Document:

Warrant to Purchase Common Stock

 Exhibit 4.1 
  
 Warrant No. F-1 
  
 WARRANT TO PURCHASE A MAXIMUM OF 10,000 SHARES OF 
 COMMON STOCK OF 
 NEUROBIOLOGICAL TECHNOLOGIES, INC. 
 (Void after
December 22, 2006) 
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED OR THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT
OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED, OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. 
  
 THIS WARRANT AND THE SHARES PURCHASABLE HEREUNDER ARE SUBJECT TO RESTRICTIONS ON TRANSFER AS SET FORTH HEREIN. 
  
 This certifies that Merriman Curhan Ford & Co. (the “Holder”),
or assigns, for value received, is entitled to purchase from Neurobiological Technologies, Inc., a Delaware corporation (the “Company”), located at 3260 Blume Drive, Suite 500, Richmond, California 94806, subject to the terms set forth
below, a maximum of 10,000 fully paid and nonassessable shares (subject to adjustment as provided herein) of the Company’s Common Stock (the “Warrant Shares”) for cash at a price of $5.14 per share (the “Exercise Price”)
(subject to adjustment as provided herein) at any time or from time to time up to and including 5:00 p.m. (California Time) on December 22, 2006, (the “Expiration Date”) upon surrender to the Company at its principal office (or at such
other location as the Company may advise the Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly filled in and signed and upon payment in cash or by check of the aggregate Exercise Price for the
number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof. The Exercise Price is subject to adjustment as provided in Section 3 of this Warrant. This Warrant is issued subject to the following
terms and conditions: 
  
 1. Exercise, Issuance of
Certificates. This Warrant is exercisable at the option of the Holder of record hereof on or prior to the Expiration Date, at any time or from time to time following its issuance, for all or any part of the Warrant Shares (but not for a fraction
of a share) which may be purchased hereunder, as that number may be adjusted pursuant to Section 3 of this Warrant. The Company agrees that the Warrant Shares purchased under this Warrant shall be, and are deemed to be, issued to the Holder hereof
as the record owner of such Warrant Shares as of the close of business on the date on which this Warrant shall have been surrendered, properly endorsed, the completed and executed Form of Subscription delivered, and payment made in cash or by check
for such Warrant Shares. Certificates for the Warrant Shares so purchased, together with any other securities or property to which the Holder hereof is entitled upon such exercise, shall be delivered to the Holder hereof by the Company at the
Company’s expense not 

 later than 10 days after the rights represented by this Warrant have been so exercised. In case of a purchase of less
than all the Warrant Shares which may be purchased under this Warrant, the Company shall cancel this Warrant and execute and deliver to the Holder hereof within a reasonable time a new Warrant or Warrants of like tenor for the balance of the Warrant
Shares purchasable under the Warrant surrendered upon such purchase. Each stock certificate so delivered shall be registered in the name of the Holder. 
  
 2. Shares to be Fully Paid. The Company covenants and agrees that all Warrant Shares, will, upon issuance and payment of the applicable Exercise
Price, be duly authorized, validly issued, fully paid and nonassessable, and free of all liens and encumbrances, except for restrictions on transfer provided for herein or under applicable federal and state securities laws. 
  
 3. Adjustment of Exercise Price and Number of Shares. The Exercise
Price and the total number of Warrant Shares shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 3. Upon each adjustment of the Exercise Price, the Holder of this Warrant shall thereafter
be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares purchasable pursuant hereto
immediately prior to such adjustment, and dividing the product thereof by the Exercise Price resulting from such adjustment. 
  
 3.1 Subdivision or Combination of Stock. In case the Company shall at any time subdivide its outstanding shares of Common Stock
into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced and the number of Warrant Shares issuable hereunder proportionately increased, and conversely, in case the
outstanding shares of the Common Stock of the Company shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased and the number of Warrant Shares issuable
hereunder proportionately decreased. 
  
 3.2
Reclassification. If any reclassification of the capital stock of the Company or any reorganization, consolidation, merger, or any sale, lease, license, exchange or other transfer (in one transaction or a series of related transactions) of
all or substantially all, of the business and/or assets of the Company (the “Reclassification Events”) shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities, or other assets or
property, then, as a condition of such Reclassification Event lawful and adequate provisions shall be made whereby the Holder hereof shall thereafter have the right to purchase and receive (in lieu of the shares of Common Stock of the Company
immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby) such shares of stock, securities, or other assets or property as may be issued or payable with respect to or in exchange for a number of
outstanding shares of such Common Stock equal to the number of shares of such stock immediately theretofore purchasable and receivable upon the exercise of the rights represented hereby. In any Reclassification Event, appropriate provision shall be
made with respect to the rights and interests of the Holder of this Warrant to the end that the provisions 
  

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 hereof (including, without limitation, provisions for adjustments of the Exercise Price and of the number
of Warrant Shares), shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities, or assets thereafter deliverable upon the exercise hereof. 
  
 3.3 Notice of Adjustment. Upon any adjustment of the Exercise Price or any increase or decrease in
the number of Warrant Shares, the Company shall give written notice thereof, by first class mail postage, prepaid, addressed to the registered Holder of this Warrant at the address of the Holder as shown on the books of the Company. The notice shall
be prepared and signed by the Company’s Chief Financial Officer and shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this
Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. 
  
 4. No Voting or Dividend Rights. Nothing contained in this Warrant shall be construed as conferring upon the holder hereof the right to vote or to
consent to receive notice as a shareholder of the Company on any other matters or any rights whatsoever as a shareholder of the Company. No dividends or interest shall be payable or accrued in respect of this Warrant or the interest represented
hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised. 
  
 5. Compliance with Securities Act; Transferability of Warrant; Disposition of Shares of Stock. 
  
 5.1 Compliance with Securities Act. The Holder of this
Warrant, by acceptance hereof, agrees that this Warrant and the Warrant Shares to be issued upon exercise hereof are being acquired for investment and that it will not offer, sell, or otherwise dispose of this Warrant or any Warrant Shares except
where such securities have been registered under the Securities Act of 1933, as amended (the “Act”) or under circumstances that will not result in a violation of the Act or any applicable state securities laws. This Warrant and all Warrant
Shares shall be stamped or imprinted with a legend in substantially the following form: 
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR THE SECURITIES OR BLUE SKY LAWS OF ANY STATE. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR HYPOTHECATED IN THE ABSENCE
OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED, OR UNLESS SOLD PURSUANT TO RULE 144 OF SUCH ACT. 

 
 5.2 Access to Information; Pre Existing
Relationship. Holder has had the opportunity to ask questions of, and to receive answers from, appropriate executive officers of the Company with respect to the terms and conditions of the transactions contemplated hereby 
  

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 and with respect to the business, affairs, financial condition and results of operations of the Company.
Holder has had access to such financial and other information as is necessary in order for Holder to make a fully informed decision as to investment in the Company, and has had the opportunity to obtain any additional information necessary to verify
any of such information to which Holder has had access. Holder further represents and warrants that he has either (i) a pre-existing relationship with the Company or one or more of its officers or directors consisting of personal or business
contacts of a nature and duration which enable him to be aware of the character, business acumen and general business and financial circumstances of the Company or the officer or director with whom such relationship exists or (ii) such business or
financial expertise as to be able to protect his own interests in connection with the purchase of the Shares. 
  
 5.3 Warrant Transferable. Subject to compliance with applicable federal and state securities laws under which this Warrant was
purchased, this Warrant and all rights hereunder are transferable, in whole or in part, without charge to the Holder (except for transfer taxes), upon surrender of this Warrant properly endorsed; provided, however, that the Holder shall notify the
Company in writing in advance of any proposed transfer and shall not transfer this Warrant or any rights hereunder to any person or entity which is then engaged in a business that in the reasonable judgment of the Company is in direct competition
with the Company. 
  
 5.4 Disposition of
Warrant Shares and Common Stock. With respect to any offer, sale, or other disposition of the Warrant or any Warrant Shares, the Holder hereof and each subsequent Holder of this Warrant agrees to give written notice to the Company prior thereto,
describing briefly the manner thereof, together with a written opinion of the Holder’s counsel, if reasonably requested by the Company, to the effect that such offer, sale or other disposition may be effected without registration or
qualification (under the Act as then in effect or any federal or state law then in effect) of such Warrant or Warrant Shares, as the case may be, and indicating whether or not under the Act certificates for such Warrant or Warrant Shares to be sold
or otherwise disposed of require any restrictive legend as to applicable restrictions on transferability in order to insure compliance with the Act. Promptly upon receiving such written notice and opinion, the Company, as promptly as practicable,
shall notify the Holder that it may sell or otherwise dispose of such Warrant or Warrant Shares, all in accordance with the terms of the notice delivered to the Company. If a determination has been made pursuant to this Section 5.4 that the opinion
of the counsel for the Holder is not reasonably satisfactory to the Company, the Company shall so notify the Holder promptly after such determination has been made. Notwithstanding the foregoing, such Warrant or Warrant Shares may be offered, sold
or otherwise disposed of in accordance with Rule 144 under the Act, provided that the Company shall have been furnished with such information as the Company may request to provide reasonable assurance that the provisions of Rule 144 have been
satisfied. Each certificate representing the Warrant or Warrant Shares thus transferred (except a transfer pursuant to Rule 144) shall bear a legend as to the applicable restrictions on transferability in order to ensure compliance with the Act,
unless in the aforesaid opinion of counsel for the Holder, such legend is not required in order to ensure compliance with the Act. The Company may issue stop transfer instructions to its transfer agent in connection with such restrictions.
Notwithstanding the foregoing, the Holder shall not be required to comply with this Section 5.4 if, at the time of any 
  

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 proposed sale or transfer of the Warrant Shares, there is a Registration Statement (defined below) that
is then effective with respect to such Warrant Shares. 
  
 6.
Modification and Waiver. This Warrant and any provision hereof may be changed, waived, discharged, or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought. 
  
 7. Notices. Any notice, request, or other document required or
permitted to be given or delivered to the Holder hereof or the Company shall be delivered or shall be sent by certified mail, postage prepaid, to the Holder at its address as shown on the books of the Company or to the Company at the address
indicated therefor in the first paragraph of this Warrant or such other address as either may from time to time provide to the other. 
  
 8. Other Notices. If at any time: 
  
 (a) the Company shall declare any cash dividend upon its Common Stock; 
  
 (b) the Company shall declare any dividend upon its Common Stock payable in stock or make any special
dividend or other distribution to the holders of its Common Stock; 
  
 (c) the Company shall offer for subscription pro rata to the holders of its Common Stock any additional shares of stock of any class or other rights; 
  
 (d) there shall be any capital reorganization or reclassification of the capital stock of the Company, or
consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation; or 
  
 (e) there shall be a voluntary or involuntary dissolution, liquidation, or winding-up of the Company; 
  
 then, in any one or more of said cases, the Company shall give notice of such event by (X)
first class mail, postage prepaid, addressed to the Holder of this Warrant at the address of the Holder as shown on the books of the Company or (Y) public announcement made by means of a press release or filing with the Securities and Exchange
Commission. Regardless of the means of providing such notice, the notice shall be provided at least 10 days prior to the date on which the books of the Company shall close or a record shall be taken for such dividend, distribution, or subscription
rights or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, or winding-up, and, in the case of any reorganization, reclassification, consolidation, merger,
sale, dissolution, liquidation or winding-up, at least 10 days prior to the date when the same shall take place. Any notice required under this Section 8 shall also specify, in the case of any such dividend, distribution, or subscription rights, the
date on which the holders of Common Stock shall be entitled thereto, or, in the case of a reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation, winding-up or conversion, the date on which the holders of Common
Stock shall be 
  

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 entitled to exchange their Common Stock for securities or other property deliverable upon such event, as the case may be.

  
 9. Registration of Warrant Shares. 
  
 9.1 Whenever the Company proposes to register any of its
securities under the Act and the registration form to be used may be used for the registration of any of the Warrant Shares in connection with the resale thereof by the Holder (a “Piggyback Registration”), the Company will (i) give no less
than fifteen days prior written notice to Holder of its intention to effect such a registration (the “Registration Notice”), and (ii) at the request of the Holder, include in such registration all Warrant Shares then held by the Holder and
all Warrant Shares that can then be acquired hereunder by the Holder (the “Registrable Securities”), subject to the allocations set forth below. 
  
 9.2 All expenses incident to the Company’s performance of or compliance herewith, including, without limitation, all registration and
filing fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, and fees and disbursements for counsel for the Company and all independent certified public accountants, underwriters (excluding discounts and
commissions relating to Registrable Securities) and other persons or entities retained by the Company in connection with any Piggyback Registration will be paid by the Company. The Holder shall pay all fees and disbursements of counsel retained by
the Holder and, if the Piggyback Registration is an underwritten offering, shall pay all underwriting discounts and commissions relating to the sale of Registrable Securities. 
  
 9.3 If a Piggyback Registration is an underwritten primary registration on behalf of the Company and the
managing underwriters advise the Company in writing that in their opinion the number of securities to be included in such registration exceeds the number that can be sold in such offering, then the Company will include in such registration (i)
first, the securities that the Company proposes to sell, and (ii) second, the Registrable Securities and the other securities requested to be included in such registration, allocated on a pro rata basis. 
  
 9.4 If a Piggyback Registration is an underwritten secondary
registration on behalf of other holders of the Company’s securities and the managing underwriters advise the Company in writing that in their opinion the number of securities to be included in such registration exceeds the number that can be
sold in such offering, then the Company will include in such registration the Registrable Securities and the other securities requested to be included in such registration, allocated on a pro rata basis. 
  
 9.5 The Holder shall have no right to select or participate
in the selection of any investment banker(s) or manager(s) to administer any offering. 
  

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 9.6 Whenever Registrable Securities will be registered pursuant to this Section 9, the
Company will use commercially reasonable efforts to effect the registration of such Registrable Securities and pursuant thereto, the Company will as expeditiously as possible: 
  
 (1) Prepare and file with the SEC a registration statement filed pursuant to the Act on Form S-1, S-2, S-3,
SB-1 or SB-2 or any similar registration statement pursuant to which the Registrable Securities may be registered (a “Registration Statement”) with respect to such Registrable Securities and use commercially reasonable efforts to cause
such Registration Statement to become effective; 
  
 (2) Prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period of one year and
comply with the provisions of the Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such
Registration Statement; 
  
 (3) Furnish to the
Holder such number of copies of such Registration Statement, each amendment and supplement thereto, the prospectus included in such Registration Statement (including each preliminary prospectus) and such other documents as the Holder may reasonably
request in order to facilitate the disposition of the Registrable Securities owned by the Holder; 
  
 (4) Use commercially reasonable efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as Holder reasonably requests and do any and all other acts and things that may be reasonably necessary or advisable to enable Holder to consummate the disposition in such jurisdictions of Registrable Securities owned by the
Holder (provided that the Company will not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this subparagraph, (ii) subject itself to taxation in any such
jurisdiction, or (iii) consent to general service of process in any such jurisdiction); 
  
 (5) Notify Holder, at any time when a prospectus relating thereto is required to be delivered under the Act, of the happening of any event
as a result of which the prospectus included in such Registration Statement contains an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, in the request of Holder, the Company will
prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the Holder of Registrable Securities such prospectus will not contain an untrue statement of a material fact or omit to state any fact necessary to make the
statements therein nor misleading; 
  
 (6) Cause
all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are then listed, if any; and 
  
 (7) Provide a transfer agent and registrar for all such Registrable Securities not later than the effective date of such Registration
Statement. 
  
 9.7 The Company agrees to
indemnify, to the extent permitted by law, Holder against all losses, claims, damages, liabilities and expenses caused by any untrue or alleged 
  

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 untrue statement of material fact contained in any Registration Statement, prospectus or preliminary
prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein, except insofar as the same are caused by or contained in any information furnished to the Company by
Holder expressly for use therein or which Holder failed to provide after being so requested or by Holder’s failure to deliver a copy of the Registration Statement or prospectus or any amendments or supplements thereto after the Company has
furnished Holder with a sufficient number of copies of the same or which is otherwise attributable of the negligence or willful misconduct of Holder. 
  
 9.8 In connection with any Registration Statement in which Holder is participating, Holder will furnish to the Company in writing, within
fifteen (15) days after written request therefor, such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or prospectus and, to the extent permitted by law, will indemnify the
Company, its directors and officers, each person or entity who controls the Company (within the meaning of the Act), against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact
contained or required to be contained in the Registration Statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained or required to be contained in any information or affidavit so furnished or required to be so furnished by Holder.

  
 9.9 Any person or entity entitled to
indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification, and (ii) unless in such indemnified party’s reasonable judgment a conflict of interest between
such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim, with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the
indemnifying party will not be subject to any liability for any settlement made by the indemnified party without the indemnifying party’s consent (but such consent will not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim will not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of
any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. 
  
 9.10 If the indemnification provided in this Section 9 is held by a court of competent jurisdiction to be unavailable to an indemnified
party with respect to any loss, liability, claim, damage or expense referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amount paid or payable by such indemnified party
as a result of such loss, liability, claim, damage or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the statements or
omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable 
  

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 considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
  
 9.12 Notwithstanding anything to the contrary in this Section 9, the Company’s obligations to register the Registrable Securities
shall terminate at such time as when the Holder may sell all of the Registrable Securities in any one three-month period pursuant to Rule 144 under the Act or such successor rules as may be adopted. 
  
 10. Governing Law. This Warrant shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the laws of the State of California. 
  
 11. Lost Warrants. The Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of
the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company (without the requirement to post bond), or in the case of any
such mutilation upon surrender and cancellation of such Warrant, the Company, at its expense, will make and deliver a new Warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant. 
  
 12. Fractional Shares. No fractional shares shall be issued upon
exercise of this Warrant. The Company shall, in lieu of issuing any fractional share, pay the Holder entitled to such fraction a sum in cash equal to such fraction (calculated to the nearest 1/100th of a share) multiplied by the then effective
Exercise Price on the date the Form of Subscription is received by the Company. 
  
 13. No Impairment. The Company will not, by charter amendment or by 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 terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect
the rights of the Holder against impairment. Upon the request of the Holder, the Company will at any time during the period this Warrant is outstanding acknowledge in writing, in form satisfactory to Holder, the continued validity of this Warrant
and the Company’s obligations hereunder. 
  
 14.
Successors and Assigns. This Warrant and the rights evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the 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 the Holder. 
  
 * * * 
  

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 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officer, thereunto
duly authorized as of this 22nd day of December, 2003. 
  
 NEUROBIOLOGICAL TECHNOLOGIES, INC., 
 a Delaware corporation 
  

			
		
	By:	 	 /s/    Paul E. Freiman

	 	 	

	Name:	 	Paul E. Freiman
	Title:	 	President and Chief Executive Officer

  

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 FORM OF SUBSCRIPTION 
 (To be signed only upon exercise of Warrant) 
  
 To: Neurobiological Technologies, Inc. 
  
 The
undersigned, the holder of the attached Common Stock Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
                                        
                 (1) shares of Common Stock of Neurobiological Technologies, Inc. (the “Company”) and herewith makes payment of
$             therefor, and requests certificates for such shares be issued in the name of, and delivered to,
                                        
                                     whose address is
                                        
                                        
            . 
  
 The undersigned represents that it is acquiring such Common Stock for its own account for investment and not with a view to or for sale in connection with any distribution thereof. 
  

			
		
	Dated:	 	                        ,
            
		
	Signature:	 	 
	 	 	

	 	 	(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)
		
	Name:	 	 
	 	 	

		
	Title:	 	 
	 	 	

	 	 	 

	(1)	Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in
either case without making any adjustment for any stock or other securities or property or cash which, pursuant to the adjustment provisions of the Warrant, may be deliverable upon exercise. 

  

 11Fourth Restated Articles of Incorporation of the Company

 EXHIBIT 4.1 
  

LUFKIN INDUSTRIES, INC. 
  
 FOURTH RESTATED ARTICLES OF INCORPORATION 
  
 ARTICLE ONE 
  
 Lufkin Industries, Inc., a Texas corporation (the “Corporation”), pursuant to the provisions of Article 4.07 of the Texas Business Corporation
Act, hereby adopts these Fourth Restated Articles of Incorporation which accurately copy the Third Restated Articles of Incorporation and all amendments thereto that are in effect to date and as further amended by such Fourth Restated Articles of
Incorporation as hereinafter set forth and which contain no other change in any provision thereof. 
  
 ARTICLE TWO 
  
 The Third Restated Articles of Incorporation of the Corporation are amended by the Fourth Restated Articles of Incorporation as follows: 
  
 ARTICLE IV 
  
 The aggregate number of shares of all classes of stock that the Corporation shall have authority to issue is Twenty-two Million (22,000,000) shares,
divided into Two Million (2,000,000) shares of Preferred Stock without par value (the “Preferred Stock”), and Twenty Million (20,000,000) shares of Common Stock $1.00 par value (the “Common Stock”). 
  
 The following is a statement of the voting powers, designations, preferences,
and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of the classes of stock of the Corporation and of the authority with respect thereto expressly vested in the Board of
Directors of the Corporation: 
  
 A. Preferred Stock 
  
 (a) The Preferred Stock may be issued from time to time in
one or more series and in such amounts as may be determined by the Board of Directors. The voting powers, designations, preferences and relative, participating, optional or other special rights, if any, and the qualifications, limitations or
restrictions thereof, if any, of the Preferred Stock of each series shall be such as are fixed by the Board of Directors, authority so to do being hereby expressly granted, and as are stated and expressed in a resolution or resolutions adopted by
the Board of Directors providing for the issue of such series of Preferred Stock (herein called the “Directors’ Resolution”). The Directors’ Resolution as to any series shall (i) designate the series, (ii) fix the dividend rate,
if any, of such series, the payment 

 dates for dividends on shares of such series and the date or dates, or the method of determining the
date or dates, if any, from which dividends on shares of such series shall be cumulative, (iii) fix the amount or amounts payable on shares of such series upon voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Corporation, provided that each share shall not have more than one vote per share, (iv) state the price or prices or rate or rates, and adjustments, if any, at which, the time or times, and the terms and conditions upon which, the shares of such
series may be redeemed at the option of the Corporation; and such Directors’ Resolution may (i) limit the number of shares of such series that may be issued, (ii) provide for a sinking fund for the purchase or redemption of shares of such
series and determine the terms and conditions governing the operations of any such fund, (iii) grant voting rights to the holders of shares of such series, provided that each share shall not have more than one vote per share, (iv) impose conditions
or restrictions upon the creation of indebtedness of the Corporation or upon the issuance of additional Preferred Stock or other capital stock ranking on a parity therewith, or prior thereto, with respect to dividends or distribution of assets upon
liquidation, (v) impose conditions or restrictions upon the payment of dividends upon, or the making of other distributions to, or the acquisition of, shares ranking junior to the Preferred Stock or to any series thereof with respect to dividends or
distributions of assets upon liquidation, (vi) state the price or prices or the rate or rates of exchange and other terms, conditions and adjustments upon which shares of any such series may be made convertible into, or exchangeable for shares of
any other class or classes or of any other series of Preferred Stock or any other class or classes of stock, and (vii) grant such other special rights and impose such qualifications, limitations or restrictions thereon as shall be fixed by the Board
of Directors, so far as not inconsistent with this Article IV and to the full extent now or hereafter permitted by the laws of the State of Texas. 
  
 (b) Except as by law expressly provided, or except as may be provided in any Directors’ Resolution, the Preferred Stock shall have
no right or power to vote on any question or in any proceeding or to be represented at, or to receive notice of, any meeting of stockholders of the Corporation. 
  

 2 

 (c) Preferred Stock that is redeemed, purchased or retired by the Corporation shall
assume the status of authorized but unissued Preferred Stock and may thereafter, subject to the provisions of any Directors’ Resolution providing for the issue of any particular series of Preferred Stock, be reissued in same manner as
authorized but unissued Preferred Stock. 
  
 B. Common Stock

 (a) The Common Stock is junior to the Preferred Stock and is subject to all the powers, rights, privileges, preferences
and priorities of the Preferred Stock as herein set forth and as may be stated in any Directors’ Resolution or Resolutions. 
  
 (b) Subject to all rights of the Preferred Stock, dividends may be paid on the Common Stock as and when declared by the Board of
Directors of the Corporation out of any funds of the Corporation legally available for the payment thereof. 
  
 (c) After payment shall have been made in full to the holders of the Preferred Stock in the event of any liquidation, dissolution or
winding up of the affairs of the Corporation, the remaining assets and funds of the Corporation shall be distributed to the holders of Common Stock according to their respective shares. 
  
 (d) Except as otherwise provided by law and subject to any voting rights conferred on the Preferred Stock,
or any series thereof, by any Directors’ Resolution, the holders of shares of Common Stock shall possess the exclusive voting rights for the election of directors and for all other purposes, each holder of Common Stock on the date fixed for
determining the stockholders entitled to vote being entitled to one vote for each share of Common Stock held of record by such holder. 
  
 ARTICLE THREE 
  
 Each such amendment made by these Fourth Restated Articles of Incorporation has been effected in conformity with the provisions of the Texas Business
Corporation Act and such Fourth Restated Articles of Incorporation and each such amendment made by the Fourth Restated Articles of Incorporation were duly adopted by the shareholders of the Corporation at a Special Meeting of the Shareholders held
on the 1st day of November, 1990 (the “Special Meeting”). 
  

 3 

 ARTICLE FOUR 
  
 The number of shares outstanding at the record date for the Special Meeting was 1,698,024; the number of shares entitled to
vote on the Fourth Restated Articles of Incorporation as so amended was 1,698,024; the number of shares voted for Article IV to the Fourth Restated Articles as so amended was 1,368,375; and the number of shares voted against such Article IV to the
Fourth Restated Articles as so amended was 104,543. 
  
 ARTICLE
FIVE 
  
 The Third Restated Articles of Incorporation of
Lufkin Industries, Inc. and all amendments and supplements thereto are hereby superseded by the following Fourth Restated Articles of Incorporation of Lufkin Industries, Inc., which accurately copy the entire text thereof with amendments as above
set forth: 
  
 FOURTH RESTATED ARTICLES OF INCORPORATION

  
 OF 
  
 LUFKIN INDUSTRIES, INC. 
  
 ARTICLE I 
  
 The name of the Corporation is Lufkin Industries, Inc. 
  
 ARTICLE II 
  
 The period of the Corporation’s duration shall be perpetual or unlimited. 
  
 ARTICLE III 
  
 The purposes for which the Corporation is organized are as follows: To engaged in the business of operating a foundry, machine shop and manufacturing
plant, to engage in the production, purchase, manufacture, repair, processing, transportation and sale of equipment, commodities, materials, goods, wares and merchandise, to acquire, produce, develop, mine, store, manufacture, transport, refine,
process and market natural resources and their products and to conduct fundamental and applied research, to erect, own, operate and dispose of such buildings, structures, plants, works and facilities and to do such things as may be necessary and
convenient in carrying out any and all of the foregoing purposes. 
  

 4 

 ARTICLE IV 
  

The aggregate number of shares of all classes of stock that the Corporation shall have authority to issue is Twenty-two Million (22,000,000) shares,
divided into Two Million (2,000,000) shares of Preferred Stock without par value (the “Preferred Stock”), and Twenty Million (20,000,000) shares of Common Stock $1.00 par value (the Common Stock”). 
  
 The following is a statement of the voting powers, designations, preferences,
and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of the classes of stock of the Corporation and of the authority with respect thereto expressly vested in the Board of
Directors of the Corporation: 
  
 A. Preferred Stock, 

 
 (a) The Preferred Stock may be issued from time to time
in one or more series and in such amounts as may be determined by the Board of Directors. The voting powers, designations, preferences and relative, participating, optional or other special rights, if any, and the qualifications, limitations or
restrictions thereof, if any, of the Preferred Stock of each series shall be such as are fixed by the Board of Directors, authority so to do being hereby expressly granted, and as are stated and expressed in a resolution or resolutions adopted by
the Board of Directors providing for the issue of such series of Preferred Stock (herein called the “Directors’ Resolution”). The Directors’ Resolution as to any series shall (i) designate the series, (ii) fix the dividend rate,
if any, of such series, the payment dates for dividends on shares of such series and the date or dates, or the method of determining the date or dates, if any, from which dividends on shares of such series shall be cumulative, (iii) fix the amount
or amounts payable on shares of such series upon voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Corporation, provided that each share shall not have more than one vote per share, (iv) state the price or prices
or rate or rates, and adjustments, if any, at which, the time or times, and the terms and conditions upon which, the shares of such series may be redeemed at the option of the Corporation; and such Directors’ Resolution may (i) limit the number
of shares of such series that may be issued, (ii) provide for a sinking fund for the purchase or redemption of shares of such series and determine the terms and conditions governing the operations of any such fund, (iii) grant voting rights to the
holders of shares of such series, 
  

 5 

 provided that each share shall not have more than one vote per share, (iv) impose conditions or
restrictions upon the creation of indebtedness of the Corporation or upon the issuance of additional Preferred Stock or other capital stock ranking on a parity therewith, or prior thereto, with respect to dividends or distribution of assets upon
liquidation, (v) impose conditions or restrictions upon the payment of dividends upon, or the making of other distributions to, or the acquisition of, shares ranking junior to the Preferred Stock or to any series thereof with respect to dividends or
distributions of assets upon liquidation, (vi) state the price or prices or the rate or rates of exchange and other terms, conditions and adjustments upon which shares of any such series may be made convertible into, or exchangeable for shares of
any other class or classes or of any other series of Preferred Stock or any other class or classes of stock, and (vii) grant such other special rights and impose such qualifications, limitations or restrictions thereon as shall be fixed by the Board
of Directors, so far as not inconsistent with this Article IV and to the full extent now or hereafter permitted by the laws of the State of Texas. 
  
 (b) Except as by law expressly provided, or except as may be provided in any Directors’ Resolution, the Preferred Stock shall have
no right or power to vote on any question or in any proceeding or to be represented at, or to receive notice of, any meeting of stockholders of the Corporation. 
  

(c) Preferred Stock that is redeemed, purchased or retired by the Corporation shall assume the status of authorized but unissued
Preferred Stock and may thereafter, subject to the provisions of any Directors’ Resolution providing for the issue of any particular series of Preferred Stock, be reissued in same manner as authorized but unissued Preferred Stock. 

 
 B. Common Stock 
  
 (a) The Common Stock is junior to the Preferred Stock and is
subject to all the powers, rights, privileges, preferences and priorities of the Preferred Stock as herein set forth and as may be stated in any Directors’ Resolution o r Resolutions. 
  
 (b) Subject to all rights of the Preferred Stock, dividends
may be paid on the Common Stock as and when declared by the Board of Directors of the Corporation out 
  

 6 

 of any funds of the Corporation legally available for the payment thereof. 
  
 (c) After payment shall have been made in full to the
holders of the Preferred Stock in the event of any liquidation, dissolution or winding up of the affairs of the Corporation, the remaining assets and funds of the Corporation shall be distributed to the holders of the Common Stock according to their
respective shares. 
  
 (d) Except as otherwise
provided by law and subject to any voting rights conferred on the Preferred Stock, or any series thereof, by any Directors’ Resolution, the holders of shares of Common Stock shall possess the exclusive voting rights for the election of
directors and for all other purposes, each holder of Common Stock on the date fixed for determining the stockholders entitled to vote being entitled to one vote for each share of Common Stock held of record by such holder. 
  
 ARTICLE V 
  
 The Board of Directors is authorized to alter, amend or repeal the Bylaws or adopt new Bylaws of the Corporation. The
shareholders shall not repeal or change the Bylaws of the Corporation except by the vote of the holders of not less than 80 percent of the total voting power of all shares of stock of the Corporation entitled to vote in the election of Directors,
considered for purposes of this Article V as one class. 
  
 ARTICLE VI 
  
 Cumulative voting of shares of
stock for the election of directors is hereby prohibited. 
  
 ARTICLE VII 
  
 The principal place of business
and office of the Corporation is located within the City of Lufkin, County of Angelina, State of Texas. The post office address of the registered office of this Corporation is 407 Kiln Avenue, Lufkin, Texas, and the registered agent of the
Corporation at the same address is W. A. Kirkland. 
  
 ARTICLE
VIII 
  
 The number of directors constituting the Board of
Directors shall be fixed as specified in the Bylaws of the Corporation, but shall not be less than nine or more than fifteen. The directors shall be divided into three classes, designated Class I, Class II and Class III. The initial term for
directors in Class I shall expire at the annual meeting of shareholders to be held in 1986; the initial term for directors in Class II shall expire at the annual meeting of shareholders to be held in 1987; and the initial term for
directors in 
  

 7 

 Class III shall expire at the annual meeting of shareholders to be held in 1988. Each class of directors shall
consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board of Directors. 
  
 At the expiration of the initial term of each class of directors, and of each succeeding term of each class, each class of directors shall be elected to
serve until the annual meeting of shareholders held three years from such expiration and until their successors are elected and qualified or until their earlier death, resignation, removal or retirement. Vacancies in the Board of Directors, whether
arising through death, resignation or removal of a director, may be filled by the affirmative vote of a majority of the remaining directors though less than a quorum. A director elected to fill a vacancy shall be elected for the unexpired term of
his predecessor in office. A directorship to be filled by reason of an increase in the number of directors may be filled by the Board of Directors but only for a term of office continuing until the election of one or more directors by the
shareholders; provided that the Board of Directors may not fill more than two such directorships during the period between any two successive annual meetings of shareholders. No decrease in the number of directors constituting the Board shall
shorten the term of any incumbent director. The Bylaws may contain any provision regarding classification of the corporation’s directors not inconsistent with the terms thereof. 
  
 A director of the Corporation may be removed only for cause and only upon the affirmative vote of the holders of a majority
of the outstanding capital stock of the Corporation entitled to vote at an election of directors subject to further restrictions on removal, not inconsistent with this Article, as may be contained in the Bylaws. 
  
 ARTICLE IX 
  
 No shareholder shall be entitled as a matter of right to subscribe for,
purchase or receive additional shares of any class of stock of the Corporation, whether now or hereafter authorized, or any bonds, debentures, warrants or other securities convertible into or entitling the holder to purchase shares, but such
additional shares or other securities convertible into or entitling the holder to purchase shares may be issued or disposed of by the Board of Directors to such persons and on such terms as in its discretion it may deem advisable. 
  
 ARTICLE X 
  
 In the absence of fraud, no contract or other transaction between the Corporation and any corporation, association,
partnership, firm, or individual shall be invalidated or otherwise affected because of the fact that any one or more of the Directors of the Corporation is pecuniarily or otherwise interested in such contract or transaction, or is a director,
officer or member of such other corporation, association, partnership, or firm; and any director of the corporation, association, partnership, firm, or individual in which he is pecuniarily or otherwise interested, provided that such interest shall,
before such vote is taken, be disclosed or known to the other members of the Board of Directors of the corporation voting on such contract or transaction. 
  

 8 

 ARTICLE XI 
  

The affirmative vote of the holders of not less than 80 percent of the outstanding shares of “Voting Stock” (as hereinafter defined) of the
Corporation, including the affirmative vote of the holders of not less than 50 percent of the outstanding shares of Voting Stock not owned, directly or indirectly, by any “Related Person” (as hereinafter defined), shall be required for the
approval or authorization of any “Business Combination” (as hereinafter defined); provided, however, that the 80 percent and 50 percent voting requirements shall not be applicable if: 
  
 (1) The Board of Directors of the Corporation by a
vote of not less than 80 percent of the directors then holding office (a) have expressly approved in advance the acquisition of outstanding shares of Voting Stock of the Corporation that caused the Related Person to become a Related Person or (b)
have approved the Business Combination prior to the Related Person involved in the Business Combination having become a Related Person; 
  
 (2) The Business Combination is solely between the Corporation and another corporation, 100 percent of the Voting Stock of which is owned
directly or indirectly by the Corporation; or 
  
 (3) All of the following conditions have been met: (a) the Business Combination is a merger or consolidation consummation of which is proposed to take place within one year of the date of the transaction pursuant to which such Related
Person became a Related Person and the cash or fair market value of the property, securities or other consideration to be received per share by holders of Common Stock of the Corporation (as determined by a majority of directors then holding office)
in the Business Combination is not less than the highest per share price (with appropriate adjustments for recapitalizations and reclassifications and for stock splits, reverse stock splits and stock dividends) paid by the Related Person in
acquiring any of its holdings of the Corporation’s Common Stock; (b) the consideration to be received by such holders is either cash or, if the Related Person shall have acquired the majority of its holdings of the Corporation’s Common
Stock for a form of consideration other than cash, in the same form of consideration as the Related Person acquired such majority; (c) after such Related Person has become a Related Person and prior to consummation of such Business Combination: (i)
except as approved by a majority of the “Continuing Directors” (as hereinafter defined), there shall have been no failure to declare and pay at the regular date therefor any full quarterly dividends (whether or not cumulative) on any
outstanding shares of Preferred Stock of the Corporation, (ii) there shall have been no reduction in the annual rate of dividends paid per share on the Corporation’s Common Stock (adjusted as appropriate for recapitalizations and for stock
splits, reverse stock splits and stock dividends), except as approved by a majority of the Continuing Directors, (iii) such Related Person shall not have become the Beneficial Owner of any additional shares of Voting Stock except as part of the
transaction which results in such Related Person becoming a Related Person, and (iv) such Related Person shall not have received the benefit, directly 
  

 9 

 or indirectly (except proportionately as a stockholder), of any loans, advances, guarantees, pledges or
other financial assistance or any tax credits or other tax advantages provided by the Corporation, whether in anticipation of or in connection with such Business Combination or otherwise; and (d) a proxy statement responsive to the requirements of
the Exchange Act (as hereinafter defined) and the rules and regulations thereunder (or any subsequent provisions replacing the Exchange Act, rules or regulations) shall be mailed to public stockholders of the Corporation at least 40 days prior to
the consummation of the Business Combination for the purpose of soliciting stockholder approval of the Business Combination and shall contain at the front thereof, in a prominent place, any recommendations as to the advisability (or inadvisability)
of the Business Combination which the Continuing Directors, or any of them, may choose to state and, if deemed advisable by a majority of the Continuing Directors, an opinion of a reputable investment banking firm as to the fairness (or not) of the
terms of such Business Combination, from the point of view of the remaining public stockholders of the Corporation (such investment banking firm to be selected by a majority of the Continuing Directors and to be paid a reasonable fee for their
services by the Corporation upon receipt of such opinion). 
  
 For purposes of
this Article: 
  
 (i) The term “Business
Combination” shall mean (a) any merger or consolidation of the Corporation or a subsidiary with or into a Related Person, (b) any sale, lease, exchange, mortgage, pledge, transfer or other disposition, of all or any “Substantial Part”
(as hereinafter defined) of the assets either of the Corporation (including, without limitation, any voting securities of a subsidiary) or of a subsidiary, to or with a Related Person, other than a distribution by the corporation or a subsidiary to
the Related Person of assets, evidences of indebtedness, securities or other property of the corporation or a subsidiary in connection with a pro rata distribution by the corporation or a subsidiary to its shareholders, (c) any sale, lease,
exchange, transfer or other disposition of assets (other than shares of Voting Stock issued by the corporation or any subsidiary of the corporation of which the Related Person is the “Beneficial Owner” (as hereinafter defined) the fair
market value of which does not exceed the then fair market value of 10% of the outstanding Voting Stock, such fair market value of Voting Stock to be determined in such manner as a majority of the Continuing Directors determines to be appropriate)
having a fair market value of $5,000,000 or more of a Related Person to the corporation or a subsidiary of the corporation, (d) the issuance or transfer by the corporation or a subsidiary (other than by way of a pro rata distribution to all
shareholders) of any securities of the corporation or a subsidiary of the corporation to a Related Person, (e) any reclassification of securities (including any reverse stock split) or recapitalization by the Corporation, the effect of which would
be to increase the voting power of the Related Person, (f) the adoption of any plan or proposal for the liquidation or dissolution of the Corporation proposed by or on behalf of a Related Person, (g) any series or combination of transactions having,
directly or indirectly, the same 
  

 10 

 effect as any of the foregoing, and (h) any agreement, contract or other arrangement providing, directly
or indirectly, for any of the foregoing. 
  
 (ii)
The term “Continuing Director” shall mean any member of the Board of Directors of the Corporation who is not affiliated with a Related Person and who was a member of the Board of Directors immediately prior to the time that the Related
Person became a Related Person, and any successor to a Continuing Director who is not affiliated with the Related Person and is recommended to succeed a Continuing Director by a majority of Continuing Directors then members of the Board of the
Corporation. 
  
 (iii) The term “Related
Person” shall mean and include any individual, corporation, partnership or other “person” or “group” of persons or entities (as such terms are used on January 1, 1983 in Rule 13d of the Securities Exchange Act of 1934 (the
“Exchange Act”)), and the “Affiliates” and “Associates” (as defined on January 1, 1983 in Rule 12b-2 of the Exchange Act), of any such individual, corporation, partnership or other person or group of persons, which
individually or together “Beneficially Owns” (as defined on January 1, 1983 in Rule 13d and Rule 14d-l(b)(4) of the Exchange Act) in the aggregate 10 percent or more of the outstanding, Voting Stock of the Corporation. 
  
 (iv) The term “Substantial Part” shall mean more
than 5 percent of the book value of the total assets of the entity in question as of the end of the fiscal year ending prior to the time the determination is being made or, in the case of voting stock of a subsidiary of the Corporation, 10 percent
or more of the outstanding shares of such subsidiary’s voting stock. 
  
 (v) Any shares of Voting Stock of the Corporation that any person or group has the right to acquire pursuant to any agreement, or upon the exercise of conversion rights, warrants or options, or otherwise, shall be
deemed Beneficially Owned for purposes of determining whether such person, individually or together with its Affiliates and Associates, is a Related Person. 
  
 (vi) For purposes of subparagraph (3) of this Article, the term “other consideration to be received” shall include, without
limitation, Common Stock of the Corporation retained by its existing public stockholders in the event of a Business Combination in which the Corporation is the surviving corporation. 
  
 (vii) The term “Voting Stock” shall mean all outstanding shares of capital stock of the
Corporation or other corporation entitled to vote generally in the election of directors, and each reference to a proportion of shares of Voting Stock shall refer to shares having such proportion of the number of shares entitled to be cast.

  

 11 

 ARTICLE XII 
  
 The Corporation shall be entitled to purchase its own shares to the extent of the aggregate of the available unrestricted
capital surplus and available reduction surplus. 
  
 ARTICLE
XIII 
  
 The provisions set forth in Articles V and VIII
hereof may not be amended, altered, changed, repealed or rescinded in any respect unless such action is approved by the affirmative vote of the holders of not less than 80 percent of the total voting power of all shares of stock of the Corporation
entitled to vote in the election of directors, considered for purposes of this Article XIII as one class; the amendment, alteration, change, repeal or rescission of this Article XIII and Article XI hereof shall require both such 80 percent vote and
the affirmative vote of 50 percent of such total voting power excluding the vote of shares owned by a “Related Person” (as defined in Article XI), if any. The voting requirements contained in this Article XIII and in Articles V and XI
hereof shall be in addition to voting requirements imposed by law, other provisions of these Fourth Restated Articles of Incorporation or any designation of preferences in favor of certain classes or series of shares of capital stock of the
Corporation. 
  
 EXECUTED IN DUPLICATE ORIGINALS, this the 6th day
of November, 1990. 
  

			
	 LUFKIN INDUSTRIES, INC.

		
	 By:
	 	 C. James Haley, Jr.,

	 	 	

	 	 	 Secretary-Treasurer

  
  
  
  

 12

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