Exhibit 4.9


 


LION BIOTECHNOLOGIES, INC.


 


OPTION CERTIFICATE

(Incentive Stock Option)


 


THIS IS TO CERTIFY that Lion Biotechnologies,
Inc., a Nevada corporation (the “Company”), has granted to the employee named below (“Optionee”)
an incentive stock option (the “Option”) to purchase shares of the Company’s Common Stock (the “Shares”)
under its 2014 Equity Incentive Plan (the “Plan”) and upon the terms and conditions set forth below and in the
attached Stock Option Agreement:


 


	 	
        Name of Optionee:

	 	 
	 	
        Address of Optionee:

	 	 
	 	
        Number of Shares:

	 	 
	 	
        Option Exercise Price:

	 	 
	 	
        Date of Grant:

	 	 
	 	
        Option Expiration Date:



 


Exercise Schedule: The Option shall
become exercisable (“vest”) as follows:


 


	 	Date	Number of Shares
	 	 	 
	 	 	 
	 	 	 


 


In Witness Whereof, the Company has granted
to Optionee the Option as of the Date of Grant set forth above.


 





	OPTIONEE	 	LION BIOTECHNOLOGIES, INC.
	 	 	 
	 	 	By	
	 	 	Its  	 







 




    	 



    	 



    

 


STOCK OPTION AGREEMENT

(Incentive Stock Option)


 


 


This STOCK OPTION AGREEMENT (this “Agreement”)
is made and entered into as of the Date of Grant set forth in the Option Certificate to which this Agreement is attached (the “Certificate”)
by and between Lion Biotechnologies, Inc., a Nevada corporation (the “Company”), and the optionee (the “Optionee”)
named in the Certificate.


 


Pursuant to the 2014 Equity Incentive Plan
of the Company (the “Plan”), the Administrator has determined that Optionee is to be granted, on the terms and
conditions set forth in this Agreement and in the Plan, an option to purchase shares of the Company’s common stock (the “Common
Stock”). It is intended that the option qualify as an “incentive stock option” within the meaning of Section
422 of the Internal Revenue Code of 1986, as amended from time to time (the “Code”). Capitalized terms not otherwise
defined in this Agreement shall have the meanings ascribed to them in the Plan.


 


The Company and Optionee agree as follows:


 


1. Grant
of Option. The Company hereby grants to Optionee, upon the terms and subject to the conditions set forth in this
Agreement, an Option (the “Option”) to purchase all or any portion of that number of shares of
Common Stock set forth in the Certificate (the “Option Shares”), at the exercise price set forth in the
Certificate (the “Exercise Price”).


 


2. Vesting


 


2.1. The Option shall “vest” (that is, become exercisable) in installments upon and after the dates set forth
under the caption “Exercise Schedule” in the Certificate. The installments shall be cumulative; i.e.,
the Option may be exercised, as to any or all Shares covered by an installment, at any time or times after the installment first
becomes exercisable and until expiration or termination of the Option.


 


2.2. No
vesting shall occur after the Employment Termination Date (as defined in Section 4.2 of this Agreement).


 


2.3. Notwithstanding anything to the contrary contained in this Option Agreement, the Option may not be exercised, in
whole or in part, unless and until any then-applicable requirements of all state and federal laws and regulatory agencies shall
have been fully complied with to the satisfaction of the Company and its counsel.


 


3. Exercise of the Option.


 


3.1. The
Option may be exercised, in whole or in part, only by delivery to the Company of:


 


3.1.1 written notice of the exercise of the Option in form identical to Exhibit “A” attached to this
Agreement stating the number of Option Shares being purchased (the “Purchased Shares”); and


 






    	 



    	 



    

 


3.1.2 payment
of the Exercise Price (i) in cash or cash equivalent; or (ii) with the approval of the Administrator, by delivery to the
Company of such other consideration (such as a note or shares of Common Stock) acceptable to the Administrator.


 


3.2. Following
receipt of the exercise notice, any other applicable documents and the payment referred to above, the Company shall, within
30 days, cause certificates representing the Purchased Shares to be delivered to Optionee either at Optionee’s address
set forth in the records of the Company or at such other address as Optionee may designate in writing to the Company (or, if
no certificate is issued, by entry on the Company’s books and records of the foregoing); provided; however,
that the Company shall not be obligated to issue a fraction or fractions of a share otherwise issuable upon exercise of the
Option, and may pay to Optionee, in cash or cash equivalent, the fair market value of any such fraction or fractions of a
share as of the date of exercise.


 


3.3. If
requested by the Administrator, Optionee shall also deliver this Agreement to the Secretary of the Company, who shall endorse
hereon a notation of the exercise and return this Agreement to Optionee. The date of exercise of an Option that is validly
exercised shall be deemed to be the date on which there shall have been delivered to the Administrator the
instruments referred to in this Section 3. Optionee shall not be deemed to be a holder of any Option Shares pursuant to
exercise of the Option until the date of issuance of a stock certificate to him or her for such shares following payment in
full for the Option Shares purchased.


 


3.4. Should
this Option become a non-qualified stock option, in whole or in part, for any reason, then, as a condition to exercise of
this Option, the Company may require Optionee to pay over to the Company all applicable federal, state and local taxes which
the Company is required to withhold with respect to the exercise of such non-qualified stock option. At the discretion of the
Administrator and upon the request of Optionee, the minimum statutory withholding tax requirements may be satisfied by the
withholding of Shares otherwise issuable to Optionee upon the exercise of this Option.


 


4. Termination
of Option


 


4.1. The
Option shall terminate and expire upon the earliest to occur of: (i) the Option Expiration Date set forth in the Option
Certificate; (ii) the Termination Date; and (iii) a Corporate Transaction unless otherwise specified by the
Administrator.


 


4.2. For
purposes of this Agreement:


 


4.2.1 “Employment
Termination Date” shall mean the first day Optionee is not an employee of the Company or any of its Affiliates.
Optionee’s employment shall not be deemed to terminate by reason of a transfer to or from the Company or an Affiliate
or among such entities, or sick leave, military leave or other leave of absence approved by the Administrator, if the period
of any such leave does not exceed 90 days or, if longer, if Optionee’s right to reemployment by the Company or any
Affiliate is guaranteed either contractually or by statute.


 






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4.2.2 “Termination
Date” shall be: (a) the date 90 days following the Employment Termination Date unless Optionee’s employment
is terminated For Cause or as a result of the death or disability of Optionee; (b) upon the Employment Termination Date if
Optionee’s employment is terminated For Cause; or (c) the date one year following the Employment Termination Date
as a result of the death or disability of Optionee.


 


4.2.3 “For
Cause” shall mean Optionee’s loss of employment by the Company or any of its Affiliates due to
Optionee’s (a) willful breach or habitual neglect or continued incapacity to perform Optionee’s required duties,
(b) commission of acts of dishonesty, fraud, misrepresentation or other acts of moral turpitude in connection with
Optionee’s services to the Company or its Affiliates or which in the determination of the Administrator would prevent
the effective performance of Optionee’s duties or (c) termination For Cause under any employment agreement between the
Company and Optionee (as for cause is defined therein).


 


5. Adjustment.
The number of shares and Exercise Price of this Option shall be subject to adjustment under the circumstances contemplated
by the Plan and the Option Expiration Date may be accelerated by the Administrator upon the circumstances set forth in the
Plan.


 


6.  Corporate
Transactions. Upon the occurrence of a Corporate Transaction, the Option shall be subject to the actions of the
Administrator as contemplated in the Plan, including without limitation the termination of the Option immediately prior to
the consummation of the Corporate Transaction.


 


7. Modification.
Subject to the terms and conditions and within the limitations of the Plan, the Administrator may modify, extend or renew the
Option or accept the surrender of, and authorize the grant of a new option in substitution for, the Option (to the extent not
previously exercised). No modification of the Option shall be made which, without the consent of Optionee, would cause the
Option to fail to continue to qualify as an “incentive stock option” within the meaning of Section 422 of
the Code or would alter or impair any rights of Optionee under the Option.


 


8. Disqualifying
Disposition. Optionee agrees that, should he or she make a “disposition” (as defined in Section
424(c) of the Code) of all or any of the Purchased Shares within two years from the date of the grant of the Option or within
one year after the issuance of such Purchased Shares, he or she shall immediately advise the Company in writing as to the
occurrence of the sale and the price realized upon the sale of such Purchased Shares. Optionee agrees that he or she shall
maintain all Purchased Shares in his or her name so long as he or she maintains beneficial ownership of such Purchased
Shares.


 


9. Incorporation
of Plan. This Agreement is made pursuant to the Plan, and it is intended, and shall be interpreted in a manner, to
comply with the Plan. Any provision of this Agreement inconsistent with the Plan shall be superseded and governed by the
Plan.


 


10. Restrictions
on Sale of Purchased Shares. Optionee understands that: (a) unless the issuance of the Purchased Shares to Optionee upon
exercise of the Option is registered under the Securities Act of 1933, as amended (the “Securities Act”),
the Purchased Shares will be “restricted securities” within the meaning of Rule 144 under such Act; (b)
the Purchased Shares may not be sold, transferred or assigned by the Optionee except pursuant to an effective registration
statement under the Securities Act or an exemption from registration under the Securities Act; and (c) the Company is under
no obligation to file a registration statement under the Securities Act covering the Option Shares. Optionee agrees that any
certificates evidencing Purchased Shares may bear a legend indicating that their transferability is restricted in accordance
with applicable state and federal securities laws.


 






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11. General
Provisions.


 


11.1. Further
Assurances. Optionee shall promptly take all actions and execute all documents requested by the Company that the Company
deems to be reasonably necessary to effectuate the term and intent of this Agreement.


 


11.2. Notices.
All notices, requests, demands and other communications (collectively, “Notices”) given pursuant to this
Agreement shall be in writing, and shall be delivered by personal service, courier, or by United States first class,
registered or certified mail, postage prepaid, addressed to the party at the address set forth on the signature page of this
Agreement. Any Notice, other than a Notice sent by registered or certified mail, shall be effective when received; a
Notice sent by registered or certified mail, postage prepaid return receipt requested, shall be effective on the earlier of
when received or the third day following deposit in the United States mails. Any party may from time to time change its
address for further Notices hereunder by giving notice to the other party in the manner prescribed in this Section.


 


11.3. Failure
to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this Agreement shall in no
way be construed to be a waiver of such provision or of any other provision hereof.


 


11.4. Governing
Law. This Agreement shall be governed by and construed in accordance with the law of the State of Nevada applicable to
contracts made in, and to be performed within, that State.


 


11.5. Transfer
of Rights under this Agreement. The Company may at any time transfer and assign its rights and delegate its obligations
under this Agreement to any other person, corporation, firm or entity, with or without consideration.


 


11.6. Option Non-transferable. Optionee may not sell, transfer, assign or otherwise dispose of the Option except
by will or the laws of descent and distribution, and only Optionee or his or her legal representative or guardian may exercise
the Option during Optionee’s lifetime.


 


11.7. No Right to Employment. Nothing in this Option shall interfere with or limit in any way the right of the Company
or of any of its Affiliates to terminate Optionee’s employment, consulting or advising at any time, nor confer upon Optionee
any right to continue in the employ of, consult with or advise the Company or any of its Affiliates.


 






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11.8. Delivery
of Plan to Optionee. Optionee acknowledges that a copy of the Plan has been delivered to Optionee and that Optionee has
read the Plan prior to signing this Agreement.


 


11.9.
Successors and Assigns. Except to the extent specifically limited by the terms and provision of this Agreement,
this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, assigns,
heirs and personal representatives.


 


11.10. Miscellaneous.
Titles and captions contained in this Agreement are inserted for convenience of reference only and do not constitute a part
of this Agreement for any other purpose. Except as specifically provided herein, neither this Agreement nor any right
pursuant hereto or interest herein shall be assignable by any of the parties hereto without the prior written consent of the
other party hereto.


 


11.11.
Tax Treatment. Optionee acknowledges that the tax treatment of the Option, the Option Shares or any events or transactions
with respect thereto may be dependent upon various factors or events that are not determined by the Plan or this Agreement. The
Company makes no representations with respect to and hereby disclaims all responsibility as to such tax treatment.


 


The signature page of this Agreement consists
of the last page of the Certificate.


 




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EXHIBIT “A”


 


NOTICE OF EXERCISE


 


(To be signed only upon exercise of the
Option)


 


		TO:	Lion Biotechnologies, Inc.



 


The undersigned, the holder of the enclosed
Stock Option Agreement (Incentive Stock Option), hereby irrevocably elects to exercise the purchase right represented by the Option
and to purchase thereunder ______* shares of Common Stock of Lion Biotechnologies, Inc. (the “Company”) and
herewith encloses payment of $_________ in full payment of the purchase price of such shares being purchased.


 





	Dated: 	 	 	 
	 	 	 
	 	 	(Signature must conform in all respects
to name
	 	 	of holder as specified on the face of the Option
	 	 	 
	 	 	 
	 	 	 
	 	 	
        (Address)

	 	 	 
	 	 	
	 	 	Social Security Number







  


*Insert here the number of shares being
exercised making all adjustments for stock splits, stock dividends or other additional Common Stock of the Company, other securities
or property which, pursuant to the adjustment provisions of Section 5 of the Option, may be deliverable upon exercise.