or any other federal, state or local human rights, civil rights, wage-hour, pension or labor laws, rules and/or regulations, public policy, contract or tort laws, or any claim for
misrepresentation, defamation or invasion of privacy, or otherwise. You affirm that you have no known workplace injuries or occupational diseases and that you have not been denied any leave under the Family and Medical Leave Act. By signing this
letter neither party is indicating an admission of any wrongdoing. 
 Provided, however, that this section does not, is not intended to, and
shall not be interpreted as a release or waiver by you with respect to (a) any claim for vested benefits to which you may be entitled under any retirement and welfare and benefit plans in which you participate; (b) any claims or rights to
indemnification and defense arising out of your employment with the Company, whether under law, agreement, Articles of Incorporation, By-laws, Directors and Officers Liability policies, or otherwise; (c) any claims and rights under the terms of
or to enforce this Agreement. 
 4. (a) You agree not do disclose any confidential information regarding CMRG, and all
subsidiaries, including but not limited to: the business, the financial condition of the business, strategic plans and initiatives, associates, including names and contact information of associates, locations and performance of stores and any
proprietary information regarding the business or operations of CMRG including any and all subsidiaries. You agree not to make disparaging, critical, or otherwise detrimental comments to any person or entity concerning CMRG, it officers, directors,
trustees, employees; the services or programs provided or to be provided by CMRG; the business affairs of the financial condition of CMRG; or the circumstances surrounding the employment and/or separation of employment from CMRG. CMRG, its Board of
Directors and its senior management agree not to make disparaging, critical, or otherwise detrimental comments to any person or entity concerning you. 
  

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 (b) You agree not to disclose to anyone, either directly or indirectly, any information
whatsoever regarding the existence or substance of this letter, except to your spouse, domestic partner, financial advisor or attorney. This includes, but is not limited to, present or former employees of CMRG and other members of the public. CMRG
agrees to consider your suggestions on the form of announcement of your departure although the decision on the form of announcement remains with CMRG. 
 (c) Nothing in this letter is intended to preclude you from cooperating with any appropriate federal, state or local government agency in any investigation. Further, nothing herein is intended to preclude you from
filing a complaint and/or charge with any appropriate federal, state, or local government agency. However, you shall not be entitled to receive any relief, recovery, or monies in connection with any complaint or charge, without regard as to who
brought any said complaint or charge. 
 (d) You agree, subject to your availability and advance written notice, to reasonably
cooperate with any reasonable request of CMRG, to the extent possible, to participate in the preparation for, response to, prosecution of and/or defense of any pending, actual or threatened litigation involving CMRG. CMRG agrees to reimburse you for
your time, based upon your current annual base compensation converted to an hourly rate of one hundred fifty one dollars and fifty three cents ($151.53) and all reasonable expenses you incur as a result of this section. 
 5. For a period of twelve (12) weeks (the “Non Competitive Period”) commencing on the termination date, you agree not to
directly or indirectly, as owner, partner, joint venturer, stockholder, employee, broker, agent, principle, trustee, corporate officer, director, licensor, or in any capacity whatsoever, engage in, become financially interested in, be employed by,
render any consultation or business advice with respect to, or have any connection with any affiliates, in any geographic area in the United States of America and Puerto Rico where, at the time of the termination of your employment hereunder, the
business of CMRG and specifically Casual Male XL or any of such subsidiaries and affiliates was being conducted or was proposed to be conducted in any manner whatsoever; provided, however, that you may own any securities of any corporation which is
engaged in such business and is publicly owned and traded but in an amount not to exceed at any one time one percent (1%) of any class of stock or securities of such corporation. In addition, you shall not, during the Non-Competitive Period,
directly or indirectly, request or cause any suppliers or customers with whom CMRG and specifically Casual Male XL or any of its subsidiaries and affiliates has a business relationship to cancel or terminate any such business relationship with CMRG
or subsidiaries or affiliates and specifically Casual Male XL or any of its subsidiaries and affiliates. Finally, you agree that you will not for a period of eighteen (18) months, solicit, hire, interfere with or entice from CMRG or
subsidiaries or affiliates and specifically Casual Male XL any employee or former employee of CMRG. 
 6. You may revoke this
separation agreement and release for a period of seven (7) days following your execution of this letter. This letter shall not become effective or enforceable until the revocation period has expired. Any revocation within this period must be
submitted, in writing, to CMRG and must state, “I hereby revoke my acceptance of the letter agreement and release.” The revocation must be personally delivered to Walter Sprague, Senior 

  

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Vice President, Human Resources, or mailed to him at Casual Male Retail Group, Inc 555 Turnpike Street, Canton, Massachusetts 02021 and postmarked within
seven (7) days of your execution of this letter. You are advised to consult with an attorney and you acknowledge you have had the opportunity to do so. You will be provided with twenty-one (21) days to consider the meaning and effect of
this letter agreement and general release. You agree that any modifications, material or otherwise, made to this agreement and general release do not restart or affect in any manner the original 21-day consideration period. 
 7. This letter and general release sets forth the complete agreement between the parties and supersedes any and all other agreements and
understandings, whether oral or written, including any Severance Compensation Agreement between you and Casual Male Corp. It may not be modified, altered or changed except upon signed written consent of both parties and will be construed and applied
in accordance with the laws of Massachusetts. By signing this letter, you acknowledge that it waives any and all claims that you have or could possibly have against CMRG in connection with your employment. 
 CMRG would like to extend its appreciation to you for your past service, and its sincere hope for success in your future endeavors. 
  

					
	Sincerely,	 		 	
			
	/s/ Walter E. Sprague	 		 	   
	Walter E. Sprague	 		 	Date
	 Senior Vice President - Human Resources
 Casual Male
Retail Group, Inc.
	 		 	

 I acknowledge that I have been afforded an opportunity of twenty-one (21) days to consider
the terms and conditions of this letter agreement, that I have been given ample opportunity to consult with an attorney or advisor of my choosing, that I have been advised by CMRG to consult with an attorney prior to signing this letter agreement,
and that I knowingly and voluntarily agree to and accept the terms outlined in this letter without reservation. 
  

					
			
	/s/ Joseph Cornely	 		 	   
	Joseph Cornely	 		 	Date

  

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 Exhibit A 
 GENERAL RELEASE 
 In consideration of the promises made in the Letter Agreement and Release
dated September 24, 2006, between Casual Mail Retail Group Inc. (“CMRG”) and Joseph Cornely, you voluntarily and of your own free will agree to release, forever discharge and hold harmless CMRG, its subsidiaries and affiliates, its
present or former officers, directors, trustees, employees, agents or successors or assigns (“CMRG”) from any and all claims, demands, rules or regulations, or any other causes of action of whatever nature, whether known or unknown,
including, but not limited to, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, 29 U.S.C. Section 623, et seq., the Fair Labor Standards Act, 29 U.S.C. Section 201, et seq., the Employee Retirement
Income Security Act of 1974, 29 U.S.C. Section 1001, et seq., the Civil Rights Act of 1866, 29 U.S.C. Section 1981, et seq., the Rehabilitation Act of 1973, 29 U.S.C. Section 701, et seq., the Americans With Disabilities Act, the
Civil Rights Act of 1991, the Massachusetts Wage and Hour Laws, G.L. c. 151, the Massachusetts Law Against Discrimination, G.L. c. 151B, the Massachusetts Equal Rights Act, G.L. c. 93, the Massachusetts Civil Rights Act, G.L. c.12, the Massachusetts
privacy statute, G.L. c. 214, Section 1B, or any other federal, state or local human rights, civil rights, wage-hour, pension or labor laws, rules and/or regulations, public policy, contract or tort laws, or any claim for misrepresentation,
defamation or invasion of privacy, or otherwise. You affirm that you have no known workplace injuries or occupational diseases and that you have not been denied any leave under the Family and Medical Leave Act. By signing this letter neither party
is indicating an admission of any wrongdoing. Provided, however,, that this section does not, is not intended to, and shall not be interpreted as a release or waiver by you with respect to (a) any claim for vested benefits to which you may be
entitled under any retirement and welfare and benefit plans in which you participate; (b) any claims or rights to indemnification and defense arising out of your employment with the Company, whether under law, agreement, Articles of
Incorporation, By-laws, Directors and Officers Liability policies, or otherwise; (c) any claims and rights under the terms of or to enforce this Agreement. 
 You will be afforded twenty one (21) days to consider the meaning and effect of this General Release. You are advised to consult with an attorney. You agree that any modifications, material or otherwise, made to
this General Release do not restart of affect in any manner the original twenty-one (21) day consideration period. 
 You may revoke
this General Release for a period of seven (7) calendar days following the day you execute this agreement. Any revocation within this period must be submitted in writing to CMRG and state, “I hereby revoke my acceptance of the letter
agreement and release.” The revocation must be personally delivered to Walter Sprague, Senior Vice President, Human Resources, or mailed to him at Casual Male Retail Group, Inc 555 Turnpike Street, Canton, Massachusetts 02021 and postmarked
within seven (7) days of your execution of this letter. This release shall not become effective or enforceable until the revocation period has expired. If the last day of the revocation period is a Saturday, Sunday or legal holiday in
Massachusetts, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday or legal holiday. 
  

					
			
	   	 		 	/s/ Joseph Cornely
	Date	 		 	JOSEPH CORNELY

  

 5Form of Common Stock Warrant

 EXHIBIT 4.1 
 COMMON STOCK PURCHASE WARRANT 
 To Purchase
                     Shares of Common Stock of 
 NEUROBIOLOGICAL TECHNOLOGIES, INC. 
 THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received,                      (the “Holder”), is entitled, upon the
terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to the close of business on the five year anniversary
following the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Neurobiological Technologies, Inc., a Delaware corporation (the “Company”), up to
                     shares (the “Warrant Shares”) of Common Stock, par value $0.001 per share, of the Company (the
“Common Stock”). The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
 Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain
Securities Purchase Agreement (the “Purchase Agreement”), dated March 30, 2007, among the Company and the purchasers signatory thereto. 
 Section 2. Exercise. 
 a) Exercise of Warrant. Exercise of the
purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy of the Notice
of Exercise Form annexed hereto (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of such Holder appearing on the books of the Company); provided, however,
within 3 Trading Days of the date said Notice of Exercise is delivered to the Company, if this Warrant is exercised in full, the Holder shall have surrendered this Warrant to the Company and the Company shall have received payment of the aggregate
Exercise Price of the shares thereby purchased by wire transfer or cashier’s check drawn on a United States bank. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number
of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within 1 Trading Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the
amount stated on the face hereof. 
  

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 b) Exercise Price. The exercise price of the Common Stock under this Warrant shall
be $2.40, subject to adjustment hereunder (the “Exercise Price”). 
 c) Cashless Exercise. If,
and only if, at the time of exercise pursuant to Section 2(a) there is no effective Registration Statement registering, or no current prospectus available for, the sale of the Warrant Shares to the Holder or the resale of the Warrant Shares by
the Holder, then this Warrant may also be exercised at such time and with respect to such exercise by means of a “cashless exercise” in which the Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to
the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A)  =	the VWAP (as defined below) on the Trading Day immediately preceding the date of such election; 

  

	 	(B)  =	the Exercise Price of this Warrant, as adjusted; and 

  

	 	(X)  =	the number of Warrant Shares issuable upon exercise of this Warrant in accordance with the terms of this Warrant by means of a cash exercise rather than a cashless exercise.

 “VWAP” means, for any date, the price determined by the first of the following clauses that
applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then
listed or quoted for trading as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time); (b) if the OTC Bulletin Board is not a Trading Market, the volume weighted average price
of the Common Stock for such date (or the nearest preceding date) on the OTC Bulletin Board; (c) if the Common Stock is not then quoted for trading on the OTC Bulletin Board and if prices for the Common Stock are then reported in the “Pink
Sheets” published by Pink Sheets, LLC (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported; or (d) in all other cases, the fair market
value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Holder and reasonably acceptable to the Company. 
 d) Holder’s Restrictions. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2(c) or
otherwise, to the extent that after giving effect to such issuance after exercise, such Holder (together with such Holder’s affiliates, and any other person or entity acting as a group together with such Holder or any of such Holder’s
affiliates), as set forth on the applicable Notice of Exercise, would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock
beneficially owned by such 

  

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Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination
of such sentence is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by such Holder or any of its affiliates
and (B) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other Preferred Stock or Warrants) subject to a limitation on conversion or exercise analogous
to the limitation contained herein beneficially owned by such Holder or any of its affiliates. Except as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by a Holder that the Company is not representing to such Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and such Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by such Holder) and of which a portion of this Warrant is exercisable shall be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be each Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have
no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. For purposes of this Section 2(d), in determining the number of outstanding shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the
Company’s most recent Form 10-Q or Form 10-K, as the case may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Company’s Transfer Agent setting forth the number of shares of
Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. In any case, the number
of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by such Holder or its affiliates since the date as of which such number of outstanding
shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon
exercise of this Warrant. The Beneficial Ownership Limitation provisions of this Section 2(d) may be waived by such Holder, at the election of such Holder, upon not less than 61 days’ prior notice to the Company to change the Beneficial
Ownership Limitation to 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant, and the provisions of this Section 2(d) shall
continue to apply. Upon such a change by a Holder of the Beneficial Ownership Limitation from such 4.99% limitation to such 9.99% limitation, the Beneficial Ownership Limitation 
  

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may not be waived by such Holder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity with the terms of
this Section 2(d) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly
give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant. 
 e)
Mechanics of Exercise. 
 i. Authorization of Warrant Shares. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant, be duly authorized, validly issued, fully paid and nonassessable and free from all
taxes, liens and charges in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 
 ii. Delivery of Certificates Upon Exercise. Shares purchased hereunder shall be delivered by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit
Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system, and otherwise by physical delivery of a certificate to the address specified by the Holder in the Notice of Exercise within 3 Trading Days
from the latest of delivery to the Company of the Notice of Exercise Form, surrender of this Warrant and payment of the aggregate Exercise Price as set forth above (“Warrant Share Delivery Date”). This Warrant shall be deemed to
have been exercised on the date the Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record
of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(e)(vii) prior to the issuance of such
shares, have been paid. 
 iii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of
Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iv. Rescission Rights. If the Company fails to cause its transfer agent to
transmit to the Holder a certificate or certificates representing the Warrant Shares pursuant to this Section 2(e)(iv) by the 2nd Trading Day following the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 
  

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 v. Compensation for Buy-In on Failure to Timely Deliver Certificates Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit on or before the second Trading Day following the Warrant Share Delivery Date the Warrant Shares pursuant to an
exercise, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder
anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the
shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (B) the price at
which the sell order giving rise to such purchase obligation was executed, and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored or
deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase
price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately preceding sentence the
Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In, together with applicable confirmations and other evidence reasonably
requested by the Company. 
 vi. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional
shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price. 
 vii. Charges, Taxes and Expenses. Issuance of certificates
for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such
certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued in a name other than the name of
the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder; and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for
any transfer tax incidental thereto. 
  

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 viii. Closing of Books. The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 
 Section 3. Certain
Adjustments. 
 a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding:
(A) pays a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company pursuant to this Warrant), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including by way of reverse stock split) outstanding shares of
Common Stock into a smaller number of shares, or (D) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event
and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification. 
 b) [Intentionally Deleted]  
 c) Pro Rata Distributions. If the Company, at any time prior to the Termination Date, shall distribute to all holders of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets
(including cash and cash dividends) or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 3(b)), then in each such case the Exercise Price shall be adjusted by multiplying
the Exercise Price in effect immediately prior to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP determined as of the record date mentioned
above, and of which the numerator shall be such VWAP on such record date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable to one outstanding share of
the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or such subscription
rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution is made and shall become effective immediately after the record date mentioned above. 
 d) Fundamental Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or
consolidation of the Company with 

  

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or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the
Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (each “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental
Transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a
result of such merger, consolidation or disposition of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event. For purposes of any such exercise, the determination of the
Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall apportion
the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. To the extent necessary to
effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s right to exercise
such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this
Section 3(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a
Fundamental Transaction that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Securities Exchange Act of 1934, as amended, or (3) a Fundamental Transaction involving a person
or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any successor entity shall pay at the Holder’s option, exercisable at any time
concurrently with or within 30 days after the consummation of the Fundamental Transaction, an amount of cash equal to the value of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg L.P. using (i) a price per share of Common Stock equal to the VWAP of the Common Stock for the Trading Day immediately preceding the date of consummation of the applicable Fundamental Transaction, (ii) a risk-free
interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and (iii) an expected volatility 
  

 7 

 
equal to the 100 day volatility obtained from the “HVT” function on Bloomberg L.P. determined as of the Trading Day immediately following the
public announcement of the applicable Fundamental Transaction. 
 e) Calculations. All calculations under this
Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum
of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding. 
 f) Voluntary
Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of Directors of the Company. 
 g) Notice to Holders. 
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to this Section 3, the Company shall promptly mail to each Holder a notice setting forth the Exercise Price after such
adjustment and setting forth a brief statement of the facts requiring such adjustment. 
 ii. Notice to Allow Exercise by
Holder. If (A) the Company shall declare a dividend (or any other distribution) on the Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the Company shall
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in
connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common
Stock is converted into other securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company; then, in each case, the Company shall cause to be
mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a
record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions,
redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property 

  

 8 

 
deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect
therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the 20-day period commencing on the date of such notice to the
effective date of the event triggering such notice. 
 Section 4. Transfer of Warrant. 
 a) Transferability. Subject to the limitations set forth below, this Warrant and all rights hereunder are transferable, in whole or
in part, upon surrender of this Warrant at the principal office of the Company, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to
pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees and in the denomination or
denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. A Warrant, if properly assigned, may be
exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. Notwithstanding anything herein to the contrary, this Warrant may only be transferred to an entity that meets the investor suitability requirements set
forth in the Purchase Agreement, including, without limitation, the requirements that the transferee be a “qualified institutional buyer” and that the transferee satisfy the applicable definitions set forth in Exhibit 3.2(c) to the
Purchase Agreement. 
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a),
as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5. Miscellaneous.

 a) Title to Warrant. Prior to the Termination Date and subject to compliance with applicable laws and Section 4
of this Warrant, this Warrant and all rights hereunder are transferable, in whole or in part, at the office or agency of the Company by the Holder in person or by duly authorized attorney, upon surrender of this Warrant together with the Assignment
Form annexed hereto properly endorsed. 
  

 9 

 b) No Rights as Stockholder Until Exercise. This Warrant does not entitle the
Holder to any voting rights or other rights as a stockholder of the Company prior to the exercise hereof. Upon the surrender of this Warrant and the payment of the aggregate Exercise Price (or by means of a cashless exercise, if permitted), the
Warrant Shares so purchased shall be and be deemed to be issued to such Holder as the record owner of such shares as of the close of business on the later of the date of such surrender or payment. 
 c) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in
the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated
as of such cancellation, in lieu of such Warrant or stock certificate. 
 d) Saturdays, Sundays, Holidays, etc. If the
last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or a legal holiday, then such action may be taken or such right may be exercised on the next succeeding day not
a Saturday, Sunday or legal holiday. 
 e) Authorized Shares. 
 The Company covenants that during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a
sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable
action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith assist in the carrying 

  

 10 

 
out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant
against impairment. Without limiting the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
(b) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts
to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant. 
 Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in
the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 
 f) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the provisions of the Purchase Agreement. 
 g) Restrictions. The Holder acknowledges
that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws. 
 h) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any
provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 
 i) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall
be delivered in accordance with the notice provisions of the Purchase Agreement. 
 j) Limitation of Liability. No
provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant or purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase
price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
  

 11 

 k) Remedies. Holder, in addition to being entitled to exercise all rights granted
by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Warrant and hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 
 l) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and
the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares. 

m) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder. 
 n) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Warrant. 
 o) Headings. The headings
used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 
  

 12 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly
authorized. 
 Dated: March     , 2007 
  

			
	NEUROBIOLOGICAL TECHNOLOGIES, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

  

 13 

 NOTICE OF EXERCISE 
 TO: Neurobiological Technologies, Inc. (Attn: Chief Financial Officer, copy to Controller) 
 (1) The
undersigned hereby elects to purchase              Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of (check
applicable box): 
  ̈ in lawful
money of the United States; or 
  ̈
the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless
exercise procedure set forth in subsection 2(c). 
 (3) Please issue a certificate or certificates representing said Warrant Shares in the
name of the undersigned or in such other name as is specified below: 
  

							
		  	  
	  		 	

 The Warrant Shares shall be delivered to the following: 
  

							
		  	  
	  		 	
		  	  
	  		 	
		  	  
	  		 	

 ASSIGNMENT FORM 
 (To assign the foregoing warrant, execute 
 this form and supply required information. 
 Do not use this form to exercise the warrant.) 
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

													
		 	  
	 	whose address is	 		 	
				
		 	  
	 	.	 	
				
		 	  
	 		 	
						
		 		  		 	Dated:	 	                                    , 
             	 	
						
		 		  	                                    Holder’s
 Signature:	 	  
	 		 	
						
		 		  	                                     Holder’s
 Address:
	 	  
	 		 	
						
		 		  		 	  
	 		 	
			
		 	 Signature Guaranteed:                                  
                                        
                                        
                                        
                    
	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of
authority to assign the foregoing Warrant.

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